Idacorp, the parent company of Idaho Power, reported a 69 percent increase in profits in the second quarter from increased energy sales and a doubling of sales to irrigation customers.
Company profits were $35.3 million, up from $20.9 million in the second quarter of 2011. Warmer weather in the second quarter of 2012 along with lower precipitation contributed to increases in sales to irrigation customers, said LaMont Keen, president and CEO.
A 3.4 percent rate increase that effect in January also contributed to increased operating revenue, which reached $254.7 million, up from $234.9 million in the second quarter of 2011.
During the first six month of this year, net income was up 19 percent to $60.2 million.
Idaho Power provides electricity to nearly 500,000 customers in southern Idaho and eastern Oregon.