The following is a summary of the IDACORP, Inc. (IDA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• IDACORP reported diluted earnings per share of $0.95 for Q1 2024, a decrease from $1.11 for the same period last year.

• The company maintains its 2024 earnings guidance within the range of $5.25 to $5.45 per share.

• An increase in operating income by $4.7 million was observed in Q1 2024, primarily driven by customer growth.

• Net power supply expenses have decreased, making a positive financial impact compared to the prior year.

Business Progress:

• IDACORP experienced robust customer base growth, with a 2.5% increase since Q1 of the previous year.

• The company has planned capital expenditure acceleration in response to demand while maintaining operating expenses in line with revenue growth.

• Efforts are underway to convert coal-fired units to natural gas to reduce carbon emissions, further marking progress in their sustainability initiatives.

• The Wildfire Mitigation Plan is being upgraded with the expansion of the public safety power shutoff program zone.

• A request has been submitted for a large Idaho Power owned battery storage project to fulfill the 2026-2027 RFP needs.

More details: Idacorp IR

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