Financial Data and Key Metrics Changes - IDACORP's Q3 2023 earnings per diluted share were $2.07, a slight decrease from $2.10 in Q3 2022. Year-to-date earnings per diluted share increased to $4.53 from $4.28 in the same period last year [3] - Year-to-date results included $7.5 million of additional tax credit amortization under Idaho regulatory stipulation [3][38] - Cash flow from operations improved due to regulatory approval for a $200 million increase in power supply costs, effective from June 1, 2023 [15] Business Line Data and Key Metrics Changes - Operating income was negatively impacted by a decrease in usage per customer, which reduced income by approximately $17 million in Q3 compared to the previous year [11] - O&M expenses were lower due to efficient operations and reduced scheduled maintenance, with full-year O&M expected to be between $385 million and $395 million [12][19] - Non-operating expenses increased slightly, driven by higher interest income and construction allowances, partially offset by increased interest expense on long-term debt [13] Market Data and Key Metrics Changes - Customer growth was reported at 2.3%, consistent with trends over recent years, with residential customer growth at 2.4% [106] - Transmission wheeling-related revenues decreased by $2.8 million due to reduced demand from less volatile energy prices [114] - The company anticipates a significant increase in CapEx for 2025-2027, estimating $2 billion to $2.5 billion, up from previous estimates of $1.5 billion to $1.7 billion [122] Company Strategy and Development Direction - The company is focused on supplying reliable, affordable, and clean energy while expanding its infrastructure to meet growing customer demand [5][130] - The Idaho Commission approved a settlement that includes a $54.7 million increase in annual retail revenues effective January 1, 2024, which will support ongoing infrastructure investments [6][118] - The company is committed to a clean energy future, with plans to provide 100% clean energy by 2045 and ongoing development of renewable resources [7][131] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory environment in Idaho and the positive outcomes from recent settlements [107][130] - The company expects to file more frequent general rate cases to support its capital investment plans [108] - Future earnings guidance for 2023 was raised to a range of $5.05 to $5.15 per diluted share, reflecting customer growth and effective O&M management [38][127] Other Important Information - The company plans to provide an update on its long-term CapEx forecast in February 2024, with current estimates for 2024 CapEx ranging from $850 million to $950 million [39] - The Board of Directors approved a 5% increase in the quarterly cash dividend, reflecting a commitment to shareholders [140] Q&A Session Summary Question: Insights on the 9.1% level for amortization and earned return basis - Management explained that depreciation and interest expenses create lag, and the ADITC mechanism allows for adjustments to reach the 9.12% level, with guidance expected in February [42] Question: Impact of third-quarter performance on guidance - The third quarter's performance was bolstered by customer growth and beneficial rate changes, despite lower sales to industrial customers [50][67] Question: Philosophy on owned versus procured resources in the IRP - The company aims to balance owned and procured resources, with ongoing evaluations of large load scenarios and competitive bidding processes [51][75] Question: Update on Micron and Meta projects - Management confirmed that both projects are progressing, with Micron's expansion on track and Meta's site excavation underway [76][78] Question: CapEx funding and balance sheet considerations - The company plans to blend debt and equity issuances to maintain a stable credit rating while managing increased CapEx [96][97]

f Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q | ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES | | | --- | --- | --- | | | EXCHANGE ACT OF 1934 | | | | For the quarterly period ended September 30, 2023 | | | | 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 | I.R.S. E ...

Financial Data and Key Metrics Changes - IDACORP's Q2 2023 earnings per diluted share were $1.35, up from $1.27 in Q2 2022, with year-to-date earnings at $2.46 compared to $2.18 in the first half of 2022 [7] - The company reaffirmed its full-year 2023 earnings guidance in the range of $4.95 to $5.15 per diluted share, assuming normal weather conditions [11][66] - Cash flows from operations returned to positive territory after regulatory lag effects from high power and fuel costs [65] Business Line Data and Key Metrics Changes - Customer growth was 2.1% year-over-year, contributing $4.1 million to operating income, with residential customer growth at 2.3% [33] - Industrial sales volumes and revenues increased, but industrial per customer usage declined by 5% due to lower economic activity in some sectors and maintenance at a large customer's facility [34] - Transmission wheeling-related revenues increased operating income by $1.7 million due to elevated energy prices [35] Market Data and Key Metrics Changes - Moody's GDP forecast for the service area predicts strong growth of 5.5% in 2023 and 3.9% in 2024, with employment increasing by 1.6% since Q2 2022 [17] - The company expects hydropower generation to be between 6 million to 7.5 million megawatt hours for the year, compared to 5.3 million last year [59] Company Strategy and Development Direction - The company is focused on growth, rate cases, and infrastructure, with a general rate case filed in Idaho requesting an 8.61% rate increase [18] - A five-year forecasted annual growth rate of 5.5% on retail sales and 3.7% on annual peak is anticipated, driven by large load customers [21] - Major infrastructure projects like the Boardman-to-Hemingway project are underway, with construction expected to begin soon [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued customer growth and a stable economic environment, despite some cyclical trends in certain industries [50] - The company is focused on converting coal to gas in its plants as part of its clean energy goals, with ongoing evaluations in the Integrated Resource Plan [53][54] - Management acknowledged inflationary pressures but noted lower O&M expenses due to efficient operations [41] Other Important Information - The company plans to file a general rate case in Oregon late this year or early next year [20] - The capital expenditure for 2023 is expected to be in the range of $650 million to $700 million, with potential increases for 2024 [112] Q&A Session Summary Question: Overview of customer growth and economic activity - Management noted steady growth across sectors, with residential permits starting to recover and no alarming trends observed [49] Question: Impact of proposed new GHG rules on plants - Management confirmed ongoing focus on converting coal plants to gas, with current developments not impacting this year's usage [53] Question: Drivers of increased CapEx for 2024 - Management indicated inflationary costs and an increase in the number of projects as key drivers for higher CapEx [56] Question: Status of the Boardman-to-Hemingway project - Management confirmed that negotiations for land rights are ongoing and construction is expected to begin in the fall [90] Question: Relationship with regulators regarding the rate case - Management expressed confidence in their relationship with regulators, emphasizing open communication and a strong case for the rate increase [104]

f Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION IDACORP, Inc.: Yes ☒ No ☐ Idaho Power Company: Yes ☒ No ☐ Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act: Washington, D.C. 20549 FORM 10-Q | ☒ | QUARTERLY ...

Financial Data and Key Metrics Changes - IDACORP's first quarter 2023 earnings per diluted share were $1.11, an increase from $0.91 in the same quarter last year [3] - The company affirms its full-year 2023 earnings guidance in the range of $4.95 to $5.15 per diluted share, assuming normal weather conditions and a return to more normal power supply expenses [3][21] - Customer growth of 2.2% added $2.7 million to operating income, with residential customer growth at 2.4% [12][33] Business Line Data and Key Metrics Changes - The increase in operating income was driven by a $5.1 million rise in transmission wheeling-related revenues due to energy price volatility [42] - A notable increase of $8.5 million in operating income was attributed to changes in net-per-megawatt-hour revenue, influenced by the Idaho order for the Jim Bridger plant [41] - O&M expenses remained flat quarter-over-quarter despite inflation-related pressures, aided by cost management efforts [15] Market Data and Key Metrics Changes - The economy within Idaho Power's service area is projected to grow at 4.7% in 2023 and 4.4% in 2024, outperforming national trends [6] - Employment in the service area has increased by 2% since the first quarter of 2022, indicating a robust local economy [6] Company Strategy and Development Direction - IDACORP plans to file a general rate case with the Idaho Commission on June 1, requesting rate changes effective January 1, 2024, while aiming to keep the request below 10% [35] - The company is focusing on significant infrastructure investments to support a growing customer base, with a forecasted annual growth rate of 5.5% on retail sales over the next five years [38][39] - The Boardman-to-Hemingway transmission line project is expected to break ground this year, which will be crucial for meeting increasing demand [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic outlook for the service area, citing strong customer growth and ongoing inquiries from commercial entities [40][54] - The company anticipates continued inflationary pressures but remains focused on managing costs effectively [15][49] - Management highlighted the importance of upcoming rate cases to support future growth and infrastructure investments [91] Other Important Information - The company expects capital expenditures for 2023 to be in the range of $650 million to $700 million [22] - IDACORP has lifted its hydropower generation forecast for the year to between 6 million and 7.5 million megawatt-hours [22] Q&A Session Summary Question: What is the outlook for customer growth given recent economic factors? - Management indicated that the recent slowdown in customer growth appears to be more related to rising interest rates rather than a significant economic downturn [53] Question: Can you provide details on the BPA interest acquisition on B2H? - The total cost for the acquisition from BPA is around $41 million, with payments structured over time [55] Question: What is the expected timeline for the Boardman-to-Hemingway project? - The project is targeted for commercial operation in summer 2026, with a capital expenditure range of $1.1 billion to $1.3 billion [67] Question: How does the company plan to manage regulatory lag? - Management noted that while there is no specific regulatory lag number, they aim to execute well in the regulatory arena to recover costs timely [119]

Financial Performance - For the three months ended March 31, 2023, IDACORP reported operating revenues of $429.659 million, a 24.9% increase from $344.288 million in the same period of 2022[19]. - Electric utility revenues were $429.338 million, up from $343.921 million, reflecting a significant rise in demand and pricing[19]. - Net income attributable to IDACORP, Inc. for Q1 2023 was $56.098 million, compared to $46.260 million in Q1 2022, representing a 21.5% year-over-year growth[19]. - Earnings per share (EPS) for the first quarter of 2023 was $1.11, an increase from $0.91 in the same quarter of the previous year[19]. - Total comprehensive income for Q1 2023 was $56.244 million, compared to $47.097 million in Q1 2022, indicating a strong performance in overall financial health[21]. - Net income for the three months ended March 31, 2023, was $55,710,000, an increase from $46,214,000 in the same period of 2022, marking a 20.5% growth[34]. - Net income attributable to IDACORP, Inc. rose to $56,098,000 in Q1 2023, up from $46,260,000 in Q1 2022, reflecting a 21.1% increase[86]. - Basic and diluted earnings per share for Q1 2023 were both $1.11, compared to $0.91 in Q1 2022, marking a 22% increase[86]. Operating Expenses - Total operating expenses increased to $361.556 million from $283.620 million, primarily driven by higher purchased power costs of $171.093 million, which more than doubled from $85.424 million[19]. - The company’s total operating expenses for the three months ended March 31, 2023, were $360,511,000, compared to $282,759,000 in the same period of 2022, reflecting a 27.5% increase[34]. - The company experienced a significant increase in fuel expenses, which rose to $89.080 million from $45.702 million year-over-year[19]. - Total purchased power expenses rose by $85.7 million to $171.1 million in Q1 2023, largely due to elevated wholesale energy prices[185]. - Fuel expenses increased by $43.4 million, or 95%, to $89.1 million in Q1 2023, driven by higher natural gas prices and increased generation[188]. Assets and Liabilities - Total current assets increased to $990,933,000 as of March 31, 2023, up from $693,653,000 at December 31, 2022, representing a 42.9% increase[24]. - Total liabilities increased to $5,048,535,000 as of March 31, 2023, compared to $4,728,643,000 at December 31, 2022, indicating a 6.8% increase[27]. - Long-term debt rose to $2,483,051,000 as of March 31, 2023, up from $2,194,145,000 at the end of 2022, representing a 13.2% increase[27]. - Total equity increased to $2,830,357,000 as of March 31, 2023, compared to $2,814,615,000 at December 31, 2022, a growth of 0.6%[27]. - Total assets as of March 31, 2023, amounted to $7,878,892,000, up from $7,706,000,000 as of December 31, 2022, indicating a growth of approximately 2.2%[125]. Cash Flow - The company reported a net cash used in investing activities of $109,156,000 for the three months ended March 31, 2023, compared to $98,287,000 in the same period of 2022[30]. - IDACORP and Idaho Power's operating cash outflows for Q1 2023 were $90 million and $93 million, respectively, representing a decrease of $183 million and $184 million compared to the same period in 2022[204]. - The companies' net investing cash outflows for Q1 2023 were $109 million, primarily for utility infrastructure construction to address aging plant and equipment[205]. - IDACORP and Idaho Power's net financing cash inflows for Q1 2023 were $380 million and $423 million, respectively, supporting capital investment and operational needs[208]. Customer Growth and Revenue - The number of Idaho Power customers grew by approximately 13,500, or 2.2%, over the twelve months ended March 31, 2023[150]. - Retail revenues increased by $34.9 million to $330.7 million in Q1 2023 compared to Q1 2022, driven by higher customer rates and growth[177]. - Average customer rates contributed an increase of $8.5 million, while power cost adjustment mechanisms added $21.6 million to revenues in Q1 2023[178]. - Wholesale energy revenues surged by $27.2 million to $30.2 million in Q1 2023, primarily due to increased volumes sold and higher average prices[181]. Regulatory and Future Outlook - The company continues to face challenges related to regulatory decisions and economic conditions that may impact future performance and capital expenditures[15]. - Idaho Power anticipates future filings with the IPUC for periodic adjustments to rates to align revenue collections with actual revenue requirements[68]. - The company plans to file a general rate case in Idaho as early as June 2023, with a subsequent filing in Oregon likely in 2024[162]. - Idaho Power expects to invest over $600 million from 2023 to 2027 on resource additions to address projected energy and capacity deficits[161]. Energy Generation and Resources - Idaho Power's total energy sales increased to 4,251 thousand MWh in Q1 2023, up from 4,024 thousand MWh in Q1 2022, representing a growth of 5.6%[166]. - Hydropower generation for 2023 is projected to be between 6.0 to 7.5 million MWh, compared to 5.3 million MWh in 2022, and a 30-year average of 7.7 million MWh[162]. - Idaho Power's coal generation decreased from 819 thousand MWh in Q1 2022 to 427 thousand MWh in Q1 2023, reflecting a shift towards cleaner energy sources[166]. - The company has adopted a Wildfire Mitigation Plan to reduce wildfire risk and strengthen the resiliency of its transmission and distribution systems[166].

Financial Performance and Guidance - IDACORP's Return on Year-End Equity was 9.2% in 2022[4] - The company's diluted earnings per share was $5.11 in 2022[87] - The 2023 earnings per diluted share guidance is between $4.95 and $5.15[20] - The company expects to use approximately $15 million additional accumulated deferred investment tax credits (ADITCs) in 2023[20, 118] - The company's annualized 2022 dividend payout ratio was 61.8% as of December 31, 2022[114] Growth and Investment - Idaho Power's revenue was $5.2 billion[17] - The company anticipates a rate base of approximately $6.4 billion by the end of 2027[93] - Micron plans to invest approximately $15 billion to construct a new memory manufacturing fab in Boise, Idaho[25] - Capital expenditures for Idaho Power are forecasted between $650 million and $700 million, excluding allowance for funds used during construction[20] - The company projects more than $500 million of total system additional rate base from the Boardman-to-Hemingway line by 2026[24] Clean Energy Transition - The company aims for 100% clean energy by 2045[66, 186] - Currently, 65% of the company's energy sources are clean[39]

IDACORP, Inc. (NYSE:IDA) Q4 2022 Results Conference Call February 16, 2023 4:30 PM ET Company Participants Justin Forsberg - Director of Investor Relations and Treasury Lisa Grow - President and Chief Executive Officer Brian Buckham - Senior Vice President and Chief Financial Officer Adam Richins - Senior VP & COO Conference Call Participants Brian Russo - Sidoti Anthony Crowdell - Mizuho Chris Ellinghaus - Siebert Operator Good day, everyone. Welcome to the IDACORP's Fourth Quarter and Year-End 2022 Earnin ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(g) of the Securities Exchange Act of 1934: Idaho Power Company: Preferred Stock Indicate by check mark whether the registrants are well-known seasoned issuers, as defined in Rule 405 of the Securities Act. IDACORP, Inc. Yes ☒ No ☐ Idaho Power Company Yes ☐ No ☒ Indicate by check mark if the registrants are not required to file reports pursuant to Section 13 or Section 15(d) ...

Investor Information Edison Electric Institute Financial Conference November 13-15, 2022 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 involve discussions of expectations, beliefs, plans, estimates, objectives, outlook, assumptions, or future events or perfor ...