Slide 1: Earnings Conference Call 1st Quarter 2024
Earnings 1st Quarter 2024 Conference Call May 2, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation (and oral statements relating to this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical facts, that express or involve discussi
Slide 3: Presenting Today
Presenting Today Lisa Grow Brian Buckham Amy Shaw IDACORP President IDACORP Senior Vice President, IDACORP Vice President of & Chief Executive Officer Chief Financial Officer & Treasurer Finance, Compliance & Risk 3
Slide 4: IDACORP Earnings Performance
IDACORP Earnings Performance Three months ended March 31 2024 2023 Net income (thousands) $ 48,173 $ 56,098 Weighted average common shares outstanding – diluted (thousands) 50,792 50,723 Diluted earnings per share $ 0.95 $ 1.11 4
Slide 5: Growth and Economic Expansion
Growth and Economic Expansion Idaho Power Customer Growth 2.5% Moody’s GDP Growth (Year-over-year) Projections for Idaho Power’s 640,000 Service Area: 630,000 • 2024: 4.6% 620,000 • 2025: 3.6% 610,000 600,000 590,000 580,000 Twelve Months 2020 2021 2022 2023 Ended March 31, 2024 5
Slide 6: Oregon General Rate Case
Oregon General Rate Case • Filed with the OPUC on December 15, 2023 • Reached settlement in principle in April 2024 • Targeting rate increase as soon as October 15, 2024 • Idaho Power requested: – 19.28% overall average customer rate increase ($10.7 million in Oregon-Jurisdiction revenues) – Oregon
Slide 7: RFP Update
RFP Update(1)(2) Resource Owned or Contracted 2023 Battery Storage 120 MW Owned Solar 40 MW PPA(3) 2024 Battery Storage 96 MW Owned Solar 100 MW PPA 2025 Battery Storage 77 MW Owned; 150 MW ESA 2026(4) Battery Storage 150 MW Owned Evaluating Additional Bids TBD 2027 Evaluating Bids TBD 2028 RFP Unde
Slide 8: Wildfire Risk Mitigation
Wildfire Risk Mitigation Quantifying Wildfire Risk • Leveraged a consultant to model wildfire risk relative to Idaho Power’s service area • Of 24,000 square mile service area, only 11% of transmission lines and 8% of distribution lines are in wildfire risk zones • Much of the service area is compris
Slide 9: Q1 2023 to Q1 2024
Q1 2023 to Q1 2024 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Three Months Ended March 31, 2023 $ 56.1 Increase (decrease) in Idaho Power net income: Customer growth, net of associated power supply costs and power cost adju
Slide 10: Operating Cash Flows and Liquidity
Operating Cash Flows and Liquidity IDACORP Cash Flows Three Months Ended March 31, (millions) 2024 2023 Net Cash Provided by (Used in) Operating Activities $ 109.7 $ (90.4) Liquidity As of March 31, 2024 (millions) IDACORP(1) Idaho Power Revolving Credit Facility – Expires December 2028 $ 100.0 $ 40
Slide 11: 2024 Earnings Per Share Guidance and Estimated Key Operating Metrics
2024 Earnings Per Share Guidance and Estimated Key Operating Metrics Current(1) Previous(2) IDACORP Earnings Guidance (per diluted share) No change $ 5.25 – $ 5.45 Idaho Power Additional Amortization of Accumulated Deferred No change $ 35 – $ 60(3) Investment Tax Credits (ADITCs) (millions) Idaho Po
Slide 12: Contact Information
Contact Information Investors & Analysts Amy I. Shaw Vice President of Finance, Compliance & Risk (208) 388-5611 AShaw@idahopower.com Media Jordan Rodriguez Corporate Communications (208) 388-2460 JRodriguez@idahopower.com