Oct 29, 2026 earnings call — Idaho Power growth from large contract customers
Company raised full-year EPS guidance to $6.40 to $6.50 per share after strong Q3 with diluted EPS of $2.73.
Revenue $0.6B (est $0.6B) · EPS $2.73 (est $2.51)
Key quotes
"As you can see on slide 5, our customer count has increased 2.2% since last year's third quarter, including 2.4% growth in the residential segment."
"To date, more than 1.2 thousand structure pads have been built, 1.1 thousand foundations have been installed, and about 780 towers have gone up, which represents about 60% of the project total."
"I think the main point here is that we have a balance of about $873 million of forward available for settlement right now."
Analyst Q&A 6
when they will commit to more power
Q (Whitney · Wells Fargo): The analyst asked what must happen before the company contracts beyond committed need, and how big the uncommitted pipeline is in megawatts.
A: Management said a customer with a signed ESA or a significant financial commitment is added to the load forecast, so commission approval is not always required. They said the pipeline is sitting right about 4 thousand megawatts. Adam added they also describe that as 4 gigawatts and broke that into about 1 gigawatt promising, 1 gigawatt being studied, and around 2 gigawatts preliminary, plus another 3 gigawatts that have come in since the prior 4-gigawatt number.
"Anytime a customer, there is a signed ESA, or they have made a significant financial commitment, then we would add them to the load forecast." — Lisa A. Grow (CEO)
timing and cost of self-built plants
Q (Michael · Barclays): The analyst asked how many megawatts they expect to procure versus self-build and when capital spending for self-built plants will start and be spent.
A: Management pointed to slide 12 and said the 2031 resource is a 430 megawatt gas plant (an advanced simple cycle) where turbines are reserved and the EPC contract awarded. They said the 2032 focus is a 432 megawatt combined cycle project and that CapEx is spread across years with some spend occurring earlier than in the past, including transmission work.
"That resource is the 430 megawatt gas plant that is actually an advanced simple cycle plan." — Adam Richins
2032 plant type, weather, dividend
Q (Chris · Siebert Williams Shank): The analyst asked when a combined cycle makes sense for 2032, how weather affected the quarter, and about the dividend payout target and minimums.
A: They said the 2032 project is likely a combined cycle and specifically is a 432 megawatt combined cycle project. On weather, they reported weather-normalized sales were 2.9% and irrigation sales were pretty consistent with last year in Q3. On dividends, they said falling below the 50 to 60% payout range for a period is not a concern if they reinvest capital, and shareholders would likely support that reinvestment.
"That 2032 project, it is 432 megawatts. That is a combined cycle project." — Adam Richins
closing comment, no question
Q (Chris · Siebert Williams Shank): The analyst offered a brief thanks and said goodbye; there was no new question asked.
A: There was no question in this exchange and management gave no answer.
2032 power needs and future bids
Q (Brian · Jefferies): The analyst asked how the 8.9% IRP load growth maps to 2032 RFP needs and whether annual RFPs should continue past 2032 given the pipeline.
A: Management said the key issue for 2032 is the 432 megawatt combined cycle plant and they still need to review load and other items before deciding. They said 2032 will likely need resources in addition to 2031, and if load continues to come in and ESAs are negotiated, annual RFPs remain possible into the 2030s.
"I think we have touched on this just a little bit, but the biggest question on the 2032 is again that 432 megawatt combined cycle plant." — Adam Richins
ADITC use and supply chain
Q (Alex · Morgan Stanley): The analyst asked whether they could stop using ADITCs and earn above minimum ROE in the next 2 years, and where the main supply chain bottlenecks are for upcoming CapEx.
A: They said whether ADITC use ends depends on project timing and financing; management's goal is to use as few as possible but they expect to use ADITCs in 2027 based on current operational timing and will give forecasts in February. On supply chain, they said turbines are covered by reservation or supply agreements and they feel strong about the plants, while breakers, transformers, and conductor remain challenging; they also noted the EPC market has been tough but they have been able to award nearly all contracts.
"As far as the turbines go, we either, you know, have reservation agreements or supply agreements, so we feel really strong about the plant." — Lisa A. Grow (CEO)