Slide 1: Earnings Conference Call, 2nd Quarter 2024
Earnings 2nd Quarter 2024 Conference Call August 1, 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: IDACORP Earnings Performance
IDACORP Earnings Performance Three months Six months ended June 30, ended June 30, 2024 2023 2024 2023 Net income (thousands) $ 89,520 $ 68,574 $ 137,693 $ 124,672 Weighted average common shares outstanding – diluted 52,236 50,758 51,519 50,741 (thousands) Diluted earnings per share $ 1.71 $ 1.35 $
Slide 5: Growth and Economic Expansion
Growth and Economic Expansion Idaho Power Customer Growth Moody’s GDP Growth 650,000 2.6% Projections for Idaho Power’s (Year-over-year) Service Area: 640,000 • 2024: 4.3% 630,000 • 2025: 3.8% 620,000 610,000 600,000 590,000 580,000 Twelve Months 2020 2021 2022 2023 Ended June 30, 2024 5
Slide 6: Idaho and Oregon Rate Case Activity
Idaho and Oregon Rate Case Activity Oregon General Rate Case Idaho Limited-Issue Rate Case • Filed with the OPUC on December 15, 2023 • Filed with the IPUC on May 31, 2024 • Settlement stipulations filed in May and June • Targeting rate increase effective January 1, 2025 2024 with the OPUC, awaiting
Slide 7: 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 ESA 2026(4) Battery Storage 200 MW Owned Energy and Capacity 200 MW Market Purchase 2027 Evaluating Bids TBD 2
Slide 8: Q2 2023 to Q2 2024
Q2 2023 to Q2 2024 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Three Months Ended June 30, 2023 $ 68.6 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour, net of associated power supply costs an
Slide 9: Operating Cash Flows and Liquidity
Operating Cash Flows and Liquidity IDACORP Cash Flows Six Months Ended June 30, (millions) 2024 2023 Net Cash Provided by Operating Activities $ 256.0 $ 6.8 Liquidity As of June 30, 2024 (millions) IDACORP(1) Idaho Power Net balance available(2) $ 100.0 $ 380.1 IDACORP Equity Financing Remaining as
Slide 10: 2024 Earnings Per Share Guidance and Estimated Key Operating Metrics
2024 Earnings Per Share Guidance and Estimated Key Operating Metrics Current(1) Previous(2) IDACORP Earnings Guidance (per diluted share) $ 5.30 – $ 5.45 $ 5.25 – $ 5.45 Idaho Power Additional Amortization of Accumulated Deferred $ 35 – $ 50 $ 35 – $ 60 Investment Tax Credits (ADITCs) (millions)(3)
Slide 11: 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