Earnings Conference Call 3 rd Quarter 2022 November 3, 2022 IDACORP. 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 forwardlooking statements within the meaning of ...

Financial Data and Key Metrics Changes - IDACORP's Q3 2022 earnings per diluted share were $2.10, an increase of $0.17 from the previous year, driven by customer growth, weather, and a midyear regulatory order, partially offset by higher costs [5][6] - Year-to-date earnings per diluted share reached $4.28, up $0.08 from the first nine months of the previous year [5] - The company raised its full-year 2022 earnings guidance by $0.10 to a range of $5.05 to $5.15 per diluted share, marking the 15th consecutive year of earnings per share growth [6][42] Business Line Data and Key Metrics Changes - Customer growth for Idaho Power was 2.5% year-over-year for the 12 months ending September 30, contributing positively to operating income [8][22] - Higher weather-related usage resulted in a 7% increase in usage per residential customer, a 5% increase for commercial customers, and a 10% increase for irrigation customers compared to Q3 of the previous year [25][26] - Operating income was negatively impacted by higher operating and maintenance expenses and net power supply expenses not deferred for future recovery [22][30] Market Data and Key Metrics Changes - The economy in the Idaho Power service area is projected to grow, with GDP growth estimates of 1.9% for 2022 and 3.4% for 2023, while unemployment stands at 3%, below the national average [10] - The company anticipates significant commercial and industrial growth, with a projected annual peak demand growth rate increasing from 2.1% to 4.8% in the upcoming Integrated Resource Plan (IRP) [24][42] Company Strategy and Development Direction - IDACORP is focusing on significant infrastructure investments, including battery storage and solar facilities, to meet anticipated load growth [13][15] - The company plans to file a general rate case in Idaho within the next 12 months to recover costs associated with infrastructure investments [16][17] - A dividend increase of 5.3% was announced, marking 12 consecutive years of dividend growth, reflecting strong financial performance [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about customer growth despite signs of recession-like conditions in the housing market, noting that a housing price reset could improve affordability [23][24] - The company is committed to managing costs effectively in the face of inflationary pressures and anticipates a moderation in O&M cost increases for 2023 [51][43] - Future capital expenditures are expected to increase due to inflation and the need to address capacity deficits [38][39] Other Important Information - The company reported a 55% increase in capital expenditures on a cash basis compared to the first nine months of the previous year, primarily for large battery storage projects [35] - IDACORP maintains a strong balance sheet and liquidity, with solid investment-grade credit ratings [39][40] Q&A Session Summary Question: Insights on O&M guidance expectation for 2023 - Management indicated that they do not expect the same level of increase in O&M costs for 2023 as seen in 2022, focusing on cost management and efficiency [50][51] Question: Clarification on the 5-year capital plan and incremental capital needs - Management clarified that the $400 million figure for resource deficits was based on the 2021 IRP, and new growth assumptions will lead to an updated CapEx forecast in February [52][55]

[Part I. Financial Information](index=7&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements (unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited condensed consolidated financial statements for IDACORP, Inc. and Idaho Power Company, including income, balance sheet, cash flow, and equity statements, with detailed notes on accounting policies and regulatory matters [IDACORP, Inc. Financial Statements](index=7&type=section&id=IDACORP%2C%20Inc.%20Financial%20Statements) IDACORP reported increased net income and diluted EPS for Q3 and nine months 2022, with total assets growing to $7.52 billion IDACORP, Inc. Condensed Consolidated Statements of Income (in thousands, except per share amounts) | | Three months ended Sep 30, 2022 | Three months ended Sep 30, 2021 | Nine months ended Sep 30, 2022 | Nine months ended Sep 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Total operating revenues (in thousands)** | $518,012 | $446,944 | $1,221,023 | $1,123,072 | | **Operating Income (in thousands)** | $128,224 | $124,192 | $270,398 | $277,705 | | **Net Income Attributable to IDACORP, Inc. (in thousands)** | $106,380 | $97,897 | $216,928 | $212,752 | | **Earnings Per Share - Diluted** | $2.10 | $1.93 | $4.28 | $4.20 | IDACORP, Inc. Condensed Consolidated Balance Sheet Highlights (in thousands) | | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total current assets (in thousands)** | $659,668 | $595,873 | | **Property, plant and equipment - net (in thousands)** | $5,077,507 | $4,901,822 | | **Total Assets (in thousands)** | $7,523,945 | $7,210,515 | | **Total current liabilities (in thousands)** | $475,422 | $325,624 | | **Long-Term Debt (in thousands)** | $2,071,402 | $2,000,640 | | **Total IDACORP, Inc. shareholders' equity (in thousands)** | $2,778,298 | $2,668,436 | | **Total Liabilities and Equity (in thousands)** | $7,523,945 | $7,210,515 | IDACORP, Inc. Condensed Consolidated Statements of Cash Flows Highlights (Nine months ended, in thousands) | | Sep 30, 2022 | Sep 30, 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities (in thousands)** | $268,975 | $303,407 | | **Net cash used in investing activities (in thousands)** | $(290,383) | $(167,619) | | **Net cash provided by (used in) financing activities (in thousands)** | $32,394 | $(111,232) | | **Net increase in cash and cash equivalents (in thousands)** | $10,986 | $24,556 | [Idaho Power Company Financial Statements](index=14&type=section&id=Idaho%20Power%20Company%20Financial%20Statements) Idaho Power Company reported increased net income for Q3 and nine months 2022, driven by higher operating revenues and asset growth Idaho Power Company Condensed Consolidated Statements of Income (in thousands) | | Three months ended Sep 30, 2022 | Three months ended Sep 30, 2021 | Nine months ended Sep 30, 2022 | Nine months ended Sep 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenues (in thousands)** | $517,101 | $446,353 | $1,218,690 | $1,120,979 | | **Operating Income (in thousands)** | $127,690 | $124,179 | $269,942 | $277,359 | | **Net Income (in thousands)** | $104,532 | $98,222 | $213,181 | $211,414 | Idaho Power Company Condensed Consolidated Balance Sheet Highlights (in thousands) | | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets (in thousands)** | $7,346,459 | $6,990,839 | | **Long-Term Debt (in thousands)** | $2,071,402 | $2,000,640 | | **Total Equity (in thousands)** | $2,565,552 | $2,464,302 | Idaho Power Company Condensed Consolidated Statements of Cash Flows Highlights (Nine months ended, in thousands) | | Sep 30, 2022 | Sep 30, 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities (in thousands)** | $294,087 | $278,036 | | **Net cash used in investing activities (in thousands)** | $(277,796) | $(179,732) | | **Net cash provided by (used in) financing activities (in thousands)** | $35,462 | $(108,018) | [Notes to Condensed Consolidated Financial Statements](index=19&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, regulatory matters like the Bridger Order, revenue disaggregation, debt, and derivative instruments - The Bridger Order, approved in June 2022, allows Idaho Power to accelerate depreciation and recover costs for the Jim Bridger plant through 2030, resulting in an increase in net income of approximately **$15 million** for the first nine months of 2022[69](index=69&type=chunk)[71](index=71&type=chunk) - Idaho Power is deferring costs related to its Wildfire Mitigation Plan (WMP) for future recovery, with a deferred amount of **$20.6 million** as of September 30, 2022, and an additional estimated **$16 million** filed for deferral in October 2022[72](index=72&type=chunk)[73](index=73&type=chunk) - In March 2022, Idaho Power entered into a two-year, **$150 million** senior unsecured delayed draw term loan facility for general corporate purposes, which was fully drawn and outstanding as of September 30, 2022[85](index=85&type=chunk) - Idaho Power uses derivative instruments, primarily physical and financial forward contracts for electricity and fuel, to manage commodity price exposures, with unrealized gains or losses recorded as regulatory assets or liabilities as these instruments are not designated as cash flow hedges[111](index=111&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2022 net income drivers, capital expenditure plans, regulatory developments, and liquidity, highlighting customer growth and O&M expenses Reconciliation of Net Income Attributable to IDACORP, Inc. (in millions) | | Three months ended | Nine months ended | | :--- | :--- | :--- | | **Net income attributable to IDACORP, Inc. - Sep 30, 2021 (in millions)** | **$97.9** | **$212.8** | | Customer growth (in millions) | $3.6 | $9.4 | | Usage per retail customer (in millions) | $12.6 | $(3.1) | | Retail revenues per MWh (in millions) | $10.6 | $15.9 | | Other O&M expenses (in millions) | $(12.9) | $(31.5) | | Depreciation expense (in millions) | $(1.8) | $5.8 | | **Total increase in Idaho Power net income (in millions)** | **$6.3** | **$1.8** | | Other IDACORP changes (net of tax) (in millions) | $2.2 | $2.3 | | **Net income attributable to IDACORP, Inc. - Sep 30, 2022 (in millions)** | **$106.4** | **$216.9** | - Customer count grew by **2.5%** for the twelve months ended September 30, 2022, contributing to higher operating income and driving the need for substantial capital investments due to anticipated continued growth from large commercial and industrial customers[160](index=160&type=chunk)[164](index=164&type=chunk) - Other O&M expenses increased by **$12.9 million** in Q3 2022 and **$31.5 million** year-to-date, primarily due to inflationary pressures on labor, services, and supplies, as well as scheduled maintenance at several power plants[168](index=168&type=chunk)[177](index=177&type=chunk)[215](index=215&type=chunk) - The company anticipates capital expenditures of up to **$2.8 billion** from 2022 through 2026 to support customer growth and infrastructure needs, with management likely to file a general rate case in Idaho within the next twelve months to recover these investments[160](index=160&type=chunk)[219](index=219&type=chunk)[266](index=266&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=65&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company details exposures to interest rate, commodity price, and credit risks, including potential impacts on earnings and collateral requirements - A hypothetical one percentage point increase in average variable interest rates would decrease annual pre-tax earnings by approximately **$0.9 million**[332](index=332&type=chunk) - If Idaho Power's credit rating were downgraded to below investment grade, it could be required to post approximately **$47.7 million** in additional collateral for its wholesale commodity and derivative contracts[245](index=245&type=chunk)[336](index=336&type=chunk) [Controls and Procedures](index=66&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures with no material changes to internal control over financial reporting - Management for both IDACORP and Idaho Power concluded that their respective disclosure controls and procedures were effective as of the end of the period covered by this report[340](index=340&type=chunk)[341](index=341&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, the companies' internal controls[342](index=342&type=chunk) [Part II. Other Information](index=67&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=67&type=section&id=Item%201.%20Legal%20Proceedings) No material legal proceedings were reported for the period - There are no material legal proceedings to report[344](index=344&type=chunk) [Risk Factors](index=67&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported - The report refers to the risk factors discussed in the Annual Report on Form 10-K for the year ended December 31, 2021, indicating no material changes[345](index=345&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase common stock during Q3 2022, with dividend restrictions detailed in Note 6 - IDACORP did not repurchase any of its common stock during the third quarter of 2022[347](index=347&type=chunk) [Defaults Upon Senior Securities](index=67&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - There were no defaults upon senior securities during the period[349](index=349&type=chunk) [Mine Safety Disclosures](index=67&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures are provided in Exhibit 95.1 as required by the Dodd-Frank Act - Mine safety disclosures are provided in Exhibit 95.1, as required by Section 1503(a) of the Dodd-Frank Act[350](index=350&type=chunk) [Other Information](index=67&type=section&id=Item%205.%20Other%20Information) No other information was reported for the period - There is no other information to report for the period[352](index=352&type=chunk) [Exhibits](index=68&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications and XBRL data files

IDACORP, Inc. (NYSE:IDA) Q2 2022 Earnings Conference Call August 4, 2022 4:30 PM ET Company Participants Justin Forsberg - Director, IR and Treasury Lisa Grow - President and CEO Brian Buckham - SVP and CFO Adam Richins - COO Conference Call Participants Julien Dumoulin - Bank of America Brian Russo - Sidoti Anthony Crowdell - Mizuho Operator Welcome to IDACORP's Second Quarter 2022 Earnings Conference Call. Today's call is being recorded and a webcast is live. A replay will be available later today and for ...

Table of 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 June 30, 2022 | | | | 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. ...

Financial Data and Key Metrics Changes - IDACORP's Q1 2022 earnings per diluted share were $0.91, an increase of $0.02 from the same quarter last year, marking the highest first-quarter results in over two decades [7] - The company affirmed its full-year 2022 earnings guidance estimate to be in the range of $4.85 to $5.05 per diluted share, assuming normal weather conditions [8][40] - Operating income increased by $3 million due to customer growth, with a total increase in operating income of $9.3 million attributed to combined usage changes [28][29] Business Line Data and Key Metrics Changes - Customer growth in the Idaho Power service area was 2.6% year-over-year, with significant new connection requests from large load customers [10][12] - Increased economic activity led to a 4% rise in commercial customer usage and a 5% increase in industrial customer usage [29] - Operating and maintenance expenses increased by $6.4 million, returning to more normal levels after an abnormally low first quarter last year [34] Market Data and Key Metrics Changes - The unemployment rate in the Idaho Power service area is at 2.7%, significantly lower than the national average of 3.6% [11] - GDP growth is forecasted at 2.4% for 2022 and 5.1% for 2023, indicating sustained economic growth in the region [11][60] Company Strategy and Development Direction - IDACORP aims to achieve 100% clean energy by 2045, with plans to end coal operations at the Jim Bridger power plant by 2028 [16] - The company is pursuing a new rate class for large-scale cryptocurrency mining customers to mitigate financial risks [14] - IDACORP plans to invest over $400 million in capital expenditures from 2022 through 2025 to address projected capacity deficits [22] Management's Comments on Operating Environment and Future Outlook - Management noted that inflationary pressures are impacting operating and maintenance expenses, but they remain committed to keeping these expenses relatively flat [42] - The company is monitoring weather conditions closely, with projections indicating warm and dry conditions for the summer, which could affect electricity demand [25][70] - Management expressed confidence in the continued growth of the customer base and economic activity in the service area [10][28] Other Important Information - IDACORP's first-quarter capital expenditures increased by 33% compared to the same period last year, primarily for battery storage projects and natural gas plant upgrades [36] - The company has a strong balance sheet and liquidity position, enabling it to fund its growing capital expenditures and maintain its dividend plan [38] Q&A Session Summary Question: Discussion on cryptocurrency tariffs and potential off-takers - Management indicated ongoing conversations with cryptocurrency companies but noted challenges in reaching agreements that meet all parties' needs [46][47] Question: Impact of inflation on operating and maintenance expenses - Management confirmed that inflation is putting pressure on expenses but is maintaining guidance for O&M costs [54] Question: Customer growth trends and supply chain disruptions - Management acknowledged that supply chain issues may be affecting customer growth but emphasized ongoing construction activity in the area [58] Question: Outlook for irrigation season and electricity demand - Management noted that hot and dry conditions are generally good for load, but they are monitoring water availability closely [61][70] Question: Financing additional capital expenditures - Management discussed the potential use of IDACORP's balance sheet to support capital expenditures, emphasizing a cautious approach to equity issuance [75][76]

Earnings Conference Call 1 st Quarter 2022 IDACORP May 5, 2022 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 forwardlooking statements within the meaning of the Pr ...

f Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES | ...

Earnings Conference Call 4 th Quarter & Full-Year 2021 February 17, 2022 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 forwardlooking statements within the meaning ...

Financial Data and Key Metrics Changes - IDACORP's Q4 2021 earnings per diluted share were $0.65, a decrease of $0.09 from the previous year's fourth quarter [4] - Full-year 2021 earnings per diluted share were $4.85, which was $0.16 above 2020, marking the highest earnings in the company's history and the 14th consecutive year of growth [4][5] - The company initiated its full-year 2022 earnings guidance estimate to be in the range of $4.85 to $5.05 per diluted share [5] Business Line Data and Key Metrics Changes - Customer growth remained strong, with a 2.8% increase in the customer base, now serving over 600,000 customers [10] - The company experienced record low totals for injury and vehicle accidents, highlighting a strong safety culture [6][7] - The quarterly common stock dividend increased from $0.71 to $0.75 per share, marking the tenth consecutive year of dividend increases [9] Market Data and Key Metrics Changes - Idaho led the U.S. in population growth rate for 2021, which is expected to continue attracting new business and residential customers [10] - Unemployment in the Idaho Power service area was at 1.8%, significantly below the national average of 3.9% [12] - Moody's GDP forecast predicts sustained economic growth of 5.9% in 2022 and 4.9% in 2023 for the Idaho Power service area [11] Company Strategy and Development Direction - The company is transitioning to a 100% clean energy future, with plans to convert two coal units to cleaner natural gas by summer 2024 and exit coal-fired generation entirely by 2028 [12][14] - The Integrated Resource Plan (IRP) anticipates a significant increase in capital expenditures, with nearly $800 million or 40% increase expected [12] - The company is focusing on enhancing transmission capabilities, with the Boardman to Hemingway high-voltage transmission project expected to be in service by 2026 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings without needing to go to customers for rate increases, while monitoring capital expenditures and operational costs closely [38][39] - The company is optimistic about future earnings growth driven by new large customers and ongoing infrastructure investments [40] - Management acknowledged the challenges posed by inflation and cost pressures but emphasized a commitment to maintaining flat operating and maintenance expenses [62] Other Important Information - The company has a strong balance sheet and investment-grade credit ratings, which are expected to support its growing capital expenditures and dividend plans [31][32] - Management changes were announced, with Steven Keen retiring and Brian Buchanan set to take over as CFO [19][20] Q&A Session Summary Question: Can you elaborate on the timing of the rate case? - Management indicated that capital plans, financing costs, and operational expenses are key factors influencing the timing of the rate case [38][39] Question: What is the long-term EPS trajectory? - Management noted that future earnings predictions will likely shift towards a rate base model, reflecting the company's growth and capital investments [40] Question: What is the company's approach to capital structure? - The company plans to prioritize debt financing to maintain a 50-50 capital structure, with equity issuance considered only when necessary [42][43] Question: Can you provide an update on the Boardman to Hemingway project? - Management confirmed that they expect to complete the state permitting process by the end of 2022 and are making progress on pre-construction activities [53][54] Question: How does the company view ownership versus PPAs? - The company prefers ownership of resources to ensure reliability and cost-effectiveness, while also recognizing the role of PPAs in their portfolio [78] Question: What are the future capacity plans? - Management emphasized the importance of diversifying energy sources, including solar, wind, and battery storage, while also considering new technologies like hydrogen [80][81]