IDACORP is a holding company whose business is almost entirely Idaho Power, a regulated electric utility serving roughly 664,000 customers across a ~24,000 square mile service territory in southern Idaho and eastern Oregon. Idaho Power generates, transmits, and distributes electricity to residential, commercial, industrial, and irrigation customers. It is a vertically integrated, rate-regulated monopoly — rates are set by the Idaho and Oregon public utility commissions on a cost-of-service basis, designed to allow Idaho Power to recover operating costs and earn a commission-authorized return on its rate base. Core retail revenue (~$1.56B in FY25) is split across residential (~45%), commercial (~25%), industrial (~17%), and irrigation (~13%) customers. Idaho Power also earns smaller revenues from wholesale power sales and transmission services. The company generates roughly half its power from 17 hydroelectric projects on the Snake River, with the remainder from gas generation and purchased power. Idaho Power's service territory is experiencing rapid load growth, driven by large industrial and technology customers including Micron semiconductor fabs, a Meta data center, and food processors. To support this growth, Idaho Power is in an intense capital investment cycle, forecasting ~$7B of CapEx over 2026-2030, with rate base projected to grow from ~$5.3B to over $11B by 2030. Idaho Power is also constructing major transmission lines and transitioning its remaining coal units to natural gas by 2030.