Idacorp, Inc. · NYSE:IDA
Idacorp — Investor Presentation (March 2014)
21 slides from Idacorp's investor presentation, Mar 18, 2014
Slide 1: Las Vegas, Nevada, March 19, 2014
Las Vegas, Nevada March 19, 2014
Slide 2: Forward-Looking Statements
. GSSIDACORP. Forward-Looking Statements Inaddition to the historical information contained in this presentation, this presentation contains (and oral communications made by IDACORP, Inc. and Idaho Power Company may cantain} statements that relate to future events and expectations and, as such, cons
Slide 3: IDACORP Investment Highlights
IDACORP Investment Highlights 3k Strong Foundation For Success ¢ Nearly 100 Years as a Fully Integrated Electric Utility * Low Cost Hydroelectric Generating Resources * Productive Regulatory Strategy +k Proven Record of Achievement * Solid Financial Results * Good Corporate Citizen ¢ Achieving Regul
Slide 4: Recent Highlights
Recent Highlights 3 2013 EPS Continued Improvement 2013 produced $3.64 earnings per diluted share—a sixth consecutive year of improved earnings with no use of additional ADITCs 2012 successfully delivered $3.46” per diluted share, without using additional accumulated deferred investment tax credits
Slide 5: Who We Are
Who We Are =e IDACORP Our Vision: To be regarded as an | exceptional utility. Regulated |__ =a IDAHO @.\ POWER. Our Mission: An IDACORP Company Prosper by providing Non-Regulated reliable, responsible, eA fair-priced energy services, —[ today and tomorrow. Shea
Slide 6: Idaho Power Service Area
= @SIDACORP. Idaho Power Service Area Core Business a er | Hydro 7 4,709 Coal 3 4,118" Natural Gas 3 762 Diese! 1 5 Total 3,694 Customers 508,435 General business customers as of December 31, 2013 24 In service [: tep-Up ston) Transmission 4,856 Milles of high-voltage transmission lines Distribution
Slide 7: Idaho Economic Brief
: . @NSIDACORP. Idaho Economic Brief Idaho Power Customer Growth Idaho named the 9th best state for expected job growth in the nation Forbes #000 7350 Sept. 25,2013 7,000 Idaho tax climate named 18" 6,000 friendliest for business 5,534 IDAHO BUSINESS REVIEW sag October 2013 4,000 3,497 Boise ranked
Slide 8: General Business Energy Sales & Revenues
General Business Energy Sales & Revenues By Customer Class General Business Energy Sales (IMWh’s- Thousands) 14,085 15948 43,513 13,734 2009 = 2010. 2011. 20122013 Residential Commercial industrial Irrigation $1,200 $1,000 $800 $600 $400 $200 $0 Oe SSIDACORP. General Business Revenues (Smillions) $8
Slide 9: Earnings Per Diluted Share & Return on Year-End Equity
SIDACORP. Earnings Per Diluted Share & Return on Year-End Equity — IDACORP (Period-End) Earnings Per Diluted Share © Return on Equity © $4.00 12% $3.64 10.4% 10% 8% 6% 4% 2% 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 8 4) Adjusted for effect of a change in accounting method for IDACORP Financ
Slide 10: Operating Cash Flows and Liquidity
Operating Cash Flows (S Million) IDACORP Net cash provided by operating activities Liquidity As of December 31, 2013 ($ Million) Cash & Cash Equivalents Revolving Credit Facility — Expires October 2018 Commercial Paper Outstanding Identified for Other Use? 18) Holding company only 2009 2010 2011 $28
Slide 11: ADITC Extension 2012-2014
10 . ESSIDACORP. ADITC Extension 2012-2014 2013 Sharing Benefits ” Sharing Percentage 100% $7.6 Million $16.5 Million 75% s0%-| Earnings Deadband 25% ——_ Return On Year-End Equity In Idaho Jurisdiction Ability to use additional ADITC’s of up to $45 million in 2014 —. ( AtFebruary 20, 2014, the compa
Slide 12: Key Financial & Operating Metrics and 2014 Earnings Guidance
ai Key Financial & Operating Metrics and 2014 Earnings Guidance (In millions except per share amounts) 2014 Estimates 2013 Actual Idaho Power Operations & Maintenance Expense $ 335-$ 345 $ 349 Idaho Power Additional Amortization of ADITC Less than $5 None Idaho Power Capital Expenditures Excluding A
Slide 13: Estimated 2014-2018 Capital Requirements
12 Estimated 2014 — 2018 Capital Requirements (Millions) 2014 2015 2016 - 2018 Ongoing Capital Expenditures $ 235-245 $ 275-290 S$ 855-900 Jim Bridger Plant Environmental Controls 45-50 40-45 20-25 Totals S 280-295 S$ 315-335 S$ 875-925
Slide 14: Productive Regulatory Strategy
13 Productive Regulatory Strategy 2012 2013 NN SIDACORP. 2012 Annualized Revenue Notable Regulatory Actions Effective Date Impact (Millions) IdahoSettlement Agreement January 1 $ 34.0 | Oregon General Rate Case March 1 18 IdahoPca | June 1 43.0 Oregon APCU | June i 18 End of Accelerated Depreciation
Slide 15: Productive Regulatory Strategy: Low Rates for Customers
14 Productive Regulatory Strategy Low Rates for Customers Residential and Industrial (cents / kilowatt-hour) $0.14 $0.12 $0.10 $0.08 $0.06 $0.04 Residential Industrial $0.09 ae s0.07 s — ss $0.05 $0.03 a a $0.01 2008 2009 2010 #Idaho Power 2011 2012-2013 Bb National Average” 2008 2009 2010 2011 2012
Slide 16: Strong Financial Position
as . . we \__ SIDACORP Strong Financial Position Debt Maturity Profile (S Millions) + Manageable Debt Maturities + Low Average Cost of Long-Term Debt— 5.2% + 48% Debtto Equity Ratio $240 $230 No Near-Term Manageable refinancing needs and Refinancing Pressure ‘windows of opportunity inten year harizo
Slide 17: Elements of Growth: Common Stock Dividend
Elements of Growth IDACORP Common Stock Dividend “Based on IDACORP’s current estimates for earnings and cash flow, assuming the company meets those estimates and depending on other factors influencing dividend decisions, IDACORP’s management anticipates recommending to the IDACORP Board of Directors
Slide 18: Boardman to Hemingway 500kV Transmission Line Project
Elements of Growth - Boardman to Hemingway 500kV Transmission Line Project * Joint funding agreementJan. 2012 for project permitting costs — Idaho Power-21% — BPA-24% = PacifiCorp - 55% * 300 mile, 500-kV transmission line * In-service date in 2020 or beyond + Capacity: — 1,000 MW eastto west — 1,05
Slide 19: Gateway West Transmission Line Project
18 ~~ Sipacorp Elements of Growth . Gateway West Transmission Line Project + Ajoint project between Idaho Power Company and PacifiCorp * Total cost for Idaho Power's share of project - between $150 million and $300 million, including AFUDC + Idaho Power’s estimated cost of permitting phase is $26 mi
Slide 20: Spring Outlook March Through May 2014
- eipacorp Spring Outlook Si March Through May 2014 Precipitation "33% to 40% Chance of Below Normal Precipitation 33% to 40% Chance of Above Normal Temperature BB 40% to 50% Chance of Below Normal Precipitation BB 40% to 50% Chance of Above Normal Temperature 1B 50% or Greater for Below Normal Prec
Slide 21: For Additional Information
For Additional Information StevenR. Keen Idaho Power Company -— Senior Vice President, CFO & Treasurer IDACORP, Inc.— Vice President, Finance & Treasurer (208) 388-2200 SKeen@idahopower.com Lawrence F. Spencer Director of Investor Relations (208) 388-2664 LSpencer@idacorpinc.com WWW.DACORPIIC.COM WW