Earnings call transcript: IDACORP beats Q2 2025 earnings forecast, raises guidance

IDACORP Inc. reported better-than-expected earnings for the second quarter of 2025, with earnings per share (EPS) reaching $1.76, surpassing the forecast of $1.73. The company also reported revenue of $531.1 million, exceeding expectations of $478.14 million, resulting in a revenue surprise of 11.08%. Following the announcement, IDACORP’s stock saw a 2.28% increase in regular trading, closing at $122.54, although it experienced a slight dip in aftermarket trading. According to InvestingPro data, the stock is trading near its 52-week high of $125.97, with a strong year-to-date return of 16.44%.

Key Takeaways

• IDACORP’s Q2 2025 EPS was $1.76, beating the forecasted $1.73.
• Revenue for the quarter was $531.1 million, surpassing expectations.
• The company raised its full-year 2025 EPS guidance to $5.70-$5.85.
• Stock price increased by 2.28% in regular trading.
• Significant growth in retail revenues and customer base.

Company Performance

IDACORP demonstrated strong performance in Q2 2025, with a notable increase in net income by $6.3 million compared to the same period last year. The company attributes its success to higher retail revenues, a 2.5% growth in its customer base, and increased customer usage. This performance is consistent with IDACORP’s strategic focus on infrastructure development and customer growth. InvestingPro analysis reveals the company maintains strong financial health with a current ratio of 1.81, indicating solid liquidity. The company has also maintained dividend payments for an impressive 55 consecutive years, demonstrating consistent shareholder returns.

Financial Highlights

• Revenue: $531.1 million, up from the forecasted $478.14 million
• Earnings per share: $1.76, compared to the forecast of $1.73
• Net income increased by $6.3 million YoY

Earnings vs. Forecast

IDACORP exceeded market expectations with a 1.73% EPS surprise and an 11.08% revenue surprise. This marks a positive deviation from the forecast, reflecting the company’s strong operational execution and strategic investments in growth.

Market Reaction

The positive earnings report led to a 2.28% increase in IDACORP’s stock price during regular trading hours. However, the stock experienced a 1.13% decline in aftermarket trading, possibly due to profit-taking or broader market conditions. The stock remains within its 52-week range, indicating stable investor confidence. InvestingPro data shows the stock has delivered an impressive 32.28% total return over the past year, with notably low price volatility (Beta of 0.56). Based on InvestingPro’s Fair Value analysis, the stock appears to be trading at premium levels. For deeper insights into IDACORP’s valuation and 8 additional ProTips, subscribers can access the comprehensive Pro Research Report.

Outlook & Guidance

IDACORP raised its full-year 2025 EPS guidance to a range of $5.70-$5.85, reflecting confidence in sustained growth. The company continues to invest in infrastructure projects, such as the Boardman to Hemingway transmission line and energy storage initiatives, which are expected to drive future growth. With a solid EBITDA of $559.33 million in the last twelve months and three analysts recently revising earnings estimates upward, the company’s growth trajectory appears robust. The stock currently trades at a P/E ratio of 22.27, suggesting investors are pricing in future growth potential.

Executive Commentary

CEO Lisa Groh emphasized sustainable growth, stating, "We’re strong advocates that growth has to be sustainable and responsible." An IDACORP executive highlighted a 30% increase in large load request inquiries, indicating strong demand in their service territory.

Risks and Challenges

• Potential regulatory changes affecting renewable energy projects.
• Market saturation in key service areas.
• Macroeconomic pressures, including inflation and interest rate fluctuations.
• Dependency on large customer investments, which may fluctuate with economic conditions.

Q&A

During the earnings call, analysts inquired about the potential load growth from new customer investments and the impact of tax legislation on renewable projects. IDACORP executives provided clarity on these issues, reinforcing the company’s strategic focus and growth potential.

Full transcript - IDACORP Inc (IDA) Q2 2025:

Moderator/Operator, IDACORP: Welcome to IDACORP’s Second Quarter twenty twenty May. Today’s call is being recorded and our webcast is live. A replay will be made available later today for the next twelve months on the IDACORP website. I will now turn the call over to Amy Shaw, Vice President of Finance, Compliance and Risk. Please go ahead.

Amy Shaw, Vice President of Finance, Compliance and Risk, IDACORP: Thank you. Good afternoon, everyone. We appreciate you joining our call. The slides we’ll reference during today’s call are available on IDACORP’s website. As noted on Slide two, our discussion today includes forward looking statements, including earnings guidance, spending forecasts, financing plans, regulatory plans and actions, and estimates and assumptions that reflect our current views on what the future holds, all of which are subject to risks and uncertainties.

These risks and uncertainties may cause actual results to differ materially from statements made today, and we caution against placing undue reliance on any forward looking statements. We’ve included our cautionary note on forward looking statements and various risk factors in more detail for your review in our filings with the Securities and Exchange Commission. As shown on slide three, we also have Lisa Groh, President and CEO Brian Buckham, SVP, CFO and Treasurer and John Wunderlich, Investor Relations Manager presenting today. Slide four has a summary of our second quarter results. IDACORP’s diluted earnings per share were $1.76 compared with $1.71 for last year’s second quarter.

In the second quarter of this year, we recorded $17,200,000 of additional tax credit amortization under the Idaho regulatory mechanism compared with $7,500,000 in the second quarter of last year. For the 2025, diluted earnings per share were $2.87 versus $2.67 in 2024. Those results include additional tax credit amortization of $36,500,000 in the 2025 versus $20,000,000 in the first half of last year. For our key operating metrics, we’re raising the lower end of our full year IDACORP diluted earnings per share guidance by $05 to the new range of $5.7 to $5.85 This increase was driven by strong operational results in the second quarter and it includes our expectation that Idaho Power will use between 60,000,000 and $77,000,000 of additional tax credit amortization for the full year. These estimates also assume historically normal weather conditions and normal power supply expenses for the rest of the year.

Now I’ll turn the

Lisa Groh, President and CEO, IDACORP: call over to Lisa. Thank you, Amy, and thanks to all of you for joining us today. I’ll start with look at the continued customer growth across our service area, which we’ve summarized on slide five. Idaho Power’s customer base has grown 2.5% since last year’s second quarter, including 2.7% customers. We saw several significant new customer investments in the technology, food processing, mining and distribution warehousing sectors during the first half of the year.

I talked about some of those on our first quarter call. The most notable new one I’ll highlight is Micron’s June announcement of a second high volume fabrication plant in Boise, adding to the first fab already under construction. We expect that second fab facility will be about the same size as the first fab. We’ve included a recent photo of the construction progress of the first fab on Slide 6, so you can see the scale of that project. We’ve served Micron since its inception and we’re excited for them and the opportunities that this expansion creates for our region.

We’re already working with the Micron team to determine how we’ll serve the expanded project. Valor C3 data centers also announced an expansion at a second location in Boise and Tesla has energized six new large electric vehicle fast charging stations throughout Idaho Power service area. While growth is already robust, we continue to field and thoughtfully process requests from businesses looking to locate and expand within our service area. The pipeline of prospective customers on our list exceeds our all time peak load of around 3,800 megawatts. While we don’t expect all of those customers to materialize in the near term, those prospective customers would be incremental to the load growth rate that we included in our recently filed IRP.

And they give us visibility on incremental load growth well into the 2030s. Also, the infrastructure and resources needed to serve those prospective customers is not yet in our CapEx plan. We’re strong advocates that growth has to be sustainable and responsible and that service to our existing customers must remain reliable and affordable. So any new agreements with large load customers will include the appropriate timeframes needed for build out and ramp up as well as appropriate cost allocation just as we’ve done in recent large load special contracts. Turning to Slide seven, I’ll provide some updates on what we’re building to meet this historic demand.

In June, we broke ground on the Boardman To Hemingway transmission line, a key resource we’ve been working hard for nearly nineteen years to make a reality. We also recently brought a company owned 80 megawatt battery project online along with the batteries for a 150 megawatt energy storage agreement. For the Gateway West and Swift North transmission lines, will join Boardman To Hemingway as major energy highways across the Western U. S, we’re working through the remaining regulatory and permitting processes to get to construction. Recent legislation and executive orders have introduced new hurdles and some uncertainty around the constructability of renewable projects.

So we’ve been working with our counterparty on the Jackalope Wind project in Wyoming to assess the impact of these federal actions. In addition to permitting, there are other conditions that still need to be satisfied to move forward with the project. This project would provide both energy and capacity that we need to serve load growth. So if ultimately the project doesn’t move ahead, we are identifying alternative capacity and energy resources. With a dynamic environment remaining flexible and planning ahead is key.

In other developments related to resources, we recently filed our 2025 IRP. On slide eight, you can see a key takeaway from this twenty year plan is that our IRP recommends more gas fired resources, which are needed to provide additional system flexibility and dispatchable capacity. These gas assets would complement our existing diverse resource portfolio. Remember that the IRP is a fixed point in time and it assumes that current laws like the Clean Air Act Section 111 D continue into the future. If those rules change, the portfolio could also change.

Like I said, things are very dynamic. Also, it’s important to remember that we issue RFPs for resources. And what we’re looking for as we plan for the future is the least cost, least risk resources that are viable and meet the capacity and energy deficits we see in our future. Often through that RFP process, those resources are ultimately different than what our IRP shows. On slide nine, you can see the significant load growth, the 2025 IRP forecasted between 2025 and the early 2030s.

As I mentioned, our five year growth rate has increased notably in each of the last three IRP and Micron’s second fab wasn’t included in this one. So we’re quite possibly underestimating load growth in our 2025 IRP. On a related note, turning to Slide 10, we filed our 2029 RFP final shortlist in July for Oregon PUC acknowledgment. As a reminder, the Oregon PUC acknowledged the 2028 RFP final shortlist last quarter and it has a mix of renewable projects. For resources in both RFPs, some of the listed projects would be owned by Idaho Power and some would have third party ownership.

We continue to make progress on contract negotiations. We’ll be working with the bidders to help understand the impact of recent federal legislation, tariffs, and executive orders on their projects as we focus on identifying the least cost, least risk resources from those RFPs. I think the most notable is the 167 megawatt Idaho Power owned gas plant shown as the top project on the shortlist for the 2029 RFP, which would provide us with greater certainty on a high capacity factor relative to the other listed project. Turning to regulatory matters on slide 11. Idaho Power filed a general rate case in Idaho at the May.

The regulatory process for that case is underway and we expect new rates to go into effect at the beginning of next year. This request is a full general rate case filing similar to our 2023 Idaho rate case and it requests an overall rate increase of about $199,000,000 for Idaho customers. We’re requesting a 51% equity ratio, a 10.4% ROE and additional ADITCs to be added to our regulatory mechanism along with a depreciation and interest expense tracker. Brian will talk more about the case in his comments and I will hand it over to him now.

Brian Buckham, SVP, CFO and Treasurer, IDACORP: Hey. Thanks, Lisa. Hi, everybody. I’m going to start on Slide 12 today. And as the table shows, IDACORP’s net income increased $6,300,000 for the second quarter this year compared with the second quarter last year.

The major drivers for the quarter were higher retail revenues from the January first rate change, customer growth, higher customer usage due to warm and dry weather, and then recording incremental tax credits this year under the Idaho regulatory mechanism. No surprise, those benefits were partially offset by higher depreciation and interest expense from our infrastructure projects. We also had higher O and M expense in large part from labor cost increases, but I’d say we’re still on track with our O and M guidance for the year. A little more detail on the drivers. Net increase in retail revenues per megawatt hour increased operating income by $8,800,000 on a relative basis.

That benefit was mostly from the increase in Idaho based rates from the limited issue rate case that Idaho Power filed last year. Customer growth increased operating income by $6,000,000 quarter over quarter. Usage per retail customer was a benefit of 5,500,000 Cooling degree days were 49% higher than normal, which was only slightly higher than the warmer than normal second quarter last year. But precipitation was particularly low in the second quarter this year, so our irrigation customers use more energy to operate irrigation pumps despite the comparable temperatures year over year. Their o and m expenses were $11,100,000 higher.

I already mentioned the higher labor costs, but there were some wildfire mitigation program and some related insurance expenses included in the mix of higher costs as well. And consistent with the trend we’ve seen over the past several quarters from continued and accelerated capital investment, depreciation expense increased $6,400,000 quarter over quarter. The other net changes in operating revenues and expenses decreased operating income by $5,600,000 We expected this. It was mostly due to the timing of recording and adjusting regulatory accruals and deferrals in the second quarter last year that didn’t recur in this year’s second quarter. Net non operating expense increased $7,000,000 in the second quarter.

Interest on higher long term debt balances needed to finance our growth and also an increase in interest that Idaho Power is required to pay on transmission customer deposits, both contributed to the increase. There’s one new factor this year on the non operating expense side that you might have noticed in the 10 q if you’ve gotten to it yet. In May, our first battery project subject to a third party energy storage agreement started operations. That triggered the beginning of our finance lease accounting for the project, and this resulted in higher interest expense and amortization of the right of use asset. From a financial results perspective, this item is passed through in our power cost adjustment mechanism in Idaho, but I wanted to call it out because you’ll see the various lease accounting entries in the financial statements for the first time.

It’s not bad. It’s just different. The increases in nonoperating expenses were partially offset by an increase in AFUDC because the average construction work in progress balance was higher. Quip was a fairly staggering $1,400,000,000 at quarter end. Also, we saw higher interest income due to higher cash balances in the second quarter this year.

The decrease in income tax expense was mostly the result of an increase in additional ADITC amortization and some variances in flow through tax adjustments. Based on our current expectations of full year financial results, Idaho Power reported $17,200,000 of additional ADITC amortization, Amy noted earlier, compared with $7,500,000 in the second quarter last year. Remember, we record the ADITCs rapidly each quarter based on our full year expectation of financial results. Moving on to slide 13, I wanna touch on our recent equity transaction. In early May, we entered into forward sale agreements to sell $575,000,000 in growth amount of IDACORP stock through a discrete follow on offering.

Combining the future net proceeds from that offering with the $145,000,000 of forward sale agreements we executed through our ATM program in the fourth quarter last year and in the first quarter this year, we expect to be able to fund our equity needs into 2027 based on our current CapEx plan and the anticipated timing of our spend. Lisa mentioned new customers, and she mentioned the pending RFPs. So there’s certainly pressure to the upside on incremental CapEx, and that can impact our plans. But in any event, we haven’t taken down any of the ATM short shares or any of the shares from the follow on offering today. So those are all available, and they aren’t shown as equity in our capital ratio right now.

We’re committed to maintaining a fifty fifty debt to equity ratio at Idaho Power and our equity forward transactions help make that achievable over the longer term. We’re excited to have the follow on transaction completed with a solid outcome and it had very high receptivity. So I’d just say that we appreciate our owners’ continued support and confidence, and we are, of course, committed to the thoughtful drawdown and the investment of the capital as we execute on our infrastructure work. Also related to liquidity, our operating cash flows for the 2025 were $301,000,000, which was $45,000,000 higher than the first half of last year. So more good news on that front.

Lastly, for me, Lisa gave the highlights on our general rate case. We’re looking to add nearly a billion dollars of rate base through the case, just reflecting the investments we’ve making we’ve made in our system for reliability and to address economic growth. And that’s a notable amount, but it’s otherwise the relatively standard general rate case for us in most respects. We’re asking for our typical historic test year treatment, but with known and measurable adjustments and annualizing adjustments on larger capital projects for period end rate based treatment, like we received in our 2023 general rate case. But because of the notable regulatory lag that inevitably results from that historic test year approach, we also requested in our case a new to us depreciation and interest expense tracking mechanism.

That mechanism would help to reduce the substantial amount of regulatory lag we’re experiencing as we move through this period of heightened capital investment. Just stated generally, the mechanism would measure the difference between actual depreciation and interest expense and a sales adjusted baseline level of depreciation and interest expense on a calendar year basis starting in 2026. We’d have both the forecast and true up component like our PCA, and rates would adjust at the same time as the PCA rates. So if it’s approved, we expect the mechanism would help address regulatory lag and benefit both our earnings and our credit metrics and help keep financing costs at an acceptable level, ultimately benefiting our customers as well. We also ask in our filings for authority to incorporate additional ADITCs in the tax credit regulatory mechanism.

We ask that all existing 80 ITCs on the books that are not already authorized for inclusion in the tax credit mechanism plus all the ITCs we earn through 2028 be included. We, as of now, estimate the amount of those credits is around $200,000,000. That’s incremental to the 77,000,000 already included in the mechanism. And we also asked for a usage cap of $75,000,000 of 80 ITCs in any single year. So it’s a busy quarter.

We’re growing, and we’re executing on our financing, regulatory, and capital investment plans to support our growth. We’re glad you’re with us while we move ahead. And with that, I’ll turn it over to John for an update on our 2025 guidance and some metrics.

John Wunderlich, Investor Relations Manager, IDACORP: Thanks, Brian. Moving to slide 14, you can see our updated 2025 full year earnings guidance and key operating metrics. This guidance assumes normal weather and normal power supply expenses for the rest of the year. We raised our lower end of our guidance and now expect IDACORP’s diluted earnings per share this year to be in the range of $5.7 to $5.85 with the assumption that Idaho Power will use 60,000,000 to $77,000,000 of additional investment tax credit amortization. Our expectation for full year O and M expense continues to be in the range of $465,000,000 to $475,000,000 We still anticipate spending between 1,000,000,000 and $1,100,000,000 on CapEx in 2025.

Although it is important to note that we have not adjusted our forecast for tariffs given the volatility in amounts, and we continue to evaluate and monitor that situation. Finally, we still expect good hydropower generation in 2025, though we have updated our range to 7,000,000 to 8,000,000 megawatt hours for the year. The dry June weather was the largest driver of the reduction to the high end. With that, we’re happy to address any questions you might have.

Moderator/Operator, IDACORP: We are now ready to begin the question and answer session for attendees who have joined the Q and A line. Ensure your mute function is turned off before asking your question. We will now take as many questions as time permits on a first come basis. Your first question is from the line of Chris Eldonhoff with Seaburg Williams Bank.

Chris Eldonhoff, Analyst, Seaburg Williams Bank: Hey, everybody. How are you today?

Brian Buckham, SVP, CFO and Treasurer, IDACORP: Hi. Good. Hi, Chris.

Chris Eldonhoff, Analyst, Seaburg Williams Bank: How are doing, Brian?

Brian Buckham, SVP, CFO and Treasurer, IDACORP: Good. Thank you.

Chris Eldonhoff, Analyst, Seaburg Williams Bank: I think you I think the number you quoted us is 3,800 megawatts in the pipeline. A, can you talk about how many potential connections that is? And secondly, I’m not sure if you mentioned this, but was there any of that in the IRP numbers?

Lisa Groh, President and CEO, IDACORP: So I don’t have the number of exact projects that that amounts to. And it’s actually more than our peak load, but but kind of around that that number. So it’s mostly data centers that are that are in that in that pipeline, although there are there are smaller projects in there as well. So the the exact number I don’t have on the top on my head. Anything you would add?

Chris Eldonhoff, Analyst, Seaburg Williams Bank: I don’t

Adam, Unspecified Executive, IDACORP: have the exact number, Chris. This is I think one of the data centers is included, but it’s beyond the five year window mostly. And so you won’t see that load included in the IRP forecast of the 8.3% that you guys have. And, Chris, this is Brian.

Brian Buckham, SVP, CFO and Treasurer, IDACORP: I’ll say when we do our load forecasting for the IRP, we always assume some amount of commercial and industrial growth. Some of those customers are the ones that are on the pipeline list, but I would say it’s a relatively small growth rate compared to what it would look like when you add some of the larger customers, from that pipeline going forward.

Chris Eldonhoff, Analyst, Seaburg Williams Bank: Okay. Lisa, you also sort of addressed this where you might be conservative in the IRP. Are you kind of thinking at this point looking at Slide five which shows sort of the progression of your retail sales forecast growth. Are you thinking that it’s conceivable that you could have another step up in the 2027 IRP that’s kind of comparable to what we’ve been seeing in the progression?

Lisa Groh, President and CEO, IDACORP: Yeah. I think that’s a fair assumption, Chris. And I’ll say, I’ve said it on several of these calls, the IRP process, we sort of publish a study every two years, but these are studies we essentially do with every large load customer that comes in, is quite frequent. So just given that when you do the IRP process, you have to sort of lock down the number you’re gonna use in the study. And meanwhile, you know, the economic activity continues.

So, long winded way of saying that, yes, it it will it could very well be higher in in the in a similar amount.

Adam, Unspecified Executive, IDACORP: And, Chris, just maybe I’ll add to that. This is Adam. Just to give you one stat line on that front. Our large load request this year inquiries increased right around 30% compared to the year before. And the year before was a relatively strong year in terms of inquiries and interest.

So we’re seeing continued interest in our service territory moving forward.

Chris Eldonhoff, Analyst, Seaburg Williams Bank: Okay. That’s great. So looking at Slide eight, I looked at this preferred portfolio for a long time when it came out. And you mentioned the tax bill and how that may complicate things. It certainly looks today like, you you’ve got an awful lot that’s affected in solar winds, maybe not the best column, but are you currently thinking today that you’re going to need to upsize and pull forward more of the gas expectation given what the tax bill looks like?

Lisa Groh, President and CEO, IDACORP: That’s certainly some of the scenarios that we’re analyzing.

Chris Eldonhoff, Analyst, Seaburg Williams Bank: Okay. And lastly, I guess, I haven’t seen it yet, but do you have any idea when you’ll get a procedural schedule on the rate case?

Lisa Groh, President and CEO, IDACORP: Tim, do you wanna take that one?

Chris Eldonhoff, Analyst, Seaburg Williams Bank: Sure. Hi, Chris. It’s Tim Tatum. Yeah. We’ve been working on a procedural schedule with the parties and and staff.

I would expect it in the coming weeks, maybe even as early as next week. But, we’re close. We’re not we’re not all the way there yet. Okay. What maybe one more thing, Brian.

Can you give us any kind of color on what the irrigation impact looks I like in the second

Brian Buckham, SVP, CFO and Treasurer, IDACORP: can give you a little bit on that, Chris. It was pretty significant. Know, last year, we had a really strong irrigation season, second quarter. That was fueled by high temperatures. You know, this quarter, we had, continued high temperatures relative to normal.

What we saw this quarter, though, was very low precipitation across our service territory. And it turns out irrigation load is sensitive to heat, certainly, but it’s also very sensitive to precipitation levels. And we saw that this year. If you look at actual sales year over year, year to date, it’s been about a 15% increase in irrigation. If you look at on a weather adjusted basis, it’s relatively flat.

It’s a slight increase over last year. So very, very weather sensitive. And remember on irrigation, we don’t have mechanisms like an FCA that adjust for that, those types of sales.

Chris Eldonhoff, Analyst, Seaburg Williams Bank: Right. Okay. Thanks a lot. Appreciate it.

Lisa Groh, President and CEO, IDACORP: Thanks, Chris.

Moderator/Operator, IDACORP: As a final opportunity, press star one to signal for a question, and we’ll pause for just a moment.

Brian, Analyst, Unspecified: Good afternoon. Hey. Hey. Just on, you mentioned the Micron phase two. It’s it’s great to hear it could be the same size as as the first phase, still under construction.

And I think according to the tariffs, ultimately, the first phase is 500 megawatts. What kind of timeline do you see unfolding here? I suppose you’re just going to want to start construction of phase two, maybe even before phase one ends, right, to keep the continuity of of the EPCs, etcetera. Just any thoughts there. And I would imagine that would correlate to one of the upside scenarios in the 2025 IRP?

Lisa Groh, President and CEO, IDACORP: Yes. On second part of your question, it would be upside. And to the first part, we’re just working through those details with Micron, so we’re not really able to speak to the amounts of timing. But, it is it is underway and as soon as we have information we can share, we will.

Brian, Analyst, Unspecified: Okay. Great. And just to clarify the twenty eight and twenty nine RFPs that you show in the slide in theory, that’s based off of your ’23 IRP. Right? So the way to look at it is whatever is in the ’29 2025 IRP, just subtract what we see here on slide 10, and that’s what will be incremental in any sort of follow-up RFP?

Lisa Groh, President and CEO, IDACORP: I’m not sure if the math is that simple just given how many moving parts are, but what would you say, Adam?

Adam, Unspecified Executive, IDACORP: Yeah. Typically, the way it goes is, we set out an RFP. We get the projects that come in. As we’re evaluating those projects, we’re also evaluating the load and the need. And so that can ebb and flow given what we needed that exact time that the RFP is out.

So this is just a list of the projects that were shortlisted that responded to our RFP request, and we would have to decide how many of those projects we actually pick to then meet the current needs that exist at that time. Does that make sense, Brian?

Brian, Analyst, Unspecified: Yes. It does. So for example, 160 megawatt self build gas plant that you referenced in the 29 RFP shortlist, that kind of correlates to what you have on Slide eight, twenty twenty nine, 150 megawatts of new gas. But I suppose you’ll need an RFP for 2,030 for 300 megawatts of new gas. Is that the simplistic way of looking at it?

Adam, Unspecified Executive, IDACORP: Yes. I think that’s one way to look at it. Maybe another way, Brian, is just in terms of the next five years, our need in megawatts of perfect capacity. So that’s the resource that’s maybe not renewable that can give you everything you need at that moment is about two little over 200 megawatts a year every single year based on the 2025 IRP. Now when we decide which projects we’re going to pick related to the 2028, 2029 IRP, we will continue to look at that load forecast, see if it’s changed.

But in terms of the 2025 IRP, it’s a little over 200 megawatts of perfect capacity every year, which could be hundreds of megawatts in renewables or even a little bit less in natural gas. But that’s kind of how it works as we move forward and work on these different projects.

Brian, Analyst, Unspecified: Okay. Great. And then just lastly, you mentioned something some issues with the Jackalope Wind Farm. It’s a build on transfer. Right?

And I think it’s for 2027 needs. It conceptually, if that’s facing, you know, economic, you know, issues with with the tax bill, etcetera, could you just shift to gas?

Adam, Unspecified Executive, IDACORP: This is Adam. Yes, that is absolutely one option. I think on Jackalope, we’re really looking at the permitting potential permitting issues related to the executive orders that are out there. If we did not build Jackalope, certainly one of the things we have and we’ll continue to look at is gas bills in that timeline.

Brian, Analyst, Unspecified: Okay, great. Thank you very much.

Lisa Groh, President and CEO, IDACORP: Thanks, Brian. Thanks, Brian.

Moderator/Operator, IDACORP: That concludes the question and answer session for today. Miss Grow, you will I will turn the call back to you.

Lisa Groh, President and CEO, IDACORP: Well, thanks again to everyone for joining us today, and we thank you for your continued interest in IDACORE. And I wish you all a a good evening. Thank you.

Moderator/Operator, IDACORP: This concludes today’s call. Thank you for joining. You may now disconnect your lines.

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