Slide 1: Earnings Conference Call 4th Quarter & Full-Year 2021
Earnings Conference Call 4th Quarter & Full-Year 2021 February 17, 2022
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 Brian Buckham IDACORP President IDACORP Senior Vice President IDACORP Senior Vice President & Chief Executive Officer & Chief Financial Officer & General Counsel & Incoming Chief Financial Officer 3
Slide 4: Earnings Performance
Earnings Performance Three Months Year Ended December 31 Ended December 31 2021 2020 2021 2020 Net income $ 32,798 $ 37,507 $ 245,550 $ 237,417 Average shares outstanding – diluted (000’s) 50,697 50,617 50,645 50,572 Earnings per diluted share $ 0.65 $ 0.74 $ 4.85 $ 4.69 4
Slide 5: 2021: Safest Year on Record
2021: Safest Year on Record OSHA Recordable Rates 5 4.5 4 3.5 3 2.5 2 1.5 Awarded EEI inaugural Thomas 1 F. Farrell, II Safety Leadership 0.5 0 and Innovation Award 2000 2016 2017 2018 2019 2020 2021 National Average* EEI (1k-<2k Employees) Idaho Power *2021 data not yet available as of the date of
Slide 6: Our Commitment to Our Customers
Our Commitment to Our Customers Idaho Power Received Some of its Highest Customer My Account Satisfaction Ratings in Company History in 2021 6
Slide 7: 14 Straight Years of Growth in EPS
14 Straight Years of Growth in EPS(1) $5.00 $4.85 $4.69 $4.61 $4.60 $4.49 7.1% CAGR $4.21 $4.20 since 2007 $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 (1)Earnings per dilute
Slide 8: Increasing Customer Growth Rate
Increasing Customer Growth Rate 610,000 Idaho Power Customer Growth 2.8% 600,000 590,000 New Enterprise Data Center 580,000 Kuna, Idaho Expected to need at least 20 MW: 570,000 • Beginning operations in 2025 560,000 550,000 540,000 2017 2018 2019 2020 2021 Moody’s GDP Growth Projections Idaho Power’
Slide 9: Clean Today, Cleaner Tomorrow
® Clean Today, Cleaner Tomorrow Updated Coal Exit Timeline *Idaho Power’s planned conversion, shut down and timing of Jim Bridger units is subject to a number of assumptions and uncertainties described in the 2021 Integrated Resource Plan (IRP), including evaluations of regional haze compliance opti
Slide 10: Resource Additions to Address Capacity Deficits
Resource Additions to Address Capacity Deficits • Idaho Power customer growth and transmission constraints outside Idaho Power’s service area driving need for additional resources. • Expect to sign contracts for 120MW of storage, plus 40MW solar PPA to serve peak energy needs by summer 2023. Year Ca
Slide 11: Idaho Power Anticipates Owning 45% of B2H
Idaho Power Anticipates Owning 45% of B2H Boardman to Hemingway • Idaho Power, Bonneville Power Administration (BPA), and PacifiCorp signed a non-binding term sheet in January 2022. • Idaho Power would acquire BPA’s share and own ~45 percent of the line in the aggregate. • Idaho Power and BPA expect
Slide 12: Weather Outlook
Weather Outlook March Through May 2022 Precipitation Temperature 12 Source: NOAA, National Oceanic Atmospheric Administration, U.S. Dept. of Commerce, January 20, 2022
Slide 13: Executive & Board Updates
Executive & Board Updates Steve Keen Brian Buckham Pat Harrington Jeff C. Kinneeveauk IDACORP Senior Vice President IDACORP Senior Vice IDACORP Corporate Secretary IDACORP Member of & Chief Financial Officer President Board of Directors & General Counsel Appointed to succeed Buckham Announced retire
Slide 14: IDACORP, Inc. Net Income 2020 to 2021
2020 to 2021 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Year Ended December 31, 2020 $ 237.4 Increase (decrease) in Idaho Power net income: Customer growth, net of associated power supply costs and power cost adjustment mec
Slide 15: 2022 Earnings Per Share Guidance & Estimated Key Operating Metrics
2022 Earnings Per Share Guidance & Estimated Key Operating Metrics (Millions Except for Per Share Amounts) 2022 Estimates(1) 2021 Actual IDACORP Earnings Per Diluted Share Guidance $ 4.85 – $ 5.05 $ 4.85 Idaho Power Additional Amortization of Accumulated None None Deferred Investment Tax Credits Ida
Slide 16: Capital Expenditures Forecast
Capital Expenditures Forecast(1) 2022 – 2026 ($ Millions) $800 40% overall increase $700 since the previous 5- $600 year CapEx forecast $500 $400 $300 $200 $100 $0 2022 2023 2024 2025 2026 Distribution ($125-$170M) Hydro ($70-$110M) Transmission ($40-$70M) General Plant ($50-$75M) Thermal ($10-$80M)
Slide 17: Total System Rate Base Growth Forecast
Total System Rate Base Growth Forecast(1) $6,000 $5,500 Hells Canyon Relicensing Asset – $5,000 estimated in 2024(2) $2.2B $293M $ Millions $4,500 $4,000 $3,500 $916M $3,000 $2.7B $2,500 2011 Rate Case + Total Rate Base 2022 2023 2024 2025 2026 Langley Estimate through 2021 *5-Year Forecasted Rate B
Slide 18: Operating Cash Flows, Liquidity, & Capital Structure
Operating Cash Flows, Liquidity, & Capital Structure (millions) Twelve Months Cash Flows Ended December 31 Capital Structure as of IDACORP 2021 2020 December 31, 2021 Net Cash Provided by Operating Activities $ 363.3 $ 388.1 IDACORP Idaho Power Liquidity As of December 31, 2021 Debt 43% 45% (million
Slide 19: Debt Maturity Profile
Debt Maturity Profile ($ Millions) – as of 12/31/2021 IDACORP Idaho Power Current profile provides Moody’s S&P Moody’s S&P for significant flexibility Long-term Baa1 BBB A3 BBB in potential bond Issuer Rating issuance and tenor Short-term P-2 A-2 P-2 A-2 Outlook Negative Stable Negative Stable Limit
Slide 20: 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