v3.25.1
REVENUES:
 3 Months Ended
Mar. 31, 2025
Revenues [Abstract]  
REVENUES: REVENUES
 
The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three months ended March 31, 2025 and 2024 (in thousands):
Three months ended
March 31,
 20252024
Revenue from contracts with customers$411,142 $417,897 
Alternative revenue programs and other revenues20,810 30,402 
Total electric utility operating revenues$431,952 $448,299 
Revenues from Contracts with Customers

The following table presents revenues from contracts with customers disaggregated by revenue source for the three months ended March 31, 2025 and 2024 (in thousands):
Three months ended
March 31,
 20252024
Retail revenues:
Residential (includes $(2,193) and $(687), respectively, related to the FCA)(1)
$190,705 $184,300 
Commercial (includes $(43) and $(53), respectively, related to the FCA)(1)
97,852 94,697 
Industrial68,607 65,206 
Irrigation1,113 1,038 
Deferred revenue related to HCC relicensing AFUDC(2)
(2,064)(2,084)
Total retail revenues356,213 343,157 
Less: FCA mechanism revenues(1)
2,236 740 
Wholesale energy sales19,548 38,069 
Transmission wheeling-related revenues19,442 24,162 
Energy efficiency program revenues5,232 4,291 
Other revenues from contracts with customers8,471 7,478 
Total revenues from contracts with customers$411,142 $417,897 
(1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.
(2) The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to utility plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service.

Alternative Revenue Programs and Other Revenues

While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of an additional regulatory mechanism, the FCA mechanism, which may increase or decrease tariff-based customer rates. The FCA mechanism is described in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service and billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues.

Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income. For more information on settled electricity swaps, see Note 11 - "Derivative Financial Instruments."

The table below presents the FCA mechanism revenues and other revenues for the three months ended March 31, 2025 and 2024 (in thousands):
Three months ended
March 31,
 20252024
FCA mechanism revenues$(2,236)$(740)
Derivative revenues23,046 31,142 
Total alternative revenue programs and other revenues$20,810 $30,402 

Receivables and Allowance for Uncollectible Accounts

The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the three months ended March 31, 2025 and 2024 (in thousands):
Three months ended
March 31,
 20252024
Balance at beginning of period$5,071 $4,869 
Additions to the allowance1,017 267 
Write-offs, net of recoveries(606)(508)
Balance at end of period$5,482 $4,628 
Allowance for uncollectible accounts as a percentage of customer receivables4.0 %3.8 %