Slide 1: Earnings Conference Call
Earnings Conference Call 1st Quarter 2023 May 4, 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 ended March 31 2023 2022 Net income $ 56,098 $ 46,260 Weighted average common shares outstanding – diluted (000’s) 50,723 50,660 Earnings per diluted share $ 1.11 $ 0.91 4
Slide 5: Growth & Economic Expansion
Growth & Economic Expansion Idaho Power Customer Growth 2.2% (Year-over-year) 620,000 610,000 600,000 590,000 580,000 570,000 560,000 Twelve Months 2019 2020 2021 2022 Ended March 31, 2023 Moody’s GDP Growth Projections for Idaho Power’s Service Area: 2023: 4.7% 2024: 4.4% 5
Slide 6: Boardman-to-Hemingway Project Update
Boardman-to-Hemingway Project Update • Expected to break ground in 2023 – final key permits obtained • Oregon State Supreme Court affirmed Energy Facility Siting Council final order • Purchase, sale, and security agreement executed with Bonneville Power Administration (BPA) – Idaho Power’s interest
Slide 7: Resource Additions to Address Energy and Capacity Deficits
Resource Additions to Address Energy • More than $600 million included in current capital forecasts to and Capacity Deficits address energy and capacity deficits • Signed contracts for 131-MW of owned storage, plus 40MW solar power purchase agreement (PPA) for 2023 in-service • Signed contracts for
Slide 8: A Tradition of Sustainability
A Tradition of Sustainability 8
Slide 9: Q1 2022 to Q1 2023
Q1 2022 to Q1 2023 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Quarter Ended March 31, 2022 $ 46.3 Increase (decrease) in Idaho Power net income: Customer growth, net of associated power supply costs and power cost adjustmen
Slide 10: Idaho Power Successful Bond Placements
Idaho Power Successful Bond Placements • March 8: Issued $60 million, 5.06% first mortgage bonds due 2043 • March 8: Issued $62 million, 5.20% first mortgage bonds due 2053 • March 14: Issued $400 million, 5.50% first mortgage bonds due 2053 • March 2023: Repaid $100 million on term loan agreement •
Slide 11: Operating Cash Flows and Liquidity
Operating Cash Flows and Liquidity Cash Flows (millions) Three Months Ended March 31 IDACORP 2023 2022 Net Cash (Used in) Provided by Operating Activities $ (90.4) $ 93.0 Liquidity As of March 31, 2023 (millions) IDACORP(1) Idaho Power Revolving Credit Facility – Expires December 2026(2) $ 100.0 $ 3
Slide 12: 2023 Earnings Per Share Guidance & Estimated Key Operating Metrics
2023 Earnings Per Share Guidance & Estimated Key Operating Metrics (Millions Except for Per Share Amounts) Current(1) Previous(2) IDACORP Earnings Per Diluted Share Guidance No change $ 4.95 – $ 5.15 Idaho Power Additional Amortization of Accumulated No change Approximately $15 Deferred Investment T
Slide 13: Weather Outlook
Weather Outlook June Through August 2023 Precipitation Outlook Temperature Outlook 13 Source: NOAA, National Oceanic Atmospheric Administration, U.S. Dept. of Commerce, April 20, 2023
Slide 14: 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 14