Part I [Business](index=7&type=section&id=Item%201.%20Business) IDACORP, via Idaho Power, is a regulated utility serving 604,000 customers, focused on clean energy and infrastructure - IDACORP is a holding company with Idaho Power Company as its principal operating subsidiary, an electric utility serving approximately **604,000 retail customers** in southern Idaho and eastern Oregon as of December 31, 2021[19](index=19&type=chunk)[20](index=20&type=chunk)[23](index=23&type=chunk) - IDACORP's business strategy is centered on Idaho Power's regulated utility operations, focusing on growing financial strength, improving the core business, enhancing the brand, and ensuring employee safety and engagement[28](index=28&type=chunk) Idaho Power Operating Revenues and Energy Sales (2019-2021) | | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Total Electric Utility Operating Revenues (Thousands of US Dollars)** | $1,455,410 | $1,347,340 | $1,342,940 | | **Total Retail Energy Sales (Thousands of MWh)** | 15,406 | 14,828 | 14,537 | | **Total Energy Sales (Thousands of MWh)** | 16,745 | 16,715 | 17,388 | Idaho Power Power Supply Mix (2019-2021) | Power Source | 2021 (% of Total) | 2020 (% of Total) | 2019 (% of Total) | | :--- | :--- | :--- | :--- | | Hydropower plants | 48% | 54% | 62% | | Coal-fired plants | 27% | 29% | 22% | | Natural gas-fired plants | 25% | 17% | 16% | - The 2021 Integrated Resource Plan (IRP) outlines a strategy to meet growing demand, including adding **1,685 MW of storage**, **1,405 MW of solar**, and **700 MW of wind capacity** over 20 years, while exiting all coal-fired generation by the end of 2028[63](index=63&type=chunk) - IDACORP and Idaho Power are focused on Environmental, Social, and Governance (ESG) initiatives, including a goal to provide **100% clean energy by 2045** and reduce CO2 emissions intensity[67](index=67&type=chunk)[68](index=68&type=chunk)[70](index=70&type=chunk) - As of December 31, 2021, IDACORP had **1,992 full-time employees**, with **1,983 employed by Idaho Power** The company emphasizes a strong safety culture, ranking in the **top 30% of US utilities** for safety performance[82](index=82&type=chunk)[84](index=84&type=chunk) [Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) The company faces regulatory, operational, legal, and financial risks, encompassing cost recovery, supply chain, climate, and security - **Regulatory Risks:** State or federal regulators may not approve customer rates that provide timely or sufficient recovery of Idaho Power's costs or allow it to earn a reasonable rate of return, which could adversely affect financial condition[101](index=101&type=chunk) - **Operational Risks:** The ongoing impacts of COVID-19 could disrupt the supply chain, cause operational delays, and lead to attrition of skilled workers due to vaccine or testing mandates, potentially impacting service reliability[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) - **Climate & Weather Risks:** Changes in weather, severe storms, droughts, and wildfires associated with climate change can damage facilities, cause service interruptions, decrease hydropower generation, and increase costs and liability[115](index=115&type=chunk)[116](index=116&type=chunk) - **Security Risks:** Acts of terrorism, social unrest, and cyber or physical security attacks on generation, transmission, or IT systems could disrupt operations, compromise sensitive data, and adversely impact financial results[122](index=122&type=chunk)[123](index=123&type=chunk) - **Capital Project Risks:** Significant capital expenditures for infrastructure are subject to risks including permitting delays, cost overruns, and the inability to recover costs in rates if projects are canceled or deemed imprudent by regulators[128](index=128&type=chunk)[131](index=131&type=chunk) - **Legal & Compliance Risks:** The business is subject to extensive and changing environmental laws regarding climate change, air/water quality, and endangered species, which could increase compliance costs, render some generating units uneconomical, and delay major projects[147](index=147&type=chunk)[148](index=148&type=chunk) - **Financial Risks:** Volatility in financial markets, a downgrade in credit ratings, or failure to meet debt covenants could negatively affect the ability to access capital, increase the cost of borrowing, and require posting additional collateral with counterparties[157](index=157&type=chunk)[160](index=160&type=chunk) [Unresolved Staff Comments](index=36&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments from the SEC - There are no unresolved staff comments[169](index=169&type=chunk) [Properties](index=36&type=section&id=Item%202.%20Properties) Idaho Power's properties include generation, transmission, and distribution facilities, with **3,486 MW** total capacity from diverse sources - As of December 31, 2021, Idaho Power's system includes approximately **4,843 pole-miles of high-voltage transmission lines** and **28,570 pole-miles of distribution lines**[171](index=171&type=chunk) Idaho Power Generating Facilities and Nameplate Capacity | Facility Type | Nameplate Capacity (Kilowatts (kW)) | | :--- | :--- | | **Total Hydropower** | 1,798,914 | | **Total Steam and Other** | 1,687,339 | | **Total Generation** | **3,486,253** | [Legal Proceedings](index=37&type=section&id=Item%203.%20Legal%20Proceedings) Legal proceedings information is detailed in Note 11, 'Contingencies,' with a **$1 million** disclosure threshold for environmental sanctions - Information regarding legal proceedings is detailed in Note 11 – "Contingencies" of the consolidated financial statements[180](index=180&type=chunk) [Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures, as required by the Dodd-Frank Act, are included in Exhibit 95.1 of the report - Mine safety disclosures required by Section 1503(a) of the Dodd-Frank Act are included in Exhibit 95.1 of this report[183](index=183&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=38&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) IDACORP's common stock trades on NYSE under 'IDA', with **7,747 holders** as of Feb 2022, and no Q4 2021 repurchases - IDACORP's common stock is traded on the NYSE under the symbol "IDA" As of February 11, 2022, there were **7,747 holders of record**[185](index=185&type=chunk) Five-Year Cumulative Total Shareholder Return Comparison (Value of $100 Invested on 12/31/2016) | | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **IDACORP** | $100.00 | $116.43 | $121.74 | $143.27 | $132.57 | $161.01 | | **S&P 500** | $100.00 | $121.82 | $116.47 | $153.14 | $181.30 | $233.30 | | **EEI Electric Utilities Index** | $100.00 | $111.72 | $115.82 | $145.69 | $144.00 | $168.65 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) IDACORP's 2021 net income increased to **$245.6 million** due to customer growth, with **$2.8 billion** in planned capital expenditures IDACORP Financial Summary (2019-2021) | | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Total Operating Revenues (Thousands of US Dollars)** | $1,458,084 | $1,350,729 | $1,346,383 | | **Operating Income (Thousands of US Dollars)** | $329,651 | $309,521 | $298,326 | | **Net Income Attributable to IDACORP, Inc. (Thousands of US Dollars)** | $245,550 | $237,417 | $232,854 | | **Earnings Per Share - Diluted (US Dollars)** | $4.85 | $4.69 | $4.61 | - The **$8.2 million** increase in IDACORP's 2021 net income was primarily driven by a **$16.0 million** increase from customer growth and a **$13.4 million** increase from higher usage per customer, partially offset by a **$13.4 million** decrease from lower retail revenues per MWh and a **$9.2 million** increase in O&M expenses[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk) - Idaho Power set a new all-time system peak demand of **3,751 MW** on June 30, 2021, driven by a **2.8% growth** in customer count and a heat wave[195](index=195&type=chunk)[212](index=212&type=chunk) - The company plans significant capital expenditures estimated at up to **$2.8 billion** over the 2022-2026 period to enhance infrastructure, maintain reliability, and serve new customers[244](index=244&type=chunk) - Idaho Power's 2021 IRP indicates a near-term resource capacity deficit, prompting plans to acquire **120 MW of battery storage** and issue RFPs for additional resources to meet needs for 2023-2025, with potential capital investment over **$400 million**[210](index=210&type=chunk)[280](index=280&type=chunk) - The company is actively pursuing two major transmission projects: the Boardman-to-Hemingway line (expected in-service no earlier than 2026) and the Gateway West project[281](index=281&type=chunk)[289](index=289&type=chunk) - Idaho Power is engaged in the significant and costly relicensing process for the Hells Canyon Complex (HCC), its largest hydropower source, with annual costs estimated at **$30-$40 million** until a new license is issued, likely in 2024 or later[291](index=291&type=chunk)[343](index=343&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=79&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) IDACORP and Idaho Power face interest rate, commodity, credit, and equity price risks, managed through various mitigation strategies - The company is exposed to interest rate risk, commodity price risk (electricity and fuel), credit risk, and equity price risk[418](index=418&type=chunk) - Commodity price risk is largely mitigated by power cost adjustment mechanisms in Idaho and Oregon, as well as an energy risk management program that uses physical and financial forward contracts[422](index=422&type=chunk)[424](index=424&type=chunk) - If Idaho Power's credit rating were to fall below investment grade, it could be required to post additional collateral of approximately **$25.7 million** based on its portfolio and market conditions as of December 31, 2021[275](index=275&type=chunk)[428](index=428&type=chunk) - Equity price risk exposure comes primarily from assets held in Idaho Power's defined benefit pension plan and a mine reclamation trust fund[431](index=431&type=chunk) [Financial Statements](index=81&type=section&id=Item%208.%20Financial%20Statements) This section presents consolidated financial statements for IDACORP and Idaho Power, including income, balance sheets, cash flows, equity, and auditor reports IDACORP, Inc. Consolidated Statements of Income (Thousands of US Dollars) | | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Total operating revenues** | $1,458,084 | $1,350,729 | $1,346,383 | | **Operating Income** | $329,651 | $309,521 | $298,326 | | **Net Income Attributable to IDACORP, Inc.** | $245,550 | $237,417 | $232,854 | | **Earnings Per Share - Diluted** | $4.85 | $4.69 | $4.61 | Idaho Power Company Consolidated Statements of Income (Thousands of US Dollars) | | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Operating Revenues** | $1,455,410 | $1,347,340 | $1,342,940 | | **Operating Income** | $329,568 | $308,780 | $297,652 | | **Net Income** | $243,225 | $233,235 | $224,437 | IDACORP, Inc. Consolidated Balance Sheets - Assets (Thousands of US Dollars) | | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total current assets** | $595,873 | $642,401 | | **Property, plant and equipment - net** | $4,901,822 | $4,709,510 | | **Total assets** | $7,210,515 | $7,095,244 | IDACORP, Inc. Consolidated Balance Sheets - Liabilities and Equity (Thousands of US Dollars) | | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total current liabilities** | $325,624 | $287,571 | | **Long-Term Debt** | $2,000,640 | $2,000,414 | | **Total equity** | $2,675,234 | $2,566,456 | | **Total Liabilities and Equity** | $7,210,515 | $7,095,244 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=137&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting principles, financial disclosure, or auditing scope - None reported[694](index=694&type=chunk) [Controls and Procedures](index=137&type=section&id=Item%209A.%20Controls%20and%20Procedures) IDACORP and Idaho Power's disclosure controls and internal control over financial reporting were effective as of December 31, 2021 - Management of both IDACORP and Idaho Power concluded that their disclosure controls and procedures were effective as of December 31, 2021[696](index=696&type=chunk)[709](index=709&type=chunk) - Based on the COSO framework, management concluded that internal control over financial reporting was effective as of December 31, 2021 for both entities[699](index=699&type=chunk)[712](index=712&type=chunk) - The independent registered public accounting firm issued an unqualified opinion on the effectiveness of internal control over financial reporting for both IDACORP and Idaho Power[700](index=700&type=chunk)[713](index=713&type=chunk) - No changes in internal control over financial reporting occurred during the fourth quarter of 2021 that materially affected, or are reasonably likely to materially affect, internal controls[721](index=721&type=chunk) [Other Information](index=141&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[723](index=723&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=141&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[724](index=724&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=141&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2022 proxy statement - This section incorporates by reference information from the company's definitive proxy statement for the 2022 annual meeting of shareholders[726](index=726&type=chunk) [Executive Compensation](index=141&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the 2022 proxy statement - This section incorporates by reference information from the company's definitive proxy statement for the 2022 annual meeting of shareholders[728](index=728&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=141&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information is incorporated by reference from the 2022 proxy statement, detailing outstanding and available equity awards Equity Compensation Plan Information (as of Dec 31, 2021) | Plan Category | Securities to be issued upon exercise | Securities remaining available for future issuance | | :--- | :--- | :--- | | **Equity compensation plans approved by shareholders** | 211,519 | 443,663 | | **Equity compensation plans not approved by shareholders** | — | — | | **Total** | **211,519** | **443,663** | [Certain Relationships and Related Transactions, and Director Independence](index=142&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on certain relationships, related transactions, and director independence is incorporated by reference from the 2022 proxy statement - This section incorporates by reference information from the company's definitive proxy statement for the 2022 annual meeting of shareholders[733](index=733&type=chunk) [Principal Accountant Fees and Services](index=142&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Principal accountant fees for Idaho Power totaled **$1.56 million** in 2021, with the Audit Committee pre-approving all services for independence Idaho Power Principal Accountant Fees (Thousands of US Dollars) | Fee Type | 2021 | 2020 | | :--- | :--- | :--- | | Audit fees | $1,526,750 | $1,531,235 | | Tax fees | $19,885 | $16,121 | | All other fees | $12,050 | $1,895 | | **Total** | **$1,558,685** | **$1,549,251** | - The Audit Committee has a pre-approval policy for all audit and non-audit services to ensure the independence of the independent registered public accounting firm[738](index=738&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=143&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all exhibits and financial statement schedules included with or incorporated by reference into the Form 10-K - This section provides a comprehensive list of all exhibits and financial statement schedules included with or incorporated by reference into the Form 10-K[744](index=744&type=chunk)[746](index=746&type=chunk) [Form 10-K Summary](index=152&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no summary for this item - None[762](index=762&type=chunk)

IDACORP, Inc. (NYSE:IDA) Q3 2021 Earnings Conference Call October 28, 2021 4:30 PM ET Company Participants Justin Forsberg - Director of Investor Relations & Treasury Lisa Grow - Chief Executive Officer Steven Keen - Chief Financial Officer Adam Richins - Chief Operating Officer Conference Call Participants Ryan Greenwald - Bank of America Merrill Lynch Brian Russo - Sidoti & Company Operator Welcome to IDACORP's Third Quarter 2021 Earnings Conference Call. Today's call is being recorded, and our webcast is ...

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, 2021 | | | | 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 ...

Sidoti Fall Virtual Smallcap Investor Conference September 22-23, 2021 Investor Information 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-looking statement ...

Earnings Conference Call 2 nd Quarter 2021 July 29, 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 forward-looking statements within the meaning of the Private ...

IDACORP Inc. (NYSE:IDA) Q2 2021 Earnings Conference Call July 29, 2021 4:30 PM ET Company Participants Justin Forsberg - Director of Investor Relations Lisa Grow - President and Chief Executive Officer Steve Keen - Senior Vice President and Chief Financial Officer Adam Richins - Chief Operating Officer Conference Call Participants Chris Ellinghaus - Siebert Williams Ryan Greenwald - Bank of America Brian Russo - Sidoti Ashar Khan - Verition Vedula Murti - Hudson Bay Capital Operator Welcome to IDACORP's S ...

Financial Performance - For the three months ended June 30, 2021, total operating revenues increased to $360.074 million, up from $318.766 million in the same period of 2020, representing a growth of approximately 12.9%[19] - Electric utility revenues for the six months ended June 30, 2021, were $674.625 million, compared to $608.154 million for the same period in 2020, reflecting an increase of about 10.9%[19] - Net income attributable to IDACORP, Inc. for the three months ended June 30, 2021, was $70.023 million, compared to $60.389 million in the same period of 2020, marking an increase of approximately 11.9%[19] - Earnings per share (EPS) attributable to IDACORP, Inc. for the second quarter of 2021 was $1.38, up from $1.19 in the same quarter of 2020, indicating a growth of about 16.1%[19] - Total comprehensive income attributable to IDACORP, Inc. for the six months ended June 30, 2021, was $116,526,000, up from $99,373,000 in 2020, representing a 17.3% increase[21] - Net income for the six months ended June 30, 2021, was $113,191,000, representing a 18% increase compared to $95,700,000 for the same period in 2020[35] - The company reported a total comprehensive income of $69,658,000 for the three months ended June 30, 2021, compared to $59,670,000 for the same period in 2020, reflecting a 17% increase[37] - Net income attributable to IDACORP, Inc. for the six months ended June 30, 2021, was $114,854,000, compared to $97,879,000 in 2020, reflecting a 17% increase[86] Operating Expenses - Total electric utility operating expenses for the six months ended June 30, 2021, were $521.445 million, compared to $477.589 million for the same period in 2020, an increase of approximately 9.2%[19] - Purchased power costs for the three months ended June 30, 2021, rose to $96.116 million, compared to $61.774 million in the same period of 2020, reflecting an increase of about 55.5%[19] - Total operating expenses for the three months ended June 30, 2021, were $267,155,000, an increase of 12% from $238,814,000 in the prior year[35] - Other operations and maintenance expenses increased by $5.3 million in Q2 2021, mainly due to maintenance project timing and higher labor-related costs[152] Cash Flow and Assets - Cash and cash equivalents at the end of the period were $259,965,000, a decrease from $275,116,000 at the beginning of the period[29] - Net cash provided by operating activities for the six months ended June 30, 2021, was $167,195,000, compared to $128,613,000 for the same period in 2020, reflecting a 30.0% increase[29] - Total current assets increased to $672,979,000 as of June 30, 2021, from $642,401,000 as of December 31, 2020, marking a 4.9% growth[24] - The total assets of the company as of June 30, 2021, were $7,006,991,000, compared to $6,906,110,000 as of December 31, 2020[43] Liabilities and Equity - Total liabilities increased to $4,256,351,000 as of June 30, 2021, from $4,228,844,000 as of December 31, 2020, indicating a 0.6% rise[26] - The company's retained earnings as of June 30, 2021, were $1,776,986,000, up from $1,734,103,000 at the end of 2020, a growth of 2.5%[26] - Total equity at the end of the period was $2,613,107,000, an increase from $2,566,456,000 at the end of 2020, representing a 1.8% rise[26] Customer Growth and Demand - The customer count for Idaho Power grew by over 8,500 customers in the first six months of 2021, resulting in a customer growth rate of 2.9%[145] - A new all-time system peak demand of 3,751 MW was set on June 30, 2021, surpassing the previous high of 3,422 MW set on July 7, 2017[145] - Retail energy sales increased by 14% in Q2 2021 and 8% in the first six months compared to the same periods in 2020, driven by warmer and drier weather[169] Regulatory and Environmental Initiatives - The company is committed to providing 100-percent clean energy to its customers by 2045 as part of its environmental initiatives[145] - Idaho Power's Wildfire Mitigation Plan (WMP) has been authorized by the IPUC to defer certain expenses for future amortization[164] - The company is actively monitoring various pending environmental regulations that may significantly impact future operations and compliance costs, although specific financial impacts remain uncertain[91] Capital Expenditures and Investments - Idaho Power anticipates total capital expenditures of approximately $2.0 billion over the five-year period from 2021 through 2025[145] - The company projects spending approximately $47 million in wildfire mitigation-related operations and maintenance and roughly $35 million in system-hardening capital expenditures over the next five years[72] Pension and Employee Benefits - Idaho Power's net periodic benefit cost for the pension plan increased to $15.665 million in Q2 2021 from $13.208 million in Q2 2020, reflecting a year-over-year increase of approximately 18.6%[94] - The company reported a service cost of $27.101 million for the pension plan in the first half of 2021, up from $21.493 million in the same period of 2020, representing an increase of approximately 26.3%[97] Tax and Regulatory Accounting - For the six months ended June 30, 2021, IDACORP's income tax expense increased to $16.156 million from $10.821 million in 2020, reflecting an effective tax rate of 12.3% compared to 9.9% in the prior year[59] - The effective tax rate for Idaho Power was reported at 13.3% for the six months ended June 30, 2021, compared to 10.8% in the same period of 2020[59] Derivative Instruments and Financial Risk - Idaho Power's derivative instruments are primarily used for economically hedging forecasted purchases and sales, with no instruments designated as cash flow hedges[102] - As of June 30, 2021, Idaho Power did not have material credit risk exposure from financial instruments, including derivatives, and manages risks through established credit limits and collateral requirements[107]

Financial Data and Key Metrics Changes - IDACORP's Q1 2021 earnings per diluted share were $0.89, an increase of $0.15 per share from the previous year [3][4] - The company's net income for Q1 2021 was higher by $7.3 million compared to the same period in 2020 [16] - Cash flows from operations were approximately $50 million higher than last year's first quarter, primarily due to working capital fluctuations [20] Business Line Data and Key Metrics Changes - Customer growth contributed an additional $3.7 million to operating income, while lower usage per commercial customer decreased by 2% [17] - Transmission wheeling-related revenues increased by $4.1 million, driven by a 20% increase in wheeling volumes and a 10% increase in Idaho Power's open access transmission tariff rate [17] - Other operating and maintenance expenses decreased by $4.2 million, mainly due to the timing of cloud-seeding activities and cost-saving initiatives [18] Market Data and Key Metrics Changes - Unemployment in Idaho Power's service area is at 3.7%, significantly lower than the national average of 6% [7] - Moody's projects robust economic growth for Idaho Power's service area, with GDP growth expected at 8% in 2021 and 8.1% in 2022 [8] Company Strategy and Development Direction - The company plans to enhance and expand its distribution and transmission system infrastructure to meet growing customer demand [8][9] - IDACORP does not plan to file a general rate case in Idaho or Oregon in the next 12 months, focusing on customer growth and effective cost management [10] - The company is analyzing options for potential energy and capacity resource procurement while working on its 2021 integrated resource plan [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about customer growth continuing due to Idaho's quality of life and business-friendly environment [6][7] - The company is cautious about the impact of evolving economic conditions on customers and suppliers, which could affect earnings guidance [4][22] - Management noted that weather conditions are critical for operations, with expectations of lower hydropower generation due to below-average precipitation [13][14] Other Important Information - The company expects to spend approximately $47 million in incremental O&M and $35 million in incremental capital expenses for wildfire-related infrastructure work over the next five years [12] - The company affirmed its full-year 2021 earnings guidance in the range of $4.60 to $4.80 per diluted share, assuming normal weather conditions [4][22] Q&A Session Summary Question: Discussion on guidance and customer growth - Management explained that while Q1 was strong, they prefer to wait until summer to have more confidence in guidance due to seasonal patterns [27] Question: Acceleration in customer growth in March - Management attributed the growth to various factors, including business climate, in-migration, and the easing of COVID-19 restrictions [34][35] Question: Impact of cloud-seeding on O&M reduction - Management clarified that cloud-seeding only occurs in winter, and the savings were due to timing issues [38][39] Question: Hydrological situation and reservoir management - Management discussed the dry conditions and the importance of reservoir storage for irrigation customers [41][42] Question: Potential need for new energy resources - Management indicated that significant load growth may necessitate new generation resources sooner than expected [58][59] Question: Transmission dynamics and market conditions - Management confirmed that extreme weather conditions could create opportunities for increased transmission volumes [62]

Earnings Conference Call 1 st Quarter 2021 April 29, 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 forward-looking statements within the meaning of the Privat ...

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].