Idacorp, Inc. · NYSE:IDA
Idacorp — Non-Deal Roadshow (June 2015)
23 slides from Idacorp's roadshow presentation, Jun 18, 2015
Slide 1: Investor Meetings
Investor Meetings 0) June 2015
Slide 2: Forward-Looking Statements
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 contain} statements, including, withaut limitation, earnings guidance, that relate ta future event
Slide 3: IDACORP Investment Highlights
@ASIDACORP. IDACORP Investment Highlights Strong Foundation for Success + Nearly 100 Years as a Fully Integrated Electric Utility + Low Cost, Clean, No Carbon Hydroelectric Generating Resources + Productive Regulatory Strategy 2014 EPS Exceeded a Successful 2013 * 2014 was the seventh consecutive ye
Slide 4: Who We Are
GSSIDACORP. Who We Are =<SIDACORP | Regulated Our Vision: — = SA IDAHO To be regarded as an Ga. POWER. exceptional utility. ‘An IDACORP Company Non-Regulated Our Values: Integrity, Safety Re RaNL and Respect meee mos ora Our Mission: Prosper by providing reliable, responsible, fair-priced energy ser
Slide 5: Idaho Power Service Area
@NSIDACORP. Idaho Power Service Area Core Business Generation Resource Facilitios Nameplate (MW) Hydro 7 1,709 Coal 3 1.118" Natural Gas 3 762 Diese! 1 5 Total 24 3,594 Customers: 515,763 General business customers as of December 31, 2014 Step-Up Station 24 In service 27,072 Miles of distribution li
Slide 6: Safety
Safety ” Safety4ife FOCUS * ASSESS * CHOOSE * SPEAK UP Safety is one of Idaho Power Company's core values. Your most important responsibility in your daily work is safety. Safety is always more important than the work being performed. No work is so critical that an employee should disregard safety.
Slide 7: Continued Economic Progress
Continued Economic Progress oe Idaho Power Customer Growth Idaho Power Service Area Employment Fourth Quarter Average 470,000 525,000 459,795 460,000 515,000 450,656 1.4% 4.5% 450,000 re 436,56 505,000 recy 440,000 0.76 430,000 495,000 2-4 424,784 420,000 485,000 410,000 475,000 400,000 2010-2011. 2
Slide 8: Continued Economic Progress
. . @ASIDACORP. Continued Economic Progress “Idaho Gov. C.L.”Butch” Otter said the state’s recent economic development efforts, specifically new tax credits for businesses that create jobs, have exceeded his expectations.” IDAHO BUSINESS REVIEW January 8, 2015 “Idaho's seasonally adjusted unemployme
Slide 9: Earnings Per Diluted Share & Return on Year-End Equity
Earnings Per Diluted Share & Return on Year-End Equity — IDACORP (Period-End) $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Earnings Per Diluted Share © Return on Equity © 12% 2010 2011 2012 2013 2014 2010-20112 2012, 20132014 10) Adjusted for effect of a change in accounting method or
Slide 10: 2010 — 2015 Historic Mid-Point Opening Annual EPS Guidance
2010 — 2015 Historic Mid-Point Opening Annual EPS Guidance $4.00 Represents the mid-point of the Company’s opening EPS guidance $3.73 —based on normal weather & water conditions. $3.48 $3.50 $3.28 $3.08 $3.00 2.88. $2.73 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 2010 2011 2012 2013 2014 2015
Slide 11: IDACORP Common Stock Dividend
. _GRSIDACORP. IDACORP Common Stock Dividend ~ “Today's action by the Board of Directors moves the dividend payout ratio closer to IDACORP’S stated long-term goal of between a fifty and sixty percent payout of sustainable IDACORP earnings, and is reflective of continued strong performance by the com
Slide 12: Key Financial & Operating Metrics and 2015 Earnings Guidance
@ASIDACORP. Key Financial & Operating Metrics and 2015 Earnings Guidance (millions except for per share amounts) 2015 Estimates Current» Previous 3 Idaho Power Operations & Maintenance Expense No Change § 340-$ 350 Idaho Power Additional Amortization of ADITC No Change None Idaho Power Capital Expen
Slide 13: Elements of Growth
@NSIDACORP. Elements of Growth Capital Expenditures Forecast 2015 — 2019 (Millions) 2015 2016 2017 - 2019 Ongoing Capital Expenditures $ 255-260 $ 285-290 $ 850-905 Jim Bridger Plant Environmental Controls 45-50 15-20 20-25 Totals S$ 300-310 S$ 300-310 S$ 870-930 * Boardman to Hemingway (B2H) — Targ
Slide 14: ADITC Settlement 2015-2019
@SIDACORP. ADITC Settlement 2015-2019") Sharing Percentage 100% 75%- Customer Benefit - Rate Decrease Earnings 50% Deadband 25% Company Benefit (25%) = Return On Year-End Equity In Idaho Jurisdiction Ability to use additional ADITC’s of up to $45 million from 2015-2019 ee 0) As approved by the Idaho
Slide 15: Idaho Power Revenue Sharing/ADITC Extension
Idaho Power Revenue Sharing/ ADITC Extension Idaho Public Utilities Commission Filing 2009 — 2011 2012-2014 General Rate Case Stay Out? Yes No Available ADITC For Use $45 Million $45 Million ROE Threshold 9.5% 9.5% 50-50 Sharing Threshold 10.5% 10.0% 75-25 Sharing Threshold NA. 10.5% Customer Benefi
Slide 16: Operating Cash Flows and Liquidity
@SIDACORP. Operating Cash Flows (S Million) Three Months Ended Twelve Months Ended December 31 March31 IDACORP 2011 2012 2013 2014 2015 Net cash provided by operating activities $310.2 $249.3 $305.5 $364.3 | $105.4 Liquidity As of March 31, 2015 ($ Million) Idaho IDACORP" Power Revolving Credit Faci
Slide 17: Strong Financial Position
Strong Financial Position Debt Maturity Profile ($ Millions) $240 $230 g No Near-Term Manageable refinancing needs Shao Refinancing Pressure and windows of opportunity oS ——_ E $105 12015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2020 2031 2032 2033 2034 2035 2036 2027 20
Slide 18: Productive Regulatory Strategy
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 GNSIDACORP. Residential Industrial $0.09 egy ug yay $0.05 a $0.03 $0.01 2009 2010 «2011 2012 2013 2014 “@idaho Power —+tid-National Average 2009 ©2010 2011
Slide 19: Recent Regulatory Orders — Idaho
@ASIDACORP. Recent Regulatory Orders — Idaho Effective June 1, 2015 to May 31, 2016 * Power Cost Adjustment (PCA) — Overall decrease of $11.6 million, or (1.05%), in part due to change in methodology from load-based to sales-based adjustment rate — Included in the PCA calculation, Idaho customers wi
Slide 20: 2015 Integrated Resource Plan
2015 Integrated Resource Plan Notable Items: * Twenty-three different portfolios were analyzed around various 111(d) compliance and coal retirement scenarios * 111(d) creates considerable uncertainty * First anticipated deficit year ranges from 2020 to 2025 depending on 111(d) compliance and coal re
Slide 21: Near Term IRP Action Plan
@NSIDACORP. Near Term IRP Action Plan 2015-2018 Ongoing permitting, planning studies, and regulatory filings 2015-2018 Gateway West Ongoing permitting, planning studies, and regulatory filings 2 Continue the pursuit of cast effective energy efficiency. The forecast 2015-2019 Energy efficiency reduct
Slide 22: Summer Outlook
Summer Outlook = June 2015 Through August 2015 Precipitation ||| 33% to 40% Chance of Below Normal Precipitation BB 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 BB 50% to 60% Chance of Below Normal
Slide 23: For Additional Information
. ZSIDAcorP For Additional Information = StevenR. Keen Senior Vice President, Chief Financial Officer and Treasurer (208) 388-2600 SKeen@idahopower.com Lawrence F. Spencer Director of Investor Relations (208) 388-2664 LSpencer@idacorpinc.com WWW.IDACORPIC.COM. WWW.D AHOPOWER.COM