Item 2. Properties
ITEM 2. PROPERTIES
Idaho Power's properties consist of the physical assets necessary to support its utility operations, which include generation, battery storage, transmission, and distribution facilities. In addition to these physical assets, Idaho Power has rights-of-way and water rights that enable it to use its facilities. Idaho Power’s system is composed of 17 hydropower generating plants located in southern Idaho and eastern Oregon, three natural gas-fired plants in southern Idaho, and interests in a coal-fired and natural gas-fired steam generating plant located in Wyoming and a gas-fired steam generating plant in Nevada. As of December 31, 2025, the system also includes approximately 4,730 pole miles of high-voltage transmission lines, 23 step-up transmission substations located at power plants, 21 transmission substations, 12 switching stations, 31 mixed-use transmission and distribution substations, 188 energized distribution substations (excluding mobile substations and dispatch centers), approximately 30,020 linear miles of distribution lines, and a capacity of 1,228 MWh of battery storage, comprised of 9 facilities, located in southern Idaho and eastern Oregon. As part of the Oregon Sale, Idaho Power expects to sell to OTEC substantially all of its Oregon distribution lines and several substations and certain other assets located in Oregon.
IDACORP's and Idaho Power's headquarters are located in Boise, Idaho. The corporate headquarters campus consists of approximately 305,741 square feet of owned office space. Excluding Idaho Power's power generation facilities and substations, Idaho Power owns an additional 1,218,813 square feet of office, warehouse, and industrial space to support its operations in Idaho and Oregon.
Idaho Power owns all of its interests in principal plants and other important units of real property, except for portions of certain projects licensed under the FPA and reservoirs and other easements. Substantially all of Idaho Power’s property is subject to the lien of its Mortgage and Deed of Trust and the provisions of its project licenses. Idaho Power’s property is subject to minor defects common to properties of such size and character that it believes do not materially impair the value to, or the use by, Idaho Power of such properties. Idaho Power considers its properties to be well-maintained and in good operating condition.
Through IERCo, Idaho Power owns a one-third interest in BCC and coal leases near the Jim Bridger plant in Wyoming from which coal is mined and supplied to generating units 3 and 4 of the plant. Ida-West holds 50-percent interests in nine hydropower plants that have a total nameplate capacity of 44 MW. These plants are located in Idaho and California.
36
Table of Contents
Idaho Power's hydropower projects and other owned and co-owned generating facilities and their nameplate capacities, as of the date of this report, are included in the table below.
Project Nameplate Capacity (Kilowatt (kW)) (1)
License Expiration
Hydropower Projects:
Properties Subject to Federal Licenses: (2)
Lower Salmon 60,000 2034
Bliss 75,038 2034
Upper Salmon 34,500 2034
Shoshone Falls 14,729 2040
CJ Strike 82,800 2034
Upper Malad - Lower Malad 21,770 2035
HCC: Brownlee, Oxbow, and Hells Canyon 1,276,076 2005 (3)
Swan Falls 27,170 2042
American Falls 92,340 2025 (3)
Cascade 12,420 2031
Milner 59,448 2038
Twin Falls 52,898 2040
Other Hydropower:
Clear Lake - Thousand Springs 9,300
Total Hydropower 1,818,489
Steam and Other Generating Plants:
Jim Bridger Units 1 and 2 (gas-fired) (4)(5)
388,008
Jim Bridger Units 3 and 4 (coal-fired) (4)(5)
387,278
North Valmy Unit 1 (gas-fired) (4)(6)
138,600
North Valmy Unit 2 (gas-fired) (4)(6)
144,900
Danskin (gas-fired) 270,900
Langley Gulch (gas-fired) 318,453
Bennett Mountain (gas-fired) 172,800
Salmon (diesel-internal combustion) 5,000
Total Steam and Other 1,825,939
Total Generation 3,644,428
(1) Actual generation capacity from a facility may be greater or less than the rated nameplate generation capacity.
(2) Idaho Power holds FERC licenses for all of its hydropower projects that are subject to federal licensing. Relicensing of Idaho Power’s hydropower projects is discussed in Part II - Item 7 - MD&A - "Regulatory Matters – Relicensing of Hydropower Projects" in this report.
(3) Licensed on an annual basis while the application for a new multi-year license is pending.
(4) Idaho Power’s ownership interests are one-third for Jim Bridger and 50 percent for North Valmy. Amounts shown represent Idaho Power’s share.
(5) The conversion of two generating units from coal to natural gas at the Jim Bridger plant was completed in the spring of 2024. Idaho Power's 2025 IRP identified a preferred resource portfolio and action plan that includes the conversion of the two remaining generating units from coal to natural gas at the Jim Bridger plant in 2030.
(6) Pursuant to an agreement with NV Energy, Idaho Power ceased participation in coal-fired operations of North Valmy in December 2019 at unit 1 and December 2025 at unit 2. Idaho Power's 2025 IRP identified a preferred resource portfolio and action plan that includes the conversion of the two generating units at the North Valmy plant from coal to natural gas by mid-2026. The conversion of unit 1 has been completed and was placed in-service in December 2025, and the conversion of unit 2 is expected to be completed by mid-2026.