Slide 1: Earnings Conference Call 3rd Quarter 2024
Earnings 3rd Quarter 2024 Conference Call October 31, 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 Nine months ended September 30, ended September 30, 2024 2023 2024 2023 Net income (thousands) $ 113,605 $ 105,264 $ 251,298 $ 229,936 Weighted average common shares outstanding – diluted 53,485 50,805 52,179 50,762 (thousands) Diluted earnings per share $ 2
Slide 5: Growth and Economic Expansion
Growth and Economic Expansion Idaho Power Customer Growth 2.6% Moody’s GDP Growth 650,000 (Year-over-year) Projections for Idaho 640,000 Power’s Service Area: 630,000 • 2024: 5.2% 620,000 • 2025: 4.2% 610,000 600,000 590,000 580,000 Twelve Months 2020 2021 2022 2023 Ended September 30, 2024 5
Slide 6: 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 Battery Storage 200 MW Owned Energy and Capacity 200 MW Market Purchase 2027(4) Wind 300 MW PPA; 300
Slide 7: Idaho and Oregon Rate Case Activity
Idaho and Oregon Rate Case Activity Oregon General Rate Case Idaho Limited-Issue Rate Case • Filed with the OPUC in December 2023 • Filed with the IPUC in May 2024 • In September 2024, the OPUC issued an order • Requested rate increase effective January 1, approving settlement stipulations 2025 • Id
Slide 8: Q3 2023 to Q3 2024
Q3 2023 to Q3 2024 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Three Months Ended September 30, 2023 $ 105.3 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour, net of associated power supply co
Slide 9: Operating Cash Flows and Liquidity
Operating Cash Flows and Liquidity IDACORP Cash Flows Nine Months Ended September 30, (millions) 2024 2023 Net Cash Provided by Operating Activities $ 458.0 $ 162.0 Liquidity As of September 30, 2024 (millions) IDACORP(1) Idaho Power Net balance available(2) $ 100.0 $ 380.1 IDACORP Equity Financing
Slide 10: Capital Expenditures Forecast
Capital Expenditures Forecast(1) 2024 – 2028 ~46% increase from previous 5-year forecast $1,500 $1,400 $1,300 ~$1,165M per year $1,200 average forecast $1,100 $1,000 $900 $ Millions $800 ~201% $700 increase $600 $500 $400 $300 ~$387M actual $200 per year average, $100 previous 5 years $0 2024 2025 2
Slide 11: Total System Rate Base Growth Forecast
Total System Rate Base Growth Forecast (1) $10.5 $0.8B $10.0 16.9% CAGR 2024-2028* $0.6B(3) $9.5 $9.0 $8.5 $1.7B Rate Base in $ Billions $8.0 $7.5 $1.7B $7.0 $6.5 $1.3B ~$5.2B $0.4B(2) $6.0 $5.5 $1.0B $5.0 $4.5 $4.0 $4.2B $3.8B $3.5 2022 Rate Base 2023 2024 2025 2026 2027 2028 (Prior Rate Base CAGR
Slide 12: Financing Plan Forecast
Financing Plan Forecast (1) 2025 – 2028 $ Millions Net Cash Dividends Equity Content Issued Repaid Capital from ------------------------Equity ------------------------ ----------------------Debt ---------------------- Expenditures(2) Operations (1) As of October 31, 2024. Financings plans are for il
Slide 13: 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) $ 5.35 – $ 5.45 $ 5.30 – $ 5.45 Idaho Power Additional Amortization of Accumulated Deferred $ 25 – $ 35 $ 35 – $ 50 Investment Tax Credits (ADITCs) (millions) Ida
Slide 14: 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