# IDACORP

IDACORP is an Asset Manager based in Boise, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Boise, United States
- **Region:** North America
- **Address:** Boise, ID, United States
- **Founded:** 1998
- **Assets under management:** Undisclosed
- **Website:** idacorpinc.com

## Regulatory record

- **Reports private funds:** No

## About

IDACORP was formed in 1998 as the holding company for Idaho Power, a vertically integrated electric utility that traces its origins to the Idaho Railway, Light and Power Company of 1903. The firm operates as a regulated utility rather than a financial family office or institutional fund, with its primary asset being the generation, transmission, and distribution of electricity across southern Idaho and a sliver of Oregon. Unlike competitive power producers, IDACORP earns a return on equity approved by state regulators, making its financial profile distinct from market-exposed energy funds. The company's generating portfolio relies on a hydroelectric backbone — 17 dams along the Snake River and its tributaries, delivering roughly 2,300 megawatts of capacity and making Idaho Power one of the lowest-carbon generators among US investor-owned utilities. That hydro system is supplemented by natural gas plants, a partial interest in the coal-fired Jim Bridger plant in Wyoming, and a growing slate of contracted solar and wind resources. Idaho Power has publicly targeted 100% clean energy by 2045, a goal that shapes its integrated resource planning and transmission build-out. In regional infrastructure deals, the utility co-develops the Boardman-to-Hemingway transmission line with other Northwest utilities to improve grid connectivity. Recent operational events include the Idaho Public Utilities Commission's 2024 approval of Idaho Power's demand-side management programs, which include battery storage incentives and time-of-use rate pilots. Lisa Grow, a career utility executive who joined the company in 1987, was named CEO in 2020. Under her tenure, IDACORP has maintained a consistent dividend growth record while managing wildfire risk exposure in a territory where drought and heat create operational strain. The firm is publicly traded on the NYSE under ticker IDA, with a market capitalization reflecting the steady, yield-oriented nature of regulated utility equities. IDACORP's structural differentiator is its pure-play, single-state regulatory concentration. Unlike diversified utility holding companies that spread risk across multiple jurisdictions — often unregulated generation fleets or energy trading desks — IDACORP's earnings are almost entirely derived from Idaho Power's state-level rate base. This architecture creates both stability and vulnerability: rate case outcomes in Idaho drive the investment thesis, and the company cannot cross-subsidize with other regulated or unregulated subsidiaries.

## Sectors

- Infrastructure
- Energy Transition & Renewables

## People

- Lisa Grow — President and Chief Executive Officer

## Questions

### Who runs investment decisions at IDACORP?

All material capital allocation decisions — generation plant construction, transmission investment, rate case filings — are overseen by CEO Lisa Grow and the board of directors. Because IDACORP is a regulated utility holding company, major infrastructure expenditures are ultimately subject to approval by the Idaho Public Utilities Commission, which determines whether costs can be recovered in customer rates.

### How does IDACORP source proprietary deal flow?

IDACORP does not operate as a private equity or direct investment platform. Its deployment takes the form of utility capital expenditures: hydroelectric dam upgrades, transmission line build-out, and renewable energy integration. Sourcing is internal — driven by integrated resource planning filed with state regulators — rather than via deal origination in competitive markets.

### Does IDACORP participate in fund commitments or only direct deals?

IDACORP does not make fund commitments or private equity investments. All capital is deployed directly into utility infrastructure assets — dams, transmission lines, substations, generation facilities — that serve its regulated service territory.

### What investment stages does IDACORP typically target?

IDACORP targets operational infrastructure within its own utility footprint. There is no stage-based investment framework; instead, the company prioritizes projects that support rate base growth, reliability mandates, and its 2045 clean energy goal, as detailed in Idaho Power's integrated resource plan filings.

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- [Vista Energy](https://altss.com/profile/vista-energy-sab-de-cv)
- [PIMCO Dynamic Income Fund](https://altss.com/profile/pimco-dynamic-income-fund)

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Last updated: 2026-06-03T20:00:00.000Z

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