Slide 1: Executing on Our Strategy
a NewYork City, NY Executing on Our Strategy w_|DACORP. June 20-21, 2016
Slide 2: Forward-Looking Statements
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, including, without limitation, earnings guidance, that relate to future event
Slide 3: Table of Contents
Table of Contents IDACORP Investment Highlights Economic Progress Earnings Per Share & Return on Equity 2010 - 2016 Historic Mid-Point Opening Annual EPS Guidance Quarterly Earnings Distribution Operating Cash Flows & Liquidity IDACORP Common Stock Dividend Key Financial & Operating Metrics Debt Mat
Slide 4: IDACORP Investment Highlights
IDACORP Investment ghlights Strong Foundation = 100 years asa fully integrated electric utility = Low cost, clean, hydroelectric power = Productive regulatory strategy = Succession planningat all levels Growth Drivers = Economic activityin service area = Customer and revenue growth = Common stock di
Slide 5: Economic Progress
Economic Progress Adding nearly $ 100 million into its existing CHOBANI $450 million Greek yogurt neve voc ua plant in Twin Falls, Idaho. Times-News, March 10, 2016 South Central, idaho “Building the largest yogurt manufacturing plantin the world and expanding it three years later is a really proud
Slide 6: Economic Progress: Idaho Power Customer Growth
~ DACORP. Economic Progress ~ Idaho Power Customer Growth 535,000 7 1.8% 525,000 + Saucer Hehe 515,000 - ae 2 495,000 + 485,000 + 475,000 | 2012 2013 2014 2015 2016 12Mos. Ended 3/31/16 South Central, Idaho
Slide 7: Earnings Per Diluted Share & Return on Year-End Equity
Earnings Per Diluted Share & Return on Year-End Equity — IDACORP $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Earnings Per Diluted Share “ Apr. 28, 2016 Guidance 3.87 $3.80-$3.95 12% 86 6% a 2% 0% 2012 2013 2014 2015 2016 0) Return on Equity © 10 | FEE 9.5 05 OS 2012-2013, -2014 «20152016 1
Slide 8: 2010-2016 Historic Mid-Point Opening Annual EPS Guidance
2010 — 2016 Historic Mid-Point Opening Annual EPS Guidance $4.00 Represents the mid-point of IDACORP’s opening EPS guidance ey = based on normal weather & water conditions. 3.0 — . $3.28 kaon $2.88 2308 i $2.73 $2.50 - $2.00 - $1.50 $0.00 - a 4 2010 2011 2012 2013 $3.48 2014 $3.73 2015 2016
Slide 9: Quarterly Earnings Distribution
Quarterly Earnings Distribution 100% 15% 16% 80% 40% 38% 60% 40% 26% ae 20% 0% 2009 2010 2011 2012 2013 2014 2015 Average lM Quarter1 “4 Quarter2 Mi Quarter3 Mi Quarter 4 * The second quarter 2015 benefited from abnormally hat temperatures and = 6 $7.4 million pre-tax benefit that was actually relat
Slide 10: Operating Cash Flows and Liquidity
(S Millions) IDACORP Net cash provided by operating activities Liquidity As of March 31, 2016 ($ Millions) Revolving Credit Facility — Expires November 2020 Commercial Paper Outstanding Identified for Other Use” (2) Holding company only. 2) Operating Cash Flows 42Months Ended Mar. 31 2012 2013 2014
Slide 11: IDACORP Common Stock Dividend
IDACORP Common Stock Dividend The IDACORP Board of Directors has now approved dividend increases i ulative increase of 70 percent in IDACO. each of the last four years, representing acu P's quarterly dividend. These increases are reflective of con strong performance by the company. An annual dividen
Slide 12: Key Financial & Operating Metrics and 2016 Earnings Guidance
\ IDACORP. Key Financial & Operating Metrics and 2016 Earnings Guidance (Millions except for per share amounts) 2016 Estimates Current: Previous © Idaho Power Operations & Maintenance Expense No Change $ 350—$ 360 Idaho Power Additional Amortization of ADITC No Change Less Than $5 Idaho Power Capita
Slide 13: Strong Financial Position: Debt Maturity Profile
0) Strong Financial Position Debt Maturity Profile (S Millions) $240 $230 Manageable refinancing needs sao and windows of oppartunity r No Near Term Refinancing Pressure ——_—_ $105 lint LAL 12016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2023 2034 2025 2036 2037
Slide 14: ADITC Settlement 2015-2019
ADITC Settlement 2015-2019") Sharing Percentage 100% Customer Benefit - Rate Decrease Earnings Deadband Customer Benefit Persian Obligation Reduction 25%. Company Benefit (25%) a Return On Year-End Equity In Idaho Jurisdiction Ability to use additional ADITC’s of up to $45 million from 2016-2019 10)
Slide 15: Idaho Power Revenue Sharing/ADITC Extension
Idaho Power Revenue Sharing/ ADITC Extension 42 General Rate Case Stay Out? Available ADITC For Use ROE Threshold 50-50 Sharing Threshold 75-25 Sharing Threshold Customer Benefits (¢ millions}: Reduction to Rates Offset to Pension Balancing Account 0) 2009-2011 2012-2014 2015-2019 $45 Million $45 Mi
Slide 16: Productive Regulatory Strategy
Productive Regulatory Strategy Low Rates for Customers Residential and Industrial (cents / kilowatt-hour) 0) Residential Industrial $0.14 $0.09 $0.12 | ——_—s— soon $0.10 > > $0.05 $0.08 -— ~~ ¥ $0.06 $0.03 $0.04 $0.01 2010 2011 2012-2013 2014-2015 S-Idaho Power li National Average 13 2010 2011» 2012
Slide 17: Regulatory Commissioners
0) Regulatory Commissioners SS Commissioner Political Party Affiliation Commissioner Political Party Affiliation Eric Anderson Republican Stephen Bloom Republican Paul Kjellander Republican Lisa Hardie Democrat Kristine Raper Democrat John Savage Democrat 44
Slide 18: Integrated Resource Plan: 2015 Preferred Portfolio
0) Sa. Integrated Resource Plan 2015 Preferred Portfolio* Peak-Hour Capacity 2025 Boardman to Hemingway (82H) soomw 2025 Retire North Valmy (both units} (262) mw 2030 Demand Response somw 2030 —_Ice-Based Thermal Energy Storage (TES) 2omw 2031 Combined Cycle Combustion Turbine (CCCT) 300m “Action it
Slide 19: Elements of Growth: Capital Expenditures Forecast
0) Elements of Growth Capital Expenditures Forecast 2016 — 2020 (Millions) ee eee ee Ongoing Capital Expenditures S$ 300-310 S 275-285 S$ 860-920 Examples of Infrastructure Projects ° — Jim Bridger Plant Environment Controls * Reconstruction of Distribution Lines * — Hells Canyon Complex Relicensing
Slide 20: Appendix
Appendix mC IDACORP.
Slide 21: Who We Are
Who We Are — ; ao ° To be regarded as an TT exceptional, independent, integrated electric utility. Regulated -— = IDAHO Our Mission: a> POWER. Prosper by providing BRTBAcORE company reliable, responsible, Monssoaueied fair-priced energy services, = me aNeNeaL today and tomorrow. mene Our Values: Int
Slide 22: Idaho Power Service Area and Core Business
Idaho Power Service Area Core Business / Step-Up Station | {2 Transmission A2
Slide 23: Idaho Power Resource Portfolio
Idaho Power Resource Portfolio Despite lower than normal hydro conditions in recent ) aa “ years CO, emissions have decreased 21% since 2005. Long Term ; var ; Purchases +“ 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Slide 24: Idaho Power: 100 Years of History
Boise, Idaho 1916 Idaho PowerHad Fewer Than 18,000 Customers Boise, Idaho 2016 SS — Ee
Slide 25: Corporate Excellence
Corporate Excellence AS CO, Emissions from Idaho Power-Owned Generation ns of Tons = 2 8 i Ss 8 ABILITY ABILITY ABILITY ABILITY ABILITY ABILITY IDACORP’s 2015 Sustainability Report Balanced and responsible management Operational excellence Environmental stewardship Engaged, empowered workforce Stron
Slide 26: Boardman to Hemingway
Boardman to Hemingway 500kV Transmission Line Project * Joint funding agreement Jan. 2012 for project permitting costs — Idaho Power - 21% — BPA- 24% — Pacificorp—55% * 300 mile, 500-kV transmission line * In-service date in 2022 or beyond * Capacity: = 1,000 MW east to west = 1,050 MW west to east
Slide 27: Gateway West
Gateway West Transmission Line Project ven AT A joint project between Idaho Power Company and Pacificorp Total cost for Idaho Power's share of project— between $200 million and $400 million, including AFUDC Idaho Power’s estimated cost of permitting phase is $64 million, including AFUDC Bureau of La
Slide 28: Western Energy Imbalance Market (EIM)
Western Energy Imbalance Market (EIM) AS ‘Market Operator Ii California ISO EIM entity i Active participant snned EIM entry 2016 snned EIM entry 2017 anned EIM entry 2018 HwIDACORP. Idaho Power signs participation agreement, subject to regulatory approvals EIM automatically balances supply and deman
Slide 29: Summer Weather Outlook
Summer Weather Outlook 0) June 2016 Through August 2016 AD Precipitation Temperature 1H 29% to 40% Chance of Below Normal Precipitation [20% to 40% chance of Above Normal Temperature Bl 40% to 50% Chance of Below Normal Precipitation [lB 40% to 50% Chance of Above Normal Temperature I 50% t0.60% cha
Slide 30: Safety
0) Safety | TS ae ee) 25 26 27 20] xx» Safetyd.ife FOCUS * ASSESS * CHOOSE » SPEAK UP & CARES SAFETY ACTIVITIES ‘Safety is one of idaho Power Company’s core values ‘Your most important responsibilty in your daiy works. | /alal(s WKS safety Safety s always more important than the work es being perfor
Slide 31: IDACORP Attributes
All IDACORP Attributes a 100 Years of Tradition Strong Hydroelectric Base Productive Regulatory Strategy Growing Customer Base Culture of Integrity Future of Growth
Slide 32: For Additional Information
0) For Additional Information StevenR. Keen Senior Vice President, Chief Financial Officer and Treasurer (208) 388-2600 SKeen@idahopower.com Lawrence F. Spencer Director of Investor Relations (208) 388-2664. LSpencer@idacorpinc.com Justin S. Forsberg Investor Relations (208) 388-2728 JForsberg@idaco