Regulated electric utility serving southern Idaho and eastern Oregon (~664K customers). Owner of 17 hydropower plants (1,818 MW). AGI beneficiary: Idaho is emerging as a data center destination with cheap, clean hydro power. | Analysis date: 2026-03-13
IDACORP scored 9/10 on AGI impact. Idaho offers cheap hydroelectric power, low population density for land, and cold climate for cooling -- all ideal for data centers. The company's hydropower fleet is a scarce, zero-marginal-cost generation asset that cannot be replicated. At P/TB 2.16, it's the most attractively priced utility with genuine hydropower assets in our universe. The question: can Idaho become the next Virginia for data centers?
IDACORP is a holding company whose principal subsidiary is Idaho Power Company, a regulated electric utility. Idaho Power serves ~664,000 customers across southern Idaho and eastern Oregon. The company operates 17 hydropower plants on the Snake River and its tributaries with 1,818 MW of nameplate capacity, making hydropower about 40% of its generation mix. Remaining generation includes coal (to be retired), natural gas, and purchased power. The utility operates under cost-of-service regulation with the Idaho Public Utilities Commission (IPUC) and Oregon PUC.
Regulated monopoly with irreplaceable hydropower assets. The Snake River hydropower system took decades to build and cannot be replicated -- the dams, water rights, and FERC licenses are permanent competitive advantages. Regulated territory means no competition for existing customers.
Idaho is becoming a data center hotspot due to: (1) cheapest power rates in the US (~$0.08/kWh vs national avg ~$0.13), (2) cold climate reduces cooling costs, (3) abundant land, (4) clean energy from hydro. Meta, Apple, and others already have or are building data centers in Idaho. AGI scaling requires massive power -- Idaho Power is the only provider. Rate base growth from data center infrastructure investment drives earnings growth above traditional utility rates.
| Item | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Total Assets | $7.1B | $7.2B | $7.5B | $8.5B | $9.2B | $10.2B |
| PP&E (Net) | $4.7B | $4.9B | $5.2B | $5.7B | $6.5B | $7.6B |
| Cash | $275M | $215M | $178M | $327M | $369M | $216M |
| Total Liabilities | $7.1B | $7.2B | $7.5B | $8.5B | $9.2B | $10.2B |
| Long-Term Debt | $2.0B | $2.0B | $2.2B | $2.8B | $3.1B | $3.3B |
| Stockholders' Equity | $2.6B | $2.7B | $2.8B | $2.9B | $3.3B | $3.6B |
| Tangible Book Value | $2.6B | $2.7B | $2.8B | $2.9B | $3.3B | $3.6B |
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.4B | $1.6B | $1.6B | $1.8B | $1.7B |
| Operating Income | $310M | $330M | $327M | $313M | $328M | $354M |
| Net Income | $238M | $246M | $260M | $262M | $290M | $324M |
| EPS (Diluted) | $4.69 | $4.85 | $5.11 | $5.14 | $5.50 | $5.90 |
| Operating Cash Flow | $388M | $363M | $351M | $267M | $594M | $602M |
| CapEx | $311M | $300M | $433M | $611M | $1.0B | $1.2B |
| Dividends Per Share | $2.72 | $2.88 | $3.04 | $3.20 | $3.35 | $3.46 |
| Free Cash Flow | $77M | $63M | -$81M | -$344M | -$415M | -$577M |
| Year | Shares Outstanding | Change |
|---|---|---|
| FY2020 | 50,538,000 | |
| FY2021 | 50,599,000 | +0.1% |
| FY2022 | 50,658,000 | +0.1% |
| FY2023 | 50,717,000 | +0.1% |
| FY2024 | 52,543,000 | +3.6% |
| FY2025 | 54,235,000 | +3.2% |
Current market cap: $7.8B. For 10x, need: $78.2B.
Current price: $142.39. 10x price: $1423.90.
At current ~$7.8B market cap, 10x = $78B. Requires: Idaho becomes a top-5 data center market, rate base triples from current ~$6B to $18B+, and the market re-rates IDA to 3-4x book. This is possible but would take 10+ years. More realistic: 3-4x over 10 years from rate base growth + multiple expansion.
Hydropower is weather-dependent -- drought years reduce generation and increase purchased power costs. Regulatory risk if commissions deny rate increases. Data center growth may be slower than expected in Idaho vs established markets (Virginia, Texas). Coal retirement costs. Interest rate sensitivity.
Position in 52-week range: 91% from the bottom. -2.4% from 52-week high.
| Metric | Value | Notes |
|---|---|---|
| Market Cap | $7.8B | Regulated Utility |
| Trailing P/E | 24.2x | Earnings yield: 4.1% |
| Forward P/E | 20.6x | |
| Price / Book | 2.19x | |
| Price / Tangible Book | 2.18x | Tangible book/share: $65.98 |
| EV/Revenue | 6.3x | |
| FCF Yield | -7.4% | FCF: -$577M |
| Dividend Yield | 247.0% | Rate: $3.48/share |
| ROE | 9.4% |
Category: Regulated Utility | AGI Score: 9/10 | Confidence: high
AGI Reasoning: Textbook AGI winner. AGI creates insatiable electricity demand for data centers and compute infrastructure. Idaho Power owns scarce physical assets that take years to build: 17 hydropower plants, transmission infrastructure, regulated distribution networks. Hydropower is particularly valuable—renewable, low-cost baseload power ideal for data centers. Regulatory moats ensure cost recovery and rate-of-return. Demand surges but supply cannot respond quickly (new power plants take 5-15 years). Innovation risk is minimal: even if AGI invents new energy tech, buildout takes decades. This is the physical bottleneck thesis incarnate. Minimal disruption risk (people still need electricity). Strong AGI beneficiary with asymmetric upside.
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Data sources: SEC EDGAR XBRL (CIK 1057877), yfinance, 10-K filing. Analysis date: 2026-03-13.