Idaho Power boasts higher net income due to weather

Boise-based Idacorp’s net income reached $66.1 million in the second quarter of 2015, an increase from $44.5 million from the same time last year.

Idaho Power Co., Idacorp’s main subsidiary, accounted for $64.3 million of the company’s second-quarter earnings.

“Second-quarter results were positively impacted by greater irrigation and residential energy use due to warmer, drier weather than during the same period last year,” said Idacorp President and CEO Darrel Anderson in a news release.

“Continued customer growth in the service area and diligent cost management efforts contributed to the enhanced operating results. The second quarter also benefited from recently approved changes to regulatory mechanisms and from the income tax benefits associated with the early redemption of Idaho Power first mortgage bonds,” he said.

Based on the quarterly performance and the company’s outlook for the rest of the year, management decided to raise its annual performance expectations. The company told investors it was raising annual earnings-per-share guidance from the range of $3.65 to $3.80 per diluted share, to the range of $3.75 to $3.90 per diluted share.