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 | | -- ...

Wells Fargo Utility Symposium December 9, 2020 SUSTAINABLE GRO K 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 Private Securities Litigat ...

EEI Financial Conference November 9-10, 2020 SUSTAINABLE GRO 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 Private Securities Litigation ...

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, 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 | I.R.S. E ...

Financial Performance - Electric utility revenues for Q2 2020 were $317.666 million, a slight increase from $315.774 million in Q2 2019, while total operating revenues decreased to $318.766 million from $316.895 million[19]. - Net income attributable to IDACORP, Inc. for Q2 2020 was $60.389 million, compared to $53.156 million in Q2 2019, representing an increase of approximately 13.3%[19]. - Earnings per share (EPS) for Q2 2020 were $1.19, up from $1.05 in Q2 2019, reflecting a growth of about 13.3%[19]. - Total operating expenses for Q2 2020 were $239.326 million, down from $245.115 million in Q2 2019, indicating a decrease of approximately 2.9%[19]. - The company reported a total electric utility expense of $238.390 million for Q2 2020, compared to $244.025 million in Q2 2019, a reduction of about 2.3%[19]. - Net income for the three months ended June 30, 2020, was $60,659,000, an increase of 13.6% compared to $53,400,000 for the same period in 2019[22]. - Total comprehensive income attributable to IDACORP, Inc. for the six months ended June 30, 2020, was $99,373,000, compared to $96,818,000 for the same period in 2019, reflecting a growth of 2.6%[22]. - Operating revenues for the three months ended June 30, 2020, were $317,666,000, a slight increase from $315,774,000 in the same period of 2019, while six-month revenues decreased to $608,154,000 from $665,546,000[36]. - Net income for the three months ended June 30, 2020, was $58,923,000, compared to $51,176,000 in 2019, representing a year-over-year increase of 15.5%, while six-month net income rose to $95,700,000 from $92,760,000[38]. - The company reported a total comprehensive income of $59,670,000 for the three months ended June 30, 2020, up from $51,664,000 in 2019, indicating a 15.5% increase[38]. Assets and Liabilities - Cash and cash equivalents increased to $460,365,000 as of June 30, 2020, from $217,254,000 at the end of 2019, representing a significant increase of 111.7%[25]. - Total current assets rose to $828,041,000 as of June 30, 2020, compared to $565,146,000 at the end of 2019, marking an increase of 46.5%[25]. - Long-term debt increased to $2,000,455,000 as of June 30, 2020, from $1,736,659,000 at the end of 2019, indicating a rise of 15.2%[28]. - Total assets as of June 30, 2020, were $6,860,477,000, compared to $6,494,159,000 at the end of 2019, marking an increase of 5.6%[43]. - The current portion of long-term debt increased to $175,000,000 from $100,000,000, indicating a rise of 75%[43]. - Long-term debt, including current portions, increased to $2,175,455,000 as of June 30, 2020, from $2,083,931,000 at the end of 2019[128]. Regulatory and Operational Challenges - The company anticipates continued challenges due to the impacts of the COVID-19 pandemic on loads and revenues, which may affect future financial performance[16]. - IDACORP's management highlighted the importance of regulatory cost recovery mechanisms in maintaining financial stability and performance[16]. - The company is focused on integrating renewable energy sources into its resource portfolio, which may lead to increased operational challenges and costs[16]. - The financial statements reflect the effects of different ratemaking principles, impacting the timing of revenue and expense recognition[51]. - Management's estimates for financial statements include assumptions related to rate regulation and bad debt, which could materially impact financial results[53]. - The power cost adjustment mechanisms allow Idaho Power to recover or refund fluctuations in power supply costs, with a cost-sharing ratio of 95% for customers and 5% for Idaho Power[199]. Customer and Revenue Trends - Idaho Power's customer count grew by nearly 7,200 customers, resulting in a customer growth rate of 2.6% for the twelve months ended June 30, 2020[150]. - Retail energy sales increased by 5% in the second quarter of 2020 compared to the same period in 2019, while total energy sales decreased by 6%[175]. - Total retail revenues for Q2 2020 were $277.994 million, up from $268.399 million in Q2 2019, while total retail revenues for the first half of 2020 were $534.409 million, down from $536.102 million in the first half of 2019[183]. - Wholesale energy revenues decreased by $9.3 million in Q2 2020 and $52.6 million in the first half of 2020 compared to the same periods in 2019, with wholesale MWh sold down 53% and 65% respectively[189]. - The average wholesale energy revenues per MWh decreased by 9% in Q2 2020 and 52% in the first half of 2020 compared to the same periods in 2019[189]. Expenses and Cost Management - Total operating expenses for the three months ended June 30, 2020, were $238,390,000, down from $244,025,000 in 2019, with a six-month total of $476,707,000 compared to $535,063,000[36]. - Other operations and maintenance expenses were $3.9 million lower in the second quarter of 2020 compared to the same period in 2019[163]. - Fuel expense increased by $10.6 million, or 51%, in Q2 2020 compared to Q2 2019, but decreased by $11.3 million, or 15%, in the first six months of 2020 compared to the same period in 2019[198]. - Total fuel expense for the first six months of 2020 was $61.43 million, down from $72.70 million in the same period of 2019[198]. Capital Expenditures and Investments - Total capital expenditures are expected to be approximately $1.6 billion over the five-year period from 2020 through 2024[150]. - Idaho Power's contractual purchase obligations increased by approximately $28 million over 20 years due to new contracts with hydropower facilities[89]. - The company is undertaking significant infrastructure investments, including major transmission projects like Boardman-to-Hemingway and Gateway West[172]. Tax and Regulatory Updates - Income tax expense for the six months ended June 30, 2020, was $10,821,000 for IDACORP, compared to $11,344,000 for the same period in 2019, reflecting an effective tax rate of 9.9%[60]. - Idaho Power's estimated annual effective tax rate for 2020 is consistent with 2019, with no significant changes in regulatory flow-through tax adjustments[61]. - Idaho Power recorded no additional amortization of accumulated deferred investment tax credits (ADITC) for 2020, with $45 million of ADITC remaining available for future use[65]. Derivative Instruments and Risk Management - Idaho Power uses derivative instruments to manage market risks related to electricity and fuel commodity prices, ensuring reliability and economic use of surpluses[105]. - The total fair value of derivative instruments with credit-risk-related contingent features in a liability position was $6.7 million as of June 30, 2020, with $3.6 million posted as cash collateral[112]. - The company did not have material credit risk exposure from financial instruments, including derivatives, as of June 30, 2020[110].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Former name, former address and former fiscal year, if changed since last report. Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 | | | Name of each exchange on which | | --- | --- | --- | | Title of each class | Trading Symbol(s) | registered | | Common Stock | IDA | New York Stock Exchange | Washington, D.C. 20549 FORM 10-Q | ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES | | | ...