IDACORP Shines in Q4 2024: Strong Earnings Growth, Robust Customer Growth, and Exciting New Projects
IDACORP, a leading electric utility company serving Idaho and eastern Oregon, reported outstanding financial results for the fourth quarter of 2024. The company's diluted earnings per share (EPS) reached $5.50, up from $5.14 in the previous year.
The strong earnings growth was driven by additional tax credit amortization of $29.8 million, which contributed to the increase in EPS. IDACORP also initiated its full-year 2025 earnings guidance estimate, ranging from $5.65 to $5.85 diluted EPS, assuming historically normal weather conditions and normal power supply expenses.
In addition to its financial success, IDACORP continued to deliver excellent customer service, keeping customers' lights on a remarkable 99.96% of the time despite a hot summer and increasing energy demand. The company also set new summer and winter peaks last year, demonstrating its ability to meet growing energy needs.
Customer growth remained strong for Idaho Power, with nearly 650,000 customers served at the end of 2024, representing a 2.6% increase over the previous year. IDACORP expects continued robust growth as its local economy continues to outperform national trends, with Moody's forecasting 4.5% and 3.7% GDP growth in 2025 and 2026, respectively.
IDACORP is also witnessing strong interest from businesses looking to locate and expand within the company's service area. The utility has fielded numerous requests from large energy-intensive customers, including projects in core industries such as food processing, manufacturing, distribution, and warehousing. Notably, IDACORP's work with Meta and Micron is tracking ahead of schedule, with the company building substation and transmission infrastructure to support their needs.
In a significant development, one of the potential energy-intensive projects mentioned last quarter has signed an agreement with IDACORP, while discussions continue on other projects. These new developments are expected to bring additional megawatts online in the future.
