Idacorp (IDA) risk factors, FY2025 10-K

Idacorp's FY2025 10-K, filed Feb 19, 2026, lists 31 risk factors in 4 groups. Against the prior year's 30: 3 new, 2 dropped, 8 substantially reworded.

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Risk factors listed
314 groups
New this year
3vs 30 last year
Dropped
2since the prior 10-K
Substantially reworded
8of those kept
Section length
13k wordsItem 1A

What the changes say

  • Cyberattacks, physical attacks, terrorism, and nation-state threats to Idaho Power’s critical infrastructure are newly highlighted.
  • Tariffs may raise project and maintenance costs, impair rate recovery, and trigger project cancellations and penalties.
  • Hydropower relicensing and permitting could require major spending, reduce generation, and increase operating costs.
  • Capital-access and takeover-premium risks were removed from the disclosed risk factors.

What changed since the prior 10-K

New

  • NewOperational Risks

    Acts or threats of terrorism, acts of war, social unrest, cyber or physical security attacks, and other malicious acts of individuals or groups seeking to disrupt Idaho Power's operations or the electric power grid or compromise data could adversely impact IDACORP's and Idaho Power's business, financial condition, and results of operations

    Terrorism, war, social unrest, cyberattacks, physical attacks, and nation-state activity could disrupt Idaho Power’s critical infrastructure, operations, or data.

  • NewLegal and Compliance Risks

    Changes in U.S. trade policy and the impact of tariffs could have an adverse effect on Idaho Power's business and results of operations

    Tariffs could raise project and maintenance costs, prevent full or timely rate recovery, and make projects uneconomical or subject to cancellation penalties.

  • NewLegal and Compliance Risks

    Obligations imposed in connection with hydropower license renewals and permitting may require large capital expenditures, increase operating costs, reduce hydropower generation, and negatively affect IDACORP's or Idaho Power's results of operations and financial condition

    Hydropower relicensing and permitting could require major capital spending, increase operating costs, reduce generation, and impose new environmental or land-use conditions.

Dropped

  • DroppedFinancial and Investment Risks

    Volatility or disruptions in the financial markets, failure of IDACORP or Idaho Power to satisfy conditions necessary for obtaining loans or issuing debt securities, and denial of regulatory authority to issue debt or equity securities, may negatively affect IDACORP’s and Idaho Power’s ability to access capital and/or increase their cost of borrowing and ability to execute on their strategic plans

  • DroppedFinancial and Investment Risks

    Statutory and regulatory factors will limit another party’s ability to acquire IDACORP and could deprive shareholders of the opportunity to gain a takeover premium for their shares of common stock

Reworded

  • 76% rewrittenOperational Risks

    New advances in power generation, energy efficiency, alternative energy sources, or other technologies that impact the power utility industry could decrease customer energy demand and revenues, which could have implications for generation and system planning

    The incentives supporting lower-cost solar, wind, and storage are now described as having existed, rather than being currently in place.

  • 51% rewrittenLegal and Compliance Risks

    Changes in legislation, regulation, and government policy may have a material adverse effect on IDACORP’s and Idaho Power’s business

    The risk now specifically notes environmental, tax, and other policy changes under the current Presidential Administration.

    Was: Changes in legislation, regulation, and government policy may have a material adverse effect on IDACORP’s and Idaho Power’s business in the future

  • 37% rewrittenLegal and Compliance Risks

    IDACORP's and Idaho Power’s businesses are subject to an extensive set of environmental laws, rules, and regulations, which could impact their operations and costs of operations, potentially rendering some generating units uneconomical to maintain or operate, and could increase the costs and alter the timing of major projects

    No substantive change; the risk remains focused on environmental compliance costs, operations, generating-unit economics, and project timing.

  • 35% rewrittenOperational Risks

    Idaho Power’s use of coal and natural gas to fuel power generation facilities exposes it to commodity availability and price risk, which can adversely affect IDACORP's and Idaho Power's results of operations and financial condition

    The coal-specific risks of federally leased coal moratoriums and higher coal lease costs were removed; North Valmy’s single pipeline was added.

  • 34% rewrittenFinancial and Investment Risks

    IDACORP's charter and bylaws and various legal and regulatory factors could delay or prevent a change in control that shareholders may favor

    No substantive change; charter, bylaw, and Idaho or Oregon law provisions could still delay a shareholder-favored change in control.

    Was: IDACORP's charter and bylaws and Idaho or Oregon law could delay or prevent a change in control that shareholders may favor

  • 27% rewrittenOperational Risks

    Changes in customer growth and customer usage may negatively affect IDACORP's and Idaho Power's business, financial condition, and results of operations

    The risk now emphasizes long-term declines in electricity usage per customer, partly from energy-efficiency activities, while simplifying other examples.

  • 26% rewrittenOperational Risks

    Liability from fires could adversely impact IDACORP's and Idaho Power's business, financial condition, and results of operations, and Idaho Power's WMP and other protocols may not prevent such liability

    Inverse-condemnation liability and standing dead or dying timber are newly identified as wildfire-related threats that can increase fire severity.

  • 22% rewrittenUtility-Specific Regulatory Risks

    State or federal regulators may not approve customer rates that provide timely or sufficient recovery of Idaho Power's costs or allow Idaho Power to earn a reasonable rate of return, which could adversely affect IDACORP's and Idaho Power's financial condition and results of operations

    No substantive change; the risk remains focused on regulatory lag, cost recovery, and authorized returns.

All 31 risk factors

Headings as the filing states them, in filing order.

Utility-Specific Regulatory Risks

  1. 01State or federal regulators may not approve customer rates that provide timely or sufficient recovery of Idaho Power's costs or allow Idaho Power to earn a reasonable rate of return, which could adversely affect IDACORP's and Idaho Power's financial condition and results of operations22% rewritten
  2. 02Idaho Power's regulatory cost recovery mechanisms may not function as intended and are subject to change or elimination, which may adversely affect IDACORP's and Idaho Power's financial condition and results of operations

Operational Risks

  1. 03Changes in customer growth and customer usage may negatively affect IDACORP's and Idaho Power's business, financial condition, and results of operations27% rewritten
  2. 04Changes in weather conditions, severe weather, and the impacts of climate change can affect IDACORP's and Idaho Power's operating results and cause them to fluctuate seasonally
  3. 05Liability from fires could adversely impact IDACORP's and Idaho Power's business, financial condition, and results of operations, and Idaho Power's WMP and other protocols may not prevent such liability26% rewritten
  4. 06New advances in power generation, energy efficiency, alternative energy sources, or other technologies that impact the power utility industry could decrease customer energy demand and revenues, which could have implications for generation and system planning76% rewritten
  5. 07Acts or threats of terrorism, acts of war, social unrest, cyber or physical security attacks, and other malicious acts of individuals or groups seeking to disrupt Idaho Power's operations or the electric power grid or compromise data could adversely impact IDACORP's and Idaho Power's business, financial condition, and results of operationsNew
  6. 08Changes in capital expenditures for infrastructure and the risks associated with permitting and construction of utility infrastructure can significantly affect IDACORP's and Idaho Power's financial condition and results of operations
  7. 09Demand for power could exceed Idaho Power's available generation capacity, particularly in light of the rapid addition of new industrial and commercial customer load, resulting in deliverability risks and increased costs for, or difficulty in, purchasing capacity in the market or acquiring or constructing additional generation resources and battery storage facilities
  8. 10Factors contributing to lower hydropower generation can increase costs and negatively impact IDACORP's and Idaho Power's financial condition and results of operations
  9. 11Idaho Power’s use of coal and natural gas to fuel power generation facilities exposes it to commodity availability and price risk, which can adversely affect IDACORP's and Idaho Power's results of operations and financial condition35% rewritten
  10. 12Idaho Power’s power supply, transmission, and distribution facilities are subject to numerous operational risks unique to it and its industry, including circumstances causing power outages, injuries and property damage, loss of life, and fires
  11. 13IDACORP's and Idaho Power's activities are concentrated in one industry and in one region, which exposes it to risks from lack of diversification, regional economic conditions, and regional legislation and regulation
  12. 14The impacts of turnover in a workforce with specialized utility-specific functions and the inability to hire qualified third-party vendors could increase costs and adversely affect IDACORP's and Idaho Power's financial condition and results of operations
  13. 15Co-owners of Idaho Power’s generation and transmission assets may have unaligned goals and positions due to the effects of legislation, regulations, capital requirements, load growth amounts, changes in its industry, or other factors, which could adversely impact Idaho Power’s ability to construct and operate those facilities in a manner most suitable to Idaho Power

Legal and Compliance Risks

  1. 16Changes in legislation, regulation, and government policy may have a material adverse effect on IDACORP’s and Idaho Power’s business51% rewritten
  2. 17Changes in tax laws and regulations, or differing interpretation or enforcement of applicable laws by the U.S. Internal Revenue Service or other taxing jurisdictions, could have a material adverse impact on IDACORP’s or Idaho Power’s financial condition and results of operations
  3. 18Changes in U.S. trade policy and the impact of tariffs could have an adverse effect on Idaho Power's business and results of operationsNew
  4. 19IDACORP's and Idaho Power’s businesses are subject to an extensive set of environmental laws, rules, and regulations, which could impact their operations and costs of operations, potentially rendering some generating units uneconomical to maintain or operate, and could increase the costs and alter the timing of major projects37% rewritten
  5. 20Obligations imposed in connection with hydropower license renewals and permitting may require large capital expenditures, increase operating costs, reduce hydropower generation, and negatively affect IDACORP's or Idaho Power's results of operations and financial conditionNew
  6. 21Idaho Power could be subject to penalties, reputational harm, and operational changes if it violates mandatory reliability and security requirements, which could adversely impact IDACORP's and Idaho Power's results of operations and financial condition
  7. 22IDACORP and Idaho Power are subject to costs and other effects of legal and regulatory proceedings, disputes, and claims
  8. 23Changes in accounting standards or rules may impact IDACORP's and Idaho Power's financial results and disclosures

Financial and Investment Risks

  1. 24A downgrade in IDACORP’s and Idaho Power’s credit ratings could affect the companies’ ability to access capital, increase their cost of borrowing, and require the companies to post collateral with transaction counterparties
  2. 25Stakeholder actions and regulatory activity related to sustainability matters, particularly global climate change and reducing GHG emissions, could negatively impact IDACORP and Idaho Power
  3. 26Idaho Power’s energy risk management policy and programs relating to economically hedging commodity exposures and credit risk may not always perform as intended, and as a result, IDACORP and Idaho Power may suffer losses
  4. 27The performance of pension and postretirement benefit plan investments, increasing health care costs, and other factors impacting plan costs and funding obligations could adversely affect IDACORP's and Idaho Power's financial condition and results of operations - primarily cash flows and liquidity
  5. 28If the assumptions underlying coal mine reclamation at BCC and related forecast trust fund growth are materially inaccurate, Idaho Power’s costs could be greater than anticipated or be incurred sooner than anticipated
  6. 29As a holding company, IDACORP does not have its own operating income and must rely on the cash flows from its subsidiaries to pay dividends and make debt payments
  7. 30The market price of IDACORP's common stock may be volatile
  8. 31IDACORP's charter and bylaws and various legal and regulatory factors could delay or prevent a change in control that shareholders may favor34% rewritten

Other Idacorp 10-Ks

  • FY2024 10-K risk factors
    30 risks

    Idaho Power’s regulated rates and cost-recovery mechanisms dominate risk because they determine recovery of power, infrastructure, and operating costs.

    Filed Feb 20, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.