REVENUES:

3 Months Ended

Jun. 30, 2024

Revenues [Abstract]

REVENUES:

REVENUES

The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three months and six months ended June 30, 2024 and 2023 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Revenue from contracts with customers	$	442,631	$	385,229	$	860,528	$	770,895
Alternative revenue programs and other revenues	7,188		27,498		37,590		71,170
Total electric utility operating revenues	$	449,819	$	412,727	$	898,118	$	842,065

Revenues from Contracts with Customers

The following table presents revenues from contracts with customers disaggregated by revenue source for the three months and six months ended June 30, 2024 and 2023 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Retail revenues:
Residential (includes $(2,102), $5,678, $(2,789), and $14,587, respectively, related to the FCA)(1)	$	145,763	$	134,885	$	330,062	$	323,422
Commercial (includes $(38), $296, $(92), and $572, respectively, related to the FCA)(1)	96,012		87,677		190,709		175,507
Industrial	66,876		58,245		132,082		113,789
Irrigation	80,771		62,781		81,809		63,713
Deferred revenue related to HCC relicensing AFUDC(2)	(1,948)		(1,927)		(4,031)		(4,046)
Total retail revenues	387,474		341,661		730,631		672,385
Less: FCA mechanism revenues(1)	2,140		(5,974)		2,881		(15,159)
Wholesale energy sales	20,744		15,201		58,813		45,397
Transmission wheeling-related revenues	16,561		20,026		40,723		41,611
Energy efficiency program revenues	7,126		6,552		11,416		11,767
Other revenues from contracts with customers	8,586		7,763		16,064		14,894
Total revenues from contracts with customers	$	442,631	$	385,229	$	860,528	$	770,895

(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 and six months ended June 30, 2024 and 2023 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
FCA mechanism revenues	$	(2,140)	$	5,974	$	(2,881)	$	15,159
Derivative revenues	9,328		21,524		40,471		56,011
Total alternative revenue programs and other revenues	$	7,188	$	27,498	$	37,590	$	71,170

Receivables and Allowance for Uncollectible Accounts

The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the six months ended June 30, 2024 and 2023 (in thousands):

	Six months ended June 30,
	2024			2023
Balance at beginning of period	$	4,869		$	5,034
Additions to the allowance	551			739
Write-offs, net of recoveries	(1,776)			(1,917)
Balance at end of period	$	3,644		$	3,856
Allowance for uncollectible accounts as a percentage of customer receivables	2.8		%	3.3		%