Slide 1: Earnings Conference Call
Earnings Conference Call 2nd Quarter 2023 August 3, 2023
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, are based on, or i
Slide 3: Leadership Presenting Today
Leadership Presenting Today Lisa Grow Brian Buckham IDACORP President IDACORP Senior Vice President & Chief Executive Officer & Chief Financial Officer 3
Slide 4: Earnings Performance
Earnings Performance Three months Six months ended June 30 ended June 30 2023 2022 2023 2022 Net income $ 68,574 $ 64,287 $ 124,672 $ 110,548 Weighted average common shares outstanding – diluted 50,758 50,687 50,741 50,673 (000’s) Earnings per diluted share $ 1.35 $ 1.27 $ 2.46 $ 2.18 4
Slide 5: Growth and Economic Expansion
Growth and Economic Expansion Idaho Power Customer Growth 630,000 2.1% (Year-over-year) 620,000 610,000 600,000 590,000 580,000 570,000 Twelve Months 2019 2020 2021 2022 Ended June 30, 2023 Moody’s GDP Growth Projections for Idaho Power’s Service Area: 5 2023: 5.5% 2024: 3.9%
Slide 6: Idaho General Rate Case Filed June 1, 2023
Idaho General Rate Case Filed June 1, 2023 • Targeting rate increase January 1, 2024 Rate Base Responding to Growth • 8.61% overall average customer rate increase $4.0 650,000 (~$111 million in Idaho jurisdiction revenues) • Idaho retail rate base of ~$3.9 billion, excluding 610,000 higher rate base
Slide 7: High-Voltage Transmission Project Updates
High-Voltage Transmission Project Updates • Boardman-to-Hemingway: – Expected to break ground in 2023 – final key permits obtained and affirmed – OPUC and IPUC granted respective certificates of public convenience and necessity in June – Purchase, sale, and security agreement executed with Bonnevill
Slide 8: Q2 2022 to Q2 2023
Q2 2022 to Q2 2023 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Quarter Ended June 30, 2022 $ 64.3 Increase (decrease) in Idaho Power net income: Customer growth, net of associated power supply costs and power cost adjustment
Slide 9: Operating Cash Flows and Liquidity
Operating Cash Flows and Liquidity Cash Flows (millions) Six Months Ended June 30 IDACORP 2023 2022 Net Cash Provided by Operating Activities $ 6.8 $ 156.0 Liquidity As of June 30, 2023 (millions) IDACORP(1) Idaho Power Revolving Credit Facility – Expires December 2026(2) $ 100.0 $ 300.0 Commercial
Slide 10: 2023 Earnings Per Share Guidance and Estimated Key Operating Metrics
2023 Earnings Per Share Guidance and Estimated Key Operating Metrics (Millions Except for Per Share Amounts) Current(1) Previous(2) IDACORP Earnings Per Diluted Share Guidance No change $ 4.95 – $ 5.15 Idaho Power Additional Amortization of ADITCs No change Approximately $15 Idaho Power Operations &
Slide 11: Weather Outlook
Weather Outlook August Through October 2023 Precipitation Outlook Temperature Outlook 11 Source: NOAA, National Oceanic Atmospheric Administration, U.S. Dept. of Commerce, July 20, 2023
Slide 12: Contact Information
Contact Information Investors & Analysts Amy I. Shaw Director of Investor Relations, Compliance, & Risk (208) 388-5611 AShaw@idahopower.com Media Jordan Rodriguez Corporate Communications (208) 388-2460 JRodriguez@idahopower.com 12