10-Q 1 ida-20220630.htm 10-Q ida-20220630
0001057877000004964812/3112/3120222022Q2Q2FALSEfalse00010578772022-01-012022-06-300001057877ida:IdahoPowerCompanyMember2022-01-012022-06-3000010578772022-07-29xbrli:shares0001057877ida:IdahoPowerCompanyMember2022-07-2900010578772022-04-012022-06-30iso4217:USD00010578772021-04-012021-06-3000010578772021-01-012021-06-30iso4217:USDxbrli:shares00010578772022-06-3000010578772021-12-3100010578772020-12-3100010578772021-06-300001057877us-gaap:CommonStockMember2022-03-310001057877us-gaap:CommonStockMember2021-03-310001057877us-gaap:CommonStockMember2021-12-310001057877us-gaap:CommonStockMember2020-12-310001057877us-gaap:CommonStockMember2022-04-012022-06-300001057877us-gaap:CommonStockMember2021-04-012021-06-300001057877us-gaap:CommonStockMember2022-01-012022-06-300001057877us-gaap:CommonStockMember2021-01-012021-06-300001057877us-gaap:CommonStockMember2022-06-300001057877us-gaap:CommonStockMember2021-06-300001057877us-gaap:RetainedEarningsMember2022-03-310001057877us-gaap:RetainedEarningsMember2021-03-310001057877us-gaap:RetainedEarningsMember2021-12-310001057877us-gaap:RetainedEarningsMember2020-12-310001057877us-gaap:RetainedEarningsMember2022-04-012022-06-300001057877us-gaap:RetainedEarningsMember2021-04-012021-06-300001057877us-gaap:RetainedEarningsMember2022-01-012022-06-300001057877us-gaap:RetainedEarningsMember2021-01-012021-06-300001057877us-gaap:RetainedEarningsMember2022-06-300001057877us-gaap:RetainedEarningsMember2021-06-300001057877us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001057877us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001057877us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001057877us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001057877us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001057877us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001057877us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001057877us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001057877us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001057877us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001057877us-gaap:NoncontrollingInterestMember2022-03-310001057877us-gaap:NoncontrollingInterestMember2021-03-310001057877us-gaap:NoncontrollingInterestMember2021-12-310001057877us-gaap:NoncontrollingInterestMember2020-12-310001057877us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001057877us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001057877us-gaap:NoncontrollingInterestMember2022-01-012022-06-300001057877us-gaap:NoncontrollingInterestMember2021-01-012021-06-300001057877us-gaap:NoncontrollingInterestMember2022-06-300001057877us-gaap:NoncontrollingInterestMember2021-06-300001057877ida:IdahoPowerCompanyMember2022-04-012022-06-300001057877ida:IdahoPowerCompanyMember2021-04-012021-06-300001057877ida:IdahoPowerCompanyMember2021-01-012021-06-300001057877ida:IdahoPowerCompanyMember2022-06-300001057877ida:IdahoPowerCompanyMember2021-12-310001057877ida:IdahoPowerCompanyMember2020-12-310001057877ida:IdahoPowerCompanyMember2021-06-30xbrli:pure0001057877stpr:IDida:May2018TaxReformSettlementStipulationMember2018-04-300001057877ida:SettlementStipulationInvestmentTaxCreditsAndIdahoSharingMechanismMember2022-04-012022-06-300001057877stpr:IDida:October2014IdahoSettlementStipulationMember2014-10-310001057877ida:SettlementStipulationInvestmentTaxCreditsAndIdahoSharingMechanismMember2021-01-012021-06-300001057877ida:IdahoPowerCostAdjustmentMemberus-gaap:SubsequentEventMember2022-06-012023-05-310001057877us-gaap:SubsequentEventMemberstpr:IDida:May2018TaxReformSettlementStipulationMember2022-06-012023-05-310001057877ida:IdahoFixedCostAdjustmentMember2020-06-010001057877us-gaap:SubsequentEventMemberida:IdahoJurisdictionFixedCostAdjustmentMember2022-06-012023-05-310001057877ida:IdahoJurisdictionFixedCostAdjustmentMember2021-06-010001057877ida:IdahoJurisdictionFixedCostAdjustmentMember2022-06-010001057877ida:JimBridgerPlantMemberstpr:ID2022-06-012022-06-010001057877ida:JimBridgerPlantMemberida:IdahoPowerCompanyMemberstpr:ID2022-01-012022-06-300001057877stpr:IDida:OtherOperatingAndMaintenanceExpensesMemberida:WildfireMitigationPlanCostsMember2021-09-300001057877ida:PlantInServiceMemberstpr:IDida:WildfireMitigationPlanCostsMember2021-09-300001057877stpr:IDida:WildfireMitigationPlanCostsMember2022-06-300001057877ida:IdahoFixedCostAdjustmentMemberida:ResidentialRetailRevenueMember2022-04-012022-06-300001057877ida:IdahoFixedCostAdjustmentMemberida:ResidentialRetailRevenueMember2021-04-012021-06-300001057877ida:IdahoFixedCostAdjustmentMemberida:ResidentialRetailRevenueMember2022-01-012022-06-300001057877ida:IdahoFixedCostAdjustmentMemberida:ResidentialRetailRevenueMember2021-01-012021-06-300001057877ida:RetailrevenuesMemberida:ResidentialRetailRevenueMember2022-04-012022-06-300001057877ida:RetailrevenuesMemberida:ResidentialRetailRevenueMember2021-04-012021-06-300001057877ida:RetailrevenuesMemberida:ResidentialRetailRevenueMember2022-01-012022-06-300001057877ida:RetailrevenuesMemberida:ResidentialRetailRevenueMember2021-01-012021-06-300001057877ida:CommercialRetailRevenueMemberida:IdahoFixedCostAdjustmentMember2022-04-012022-06-300001057877ida:CommercialRetailRevenueMemberida:IdahoFixedCostAdjustmentMember2021-04-012021-06-300001057877ida:CommercialRetailRevenueMemberida:IdahoFixedCostAdjustmentMember2022-01-012022-06-300001057877ida:CommercialRetailRevenueMemberida:IdahoFixedCostAdjustmentMember2021-01-012021-06-300001057877ida:CommercialRetailRevenueMemberida:RetailrevenuesMember2022-04-012022-06-300001057877ida:CommercialRetailRevenueMemberida:RetailrevenuesMember2021-04-012021-06-300001057877ida:CommercialRetailRevenueMemberida:RetailrevenuesMember2022-01-012022-06-300001057877ida:CommercialRetailRevenueMemberida:RetailrevenuesMember2021-01-012021-06-300001057877ida:IndustrialRetailRevenueMemberida:RetailrevenuesMember2022-04-012022-06-300001057877ida:IndustrialRetailRevenueMemberida:RetailrevenuesMember2021-04-012021-06-300001057877ida:IndustrialRetailRevenueMemberida:RetailrevenuesMember2022-01-012022-06-300001057877ida:IndustrialRetailRevenueMemberida:RetailrevenuesMember2021-01-012021-06-300001057877ida:RetailrevenuesMemberida:IrrigationRetailRevenueMember2022-04-012022-06-300001057877ida:RetailrevenuesMemberida:IrrigationRetailRevenueMember2021-04-012021-06-300001057877ida:RetailrevenuesMemberida:IrrigationRetailRevenueMember2022-01-012022-06-300001057877ida:RetailrevenuesMemberida:IrrigationRetailRevenueMember2021-01-012021-06-300001057877ida:DeferredRevenueAfudcMemberida:RetailrevenuesMember2022-04-012022-06-300001057877ida:DeferredRevenueAfudcMemberida:RetailrevenuesMember2021-04-012021-06-300001057877ida:DeferredRevenueAfudcMemberida:RetailrevenuesMember2022-01-012022-06-300001057877ida:DeferredRevenueAfudcMemberida:RetailrevenuesMember2021-01-012021-06-300001057877ida:RetailrevenuesMember2022-04-012022-06-300001057877ida:RetailrevenuesMember2021-04-012021-06-300001057877ida:RetailrevenuesMember2022-01-012022-06-300001057877ida:RetailrevenuesMember2021-01-012021-06-300001057877ida:IdahoFixedCostAdjustmentMember2022-04-012022-06-300001057877ida:IdahoFixedCostAdjustmentMember2021-04-012021-06-300001057877ida:IdahoFixedCostAdjustmentMember2022-01-012022-06-300001057877ida:IdahoFixedCostAdjustmentMember2021-01-012021-06-300001057877ida:WholesaleenergysalesMember2022-04-012022-06-300001057877ida:WholesaleenergysalesMember2021-04-012021-06-300001057877ida:WholesaleenergysalesMember2022-01-012022-06-300001057877ida:WholesaleenergysalesMember2021-01-012021-06-300001057877ida:TransmissionserviceswheelingMember2022-04-012022-06-300001057877ida:TransmissionserviceswheelingMember2021-04-012021-06-300001057877ida:TransmissionserviceswheelingMember2022-01-012022-06-300001057877ida:TransmissionserviceswheelingMember2021-01-012021-06-300001057877ida:EnergyefficiencyprogramrevenuesMember2022-04-012022-06-300001057877ida:EnergyefficiencyprogramrevenuesMember2021-04-012021-06-300001057877ida:EnergyefficiencyprogramrevenuesMember2022-01-012022-06-300001057877ida:EnergyefficiencyprogramrevenuesMember2021-01-012021-06-300001057877ida:OtherrevenuesMember2022-04-012022-06-300001057877ida:OtherrevenuesMember2021-04-012021-06-300001057877ida:OtherrevenuesMember2022-01-012022-06-300001057877ida:OtherrevenuesMember2021-01-012021-06-300001057877ida:IdahoPowerCompanyMemberida:HellsCanyonComplexMemberida:IPUCauthorizedAFUDCCollectionHCCRelicensingGrossMember2022-06-300001057877ida:DerivativerevenuesMember2022-04-012022-06-300001057877ida:DerivativerevenuesMember2021-04-012021-06-300001057877ida:DerivativerevenuesMember2022-01-012022-06-300001057877ida:DerivativerevenuesMember2021-01-012021-06-300001057877ida:TermLoanFacilityMemberus-gaap:UnsecuredDebtMember2022-05-042022-05-040001057877ida:TermLoanFacilityMemberus-gaap:UnsecuredDebtMember2022-05-040001057877ida:TermLoanFacilityMemberus-gaap:UnsecuredDebtMember2022-06-300001057877srt:ParentCompanyMember2022-01-012022-06-300001057877srt:ParentCompanyMemberida:DirectorsMember2022-01-012022-06-300001057877srt:ParentCompanyMember2022-06-300001057877ida:IdahoPowerCompanyMemberida:SolarFacilityPurchaseCommitmentMember2022-01-012022-06-30ida:long-termPurchaseObligation0001057877ida:IdahoPowerCompanyMemberida:CogenerationAndPowerProductionPurchaseCommitmentMemberMember2022-01-012022-06-300001057877ida:IdahoPowerCompanyMemberida:CogenerationAndPowerProductionPurchaseCommitmentMemberMember2022-06-300001057877ida:IdahoPowerCompanyMemberida:ContractsToAcquireAndOwnBatteryStorageAssetsCommitmentMember2022-06-300001057877ida:IdahoPowerCompanyMemberida:ContractsToAcquireAndOwnBatteryStorageAssetsCommitmentMember2022-01-012022-06-300001057877ida:BridgerCoalCompanyMember2022-06-300001057877ida:BridgerCoalCompanyMember2022-01-012022-06-300001057877us-gaap:PensionPlansDefinedBenefitMember2022-04-012022-06-300001057877us-gaap:PensionPlansDefinedBenefitMember2021-04-012021-06-300001057877us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2022-04-012022-06-300001057877us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2021-04-012021-06-300001057877us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-04-012022-06-300001057877us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-04-012021-06-300001057877us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-06-300001057877us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-300001057877us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2022-01-012022-06-300001057877us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2021-01-012021-06-300001057877us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-06-300001057877us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-06-300001057877ida:IdahoPowerCompanyMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-06-300001057877ida:IdahoPowerCompanyMemberus-gaap:SubsequentEventMemberus-gaap:PensionPlansDefinedBenefitMember2022-07-012022-07-310001057877ida:IdahoPowerCompanyMemberus-gaap:PensionPlansDefinedBenefitMember2022-06-300001057877ida:CorporateFixedIncomeAndAssetBackedDebtSecuritiesMember2022-01-012022-03-310001057877ida:CorporateFixedIncomeAndAssetBackedDebtSecuritiesMember2022-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:SalesMember2022-04-012022-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:SalesMember2021-04-012021-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:SalesMember2022-01-012022-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:SalesMember2021-01-012021-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:CostOfSalesMember2022-04-012022-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:CostOfSalesMember2021-04-012021-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:CostOfSalesMember2022-01-012022-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:CostOfSalesMember2021-01-012021-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:OperatingExpenseMember2022-04-012022-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:OperatingExpenseMember2021-04-012021-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:OperatingExpenseMember2022-01-012022-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:OperatingExpenseMember2021-01-012021-06-300001057877us-gaap:SalesMemberus-gaap:CommodityContractMember2022-04-012022-06-300001057877us-gaap:SalesMemberus-gaap:CommodityContractMember2021-04-012021-06-300001057877us-gaap:SalesMemberus-gaap:CommodityContractMember2022-01-012022-06-300001057877us-gaap:SalesMemberus-gaap:CommodityContractMember2021-01-012021-06-300001057877us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2022-04-012022-06-300001057877us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2021-04-012021-06-300001057877us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2022-01-012022-06-300001057877us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2021-01-012021-06-300001057877us-gaap:OperatingExpenseMemberus-gaap:CommodityContractMember2022-04-012022-06-300001057877us-gaap:OperatingExpenseMemberus-gaap:CommodityContractMember2021-04-012021-06-300001057877us-gaap:OperatingExpenseMemberus-gaap:CommodityContractMember2022-01-012022-06-300001057877us-gaap:OperatingExpenseMemberus-gaap:CommodityContractMember2021-01-012021-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:OtherCurrentAssetsMember2022-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:OtherCurrentLiabilitiesMember2022-06-300001057877us-gaap:OtherCurrentLiabilitiesMemberus-gaap:CommodityContractMember2022-06-300001057877us-gaap:OtherAssetsMemberus-gaap:EnergyRelatedDerivativeMember2022-06-300001057877us-gaap:OtherLiabilitiesMemberus-gaap:CommodityContractMember2022-06-300001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:OtherCurrentAssetsMember2021-12-310001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:OtherCurrentLiabilitiesMember2021-12-310001057877us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMember2021-12-310001057877us-gaap:OtherCurrentLiabilitiesMemberus-gaap:CommodityContractMember2021-12-310001057877us-gaap:OtherAssetsMemberus-gaap:EnergyRelatedDerivativeMember2021-12-310001057877us-gaap:EnergyRelatedDerivativeMemberus-gaap:OtherLiabilitiesMember2021-12-310001057877us-gaap:OtherLiabilitiesMemberus-gaap:CommodityContractMember2021-12-310001057877us-gaap:ElectricityMemberus-gaap:LongMember2022-06-30utr:MWh0001057877us-gaap:ElectricityMemberus-gaap:LongMember2021-06-300001057877us-gaap:ShortMemberus-gaap:ElectricityMember2022-06-300001057877us-gaap:ShortMemberus-gaap:ElectricityMember2021-06-300001057877srt:FuelMemberus-gaap:LongMember2022-06-30utr:MMBTU0001057877srt:FuelMemberus-gaap:LongMember2021-06-300001057877us-gaap:ShortMembersrt:FuelMember2022-06-300001057877us-gaap:ShortMembersrt:FuelMember2021-06-300001057877us-gaap:FairValueInputsLevel1Member2022-06-300001057877us-gaap:FairValueInputsLevel2Member2022-06-300001057877us-gaap:FairValueInputsLevel3Member2022-06-300001057877us-gaap:FairValueInputsLevel1Member2021-12-310001057877us-gaap:FairValueInputsLevel2Member2021-12-310001057877us-gaap:FairValueInputsLevel3Member2021-12-310001057877ida:IdahoPowerCompanyMemberus-gaap:FairValueInputsLevel1Member2022-06-300001057877us-gaap:FairValueInputsLevel2Memberida:IdahoPowerCompanyMember2022-06-300001057877ida:IdahoPowerCompanyMemberus-gaap:FairValueInputsLevel3Member2022-06-300001057877ida:IdahoPowerCompanyMemberus-gaap:FairValueInputsLevel1Member2021-12-310001057877us-gaap:FairValueInputsLevel2Memberida:IdahoPowerCompanyMember2021-12-310001057877ida:IdahoPowerCompanyMemberus-gaap:FairValueInputsLevel3Member2021-12-310001057877us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2022-06-300001057877us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-12-310001057877us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300001057877us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300001057877us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001057877us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001057877ida:IdahoPowerCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300001057877ida:IdahoPowerCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300001057877ida:IdahoPowerCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001057877ida:IdahoPowerCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001057877ida:UtilityOperationsMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001057877ida:AllOtherMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001057877srt:ConsolidationEliminationsMember2022-04-012022-06-300001057877ida:UtilityOperationsMemberus-gaap:OperatingSegmentsMember2022-06-300001057877ida:AllOtherMemberus-gaap:OperatingSegmentsMember2022-06-300001057877srt:ConsolidationEliminationsMember2022-06-300001057877ida:UtilityOperationsMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001057877ida:AllOtherMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001057877srt:ConsolidationEliminationsMember2021-04-012021-06-300001057877ida:UtilityOperationsMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001057877ida:AllOtherMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001057877srt:ConsolidationEliminationsMember2022-01-012022-06-300001057877ida:UtilityOperationsMember2022-01-012022-06-300001057877ida:UtilityOperationsMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001057877ida:AllOtherMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001057877srt:ConsolidationEliminationsMember2021-01-012021-06-300001057877ida:UtilityOperationsMember2021-01-012021-06-300001057877us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310001057877us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310001057877us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310001057877us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001057877us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-04-012022-06-300001057877us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-06-300001057877us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-06-300001057877us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-06-300001057877us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-06-300001057877us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300001057877ida:IdahoPowerCompanyMember2022-03-310001057877ida:IdahoPowerCompanyMember2021-03-31
Table of Contents                                  
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 endedJune 30, 2022
 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 numberNumber
1-14465IDACORP, Inc.82-0505802
1-3198Idaho Power Company82-0130980
 1221 W. Idaho Street
Boise,Idaho83702-5627
(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.: Yes  X No __    Idaho Power Company: Yes  X No __
 
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.: Yes X No __      Idaho Power Company: Yes X   No __

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:

IDACORP, Inc.:                                
Large accelerated filer X Accelerated filer __ Non-accelerated  filer __
                                     Smaller reporting company
                                     Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has 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

Table of Contents                                  
Idaho Power Company:                                
Large accelerated filer __ Accelerated filer __ Non-accelerated Filer X
                                     Smaller reporting company
                                     Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has 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. __


Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).
IDACORP, Inc.: Yes No X       Idaho Power Company: Yes No X

Number of shares of common stock outstanding as of July 29, 2022:     
IDACORP, Inc.:        50,560,040
Idaho 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                                  
TABLE OF CONTENTS
Page
Commonly Used Terms
Cautionary Note Regarding Forward-Looking Statements
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

Table of Contents                                  
COMMONLY USED TERMS
The following select abbreviations, terms, or acronyms are commonly used or found in multiple locations in this report:
2021 Annual Report-IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2021
ADITC-Accumulated Deferred Investment Tax Credits
AFUDC-Allowance for Funds Used During Construction
AOCI-Accumulated Other Comprehensive Income
BCC-Bridger Coal Company, a joint venture of IERCo
BLM-U.S. Bureau of Land Management
BPA-Bonneville Power Administration
CEQ-Council on Environmental Quality
CWA-Clean Water Act
EPA-U.S. Environmental Protection Agency
ESA-Endangered Species Act
FCA-Fixed Cost Adjustment
FERC-Federal Energy Regulatory Commission
HCC-Hells Canyon Complex
IDACORP-IDACORP, Inc., an Idaho corporation
Idaho Power-Idaho Power Company, an Idaho corporation
Idaho ROE-Idaho-jurisdiction return on year-end equity
Ida-West-Ida-West Energy, a subsidiary of IDACORP, Inc.
IERCo-Idaho Energy Resources Co., a subsidiary of Idaho Power Company
IFS-IDACORP Financial Services, a subsidiary of IDACORP, Inc.
IPUC-Idaho Public Utilities Commission
IRP-Integrated Resource Plan
Jim Bridger plant-Jim Bridger generating plant
MD&A-Management’s Discussion and Analysis of Financial Condition and Results of Operations
MW-Megawatt
MWh-Megawatt-hour
NAV-Net asset value
NEPA-National Environmental Policy Act
NMFS-
National Marine Fisheries Service
O&M-Operations and Maintenance
OATT-Open Access Transmission Tariff
OPUC-Public Utility Commission of Oregon
PCA-Idaho-Jurisdiction Power Cost Adjustment
PCAOB-Public Company Accounting Oversight Board (United States)
PURPA-Public Utility Regulatory Policies Act of 1978
SEC-U.S. Securities and Exchange Commission
SIP-State Implementation Plan
SMSP-Security Plan for Senior Management Employees
Term Loan Facility-Term Loan Credit Agreement
USACE-U.S. Army Corps of Engineers
USFWS-U.S. Fish and Wildlife Service
Valmy plant-Idaho Power's jointly-owned coal-fired generating plant in Valmy, Nevada
Western EIM-Energy imbalance market in the western United States
WMP-Wildfire Mitigation Plan
WOTUS-Waters of the United States
WPSC-Wyoming Public Service Commission

4

Table of Contents                                  
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, Inc. (IDACORP) and Idaho Power Company (Idaho Power) may contain) statements that relate to future events and expectations, such as statements regarding projected or future financial performance, cash flows, capital expenditures, dividends, capital structure or ratios, 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," "guidance," "intends," "potential," "plans," "predicts," "projects," "may," "may result," "may continue," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties that 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, IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2021, particularly Part I, Item 1A - "Risk Factors" and Part II, Item 7 - "Management’s Discussion and Analysis of Financial Condition and Results of Operations" of that report, subsequent reports filed by IDACORP and Idaho Power with the U.S. Securities and Exchange Commission (SEC), and the following important factors:
decisions by the Idaho and Oregon public utilities commissions and the Federal Energy Regulatory Commission 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;
impacts of economic conditions, including an inflationary or recessionary environment and increasing interest rates, on operations and capital investments, supply costs and 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 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, and the availability of regulatory mechanisms that allow for timely cost recovery of those changes through customer 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 levels, repair costs, service interruptions, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers;
advancement 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 or cyber-security vulnerabilities to the power grid;
expense and risks associated with capital expenditures for, and the permitting and construction of, utility infrastructure that Idaho Power may be unable to complete or that may not be deemed prudent by regulators for cost recovery or a return on investment;
power demand exceeding supply, resulting in increased costs for purchasing energy and capacity in the market, if available, or acquiring or constructing additional generation resources and battery storage facilities;
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;
Idaho Power's ability to acquire fuel, power, electrical equipment, 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 credit quality or a lack of credit of counterparties and suppliers;
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, increase power supply costs and repair expenses, and reduce 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
5

Table of Contents                                  
loss of life; or result in the imposition of fines and penalties for which Idaho Power may have inadequate insurance coverage;
acts or threats of terrorist incidents, 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 purchased power costs and operational and reliability challenges associated with purchasing and integrating intermittent renewable energy sources into Idaho Power's resource portfolio;
ongoing impacts of COVID-19 and its variants, and government mandates related to COVID-19 vaccines, masking, and testing, on the global and regional economy and on Idaho Power’s employees, customers, contractors, and suppliers, including on loads and revenues, uncollectible accounts, transmission revenues, supply chain availability, attrition of skilled workers, and other aspects of the economy and the companies’ business;
Idaho Power’s concentration in one industry and one region, and the resulting exposure to regional economic conditions and regional legislation and regulation;
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, the cost of living and the related impact on recruiting employees, and the ability to adjust to fluctuations in labor costs;
failure to comply with state and federal laws, regulations, and orders, including interpretations and enforcement initiatives by regulatory and oversight bodies, which may result in penalties and fines and increase the cost of compliance and remediation;
changes in tax laws or related regulations or interpretations of applicable laws by federal, state, or local taxing jurisdictions, and the availability of tax credits, and the tax rates payable by IDACORP shareholders on common stock dividends;
adoption of, changes in, and costs of compliance with, laws, regulations, and policies relating to the environment, climate change, natural resources, and threatened and endangered species, and the ability to recover associated increased costs through rates;
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;
failure to comply with mandatory reliability and cyber and physical security requirements, which may result in penalties, reputational harm, and operational changes;
ability to obtain debt and equity financing or refinance existing debt when necessary and on favorable terms, which can be affected by factors such as credit ratings, volatility or disruptions in the financial markets, interest rate fluctuations, decisions by the Idaho or Oregon 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;
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 post-retirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities and the companies' cash flows;
assumptions underlying the coal mine reclamation obligations at Bridger Coal Company and related funding and bonding requirements, and the remediation costs associated with planned exits from participation in Idaho Power's co-owned coal plants;
ability to continue to pay dividends and achieve target dividend payout ratios based on financial performance, and in light of credit rating considerations, contractual covenants and restrictions, and regulatory limitations; and
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.

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 management to predict all such factors, nor can it 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

Table of Contents                                  
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

IDACORP, Inc.
Condensed Consolidated Statements of Income
(unaudited)
Three months ended
June 30,
Six months ended
June 30,
2022202120222021
(in thousands, except per share amounts)(in thousands, except per share amounts)
Operating Revenues:
Electric utility revenues$357,668 $359,058 $701,589 $674,625 
Other1,055 1,016 1,422 1,502 
Total operating revenues358,723 360,074 703,011 676,127 
Operating Expenses:
Electric utility:
Purchased power91,727 96,116 177,151 164,104 
Fuel expense34,417 31,191 80,119 64,496 
Power cost adjustment(426)(7,934)(825)(2,263)
Other operations and maintenance100,556 88,490 192,642 174,148 
Energy efficiency programs6,609 6,658 13,198 15,685 
Depreciation34,830 43,627 79,287 86,942 
Other electric utility operating expenses8,865 9,007 17,765 18,333 
Total electric utility operating expenses276,578 267,155 559,337 521,445 
Other639 515 1,500 1,170 
Total operating expenses277,217 267,670 560,837 522,615 
Operating Income81,506 92,404 142,174 153,512 
Nonoperating (Income) Expense:
Allowance for equity funds used during construction(9,287)(7,795)(18,410)(15,564)
Earnings of unconsolidated equity-method investments(2,288)(2,313)(4,596)(4,630)
Interest on long-term debt21,374 21,036 42,443 42,073 
Other interest3,860 3,611 7,675 7,130 
Allowance for borrowed funds used during construction(3,481)(3,019)(6,865)(6,025)
Other income, net(1,551)(460)(3,163)(702)
Total nonoperating expense, net8,627 11,060 17,084 22,282 
Income Before Income Taxes72,879 81,344 125,090 131,230 
Income Tax Expense8,291 11,070 14,317 16,156 
Net Income64,588 70,274 110,773 115,074 
Income attributable to noncontrolling interests(301)(251)(225)(220)
Net Income Attributable to IDACORP, Inc.$64,287 $70,023 $110,548 $114,854 
Weighted Average Common Shares Outstanding - Basic50,668 50,609 50,650 50,588 
Weighted Average Common Shares Outstanding - Diluted50,687 50,622 50,673 50,601 
Earnings Per Share of Common Stock:
Earnings Attributable to IDACORP, Inc. - Basic$1.27 $1.38 $2.18 $2.27 
Earnings Attributable to IDACORP, Inc. - Diluted$1.27 $1.38 $2.18 $2.27 

The accompanying notes are an integral part of these statements.
7

Table of Contents                                  
IDACORP, Inc.
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
 
Three months ended
June 30,
Six months ended
June 30,
 2022202120222021
(in thousands)(in thousands)
Net Income$64,588 $70,274 $110,773 $115,074 
Other Comprehensive Income:
Unfunded pension liability adjustment, net of tax of $290, $290, $580, and $579, respectively
837 836 1,674 1,672 
Total Comprehensive Income65,425 71,110 112,447 116,746 
Income attributable to noncontrolling interests(301)(251)(225)(220)
Comprehensive Income Attributable to IDACORP, Inc.$65,124 $70,859 $112,222 $116,526 

The accompanying notes are an integral part of these statements.
 

8

Table of Contents                                  
IDACORP, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
 
June 30,
2022
December 31,
2021
(in thousands)
Assets
Current Assets:
Cash and cash equivalents$237,886 $215,243 
Short-term investments25,000  
Receivables:
Customer (net of allowance of $3,921 and $4,499, respectively)
90,604 78,819 
Other (net of allowance of $441 and $517, respectively)
13,012 14,994 
Income taxes receivable 14,770 
Accrued unbilled revenues94,757 74,843 
Materials and supplies (at average cost)78,715 77,552 
Fuel stock (at average cost)16,023 18,045 
Prepayments23,301 24,676 
Current regulatory assets98,550 71,223 
Other15,496 5,708 
Total current assets693,344 595,873 
Investments114,048 123,824 
Property, Plant and Equipment:
Utility plant in service6,680,494 6,509,316 
Accumulated provision for depreciation(2,395,644)(2,298,951)
Utility plant in service - net4,284,850 4,210,365 
Construction work in progress708,529 670,585 
Utility plant held for future use4,089 4,511 
Other property, net of accumulated depreciation16,983 16,361 
Property, plant and equipment - net5,014,451 4,901,822 
Other Assets:
Company-owned life insurance70,180 67,343 
Regulatory assets1,496,817 1,462,431 
Other63,256 59,222 
Total other assets1,630,253 1,588,996 
Total$7,452,096 $7,210,515 

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

Table of Contents                                  
IDACORP, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
 
June 30,
2022
December 31,
2021
(in thousands)
Liabilities and Equity
Current Liabilities:
Current maturities of long-term debt$75,000 $ 
Accounts payable152,569 145,980 
Taxes accrued30,712 14,229 
Interest accrued23,924 23,959 
Accrued compensation49,236 55,666 
Current regulatory liabilities20,101 11,239 
Advances from customers67,400 43,472 
Other30,038 31,079 
Total current liabilities448,980 325,624 
Other Liabilities:
Deferred income taxes828,758 842,375 
Regulatory liabilities794,753 781,695 
Pension and other postretirement benefits521,963 521,462 
Other68,114 63,485 
Total other liabilities2,213,588 2,209,017 
Long-Term Debt2,075,698 2,000,640 
Commitments and Contingencies
Equity:
IDACORP, Inc. shareholders’ equity:
 Common stock, no par value (120,000 shares authorized; 50,560 and 50,516 shares issued, respectively)
877,362 874,896 
Retained earnings1,867,811 1,833,580 
Accumulated other comprehensive loss(38,366)(40,040)
Total IDACORP, Inc. shareholders’ equity2,706,807 2,668,436 
Noncontrolling interests7,023 6,798 
Total equity2,713,830 2,675,234 
Total$7,452,096 $7,210,515 
The accompanying notes are an integral part of these statements.

10

Table of Contents                                  
IDACORP, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Six months ended
June 30,
 20222021
(in thousands)
Operating Activities:
Net income$110,773 $115,074 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization81,351 88,889 
Deferred income taxes and investment tax credits(16,953)(6,169)
Changes in regulatory assets and liabilities8,658 9,311 
Pension and postretirement benefit plan expense14,484 14,534 
Contributions to pension and postretirement benefit plans(12,122)(11,957)
Earnings of equity-method investments(4,596)(4,630)
Distributions from equity-method investments4,265 4,100 
Allowance for equity funds used during construction(18,410)(15,564)
Other non-cash adjustments to net income, net5,953 4,428 
Change in:  
Receivables(13,045)(15,241)
Accounts payable and other accrued liabilities(23,439)2,620 
Taxes accrued/receivable31,253 25,728 
Other current assets(17,044)(48,206)
Other current liabilities7,882 5,658 
Other assets(7,590)(3,285)
Other liabilities4,535 1,905 
Net cash provided by operating activities155,955 167,195 
Investing Activities:  
Additions to property, plant and equipment(194,094)(128,265)
Payments received from transmission project joint funding partners5,531 2,253 
Investments in affordable housing and other real estate tax credits projects(2,665)(10,164)
Distributions from equity-method investments, return of investment10,335  
Purchases of equity securities(27,942)(392)
Purchases of held-to-maturity securities(29,692) 
Proceeds from the sale of equity securities52,833 3,197 
Purchases of short-term investments(25,000)(25,000)
Maturities of short-term investments 50,000 
Other6,767 1,347 
Net cash used in investing activities(203,927)(107,024)
Financing Activities:  
Issuance of long-term debt150,000  
Dividends on common stock(76,339)(72,285)
Tax withholdings on net settlements of share-based awards(2,958)(3,026)
Debt issuance costs and other(88)(11)
Net cash provided by (used in) financing activities70,615 (75,322)
Net increase (decrease) in cash and cash equivalents22,643 (15,151)
Cash and cash equivalents at beginning of the period215,243 275,116 
Cash and cash equivalents at end of the period$237,886 $259,965 
Supplemental Disclosure of Cash Flow Information:  
Cash paid during the period for:  
Income taxes$6,265 $2,880 
Interest (net of amount capitalized)$41,657 $41,626 
Non-cash investing activities:
Additions to property, plant and equipment in accounts payable$70,063 $30,984 

The accompanying notes are an integral part of these statements.
11

Table of Contents                                  
IDACORP, Inc.
Condensed Consolidated Statements of Equity
(unaudited)
 
Three months ended
June 30,
Six months ended
June 30,
2022202120222021
(in thousands)(in thousands)
Common Stock
Balance at beginning of period$875,067 $868,944 $874,896 $869,235 
Share-based compensation expense2,262 2,140 5,364 4,850 
Tax withholdings on net settlements of share-based awards  (2,958)(3,026)
Other33 27 60 52 
Balance at end of period877,362 871,111 877,362 871,111 
Retained Earnings
Balance at beginning of period1,841,644 1,742,994 1,833,580 1,734,103 
Net income attributable to IDACORP, Inc.64,287 70,023 110,548 114,854 
Common stock dividends ($0.75, $0.71, $1.50, and $1.42 per share, respectively)
(38,120)(36,031)(76,317)(71,971)
Balance at end of period1,867,811 1,776,986 1,867,811 1,776,986 
Accumulated Other Comprehensive Loss
Balance at beginning of period(39,203)(42,522)(40,040)(43,358)
Unfunded pension liability adjustment (net of tax)837 836 1,674 1,672 
Balance at end of period(38,366)(41,686)(38,366)(41,686)
Total IDACORP, Inc. shareholders’ equity at end of period2,706,807 2,606,411 2,706,807 2,606,411 
Noncontrolling Interests
Balance at beginning of period6,722 6,445 6,798 6,476 
Net loss attributable to noncontrolling interests301 251 225 220 
Balance at end of period7,023 6,696 7,023 6,696 
Total equity at end of period$2,713,830 $2,613,107 $2,713,830 $2,613,107 

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

Table of Contents                                  

Idaho Power Company
Condensed Consolidated Statements of Income
(unaudited)
 
Three months ended
June 30,
Six months ended
June 30,
 2022202120222021
(in thousands)(in thousands)
Operating Revenues$357,668 $359,058 $701,589 $674,625 
Operating Expenses:
Operation:
Purchased power91,727 96,116 177,151 164,104 
Fuel expense34,417 31,191 80,119 64,496 
Power cost adjustment(426)(7,934)(825)(2,263)
Other operations and maintenance100,556 88,490 192,642 174,148 
Energy efficiency programs6,609 6,658 13,198 15,685 
Depreciation34,830 43,627 79,287 86,942 
Other operating expenses8,865 9,007 17,765 18,333 
Total operating expenses276,578 267,155 559,337 521,445 
Operating Income81,090 91,903 142,252 153,180 
Nonoperating (Income) Expense:
Allowance for equity funds used during construction(9,287)(7,795)(18,410)(15,564)
Earnings of unconsolidated equity-method investments(1,784)(1,743)(4,265)(4,293)
Interest on long-term debt21,374 21,036 42,443 42,073 
Other interest3,854 3,606 7,665 7,120 
Allowance for borrowed funds used during construction(3,481)(3,019)(6,865)(6,025)
Other income, net(1,337)(423)(2,978)(613)
Total nonoperating expense, net9,339 11,662 17,590 22,698 
Income Before Income Taxes71,751 80,241 124,662 130,482 
Income Tax Expense9,316 11,419 16,013 17,291 
Net Income$62,435 $68,822 $108,649 $113,191 

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

Table of Contents                                  
Idaho Power Company
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
 
Three months ended
June 30,
Six months ended
June 30,
 2022202120222021
(in thousands)(in thousands)
Net Income$62,435 $68,822 $108,649 $113,191 
Other Comprehensive Income:
Unfunded pension liability adjustment, net of tax of $290, $290, $580, and $579, respectively
837 836 1,674 1,672 
Total Comprehensive Income$63,272 $69,658 $110,323 $114,863 

The accompanying notes are an integral part of these statements.
 
 

14

Table of Contents                                  
Idaho Power Company
Condensed Consolidated Balance Sheets
(unaudited)
 
June 30,
2022
December 31,
2021
(in thousands)
Assets
Current Assets:
Cash and cash equivalents$103,607 $60,075 
Receivables:
Customer (net of allowance of $3,921 and $4,499, respectively)
90,604 78,819 
Other (net of allowance of $441 and $517, respectively)
12,702 14,134 
Income taxes receivable 15,328 
Accrued unbilled revenues94,757 74,843 
Materials and supplies (at average cost)78,715 77,552 
Fuel stock (at average cost)16,023 18,045 
Prepayments23,172 24,558 
Current regulatory assets98,550 71,223 
Other15,496 5,708 
Total current assets533,626 440,285 
Investments69,058 77,108 
Property, Plant and Equipment:
Plant in service6,680,494 6,509,316 
Accumulated provision for depreciation(2,395,644)(2,298,951)
Plant in service - net4,284,850 4,210,365 
Construction work in progress708,529 670,585 
Plant held for future use4,089 4,511 
Other property4,357 3,647 
Property, plant and equipment, net5,001,825 4,889,108 
Other Assets:
Company-owned life insurance70,180 67,343 
Regulatory assets1,496,817 1,462,431 
Other58,156 54,564 
Total other assets1,625,153 1,584,338 
Total$7,229,662 $6,990,839 


The accompanying notes are an integral part of these statements.
15

Table of Contents                                  
Idaho Power Company
Condensed Consolidated Balance Sheets
(unaudited)
 
June 30,
2022
December 31,
2021
(in thousands)
Liabilities and Equity
Current Liabilities: