REVENUES: (Notes)

3 Months Ended

Jun. 30, 2021

Revenues [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUES

The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three and six months ended June 30, 2021 and 2020 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Electric utility operating revenues:
Revenue from contracts with customers	$	357,461	$	310,971	$	648,787	$	581,155
Alternative revenue programs and other revenues	1,597		6,695		25,838		26,999
Total electric utility operating revenues	$	359,058	$	317,666	$	674,625	$	608,154

Revenues from Contracts with Customers

The following table presents revenues from contracts with customers disaggregated by revenue source for the three and six months ended June 30, 2021 and 2020 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Revenues from contracts with customers:
Retail revenues:
Residential (includes ($715), $4,135, $15,107, and $19,844, respectively, related to the FCA)(1)	$	122,633	$	109,471	$	277,418	$	254,357
Commercial (includes $165, $397, $647 and $881, respectively, related to the FCA)(1)	77,609		67,214		149,878		136,728
Industrial	48,047		43,087		93,477		85,847
Irrigation	76,799		60,149		77,885		61,523
Deferred revenue related to HCC relicensing AFUDC(2)	(1,927)		(1,927)		(4,046)		(4,046)
Total retail revenues	323,161		277,994		594,612		534,409
Less: FCA mechanism revenues(1)	550		(4,532)		(15,754)		(20,725)
Wholesale energy sales	4,308		6,866		10,567		10,775
Transmission wheeling-related revenues	15,420		11,491		29,887		21,854
Energy efficiency program revenues	6,658		11,953		15,685		21,428
Other revenues from contracts with customers	7,364		7,199		13,790		13,414
Total revenues from contracts with customers	$	357,461	$	310,971	$	648,787	$	581,155

(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 allowance for funds used during construction (AFUDC) on construction work in progress related to the Hells Canyon Complex (HCC) relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric 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 Idaho FCA mechanism, which may increase or decrease tariff-based customer rates. The Idaho 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 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 10 - "Derivative Financial Instruments."

The table below presents the FCA mechanism revenues and other revenues for the three and six months ended June 30, 2021 and 2020 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Alternative revenue programs and other revenues:
FCA mechanism revenues	$	(550)	4,532		$	15,754	$	20,725
Derivative revenues	2,147		2,163		10,084		6,274
Total alternative revenue programs and other revenues	$	1,597	$	6,695	$	25,838	$	26,999

Receivables and Allowance for Uncollectible Accounts

In response to the COVID-19 pandemic, Idaho Power provided certain relief to customers, including temporarily suspending disconnections for customers and temporarily waiving late fees. This relief as well as the economic conditions created by the response to COVID-19 have resulted in higher aged accounts receivable and an increase in the number of late payments. Idaho Power is experiencing and expects to continue to experience higher uncollectible account write-offs as a result of the COVID-19 pandemic and, accordingly, increased its allowance for uncollectible accounts related to customer receivables at June 30, 2021, as compared with pre-COVID-19 allowance levels.

The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the six months ended June 30, 2021 and 2020 (in thousands):

	Six months ended June 30,
	2021			2020
Balance at beginning of period	$	4,766		$	1,401
Additions to the allowance	369			2,786
Write-offs, net of recoveries	(883)			(686)
Balance at end of period	$	4,252		$	3,501
Allowance for uncollectible accounts as a percentage of customer receivables	4.8		%	4.3		%