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IDACORP (IDA) Arm to Help Micron Build 40MW Solar Project
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IDACORP Inc.’s (IDA - Free Report) arm Idaho Power will assist Micron Technology (Micron) in building a 40 megawatt (MW) solar project near the latter’s Boise corporate headquarters. This project will be built under Idaho Power’s proposed Clean Energy Your Way. Through this plan, Idaho Power will assist large customers in constructing solar projects and encourage the usage of clean energy to meet customers’ electricity demand.
This new solar project will start producing electricity from the summer of 2023 and help Micron to meet its goal of reaching 100% renewable energy in the U.S. in 2025 by supporting solar development. Idaho Power has also established a goal to provide 100% clean energy to customers by 2045.
Solar Projects Thrives
The ongoing research and development work in creating high-quality solar panels has substantially lowered the cost of setting up utility-scale solar power projects. Per the recent U.S. Energy Information Administration (“EIA”) report in the U.S. utility-scale solar capacity addition will be 22 Gigawatt (GW) for 2022 and 24 GW for 2023, reflecting a sharp increase from the 2021 solar capacity addition of 13 GW.
Solar projects generally receive government support and lower dependence on the conventional power grid, making it a popular renewable source of energy.
Transition in Utility Space
A clear transition is evident in the U.S. utility space, with an increasing number of electricity companies deciding to provide 100% carbon-free electricity to customers. An increase in natural gas and clean alternate sources of energy is helping utilities to lower emissions. The ongoing research and development work, usage of new technologies and battery storage projects are making utility-scale renewable projects viable.
IDACORP is among many other utilities that have decided to become emission neutral in the long run through systematic reduction of emissions and the addition of clean energy projects.
Utilities like Avista Corporation (AVA - Free Report) , Xcel Energy (XEL - Free Report) and DTE Energy (DTE - Free Report) have announced plans to go carbon neutral and have taken initiatives to lower emissions.
Avista, Xcel Energy and DTE Energy reported average surprise of 36.7%,2.1% and 9.2%, respectively, in the last four quarters.
The long-term (three to five years) earnings growth of Avista, Xcel Energy and DTE Energy is currently projected at 6.6%, 6.4%, and 6%, respectively.
Price Performance
In the past six months, shares of IDACORP’s have gained 7% compared with the industry's 6.8% rally.
Image: Bigstock
IDACORP (IDA) Arm to Help Micron Build 40MW Solar Project
IDACORP Inc.’s (IDA - Free Report) arm Idaho Power will assist Micron Technology (Micron) in building a 40 megawatt (MW) solar project near the latter’s Boise corporate headquarters. This project will be built under Idaho Power’s proposed Clean Energy Your Way. Through this plan, Idaho Power will assist large customers in constructing solar projects and encourage the usage of clean energy to meet customers’ electricity demand.
This new solar project will start producing electricity from the summer of 2023 and help Micron to meet its goal of reaching 100% renewable energy in the U.S. in 2025 by supporting solar development. Idaho Power has also established a goal to provide 100% clean energy to customers by 2045.
Solar Projects Thrives
The ongoing research and development work in creating high-quality solar panels has substantially lowered the cost of setting up utility-scale solar power projects. Per the recent U.S. Energy Information Administration (“EIA”) report in the U.S. utility-scale solar capacity addition will be 22 Gigawatt (GW) for 2022 and 24 GW for 2023, reflecting a sharp increase from the 2021 solar capacity addition of 13 GW.
Solar projects generally receive government support and lower dependence on the conventional power grid, making it a popular renewable source of energy.
Transition in Utility Space
A clear transition is evident in the U.S. utility space, with an increasing number of electricity companies deciding to provide 100% carbon-free electricity to customers. An increase in natural gas and clean alternate sources of energy is helping utilities to lower emissions. The ongoing research and development work, usage of new technologies and battery storage projects are making utility-scale renewable projects viable.
IDACORP is among many other utilities that have decided to become emission neutral in the long run through systematic reduction of emissions and the addition of clean energy projects.
Utilities like Avista Corporation (AVA - Free Report) , Xcel Energy (XEL - Free Report) and DTE Energy (DTE - Free Report) have announced plans to go carbon neutral and have taken initiatives to lower emissions.
Avista, Xcel Energy and DTE Energy reported average surprise of 36.7%,2.1% and 9.2%, respectively, in the last four quarters.
The long-term (three to five years) earnings growth of Avista, Xcel Energy and DTE Energy is currently projected at 6.6%, 6.4%, and 6%, respectively.
Price Performance
In the past six months, shares of IDACORP’s have gained 7% compared with the industry's 6.8% rally.
Image Source: Zacks Investment Research
Zacks Rank
IDACORP currently has a Zacks Rank of #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.