IDACORP : Investor Information Late Spring 2024 Outreach

Investor Outreach

Late-Spring 2024

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 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 for, utility infrastructure, including the impacts of inflation, price volatility, 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 and increasing interest rates, on items such as operations and capital investments and changes in customer demand;
• Power demand exceeding supply, and the rapid addition of new industrial and commercial customer load and the volatility of such new load demand, resulting in increased risks and costs for purchasing energy and capacity in the market or acquiring or constructing additional generation and transmission resources and battery storage facilities;
• 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;
• Ability to continue to pay dividends and achieve target dividend-payout ratios, and contractual and regulatory restrictions on those dividends; and
• Changing market dynamics due to the emergence of day ahead or other energy and transmission markets in the western United States.

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.

Table of Contents

Company Overview

IDACORP Profile

IDACORP at a Glance

Idaho Power Company Overview

Idaho Power's Clean Energy Portfolio

Clean today. Cleaner tomorrow.®

Growing Common Stock Dividend

Solid History of Cost Management

Growth and Economic Expansion

Idaho Economic Snapshot

Micron Expansion Drives Further Growth 2023 IRP Load Growth Projections

Capital Expenditures Forecast

Total System Rate Base Growth Forecast

High-Voltage Transmission Project Updates

Request for Proposal Update

Idaho General Rate Case Settlement

Earnings Support & Revenue Sharing Mechanism Oregon General Rate Case

Residential and Industrial Average Rates

Operating Cash Flows and Liquidity

Debt Maturity Profile and Credit Ratings

Wildfire Risk Mitigation

Appendix

1	2024 Earnings Per Share Guidance and Estimated Key Operating Metrics	A-1
2	Historical Earnings Guidance vs. Actual EPS	A-2
3	Return on Period-End Equity	A-3
4	2023 Integrated Resource Plan	A-4
5	All-Time High Summer and Winter System Peak Demand	A-5
6	A Foundation of Clean Energy	A-6
7	A Tradition of Sustainability	A-7
8	Regulatory Commissioners	A-8
9	Select Recent Regulatory Activity	A-9
10	Clean Energy Your Way	A-10
11	Experienced, Diverse, Independent Directors	A-11
12	Diversity in Leadership	A-12
13	Recent Safety Performance	A-13
14	Our Commitment to Our Customers	A-14
15	Our Commitment to Our Employees	A-15
16	Hells Canyon Relicensing	A-16
17	Boardman-to-Hemingway	A-17
18	Gateway West	A-18
19	Contact Information	A-19
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21
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IDACORP Profile

BUILDING OUR FUTURE

• Core electric utility - focused on our core business
• Sustained strong customer and load growth in the service area, with future acceleration from residential and industrial growth
• Executable capital program of growth and reliability-driven infrastructure - a diverse set of transformational investments in generation, transmission, and distribution, supported by a robust IRP; notable upside in the capital plan
• Rapid rate base growth from projects necessary for reliability and meeting customer growth
• Customer affordability intact in the capex plan with rates already 20-30% below the national average
• Hydro base is the core of an impressively clean generation portfolio
• Goal of 100% Clean by 2045 - with achievable milestones and exit of all coal-fired operations by 2030
• Successful regulator-approvedgreen power programs for customers, including for large industrial customers

• 99.97% reliability for customers and top tier customer satisfaction scores
• Demonstrated culture of controlling costs with a 1% CAGR over the past 12 years
• 177% increase in the dividend in the past 12 years
• Target dividend payout ratio of 60-70%of our growing sustainable earnings
• Strong balance sheet with a manageable debt maturity stack
• No holding company debt
• Constructive regulatory environment and supportive state regulation
• Recent rate case outcomes de-riskregulatory uncertainty (12 years of plant additions with no capital disallowance)
• Refreshed and renewed tax credit mechanism reduces regulatory lag and allows for strong ROEs
• 16 consecutive years of growth in earnings
• EEI Safety Award winner among all utilities

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IDACORP at a Glance

IDACORP Financial Snapshot(1):

• Revenue: $1.77 billion
• Diluted earnings per share: $5.14
• Annualized Dividends per share: $3.32
• Return on Year-End Equity: 9.0%
• Net Utility Plant Assets:

Idaho Power-$5.7 billion

Company Quick Facts:

• Vertically integrated energy company encompassing generation, transmission, and distribution
• ~630k customers; 24k sq.mi. territory

1. As of and for the year ended 12/31/2023, except for dividends per share, which are annualized as of March 2024.

Retail Revenues by Customer Class

Irrigation

12%

Industrial

16%

Residential

46%

Commercial

26%

2023

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Idaho Power Company Overview

4,762

630,000

248

29,714

As of December 31, 2023

A3-1

Idaho Power's Clean Energy Portfolio*

2023

2023

*Clean energy from our low-cost hydropower projects has served as a key component of our energy mix throughout our over 100-year history. Once again, clean hydropower accounted for our largest energy source in 2023. Other clean sources of energy consisted of market purchases, power purchase agreements, and Public Utilities Regulatory Policy Act contracts with wind, solar, geothermal, and other sources. Because we sell the renewable energy credits associated with our renewable energy and participate the wholesale energy market, the overall mix does not represent the energy delivered to customers.

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100% Clean Energy by 2045

Jim Bridger

Ending Coal 2030

Boardman

2023 IRP Plans for Coal Exit by 2030

Shut Down 2020	North Valmy
	Ending Coal 2026

Emission Reduction Targets Aligned with Paris Agreement (1)

Target	Year	CO2 Emissions Intensity
		Reduction
Short-term	2025	35% below 2005
Medium-term-IRP-based	2030	88% below 2005
Long-term	2045	100% clean

1. Based upon projections in the 2023 IRP. The short-term target is based on IPC generation. Medium and long- term targets are based on all energy sources (i.e. including purchased power).

Decreased Idaho Power Coal-fired Generation

	8
(millions)	7
6			66%
MWh	5
	4
	3
	2
	2005	2007	2008	2010	2011	2013	2014	2016	2017	2019	2020	2022	2023

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Growing Common Stock Dividend(1)

• Management expects to recommend future annual increases in the dividend of around 5%
• Annualized 2023 payout ratio was 62.3 percent as of 12/31/2023

									$3.32
									$3.16
									$3.00
	Current Target Payout Ratio: 60-70%	$2.84
	$2.68
	$2.52
									$2.36
									$2.20
									$2.04
									$1.88
									$1.72
									$1.52
									$1.32
									$1.20
								$0.71 $0.75 $0.79 $0.83
						$0.55 $0.59	$0.63	$0.67
				$0.47	$0.51
		$0.38	$0.43
	$0.33
$0.30
Q4 2011 Q1 2012 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 Q4 2021 Q4 2022 Q4 2023	Q4 2011 Q1 2012 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 Q4 2021 Q4 2022 Q4 2023

Quarterly Dividend Per Share

Annualized Dividend Per Share

6	(1) See IDACORP's most recent Annual Report on Form 10-K for a discussion of factors that may affect dividends.

Solid History of Cost Management

2012-2024 Operations & Maintenance Expenses ($ Millions)

$500

$450

$400

$350

$300

$250

$200

$150

$100

$50

$0

Reaffirmed

Guidance

of $440 - $450

as of May 2, 2024

$40(1)

$399 $400 $400

$349	$349	$350		$349	$365	$356	$352	$361
$340	$347

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

1. Approximately $48 million of the expected increase in other O&M expense relates to pension and wildfire mitigation plan expenses, approved for recovery in the 2023 Settlement Stipulation effective January 1, 2024. The increased O&M expense is expected to be offset by collection through tariff-based retail revenues.

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