Slide 1: Earnings Conference Call 4th Quarter & Full-Year 2022
Earnings Conference Call 4th Quarter & Full-Year 2022 February 16, 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 Year ended ended December 31 December 31 2022 2021 2022 2021 Net income $ 42,053 $ 32,798 $ 258,982 $ 245,550 Weighted average common shares outstanding – diluted 50,727 50,697 50,699 50,645 (000’s) Earnings per diluted share $ 0.83 $ 0.65 $ 5.11 $ 4.85 4
Slide 5: 15 Straight Years of Growth in EPS
15 Straight Years of Growth in EPS(1) $5.11 $5.00 $4.85 $4.69 $4.61 $4.60 $4.49 7% CAGR since 2007 $4.21 $4.20 $3.85 $3.87 $3.94 $3.80 $3.64 $3.43 $3.46 $3.40 $3.00 $3.00 $2.68 $2.60 $2.17 $2.20 $1.86 $1.80 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (1)Earnings p
Slide 6: Growth & Economic Expansion
Growth & Economic Expansion Idaho Power Customer Growth 2.4% (Year-over-year) 620,000 610,000 600,000 590,000 580,000 570,000 560,000 550,000 2018 2019 2020 2021 2022 Moody’s GDP Growth Projections for Idaho Power’s Service Area: 2023: 3.9% 2024: 4.5% 6
Slide 7: Large Project Updates
Large Project Updates • Boardman-to-Hemingway groundbreaking expected in 2023 • Gateway West potential acceleration in IRP planning window • 120 MW Jackpot Solar PPA now online • 120 MW company-owned battery storage under construction – to help meet summer 2023 peak load, along with 40 MW of additio
Slide 8: Idaho Rate Case Expected June 1, 2023
Idaho Rate Case Expected June 1, 2023 Rate Base Responding to Growth $4.0 650,000 610,000 higher rate base $3.5 $ Billions 570,000 $1.0 billion $3.0 530,000 $2.5 490,000 2011 2012 2022 Rate Base Customers MWhs Sold to Retail Customers 15,700 15% Higher MWh Demand 14,900 14,100 13,300 2011 2020 2021
Slide 9: IDACORP, Inc. Net Income 2021 to 2022
2021 to 2022 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Year Ended December 31, 2021 $ 245.6 Increase (decrease) in Idaho Power net income: Customer growth, net of associated power supply costs and power cost adjustment mec
Slide 10: Capital Expenditures Forecast
Capital Expenditures Forecast(1) 2023 – 2027 ($ Millions) 15% increase from previous $900 5-year forecast. $800 Potential to further increase, depending on $650M per year average announced large load projects $700 $600 $500 $400 $300 ~$330M per year average previous $200 5 years $100 $0 2023 2024 20
Slide 11: Total System Rate Base Growth Forecast
Total System Rate Base Growth Forecast(1) $6.5 $6.0 Hells Canyon Relicensing Asset – estimated in 2024(2) $5.5 $5.0 ~$2.7 B $ Billions $0.3B $4.5 $4.0 $3.5 $1.0 B $3.0 $2.8 B $2.5 2011 Rate Case + Total Rate Base Estimate 2023 2024 2025 2026 2027 Langley through 2022 *5-Year Forecasted Rate Base Gro
Slide 12: Operating Cash Flows, Liquidity, & Capital Structure
Operating Cash Flows, Liquidity, & Capital Structure Cash Flows (millions) Year Ended December 31 IDACORP 2022 2021 Net Cash Provided by Operating Activities $ 351.3 $ 363.3 Liquidity As of December 31, 2022 (millions) IDACORP(1) Idaho Power Revolving Credit Facility – Expires December 2026(2) $ 100
Slide 13: 2023 Earnings Per Share Guidance & Estimated Key Operating Metrics
2023 Earnings Per Share Guidance & Estimated Key Operating Metrics (Millions Except for Per Share Amounts) 2023 Estimates(1) 2022 Actual(2) IDACORP Earnings Per Diluted Share Guidance $ 4.95 – $ 5.15 $ 5.11 Idaho Power Additional Amortization of Accumulated Approximately $15 None Deferred Investment
Slide 14: Weather Outlook
Weather Outlook March Through May 2023 Precipitation Temperature 14 Source: NOAA, National Oceanic Atmospheric Administration, U.S. Dept. of Commerce, January 19, 2023
Slide 15: Contact Information
Contact Information Investors & Analysts Justin S. Forsberg Director of Investor Relations & Treasury (208) 388-2728 JForsberg@idacorpinc.com Media Jordan Rodriguez Corporate Communications (208) 388-2460 JRodriguez@idahopower.com 15 Webcast and presentation on WWW.IDACORPINC.COM