IDACORP, Inc. (IDA) — ESG & Values Scores

Environment story

IDACORP faces material environmental headwinds from its reliance on coal and natural gas thermal generation, which comprise a significant portion of its portfolio. While the company has announced CO2 reduction goals and is transitioning two coal units (North Valmy to gas by mid-2026; Jim Bridger to gas by 2030), the 10-K discloses that net-zero target year is not explicitly stated in available filings, triggering a 15-point deduction. Scope 3 emissions from coal mining operations (BCC joint venture) are not comprehensively disclosed, incurring another 15-point deduction. The company is investing in renewable resources (solar, battery storage, transmission) but these are offset by continued thermal dependency and regulatory uncertainty around climate regulations. Coal ash disposal and mine reclamation liabilities at BCC present ongoing resource-contamination risks. The company's willingness to fund wildfire mitigation and system hardening is noted, but does not offset the lack of explicit net-zero credibility and incomplete Scope 3 disclosure.

Criticisms on file

Coal Dependency: 10-K identifies Jim Bridger and North Valmy plants as material thermal assets; coal supply agreements tied to BCC Wyoming mining operations, creating commodity and supply-chain carbon exposure
Source: IDA 10-K, Risk Factors: 'Idaho Power's use of coal and natural gas to fuel power generation facilities exposes it to commodity availability and price risk'
Undisclosed Scope 3 Emissions: No quantification of coal mining (BCC), transportation, or supply-chain emissions in public filings; 10-K notes BCC reclamation and bonding obligations but does not disclose associated CO2 or methane emissions
Source: IDA 10-K, Risk Factors: 'If the assumptions underlying coal mine reclamation at BCC...are materially inaccurate, Idaho Power's costs could be greater than anticipated'
Climate Regulation Uncertainty: 10-K Risk Factors warn of potential mandatory GHG emission reductions, generation facility early retirements, and stranded costs if unable to recover investments through rates; no explicit net-zero commitment year disclosed
Source: IDA 10-K, Risk Factors: 'Proposals have included imposing mandatory reductions in GHG emissions, which could increase Idaho Power's power supply and compliance costs or require generation facilities to be retired early'
Wildfire Liability: 10-K notes 'increasing trend in the degree of annual destruction from wildfires in the western United States' and that Idaho Power's WMP 'may not prevent such liability'; coverage limits and self-insured costs a concern
Source: IDA 10-K, Risk Factors: 'Liability from fires could adversely impact IDACORP's and Idaho Power's business, financial condition, and results of operations'

Disclosed initiatives

Coal-to-Gas Transition

North Valmy plant Unit 2 conversion to gas by mid-2026; Jim Bridger plant remaining units conversion to gas by 2030

Reduces Scope 1 direct emissions from coal combustion; increases natural gas dependency
Renewable Energy Procurement

2025 agreements for 100 MW solar + 100 MW battery storage (June 2027 online); 80 MW solar facility (June 2027); 1,400 MWh battery storage acquisitions (2026-2028 online); 250 MW SWIP-N transmission capacity for renewable integration

Expands renewable energy share and transmission for clean energy delivery; partially offsets retiring coal capacity
Hydropower Relicensing (Hells Canyon Complex)

Multi-year federal licensing process for largest hydropower asset; ongoing permit renewals for American Falls facility; compliance with endangered species and flood control requirements

Maintains 52% hydropower generation base; potential operational constraints if new environmental conditions imposed; uncertain cost recovery
Wildfire Mitigation Program (WMP)

System hardening, vegetation management, field practices, public safety power shutoff protocols; Idaho Wildfire Standard of Care Act compliance filed October 2025

Reduces wildfire liability and infrastructure damage; regulatory deferred recovery allowed in Idaho and Oregon

Social story

IDACORP demonstrates moderate social performance with a unionized workforce showing stable labor relations. The company reports strong customer satisfaction and reliability metrics (99.97% service uptime in 2025; ranked highest among peers for customer satisfaction in one survey). However, CEO-to-worker pay ratio is not disclosed in the 10-K, preventing precise calculation; no diversity metrics for executive/board leadership are provided in the filing. The company operates under collective bargaining agreements with utility worker unions, and the 10-K references no active union-suppression activities or strikes in the past 24 months, indicating neutral-to-positive union standing. Supply-chain risks are mentioned (third-party vendor turnover, coal supply dependencies) but no audits for human-rights hazards in mining or supply operations are disclosed. Leadership diversity data is absent from the filing.

Criticisms on file

CEO-to-Worker Pay Ratio Not Disclosed: 10-K does not provide executive compensation benchmarks or median-worker pay data, preventing assessment of pay equity
Source: IDA 10-K, full document search; no executive compensation section provided in excerpt
Supply-Chain Labor Risks: 10-K identifies third-party vendor workforce attrition and rising vendor costs as operational risks; no formal supply-chain labor audits or human-rights assessments disclosed for coal mining (BCC) or contractors
Source: IDA 10-K, Risk Factors: 'The impacts of turnover in a workforce with specialized utility-specific functions and the inability to hire qualified third-party vendors could increase costs'
Coal Mining Supply Chain: BCC (one-third owned by Idaho Power subsidiary IERCo) mines coal in Wyoming; 10-K notes reclamation and bonding obligations but does not disclose labor practices, wage standards, or safety records at mining operations
Source: IDA 10-K, MD&A and Risk Factors: 'BCC, an indirect jointly-owned investment of Idaho Power located in the state of Wyoming, uses surface mining to extract coal'

Disclosed initiatives

Workforce Recruitment & Retention

Company acknowledges need to attract and retain skilled utility workers (linemen, operators, engineers); competing on compensation and workplace culture to reduce turnover

Recognizes labor market pressures; no specific retention rate or turnover baseline provided
Customer Satisfaction & Service Reliability

2025 reliability metrics: 99.97% uptime; customer satisfaction ranked highest in peer segment for overall satisfaction (third-party survey); second highest for business and residential satisfaction in separate survey

Strong service delivery and customer perception; supports affordable electricity access
Safety & Compliance Programs

10-K identifies plant safety, workforce safety, and regulatory compliance as operational priorities; mentions no major reported safety violations or OSHA penalties in filing

Worker and public safety management; no quantified injury rates or safety incidents disclosed

Governance story

IDACORP exhibits mixed governance structure with moderate independence and transparency constraints. The 10-K does not explicitly disclose board independence percentage, though reference to shareholder voting procedures and charter provisions suggests potential supermajority voting restrictions. The company is subject to Idaho Control Share Acquisition Act and Idaho Business Combination Act, which delay/prevent changes of control. No dual-class share structure is identified, which is positive. Lobbying expenditures and PAC contributions are not disclosed in the 10-K excerpt, preventing assessment of political influence activities. The company faces no active antitrust, fraud, or major financial-crime regulatory proceedings disclosed in the filing. Regulatory compliance risks related to FERC reliability standards are noted, with past notices of violations mentioned but resolved through self-reporting mechanisms. The 10-K governance narrative emphasizes regulatory oversight rather than shareholder governance conflicts.

Criticisms on file

Board Independence Not Disclosed: 10-K does not state board independence percentage or composition; charter provisions authorize up to 20 million shares of preferred stock without shareholder vote, and limit shareholder rights to remove directors and nominate candidates
Source: IDA 10-K, Risk Factors: 'IDACORP's articles of incorporation and bylaws authorize issuance of up to 20,000,000 shares of preferred stock without further action by shareholders; limit the shareholders' right to remove directors, fill vacancies, and change the number of directors'
Change-of-Control Restrictions: Idaho Control Share Acquisition Act and Idaho Business Combination Act impose procedures and restrictions on acquisitions; Oregon law requires OPUC approval before acquiring 5% stock ownership in Oregon public utility (expected to apply until Oregon Sale completes)
Source: IDA 10-K, Risk Factors: 'IDACORP is also subject to the provisions of the Idaho Control Share Acquisition Act and the Idaho Business Combination Act, which provide for certain procedures and restrictions in connection with acquisitions or business combinations'
Lobbying & Political Spending Not Disclosed: 10-K does not report annual lobbying expenditures or PAC contributions; Risk Factors reference 'federal, state, or local regulators may impose additional requirements' and climate regulation proposals, but no disclosure of company political advocacy positions
Source: IDA 10-K, full document search; no political expenditure disclosure section provided
FERC Reliability Violations: Company has received 'notices of violations' and 'regularly self-reports' compliance issues to FERC and regional grid operators; potential penalties up to $1.5 million per day, but specific violations and amounts not detailed
Source: IDA 10-K, Risk Factors: 'Idaho Power has received in recent years notices of violations from, and regularly self-reports reliability standard compliance issues to, the FERC, the North American Electric Reliability Corporation, and the Western Electricity Coordinating Council'

Disclosed initiatives

Regulatory Compliance & Self-Reporting

Company regularly self-reports reliability standard compliance issues to FERC, North American Electric Reliability Corporation, and Western Electricity Coordinating Council; maintains business continuity and disaster recovery plans

Demonstrates proactive compliance culture; reduces risk of major penalties through self-disclosure
Shareholder Return Programs

Board approved 193% increase in quarterly dividends over 14 years; September 2025 increase from $0.86 to $0.88 per share; ATM equity offering program and FSA facilities provide capital flexibility

Returns cash to shareholders; aligns management interests with long-term value creation
Rate Case & Regulatory Engagement

Active participation in Idaho, Oregon, and FERC regulatory proceedings; 2025 Idaho rate case settlement stipulation (IPUC approved December 2025); 2024 limited-issue rate case; ongoing 2026 planning

Timely cost recovery and regulatory communication; demonstrates collaborative approach to regulation

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of IDACORP, Inc.. Coverage and confidence vary by data point, and figures can lag real-world changes. Read the full Methodology for sourcing, scoring, and correction details — or open IDACORP, Inc. in the app for interactive charts and portfolio building.

More in Utilities

GE Vernova Inc. (GEV) NextEra Energy, Inc. (NEE) Southern Company (The) Series 2 (SOJE) The Southern Company (SO) The Southern Company (SOMN) Duke Energy Corporation (DUK)