IDACORP, Inc. Q1 FY2026 earnings call

Lisa mentioned overall customer increase of 2.3% since last year's first quarter with growth across all segments. Large industrial customers like Micron and Meta are ramping up, with Micron's fabrication facility progressing and Meta's data center in testing. Careful contracting with new large industrial projects to protect customers and shareholders. Focus on affordability with rates 20 - 30% lower than national average. Idaho Commission approved 2026 wildfire mitigation plan. Idaho Power progressing on major infrastructure projects including transmission lines. Updates on natural gas plants and battery storage. Idaho Power received approval of 2032 RFP. Sale of Oregon service area continues to progress.

IDA Corp's diluted earnings per share were $1.21 compared with $1.10 last year. Overall customer increase of 2.3% since last year's first quarter, with industrial energy sales growing by 5.7%. Hydropower generation forecast has its top end reduced. Full year 2026 IDA Corp earnings guidance is in the range of 625 to 645 diluted earnings per share, with Idaho Power expected to use less than 30 million of additional tax credit amortization.

Reaffirms full year 2026 IDA Corp earnings guidance in the range of 625 to 645 diluted earnings per share. Idaho Power expected to use less than 30 million of additional tax credit amortization. Full year O&M expense expected to be in the range of 525 to 535 million. Anticipates spending between 1.3 and 1.5 billion on CapEx in 2026. Hydropower generation expected to be within 5.5 to 7.0 million megawatt hours for the year, with top end of guidance trimmed.

Weather uncertainties may affect hydropower generation. Heavier CapEx cycle may impact near - term credit metrics.

Q: What is the base case expectation for the timing of the next general rate case?

A: It depends on how this year shapes up and what's coming for the next year, considering factors like plant conversion and large - scale revenues.

Q: What's the pace of new large load inbounds?

A: There is strong interest with pipeline going into the 2030s.

Q: Focus on rebuilding credit metrics or improving credit positioning?

A: Focus on balance sheet structure and using large load revenues.

Q: How are tax credits recognized?

A: Monetizing ITCs on tax returns with no planned external sale.

Q: Impact of weather on hydropower?

A: Low snowpack but recent rain helps, with factors like irrigators' strategies and potential curtailments.

Q: Update on Micron Fab 2?

A: ESA signed, being reviewed, Micron anticipates initial waiver output for first FAB mid - 2027.

Q: Advantage in 2032 RFP bidding?

A: Faster process than before and equal competition without benchmark bid.

Q: 200 MW capacity in 2032 RFP?

A: Tied to 8.3% IRP growth rate, updated in future, and Idaho Power will bid several projects