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    SEC Form 11-K filed by IDACORP Inc.

    6/25/25 4:47:13 PM ET
    $IDA
    Electric Utilities: Central
    Utilities
    Get the next $IDA alert in real time by email
    11-K 1 ida202411k.htm 11-K Document

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C.  20549

    FORM 11-K
     
    XANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934
     
    For the Fiscal Year EndedDecember 31, 2024
     
    OR
     TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
     
    For the transition period from __________________ to ________________
     
     
    Commission File Number:   1-14465
     
    A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

    IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN

    B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

    IDACORP, Inc.
    1221 W. Idaho Street
    Boise, ID 83702-5627



     
     
     
    1

    IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN

    TABLE OF CONTENTS
     Page
    Report of Independent Registered Public Accounting Firm
    3
    Financial Statements of the Idaho Power Company Employee Savings Plan 
    as of December 31, 2024 and 2023, and for the Year Ended December 31, 2024:
     
    Statements of Net Assets Available for Benefits
    4
    Statement of Changes in Net Assets Available for Benefits
    5
    Notes to Financial Statements
    6 - 10
    Supplemental Schedule as of December 31, 2024:
     
    Form 5500, Schedule H, Part IV, Line 4i, Schedule of Assets (Held at End of Year)
     11
     
    All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and
    Regulations for Reporting and Disclosure under the Employee Retirement Income Security
    Act of 1974 have been omitted because they are not applicable.
    Signatures
    12
    Exhibits: 
    Index
    13
    23.1    Consent of Eide Bailly LLP, Independent Registered Public Accounting Firm 
      

    2

    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

    To the Fiduciary Committee, Plan Administrator, and Participants
    Idaho Power Company Employee Savings Plan
    Boise, Idaho


    Opinion on the Financial Statements

    We have audited the accompanying statements of net assets available for benefits of Idaho Power Company Employee Savings Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes and schedule (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

    Basis for Opinion

    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for purposes of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

    Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

    Supplemental Information

    The supplemental information in the accompanying schedule of Form 5500, Schedule H, Line 4i, Schedule of Assets (Held at End of Year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.


    /s/ Eide Bailly LLP

    We have served as Idaho Power Company Employee Savings Plan’s auditor since 2014.

    Denver, Colorado
    June 25, 2025

    3

    IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN
    STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

     December 31,
     20242023
    INVESTMENTS – at fair value:  
    Participant-directed$882,147,080 $787,645,643 
    RECEIVABLES:
    Notes receivable from participants6,834,824 6,331,266 
    Participant contributions824,813 563,987 
    Employer contributions274,404 185,459 
    Total receivables7,934,041 7,080,712 
    Cash375 1,673 
    TOTAL ASSETS890,081,496 794,728,028 
    NET ASSETS AVAILABLE FOR BENEFITS$890,081,496 $794,728,028 
    See the accompanying notes to financial statements.

    4

    IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN
    STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS 

     Year ended December 31, 2024
    CONTRIBUTIONS: 
    Participant contributions$32,871,122 
    Employer cash contributions10,416,114 
    Total contributions43,287,236 
    INVESTMENT INCOME:
    Net appreciation in fair value of investments72,049,080 
    Dividends and interest41,889,150 
    Net investment income113,938,230 
    DEDUCTIONS: 
    Benefits paid to participants61,680,222 
    Administrative expenses191,776 
    Total deductions61,871,998 
    INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS95,353,468 
    NET ASSETS AVAILABLE FOR BENEFITS: 
    Beginning of year794,728,028 
    End of year$890,081,496 
    See the accompanying notes to financial statements.

     
     
     
    5

    IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN

    NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023, AND FOR THE YEAR ENDED DECEMBER 31, 2024

    1.     DESCRIPTION OF THE PLAN

    The following brief description of the Idaho Power Company Employee Savings Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan document, as amended, for more complete information on the Plan's provisions.

    General - The Plan is a defined contribution plan covering substantially all employees (full-time, part-time, and temporary) of IDACORP, Inc. (IDACORP) and its participating subsidiaries (collectively, the Company), including Idaho Power Company (the Plan Sponsor and the Plan Administrator), as allowed under Section 401(k) of the Internal Revenue Code of 1986, as amended (IRC), and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Plan Sponsor's fiduciary committee controls and manages the operation and administration of the Plan. T. Rowe Price is the trustee of the Plan.

    Eligibility - Employees who have attained 18 years of age are eligible to participate in the Plan and may enroll on their hire date; however, matching contributions are only vested upon completion of twelve months of employment.

    Contributions - Eligible employees may participate in the Plan by contributing to the Savings Feature (after-tax) or the Deferred Feature (before-tax) of the Plan. Employees are also permitted to contribute after-tax dollars to a Roth 401(k) Feature. A participant may elect to contribute to any or all features up to 80 percent of eligible pay, as defined in the Plan, subject to certain IRC limitations. Eligible employees who do not make an affirmative election to participate (or to not participate) in the Plan are, subject to notice required by the IRC, deemed to have made an election to make a deferral contribution of 6 percent of the employee's compensation, which the employee can alter or revoke at any time.

    The Company makes a matching contribution for the participant in an amount equal to 100 percent of the participant’s first 2 percent of eligible pay contributed to the Plan and 50 percent of the next 4 percent of eligible pay contributed to the Plan. Participant contributions in excess of 6 percent of eligible pay are not matched by the Company. Participants may also contribute certain rollover contributions from other plans.

    Effective April 1, 2024, the Plan was amended to permit participants to elect an In-Plan Roth Rollover Contribution (IRRC) within the Plan, subject to certain limitations. Participants can make this election from their Savings, Deferred, or Rollover Feature account, excluding a Roth 401(k) Feature account. The IRRC will be made to a new IRRC Feature account within the Plan.

    Participant Accounts - Individual accounts are maintained for each Plan participant for each Plan feature, as applicable. Each participant’s account is credited, as applicable, with the participant’s contribution, the Company’s matching contribution, and an allocation of Plan earnings and is charged with withdrawals and an allocation of Plan losses, and as applicable, any administrative expenses. Gains and losses on investments are allocated to participants’ accounts based upon relative fund account balances at regular valuation dates specified by the trustee of the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

    Investments - Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan offers 12 ready-mixed (target date) portfolios, 24 core mutual funds, one common collective trust money market deposit account and IDACORP common stock as investment options for participants. A self-directed brokerage account option is also available to allow participants to select investment options not specifically offered by the Plan. Upon enrollment in the Plan, a participant may direct deferrals and employer contributions in any of the investment options offered by the Plan. Participants may change their investment options daily.

    Vesting - Participants are fully vested immediately in their own contributions, plus actual earnings thereon. Matching contributions are vested only for participants who have completed twelve cumulative months of service. Matching contributions that are forfeited may be used to reduce the Company’s matching contribution in the year following the year in which the forfeiture arose. Forfeitures in the amount of $21,863 were used to reduce matching contributions during the year ended December 31, 2024. 
    6


    Notes Receivable from Participants - Under certain circumstances participants may borrow against their vested account balances. The maximum principal amount of any loan is the lesser of (i) 50 percent of the balance of a participant’s vested account balance, determined on the day of the loan, minus the balance of all other loans from all other qualified plans, outstanding on that date, or (ii) $50,000, minus the participant’s highest outstanding principal balance of loans from the Plan, and from all other qualified plans, to the participant during the period of one year ending on the day preceding the origination of the loan being requested. Amounts held in a self-directed brokerage fund are included in the calculation of the maximum principal amount available for a loan but may not be used as a source for a loan. The interest rate on participant loans is set at the prime rate on the first business day of the month in which the loan is requested, plus one percent. The interest rate will remain fixed through the duration of the loan. All loans must be repaid within five years except for loans for the purchase of a primary residence, which have a maximum repayment period of ten years. The Plan permits only one outstanding loan per participant at a time. Principal and interest are paid through payroll deductions and credited to the participant's account. As of December 31, 2024, participant loans have maturities through 2032 at interest rates ranging from 4.25 percent to 9.50 percent.

    Payments of Benefits and Withdrawals - Benefits are payable upon a participant’s disability, termination of employment, or death. In the event of disability or termination of employment, benefits are distributed when the participant elects to receive a distribution, which may be in the form of a lump sum distribution, installment distributions (monthly, quarterly, semi-annual, or annual), or when the participant is required to take a minimum distribution as defined by the IRC. If the participant dies on or after the date distributions begin, a beneficiary who is the participant's minor child, a chronically ill or disabled individual, or an individual not more than ten years younger than the participant, may take a lump sum distribution or elect installment distributions over their life expectancy or for a payment period of up to five years. When a child of a deceased participant reaches the age of majority, the Plan will distribute the child’s account in full no later than ten years after such date. A beneficiary who is a surviving spouse may take a lump sum distribution, elect installment distributions, or remain in the Plan subject to the mandatory minimum distribution requirements of the IRC. A beneficiary that does not meet the preceding criteria may take a lump sum distribution or installment distributions for a payment period of up to five years. The Plan conditionally offers certain additional benefits to survivors of participants who die while performing qualified military service, as defined in the IRC. Notwithstanding the above, in the event of death, disability, or termination of employment, for account balances of $5,000 or less, a lump sum payment will be made automatically. Persons otherwise entitled to a distribution under the Plan may elect to make partial withdrawals at least quarterly in accordance with procedures determined by the Plan Administrator.

    The Plan permits in-service withdrawals from the Deferred and Rollover Features to be made (1) by participants who have incurred a hardship (as defined in the Plan) or (2) as frequently as once per calendar quarter by participants who have attained age 59 ½. In-service withdrawals also are permitted with respect to a participant’s after-tax contributions invested in the Savings Feature as frequently as once per calendar quarter. In-service withdrawals are permitted from the Roth 401(k) Feature if they are qualified distributions.
     
    The Plan permits qualified reservist withdrawals of a participant's contributions from amounts attributable to elective deferrals in the Plan to be made by participants who are ordered or called to active military duty at specified times if certain conditions specified in the Plan are satisfied.

    The Plan allows participants the option of obtaining distributions in the form of cash or common stock of IDACORP. The Plan allows the Plan Administrator to distribute the quarterly dividend on shares of IDACORP stock (the dividend pass-through feature) to electing participants in the Plan.

    2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    The following are the significant accounting policies followed by the Plan:

    Basis of Accounting - The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).

    Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ materially from those estimates.

    Risks and Uncertainties - Participants in the Plan invest in various investment securities. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and market volatility risks. Market risks include, but are not limited to, global events which could impact the value of investment securities, such as a pandemic, tariffs, or global conflict. Based on the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment
    7

    securities will occur in the near term and that such changes could materially affect participants' accounts and the amounts reported in the financial statements.

    Investment Valuation and Income Recognition - The Plan's investments are stated at fair value and quoted market prices are used to value investments. Shares of common stock and mutual funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year end. The classification of investment earnings reported in the Statement of Changes in Net Assets Available for Benefits may differ from the classification of earnings on Form 5500 due to different reporting requirements on Form 5500.

    Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan's gains and losses on investments bought and sold as well as those held during the year.

    Contributions - Contributions from Plan participants and matching contributions from the Plan Sponsor are recorded in the year in which participant compensation is earned.

    Notes Receivable from Participants - Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. No allowance for credit losses had been recorded as of December 31, 2024 and 2023. Related fees are recorded as administrative expenses and are expensed when they are incurred.

    Payment of Benefits - Benefits are recorded when paid. There were no participants who had elected to withdraw from the Plan but had not yet been paid at December 31, 2024 or 2023.
     
    Administrative Expenses - Administrative expenses and certain fees relating to the Plan are shared by the Plan’s Sponsor and Plan participants, as provided for in the Plan document. Plan participants who have a brokerage account also pay a quarterly administrative fee. Fees related to the administration of notes receivable from participants are charged directly to the participant’s account and are included in administrative expenses.

    Subsequent Events - The Plan Sponsor has evaluated subsequent events through June 25, 2025, the date which the financial statements were available to be issued. Effective January 1, 2025, the Plan was amended to permit participants to elect an IRRC within the Plan from their matching contribution account, subject to certain limitations.

    3.    FAIR VALUE MEASUREMENTS

    The Plan has categorized its financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

    The three levels of the fair value hierarchy under U.S. GAAP are described as follows:

    •    Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

    •    Level 2: Inputs to the valuation methodology include the following:
    ◦ quoted prices for similar assets or liabilities in active markets;
    ◦    quoted prices for identical or similar assets or liabilities in inactive markets;
    ◦    inputs other than quoted prices that are observable for the asset or liability;
    ◦    inputs that are derived principally from or corroborated by observable market data by correlation or other means.

    If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

    •    Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

    If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. There were no changes in the methodologies used at December 31, 2024 and 2023, nor were there any transfers between levels for the years ended December 31,
    8

    2024 and 2023. The following is a description of the valuation methodologies used for assets measured at fair value.

    •Common stocks: Valued at the closing price reported on the active market on which the individual securities are traded.
    •Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
    •Brokerage securities: comprised of cash, common stocks, and mutual funds, which are valued at the closing price reported on the active market on which the securities are traded or the daily closing price as reported by the fund.
    •Common Collective Trust Funds: Common collective trust funds are composed primarily of fully benefit-responsive investment contracts that are valued at the NAV of units of the common collective trust. The NAV is readily available and used to estimate fair value. Participant transactions (purchases and sales) may occur immediately. If the plan initiates a full redemption of the collective trust, no notice to the issuer is required.

    The table below presents by level within the fair value hierarchy a summary of the Plan's investments measured at fair value on a recurring basis at December 31, 2024 and 2023.

    Level 1Level 2Level 3Total
    2024:
    IDACORP Common Stock$74,523,463 $— $— $74,523,463 
    Mutual Funds733,238,265 — — 733,238,265 
    Brokerage Securities24,374,986 — — 24,374,986 
    Common Collective Trust, Money Market— 50,010,366 — 50,010,366 
    Total$832,136,714 $50,010,366 $— $882,147,080 
    2023:
    IDACORP Common Stock$75,560,227 $— $— $75,560,227 
    Mutual Funds642,368,022 — — 642,368,022 
    Brokerage Securities19,497,181 — — 19,497,181 
    Common Collective Trust, Money Market— 50,220,213 — 50,220,213 
    Total$737,425,430 $50,220,213 $— $787,645,643 

    4.    PLAN TERMINATION

    Although it has not expressed the intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA and the IRC. The Plan document includes provisions for the distribution of vested contributions in the event of the termination of the Plan.

    5.     FEDERAL INCOME TAX STATUS

    The Company received a determination letter, dated February 28, 2017, from the Internal Revenue Service (IRS) stating that the Plan, as amended, is qualified under Sections 401 and 501 of the IRC. The Company and the Plan Administrator believe that the Plan, including amendments subsequent to the date of the determination letter, is currently designed and operated in compliance with the applicable requirements of the IRC and that the Plan and related trust continue to be tax-exempt. Participants in a qualified plan are not subject to income taxes on Company contributions or dividend income allocated to their accounts until a distribution is made from the Plan. Therefore, no provision for income taxes has been included in the Plan’s financial statements. 

    U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain tax position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.


    9

    6.     RELATED PARTY AND PARTY-IN-INTEREST TRANSACTIONS

    Certain Plan investments are managed by T. Rowe Price. T. Rowe Price is the trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions. Fees paid by the Plan for investment management services were included as a reduction of the return earned on each fund.

    The Plan offers IDACORP common stock as an investment option for participants. IDACORP is the parent company of the sponsoring employer; therefore, these transactions qualify as party-in-interest transactions. At December 31, 2024 and 2023, the Plan held 681,950 and 768,513 shares, respectively, of common stock of IDACORP, with a cost basis of $44,224,341 and $48,348,578, respectively.

    During the year ended December 31, 2024, the Plan recorded dividend income from IDACORP of $2,206,624.

    7.     RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

    The following table reconciles net assets available for benefits per the Plan’s financial statements to the Form 5500:
     December 31,
     20242023
    Net assets available for benefits per the financial statements$890,081,496 $794,728,028 
    Total deemed distributions to participants(184,688)(249,282)
    Total net assets per the Form 5500$889,896,808 $794,478,746 

    The following table reconciles the increase in net assets available for benefits per the financial statements to the Form 5500:
     Year ended December 31, 2024
    Increase in net assets available for benefits per the financial statements$95,353,468 
    Add: Decrease in deemed distributions to participants75,014 
    Less: Interest on deemed distributions(10,420)
    Net income per the Form 5500$95,418,062 
     
    10

    IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN

    EMPLOYER ID NO. 82-0130980, PLAN NO. 006

    FORM 5500, SCHEDULE H, PART IV, LINE 4i, SCHEDULE OF ASSETS (HELD AT END OF YEAR)
    December 31, 2024
      (b)(c)(d)(e)
    (a)Identity of Issue, Borrower, Lessor, or Similar PartyDescription of Investment, Including Maturity Date, Rate of Interest, Collateral, Par or Maturity ValueCost**Current Value
    VanguardVanguard Institutional Index Fund$103,058,393 
    *IDACORP, Inc.Common Stock74,523,463 
    Harbor FundsHarbor Capital Appreciation Fund68,844,287 
    *T. Rowe PriceUS Treasury Money Market Retail Common Collective Trust50,010,366 
    American FundsAmerican Funds Target 204549,061,600 
    American FundsAmerican Funds Target 204046,422,156 
    American FundsAmerican Funds Target 203542,682,584 
    American FundsAmerican Funds Target 203038,169,986 
    American FundsAmerican Funds Target 205034,669,865 
    American FundsAmerican Funds Target 202530,804,511 
    VanguardVanguard Mid Cap Index Fund30,417,681 
    Dodge & Cox FundsDodge & Cox Income Fund29,326,289 
    *T. Rowe PriceT. Rowe Price Equity Income Fund28,225,831 
    VanguardVanguard Balanced Index Fund27,213,178 
    Brokerage AccountBrokerage Securities24,374,986 
    MFSMFS International Growth20,886,591 
    Putnam InvestmentsPutnam Large Cap Value Fund19,365,363 
    Invesco InvestmentsInvesco Small Cap Growth Fund19,091,083 
    American FundsAmerican Funds Target 205517,583,489 
    VanguardVanguard Small Cap Index Fund Institutional Class16,158,135 
    TransamericaTransamerica Small Cap Value I15,626,928 
    American FundsAmerican Funds Target 202012,685,002 
    VanguardVanguard Total Bond Market Index Fund12,409,183 
    American FundsAmerican Funds Target 206010,065,098 
    VanguardVanguard Total International Stock Index Institutional7,207,465 
    VanguardVanguard Selected Value7,116,310 
    Dimensional Fund AdvisorsDFA International Value6,621,022 
    Causeway FundsCauseway International Value Fund Institutional 6,056,832 
    Putnam InvestmentsPutnam High Yield Advantage5,862,355 
    Baird FundsBaird Mid Cap Growth Fund Institutional4,507,491 
    Payden FundsPayden Low Duration Fund4,281,784 
    Dimensional Fund AdvisorsDFA International Small Company Portfolio4,160,821 
    American FundsAmerican Funds Target 20653,515,370 
    RBCRBC Emerging Markets Equity2,635,257 
    American FundsAmerican Funds Target 20102,069,056 
    American FundsAmerican Funds Target 20151,910,618 
    Credit SuisseCredit Suisse Commodity Return Strategy Fund Class I1,902,917 
    Putnam InvestmentsPutnam Global Income Trust1,894,650 
    Wasatch FundsWasatch Frontier Emerging Small Countries Fund729,084 
    * ***Notes Receivable From ParticipantsMaturing 2025 - 2032 at interest rates of 4.25% - 9.50%$— 6,650,136 
         
        $888,797,216 
       
    * Denotes a permitted party-in-interest with respect to the Plan.
    ** Cost information is not required for participant-directed investments and, therefore, is not included.
    *** Net of $184,688 in deemed loan distributions.
     
    11

    SIGNATURES


    The Plan.  Pursuant to the requirements of the Securities Exchange Act of 1934, Idaho Power Company, as Plan Administrator, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

    Idaho Power Company
    Employee Savings Plan
    By:/s/ Brian R. Buckham
    Idaho Power Company, as Plan Administrator,
    by Brian R. Buckham,
    Senior Vice President, Chief Financial Officer, and Treasurer

     Date:  June 25, 2025


    12

    EXHIBIT INDEX

    Exhibit NumberDescription
      
    23.1
    Consent of Eide Bailly LLP, Independent Registered Public Accounting Firm
     
     
     
     
     
     

    13
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    • Idaho Power's 20-year Energy Plan Calls for Significant Investment in Energy Resources to Meet Projected Growth

      Idaho Power Company (Idaho Power), a wholly owned subsidiary of IDACORP, Inc. (NYSE:IDA), has released its latest long-range energy plan, which forecasts unprecedented growth in energy demand and lays out the preferred options for serving customers. The 2025 Integrated Resource Plan was filed with state regulators Friday. It shows that the company needs to add significant energy resources, transmission, battery storage, and energy efficiency. The public utility commissions in Idaho and Oregon will set a schedule for public review and comment before deciding to acknowledge the plan. "The IRP is a really detailed analysis of how we are going to continue serving our customers with safe, re

      7/1/25 1:00:00 PM ET
      $IDA
      Electric Utilities: Central
      Utilities
    • IDACORP, Inc. Prices Upsized Public Offering of 4,504,505 Shares of Common Stock

      IDACORP, Inc. (NYSE:IDA) announced today that it has priced an upsized underwritten public offering of 4,504,505 shares of its common stock at a public offering price of $111.00 per share. Subject to certain conditions, all shares are expected to be borrowed by the forward sellers, Morgan Stanley, J.P. Morgan, and Wells Fargo Securities (or their respective affiliates), from third parties and sold to the underwriters in the offering in connection with the forward sale agreements described below. In conjunction with the offering, IDACORP has granted to the underwriters an option to purchase up to 675,675 additional shares of its common stock. If such option is exercised, IDACORP may, in its

      5/9/25 1:55:00 AM ET
      $IDA
      Electric Utilities: Central
      Utilities
    • IDACORP, Inc. Announces Public Offering of $450 Million of Shares of Common Stock

      IDACORP, Inc. (NYSE:IDA) announced today that it has commenced an underwritten public offering of $450 million of shares of its common stock. Subject to certain conditions, all shares are expected to be borrowed by the forward sellers, Morgan Stanley, J.P. Morgan, and Wells Fargo Securities (or their respective affiliates), from third parties and sold to the underwriters in the offering in connection with the forward sale agreements described below. In conjunction with the offering, IDACORP intends to grant to the underwriters an option to purchase up to $67.5 million of additional shares of its common stock. If such option is exercised, IDACORP may, in its sole discretion, enter into addit

      5/8/25 4:10:00 PM ET
      $IDA
      Electric Utilities: Central
      Utilities

    $IDA
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • Director Kennedy Michael J. was granted 784 shares (SEC Form 4)

      4 - IDACORP INC (0001057877) (Issuer)

      6/2/25 1:04:22 PM ET
      $IDA
      Electric Utilities: Central
      Utilities
    • New insider Kennedy Michael J. claimed no ownership of stock in the company (SEC Form 3)

      3 - IDACORP INC (0001057877) (Issuer)

      5/16/25 12:39:49 PM ET
      $IDA
      Electric Utilities: Central
      Utilities
    • SVP of Public Affairs Malmen Jeffrey L sold $556,550 worth of shares (5,000 units at $111.31), decreasing direct ownership by 23% to 16,346 units (SEC Form 4)

      4 - IDACORP INC (0001057877) (Issuer)

      5/15/25 4:14:42 PM ET
      $IDA
      Electric Utilities: Central
      Utilities

    $IDA
    SEC Filings

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    • SEC Form 11-K filed by IDACORP Inc.

      11-K - IDACORP INC (0001057877) (Filer)

      6/25/25 4:47:13 PM ET
      $IDA
      Electric Utilities: Central
      Utilities
    • IDACORP Inc. filed SEC Form 8-K: Regulation FD Disclosure, Other Events, Financial Statements and Exhibits

      8-K - IDACORP INC (0001057877) (Filer)

      5/30/25 5:30:44 PM ET
      $IDA
      Electric Utilities: Central
      Utilities
    • SEC Form S-8 filed by IDACORP Inc.

      S-8 - IDACORP INC (0001057877) (Filer)

      5/23/25 5:04:22 PM ET
      $IDA
      Electric Utilities: Central
      Utilities

    $IDA
    Financials

    Live finance-specific insights

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    • Idaho Power's 20-year Energy Plan Calls for Significant Investment in Energy Resources to Meet Projected Growth

      Idaho Power Company (Idaho Power), a wholly owned subsidiary of IDACORP, Inc. (NYSE:IDA), has released its latest long-range energy plan, which forecasts unprecedented growth in energy demand and lays out the preferred options for serving customers. The 2025 Integrated Resource Plan was filed with state regulators Friday. It shows that the company needs to add significant energy resources, transmission, battery storage, and energy efficiency. The public utility commissions in Idaho and Oregon will set a schedule for public review and comment before deciding to acknowledge the plan. "The IRP is a really detailed analysis of how we are going to continue serving our customers with safe, re

      7/1/25 1:00:00 PM ET
      $IDA
      Electric Utilities: Central
      Utilities
    • IDACORP, Inc. Announces First Quarter 2025 Results, Reaffirms 2025 Earnings Guidance

      IDACORP, Inc. (NYSE:IDA) reported first quarter 2025 net income attributable to IDACORP of $59.6 million, or $1.10 per diluted share, compared with $48.2 million, or $0.95 per diluted share, in the first quarter of 2024. "IDACORP's earnings benefited from continued strong customer growth, rate changes, and the expected use of tax credits under the company's Idaho regulatory mechanism," said IDACORP President and Chief Executive Officer Lisa Grow. "Consistent with recent quarters, higher depreciation and financing costs partially offset those benefits, as we continue to acquire resources and build infrastructure to respond to rapidly growing customer needs." "We remain focused on executing

      5/1/25 6:30:00 AM ET
      $IDA
      Electric Utilities: Central
      Utilities
    • IDACORP, Inc. Declares Dividend

      Directors of IDACORP, Inc. (NYSE:IDA) today declared a common stock dividend of $0.86 per share, payable May 30, 2025 to holders of record at the close of business on May 5, 2025. View source version on businesswire.com: https://www.businesswire.com/news/home/20250417800856/en/ Elizabeth Paynter Shareowner Services (208) 388-5259

      4/17/25 4:34:00 PM ET
      $IDA
      Electric Utilities: Central
      Utilities

    $IDA
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • IdaCorp upgraded by Jefferies

      Jefferies upgraded IdaCorp from Hold to Buy

      4/2/25 7:48:26 AM ET
      $IDA
      Electric Utilities: Central
      Utilities
    • IdaCorp upgraded by Guggenheim

      Guggenheim upgraded IdaCorp from Neutral to Buy

      1/23/25 8:49:26 AM ET
      $IDA
      Electric Utilities: Central
      Utilities
    • IdaCorp upgraded by BofA Securities with a new price target

      BofA Securities upgraded IdaCorp from Neutral to Buy and set a new price target of $117.00 from $113.00 previously

      11/5/24 7:14:14 AM ET
      $IDA
      Electric Utilities: Central
      Utilities

    $IDA
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • Amendment: SEC Form SC 13G/A filed by IDACORP Inc.

      SC 13G/A - IDACORP INC (0001057877) (Subject)

      11/14/24 1:28:29 PM ET
      $IDA
      Electric Utilities: Central
      Utilities
    • SEC Form SC 13G filed by IDACORP Inc.

      SC 13G - IDACORP INC (0001057877) (Subject)

      2/14/24 10:04:34 AM ET
      $IDA
      Electric Utilities: Central
      Utilities
    • SEC Form SC 13G/A filed by IDACORP Inc. (Amendment)

      SC 13G/A - IDACORP INC (0001057877) (Subject)

      2/13/24 5:06:23 PM ET
      $IDA
      Electric Utilities: Central
      Utilities