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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934
 For the quarterly period endedSeptember 30, 2024
 OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934
 For the transition period from __________ to __________
 Exact name of registrants as specifiedI.R.S. Employer
Commission Filein their charters, address of principalIdentification
Numberexecutive offices, zip code and telephone numberNo.
1-14465IDACORP, Inc.82-0505802
1-3198Idaho Power Company82-0130980
 1221 W. Idaho Street
Boise,ID83702-5627
(208)388-2200
State of Incorporation:Idaho
None
Former name, former address and former fiscal year, if changed since last report

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockIDANew York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. 
IDACORP, Inc.:YesNoIdaho Power Company:YesNo
Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). 
IDACORP, Inc.:YesNoIdaho Power Company:YesNo
Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
IDACORP, Inc.:
Idaho Power Company:
If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.
1

IDACORP, Inc.:Idaho Power Company:
Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).
IDACORP, Inc.:YesNoIdaho Power Company:YesNo
Number of shares of common stock outstanding as of October 25, 2024:
IDACORP, Inc.:53,269,814Idaho Power Company:
39,150,812, all held by IDACORP, Inc.
This combined Form 10-Q represents separate filings by IDACORP, Inc. and Idaho Power Company. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Idaho Power Company makes no representations as to the information relating to IDACORP, Inc.’s other operations.

Idaho Power Company meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and is therefore filing this report on Form 10-Q with the reduced disclosure format.
2

TABLE OF CONTENTS
Page
Commonly Used Terms
Cautionary Note Regarding Forward-Looking Statements
Available Information
Part I. Financial Information 
  
 Item 1. Financial Statements (unaudited) 
  IDACORP, Inc.: 
   Condensed Consolidated Statements of Income
Condensed Consolidated Statements of Comprehensive Income
   Condensed Consolidated Balance Sheets
   Condensed Consolidated Statements of Cash Flows
   Condensed Consolidated Statements of Equity
  Idaho Power Company: 
   Condensed Consolidated Statements of Income
Condensed Consolidated Statements of Comprehensive Income
   Condensed Consolidated Balance Sheets
   Condensed Consolidated Statements of Cash Flows
  Notes to Condensed Consolidated Financial Statements
  Reports of Independent Registered Public Accounting Firm - Deloitte & Touche LLP
 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
 Item 4. Controls and Procedures
     
Part II. Other Information 
   
 Item 1. Legal Proceedings
 Item 1A. Risk Factors
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
 Item 4. Mine Safety Disclosures
Item 5. Other Information
 Item 6. Exhibits
   
Signatures

3

COMMONLY USED TERMS
The following select abbreviations, terms, or acronyms are commonly used or found in multiple locations in this report:
2023 Annual Report-IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended
December 31, 2023
Ida-West-Ida-West Energy Company, a subsidiary of IDACORP, Inc.
2023 Settlement Stipulation-The settlement stipulation for Idaho Power's 2023 Idaho general rate caseIDEQ-Idaho Department of Environmental Quality
2024 Idaho Limited-Issue Rate Case-A limited-issue rate case Idaho Power filed with the IPUC in May 2024IERCo-Idaho Energy Resources Co., a subsidiary of Idaho Power Company
2024 Oregon Settlement Stipulations-Settlement stipulations approved by the OPUC in September 2024 settling Idaho Power's general rate case filed with the OPUC in December 2023IFS-IDACORP Financial Services, Inc., a subsidiary of IDACORP, Inc.
ADITC-Accumulated Deferred Investment Tax CreditsIPUC-Idaho Public Utilities Commission
AFUDC-Allowance for Funds Used During ConstructionIRP-Integrated Resource Plan
AOCI-Accumulated Other Comprehensive IncomeJim Bridger plant-Jim Bridger power plant
APCU-Annual power cost updateMD&A-Management’s Discussion and Analysis of Financial Condition and Results of Operations
ASU-Accounting Standards UpdateMMBtu-Million British Thermal Units
B2H-Boardman-to-Hemingway, a planned 300-mile, high-voltage transmission line project between a substation near Boardman, Oregon, and the Hemingway substation near Boise, IdahoMoody's-Moody's Investors Service
BCC-Bridger Coal Company, a jointly-owned investment of IERCoMW-Megawatt
CAA-Clean Air ActMWh-Megawatt-hour
CPCN-Certificate of Public Convenience and NecessityNAV-Net asset value
CWA-Clean Water ActNEPA-National Environmental Policy Act
EFSC-Energy Facility Siting CouncilNorth Valmy plant-Idaho Power’s jointly-owned coal-fired generating plant in Valmy, Nevada
EIS-Environmental Impact StatementOATT-Open Access Transmission Tariff
EPA-U.S. Environmental Protection AgencyO&M-Operations and Maintenance
ESA-Endangered Species ActOPUC-Public Utility Commission of Oregon
Exchange Act-U.S. Securities Exchange Act of 1934, as amendedPCA-Idaho-Jurisdiction Power Cost Adjustment
FCA-Idaho Fixed Cost AdjustmentPURPA-Public Utility Regulatory Policies Act of 1978
FERC-Federal Energy Regulatory CommissionRFP-Request for proposals
FSAs-Forward sale agreementsSEC-U.S. Securities and Exchange Commission
GAAP-Accounting principles generally accepted in the United States of AmericaSIP-
State Implementation Plan
GWW-Gateway West, a high-voltage transmission line project between a substation located near Douglas, Wyoming, and the Hemingway substation located near Boise, IdahoSMSP-Security Plans for Senior Management Employees I and II
HCC-Hells Canyon Complex, composed of the Brownlee, Oxbow, and Hells Canyon facilitiesUSFWS-U.S. Fish and Wildlife Service
IDACORP-IDACORP, Inc., an Idaho corporationWMP-Wildfire Mitigation Plan
Idaho Power-Idaho Power Company, an Idaho corporationWPSC-Wyoming Public Service Commission
Idaho ROE-Idaho-jurisdiction return on year-end equity
4

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to the historical information contained in this report, this report contains (and oral communications made by IDACORP and Idaho Power may contain) statements that relate to future events and expectations, such as statements regarding projected or future financial performance, power generation, cash flows, capital expenditures, regulatory filings, dividends, capital structure or ratios, load forecasts, strategic goals, challenges, objectives, and plans for future operations. Such statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include those factors set forth in this report, the 2023 Annual Report, particularly Part I, Item 1A - "Risk Factors" and Part II, Item 7 - MD&A of that report, subsequent reports filed by IDACORP and Idaho Power with the SEC, and the following important factors:

decisions or actions by the Idaho and Oregon public utilities commissions and the FERC that impact Idaho Power's ability to recover costs and earn a return on investment;
changes to or the elimination of Idaho Power's regulatory cost recovery mechanisms;
expenses and risks associated with capital expenditures for, and the permitting and construction of, utility infrastructure projects that Idaho Power may be unable to complete, are delayed, or that may not be deemed prudent by regulators for cost recovery or return on investment;
expenses and risks associated with supplier and contractor delays and failure to satisfy project quality and performance standards on utility infrastructure projects, and the potential impacts of those delays and failures on Idaho Power's ability to serve customers;
the rapid addition of new industrial and commercial customer load and the volatility of such new load demand, resulting in increased risks and costs of power demand potentially exceeding supply and of purchasing energy and capacity in the market or acquiring or constructing additional capacity and energy resources, and the potential financial impacts of industrial customers not meeting forecasted power usage ramp rates or amounts;
impacts of economic conditions, including an inflationary or recessionary environment and increased interest rates, on items such as operations and capital investments, supply costs and delivery delays, supply scarcity and shortages, population growth or decline in Idaho Power's service area, changes in customer demand for electricity, revenue from sales of excess power, credit quality of counterparties and suppliers and their ability to meet financial and operational commitments and on the timing and extent of their power usage, and collection of receivables;
changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area, and the associated impacts on loads and load growth;
employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies’ workforce, the cost and ability to attract and retain skilled workers and third-party contractors and suppliers, the cost of living and the related impact on recruiting employees, and the ability to adjust to fluctuations in labor costs;
changes in, failure to comply with, and costs of compliance with laws, regulations, policies, orders, and licenses, which may result in penalties and fines, increase compliance and operational costs, and impact recovery associated with increased costs through rates;
abnormal or severe weather conditions (including conditions and events associated with climate change), wildfires, droughts, earthquakes, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation, repair costs, service interruptions, public safety power shutoffs and de-energization, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers;
advancement and adoption of self-generation, energy storage, energy efficiency, alternative energy sources, and other technologies that may reduce Idaho Power's sale or delivery of electric power or introduce operational vulnerabilities to the power grid;
variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydropower facilities and power supply costs;
5

ability to acquire equipment, materials, fuel, power, and transmission capacity on reasonable terms and prices, particularly in the event of unanticipated or abnormally high resource demands, price volatility, lack of physical availability, transportation constraints, outages due to maintenance or repairs to generation or transmission facilities, disruptions in the supply chain, or reduced credit quality or lack of counterparty and supplier credit;
disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission systems, which can result in liability for Idaho Power, increased power supply costs and repair expenses, and reduced revenues;
accidents, electrical contacts, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, infrastructure failures, general system damage or dysfunction, and other unplanned events that may occur while operating and maintaining assets, which can cause unplanned outages; reduce generating output; damage company assets, operations, or reputation; subject Idaho Power to third-party claims for property damage, personal injury, or loss of life; or result in the imposition of fines and penalties;
acts or threats of terrorism, acts of war, social unrest, cyber or physical security attacks, and other malicious acts of individuals or groups seeking to disrupt Idaho Power's operations or the electric power grid or compromise data, or the disruption or damage to the companies’ business, operations, or reputation resulting from such events;
increased costs associated with purchases of power mandated by PURPA from renewable energy sources;
Idaho Power’s concentration in one industry and one region, and the resulting exposure to regional economic conditions and regional legislation and regulation;
unaligned goals and positions with co-owners of Idaho Power's generation and transmission assets;
changes in tax laws or related regulations or interpretations of applicable laws or regulations by federal, state, or local taxing jurisdictions, and the availability of tax credits;
inability to timely obtain and the cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydropower facilities;
ability to obtain debt and equity financing or refinance existing debt when necessary and on satisfactory terms, which can be affected by factors such as credit ratings, reputational harm, volatility or disruptions in the financial markets, interest rates, decisions by the Idaho, Oregon, or Wyoming public utility commissions, and the companies' past or projected financial performance;
ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk for fuel, power, and transmission, and the failure of any such risk management and hedging strategies to work as intended, and the potential losses the companies may incur on those hedges, which can be affected by factors such as the volume of hedging transactions and degree of price volatility;
changes in actuarial assumptions, changes in interest rates, increasing health care costs, and the actual and projected return on plan assets for pension and other postretirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities and the companies' cash flows;
remediation costs associated with planned cessation of coal-fired operations at Idaho Power's co-owned coal plants and conversion of the plants to natural gas;
ability to continue to pay dividends and achieve target dividend payout ratios based on financial performance and capital requirements, and in light of credit rating considerations, contractual covenants and restrictions, and regulatory limitations;
adoption of or changes in accounting policies and principles, changes in accounting estimates, and new SEC or New York Stock Exchange requirements or new interpretations of existing requirements; and
changing market dynamics due to the emergence of day ahead or other energy and transmission markets in the western United States.

Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for the companies to predict all such factors, nor can they assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.
6

AVAILABLE INFORMATION
Investors and others should note that IDACORP and Idaho Power announce material information about their business through a variety of means, including filings with the SEC, press releases, public conference calls, and webcasts. The companies use these channels to achieve broad, non-exclusionary distribution of information to the public and for complying with their disclosure obligations under Regulation FD. Therefore, IDACORP and Idaho Power encourage investors, the media, and others interested in the companies to review the information the companies make available through such channels. IDACORP's website is www.idacorpinc.com and Idaho Power's website is www.idahopower.com. The contents of these websites are not part of this report.
Investors, the media, and others interested in IDACORP and Idaho Power may also wish to refer to the websites of the IPUC and OPUC at puc.idaho.gov and oregon.gov/puc, respectively, to review documents filed by IDACORP, Idaho Power, and third parties with, and issued by, the respective commissions. No information on the IPUC and OPUC websites is incorporated by reference into this report or into IDACORP's or Idaho Power's other SEC filings.


7

PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

IDACORP, Inc.
Condensed Consolidated Statements of Income
(unaudited)
Three months ended
September 30,
Nine months ended
September 30,
2024202320242023
(in thousands, except per share amounts)(in thousands, except per share amounts)
Operating Revenues:
Electric utility revenues$527,487 $509,635 $1,425,606 $1,351,700 
Other1,040 1,271 2,896 2,703 
Total operating revenues528,527 510,906 1,428,502 1,354,403 
Operating Expenses:
Electric utility:
Purchased power114,578 142,851 321,860 405,404 
Fuel expense73,471 71,723 188,411 191,917 
Power cost adjustment20,779 5,899 102,297 4,191 
Other operations and maintenance116,168 95,824 332,900 284,988 
Energy efficiency programs5,283 10,498 16,699 22,265 
Depreciation56,388 50,832 165,133 143,331 
Other electric utility operating expenses, net7,453 6,297 12,482 23,169 
Total electric utility operating expenses394,120 383,924 1,139,782 1,075,265 
Other698 694 2,145 2,453 
Total operating expenses394,818 384,618 1,141,927 1,077,718 
Operating Income133,709 126,288 286,575 276,685 
Nonoperating (Income) Expense:
Allowance for equity funds used during construction(15,179)(11,044)(39,610)(32,125)
Earnings of unconsolidated equity-method investments(1,978)(4,195)(3,880)(9,387)
Interest on long-term debt35,432 29,361 102,048 82,908 
Other interest6,353 5,572 17,895 14,935 
Allowance for borrowed funds used during construction(7,639)(4,903)(20,518)(14,291)
Other income, net(13,478)(7,924)(40,188)(24,890)
Total nonoperating expense, net3,511 6,867 15,747 17,150 
Income Before Income Taxes130,198 119,421 270,828 259,535 
Income Tax Expense16,358 13,774 18,876 29,000 
Net Income113,840 105,647 251,952 230,535 
Income attributable to noncontrolling interests(235)(383)(654)(599)
Net Income Attributable to IDACORP, Inc.$113,605 $105,264 $251,298 $229,936 
Weighted Average Common Shares Outstanding - Basic53,386 50,726 52,112 50,713 
Weighted Average Common Shares Outstanding - Diluted53,485 50,805 52,179 50,762 
Earnings Per Share of Common Stock:
Earnings Attributable to IDACORP, Inc. - Basic$2.13 $2.08 $4.82 $4.53 
Earnings Attributable to IDACORP, Inc. - Diluted$2.12 $2.07 $4.82 $4.53 

The accompanying notes are an integral part of these statements.
8

IDACORP, Inc.
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
 
Three months ended
September 30,
Nine months ended
September 30,
 2024202320242023
(in thousands)(in thousands)
Net Income$113,840 $105,647 $251,952 $230,535 
Other Comprehensive Income:
Unfunded pension liability adjustment, net of tax of $99, $51, $296, and $153, respectively
285 146 853 439 
Total Comprehensive Income114,125 105,793 252,805 230,974 
Income attributable to noncontrolling interests(235)(383)(654)(599)
Comprehensive Income Attributable to IDACORP, Inc.$113,890 $105,410 $252,151 $230,375 

The accompanying notes are an integral part of these statements.
 
 
9

IDACORP, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
 
September 30,
2024
December 31,
2023
(in thousands)
Assets
Current Assets:
Cash and cash equivalents$427,950 $327,429 
Receivables:
Customer (net of allowance of $3,296 and $4,869, respectively)
152,452 107,256 
Other (net of allowance of $782 and $716, respectively)
21,563 44,661 
Income taxes receivable 24,574 
Accrued unbilled revenues93,131 90,521 
Materials and supplies (at average cost)179,693 140,515 
Fuel stock (at average cost)39,873 19,952 
Prepayments28,831 22,840 
Current regulatory assets89,823 226,235 
Other42 71 
Total current assets1,033,358 1,004,054 
Investments161,612 163,971 
Property, Plant and Equipment:
Utility plant in service7,669,083 7,291,532 
Accumulated provision for depreciation(2,673,078)(2,557,744)
Utility plant in service - net4,996,005 4,733,788 
Construction work in progress1,302,148 985,502 
Utility plant held for future use9,878 9,511 
Other property, net of accumulated depreciation13,478 16,429 
Property, plant and equipment - net6,321,509 5,745,230 
Other Assets:
Company-owned life insurance89,210 82,038 
Regulatory assets1,435,335 1,426,815 
Other64,094 53,810 
Total other assets1,588,639 1,562,663 
Total$9,105,118 $8,475,918 

The accompanying notes are an integral part of these statements.
10

IDACORP, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
 
September 30,
2024
December 31,
2023
(in thousands)
Liabilities and Equity
Current Liabilities:
Current maturities of long-term debt$69,685 $49,800 
Accounts payable241,186 308,504 
Taxes accrued38,281 6,854 
Interest accrued32,935 38,292 
Accrued compensation60,555 64,645 
Current regulatory liabilities8,642 7,952 
Advances from customers101,766 104,297 
Other53,134 53,732 
Total current liabilities606,184 634,076 
Other Liabilities:
Deferred income taxes863,783 882,724 
Regulatory liabilities888,699 874,601 
Pension and other postretirement benefits230,579 233,965 
Other184,352 160,019 
Total other liabilities2,167,413 2,151,309 
Long-Term Debt3,053,948 2,775,790 
Commitments and Contingencies
Equity:
IDACORP, Inc. shareholders’ equity:
 Common stock, no par value (120,000 shares authorized; 53,270 and 50,615 shares issued and outstanding, respectively)
1,127,743 888,615 
Retained earnings2,158,333 2,036,138 
Accumulated other comprehensive loss(16,331)(17,184)
Total IDACORP, Inc. shareholders’ equity3,269,745 2,907,569 
Noncontrolling interests7,828 7,174 
Total equity3,277,573 2,914,743 
Total$9,105,118 $8,475,918 
The accompanying notes are an integral part of these statements.

11

IDACORP, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Nine months ended
September 30,
 20242023
(in thousands)
Operating Activities:
Net income$251,952 $230,535 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization168,607 146,645 
Deferred income taxes and investment tax credits(34,699)300 
Changes in regulatory assets and liabilities124,549 1,585 
Pension and postretirement benefit plan expense34,359 20,390 
Contributions to pension and postretirement benefit plans(23,967)(54,388)
Earnings of equity-method investments(3,880)(9,387)
Distributions from equity-method investments3,950 1,250 
Allowance for equity funds used during construction(39,610)(32,125)
Other non-cash adjustments to net income, net4,629 6,115 
Change in:  
Accounts receivable and unbilled revenues658 (10,691)
Prepayments(7,931)(2,669)
Materials, supplies, and fuel stock(59,105)(45,343)
Accounts and wages payable(33,044)(116,417)
Taxes accrued/receivable56,001 41,174 
Other assets and liabilities15,513 (14,943)
Net cash provided by operating activities457,982 162,031 
Investing Activities:  
Additions to property, plant and equipment, net(823,969)(427,211)
Payments received from transmission project joint funding partners58,750 14,920 
Other8,805 410 
Net cash used in investing activities(756,414)(411,881)
Financing Activities:  
Issuance of long-term debt300,000 872,000 
Discount on issuance of long-term debt(186)(7,006)
Retirement of long-term debt (225,000)
Dividends on common stock(129,152)(120,578)
Issuance of common stock234,672  
Tax withholdings on net settlements of share-based awards(3,782)(3,274)
Other(2,599)1,620 
Net cash provided by financing activities398,953 517,762 
Net increase in cash and cash equivalents100,521 267,912 
Cash and cash equivalents at beginning of the period327,429 177,577 
Cash and cash equivalents at end of the period$427,950 $445,489 
Supplemental Disclosure of Cash Flow Information:  
Cash paid for income taxes$8,830 $1,900 
Cash paid for interest (net of amount capitalized)$88,391 $82,614 
Non-cash investing activities:
Additions to property, plant and equipment in accounts payable$144,232 $127,076 

The accompanying notes are an integral part of these statements.
12

IDACORP, Inc.
Condensed Consolidated Statements of Equity
(unaudited)
 
Three months ended
September 30,
Nine months ended
September 30,
2024202320242023
(in thousands)(in thousands)
Common Stock
Balance at beginning of period$1,123,745 $884,309 $888,615 $882,189 
Issuance1,494  234,672  
Share-based compensation expense2,709 1,920 8,280 7,224 
Tax withholdings on net settlements of share-based awards(88)(19)(3,782)(3,274)
Other(117)33 (42)104 
Balance at end of period1,127,743 886,243 1,127,743 886,243 
Retained Earnings
Balance at beginning of period2,089,185 1,982,083 2,036,138 1,937,972 
Net income attributable to IDACORP, Inc.113,605 105,264 251,298 229,936 
Common stock dividends ($0.83, $0.79, $2.49, and $2.37 per share, respectively)
(44,457)(40,218)(129,103)(120,779)
Balance at end of period2,158,333 2,047,129 2,158,333 2,047,129 
Accumulated Other Comprehensive Loss
Balance at beginning of period(16,616)(12,629)(17,184)(12,922)
Unfunded pension liability adjustment (net of tax)285 146 853 439 
Balance at end of period(16,331)(12,483)(16,331)(12,483)
Total IDACORP, Inc. shareholders’ equity at end of period3,269,745 2,920,889 3,269,745 2,920,889 
Noncontrolling Interests
Balance at beginning of period7,593 7,592 7,174 7,376 
Net income attributable to noncontrolling interests235 383 654 599 
Balance at end of period7,828 7,975 7,828 7,975 
Total equity at end of period$3,277,573 $2,928,864 $3,277,573 $2,928,864 

The accompanying notes are an integral part of these statements.
13


Idaho Power Company
Condensed Consolidated Statements of Income
(unaudited)
 
Three months ended
September 30,
Nine months ended
September 30,
 2024202320242023
(in thousands)(in thousands)
Operating Revenues$527,487 $509,635 $1,425,606 $1,351,700 
Operating Expenses:
Operation:
Purchased power114,578 142,851 321,860 405,404 
Fuel expense73,471 71,723 188,411 191,917 
Power cost adjustment20,779 5,899 102,297 4,191 
Other operations and maintenance116,168 95,824 332,900 284,988 
Energy efficiency programs5,283 10,498 16,699 22,265 
Depreciation56,388 50,832 165,133 143,331 
Other operating expenses, net7,453 6,297 12,482 23,169 
Total operating expenses394,120 383,924 1,139,782 1,075,265 
Operating Income133,367 125,711 285,824 276,435 
Nonoperating (Income) Expense:
Allowance for equity funds used during construction(15,179)(11,044)(39,610)(32,125)
Earnings of unconsolidated equity-method investments(841)(3,007)(1,936)(7,402)
Interest on long-term debt35,432 29,361 102,048 82,908 
Other interest6,268 5,491 17,645 14,693 
Allowance for borrowed funds used during construction(7,639)(4,903)(20,518)(14,291)
Other income, net(12,207)(7,588)(37,469)(23,434)
Total nonoperating expense, net5,834 8,310 20,160 20,349 
Income Before Income Taxes127,533 117,401 265,664 256,086 
Income Tax Expense16,444 14,379 19,885 30,274 
Net Income$111,089 $103,022 $245,779 $225,812 

The accompanying notes are an integral part of these statements.
14

Idaho Power Company
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
 
Three months ended
September 30,
Nine months ended
September 30,
 2024202320242023
(in thousands)(in thousands)
Net Income$111,089 $103,022 $245,779 $225,812 
Other Comprehensive Income:
Unfunded pension liability adjustment, net of tax of $99, $51, $296, and $153, respectively
285 146 853 439 
Total Comprehensive Income$111,374 $103,168 $246,632 $226,251 

The accompanying notes are an integral part of these statements.
 
 

15

Idaho Power Company
Condensed Consolidated Balance Sheets
(unaudited)
 
September 30,
2024
December 31,
2023
(in thousands)
Assets
Current Assets:
Cash and cash equivalents$356,699 $271,791 
Receivables:
Customer (net of allowance of $3,296 and $4,869, respectively)
152,452 107,256 
Other (net of allowance of $782 and $716, respectively)
21,051 44,335 
Income taxes receivable 22,926 
Accrued unbilled revenues93,131 90,521 
Materials and supplies (at average cost)179,693 140,515 
Fuel stock (at average cost)39,873 19,952 
Prepayments28,708 22,710 
Current regulatory assets89,823 226,235 
Other42 71 
Total current assets961,472 946,312 
Investments90,108 93,037 
Property, Plant and Equipment:
Utility plant in service7,669,083 7,291,532 
Accumulated provision for depreciation(2,673,078)(2,557,744)
Utility plant in service - net4,996,005 4,733,788 
Construction work in progress1,302,148 985,502 
Plant held for future use9,878 9,511 
Other property1,718 4,310 
Property, plant and equipment, net6,309,749 5,733,111 
Other Assets:
Company-owned life insurance89,210 82,038 
Regulatory assets1,435,335 1,426,815 
Other52,722 42,218 
Total other assets1,577,267 1,551,071 
Total$8,938,596 $8,323,531 


The accompanying notes are an integral part of these statements.
16

Idaho Power Company
Condensed Consolidated Balance Sheets
(unaudited)
 
September 30,
2024
December 31,
2023
(in thousands, except par value)
Liabilities and Equity
Current Liabilities:
Current maturities of long-term debt$69,685 $49,800 
Accounts payable240,522 307,538 
Accounts payable to affiliates40,332 16,456 
Taxes accrued46,773 6,834 
Interest accrued32,882 38,292 
Accrued compensation60,358 64,408 
Current regulatory liabilities8,642 7,952 
Advances from customers101,766 104,297 
Other32,595 44,907 
Total current liabilities633,555 640,484 
Other Liabilities:
Deferred income taxes861,784 881,050 
Regulatory liabilities888,699 874,601 
Pension and other postretirement benefits230,579 233,965 
Other170,329 135,468 
Total other liabilities2,151,391 2,125,084 
Long-Term Debt3,053,948 2,775,790 
Commitments and Contingencies
Equity:
Common stock, $2.50 par value (50,000 shares authorized; 39,151 shares issued and outstanding)
97,877 97,877 
Premium on capital stock912,258 712,258 
Capital stock expense(2,097)(2,097)
Retained earnings2,107,995 1,991,319 
Accumulated other comprehensive loss(16,331)(17,184)
Total equity3,099,702 2,782,173 
Total$8,938,596 $8,323,531 
The accompanying notes are an integral part of these statements.

17


Idaho Power Company
Condensed Consolidated Statements of Cash Flows
(unaudited)
Nine months ended
September 30,
 20242023
 (in thousands)
Operating Activities:  
Net income$245,779 $225,812 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization168,150 146,203 
Deferred income taxes and investment tax credits(39,823)(1,828)
Changes in regulatory assets and liabilities124,549 1,585 
Pension and postretirement benefit plan expense34,322 20,373 
Contributions to pension and postretirement benefit plans(23,930)(54,371)
Earnings of equity-method investments(1,936)(7,402)
Distributions from equity-method investments3,100 550 
Allowance for equity funds used during construction(39,610)(32,125)
Other non-cash adjustments to net income, net(3,843)(1,056)
Change in:  
Accounts receivable and unbilled revenues1,094 (11,107)
Prepayments(7,938)(2,677)
Materials, supplies, and fuel stock(59,105)(45,343)
Accounts and wages payable4,644 (156,644)
Taxes accrued/receivable48,753 70,947 
Other assets and liabilities15,545 (14,844)
Net cash provided by operating activities469,751 138,073 
Investing Activities:  
Additions to utility plant, net(823,855)(427,191)
Payments received from transmission project joint funding partners58,750 14,920 
Other11,999 9,099 
Net cash used in investing activities(753,106)(403,172)
Financing Activities:  
Issuance of long-term debt300,000 872,000 
Discount on issuance of long-term debt(186)(7,006)
Retirement of long-term debt (225,000)
Dividends on common stock(129,268)(80,698)
Capital contribution from parent200,000  
Other(2,283)1,751 
Net cash provided by financing activities368,263 561,047 
Net increase in cash and cash equivalents84,908 295,948 
Cash and cash equivalents at beginning of the period271,791 108,933 
Cash and cash equivalents at end of the period$356,699 $404,881 
Supplemental Disclosure of Cash Flow Information:  
Cash (received from) paid to IDACORP related to income taxes$(15,483)$15,333 
Cash paid for interest (net of amount capitalized)$88,193 $82,372 
Non-cash investing activities:
Additions to utility plant in accounts payable$144,232 $127,076 

The accompanying notes are an integral part of these statements.
18

IDACORP, INC. AND IDAHO POWER COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
This Quarterly Report on Form 10-Q is a combined report of IDACORP and Idaho Power. Therefore, these Notes to the Condensed Consolidated Financial Statements apply to both IDACORP and Idaho Power. However, Idaho Power makes no representation as to the information relating to IDACORP’s other operations.

Nature of Business
 
IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the FERC. Idaho Power is the parent of IERCo, a joint-owner of BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power.
 
IDACORP’s other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small PURPA-qualifying hydropower generation projects.

Regulation of Utility Operations
 
As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition.

IDACORP's and Idaho Power's financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated entity would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. The effects of applying these regulatory accounting principles to Idaho Power's operations are discussed in more detail in Note 3 - "Regulatory Matters."

Financial Statements
 
In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's condensed consolidated balance sheets as of September 30, 2024, condensed consolidated statements of income for the three months and nine months ended September 30, 2024 and 2023, and condensed consolidated cash flows for the nine months ended September 30, 2024 and 2023. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in the 2023 Annual Report. The statements of income for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective balance sheets and statements of income during the period in which such change occurred.
 
Management Estimates
 
Management makes estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions include, among others, those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and the allowance for uncollectible accounts. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates.
19


New and Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

There have been no recently adopted accounting pronouncements that have had a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU will be applied retrospectively. IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective financial statements, but the companies do not believe adoption of the new standard will have a material impact.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU are required to be applied prospectively and are allowed to be applied retrospectively. IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective financial statements.

There have been no other recent accounting pronouncements not yet adopted that are expected to have a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements.

2.  INCOME TAXES
 
In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount.

Income Tax Expense

The following table provides a summary of income tax expense for the nine months ended September 30, 2024 and 2023 (in thousands): 
 IDACORPIdaho Power
 2024202320242023
Income tax at statutory rates (federal and state)$69,543 $66,650 $68,382 $65,916 
Excess deferred income tax reversal(7,535)(8,013)(7,535)(8,013)
Income tax return adjustments1,875 (8,227)1,865 (7,732)
Other(1)
(22,507)(13,910)(20,327)(12,397)
Income tax expense before additional ADITC amortization$41,376 $36,500 $42,385 $37,774 
Additional ADITC amortization(22,500)(7,500)(22,500)(7,500)
Income tax expense$18,876 $29,000 $19,885 $30,274 
Effective tax rate7.0 %11.2 %7.5 %11.8 %
(1) "Other" primarily consists of the net tax effect of Idaho Power's regulatory flow-through tax adjustments.

20

3. REGULATORY MATTERS
 
Included below is a summary of Idaho Power's most recent general rate cases and base rate changes, as well as other recent or pending notable regulatory matters and proceedings.

Idaho and Oregon Rate Cases

Idaho Power's current base rates result from the IPUC order described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2023 Annual Report and the September 2024 OPUC order described below related to Idaho Power's general rate case filed with the OPUC in December 2023.

In May 2024, Idaho Power filed its 2024 Idaho Limited-Issue Rate Case and proposed rate schedules with the IPUC. The filing requested an increase in annual Idaho jurisdictional revenue of $99.3 million, to become effective January 1, 2025. If approved as filed, this request would result in an overall increase to adjusted base revenue of 7.31 percent.

The 2024 Idaho Limited-Issue Rate Case focuses on revenue requirements for approximately $730 million of incremental plant additions as of December 31, 2024, and incremental O&M labor costs. In the 2024 Idaho Limited-Issue Rate Case, Idaho Power did not request any changes to other aspects of the 2023 Settlement Stipulation approved by the IPUC for Idaho Power's 2023 Idaho general rate case. Additionally, the 2024 Idaho Limited-Issue Rate Case application:

applies the overall rate of return approved in the 2023 Settlement Stipulation;
does not seek to adjust any other revenue requirement components such as non-labor O&M expense, net power supply costs, or other revenue;
does not propose changes to any other Idaho regulatory mechanisms, such as the power cost adjustment, fixed cost adjustment, or energy efficiency rider; and
continues to reflect the 2023 Settlement Stipulation amounts for categories other than incremental plant and O&M labor costs.

Written testimony from the Staff of the IPUC and intervenors in the 2024 Idaho Limited-Issue Rate Case and Idaho Power's rebuttal testimony are due in November 2024. Technical hearings before the IPUC are scheduled for December 2024. Idaho Power is unable to predict the outcome of the 2024 Idaho Limited-Issue Rate Case. Idaho Power anticipates that new rates, if approved by the IPUC, would become effective on or after January 1, 2025.

In December 2023, Idaho Power filed a general rate case with the OPUC. In September 2024, the OPUC issued an order approving the 2024 Oregon Settlement Stipulations, which are settlement stipulations among Idaho Power and intervening parties settling the general rate case. The OPUC order and the 2024 Oregon Settlement Stipulations contain the following significant terms, among other items:

Idaho Power will implement revised tariff schedules designed to increase annual Oregon-jurisdiction revenue by $6.7 million, or 12.14 percent; and
A 9.5 percent Oregon-jurisdiction return on year-end equity and a 7.302 percent Oregon-jurisdiction authorized rate of return based on a 5.104 percent cost of debt and capital structure of 50 percent debt and 50 percent equity, applied to an Oregon-jurisdictional rate base of approximately $188.9 million.

Rate changes from the 2024 Oregon Settlement Stipulations became effective on October 15, 2024. The 2024 Oregon Settlement Stipulations do not preclude Idaho Power from filing another general rate case or other limited issue proceeding in Oregon at any time in the future.

Idaho ADITC Mechanism

The May 2018 Idaho settlement stipulation related to tax reform (2018 Settlement Stipulation) and the 2023 Settlement Stipulation are each described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2023 Annual Report. The 2023 Settlement Stipulation modifies the 2018 Settlement Stipulation in part. The 2023 Settlement Stipulation includes provisions for the accelerated amortization of ADITC to help achieve a minimum 9.12 percent Idaho ROE.

Based on its estimate of full-year 2024 Idaho ROE, in the three months and nine months ended September 30, 2024, Idaho Power recorded $2.5 million and $22.5 million, respectively, in additional ADITC amortization under the 2023 Settlement Stipulation. Accordingly, at September 30, 2024, approximately $87.5 million of additional ADITC remained available for
21

future use. Idaho Power recorded zero and $7.5 million, respectively, of additional ADITC amortization during the three months and nine months ended September 30, 2023, based on its then-current estimate of full-year 2023 Idaho ROE.

Power Cost Adjustment Mechanisms

In both its Idaho and Oregon jurisdictions, Idaho Power's power cost adjustment mechanisms address the volatility of power supply costs and provide for annual adjustments to the rates charged to its retail customers. The power cost adjustment mechanisms compare Idaho Power's actual net power supply costs (primarily fuel and purchased power less wholesale energy sales) against net power supply costs being recovered in Idaho Power's retail rates. Under the power cost adjustment mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and costs being recovered in retail rates are recorded as a deferred charge or credit on the balance sheet for future recovery or refund. The power supply costs deferred primarily result from changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, fuel prices, and the levels of Idaho Power's own generation.

In May 2024, the IPUC issued an order approving a $35.7 million net decrease in PCA revenues, effective for the PCA collection period from June 1, 2024, to May 31, 2025. The net decrease in PCA revenues reflects forecasted improved hydropower generation during the April 2024 to March 2025 PCA deferral period.

In May 2024, the OPUC approved a settlement stipulation between Idaho Power and intervening parties for its APCU in Oregon. The APCU includes both an October update and a March forecast. The results of the October update are reflected as an update to base rates and the results of the March forecast are reflected as an update to APCU rates. The settlement resulted in an overall rate decrease of $6.9 million effective June 1, 2024.

Idaho Fixed Cost Adjustment Mechanism

The FCA mechanism, applicable to Idaho residential and small commercial customers, is designed to remove a portion of Idaho Power’s financial disincentive to invest in energy efficiency programs by separating (or decoupling) the recovery of fixed costs from the variable kilowatt-hour charge and linking it instead to a set amount per customer. Under Idaho Power's current rate design, Idaho Power recovers a portion of fixed costs through the variable kilowatt-hour charge, which may result in over-collection or under-collection of fixed costs. To return over-collection to customers or to collect under-collection from customers, the FCA mechanism allows Idaho Power to accrue, or defer, the difference between the authorized fixed-cost recovery amount per customer and the actual fixed costs per customer recovered by Idaho Power during the year. The IPUC has discretion to cap the annual increase in the FCA recovery at 3 percent of base revenue, with any excess deferred for collection in a subsequent year. In May 2024, the IPUC issued an order approving an $11.7 million increase in recovery from the FCA from $25.1 million to $36.8 million for the 2023 FCA deferral, with new rates effective for the period from June 1, 2024, to May 31, 2025.

4. REVENUES
 
The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three months and nine months ended September 30, 2024 and 2023 (in thousands):
Three months ended
September 30,
Nine months ended
September 30,
 2024202320242023
Revenue from contracts with customers$532,477 $496,632 $1,393,006 $1,267,527 
Alternative revenue programs and other revenues(4,990)13,003 32,600 84,173 
Total electric utility operating revenues$527,487 $509,635 $1,425,606 $1,351,700 

22

Revenues from Contracts with Customers

The following table presents revenues from contracts with customers disaggregated by revenue source for the three months and nine months ended September 30, 2024 and 2023 (in thousands):
Three months ended
September 30,
Nine months ended
September 30,
 2024202320242023
Retail revenues:
Residential (includes $(6,193), $5,583, $(8,982), and $20,170, respectively, related to the FCA)(1)
$195,291 $181,736 $525,353 $505,158 
Commercial (includes $(66), $328, $(158), and $900, respectively, related to the FCA)(1)
112,323 107,971 303,031 283,478 
Industrial71,908 67,522 203,990 181,312 
Irrigation109,861 104,645 191,671 168,358 
Deferred revenue related to HCC relicensing AFUDC(2)
(2,881)(2,815)(6,913)(6,861)
Total retail revenues486,502 459,059 1,217,132 1,131,445 
Less: FCA mechanism revenues(1)
6,259 (5,911)9,140 (21,070)
Wholesale energy sales6,946 5,065 65,759 50,461 
Transmission wheeling-related revenues19,419 20,090 60,142 61,701 
Energy efficiency program revenues5,283 10,498 16,699 22,265 
Other revenues from contracts with customers8,068 7,831 24,134 22,725 
Total revenues from contracts with customers$532,477 $496,632 $1,393,006 $1,267,527 
(1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.
(2) The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to utility plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service.

Alternative Revenue Programs and Other Revenues

While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of an additional regulatory mechanism, the FCA mechanism, which may increase or decrease tariff-based customer rates. The FCA mechanism is described in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service and billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues.

Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income. For more information on settled electricity swaps, see Note 11 - "Derivative Financial Instruments."

The table below presents the FCA mechanism revenues and other revenues for the three months and nine months ended September 30, 2024 and 2023 (in thousands):
Three months ended
September 30,
Nine months ended
September 30,
 2024202320242023
FCA mechanism revenues$(6,259)$5,911 $(9,140)$21,070 
Derivative revenues1,269 7,092 41,740 63,103 
Total alternative revenue programs and other revenues$(4,990)$13,003 $32,600 $84,173 

23

Receivables and Allowance for Uncollectible Accounts

The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the nine months ended September 30, 2024 and 2023 (in thousands):
Nine months ended
September 30,
 20242023
Balance at beginning of period$4,869 $5,034 
Additions to the allowance1,744 2,040 
Write-offs, net of recoveries(3,317)(2,939)
Balance at end of period$3,296 $4,135 
Allowance for uncollectible accounts as a percentage of customer receivables2.2 %3.0 %

5. LONG-TERM DEBT

Idaho Power First Mortgage Bonds

On August 12, 2024, Idaho Power issued $300 million in aggregate principal amount of 5.20% first mortgage bonds, secured medium-term notes, Series M, maturing on August 15, 2034.

Idaho Power's issuance of long-term indebtedness is subject to the approval of the IPUC, OPUC, and WPSC. In February and March 2024, Idaho Power received orders from the IPUC, OPUC, and WPSC authorizing the company to issue and sell from time to time up to $1.2 billion in aggregate principal amount of debt securities and first mortgage bonds, subject to conditions specified in the orders. Authority from the IPUC is effective through December 31, 2026, subject to extensions upon request to the IPUC. The OPUC's and WPSC's orders do not impose a time limitation for issuances, but the OPUC order does impose a number of other conditions, including a requirement that the interest rates for the debt securities or first mortgage bonds fall within either (a) designated spreads over comparable U.S. Treasury rates or (b) a maximum interest rate limit of 8 percent. At September 30, 2024, $900 million remained available for debt issuance under the regulatory orders.

6. COMMON STOCK
 
IDACORP Common Stock
 
During the nine months ended September 30, 2024, IDACORP issued an aggregate of 2,654,577 shares of common stock using original issuances of shares. IDACORP granted 103,771 restricted stock unit awards to employees and issued 61,997 shares of common stock pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan, including 10,571 shares of common stock issued to members of the board of directors. IDACORP issued 50,138 shares of common stock pursuant to its IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan.

Effective January 1, 2024, IDACORP instructed the plan administrator of the IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan to use original issuance of common stock from IDACORP, as opposed to market purchases of IDACORP common stock, to acquire shares of IDACORP common stock for the plan. However, IDACORP may determine at any time to resume market purchases of common stock under the plan. As directed by IDACORP, the plan administrator of the Idaho Power Company Employee Savings Plan used market purchases of IDACORP common stock to acquire shares of IDACORP common stock for the plan.

At-the-Market Offering Program: On May 20, 2024, IDACORP entered into an Equity Distribution Agreement (EDA) pursuant to which it may issue, offer, and sell, from time to time, up to an aggregate gross sales price of $300