Slide 1: Earnings Conference Call 3rd Quarter 2022
Earnings Conference Call 3rd Quarter 2022 November 3, 2022
Slide 2: Forward-Looking Statements
Forward-Looking Statements In addition to the historical information contained in this presentation, this presentation contains (and oral communications made by IDACORP, Inc. and Idaho Power Company may contain) statements, including, without limitation, earnings guidance and estimated key operating
Slide 3: Leadership Presenting Today
Leadership Presenting Today Lisa Grow Brian Buckham IDACORP President IDACORP Senior Vice President & Chief Executive Officer & Chief Financial Officer 3
Slide 4: Earnings Performance
Earnings Performance Three Months Nine Months Ended September 30 Ended September 30 2022 2021 2022 2021 Net income $ 106,380 $ 97,897 $ 216,928 $ 212,752 Weighted average common shares outstanding – diluted 50,722 50,681 50,689 50,621 (000’s) Earnings per diluted share $ 2.10 $ 1.93 $ 4.28 $ 4.20 4
Slide 5: Growth & Economic Expansion
Growth & Economic Expansion Idaho Power Customer Growth 2.5% Increased Earnings Guidance (Year-over-year) 615,000 $ 5.05 – $ 5.15 605,000 595,000 585,000 575,000 Residential growth near Meridian, Idaho 565,000 555,000 545,000 Twelve Months 2018 2019 2020 2021 Ended Sept. 30, 2022 Moody’s GDP Growth
Slide 6: Micron Expansion Drives Further Growth
Micron Expansion Drives Further Growth • Micron Technology, Inc. announced plans to invest ~$15 billion to construct a new memory manufacturing fab in Boise, Idaho • Co-located with Micron’s R&D center at the company’s headquarters • New fab will create over 17,000 new jobs, including approximately
Slide 7: 2023 Integrated Resource Plan (IRP) Expected to Forecast Strong Growth
2023 Integrated Resource Plan (IRP) Expected to Forecast Strong Growth 2023 IRP Load Forecast 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) 2023 IRP* 6
Slide 8: Common Stock Dividend Raised 5.3%
Common Stock Dividend Raised 5.3% (1) “At this time, management expects to recommend to the Board of Directors future annual increases in the dividend of around 5%, with the intent to move over time toward the higher end of our target payout ratio of 60 to 70% of sustainable IDACORP earnings.” Lisa
Slide 9: Q3 2021 to Q3 2022
Q3 2021 to Q3 2022 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Quarter Ended September 30, 2021 $ 97.9 Increase (decrease) in Idaho Power net income: Customer growth, net of associated power supply costs and power cost adjus
Slide 10: Operating Cash Flows, Liquidity, & Capital Structure
Operating Cash Flows, Liquidity, & Capital Structure Nine Months Cash Flows (millions) Ended September 30 IDACORP 2022 2021 Net Cash Provided by Operating Activities $ 269.0 $ 303.4 Liquidity As of September 30, 2022 (millions) IDACORP(1) Idaho Power Revolving Credit Facility – Expires December 2025
Slide 11: 2022 Earnings Per Share Guidance & Estimated Key Operating Metrics
2022 Earnings Per Share Guidance & Estimated Key Operating Metrics (Millions Except for Per Share Amounts) Current(1) Previous(2) IDACORP Earnings Per Diluted Share Guidance $ 5.05 – $ 5.15 $ 4.95 – $ 5.05 Idaho Power Additional Amortization of Accumulated No change None Deferred Investment Tax Cred
Slide 12: Weather Outlook
Weather Outlook November 2022 Through January 2023 Precipitation Temperature 12 Source: NOAA, National Oceanic Atmospheric Administration, U.S. Dept. of Commerce, October 20, 2022
Slide 13: Contact Information
Contact Information Investors & Analysts Justin S. Forsberg Director of Investor Relations & Treasury (208) 388-2728 JForsberg@idacorpinc.com Media Jordan Rodriguez Corporate Communications (208) 388-2460 JRodriguez@idahopower.com 13 Webcast and presentation on WWW.IDACORPINC.COM