Idacorp lifts 2026 earnings guidance, sees sharp customer growth in Q2'2026

Idacorp Inc. raised the lower end of its guidance range for the year, after reporting higher profits in the second quarter of 2026.

Net income attributable to the company was $102.6 million, or $1.79 per share, in the second quarter of 2026, up from $95.8 million, or $1.76 per share, in the same period in 2025. The S&P Capital IQ normalized consensus estimate for the most recent quarter was $1.78 per share.

The company now expects full-year earnings between $6.30 per share and $6.45 per share, under the assumption that utility subsidiary Idaho Power Co. will use less than $15 million of additional tax credits under the state's regulatory mechanism in 2026. The previous guidance range was $6.25 per share to $6.45 per share.

Idacorp said its customer count grew 2.3% year over year across all segments. Revenue from industrial customers jumped 17% in the quarter, driven by large contract customers including Meta Platforms Inc. and Micron Technology Inc. Retail revenue benefited from a January rate increase and ongoing customer growth.

"The customer and load growth that we've seen within our service area remains strong, and we're working hard to meet the increased energy demand," Idacorp CEO and President Lisa Grow said during the company's second-quarter earnings call on July 30. "Thanks to years of thoughtful planning and project execution, we started seeing increased revenues from large contract customers in June with more to come in the second half of 2026."

Project investments

Idacorp recently brought 250 megawatts of company-owned energy storage online, marking the fourth consecutive year of battery additions and bringing the total since 2023 to more than 550 MW.

The company completed the conversion of the North Valmy unit 2 power plant from coal to natural gas in June, which it expects to help meet summer peak load. The plant, in Northern Nevada, is co-owned with NV Energy Inc. Idacorp also commissioned a 125-MW solar project as part of its Clean Energy Your Way program.

"These resources support our efforts to add capacity, flexibility and reliable, affordable energy to serve our growing regions," Grow said.

Idacorp expects to have a final shortlist of winning bidders for Idaho Power's 2032 all-source request for proposals for peak capacity and energy resources by the end of the summer. Idaho Power aims to complete contracts by the end of 2026.

According to the company, several of Idaho Power's self-bid projects remain competitive.