Slide 1: Earnings Conference Call 2nd Quarter 2021
Earnings Conference Call 2nd Quarter 2021 July 29, 2021
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 Three Months Six Months Ended June 30 Ended June 30 2021 2020 2021 2020 Net income $ 70,023 $ 60,389 $ 114,854 $ 97,879 Average shares outstanding – diluted (000’s) 50,622 50,567 50,601 50,547 Earnings per diluted share $ 1.38 $ 1.19 $ 2.27 $ 1.94 4
Slide 5: Increasing Customer Growth Rate
Increasing Customer Growth Rate Idaho Power Customer Growth 600,000 590,000 2.9% 580,000 570,000 560,000 550,000 540,000 Twelve Months 2017 2018 2019 2020 Ended June 30, 2021 Moody’s GDP Growth Projections Idaho Power’s Service Area: 2021: 7.6% 2022: 6.9% 5
Slide 6: Weather Outlook
Weather Outlook August Through October 2021 6 Source: NOAA, National Oceanic Atmospheric Administration, U.S. Dept. of Commerce, July 15, 2021
Slide 7: All-Time High Summer System Peak Demand
All-Time High Summer System Peak Demand (Mega-watts (MWs)) Previous Peak (July 7, 2017 – 3,422 MW) June 30, 2021 – 3,751 MW* 3,800 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 0001 0002 0003 0004 0005 0006 0007 0008 0009 0010 0011 0012 0013 0014 0015 0016 0017 0018 0019 0020 0021 0022
Slide 8: Jim Bridger Coal Plant Early Exit by 2030
Jim Bridger Coal Plant Early Exit by 2030 • On June 3, 2021, Idaho Power filed to increase Idaho customer rates: – Early exit from Jim Bridger - $30.8 million annually Jim Bridger Valmy Unit 1 Ended 2019 Boardman Shut Down 2020 *Idaho Power does not own or operate the solar and wind facilities portr
Slide 9: Wildfire Mitigation Plan Cost Deferral
Wildfire Mitigation Plan Cost Deferral • On June 17, 2021, the Idaho Public Utilities Commission Approved: – Deferral of approximately $47 million of estimated incremental O&M expenses for wildfire mitigation efforts over the next five years – Deferral of depreciation expense associated with approxi
Slide 10: Q2 2020 to Q2 2021
Q2 2020 to Q2 2021 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Quarter Ended June 30, 2020 $ 60.4 Increase (decrease) in Idaho Power net income: Customer growth, net of associated power supply costs and power cost adjustment
Slide 11: Operating Cash Flows
Operating Cash Flows (millions) Six Months Ended June 30 IDACORP 2021 2020 Net Cash Provided by Operating Activities $ 167.2 $ 128.6 Liquidity As of June 30, 2021 (millions) IDACORP(1) Idaho Power Revolving Credit Facility – Expires December 2024 $ 100.0 $ 300.0 Commercial Paper Outstanding – – Iden
Slide 12: 2021 Earnings Per Share Guidance & Estimate Key Operating Metrics
2021 Earnings Per Share Guidance & Estimate Key Operating Metrics (Millions Except for Per Share Amounts) Current(1) Previous(2) IDACORP Earnings Per Diluted Share Guidance $ 4.70 – $ 4.90 $ 4.60 – $ 4.80 Idaho Power Additional Amortization of Accumulated No change None Deferred Investment Tax Credi
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