IDACORP Inc. (NYSE:IDA) Q2 2021 Earnings Conference Call July 29, 2021 4:30 PM ET Company Participants Justin Forsberg - Director of Investor Relations Lisa Grow - President and Chief Executive Officer Steve Keen - Senior Vice President and Chief Financial Officer Adam Richins - Chief Operating Officer Conference Call Participants Chris Ellinghaus - Siebert Williams Ryan Greenwald - Bank of America Brian Russo - Sidoti Ashar Khan - Verition Vedula Murti - Hudson Bay Capital Operator Welcome to IDACORP's S ...

Financial Performance - For the three months ended June 30, 2021, total operating revenues increased to $360.074 million, up from $318.766 million in the same period of 2020, representing a growth of approximately 12.9%[19] - Electric utility revenues for the six months ended June 30, 2021, were $674.625 million, compared to $608.154 million for the same period in 2020, reflecting an increase of about 10.9%[19] - Net income attributable to IDACORP, Inc. for the three months ended June 30, 2021, was $70.023 million, compared to $60.389 million in the same period of 2020, marking an increase of approximately 11.9%[19] - Earnings per share (EPS) attributable to IDACORP, Inc. for the second quarter of 2021 was $1.38, up from $1.19 in the same quarter of 2020, indicating a growth of about 16.1%[19] - Total comprehensive income attributable to IDACORP, Inc. for the six months ended June 30, 2021, was $116,526,000, up from $99,373,000 in 2020, representing a 17.3% increase[21] - Net income for the six months ended June 30, 2021, was $113,191,000, representing a 18% increase compared to $95,700,000 for the same period in 2020[35] - The company reported a total comprehensive income of $69,658,000 for the three months ended June 30, 2021, compared to $59,670,000 for the same period in 2020, reflecting a 17% increase[37] - Net income attributable to IDACORP, Inc. for the six months ended June 30, 2021, was $114,854,000, compared to $97,879,000 in 2020, reflecting a 17% increase[86] Operating Expenses - Total electric utility operating expenses for the six months ended June 30, 2021, were $521.445 million, compared to $477.589 million for the same period in 2020, an increase of approximately 9.2%[19] - Purchased power costs for the three months ended June 30, 2021, rose to $96.116 million, compared to $61.774 million in the same period of 2020, reflecting an increase of about 55.5%[19] - Total operating expenses for the three months ended June 30, 2021, were $267,155,000, an increase of 12% from $238,814,000 in the prior year[35] - Other operations and maintenance expenses increased by $5.3 million in Q2 2021, mainly due to maintenance project timing and higher labor-related costs[152] Cash Flow and Assets - Cash and cash equivalents at the end of the period were $259,965,000, a decrease from $275,116,000 at the beginning of the period[29] - Net cash provided by operating activities for the six months ended June 30, 2021, was $167,195,000, compared to $128,613,000 for the same period in 2020, reflecting a 30.0% increase[29] - Total current assets increased to $672,979,000 as of June 30, 2021, from $642,401,000 as of December 31, 2020, marking a 4.9% growth[24] - The total assets of the company as of June 30, 2021, were $7,006,991,000, compared to $6,906,110,000 as of December 31, 2020[43] Liabilities and Equity - Total liabilities increased to $4,256,351,000 as of June 30, 2021, from $4,228,844,000 as of December 31, 2020, indicating a 0.6% rise[26] - The company's retained earnings as of June 30, 2021, were $1,776,986,000, up from $1,734,103,000 at the end of 2020, a growth of 2.5%[26] - Total equity at the end of the period was $2,613,107,000, an increase from $2,566,456,000 at the end of 2020, representing a 1.8% rise[26] Customer Growth and Demand - The customer count for Idaho Power grew by over 8,500 customers in the first six months of 2021, resulting in a customer growth rate of 2.9%[145] - A new all-time system peak demand of 3,751 MW was set on June 30, 2021, surpassing the previous high of 3,422 MW set on July 7, 2017[145] - Retail energy sales increased by 14% in Q2 2021 and 8% in the first six months compared to the same periods in 2020, driven by warmer and drier weather[169] Regulatory and Environmental Initiatives - The company is committed to providing 100-percent clean energy to its customers by 2045 as part of its environmental initiatives[145] - Idaho Power's Wildfire Mitigation Plan (WMP) has been authorized by the IPUC to defer certain expenses for future amortization[164] - The company is actively monitoring various pending environmental regulations that may significantly impact future operations and compliance costs, although specific financial impacts remain uncertain[91] Capital Expenditures and Investments - Idaho Power anticipates total capital expenditures of approximately $2.0 billion over the five-year period from 2021 through 2025[145] - The company projects spending approximately $47 million in wildfire mitigation-related operations and maintenance and roughly $35 million in system-hardening capital expenditures over the next five years[72] Pension and Employee Benefits - Idaho Power's net periodic benefit cost for the pension plan increased to $15.665 million in Q2 2021 from $13.208 million in Q2 2020, reflecting a year-over-year increase of approximately 18.6%[94] - The company reported a service cost of $27.101 million for the pension plan in the first half of 2021, up from $21.493 million in the same period of 2020, representing an increase of approximately 26.3%[97] Tax and Regulatory Accounting - For the six months ended June 30, 2021, IDACORP's income tax expense increased to $16.156 million from $10.821 million in 2020, reflecting an effective tax rate of 12.3% compared to 9.9% in the prior year[59] - The effective tax rate for Idaho Power was reported at 13.3% for the six months ended June 30, 2021, compared to 10.8% in the same period of 2020[59] Derivative Instruments and Financial Risk - Idaho Power's derivative instruments are primarily used for economically hedging forecasted purchases and sales, with no instruments designated as cash flow hedges[102] - As of June 30, 2021, Idaho Power did not have material credit risk exposure from financial instruments, including derivatives, and manages risks through established credit limits and collateral requirements[107]

Financial Data and Key Metrics Changes - IDACORP's Q1 2021 earnings per diluted share were $0.89, an increase of $0.15 per share from the previous year [3][4] - The company's net income for Q1 2021 was higher by $7.3 million compared to the same period in 2020 [16] - Cash flows from operations were approximately $50 million higher than last year's first quarter, primarily due to working capital fluctuations [20] Business Line Data and Key Metrics Changes - Customer growth contributed an additional $3.7 million to operating income, while lower usage per commercial customer decreased by 2% [17] - Transmission wheeling-related revenues increased by $4.1 million, driven by a 20% increase in wheeling volumes and a 10% increase in Idaho Power's open access transmission tariff rate [17] - Other operating and maintenance expenses decreased by $4.2 million, mainly due to the timing of cloud-seeding activities and cost-saving initiatives [18] Market Data and Key Metrics Changes - Unemployment in Idaho Power's service area is at 3.7%, significantly lower than the national average of 6% [7] - Moody's projects robust economic growth for Idaho Power's service area, with GDP growth expected at 8% in 2021 and 8.1% in 2022 [8] Company Strategy and Development Direction - The company plans to enhance and expand its distribution and transmission system infrastructure to meet growing customer demand [8][9] - IDACORP does not plan to file a general rate case in Idaho or Oregon in the next 12 months, focusing on customer growth and effective cost management [10] - The company is analyzing options for potential energy and capacity resource procurement while working on its 2021 integrated resource plan [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about customer growth continuing due to Idaho's quality of life and business-friendly environment [6][7] - The company is cautious about the impact of evolving economic conditions on customers and suppliers, which could affect earnings guidance [4][22] - Management noted that weather conditions are critical for operations, with expectations of lower hydropower generation due to below-average precipitation [13][14] Other Important Information - The company expects to spend approximately $47 million in incremental O&M and $35 million in incremental capital expenses for wildfire-related infrastructure work over the next five years [12] - The company affirmed its full-year 2021 earnings guidance in the range of $4.60 to $4.80 per diluted share, assuming normal weather conditions [4][22] Q&A Session Summary Question: Discussion on guidance and customer growth - Management explained that while Q1 was strong, they prefer to wait until summer to have more confidence in guidance due to seasonal patterns [27] Question: Acceleration in customer growth in March - Management attributed the growth to various factors, including business climate, in-migration, and the easing of COVID-19 restrictions [34][35] Question: Impact of cloud-seeding on O&M reduction - Management clarified that cloud-seeding only occurs in winter, and the savings were due to timing issues [38][39] Question: Hydrological situation and reservoir management - Management discussed the dry conditions and the importance of reservoir storage for irrigation customers [41][42] Question: Potential need for new energy resources - Management indicated that significant load growth may necessitate new generation resources sooner than expected [58][59] Question: Transmission dynamics and market conditions - Management confirmed that extreme weather conditions could create opportunities for increased transmission volumes [62]

Earnings Conference Call 1 st Quarter 2021 April 29, 2021 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 and financial metrics, that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Privat ...

Financial Performance - Total operating revenues for the three months ended March 31, 2021, were $316.054 million, an increase of 8.6% compared to $291.008 million for the same period in 2020[19]. - Net income attributable to IDACORP, Inc. for the first quarter of 2021 was $44.831 million, representing a 19.6% increase from $37.490 million in the first quarter of 2020[19]. - Earnings per share (EPS) attributable to IDACORP, Inc. for the first quarter of 2021 were $0.89, up from $0.74 in the same quarter of 2020, reflecting a 20.3% increase[19]. - The company reported a comprehensive income of $45.667 million for the first quarter of 2021, compared to $38.237 million for the same period in 2020, indicating a growth of 19.5%[21]. - Operating income for the three months ended March 31, 2021, was $61,277,000, an increase of 18.5% compared to $51,713,000 in the same period of 2020[34]. - Net income for the three months ended March 31, 2021, was $44,800,000, representing a 19.4% increase from $37,458,000 in the same period of 2020[29]. - The company anticipates continued growth in operating revenues and net income driven by increased demand and operational efficiencies in the upcoming quarters[14]. Expenses and Costs - Total electric utility operating expenses for the first quarter of 2021 were $254.291 million, an increase of 6.5% from $238.775 million in the first quarter of 2020[19]. - Purchased power costs for the first quarter of 2021 were $67.988 million, an increase of 11.4% from $61.201 million in the first quarter of 2020[19]. - The company’s depreciation expenses for the first quarter of 2021 were $43.315 million, slightly up from $42.526 million in the same quarter of 2020[19]. - The power cost adjustment expense for Q1 2021 was $5.671 million, compared to a negative $3.391 million in Q1 2020, reflecting fluctuations in power supply costs[180]. - Total purchased power expense increased by $6.8 million, or 11%, in Q1 2021, mainly due to a 36% increase in MWh purchased from sources other than PURPA contracts[174]. Assets and Liabilities - Total current assets decreased to $593,892,000 as of March 31, 2021, down 7.5% from $642,401,000 at the end of 2020[24]. - Total current liabilities decreased to $261,872,000 as of March 31, 2021, down 8.9% from $287,571,000 at the end of 2020[26]. - Total equity increased to $2,575,861,000 as of March 31, 2021, compared to $2,566,456,000 at the end of 2020[26]. - Total liabilities as of March 31, 2021, were $4,519,506,000, slightly down from $4,533,871,000 as of December 31, 2020[42]. - Long-term debt remained stable at approximately $2,000,471,000 as of March 31, 2021, compared to $2,000,414,000 as of December 31, 2020[42]. Customer and Revenue Growth - Customer count for Idaho Power grew by nearly 4,200 customers in Q1 2021, with a total growth rate of 2.9% for the twelve months ended March 31, 2021[141]. - Revenues from contracts with customers rose to $291.327 million in Q1 2021, compared to $270.184 million in Q1 2020, reflecting a growth of 7.8%[68]. - Retail revenues increased to $271.451 million in Q1 2021, up from $256.416 million in Q1 2020, representing a growth of approximately 5.4%[163]. - Transmission wheeling-related revenues increased by $4.1 million in Q1 2021 compared to Q1 2020, attributed to higher wheeling volumes and a 10% increase in open access transmission tariff rates[146]. Capital Expenditures and Investments - Idaho Power anticipates total capital expenditures of approximately $2.0 billion over the five-year period from 2021 through 2025[141]. - The company is pursuing significant infrastructure investments, including the Boardman-to-Hemingway and Gateway West projects, to enhance system reliability and meet customer demand[152]. - Idaho Power's expected capital expenditures for 2021 are projected to be between $320 million and $330 million, with a total of $1.25 billion to $1.35 billion expected from 2023 to 2025[211]. Environmental and Regulatory Considerations - The company is actively monitoring various pending environmental regulations that may significantly impact future operations and compliance costs, although the financial impact remains uncertain[88]. - Idaho Power's Wildfire Mitigation Plan includes actions to reduce wildfire risk and strengthen system resiliency, with an application filed for authorization to defer related expenses[153]. - Idaho Power filed for a $39.1 million net increase in power cost adjustment revenues, effective from June 1, 2021, reflecting anticipated higher costs and reduced hydroelectric generation[65]. Tax and Regulatory Assets - Idaho Power's income tax expense for Q1 2021 was $5.873 million, compared to $4.386 million in Q1 2020, marking a 33.8% increase attributed to higher pre-tax earnings[59]. - The effective tax rate for Idaho Power increased to 11.7% in Q1 2021 from 10.7% in Q1 2020, reflecting changes in tax expense dynamics[58]. - The allowance for uncollectible accounts increased to 6.5% of total customer receivables as of March 31, 2021, up from 3.1% at the same time last year, indicating a rise in expected write-offs due to COVID-19 impacts[73]. Cash Flow and Financing - IDACORP's operating cash inflows for Q1 2021 were $84 million, an increase of $50 million compared to Q1 2020; Idaho Power's inflows were $79 million, up $40 million year-over-year[190]. - IDACORP's and Idaho Power's net investing cash outflows for Q1 2021 were $79 million and $74 million, respectively, primarily for utility infrastructure construction[193]. - IDACORP and Idaho Power's net financing cash outflows for Q1 2021 were $39 million and $36 million, respectively, with approximately $36 million paid in dividends[194].

Bank of America Power, Gas, & Solar Leadership Conference Q 4 2 0 2 0 I nve sto r I n fo r m at i o n March 2-3, 2021 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 and financial metrics, that relate to future events and expectations and, as such, constitute ...

IDACORP, Inc. (NYSE:IDA) Q4 2020 Earnings Conference Call February 18, 2021 4:30 PM ET Company Participants Justin Forsberg – Director-Investor Relations and Treasury Lisa Grow – President and Chief Executive Officer Steve Keen – Senior Vice President and Chief Financial Officer Conference Call Participants Julien Dumoulin-Smith – Bank of America Chris Ellinghaus – Siebert Williams Brian Russo – Sidoti Operator Welcome to IDACORP's Fourth Quarter and Year-End 2020 Earnings Conference Call. Today's call is b ...

Earnings Conference Call 4 t h Q u a r te r & F u l l-Ye a r 2 0 2 0 February 18, 2021 SUSTAINABLE GRO 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 and financial metrics, that relate to future events and expectations and, as such, constitute forward-lookin ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ................... to ................................................................. | | Exact name of registrants as specified in | IRS Employer | | -- ...

Financial Performance & Growth - IDACORP's revenue was $1.35 billion, with diluted earnings per share at $4.61 as of 2019[3] - The company's return on year-end equity was 9.4% as of 2019[3] - IDACORP expects to recommend future annual dividend increases of 5% or more, targeting a payout ratio between 60% and 70% of sustainable earnings[18] - Projected capital expenditures for 2020-2024 are approximately $1.6 billion[24] Clean Energy Transition - Idaho Power had 64% clean energy in 2019[7] - Hydroelectric power accounted for 44.8% of the company's energy portfolio in 2019[6] - The company plans to end its participation in the North Valmy coal-fired plant as early as 2022[5] - Idaho Power is transitioning approximately 350 MW out of coal generation by 2023[23] Customer Base & Service Area - Idaho Power serves over 580,000 customers across a 24,000 square mile territory[3] - Residential customers account for 46% of the company's revenues, commercial 26%, industrial 16%, and irrigation 12% in 2019[4]