IDACORP, Inc. · NYSE:IDA
IDACORP — Non-Deal Roadshow (June 2025)
43 slides from IDACORP's roadshow presentation, Jun 10, 2025
Slide 1: Investor Outreach June 2025
Investor Outreach June 2025
Slide 2: Cautionary Statements
Cautionary Statements Information Current as of May 1, 2025 Except as expressly noted, the information in this presentation is current as of May 1, 2025 – the date of filing IDACORP's and Idaho Power’s Annual Report on Form 10-K for the year ended December 31, 2025 - and should not be relied upon as
Slide 3: Table of Contents
Table of Contents Key Investment Highlights 1 2025 Earnings Per Share Guidance and Estimated Key Operating Metrics A-1 IDACORP Profile 2 Historical Earnings Guidance vs. Actual EPS A-2 IDACORP at a Glance 3 2023 Integrated Resource Plan A-3 Idaho Power Company Overview 4 All-Time High Summer and Win
Slide 4: Key Investment Highlights
Key Investment Highlights Regulated Earnings • 98%+ of earnings driven by regulated utility operations Supports Steady Earnings • 17 years of consecutive earnings growth achieving a ~7% EPS CAGR since 2007 & Cash Flow Profile • Total return is further supported by historic dividend growth at ~8% CAG
Slide 5: IDACORP Profile
IDACORP Profile BUILDING OUR FUTURE • Core electric utility – focused on our core business • 99.96% reliability for customers and top tier customer satisfaction scores • Sustained strong customer and load growth in the service area, with future • Demonstrated culture of controlling costs with a 1.4%
Slide 6: IDACORP at a Glance
IDACORP at a Glance IDACORP Financial Snapshot(1): 2.6% Customer • Revenue: $1.83 billion Growth 12-months ending March 31, 2025 • Diluted earnings per share: $5.50 • Annualized Dividends per share: $3.44 Retail Revenues by Customer Class • Return on Average Equity: 9.3% • IPC PP&E, net: $6.5 billio
Slide 7: Idaho Power Company Overview
Idaho Power Company Overview(1) 4 A-1 (1) As of March 31, 2025.
Slide 8: Idaho Power's Energy Portfolio
Idaho Power’s Energy Portfolio* Source: U.S. Energy Information Administration. Total may not equal 100% due to rounding. 5 *Because we sell the renewable energy credits associated with our renewable energy and participate in the wholesale energy market, the overall mix does not represent the energy
Slide 9: Growing Common Stock Dividend
Growing Common Stock Dividend(1) • Committed to deliberately reinvesting in Idaho Power’s growth while efficiently managing dilution • Long-term target dividend payout ratio of 60% to 70% of sustainable IDACORP earnings • Annualized 2024 dividend payout ratio was 62.3 percent as of 12/31/2024 $3.44
Slide 10: Solid History of Cost Management
Solid History of Cost Management 2012-2024 Operations & Maintenance Expenses ($ Millions) Guidance of $465 – $475 as of May 1, 2025 $500 $450 $47(1) $47(1) $400 $427 $413 $399 $400 $350 $365 $361 $349 $349 $350 $349 $347 $356 $352 $340 $300 $250 $200 $150 $100 $50 $0 2012 2013 2014 2015 2016 2017 20
Slide 11: Idaho Economic Snapshot and Growth
Idaho Economic Snapshot and Growth Idaho Power Customer Growth 660,000 2.6% (Year-over- year) 650,000 640,000 630,000 620,000 610,000 600,000 Twelve Months 2021 2022 2023 2024 2025 31, 2025 Ended March Moody’s GDP Growth Projections for Idaho Power’s Service Area: • 2025: 4.5% • 2026: 3.7% *Source:
Slide 12: Growing Load
Growing Load 2025 IRP Load Forecast(1) vs. Prior IRPs 5-Year Forecasted Annual 20-Year Forecasted Annual Growth Rate Growth Rate Retail Sales Annual Peak Retail Sales Annual Peak (Billed MWh) (Peak Demand) (Billed MWh) (Peak Demand) 2025 IRP 8.3% 5.1% 2.7% 1.9% 2023 IRP 5.5% 3.7% 2.1% 1.8% 2021 IRP
Slide 13: High-Voltage Transmission Project Updates
High-Voltage Transmission Project Updates • Boardman-to-Hemingway – Expected to break ground in the summer of 2025 – OPUC, IPUC, and WPSC granted respective certificates of public convenience and necessity – Idaho Power’s interest in Boardman-to-Hemingway is ~45% – Long-term transmission service com
Slide 14: RFP Update
RFP Update(1) Year Owned Contracted CEYW(2) 120 MW 2023 None 40MW Solar BESS 2024 96 MW BESS 100 MW Solar None 2025 80 MW BESS 150 MW BESS 200 MW Solar 250 MW 2026 200 MW Market Purchase 125 MW Solar BESS 300 MW 300 MW Wind; 100 MW 2027 320 MW Solar Wind Solar; 100 MW BESS 2028(3) Final shortlist pu
Slide 15: Capital Expenditures Forecast
Capital Expenditures Forecast(1) 2025 – 2029 $1,500 $1,400 $1,300 ~$1,127M per year $1,200 average forecast $1,100 $1,000 $900 ~103% $ Millions $800 increase $700 $600 $500 $400 ~$554M actual $300 per year average, $200 previous 5 years $100 $0 2025 2026 2027 2028 2029 New Capacity & Energy Resource
Slide 16: Total System Rate Base Growth Forecast
(1) Total System Rate Base Growth Forecast $0.7B $10.5 $10.0 $9.5 16.1% CAGR 2025-2029 $0.5B $9.0 $8.5 $0.7B $2.1B Rate Base in $ Billions $8.0 $7.5 $7.0 $1.7B ~$5.1B $6.5 $6.0 $1.2B $0.4B $5.5 $5.0 $4.5 $4.0 $4.6B $3.5 2024 2025 2026 2027 2028 2029 2024 2025 -2029 HCC Construction work in progress
Slide 17: Residential and Industrial Average Rates
Residential and Industrial Average Rates Non-summer Average Rates (cents / kilowatt-hour) Industrial Residential $0.09 $0.17 $0.16 $0.08 $0.15 $0.07 $0.14 $0.13 $0.06 $0.12 $0.11 $0.05 $0.10 $0.04 $0.09 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Idaho Power National Average (1) Idaho Power Na
Slide 18: 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 – Establishment of a tracking m
Slide 19: Earnings Support & Revenue Sharing Mechanism
Earnings Support & Revenue Sharing Mechanism $126.8 million shared Earnings above 9.6% allocated with Idaho customers since 80% to Idaho customers, 20% 2009, including $68.1 to Idaho Power (1) million reduction in customer 9.6% Revenue Sharing Line (1) pension obligations 9.12% Earnings As of Decemb
Slide 20: Liquidity Profile
Liquidity Profile Simple long-term debt and common stock capital structure with no holding company debt Liquidity As of March 31, 2025 (millions) IDACORP(1) Idaho Power Net balance available(2) $ 100.0 $ 400.0 IDACORP Equity Financing Remaining as of As of March 31, 2025 Settled To-Date (millions) M
Slide 21: Financing Plan Forecast
Financing Plan Forecast (1) (2) 2025 – 2029 $ Millions Net Cash Dividends Equity Content Issued Repaid Capital from ------------------------Equity ------------------------ ----------------------Debt ---------------------- Expenditures(3) Operations (1) As of February 20, 2025. Financings plans are f
Slide 22: Debt Maturity Profile and Credit Ratings
Debt Maturity Profile and Credit Ratings ($ Millions) – as of February 20, 2025 IDACORP Idaho Power Issuer Rating Moody’s S&P Moody’s S&P Long-term Baa2 BBB Baa1 BBB Short-term P-2 A-2 P-2 A-2 Outlook Negative Stable Negative Stable Limited near-term refinancing pressure and $462 $450 manageable ref
Slide 23: Wildfire Risk Mitigation
Wildfire Risk Mitigation Quantifying Wildfire Risk • Leveraged a consultant to model wildfire risk relative to Idaho Power’s service area • Of 24,000 square mile service area, only 11% of transmission lines and 9% of distribution lines are in wildfire risk zones • Much of the service area is compris
Slide 24: New Wildfire Standard of Care Act
New Wildfire Standard of Care Act Idaho - Senate Bill SB 1183 was signed into law in April 2025 • The law provides further clarity as it relates to utility wildfire liability, while ensuring utilities operate in a manner that reduces wildfire risk. – Requires electric utilities to develop wildfire m
Slide 25: Appendix
Appendix
Slide 26: 2025 EPS 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) No Change $ 5.65 – $ 5.85 Idaho Power Additional Amortization of ADITC (millions) No Change $ 60 – $ 77 Idaho Power O&M Expense (millions) No Change $ 465 – $ 475
Slide 27: Historical Earnings Guidance vs. Actual EPS
Historical Earnings Guidance vs. Actual EPS Since Earnings Support Mechanism has Been in Place (Mid-Point of Opening EPS Guidance vs. Actuals) EPS Guidance of $5.65 – $5.85 as of May 1, 2025 $5.70 Mid-Point of Opening Guidance * Actual Diluted EPS $5.40 $5.50 $5.40 $5.11 $5.14 $5.05 $5.10 $4.95 $4.8
Slide 28: 2023 Integrated Resource Plan
2023 Integrated Resource Plan A-3
Slide 29: All-Time High Summer and Winter System Peak Demand
All-Time High Summer and Winter System Peak Demand July 22, 2024 – 3,793 MW 3,800 3,500 Prior highest summer peak: June 30, 2021 – 3,751 MW 3,200 Megawatts 2,900 2,600 2,300 January 16, 2024 – 2,719 MW 2,000 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00 1:00 2:00 3:00 4:00 5:00 6:00
Slide 30: A Strong Generation Portfolio
A Strong Generation Portfolio * Idaho Power does not own or operate the solar, wind, geothermal, biomass, cogeneration, and certain hydroelectric facilities portrayed on this map. However, the Company buys generation from these facilities under long-term power purchase agreements. ** As of December
Slide 31: Tradition of Corporate Responsibility
Tradition of Corporate Responsibility Responsible Governance From our core values to our daily work practices, we hold ourselves to high standards. These standards are set and supported by every level of leadership, with oversight by our experienced Board of Directors. We combine a strategic approac
Slide 32: Regulatory Commissioners
Regulatory Commissioners Idaho Oregon Term Political Party Term Political Party Commissioner Commissioner Expires Affiliation Expires Affiliation Dayn Hardie 2031 Republican Karin Power 2029 Democrat John Hammond 2027 Democrat Les Perkins 2028 Independent Edward Lodge 2029 Republican Letha Tawney 20
Slide 33: Select Recent Regulatory Activity
Select Recent Regulatory Activity Rate Filing Annual Filing Date Status Comments/Status Jurisdiction Description Revenue Change Idaho 6/1/2023 General Rate Case +$54.7 million Settlement Settlement stipulation includes a 4.25% average customer rate increase effective January 1, 2024. As well as a 9.
Slide 34: Experienced, Diverse, Independent Directors
Experienced, Diverse, Independent Directors Board Structure and Independence Compensation Corp. Gov. Director Independent Audit & Human and Executive Resources Nominating Odette C. Bolano ✓ ✓ Annette G. Elg ✓ © ✓ ✓ Lisa A. Grow © Judith A. Johansen ✓ © ✓ ✓ Dennis Johnson ‡ ✓ © ✓ Nate R. Jorgensen ✓
Slide 35: Diversity in Leadership
Diversity in Leadership(1) Board Members Board Members 50% Our Commitment to Each Other 20% At Idaho Power, we are committed to an inclusive environment where we are all valued, respected and given equal consideration for our contributions. We believe that to be successful as a Women Men Racial/Ethn
Slide 36: Recent Safety Performance
Recent Safety Performance OSHA Recordable Rates 4.5 4 3.5 3 2.5 2 1.5 1 Awarded EEI inaugural Thomas 0.5 F. Farrell, II Safety Leadership 0 10-Yr Avg. 2018 2019 2020 2021 2022 2023 2024 and Innovation Award in 2022 National Average* EEI* Idaho Power *National Average and EEI data not yet available f
Slide 37: Our Commitment to Our Customers
Our Commitment to Our Customers(1) Standard Measurement Idaho Power National Average* Average Number of Outages (System Average 1.09 1.38 Interruption Frequency Index) Average Duration of Outages (System Average 2.20 hours 5.70 hours Interruption Duration Index) Average Time Until Restoration (Custo
Slide 38: Our Commitment to Our Employees
Our Commitment to Our Employees We work together. We build together. We stand together. Throughout Idaho Power’s 100-year history, our skilled and dedicated employees have remained the foundation of our company. They fulfill our commitments to customers, shareowners and each other today and every da
Slide 39: Micron Expansion Drives Further Growth
Micron Expansion Drives Further Growth • In early October 2023, Micron Technology, Inc. initiated construction on its new ~$15 billion memory manufacturing fab in Boise, Idaho • Idaho Power has also commenced construction of the new 15-acre CHIP substation to support Micron’s expansion • New cleanro
Slide 40: Hells Canyon Relicensing
Hells Canyon Relicensing Application for Renewal of Federal License • Three-dam complex on the Snake River, along Idaho and Oregon border • Original license expired in 2005 • Annual license renewal since original expiration • Settlement order received in 2018 approving cost prudency of $216.5M • Cur
Slide 41: Boardman-to-Hemingway
Boardman-to-Hemingway High-Voltage Transmission Line Project • Idaho Power’s interest in Boardman-to-Hemingway is ~45% • Idaho Power to provide transmission service to BPA’s customers across Southern Idaho • Expected in-service date – no earlier than 2027 • Capacity – 1,000 MW east to west; 1,050 MW
Slide 42: Gateway West
Gateway West High-Voltage Transmission Line Project • A joint project between Idaho Power and PacifiCorp • Total cost for Idaho Power’s share of project in the range of $900 • PacifiCorp has constructed and commissioned a 140-mile million to $1.1 billion, including AFUDC segment of its portion of th
Slide 43: Contact Information
Contact Information John R. Wonderlich Investor Relations Manager (208) 388-5413 JWonderlich@idahopower.com WWW.IDACORPINC.COM WWW.IDAHOPOWER.COM A-18