Slide 1: Earnings Conference Call
Earnings Conference Call 4th Quarter & Year-End 2023 February 15, 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: Earnings Performance
Earnings Performance Three months Year ended ended December 31 December 31 2023 2022 2023 2022 Net income (thousands) $ 31,259 $ 42,053 $ 261,195 $ 258,982 Weighted average common shares outstanding – diluted 50,934 50,727 50,806 50,699 (thousands) Diluted earnings per share $ 0.61 $ 0.83 $ 5.14 $ 5
Slide 5: Consecutive Years of EPS Growth
16 Consecutive Years of EPS Growth(1) $5.11 $5.14 $5.00 $4.85 $4.69 $4.61 $4.60 ~7% CAGR since 2007 $4.21 $4.49 $4.20 $3.94 $3.85 $3.87 $3.80 $3.64 $3.43 $3.46 $3.40 $3.00 $3.00 $2.68 $2.60 $2.17 $2.20 $1.86 $1.80 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (
Slide 6: Growth and Economic Expansion
Growth and Economic Expansion Moody’s GDP Growth Idaho Power Customer Growth 2.4% Projections for Idaho Power’s (Year-over-year) 640,000 Service Area: 630,000 • 2024: 3.6% 620,000 • 2025: 3.7% 610,000 600,000 590,000 580,000 570,000 2019 2020 2021 2022 2023 6
Slide 7: Idaho General Rate Case Settlement
Idaho General Rate Case Settlement • On December 28, 2023, the IPUC issued an order approving a settlement stipulation related to the Idaho general rate case filing • Rate increase effective January 1, 2024 • Idaho-jurisdiction retail revenue: – Annual net average increase of 4.25% ($54.7 million) –
Slide 8: General Rate Case Filed in Oregon
General Rate Case Filed in Oregon • Filed with the OPUC on December 15, 2023 • Targeting rate increase October 15, 2024 • 19.28% overall average customer rate increase ($10.7 million in Oregon-Jurisdiction revenues) • Oregon retail rate base of ~$188.9 million • Requested ROE of 10.4%; 7.807% rate o
Slide 9: 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 PPA 2026 TBD – Evaluating Bids TBD 2027 TBD – Evaluating Bids TBD (1)Distribution site battery storage is excl
Slide 10: 2023 Integrated Resource Plan Filed
2023 Integrated Resource Plan Filed 10
Slide 11: High-Voltage Transmission Project Updates
High-Voltage Transmission Project Updates • Boardman-to-Hemingway – Expected to break ground in 2024 – OPUC and IPUC granted respective certificates of public convenience and necessity – Purchase, sale, and security agreement executed with Bonneville Power Administration (BPA) – Idaho Power’s intere
Slide 12: IDACORP, Inc. Net Income 2022 to 2023
2022 to 2023 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Year Ended December 31, 2022 $ 259.0 Increase (decrease) in Idaho Power net income: Customer growth, net of associated power supply costs and power cost adjustment mec
Slide 13: Capital Expenditures Forecast 2024-2028
Capital Expenditures Forecast(1) 2024 – 2028 ~21% increase from $1,000 previous 5-year forecast. $900 ~$796M per year average forecast $800 $700 $ Millions $600 ~106% increase $500 $400 $300 ~$387M actual per year average, $200 previous 5 years $100 $0 2024 2025 2026 2027 2028 Distribution ($130-$17
Slide 14: Total System Rate Base Growth Forecast
Total System Rate Base Growth Forecast(1) $8.5 $0.9B $8.0 $7.5 10.8% CAGR 2024-2028* $0.7B $7.0 Rate Base in $ Billions $6.5 $1.0B $6.0 $1.2B $0.5B(3) $5.5 $1.0B ~$3.0B $5.0 $0.3B(2) $4.5 $4.0 $4.2B $3.8B $3.5 2022 Rate Base 2023 2024 2025 2026 2027 2028 (Prior Rate Base CAGR *5-Year Forecasted Rate
Slide 15: Operating Cash Flows and Liquidity
Operating Cash Flows and Liquidity Cash Flows (millions) Year Ended December 31 IDACORP 2023 2022 Net Cash Provided by Operating Activities $ 267.0 $ 351.3 Liquidity As of December 31, 2023 (millions) IDACORP(1) Idaho Power Revolving Credit Facility – Expires December 2028(2) $ 100.0 $ 400.0 Commerc
Slide 16: 2024 Earnings Per Share Guidance and Estimated Key Operating Metrics
2024 Earnings Per Share Guidance and Estimated Key Operating Metrics 2024 Estimate(1) 2023 Actual(2) IDACORP Diluted Earnings Per Share Guidance $ 5.25 – $ 5.45 $ 5.14 Idaho Power Additional Amortization of Accumulated Deferred $ 35 – $ 60(3) None Investment Tax Credits (millions) Idaho Power Operat
Slide 17: 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 17