IDACORP INC (IDA): 10-K filed February 20, 2025

• Wildfire Cost Recovery Strategy: Company is formalizing wildfire mitigation expenses as regulatory assets, signaling material exposure to these costs and a critical dependence on rate case approval to recover expenses—a notable shift in risk management approach.

• Coal Plant Cost Stranding Risk: Management has explicitly segregated coal plant regulatory assets (Jim Bridger, Valmy), reflecting heightened concern about cost recovery as these facilities face environmental retirement pressures and potential write-downs.

• Heavy Regulatory Execution Dependency: Significant deferred costs across pensions, fuel, projects, and asset retirement obligations are concentrated in regulatory assets, creating meaningful earnings risk if rate case approvals are delayed or denied.

• Neutral Outlook with Regulatory Uncertainty: Management tone reflects cautious optimism, but the filing reveals substantial reliance on future regulatory decisions to realize earnings, introducing material execution risk for investors.