Slide 1: Investor Information: Executing Our Strategy
Investor Information Executing Our Strategy June 5-6, 2013 SSIDACORP, :
Slide 2: Forward-Looking Statements
ZSIDACORP. 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 that relate to future events and expectations and, as such, constit
Slide 3: Table of Contents
Table of Contents Investor Presentation Recent Highlights Earnings Per Share & Return on Equity IDACORP Common Stock Dividend Idaho Economic Brief Capital Requirements Boardman to Hemingway Gateway West Operating Cash Flows & Liquidity Strong Credit Profile Key Financial & Operating Metrics Producti
Slide 4: Recent Highlights
Recent Highlights yx 2012 Another Successful Earnings Year * $3.37 per diluted share, without using additional accumulated deferred investment tax credits (ADITCs) * 2013-Do not expect to use additional ADITCs tx Dividend Policy Progress * Continued progress toward achieving IDACORP’s previously ado
Slide 5: Earnings Per Diluted Share & Return on Year-End Equity
Elements of Growth Earnings Per Diluted Share & Return on Year-End Equity — IDACORP (Period-End) Earnings Per Diluted Share Return on Equity May 2, 2013 $4.00 12% Guidance $3.50 $3.20- $3.35 — 10% $3.00 8% $2.50 $2.00 6% $1.50 ®% $1.00 2% $0.50 $0.00 0% 2009 2010 2011 2012 2013 2009 2010 2011 2012 2
Slide 6: IDACORP Common Stock Dividend
Elements of Growth IDACORP Common Stock Dividend Based on IDACORP’s current estimates for earnings and cash flow and assuming IDACORP meets those estimates, At Least IDACORP’s management continues to anticipate $1.68 (0 recommending to the Board of Directors an additional $1.52 increase to the quart
Slide 7: Idaho Economic Brief
Elements of Growth Idaho Economic Brief WyP ZIONS BANK — ils). «= CHOBANT GREEK YOGURT G @® Allstate ATCO Convicts WinCo Outil
Slide 8: Idaho Economic Brief: Unemployment and Customer Growth
Elements of Growth Idaho Economic Brief Unemployment Rate 10.0 8.0 6.0 4.0 2.0 0.0 ‘i eee S| it t a ne | 2007 2008 2009 2010 2011 2012 | 2013 2014 2015 2016 | Historic idaho WU.S. Forecast Source: Moods Analytics, February 2013 General Business Customer Growth — Twelve Months Ended March 31, 7,000 5
Slide 9: Capital Requirements
Elements of Growth Capital Requirements $350 $328 $324 300 ‘ $275 $273 $236 $247 250 $: $228 $200 $202 $150 $100 $50 50 2008 2009 2010 2011 2012 2013-15 Average @ Other Capital Requirements il Langley Gulch Power Plant — Average Idaho Power capital expenditures 2008 to 2012—$273 million — Average Id
Slide 10: Boardman to Hemingway 500kV Transmission Line Project
Elements of Growth Boardman to Hemingway 500kV Transmission Line Project + Joint funding agreementJan. 2012 for project permitting costs — Idaho Power-21% — BPA-24% — PacifiCorp-55% * 300 mile, 500-kV transmission line * In-service date unlikely before 2018 * Capacity: — 1,000 MW east to west — 1,05
Slide 11: Gateway West Transmission Line Project
Elements of Growth Gateway West Transmission Line Project Ajoint project between Idaho Power Company and PacifiCorp Total cost for Idaho Power's share of project — between $150 million and $300 million, including AFUDC Idaho Power's estimated cost of permitting phase is $24 million, including AFUDC
Slide 12: Operating Cash Flows and Liquidity
Strong Financial Position Operating Cash Flows (S Million) IDACORP Net cash provided by operating activities Liquidity As of March 31, 2013 (S Million) y) IDACORP. 2008 2009 2010 2011 2012 $136.5 $284.4 | $305.4 | $310.2 $249.3 IDACORP®? Idaho Power Revolving Credit Facility — Expires October 2017 $
Slide 13: Strong Credit Profile
Strong Financial Position Strong Credit Profile (S Millions) Idaho Power Senior Secured Debt Rating: S&P Moody’s As of May 2, 2013: A- A2 Stable Outlook + Manageable Debt Maturities lao: °230. Low Average Cost of Long-Term Debt — 5.4% + 48% Debt to Equity Ratio Minimal Near-Term Manageable refinanci
Slide 14: Key Financial & Operating Metrics and 2013 Earnings Guidance
Strong Financial Position Key Financial & Operating Metrics and 2013 Earnings Guidance Idaho Power Operations & Maintenance Expense (millions) Idaho Power Additional Amortization of ADITC (millions) Idaho Power Capital Expenditures excluding AFUDC (millions) Idaho Power Hydroelectric Generation (mil
Slide 15: Productive Regulatory Strategy: Notable Regulatory Actions
12 Productive Regulatory Strategy 2012 2013 Notable Regulatory Actions 2012 Effective Date @SIDACORP. Annualized Revenue Impact (Milli idahoSettlement Agreement January Oregon General Rate Case March 1 idahoPca June Oregon APCU June i End of Accelerated Depreciation For Non — AMI Meters June Idaho D
Slide 16: Low Rates for Customers
Productive Regulatory Strategy Low Rates for Customers Residential and Industrial (cents / kilowatt-hour) Residential Industrial $0.14 $0.09 —i—_a : $0.12 ss * $0.07 = = ao = z $0.10 $0.05 $0.08 é $0.03 $0.06 $0.04 $0.01 2007 2008 ©2009-2010 2011-2012 2007 ©2008 «= 2009 2010 201-2012 Idaho Power BE
Slide 17: IDACORP's 2012 Sustainability Report
Good Corporate Citizen IDACORP’s 2012 Sustainability Report * Balanced and responsible management o— * Operational excellence * Environmental stewardship Engaged, empowered workforce Strong community partnerships CO, Emissions from Idaho Power-Owned Generation Industry Average CO, Emissions- Million
Slide 18: Good Corporate Citizen: Awards and Customer Satisfaction
as Good Corporate Citizen TARGET ROCK USTAINABILITY ACHIEVEMENT. News Release IDACORP Recognized as Utility Sustainability Leader Ma: 26,2013 + IDACORP selected from approximately 150 publicly traded energy companies + Oneof three award recipients in the mid-cap category + Based on environmental ste
Slide 19: Responsible Development & Protection of Resources
Responsible Development & Protection of Resources
Slide 20: Appendix
Appendix me IDACORP.
Slide 21: Who We Are
Who We Are ~ =e IDACORP Our Vision: To be regarded as an | exceptional utility. Regulated |__ =a IDAHO @.\ POWER. Our Mission: An IDACORP Company Prosper by providing Non-Regulated reliable, responsible, eA fair-priced energy services, —[ today and tomorrow. Shea Ad
Slide 22: Idaho Power Service Area
Idaho Power Service Area @ Hydroelectric Facilities WASHINGTON A Thermal Facilities OREGON WYOMING 9. NEVADA
Slide 23: Idaho Power Core Business
AB Idaho Power Core Business Fully Integrated Electric Utility As of December 31, 2012 Transmission 4,851 Miles of High Voltage Transmission Lines WASHINGTON, Generation 1,709 MW Hydro 1,885 MW Thermal MONTANA Distribution 26,764 Miles of Distribution Lines OREGON Seay Customers WYOMING Over 500,000
Slide 24: General Business Energy Sales & Revenues
General Business Energy Sales & Revenues By Customer Class General Business Energy Sales General Business Revenues (IMWh’s- Thousands) (Smillions) 16,000 972.6 13,948 4goss 14,255 sean $883.8 5 fee ; ; i a 870.4 eae 13513 13,734 $900 $800 12,000 $700 10,000 $600 8,000 $500 6,000 $400 $300 4,000 $200
Slide 25: Credit Ratings
> Credit Ratings As of May 2, 2013 Corporate Credit Rating / Long-Term Issuer Rating Senior Secured Debt Senior Unsecured Debt Short-Term Tax-Exempt Debt Commercial Paper Senior Unsecured Credit Facility Senior Unsecured Rating Outlook Date of Last Action Standard and Poor’s Idaho Power BBB BBB/A-2
Slide 26: Additional ADITCs Available for 2013-2014
Additional ADITCs Available —— for 2013-2014 Sharing Percentage 2012 Sharing Benefits” 100%- $7.2 Million $14.6 Million 75% Customer Benefit 50%} Earnings Deadband 25% Company Benefit —————- Ability to use additional Return On Year-End Equity in Idaho Jurisdiction ADITCs of up to $45 million over tw
Slide 27: Summer Peak Load and Resources
AT y) IDACORP. Summer Peak Load and Resources 3,245 MW- July 12, 2012 4,000 Nameplate Capacity 3,606 MW Total Load - 3,245 MW 3,000 Purchased 2,500 Power 2,000 Langley 1,500 Hydro 1,000 500 Coal 0 —— , —— ae Wind 12:00 a.m. 6:00am. 12:00 p.m. 6:00 p.m. 12:00 a.m. Demand Response contributed 65 MW re
Slide 28: PURPA Projects Under Contract & Proposed
PURPA Projects Under Contract & Proposed 1982-2016 * As of December 2012 1400 PURPA under Contractas of December 31,2012 829.2 MW 7208, 1D Biomass in 1 Wind in Dispute 142 MW ae 1D Solar in Dispute 6oMW. 1000 ropose _ ‘ORWind Proposed 40MW — 2 IDWind Proposed 135MW. Proposed 2 cs 2 800 Fa 2 ID Bioma
Slide 29: Load vs. Wind
AS Load vs. Wind July 12, 2012 Peak Load - 3,245 MW Wind during Peak Load - 14 MW 3400 500 X Wind Capacity on July 12, 2012 450 3200 400 3000 386 2 2 300 2800 a E 250 % 2600 $ 200 rs © os00 150 100 2200 so 2000 ° —sysremtoan —rorat wino Total Wind MW
Slide 30: Sources of Electricity
Sources of Electricity Total Energy Sources: 2012 21%, ase Resource Portfolio Fuel Mix 2012 @ Coal M Hydro i Natural Gas A10 Projected 2030* 2% 24% Pe Projected 2030 * 5% Pe Purchased Power tWind i Other Source: Idaho Power 2011 Integrated Resource Plan
Slide 31: Summary of Pollution Controls
Summary of Pollution Controls Currently Installed Expected Jim Bridger Unit 1 Jim Bridger Unit 2 Jim Bridger Unit 3 Jim Bridger Unit 4 Boardman North Valmy Unit 1 North Valmy Unit 2 Nox $02 Opacity and PM Mercury Dry Low NOx Scrubber Scrubber Sorbent | [Electro-Static Sorbent Burners SCR Installatio
Slide 32: Summer Outlook June 2013 Through August 2013
NSIDACORP Summer Outlook June 2013 Through August 2013 Precipitation Temperature "33% to 40% Chance of Below Normal Precipitation 33% to 40% Chance of Above Normal Temperature IB 40% to 50% Chance of Below Normal Precipitation BB 40% to 50% Chance of Above Normal Temperature 1B 50% or Greater for Be
Slide 33: Quarterly Earnings Distribution
Quarterly Earnings Distribution AB 100% 80%. 60% 40% 20% 0% 10% @ Quarter 4 @ Quarter 3 @ Quarter 2 21% @ Quarter 1 2007 2008 2009 2o10 zou 2012 h February 2009 — New PCAmechanism and year-round three tiered rate structure -Idaho
Slide 34: For Additional Information
y) IDACORP. For Additional Information StevenR. Keen Idaho Power Company -— Senior Vice President, Finance and Treasurer IDACORP, Inc.— Vice President, Finance & Treasurer (208) 388-2200 SKeen@idahopower.com Lawrence F. Spencer Director of Investor Relations (208) 388-2664 LSpencer@idacorpinc.com WW