Idacorp Earnings Rise

Idacorp(IDA Quote), the holding company of Idaho Power and other subsidiaries, said its first-quarter earnings rose 10.4% from a year ago.

The Boise, Idaho-based company earned $25.5 million, or 60 cents a share, compared with $23.1 million, or 55 cents a share, a year ago. Idaho Power, the company's regulated utility, contributed earnings of 59 cents a share compared with 51 cents a share a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 56 cents a share in the most recent quarter.

Hydroelectric generation contributed 62% of the Idaho Power's total system generation compared with 44% in 2005. Idaho Power was able to sell surplus energy, which tripled off-system sales revenue and volumes and significantly reduced net power supply costs. This helped in 7 cents a share benefit quarter-over-quarter. ...