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 ...

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. ...