Slide 1: Earnings Conference Call 2nd Quarter 2025
Earnings Conference Call 2nd Quarter 2025 July 31, 2025
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 John Wonderlich IDACORP President IDACORP Senior Vice President, IDACORP Vice President of IDACORP Investor & Chief Executive Officer Chief Financial Officer & Treasurer Finance, Compliance & Risk Relations Manager 3
Slide 4: IDACORP Earnings Performance
IDACORP Earnings Performance Three months Six months ended June 30 ended June 30 2025 2024 2025 2024 Net income (thousands) $ 95,781 $ 89,520 $ 155,428 $ 137,693 Weighted average common shares outstanding – diluted 54,380 52,236 54,249 51,519 (thousands) Diluted earnings per share $ 1.76 $ 1.71 $ 2.
Slide 5: Growing Load and Customer Growth
Growing Load and Customer Growth 2025 IRP Load Forecast(1) vs. Prior IRPs Idaho Power Customer Growth 2.5% (Year-over- 5-Year Forecasted Annual 20-Year Forecasted Annual year) 660,000 Growth Rate Growth Rate 650,000 Retail Sales Annual Peak Retail Sales Annual Peak (Billed MWh) (Peak Demand) (Billed
Slide 6: Large-Load Customer Construction Site
Large-Load Customer Construction Site 6
Slide 7: Boardman-to-Hemingway
Boardman-to-Hemingway Broke ground in June of 2025 • OPUC, IPUC, and WPSC granted respective certificates of public convenience and necessity • Idaho Power’s interest in Boardman-to-Hemingway (B2H) is ~45% • Long-term transmission service commitment to Bonneville Power Administration’s customers acr
Slide 8: 2025 IRP Preferred Portfolio and Action Plan
2025 IRP Preferred Portfolio and Action Plan* • Flexible Resources Needed – 450 MW of new gas in 2029 and 2030 • Additional Capacity Resources Needed – 355 MW of peak capacity resources in 2028 and 2029 • Continued Need for Transmission – B2H and SWIP-N needed in preferred portfolio 8 *The table abo
Slide 9: 2025 IRP System Peak Forecast
2025 IRP System Peak Forecast* 9 *The graph above comes from the 2025 IRP Appendix A Sales and Load Forecast page 10. Link: 2025 Integrated Resource Plan Appendix A: Sales and Load Forecast
Slide 10: RFP Update
RFP Update(1)(2) Year Owned Contracted CEYW(3) 2028 RFP Final Short List(2)(4) 2029+ RFP Final Short List(2)(4) Technology Structure Technology Structure 2023 120 MW BESS None 40 MW Solar 167 MW gas Self-Build 300 MW solar Asset Purchase 2024 96 MW BESS 100 MW Solar None 200 MW solar + 100 PPA/BSA 8
Slide 11: Idaho General Rate Case
Idaho General Rate Case • Filed with the IPUC on May 30, 2025 • Rates requested to become effective January 1, 2026 • Request includes: – Increase of $199.1 million, or 13.09%, in total Idaho-jurisdictional revenue – 10.4% Idaho-jurisdiction ROE and a 51% equity ratio – Authorization to establish a
Slide 12: Comparing Q2 2024 to Q2 2025
Comparing Q2 2024 to Q2 2025 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Three Months Ended June 30, 2024 $ 89.5 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour (MWh), net of power cost adjus
Slide 13: Liquidity Profile
Liquidity Profile Simple long-term debt and common stock capital structure with no holding company debt Liquidity As of June 30, 2025 (millions) IDACORP(1) Idaho Power Net balance available(2) $ 100.0 $ 400.0 Net Proceeds IDACORP Equity Financing Remaining as of Available as of Settled To-Date (mill
Slide 14: 2025 Earnings Per Share Guidance and Estimated Key Operating Metrics
2025 Earnings Per Share Guidance and Estimated Key Operating Metrics Current(1) Previous(2) IDACORP Earnings Guidance (per diluted share) $ 5.70 – $ 5.85 $ 5.65 – $ 5.85 Idaho Power Additional Amortization of ADITC (millions) No Change $ 60 – $ 77 Idaho Power O&M Expense (millions) No Change $ 465 –
Slide 15: Contact Information
Contact Information Investors & Analysts John R. Wonderlich Investor Relations Manager (208) 388-5413 JWonderlich@idahopower.com Media Jordan Rodriguez Corporate Communications (208) 388-2460 JRodriguez@idahopower.com