Slide 1: Earnings Conference Call 4th Quarter & Year-End 2024
Earnings Conference Call 4th Quarter & Year-End 2024 February 20, 2025
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 John Wonderlich IDACORP President IDACORP Senior Vice President, IDACORP Vice President of IDACORP Investor & Chief Executive Officer Chief Financial Officer & Treasurer Finance, Compliance & Risk Relations Manager 3
Slide 4: IDACORP Earnings Performance
IDACORP Earnings Performance Three months Year ended ended December 31 December 31 2024 2023 2024 2023 Net income (thousands) $ 37,876 $ 31,259 $ 289,174 $ 261,195 Weighted average common shares outstanding – diluted 53,919 50,934 52,615 50,806 (thousands) Diluted earnings per share $ 0.70 $ 0.61 $
Slide 5: 17 Consecutive Years of EPS Growth
17 Consecutive Years of EPS Growth(1) $5.80 $5.50 $5.40 $5.11 $5.14 $5.00 ~7% CAGR since 2007 $4.61 $4.69 $4.85 $4.60 $4.49 $4.21 $4.20 $3.94 $3.85 $3.87 $3.80 $3.64 $3.43 $3.46 $3.40 $3.00 $3.00 $2.68 $2.60 $2.17 $2.20 $1.86 $1.80 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 202
Slide 6: Growth and Economic Expansion
Growth and Economic Expansion Moody’s GDP Growth Projections Idaho Power Customer Growth 2.6% for Idaho Power’s Service Area: (Year-over- year) • 2025: 4.5% 650,000 • 2026: 3.7% 640,000 630,000 620,000 610,000 600,000 590,000 580,000 2020 2021 2022 2023 2024 6
Slide 7: Idaho and Oregon Rate Case Activity
Idaho and Oregon Rate Case Activity Idaho Limited-Issue Rate Case Oregon General Rate Case • Filed with the IPUC in May 2024 • Filed with the OPUC in December 2023 • In December 2024, the IPUC issued an order • In September 2024, the OPUC issued an order approving a rate increase approving settlemen
Slide 8: 2025 IRP Load Growth Projections
2025 IRP Load Growth Projections 2025 IRP Load Forecast(1) vs. Prior IRPs 5-Year Forecasted Annual 20-Year Forecasted Annual Growth Rate Growth Rate Retail Sales Annual Peak Retail Sales Annual Peak (Billed MWh) (Peak Demand) (Billed MWh) (Peak Demand) 2025 IRP 8.3% 5.1% 2.7% 1.9% 2023 IRP 5.5% 3.7%
Slide 9: RFP Update
RFP Update (1) Year Owned Contracted CEYW(2) 120 MW 2023 None 40MW Solar BESS 2024 96 MW BESS 100 MW Solar None 2025 80 MW BESS 150 MW BESS 200 MW Solar 250 MW 2026 200 MW Market Purchase 125 MW Solar BESS 300 MW 300 MW Wind; 100 MW 2027 320 MW Solar Wind Solar; 100 MW BESS 2028 Final shortlist publ
Slide 10: High-Voltage Transmission Project Updates
High-Voltage Transmission Project Updates • Boardman-to-Hemingway – Expected to break ground in the summer of 2025 – OPUC, IPUC, and WPSC granted respective certificates of public convenience and necessity – Idaho Power’s interest in Boardman-to-Hemingway is ~45% – Long-term transmission service com
Slide 11: Scott Madison Appointed to Board of Directors
Scott Madison Appointed to Board of Directors Scott recently retired as Executive Vice President of Business Development and Gas Supply for the MDU Utilities Group. His experience also includes: • Director of the University of Idaho Foundation • Former Chairman of the Northwest Gas Association • For
Slide 12: IDACORP, Inc. Net Income 2023 to 2024
2023 to 2024 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Year Ended December 31, 2023 $ 261.2 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour, net of power cost adjustment and Idaho Fixed Cos
Slide 13: Capital Expenditures Forecast 2025–2029
Capital Expenditures Forecast(1) 2025 – 2029 $1,500 $1,400 $1,300 ~$1,127M per year $1,200 average forecast $1,100 $1,000 $900 ~103% $ Millions $800 increase $700 $600 $500 $400 ~$554M actual $300 per year average, $200 previous 5 years $100 $0 2025 2026 2027 2028 2029 New Capacity & Energy Resource
Slide 14: Total System Rate Base Growth Forecast
Total System Rate Base Growth Forecast (1) $0.7B $10.5 $10.0 16.1% CAGR 2025-2029 $0.5B $9.5 $9.0 $8.5 $0.7B $2.1B Rate Base in $ Billions $8.0 $7.5 $7.0 $1.7B ~$5.1B $6.5 $6.0 $1.2B $0.4B(2) $5.5 $5.0 $4.5 $4.0 $4.6B $3.5 2024 2025 2026 2027 2028 2029 2024 2025 -2029 HCC Construction work in progre
Slide 15: Financing Plan Forecast 2025–2029
Financing Plan Forecast (1) (3) 2025 – 2029 $ Millions Net Cash Dividends Equity Content Issued Repaid Capital from ------------------------Equity ------------------------ ----------------------Debt ---------------------- Expenditures(2) Operations (1) As of February 20, 2025. Financings plans are f
Slide 16: Operating Cash Flows and Liquidity
Operating Cash Flows and Liquidity IDACORP Cash Flows Twelve Months Ended December 31 (millions) 2024 2023 Net Cash Provided by Operating Activities $ 594.4 $ 267.0 Liquidity As of December 31, 2024 (millions) IDACORP(1) Idaho Power Net balance available(2) $ 100.0 $ 380.1 IDACORP Equity Financing R
Slide 17: 2025 Earnings Per Share Guidance and Estimated Key Operating Metrics
2025 Earnings Per Share Guidance and Estimated Key Operating Metrics 2025 Estimate(1) 2024 Actual(2) IDACORP Earnings Guidance (per diluted share) $ 5.65 – $ 5.85 $ 5.50 Idaho Power Additional Amortization of Accumulated Deferred $ 60 – $ 77 $ 29.8 Investment Tax Credits (millions) Idaho Power Opera
Slide 18: Contact Information
Contact Information Investors & Analysts John R. Wonderlich Investor Relations Manager (208) 388-5413 JWonderlich@idahopower.com Media Jordan Rodriguez Corporate Communications (208) 388-2460 JRodriguez@idahopower.com