News Column

BRIEF: Idaho Power parent company reports $44.5 million net income

July 31, 2014

The Idaho Statesman

July 31--If you've used an air conditioner this summer, there's a good chance you helped contribute to another high-earnings quarter for Idaho Power's parent company.

IdaCorp, based in Boise, reported net income of about $44.5 million in its second quarter of 2014 -- $2 million less than the same quarter last year. Most of that income was from Idaho Power Co., IdaCorp's main subsidiary.

Customer growth brought in higher sales, the company said Thursday. Idaho Power added 7,500 new customers during the year ended June 30.

But milder temperatures meant customers used less power to cool homes and businesses than last year's late spring and early summer months.

The company now expects 2014 to be better, financially, than earlier projections. They raised earnings expectations by nearly 3 percent.

"Idaho Power's results benefited from continued growth in customers and lower income-tax expense, which helped offset the effects of milder temperatures on sales volumes," said President and CEO Darrel Anderson. "We view these results as evidence that our core business continues to perform well."


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Source: Idaho Statesman (Boise)

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