Slide 1: Earnings Conference Call 3rd Quarter 2020
Earnings Conference Call 3 rd Q u a r t e r 2 0 2 0 October 29, 2020
Slide 2: Forward-Looking Statements
Forward-Looking Statements In addition 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 and estimated key operating
Slide 3: Leadership Presenting Today
Leadership Presenting Today Lisa Grow Steve Keen IDACORP President IDACORP Senior Vice President & Chief Executive Officer & Chief Financial Officer 3
Slide 4: Earnings Performance
Earnings Performance IDACORP, Inc. Net Income and Earnings Per Diluted Share (Thousands Except for Per Share Amounts) Three Months Nine Months Ended September 30, 2020 Ended September 30, 2020 2020 2019 2020 2019 Net Income $ 102,031 $ 89,876 $ 199,910 $ 185,718 Average shares outstanding– diluted 5
Slide 5: Growth & Economic Expansion
Growth & Economic Expansion 580,000 2.6% Idaho Power Customer Growth 570,000 560,000 550,000 540,000 530,000 Twelve Months 2016 2017 2018 2019 Ended Sept. 30, 2020 Top State in Rate of Growth, 3 Years in a Row* Growth by Customer Class 1 • Residential 2.8% 2.1% • Commercial 2.0% • Irrigation 1.0% 5
Slide 6: Common Stock Dividend Growth
Common Stock Dividend Growth “At this time, management expects to recommend to the Board of Directors future annual increases in the dividend of 5% or more which would keep the company within the current target payout ratio of between 60 and 70 percent of sustainable IDACORP earnings.” Lisa A. Grow,
Slide 7: Coal-fired plant updates (Boardman, North Valmy)
• Boardman coal-fired plant ceased operations in October 2020 • 2019 amended Integrated Resource Plan suggests Idaho Power could end its participation in the North Valmy coal-fired plant as soon as 2022 7
Slide 8: Experienced, Diverse, Largely Independent Directors
Experienced, Diverse, Largely Independent Directors Committees of the Board of Directors Corp. Gov. Director Independent Audit Compensation and Executive Nominating Darrel T. Anderson Odette C. Bolano ✓ ✓ Thomas E. Carlile ✓ ✓ Richard J. Dahl ‡ ✓ ✓ ✓ Annette G. Elg ✓ ✓ Lisa A. Grow © Ronald W. Jibso
Slide 9: Winter Weather Outlook
Winter Weather Outlook November 2020 Through January 2021 9 Source: NOAA, National Oceanic Atmospheric Administration, U.S. Dept. of Commerce, October 15, 2020
Slide 10: Q3 2019 to Q3 2020
Q3 2019 to Q3 2020 IDACORP, Inc. Net Income (millions) Net Income – For the Quarter Ended September 30, 2019 $ 89.9 Increase (decrease) in Idaho Power net income: Customer growth, net of associated power supply costs and power cost adjustment mechanisms $ 3.9 Usage per retail customer, net of associ
Slide 11: Operating Cash Flows
Operating Cash Flows (millions) Nine Months Ended September 30 IDACORP 2020 2019 Net Cash Provided by Operating Activities $ 284.0 $ 287.0 Liquidity As of September 30, 2020 (millions) IDACORP(1) Idaho Power Revolving Credit Facility – Expires December 2024 $ 100.0 $ 300.0 Commercial Paper Outstandi
Slide 12: 2020 Earnings Per Share Guidance & Estimated Key Financial & Operating Metrics
2020 Earnings Per Share Guidance & Estimated Key Financial & Operating Metrics (Millions Except for Per Share Amounts) 2020 Estimates Current(1) Previous(2) IDACORP Earnings Per Diluted Share Guidance $ 4.55 – $ 4.65 $ 4.45 – $ 4.65 Idaho Power Additional Amortization of Accumulated No Change None D
Slide 13: Contact Information
Contact Information Investors & Analysts Media Justin S. Forsberg Jordan Rodriguez Director of Investor Relations & Treasury Corporate Communications (208) 388-2728 (208) 388-2460 JForsberg@idacorpinc.com JRodriguez@idahopower.com Webcast and presentation on WWW.IDACORPINC.COM