8-K
IDACORP INC (IDA)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 8-K
_______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 30, 2025
_______________________
| Exact name of registrants as specified in | |||||||
|---|---|---|---|---|---|---|---|
| Commission | their charters, address of principal executive | IRS Employer | |||||
| File Number | offices and registrants' telephone number | Identification Number | |||||
| 1-14465 | IDACORP, Inc. | 82-0505802 | |||||
| 1-3198 | Idaho Power Company | 82-0130980 | |||||
| 1221 W. Idaho Street | |||||||
| Boise, | Idaho | 83702-5627 | |||||
| (208) | 388-2200 | ||||||
| State or Other Jurisdiction of Incorporation: | Idaho | ||||||
| Former name or former address, if changed since last report: | None |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock | IDA | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
□
Item 2.02 Results of Operations and Financial Condition.
On October 30, 2025, IDACORP, Inc. ("IDACORP”) issued a press release reporting its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1. As previously announced, on the same day, members of IDACORP’s management will hold a teleconference to discuss the financial results, and the presentation slides furnished herewith as Exhibit 99.2 will accompany management’s comments.
Item 7.01 Regulation FD Disclosure.
The information set forth in Item 2.02 above is hereby incorporated herein by reference.
______________
The information in Items 2.02 and 7.01 of this report, including the press release and presentation furnished as Exhibits 99.1 and 99.2 hereto, respectively, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. In addition, the exhibits furnished herewith contain statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth in such exhibits.
The exhibits furnished with this report contain business segment information for Idaho Power Company. Accordingly, this report is also being furnished on behalf of such registrant.
______________
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished as part of this report.
| Exhibit<br>Number | Description |
|---|---|
| 99.1 | IDACORP, Inc. press release, datedOctober 30, 2025 |
| 99.2 | IDACORP, Inc. third quarter 2025 financial teleconference presentation, dated October 30, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
Dated: October 30, 2025
IDACORP, INC.
By: /s/ Lisa A. Grow
Lisa A. Grow
President and Chief Executive Officer
IDAHO POWER COMPANY
By: /s/ Lisa A. Grow
Lisa A. Grow
President and Chief Executive Officer
Document
Exhibit 99.1
October 30, 2025
IDACORP, Inc. Announces Third Quarter 2025 Results, Increases Earnings Guidance Range
BOISE, Idaho--IDACORP, Inc. (NYSE: IDA) reported third quarter 2025 net income attributable to IDACORP of $124.4 million, or $2.26 per diluted share, compared with $113.6 million, or $2.12 per diluted share, in the third quarter of 2024.
“Continued customer growth and rate changes were the largest drivers of our third quarter results,” said IDACORP President and Chief Executive Officer Lisa Grow. "Financing costs and depreciation expense resulting from Idaho Power’s infrastructure investments to safely, reliably, and affordably serve existing customers and meet the demand of our rapidly growing customer needs offset some of those benefits."
“We’ve reached a constructive settlement of our Idaho general rate case, which is now pending approval of the Idaho Public Utilities Commission,” Grow added.
IDACORP is increasing its previously reported full-year 2025 earnings guidance to the range of $5.80 to $5.90 per diluted share, with the expectation that Idaho Power will use between $50 million and $60 million of additional tax credits available under the Idaho regulatory mechanism in 2025. The earnings guidance also assumes normal weather conditions and power supply expenses for the remainder of 2025.
Summary of Financial Results
The following is a summary of net income attributable to IDACORP and IDACORP's earnings per diluted share for the three and nine months ended September 30, 2025 and 2024 (in thousands, except earnings per share amounts):
| Three months ended <br>September 30, | Nine months ended<br>September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Net income attributable to IDACORP, Inc. | $ | 124,437 | $ | 113,605 | $ | 279,865 | $ | 251,298 |
| Weighted average outstanding shares – diluted | 55,055 | 53,485 | 54,522 | 52,179 | ||||
| IDACORP, Inc. earnings per diluted share | $ | 2.26 | $ | 2.12 | $ | 5.13 | $ | 4.82 |
The table below provides a reconciliation of net income attributable to IDACORP for the three and nine months ended September 30, 2025, from the same periods in 2024 (items are in millions and are before related income tax impact unless otherwise noted):
| Three months ended | Nine months ended | |||||
|---|---|---|---|---|---|---|
| Net income attributable to IDACORP, Inc. - September 30, 2024 | $ | 113.6 | $ | 251.3 | ||
| Increase (decrease) in Idaho Power net income: | ||||||
| Retail revenues per megawatt-hour (MWh), net of power cost adjustment mechanisms | 17.6 | 37.2 | ||||
| Customer growth, net of associated power supply costs and power cost adjustment mechanisms | 7.8 | 19.6 | ||||
| Usage per retail customer, net of associated power supply costs and power cost adjustment and fixed cost adjustment (FCA) mechanisms | (5.7) | (0.8) | ||||
| Other operations and maintenance (O&M) expenses | (4.2) | (22.5) | ||||
| Depreciation and amortization expense | (8.1) | (20.3) | ||||
| Other changes in operating revenues and expenses, net | 4.3 | 1.1 | ||||
| Increase in Idaho Power operating income | 11.7 | 14.3 | ||||
| Non-operating expense, net | (9.8) | (19.0) | ||||
| Additional accumulated deferred investment tax credits (ADITC) amortization | — | 16.5 | ||||
| Income tax expense, excluding additional ADITC amortization | 9.1 | 15.5 | ||||
| Total increase in Idaho Power net income | 11.0 | 27.3 | ||||
| Other IDACORP changes (net of tax) | (0.2) | 1.3 | ||||
| Net income attributable to IDACORP, Inc. - September 30, 2025 | $ | 124.4 | $ | 279.9 |
Net Income - Third Quarter 2025
IDACORP's net income increased $10.8 million for the third quarter of 2025 compared with the third quarter of 2024, due primarily to higher net income at Idaho Power.
A net increase in retail revenues per MWh, net of power cost adjustment mechanisms, increased operating income by $17.6 million in the third quarter of 2025 compared with the third quarter of 2024. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2025, from the outcome of the limited-issue rate case Idaho Power filed with the Idaho Public Utilities Commission (IPUC) finalized by order of the IPUC in December 2024 (2024 Idaho Limited-Issue Rate Case).
Customer growth increased operating income by $7.8 million in the third quarter of 2025 compared with the third quarter of 2024, as the number of Idaho Power customers grew by approximately 15,000, or 2.3 percent, during the twelve months ended September 30, 2025. Usage per retail customer, net of associated power supply costs and power cost adjustment and FCA mechanisms, decreased operating income by $5.7 million in the third quarter of 2025 compared with the third quarter of 2024. Irrigation usage per customer decreased most significantly, as higher precipitation in the third quarter of 2025 compared with the third quarter of 2024 led irrigation customers to use less energy for operating irrigation pumps.
Other O&M expenses in the third quarter of 2025 were $4.2 million higher than the third quarter of 2024. This increase was primarily driven by inflationary pressures on labor-related costs, professional services, and an increase in wildfire mitigation program and related insurance expenses.
Depreciation and amortization expense increased $8.1 million in the third quarter of 2025 compared with the third quarter of 2024, due primarily to an increase in plant-in-service. Additionally, the start of operations at a leased battery storage facility in the second quarter of 2025 contributed modestly to the increase through the amortization of a related right-of-use asset.
Other changes in operating revenues and expenses, net, increased operating income by $4.3 million in the third quarter of 2025 compared with the third quarter of 2024, due primarily to a decrease in net power supply expenses that were not deferred for future recovery in rates through Idaho Power's power cost adjustment mechanisms.
Non-operating expense, net, increased $9.8 million in the third quarter of 2025 compared with the third quarter of 2024. Higher long-term debt balances and an increase in transmission customer deposits, on which Idaho Power must pay interest to the customer, led to an increase in interest expense. Interest on a new finance lease also contributed to the increase compared with the third quarter of 2024. This increase was partially offset by an increase in Allowance for Funds Used During Construction (AFUDC) in the third quarter of 2025 compared with the third quarter of 2024, as the average construction work in progress balance was higher.
The decrease in income tax expense for the third quarter of 2025, compared with the third quarter of 2024, was primarily due to income tax return adjustments for state taxes and plant-related flow-through items.
Net Income - Year-To-Date 2025
IDACORP's net income increased $28.6 million for the first nine months of 2025 compared with the first nine months of 2024, due primarily to higher net income at Idaho Power.
The net increase in retail revenues per MWh, net of power cost adjustment mechanisms, increased operating income by $37.2 million in the first nine months of 2025 compared with the first nine months of 2024. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2025, from the outcome of the 2024 Idaho Limited-Issue Rate Case.
Customer growth increased operating income by $19.6 million in the first nine months of 2025 compared with the first nine months of 2024. Overall, usage per retail customer, net of associated power supply costs and power cost adjustment and FCA mechanisms, was relatively flat in the first nine months of 2025 compared with the first nine months of 2024.
Total other O&M expenses in the first nine months of 2025 were $22.5 million higher than the first nine months of 2024. This increase was primarily driven by inflationary pressures on labor-related costs, professional services, and an increase in wildfire mitigation program and related insurance expenses, as well as higher variable employee compensation based on the expected achievement level of performance-based metrics.
Depreciation and amortization expense increased $20.3 million for the first nine months of 2025 compared with the first nine months of 2024, due primarily to an increase in plant-in-service. Additionally, the start of operations at a leased battery storage facility in the second quarter of 2025 contributed modestly to the increase through the amortization of a related right-of-use asset.
Other changes in operating revenues and expenses, net, increased operating income by $1.1 million in the first nine months of 2025 compared with the first nine months of 2024, due primarily to a decrease in net power supply expenses that were not deferred for future recovery in rates through Idaho Power's power cost adjustment mechanisms, which increased operating income compared with the first nine months of 2024. This was partially offset by the timing of recording and adjusting of regulatory accruals and deferrals during the first nine months of 2024 that did not reoccur in 2025.
Non-operating expense, net, increased $19.0 million in the first nine months of 2025 compared with the first nine months of 2024. Higher long-term debt balances and an increase in transmission customer deposits, on which Idaho Power must pay interest to the customer, led to an increase in interest expense. Interest on a new finance lease also contributed to the increase compared with the first nine months of 2024. This increase was partially offset by an increase in AFUDC in the first nine months of 2025 compared with the first nine months of 2024, as the average construction work in progress balance was higher.
The decrease in income tax expense for the first nine months of 2025, compared with the first nine months of 2024, was primarily due to income tax return adjustments for state taxes and plant-related flow-through items as well as a $16.5 million increase in additional ADITC amortization. Based on Idaho Power's current
expectations of full-year 2025 financial results, Idaho Power recorded $39.0 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during the first nine months of 2025, compared with $22.5 million of additional ADITC amortization during the same period in 2024.
Annual Earnings Guidance and Key Operating and Financial Metrics
IDACORP is increasing its earnings guidance estimate for 2025. The 2025 guidance incorporates all of the key operating and financial assumptions listed in the table that follows (in millions, except per share amounts):
| Current(1) | Previous(2) | |
|---|---|---|
| IDACORP Earnings Guidance (per diluted share) | $ 5.80 – $ 5.90 | $ 5.70 – $ 5.85 |
| Idaho Power Additional ADITCs | $ 50 – $ 60 | $ 60 – $ 77 |
| Idaho Power O&M Expense | $ 470 – $ 480 | $ 465 – $ 475 |
| Idaho Power Capital Expenditures, Excluding AFUDC | No Change | $ 1,000 – $ 1,100 |
| Idaho Power Hydropower Generation (MWh) | 6.5 – 7.0 | 7.0 – 8.0 |
(1) As of October 30, 2025. Assumes normal weather conditions and power supply expenses for the remainder of 2025.
(2) As of July 31, 2025, the date of filing IDACORP's and Idaho Power's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.
More detailed financial and operational information is provided in IDACORP’s Quarterly Report on Form 10-Q filed today with the U.S. Securities and Exchange Commission, which is also available for review on IDACORP’s website at idacorpinc.com.
Web Cast / Conference Call
IDACORP will hold an analyst conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). All parties interested in listening may do so through a live webcast on IDACORP's website (idacorpinc.com), or by calling (855) 761-5600 for listen-only mode. The passcode for the call is 9290150. The conference call logistics are also posted on IDACORP's website. Slides will be included during the conference call. To access the slide deck, please visit idacorpinc.com/investor-relations. A replay of the conference call will be available on the company's website for 12 months and will be available shortly after the call.
Background Information
IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, an investor in affordable housing and other real estate tax credit investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power, headquartered in vibrant and fast-growing Boise, Idaho, has been a locally operated energy company since 1916. Today, it serves a 24,000-square-mile service area in Idaho and Oregon. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power’s residential, business, and agricultural customers pay among the nation's lowest prices for electricity. Its 2,100 employees proudly serve more than 650,000 customers with a culture of safety first, integrity always, and respect for all. To learn more about IDACORP or Idaho Power, visit idacorpinc.com or idahopower.com.
Forward-Looking Statements
In addition to the historical information contained in this press release, this press release contains (and oral communications made by IDACORP, Inc. (IDACORP) and Idaho Power Company (Idaho Power) may contain) statements that relate to future events and expectations, such as statements regarding projected or future financial performance, power generation, cash flows, capital expenditures, regulatory filings, dividends, capital structure or ratios, load forecasts, strategic goals, challenges, objectives, and plans for future operations. Such statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to
differ materially from those contained in forward-looking statements include those factors set forth in this press release, IDACORP's and Idaho Power's most recent Annual Report on Form 10-K, particularly Part I, Item 1A - "Risk Factors" and Part II, Item 7 - "Management’s Discussion and Analysis of Financial Condition and Results of Operations" of that report, subsequent reports filed by IDACORP and Idaho Power with the U.S. Securities and Exchange Commission (SEC), and the following important factors: (a) decisions or actions by the Idaho and Oregon public utilities commissions and the Federal Energy Regulatory Commission that impact Idaho Power's ability to recover costs and earn a return on investment; (b) changes to or the elimination of Idaho Power's regulatory cost recovery mechanisms; (c) expenses and risks associated with capital expenditures and contractual obligations for, and the permitting and construction of, utility infrastructure projects that Idaho Power may be unable to complete, are delayed, have cost increases due to tariffs or other factors, or that may not be deemed prudent by regulators for cost recovery or return on investment; (d) expenses and risks associated with supplier and contractor delays and failure to satisfy project quality and performance standards on utility infrastructure projects, including as a result of tariffs and permitting requirements and limitations, and the potential impacts of those delays and failures on Idaho Power's ability to serve customers and generate revenues; (e) the rapid addition of new industrial and commercial customer load and the volatility and timing of such new load demand, resulting in increased risks and costs of power demand potentially exceeding available supply; (f) the potential financial impacts of industrial customers not meeting forecasted power usage ramp rates or volumes; (g) impacts of economic conditions, including an inflationary or recessionary environment and interest rates, on items such as operations and capital investments, supply costs and delivery delays, supply scarcity and shortages, population growth or decline in Idaho Power's service area, changes in customer demand for electricity, revenue from sales of excess power, credit quality of counterparties and suppliers and their ability to meet financial and operational commitments and on the timing and extent of counterparties’ power usage, and collection of receivables; (h) changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area, and the associated impacts on loads and load growth; (i) employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies' workforce, the cost and ability to attract and retain skilled workers and third-party contractors and suppliers, the cost of living and the related impact on recruiting employees, and the ability to adjust to fluctuations in labor costs; (j) changes in, failure to comply with, and costs of compliance with laws, regulations, policies, orders, and licenses, which may result in penalties and fines, increase compliance and operational costs, and impact recovery associated with increased costs through rates; (k) abnormal or severe weather conditions, wildfires, droughts, earthquakes, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation, repair costs, service interruptions, public safety power shutoffs and de-energization, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers; (l) advancement and adoption of self-generation, energy storage, energy efficiency, alternative energy sources, and other technologies that may reduce Idaho Power's sale or delivery of electric power or introduce operational vulnerabilities to the power grid; (m) variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydropower facilities and power supply costs; (n) ability to acquire equipment, materials, fuel, power, and transmission capacity on reasonable terms and prices, particularly in the event of unanticipated or abnormally high resource demands, price volatility (including as a result of new or increased tariffs), lack of physical availability, transportation constraints, outages due to maintenance or repairs to generation or transmission facilities, disruptions in the supply chain, or reduced credit quality or lack of counterparty and supplier credit; (o) inability to timely obtain and the cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydropower facilities; (p) disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission systems, which can result in liability for Idaho Power, increased power supply costs and repair expenses, and reduced revenues; (q) accidents, electrical contacts, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, infrastructure failures, general system damage or dysfunction, and other unplanned events that may occur while operating and maintaining assets, which can cause unplanned outages; reduce generating output; damage company assets, operations, or reputation; subject Idaho Power to third-party claims for property damage, personal injury, or loss of life; or result in the imposition of fines and penalties; (r) acts or threats of terrorism, acts of war, social unrest, cyber or physical security attacks, and other malicious acts of individuals or groups seeking to disrupt Idaho Power's operations or the electric power grid or compromise data, or the disruption or damage to the companies’ business, operations, or reputation resulting from such events; (s) Idaho Power's concentration in one region, and the resulting exposure to regional economic conditions and regional legislation and regulation; (t) unaligned goals and positions with co-owners of Idaho Power’s existing and planned generation and transmission assets that may adversely impact Idaho Power’s ability to construct and operate those facilities in a manner most suitable to Idaho Power; (u) changes in tax laws or related regulations or interpretations of applicable laws or regulations by federal, state, or local taxing jurisdictions, and the availability of expected tax credits or other tax benefits; (v) ability to obtain debt and equity financing or refinance existing debt when necessary and on satisfactory terms, which can be affected by factors such as credit ratings, reputational harm, volatility or disruptions in the financial markets, interest rates, decisions by the Idaho, Oregon, or Wyoming public utility commissions, and the companies' past or projected financial performance; (w) ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk for fuel, power, and transmission, and the failure of any such risk management and hedging strategies to work as intended, and the potential losses and cash flow impacts the companies may incur on those hedges; (x) changes in actuarial assumptions, changes in interest rates, increasing health care costs, and the actual and projected return on plan assets for pension and other postretirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities and the companies' cash flows; (y) remediation costs associated with planned cessation of coal-fired operations at Idaho Power's co-owned coal plants and conversion of the plants to natural gas; (z) ability to continue to pay dividends and achieve target dividend payout ratios based on financial performance and capital requirements, and in light of credit rating considerations, contractual covenants and restrictions, cash flows, and regulatory limitations; and (aa) adoption of or changes in accounting policies and principles, changes in accounting estimates, and new SEC or New York Stock Exchange requirements or new interpretations of existing requirements. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for the companies to predict all such factors, nor can they assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.
| Investor and Analyst Contact | Media Contact |
|---|---|
| John R. Wonderlich | Jordan Rodriguez |
| Investor Relations Manager | Corporate Communications |
| Phone: (208) 388-5413 | Phone: (208) 388-2460 |
| JWonderlich@idahopower.com | JRodriguez@idahopower.com |
a2025-q3idacorpconferenc
Earnings Conference Call 3rd Quarter 2025 October 30, 2025 Exhibit 99.2
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 or involve discussions of expectations, beliefs, plans, objectives, outlooks, assumptions, or future events or performance are forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. Factors that may cause actual results or outcomes to differ materially from those contained in forward-looking statements include those listed in IDACORP, Inc.'s and Idaho Power Company's most recently filed periodic reports on Form 10-K and Form 10-Q, including (but not limited to) the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections, and in other reports the companies file with the U.S. Securities and Exchange Commission. Those factors also include the following, among others: • Decisions or actions by state and federal regulators affecting Idaho Power's ability to recover costs and earn a return on investment; • Changes to or elimination of Idaho Power’s regulatory cost recovery mechanisms; • Ability to timely obtain permits and construct, and expenses and risks of capital expenditures and contractual obligations for, utility infrastructure, including the impacts of inflation, price volatility (including due to tariffs), supply chain constraints, and supplier and contractor delays and failure to satisfy project quality and performance standards; • Impacts of economic conditions, including an inflationary or recessionary environment, interest rates, and tariffs, on items such as operations and capital investments and changes in customer demand; • The rapid addition of new industrial and commercial customer load and the volatility and timing of such new load demand, resulting in increased risks and costs of power demand potentially exceeding available supply; • The potential financial impacts of industrial customers not meeting forecasted power usage ramp rates or volumes; • Risks of operating an electric utility system, including compliance with regulatory obligations and potential liability for fires, outages, and personal injury or property damage; • Acts or threats of terrorism, cyber or physical security attacks, and other acts seeking to disrupt Idaho Power's operations or the electric power grid or compromise data; • Abnormal or severe weather conditions, wildfires, droughts, earthquakes, and other natural phenomena and natural disasters; • Ability to acquire equipment, materials, fuel, power, and transmission capacity on reasonable terms and prices; • Impacts of current and future governmental regulation and ability to timely obtain, and the cost of obtaining and complying with, government permits and approvals, licenses, and rights-of-way and siting for transmission and generation projects; • Ability to obtain debt and equity financing when necessary and on satisfactory terms; and • Ability to continue to pay dividends and achieve target dividend-payout ratios, and contractual and regulatory restrictions on those dividends. New factors emerge from time to time, and it is not possible for the companies to predict all such factors, nor can they assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law. 2
Presenting Today Amy Shaw IDACORP Vice President of Finance, Compliance & Risk Brian Buckham IDACORP Senior Vice President, Chief Financial Officer & Treasurer Lisa Grow IDACORP President & Chief Executive Officer John Wonderlich IDACORP Investor Relations Manager 3
IDACORP Earnings Performance Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Net income (thousands) $ 124,437 $ 113,605 $ 279,865 $ 251,298 Weighted average common shares outstanding – diluted (thousands) 55,055 53,485 54,522 52,179 Diluted earnings per share $ 2.26 $ 2.12 $ 5.13 $ 4.82 4
Growing Load and Customer Growth 5-Year Forecasted Annual Growth Rate 20-Year Forecasted Annual Growth Rate Retail Sales (Billed MWh) Annual Peak (Peak Demand) Retail Sales (Billed MWh) Annual Peak (Peak Demand) 2025 IRP 8.3% 5.1% 2.7% 1.9% 2023 IRP 5.5% 3.7% 2.1% 1.8% 2021 IRP 2.6% 2.1% 1.4% 1.4% 2025 IRP Load Forecast(1) vs. Prior IRPs (1) Included in the above table are the load forecast assumptions in the 2025 IRP filed in June 2025. Note the growth period shown above is for the 2025 through 2029 time period. 2.3% (Year-over- year) Idaho Power Customer Growth 600,000 610,000 620,000 630,000 640,000 650,000 660,000 2021 2022 2023 2024 2025 Twelve Months Ended September 30, 2025 5
200 220 240 260 280 300 320 $0.05 $0.07 $0.09 $0.11 $0.13 $0.15 $0.17 $0.19 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Idaho Power National Average CPI Residential Average Rates and CPI History (1) Edison Electric Institute “Typical Bills and Average Rates Report” 12 Months Ending 12/31/2024. IPC total system including both Idaho and Oregon average rates. Note: Idaho-only residential bills based on 1,000 kWh monthly usage increased on average by 1.24% per year over the past ten years (2015-2025). (1) 6 Average Rates (cents / kilowatt- hour) Consumer Price Index (CPI) (1) 2014 - 2024 CAGR Total Increase Idaho Power 1.6% 16.8% National Average 2.9% 33.2% CPI 2.9% 32.5% IPC Residential Rates 30% Lower Than National Average
Boardman-to-Hemingway Broke ground in June of 2025 • OPUC, IPUC, and WPSC granted respective certificates of public convenience and necessity • Idaho Power’s interest in Boardman-to-Hemingway (B2H) is ~45% • Long-term transmission service commitment to Bonneville Power Administration’s customers across southern Idaho included in agreement • In-service date expected in late-2027 7
RFP Update(1)(2) Year Owned Contracted CEYW(3) 2023 120 MW BESS 40 MW Solar 2024 96 MW BESS 100 MW Solar 2025 80 MW BESS 150 MW BESS 200 MW Solar 2026 250 MW BESS 200 MW Market Purchase 125 MW Solar 2027(4) 180 MW Solar; 100 MW BESS 320 MW Solar 2028(2) 167 MW Gas 2029 Final shortlist acknowledged by OPUC (1) Distribution site battery storage is excluded. (2) More information on the 2028 and Beyond RFP is available on Idaho Power’s website (Request for New Resources - Idaho Power) and the OPUC website under Docket No. UM2317 (State of Oregon: Public Utility Commission of Oregon). 167 MW gas plant was part of the 2029+ evaluation although it is planned to start commercial operations in calendar year 2028. (3) Clean Energy Your Way. (4) Idaho Power and the developer of the 300 MW Idaho Power-owned wind project and 300 MW wind project subject to a power purchase contract previously reported in this table have terminated the project agreements due to permitting delays and uncertainty around federal land use policies. IPC is pursuing other resources to meet capacity and energy deficits. The 80 MW solar project from 2028 RFP Final Short List was accelerated into 2027. Technology Structure 167 MW gas(2) Self-Build 200 MW solar + 100 MW BESS PPA/BSA 200 MW solar Asset Purchase 200 MW BESS BSA 149 MW solar Asset Purchase 20 MW LDES Self-Build 60 MW BESS Self-Build 200 MW BESS BSA 300 MW solar PPA 200 MW wind PPA 215 MW BESS Asset Purchase/BSA 115 MW BESS Self-Build 8 2029+ RFP Final Short List(2) Technology Structure 330 MW solar Asset Purchase 80 MW solar(4) PPA 149 MW solar PPA 178.6 MW wind Benchmark/Asset Purchase 400 MW solar PPA 150 MW BESS Asset Purchase 200 MW BESS BSA 2028 RFP Final Short List(2)
Idaho General Rate Case Settlement – Rates requested to become effective January 1, 2026, pending IPUC approval of the Settlement Stipulation – Increase of $110.0 million, or 7.48%, in total annual Idaho-jurisdictional revenue – Provides for a 9.6% Idaho-jurisdiction return on equity (ROE) and a 7.41% authorized rate of return applied to an Idaho-jurisdiction retail rate base of ~$4.9 billion – Authorization to designate all existing ADITCs on Idaho Power's balance sheet and all investment tax credits earned through 2028 as eligible for the ADITC and revenue sharing mechanism, with a $55 million annual cap – Idaho ROE floor of 9.12% and sharing level at 9.6% remains in place – No capital disallowances – Wildfire deferral continues – Tracking mechanism for incremental depreciation and interest expense was not part of the settlement – No limitation on the timing of filing another Idaho GRC 9
Revenue Requirement Adjustments $199.1 $11.5 $27.7 $21.6 $3.2 $5.2 $1.2 $18.7 $110.0 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 Filed 2025 Actuals True- ups ROE Rate Base (AMA w/Actuals Jan- July) Power Supply Expense Executive & Board Expenses Other Expenses Deferrals Settled Increase (1) Return on Equity (ROE) original request was 10.4% and settlement stipulation is 9.6%. (2) AMA – Average of monthly average plant balances. 10 (1) (in millions) (2)
Wildfire Risk Mitigation Quantifying Wildfire Risk • Leveraged a consultant to model wildfire risk relative to Idaho Power’s service area • Of 24,000 square mile service area, only 11% of transmission lines and 9% of distribution lines are in wildfire risk zones • Much of the service area is comprised of relatively low vegetation • Wind events akin to coastal Santa Ana conditions are rare • Current legal standard in Idaho based on negligence; standard will be based on the Wildfire Standard of Care Act after IPUC-approved Wildfire Mitigation Plan (WMP) • Statutory limit of approximately $509 thousand on non-economic damages in Idaho Wildfire Risk Mitigation • WMP, is focused on preventing wildfire ignition from Idaho Power facilities and burn-ins to Idaho Power facilities and has been in place since 2021 • WMP includes protocols for Public Safety Power Shutoff (protocols have been in place for several years, first de-energization in summer of 2024), operating procedures, system hardening, and vegetation management • Fire weather forecasting is performed daily during fire season, and practices are adjusted accordingly • WMP Technology – Fire weather stations, wildfire detection cameras, thermal inspections, use of drones to increase inspection capabilities, enhanced wildfire risk modeling, and the use of line monitors for fault and early failure detection 11
Comparing Q3 2024 to Q3 2025 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Three Months Ended September 30, 2024 $ 113.6 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour, net of power cost adjustment mechanisms $ 17.6 Customer growth, net of associated power supply costs and power cost adjustment mechanisms 7.8 Usage per retail customer, net of associated power supply costs and power cost adjustment mechanisms and fixed cost adjustment mechanisms (5.7) Other operations and maintenance (O&M) expenses (4.2) Depreciation and amortization expense (8.1) Other changes in operating revenues and expenses, net 4.3 Increase in Idaho Power operating income 11.7 Non-operating expense, net (9.8) Additional accumulated deferred investment tax credits (ADITC) amortization - Income tax expense, excluding additional ADITC amortization 9.1 Total increase in Idaho Power net income 11.0 Other IDACORP changes (net of tax) (0.2) Net Income – For the Three Months Ended September 30, 2025 $ 124.4 12
Liquidity (millions) As of September 30, 2025 IDACORP(1) Idaho Power Net balance available(2) $ 100.0 $ 400.0 Operating Cash Flows and Liquidity (1) Holding company only. (2) IDACORP’s and Idaho Power’s respective $100 million and $400 million revolving credit facilities, expiring in December 2029, net of commercial paper outstanding and amounts identified for other use. As of September 30, 2025, there was no commercial paper outstanding or amounts identified for other use. (3) IDACORP entered into an Equity Distribution Agreement (EDA) on May 20, 2024, pursuant to which it may issue, offer, and sell, from time to time, up to an aggregate gross sales price of $300 million of shares of its common stock through an at-the- market (ATM) offering program, which includes the ability to enter into Forward Sale Agreements (FSAs). During the three months ended September 30, 2025, IDACORP did not issue common stock pursuant to the EDA, including settling previously executed FSAs, nor did it execute any additional FSAs. (4) IDACORP entered into FSAs, independent of the ATM offering program, with forward counterparties on May 8 & 9, 2025. As of September 30, 2025, pursuant to the terms of the FSAs, IDACORP could have settled by physical delivery of 5,180,180 shares to the forward counterparties in exchange for net proceeds of $561.0 million. The FSAs provide for settlement on a date or dates to be specified at IDACORP’s discretion, but which is expected to occur on or prior to November 9, 2026. IDACORP Equity Financing (millions) Remaining as of September 30, 2025 Net Proceeds Available as of September 30, 2025 Settled To-Date At-the-Market Offering Program(3) $ 155.5 $ 143.7 – Forward Sale Agreements(4) – $ 561.0 – 13 IDACORP Cash Flows (millions) Nine Months Ended September 30, 2025 2024 Net Cash Provided by Operating Activities $ 464.1 $ 458.0
2025 Earnings Per Share Guidance and Estimated Key Operating Metrics Current(1) Previous(2) IDACORP Earnings Guidance (per diluted share) $ 5.80 – $ 5.90 $ 5.70 – $ 5.85 Idaho Power Additional Amortization of ADITC (millions) $ 50 – $ 60 $ 60 – $ 77 Idaho Power O&M Expense (millions) $ 470 – $ 480 $ 465 – $ 475 Idaho Power Capital Expenditures, Excluding Allowance for Funds Used During Construction (millions) No Change $ 1,000 – $ 1,100 Idaho Power Hydropower Generation (millions megawatt-hours) 6.5 – 7.0 7.0 – 8.0 (1) As of October 30, 2025. Assumes normal weather conditions and normal power supply expenses for the remainder of 2025. (2) As of July 31, 2025, the date of filing IDACORP's and Idaho Power’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. 14
Contact Information John R. Wonderlich Investor Relations Manager (208) 388-5413 JWonderlich@idahopower.com Investors & Analysts Jordan Rodriguez Corporate Communications (208) 388-2460 JRodriguez@idahopower.com Media