Idacorp, Inc. · NYSE:IDA
Idacorp — Q3 2023 Earnings Presentation
12 slides from Idacorp's earnings presentation, Nov 2, 2023
Slide 1: Earnings Conference Call
Earnings Conference Call 3rd Quarter 2023 November 2, 2023
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, are based on, or i
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 2023 2022 2023 2022 Net income (thousands) $ 105,264 $ 106,380 $ 229,936 $ 216,928 Weighted average common shares outstanding – diluted 50,805 50,722 50,762 50,689 (thousands) Earnings per diluted share $ 2.07 $ 2.10
Slide 5: Growth and Economic Expansion
Growth and Economic Expansion Idaho Power Customer Growth 2.3% Moody’s GDP Growth 630,000 (Year-over-year) Projections for Idaho Power’s Service Area: 620,000 • 2023: 5.7% 610,000 • 2024: 3.7% 600,000 590,000 580,000 570,000 Twelve Months 2019 2020 2021 2022 Ended Sept. 30, 2023 5
Slide 6: Idaho General Rate Case Settlement
Idaho General Rate Case Settlement • Rate increase effective January 1, 2024, pending IPUC approval of the Settlement Stipulation • Idaho-jurisdiction retail revenue: • Annual net average increase of 4.25% ($54.7 million) • Establishes new level of PCA base net power supply expense of ~$485 million
Slide 7: 2023 Integrated Resource Plan Filed
2023 Integrated Resource Plan Filed 7
Slide 8: RFP Update
RFP Update In-Service Resource Owned or Contracted 2023 Battery Storage 120 MW Owned Solar 40 MW PPA* 2024 Battery Storage 96 MW Owned Solar 100 MW PPA 2025 Battery Storage 77 MW Owned; 150 MW PPA Solar 200 MW PPA* 2026 TBD – Evaluating Bids TBD 2027 TBD – Evaluating Bids TBD * Allocated to customer
Slide 9: Q3 2022 to Q3 2023
Q3 2022 to Q3 2023 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Quarter Ended September 30, 2022 $ 106.4 Increase (decrease) in Idaho Power net income: Customer growth, net of associated power supply costs and power cost adju
Slide 10: Operating Cash Flows and Liquidity
Operating Cash Flows and Liquidity Cash Flows (millions) Nine Months Ended September 30 IDACORP 2023 2022 Net Cash Provided by Operating Activities $ 162.0 $ 269.0 Liquidity As of September 30, 2023 (millions) IDACORP(1) Idaho Power Revolving Credit Facility – Expires December 2026(2) $ 100.0 $ 300.
Slide 11: 2023 Earnings Per Share Guidance and Estimated Key Operating Metrics
2023 Earnings Per Share Guidance and Estimated Key Operating Metrics Current(1) Previous(2) IDACORP Earnings Per Diluted Share Guidance $ 5.05 – $ 5.15 $ 4.95 – $ 5.15 Idaho Power Additional Amortization of Accumulated Deferred Up to $10 Approximately $15 Investment Tax Credits (millions) Idaho Powe
Slide 12: Contact Information
Contact Information Investors & Analysts Amy I. Shaw Director of Investor Relations, Compliance, and Risk (208) 388-5611 AShaw@idahopower.com Media Jordan Rodriguez Corporate Communications (208) 388-2460 JRodriguez@idahopower.com 12