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Released February 20, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Following a year of improved earnings and customer growth, Idacorp Incorporated (NYSE:IDA) (Boise, Idaho) is preparing to broaden its role in transmission and distribution (T&D) services across the northwestern U.S. and Rocky Mountain areas. The company recently put its 2023 capital expenditures at between $650 million and $700 million, compared with $468 million in 2022, much of which will go toward long-anticipated T&D projects. Industrial Info is tracking more than $4 billion worth of active projects from Idacorp, almost all of which is located across Idaho, Wyoming and Oregon.
Click on the image at right for a graph detailing Idacorp's active projects, by U.S. state.
Idacorp is in partnership with Rocky Mountain Power, a subsidiary of PacifiCorp (Portland, Oregon), to develop the Gateway South transmission line, part of the joint venture's broader Energy Gateway Transmission Expansion. PacificCorp started the Energy Gateway plan in 2007 to add roughly 2,000 miles of new transmission lines across several states in the U.S. West; in 2019, it announced plans to construct the Gateway South project in Wyoming, Colorado and Utah, and Idacorp later joined on to co-develop.
Gateway South covers 400 miles, from the Aeolus Substation in Medicine Bow, Wyoming, to the Clover Substation near Mona, Utah. It will be supported by an additional line, running 92 miles from Aeolus to Rocky Mountain Power's Creston Substation in Rawlins, Wyoming. Both projects kicked off in the first quarter of 2022, and are set to wrap up in the fourth quarter of 2024. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the Gateway South transmission line and its supporting line.
The Wyoming Public Service Commission granted Gateway South permission to proceed in January 2022, when it also approved Segment D.1 of the Gateway West line, which runs about 75 miles from Aeolus to the Windstar Substation in eastern Wyoming. It runs on a similar schedule to the Gateway East line, and it also is set to wrap up in fourth-quarter 2024. Subscribers can learn more in a detailed project report.
Industrial Info is tracking more than $2.8 billion worth of active projects related to the Energy Gateway Transmission Expansion. Subscribers can click here for a list of detailed project reports.
Idacorp reported net income of $259 million for 2022, compared with $245.6 million in 2021. The company attributed much of the growth to higher net income at its Idaho Power subsidiary, which reported a 2.4% increase in customer growth from 2021, which added $12.1 million to its operating income. Higher sales volumes for residential, commercial and industrial customers were attributed to warmer summer weather in Idaho Power's service area during the third quarter of 2022, and colder winter weather during the first and fourth quarters of 2022.
"As our customer base grows, we continue to add resources that will allow us to meet our increasing demand, while simultaneously moving away from our coal-fired resources," said Lisa Grow, the chief executive officer of Idacorp, in a quarterly earnings-related conference call. "Large transmission projects, like Boardman to Hemingway, or B2H, for which we expect to break ground this year, will be critical."
The proposed, 300-mile B2H transmission line from Boardman, Oregon, to Melba, Idaho, is designed to carry 1,000 megawatts, much of it from renewable sources. In January 2022, PacifiCorp and Idaho Power agreed to own 55% and 45%, respectively, of the B2H line, and Idaho Power agreed to acquire an ownership interest in PacifiCorp transmission lines and other equipment between eastern Idaho and northwest New Mexico. Idaho Power says the project is part of its "Clean Today, Cleaner Tomorrow" initiative to provide 100% clean energy to its service area by 2045. Subscribers can learn more in a detailed project report.
"We received our state permit [for B2H] with a unanimous 6-0 vote," said Adam Richins, the chief operating officer of Idacorp, in the conference call. "We're just waiting for the Oregon Supreme Court rule on that in June. We do plan to break ground in the middle of this year. We have two CPCN [Certificate of Public Convenience and Necessity] filings, with both Oregon and Idaho, that we hope to conclude in June. So, we're making great headway."
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active projects from Idacorp.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing Idacorp's active projects, by U.S. state.Idacorp is in partnership with Rocky Mountain Power, a subsidiary of PacifiCorp (Portland, Oregon), to develop the Gateway South transmission line, part of the joint venture's broader Energy Gateway Transmission Expansion. PacificCorp started the Energy Gateway plan in 2007 to add roughly 2,000 miles of new transmission lines across several states in the U.S. West; in 2019, it announced plans to construct the Gateway South project in Wyoming, Colorado and Utah, and Idacorp later joined on to co-develop.
Gateway South covers 400 miles, from the Aeolus Substation in Medicine Bow, Wyoming, to the Clover Substation near Mona, Utah. It will be supported by an additional line, running 92 miles from Aeolus to Rocky Mountain Power's Creston Substation in Rawlins, Wyoming. Both projects kicked off in the first quarter of 2022, and are set to wrap up in the fourth quarter of 2024. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the Gateway South transmission line and its supporting line.
The Wyoming Public Service Commission granted Gateway South permission to proceed in January 2022, when it also approved Segment D.1 of the Gateway West line, which runs about 75 miles from Aeolus to the Windstar Substation in eastern Wyoming. It runs on a similar schedule to the Gateway East line, and it also is set to wrap up in fourth-quarter 2024. Subscribers can learn more in a detailed project report.
Industrial Info is tracking more than $2.8 billion worth of active projects related to the Energy Gateway Transmission Expansion. Subscribers can click here for a list of detailed project reports.
Idacorp reported net income of $259 million for 2022, compared with $245.6 million in 2021. The company attributed much of the growth to higher net income at its Idaho Power subsidiary, which reported a 2.4% increase in customer growth from 2021, which added $12.1 million to its operating income. Higher sales volumes for residential, commercial and industrial customers were attributed to warmer summer weather in Idaho Power's service area during the third quarter of 2022, and colder winter weather during the first and fourth quarters of 2022.
"As our customer base grows, we continue to add resources that will allow us to meet our increasing demand, while simultaneously moving away from our coal-fired resources," said Lisa Grow, the chief executive officer of Idacorp, in a quarterly earnings-related conference call. "Large transmission projects, like Boardman to Hemingway, or B2H, for which we expect to break ground this year, will be critical."
The proposed, 300-mile B2H transmission line from Boardman, Oregon, to Melba, Idaho, is designed to carry 1,000 megawatts, much of it from renewable sources. In January 2022, PacifiCorp and Idaho Power agreed to own 55% and 45%, respectively, of the B2H line, and Idaho Power agreed to acquire an ownership interest in PacifiCorp transmission lines and other equipment between eastern Idaho and northwest New Mexico. Idaho Power says the project is part of its "Clean Today, Cleaner Tomorrow" initiative to provide 100% clean energy to its service area by 2045. Subscribers can learn more in a detailed project report.
"We received our state permit [for B2H] with a unanimous 6-0 vote," said Adam Richins, the chief operating officer of Idacorp, in the conference call. "We're just waiting for the Oregon Supreme Court rule on that in June. We do plan to break ground in the middle of this year. We have two CPCN [Certificate of Public Convenience and Necessity] filings, with both Oregon and Idaho, that we hope to conclude in June. So, we're making great headway."
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active projects from Idacorp.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
