Idaho Power Reports Earnings are Up

BOISE, Idaho (AP) — Idaho's biggest utility is on track for another year of increased earnings. Idacorp is the Boise-based company that owns Idaho Power, and on Tuesday CEO LaMont Keen said the utility is headed for a sixth straight year of increased earnings.

A big reason for strong 2013 earnings? The long, hot summer that increased demand for electricity across much of the state. Keen says Idacorp expects to share 2013 earnings with customers under the terms of a 2011 regulatory settlement.

A company statement shows third quarter revenue at $381.1 million, up from $334 million reported during the same period last year. New customers added about $2.9 million in operating revenue during the quarter that ended Sept. 30. The company also raised its yearly earnings projection from $3.40 to $3.55 per share.