Slide 1: Earnings Conference Call 1st Quarter 2025
Earnings Conference Call 1st Quarter 2025 May 1, 2025
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 John Wonderlich IDACORP President IDACORP Senior Vice President, IDACORP Vice President of IDACORP Investor & Chief Executive Officer Chief Financial Officer & Treasurer Finance, Compliance & Risk Relations Manager 3
Slide 4: IDACORP Earnings Performance
IDACORP Earnings Performance Three months ended March 31 2025 2024 Net income (thousands) $ 59,647 $ 48,173 Weighted average common shares outstanding – diluted (thousands) 54,126 50,792 Diluted earnings per share $ 1.10 $ 0.95 4
Slide 5: Continued Customer Growth
Continued Customer Growth Idaho Power Customer Growth 2.6% (Year-over-year) 660,000 650,000 640,000 630,000 620,000 610,000 600,000 2021 2022 2023 2024 Twelve 2025Months Ended March 31, 2025 5
Slide 6: Large-Load Customer Construction Sites
Large-Load Customer Construction Sites 6
Slide 7: 2025 IRP Load Growth Projections
2025 IRP Load Growth Projections 2025 IRP Load Forecast(1) vs. Prior IRPs 5-Year Forecasted Annual 20-Year Forecasted Annual Growth Rate Growth Rate Retail Sales Annual Peak Retail Sales Annual Peak (Billed MWh) (Peak Demand) (Billed MWh) (Peak Demand) 2025 IRP 8.3% 5.1% 2.7% 1.9% 2023 IRP 5.5% 3.7%
Slide 8: RFP Update
RFP Update(1) Year Owned Contracted CEYW(2) 2023 120 MW BESS None 40 MW Solar 2024 96 MW BESS 100 MW Solar None 2025 80 MW BESS 150 MW BESS 200 MW Solar 2026 250 MW BESS 200 MW Market Purchase 125 MW Solar 300 MW 300 MW Wind; 100 MW Solar; 2027 320 MW Solar Wind 100 MW BESS 2028 Final shortlist ackn
Slide 9: High-Voltage Transmission Project Updates
High-Voltage Transmission Project Updates • Boardman-to-Hemingway – Expected to break ground in 2025 – OPUC, IPUC, and WPSC granted respective certificates of public convenience and necessity – Idaho Power’s interest in Boardman-to-Hemingway is ~45% – Long-term transmission service commitment to Bon
Slide 10: New Wildfire Standard of Care Act
New Wildfire Standard of Care Act Idaho - Senate Bill SB 1183 was signed into law in April 2025 • The law provides further clarity as it relates to utility wildfire liability, while ensuring utilities operate in a manner that reduces wildfire risk. – Requires electric utilities to develop wildfire m
Slide 11: Comparing Q1 2024 to Q1 2025
Comparing Q1 2024 to Q1 2025 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Three Months Ended March 31, 2024 $ 48.2 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour (MWh), net of power cost adju
Slide 12: Capital Expenditures Forecast
Capital Expenditures Forecast(1) 2025 – 2029 $1,500 $1,400 $1,300 ~$1,127M per year $1,200 average forecast $1,100 $1,000 $900 ~103% $ Millions $800 increase $700 $600 $500 $400 ~$554M actual $300 per year average, $200 previous 5 years $100 $0 2025 2026 2027 2028 2029 New Capacity & Energy Resource
Slide 13: Total System Rate Base Growth Forecast
Total System Rate Base Growth Forecast (1) $0.7B $10.5 $10.0 16.1% CAGR 2025-2029 $0.5B $9.5 $9.0 $8.5 $0.7B $2.1B Rate Base in $ Billions $8.0 $7.5 $7.0 $1.7B ~$5.1B $6.5 $6.0 $1.2B $0.4B(2) $5.5 $5.0 $4.5 $4.0 $4.6B $3.5 2024 2025 2026 2027 2028 2029 2024 2025 -2029 HCC Construction work in progre
Slide 14: Operating Cash Flows and Liquidity
Operating Cash Flows and Liquidity IDACORP Cash Flows Three Months Ended March 31 (millions) 2025 2024 Net Cash Provided by Operating Activities $ 124.3 $ 109.7 Liquidity As of March 31, 2025 (millions) IDACORP(1) Idaho Power Net balance available(2) $ 100.0 $ 400.0 IDACORP Equity Financing Remainin
Slide 15: Financing Plan Forecast
Financing Plan Forecast (1) (3) 2025 – 2029 $ Millions Net Cash Dividends Equity Content Issued Repaid Capital from ------------------------Equity ------------------------ ----------------------Debt ---------------------- Expenditures(2) Operations (1) As of February 20, 2025. Financings plans are f
Slide 16: 2025 Earnings Per Share Guidance and Estimated Key Operating Metrics
2025 Earnings Per Share Guidance and Estimated Key Operating Metrics Current(1) Previous(2) IDACORP Earnings Guidance (per diluted share) No Change $ 5.65 – $ 5.85 Idaho Power Additional Amortization of ADITC (millions) No Change $ 60 – $ 77 Idaho Power O&M Expense (millions) No Change $ 465 – $ 475
Slide 17: Contact Information
Contact Information Investors & Analysts John R. Wonderlich Investor Relations Manager (208) 388-5413 JWonderlich@idahopower.com Media Jordan Rodriguez Corporate Communications (208) 388-2460 JRodriguez@idahopower.com