IdaCorp (IDA) came out with quarterly earnings of $0.95 per share, missing the Zacks Consensus Estimate of $1.02 per share. This compares to earnings of $1.11 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -6.86%. A quarter ago, it was expected that this utility company would post earnings of $0.60 per share when it actually produced earnings of $0.61, delivering a surprise of 1.67%.Over the last four quarters, the company ha ...

Exhibit 99.1 May 2, 2024 IDACORP, Inc. Announces First Quarter 2024 Results, Reaffirms 2024 Earnings Guidance BOISE, Idaho--IDACORP, Inc. (NYSE: IDA) reported first quarter 2024 net income attributable to IDACORP of $48.2 million, or $0.95 per diluted share, compared with $56.1 million, or $1.11 per diluted share, in the first quarter of 2023. "We ended the first quarter on plan, as we began to see the benefit of rate changes along with continued strong customer growth," said IDACORP President and Chief Exe ...

Financial Performance - IDACORP reported a significant increase in net income for 2023, reaching $300 million, a 10% increase compared to the previous year[27]. - Net income for Q1 2024 was $48.268 million, down 13.0% from $56.024 million in Q1 2023[30]. - Net income attributable to IDACORP, Inc. for the three months ended March 31, 2024, was $48,173,000, compared to $56,098,000 for the same period in 2023, reflecting a decrease of about 14.1%[44]. - Net income attributable to IDACORP, Inc. for Q1 2024 was $47.3 million, compared to $55.7 million in Q1 2023, indicating a decrease of about 15.1%[136]. - The effective tax rate for IDACORP in Q1 2024 was -13.0%, compared to 11.2% in Q1 2023, indicating a significant change in tax expense[70]. Revenue and Customer Growth - Idaho Power's customer base grew by 5% year-over-year, adding approximately 10,000 new customers in 2023[27]. - Total operating revenues for Q1 2024 were $448.936 million, an increase of 4.3% compared to $429.659 million in Q1 2023[28]. - Total revenues for the first quarter of 2024 increased by 12% compared to the first quarter of 2023, primarily due to an increase in wheeling volumes[163]. - Retail revenues per MWh increased operating income by $4.5 million in the first quarter of 2024, attributed to an overall increase in Idaho base rates effective January 1, 2024[162]. - The number of retail customers grew by 2.5% year-over-year, totaling 636,116 customers as of March 31, 2024[182][191]. Capital Expenditures and Investments - The company anticipates capital expenditures of $500 million in 2024, focusing on infrastructure improvements and renewable energy projects[20]. - Idaho Power plans to expand its renewable energy portfolio, targeting a 20% increase in renewable generation capacity by 2025[20]. - The company is investing in advanced energy storage technologies to improve grid stability and support renewable integration[20]. - Additions to property, plant, and equipment were $259.978 million in Q1 2024, significantly higher than $118.375 million in Q1 2023[39]. - Idaho Power expects significant capital expenditures on infrastructure investments over the next five years to address projected energy and capacity deficits[171]. Operating Expenses and Financial Health - Total operating expenses increased to $399.340 million in Q1 2024, up 10.4% from $361.556 million in Q1 2023[28]. - Total operating expenses for the three months ended March 31, 2024, were $398,644,000, an increase from $360,511,000 in the prior year, marking an increase of approximately 10.6%[44]. - Total current liabilities decreased to $505.376 million as of March 31, 2024, from $634.076 million at the end of 2023[36]. - The company’s total assets decreased to $8,187,879,000 as of March 31, 2024, from $8,323,531,000 at the end of December 2023, a decrease of approximately 1.6%[49]. - IDACORP's overall financial health is supported by a strong balance sheet, with total assets reported at $4 billion as of December 31, 2023[27]. Regulatory and Market Challenges - The company is facing regulatory challenges, including potential changes to cost recovery mechanisms that could impact future earnings[20]. - Idaho Power filed a general rate case in December 2023, requesting a $10.7 million increase, or 19.28%, based on a 2024 test year[73]. - In March 2024, Idaho Power requested a $35.7 million net decrease in PCA revenues for the 2024-2025 collection period, reflecting improved hydropower generation forecasts[78]. - The FCA mechanism update filed in March 2024 included a request to recover a $36.8 million balance, an increase of $11.7 million from the previous year[79]. - The company actively monitors environmental regulations that may impact future operations but is currently unable to estimate their financial impact[105]. Dividend and Shareholder Returns - IDACORP's dividend payout ratio remains strong at 60%, with plans to maintain or increase dividends based on financial performance[20]. - The company’s common stock dividends increased to $42,308,000 for the three months ended March 31, 2024, compared to $40,343,000 in the same period of 2023, an increase of approximately 4.9%[44]. - IDACORP plans to use original issuances of shares for its Dividend Reinvestment and Stock Purchase Plan starting in the second half of 2024[203]. Energy Generation and Sales - Idaho Power's hydropower generation is at risk due to variable hydrological conditions, which may affect power supply costs[20]. - Total energy sales increased to 4,690 thousand MWh in Q1 2024 from 4,251 thousand MWh in Q1 2023, with hydropower generation rising to 1,749 thousand MWh[175]. - Retail energy sales decreased to 3,599 thousand MWh in Q1 2024 from 3,690 thousand MWh in Q1 2023, while wholesale energy sales increased to 404 thousand MWh from 208 thousand MWh[175]. - Hydropower generation, coal generation, and natural gas generation contributed to a 24% increase in total system generation in Q1 2024 compared to Q1 2023[180]. - The power cost adjustment mechanism resulted in a total power cost adjustment of $22.4 million in Q1 2024, compared to a negative adjustment of $51.3 million in Q1 2023[198]. Debt and Financing - Idaho Power has $1.2 billion available for debt issuance under regulatory orders, effective through December 31, 2026[86]. - As of March 31, 2024, IDACORP's leverage ratio was 49%, allowing for dividends up to $1.4 billion, while Idaho Power's leverage ratio was 50%, allowing for dividends up to $1.3 billion[93]. - Net financing cash outflows for Q1 2024 were $45 million for IDACORP and $43 million for Idaho Power, a decrease of $425 million and $466 million compared to the same period in 2023[212]. Employee and Pension Costs - For the three months ended March 31, 2024, the net periodic benefit cost for the pension plan was $8.979 million, compared to $4.528 million for the same period in 2023[110]. - Idaho Power made no contributions to its defined benefit pension plan during the three months ended March 31, 2024, but is considering contributing up to $30 million in 2024[111]. - Total other O&M expenses increased by $13.8 million in Q1 2024 compared to Q1 2023, driven by $4 million in pension-related expenses and $8 million in wildfire mitigation program expenses[165].

General Rate Case Filed in Oregon • 19.28% overall average customer rate increase ($10.7 million in Oregon-Jurisdiction revenues) • Oregon retail rate base of ~$188.9 million – ~$69 million of net additional infrastructure investments RFP Update(1)(2) 2023 Integrated Resource Plan Filed 8 BUILDING OUR FUTURE 10 – OPUC and IPUC granted respective certificates of public convenience and necessity – Long-term transmission service commitment to BPA's customers across southern Idaho included in agreement – Includ ...

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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to ________________________________ | Commission | Exact name of registrants as specified in their charters, address of principal executive | I.R. ...

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]