Slides
Page 1
Investor Outreach August 2026 111 IDACORP .
Page 2
Cautionary Statements Information Current as of July 30, 2026 Except as expressly noted, the information in this presentation is current as of July 30, 2026 – the date of filing IDACORP's and Idaho Power’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 - and should not be relied upon as being current as of any subsequent date. IDACORP and Idaho Power disclaim any obligation to update this presentation, except as required by applicable law. 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 customer load, uncertainty of forecasted power usage ramp rates or volumes,and the volatility and timing of that new load demand, resulting in increased risks of power demand potentially exceeding available supply and of revenue, cash flow, and earnings volatility; • 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.
Page 3
Table of Contents IDACORP at a Glance 4 Key Investment Highlights 5 IDACORP Profile 6 Idaho Power Company Overview 7 Idaho Power’s 2025 Energy Portfolio 8 Growing Common Stock Dividend 9 Idaho Economic Snapshot and Growth 10 Growing Load and Customer Growth 11 2025 IRP – System sales and load 12 Large Customer Construction Sites 13 Large Customer Contract Considerations 14 Focused on Affordability 15 Boardman-to-Hemingway 16 Other High-Voltage Transmission Project Updates 17 2025 IRP Preferred Portfolio and Action Plan 18 Owned Generation and Storage Project Updates 19 Owned Storage Projects Completed 20 Energy and Capacity Resource Updates 21 2032 RFP Update 22 Capital Expenditures Forecast 23 Total System Rate Base Growth Forecast 24 Earnings Support & Revenue Sharing Mechanism 25 Liquidity and Equity Financing 26 Financing Plan Forecast 27 Debt Maturity Profile and Credit Ratings 28 Wildfire Risk Mitigation 29 New Wildfire Standard of Care Act 30 Appendix 2026 Earnings Per Share Guidance and Estimated Key Operating Metrics A-1 Idaho General Rate Case Settlement A-2 Settlement Revenue Requirement Adjustments A-3 Historical Earnings Guidance vs. Actual EPS A-4 2025 Integrated Resource Plan A-5 All-Time High Summer and Winter System Peak Demand A-6 A Strong Generation Portfolio A-7 Tradition of Corporate Responsibility A-8 Regulatory Commissioners A-9 Select Recent Regulatory Activity A-10 Experienced and Independent Directors A-11 Recent Safety Performance A-12 Strong Reliability Metrics A-13 Our Commitment to Our Employees A-14 Micron Expansion Drives Further Growth A-15 Hells Canyon Relicensing A-16 Boardman-to-Hemingway A-17 Gateway West A-18 Contact Information A-19
Page 4
IDACORP at a Glance IDACORP Financial Snapshot(1): • Revenue: $1.81 billion • Diluted earnings per share: $5.90 • Annualized Dividends per share: $3.52 • Return on Average Equity: 9.4% • IPC PP&E, net: $7.6 billion Company Quick Facts(2): • Vertically integrated energy company • 4.2 GW of owned generation and storage • ~670K metered customers (serving ~1.4M); 24K sq.mi. service area(3) (1) As of December 31, 2025 for financial metrics; dividend annualized as of June 30, 2026. (2) As of June 30, 2026. (3) On February 13, 2026, Idaho Power entered into a definitive agreement to sell its Oregon electric distribution business. Residential 45% Commercial 25% Industrial 17% Irrigation 13% Retail Revenues by Customer Class 2025 Pure play electric utility with robust growth driven by strong economic development 2.3% Metered Customer Count Growth 12-months ending June 30, 2026 4
Page 5
Key Investment Highlights 5 Regulated Earnings Supports Steady Earnings & Cash Flow Profile • 98%+ of earnings driven by regulated utility operations • 18 years of consecutive earnings growth achieving a ~7% EPS CAGR since 2007 • Total return is further supported by historic dividend growth at ~8% CAGR since 2011 5 Strong Balance Sheet & Investment Grade Ratings • No holding company debt; strong balance sheet with a manageable debt maturity schedule • Regulatory framework supports credit profile through various cost recovery mechanisms and innovative tax credit usage Industry Leading Growth Driven by Visible Capex • ~16.7% projected rate base CAGR from 2026 - 2030 as of February 19, 2026 • ~$7.1 billion capital plan from 2026 - 2030 supports IDA’s industry leading growth • Demographic trends throughout IDA’s service area drive capital plans to reliably serve robust growth Demographic Trends Support Customer Affordability • Idaho Power’s residential customer rates are about 30% below the national average • State economic development provides robust customer and load growth trends, limiting the impact to affordability and supporting IDA’s earnings growth profile; growth-pays-for-growth regulatory regime Robust Wildfire Mitigation Plan in Place • Idaho Power has a robust Wildfire Mitigation Plan, including Public Safety Power Shutoff protocols • Much of the service area is comprised of relatively low vegetation and extreme wind events are rare • Legal standard in Idaho based on negligence, with a standard of care established by a new statute in 2025, and statutory caps on non-economic damages
Page 6
IDACORP Profile • 18 consecutive years of growth in earnings • 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 investments in generation, transmission, and distribution, supported by a robust IRP • Rapid rate base growth from projects necessary for reliability, system hardening, and meeting customer growth • Hydro base is the core of our generation portfolio • Coal to Gas Conversions – based on Idaho Power’s 2025 IRP , we plan to convert all remaining coal-fired operations to gas generation by 2030 • Customer affordability intact in the capex plan with customer rates 20% to 30% below the national average • 99.97% reliability for customers and top tier customer satisfaction scores • Culture of controlling costs • 193% increase in the dividend since 2011 • Target dividend payout ratio of 50-60% of earnings over the near-term • Strong balance sheet with a manageable debt maturity stack • No holding company debt • Constructive regulatory environment and supportive state regulation • Refreshed and renewed tax credit mechanism reduces regulatory lag BUILDING OUR FUTURE 6
Page 7
Idaho Power Company Overview(1) A-17 (1) As of January 1, 2026. On February 13, 2026, Idaho Power entered into a definitive agreement to sell its Oregon electric distribution business. Generation and Storage stats updated as of June 30, 2026.
Page 8
Idaho Power’s 2025 Energy Portfolio* *Because we sell the renewable energy credits associated with our renewable energy and participate in the wholesale energy market, the overall mix does not represent the energy delivered to customers. Source: U.S. Energy Information Administration. Total may not equal 100% due to rounding. 8
Page 9
$0.30 $0.33 $0.38 $0.43 $0.47 $0.51 $0.55 $0.59 $0.63 $0.67 $0.71 $0.75 $0.79 $0.83 $0.86 $0.88 $1.20 $1.32 $1.52 $1.72 $1.88 $2.04 $2.20 $2.36 $2.52 $2.68 $2.84 $3.00 $3.16 $3.32 $3.44 $3.52 Q4 2011Q1 2012Q4 2012Q4 2013Q4 2014Q4 2015Q4 2016Q4 2017Q4 2018Q4 2019Q4 2020Q4 2021Q4 2022Q4 2023Q4 2024Q4 2025 Q4 2011Q1 2012Q4 2012Q4 2013Q4 2014Q4 2015Q4 2016Q4 2017Q4 2018Q4 2019Q4 2020Q4 2021Q4 2022Q4 2023Q4 2024Q4 2025 • Committed to deliberately reinvesting in Idaho Power’s growth while efficiently managing dilution • Near-term target dividend payout ratio of 50% to 60% • Annualized 2025 dividend payout ratio was 59.7 percent as of 12/31/2025 Growing Common Stock Dividend(1) 9 Quarterly Dividend Per Share Annualized Dividend Per Share (1) As of July 30, 2026. See IDACORP’s most recent Annual Report on Form 10-K for a discussion of factors that may affect dividends.
Page 10
600,000 610,000 620,000 630,000 640,000 650,000 660,000 670,000 2022 2023 2024 2025 2026 Idaho Economic Snapshot and Growth Moody’s GDP Growth Projections for Idaho Power’s Service Area: • 2026: 4.7% • 2027: 3.4% 2.3% (Year-over-year) Idaho Power Customer Growth 10 *Source: Economic Modeling Specialist International, 2024 Q4; Data from US Bureau of Economic Analysis and US Department of Labor Statistics Twelve Months Ended June 30, 2026
Page 11
Growing Load and Customer Growth 5-Year Forecasted Annual Growth Rate(1) 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 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 2025-2029 time period. 11
Page 12
2025 IRP – System sales and load* *The graphs above come from the 2025 IRP Appendix A Sales and Load Forecast pages 8, 10, and 34. Link: 2025 Integrated Resource Plan Appendix A: Sales and Load Forecast. We anticipate having a preliminary 2027 IRP load update later this year. 12 Idaho Power’s 2025 IRP was filed in June of 2025. These graphics do not incorporate any updated growth expectations since the June filing.
Page 13
Large Customer Construction Sites 13
Page 14
Large Customer Contract Considerations(1) Take-or-Pay & Demand Commitments Credit & Security Termination & Exit Protections $ $ • Take-or-pay obligations tied to demand-related costs • Contract Demand & Minimum Billing Demand frameworks, including limits on demand reductions/changes • Intended to address exposure to partial ramp and timing risk • Credit requirements scaled to project size and risk • Defined collateral and security triggers • Intended to provide financial protections during ramp and post- ramp • Explicit termination payment provisions • Net Present Value-based or long- term cost recovery approaches • Intended to align exit exposure with underlying system investments 14 (1) The considerations outlined above are examples of potential contract terms for large customer contracts. Commission-approved energy services agreements (ESAs) with large contract customers are evaluated on a case-by-case basis and may not include one or more of the terms noted above.
Page 15
$0.06 $0.08 $0.10 $0.12 $0.14 $0.16 2021 2022 2023 2024 2025 Idaho Power National Average (1) $0.09 $0.11 $0.13 $0.15 $0.17 $0.19 2021 2022 2023 2024 2025 Idaho Power National Average Focused on Affordability (1) Edison Electric Institute “Typical Bills and Average Rates Report” 12 Months Ending 12/31/2025. Total Retail Residential (1) Average Rates (cents / kilowatt-hour) 15
Page 16
Boardman-to-Hemingway 16 • Broke ground in June 2025 • ~65% of access roads completed • ~70% of structure pads completed • ~400 of 1,300 structures completed • Project expected to be in-service in late 2027
Page 17
Other High-Voltage Transmission Project Updates • Gateway West – Included in 2025 IRP – Idaho Power and PacifiCorp are coordinating construction and segment allocations – CPCN filed with IPUC in April 2026 – We expect a portion of segment 8 between Hemingway and Midpoint substations to come online in 2028 • Southwest Intertie Project – North – IPC agreed to purchase ~11% of the line upon the in-service date – IPC entered into a capacity entitlement agreement for an additional ~11% of the capacity commencing upon the in-service date – IPUC approved CPCN in December 2025 – Project construction started in Nevada in July 2026 – We expect the project to come online in 2028 17
Page 18
2025 IRP Preferred Portfolio and Action Plan* *The table above comes from the 2025 IRP page 5. Link: 2025 Integrated Resource Plan • Flexible Resources Needed – 450 MW of new gas in 2029 and 2030 • Additional Capacity Resources Needed – 355 MW of peak capacity resources in 2028 and 2029 • Continued Need for Transmission – B2H and SWIP-N needed in preferred portfolio 18
Page 19
Owned Generation and Storage Project Updates(1) 19 BESS Projects 250 MW Bennett Expansion 167 MW South Hills 222 MW Peregrine 430 MW 20292028 2030 DRAFT RENDERING DRAFT RENDERING 2026 DRAFT RENDERING (1)The 250 MW BESS projects were placed in-service in June 2026. In March 2026, Idaho Power received approval for a CPCN for the Bennett expansion from the IPUC and submitted an application for a CPCN for South Hills and Peregrine.
Page 20
Owned Storage Projects Completed 20 131 MW 96 MW 80 MW 250 MW 20252024 20262023(1) (1)Includes 11MWs of storage installed at distribution substations.
Page 21
Energy and Capacity Resource Update Year Owned Contracted CEYW(1) 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 180 MW Solar; 100 MW BESS 320 MW Solar 2028 167 MW Gas 200 MW Solar; 100 MW BESS 2029 222 MW Gas 2030 430 MW Gas 2031(2) 2032 RFP Approved by IPUC in April 2026; Final Short List planned for late summer 2032(2) 2032 RFP Approved by IPUC in April 2026; Final Short List planned for late summer (1) Clean Energy Your Way. (2) More information on the 2032 and Beyond RFP is available on Idaho Power’s website (Request for New Resources - Idaho Power).21
Page 22
2032 RFP(1) Update (1) More information on the 2032 RFP is available on Idaho Power’s website (Request for New Resources - Idaho Power). 22 • Process on track • Bids received and currently being evaluated • Final short list expected by the end of this summer • Targeting contracts to be completed end of 2026
Page 23
Capital Expenditures Forecast(1) 2026 – 2030 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2026 2027 2028 2029 2030 $ Millions Distribution ($230M-$325M) General Plant ($75M-$100M) High Voltage Transmission ($110M-$425M) Hydro ($115M-$150M) New Capacity and Energy Resources ($70M-$560M) Thermals ($20M-$60M) Transmission ($220M-$310M) (1)As of February 19, 2026, this graphic is a representation of the 5-year capital expenditures forecast. See IDACORP’s 2025 Form 10-K for a summary of project types included in the 5-year forecast. ~$709M actual per year average, previous 5 years ~100% increase ~$1,416M per year average forecast 23
Page 24
$5.3B $0.4B(2) $1.7 B $2.2 B $2.3 B $1.5 B $1.6 B $0.6 B $3.5 $4.5 $5.5 $6.5 $7.5 $8.5 $9.5 $10.5 $11.5 $12.5 2025 2026 2027 2028 2029 2030 Rate Base in $ Billions 2025 2026 -2030 HCC Construction work in progress (CWIP) estimated year-end balance Total System Rate Base Growth Forecast (1) (1)As of February 19, 2026. If the net balances of capital additions and retirements since Idaho Power's 2025 Idaho general rate case and its forecasted capital additions and retirements were approved by its regulators to be included in base rates, Idaho Power’s total system rate base could reach approximately $11.4 billion by the end of 2030, the year through which Idaho Power currently forecasts capital expenditures. Idaho Power’s 2025 general rate case provided for a return on a rate base of about $5.1 billion (system total), which excludes net rate base on certain coal-related assets of approximately $0.2 billion. The 2025 rate base amounts are adjusted in this graphic to reflect the ultimate decline in net rate base of coal-related assets. (2)Hells Canyon Complex (HCC) relicensing costs becoming eligible for rate base is subject to the Federal Energy Regulatory Commission’s granting of a new operating license. Estimated to be approximately $0.4 billion of rate base for illustration purposes. As of February 19, 2026, Idaho Power believed that the HCC license would be issued in 2027 or thereafter. 16.7% CAGR 2026-2030 ~$6.1B 24
Page 25
Earnings Support & Revenue Sharing Mechanism (1) Pursuant to the 2023 Settlement Stipulation, Order No. 36042, effective January 1, 2024. The illustration depicts the expected benefit of the mechanism. The 2023 Settlement Stipulation removed the existing $25 million annual cap on the amount of accelerated amortization of ADITCs and established a 9.6 percent Idaho ROE as the threshold for revenue sharing of Idaho jurisdiction earnings between Idaho Power and Idaho customers with all revenue sharing through the power cost adjustment (PCA). Earnings exceeding 9.6 percent will be allocated 80 percent to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's PCA, and 20 percent to Idaho Power. Pursuant to the 2025 Idaho general rate case settlement, modifications were made to the mechanism to include an additional amount of investment tax credits equal to the total of existing ADITCs not currently included in the mechanism and all investment tax credits generated through the end of calendar-year 2028 and to establish an annual cap of $55 million on the amount of accelerated amortization of ADITCs for calendar year 2026 and thereafter. (2) As of April 30, 2026, Idaho Power expected to use less than $30 million additional accumulated deferred investment tax credits (ADITCs) in 2026. Ability to utilize additional ADITCs annually to achieve Idaho ROE of 9.12% (2) 9.12% Earnings Support Line (1) 9.6% Revenue Sharing Line (1) Earnings above 9.6% allocated 80% to Idaho customers, 20% to Idaho Power (1) As of December 31, 2025, Idaho Power had utilized $70.1M with $167.8M available for future use $126.8M shared with Idaho customers since 2009, including $68.1M reduction in customer pension obligations 25
Page 26
Liquidity (millions) As of July 24, 2026 IDACORP(1) Idaho Power Net balance available(2) $ 100 $ 400 Liquidity and Equity Financing (1) Holding company only. (2) IDACORP’s and Idaho Power’s respective $100 million and $400 million revolving credit facilities, expiring in December 2030, net of commercial paper outstanding and amounts identified for other use. As of July 24, 2026, there was no commercial paper outstanding or amounts identified for other use. (3) IDACORP entered into an Equity Distribution Agreement (EDA) in May 2024 to 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 ATM offering program (2024 ATM). In March 2026, IDACORP settled FSAs under its 2024 ATM for net cash proceeds of $52 million. The 2024 ATM has terminated for new issuances. As of July 24, 2026, IDACORP could have physically settled outstanding FSAs under the 2024 ATM for net cash proceeds of approximately $154 million. IDACORP may settle the outstanding FSAs under the 2024 ATM at any time through their respective maturity dates, which extend through March 31, 2027. (4)IDACORP entered into an EDA in May 2026 to issue, offer, and sell, from time to time, up to an aggregate gross sales price of $600 million of shares of its common stock through an ATM offering program (2026 ATM). As of July 24, 2026, IDACORP could have physically settled outstanding FSAs under the 2026 ATM for net cash proceeds of approximately $262 million. IDACORP may settle the outstanding FSAs under the 2026 ATM at any time through their respective maturity dates, which extend through December 3, 2027. As of July 24, 2026, IDACORP had $337 million of remaining capacity under its 2026 ATM. (5) IDACORP entered into FSAs with forward counterparties on May 8 and 9, 2025, outside of its ATM offering programs. In May and July 2026, IDACORP physically settled a portion of these FSAs and received net cash proceeds of $262 million. As of July 24, 2026, pursuant to the terms of the remaining FSAs, IDACORP could have physically settled its outstanding FSAs for net cash proceeds of approximately $299 million. IDACORP may settle the remaining FSAs at any time through their maturity date of November 9, 2026. IDACORP Equity Financing (millions) Remaining as of July 24, 2026 Net Proceeds Available as of July 24, 2026 Settled To-Date ATM Offering Program – 2024 Series(3) – $ 154 $ 143 ATM Offering Program – 2026 Series(4) $ 337 $ 262 Forward Sale Agreements(5) – $ 299 $ 262 26
Page 27
$4,050 $(1,200) $2,900 $(200) $(7,350) $1,000 $1,050 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 Net Cash from Operations To be Issued To be Repaid Capital Expenditures(4) Dividends -------------------------Debt ------------------------- To be Issued ---------------------------------------------Equity --------------------------------------------- $ Millions (1) As of February 19, 2026, except with respect to Forward Sale Agreements (FSAs) and to be issued equity amounts, which are updated as of July 24, 2026. (2) Differences between cash inflow and cash outflow increases or decreases cash balance. (3) Includes all actual and expected settlements in 2026 and 2027 of FSAs outstanding under 2024 and 2026 ATM programs and May 2025 equity offering. (4) Forecast capital expenditures include allowance for borrowed funds used during construction. Financing Plan Forecast (1) (2) 2026 – 2030 FSAs(3) 27
Page 28
Debt Maturity Profile and Credit Ratings ($ Millions) – as of August 7, 2026 $80 $123 $70 $405 $60 $350 $240 $100 $100 $135 $250 $120 $450 $462 $350 $600 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 Limited near-term refinancing pressure and manageable refinancing needs and windows of opportunity IDACORP Idaho Power Issuer Rating Moody’s S&P Moody’s S&P Long-term Baa3 BBB Baa2 BBB Short-term P-3 A-2 P-2 A-2 Outlook Stable Stable Stable Stable 28
Page 29
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 • Legal standard in Idaho set forth in the Wildfire Standard of Care Act, as established in an IPUC-approved Wildfire Mitigation Plan (WMP) • Idaho statutory limit of approximately $540 thousand on non-economic damages 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 29
Page 30
• The law provides further clarity as it relates to utility wildfire liability, while ensuring utilities operate in a manner that reduces wildfire risk. – Requires electric utilities to develop wildfire mitigation plans and submit them to the Idaho Public Utilities Commission for approval. – A Commission-approved plan establishes a clear standard of care in operations, maintenance, repair, and upgrades. • Establishes a statutory wildfire-related liability standard. – Complements the long-standing legal framework in Idaho based on negligence and caps on non-economic damages. – In any civil action where wildfire damages are sought, the Act creates a rebuttable presumption that the utility was not negligent if, with respect to the cause of the fire, the utility reasonably implemented the Commission-approved wildfire mitigation plan. – The Idaho Public Utilities Commission approved Idaho Power’s 2026 Wildfire Mitigation Plan on April 14, 2026, which sets the standard of care under the Act. • Makes it easier for utilities to reduce wildfire risk. – Permits electric utilities, with notice, to access privately-owned land or easements or rights-of-way on land owned by the state, a federal agency, or a tribal government for purposes of performing work in accordance with their approved wildfire mitigation plans. Electric utilities may inspect, repair, or upgrade their assets, infrastructure, or facilities and are protected from trespass liability with respect to such access. Wildfire Standard of Care Act(1) 30 (1) Idaho Power filed its WMP with the IPUC on October 10, 2025. The Wildfire Standard of Care Act provides up to six months for the IPUC to review and approve a WMP after it is filed. Approved by the IPUC on April 14, 2026.
Page 31
Appendix
Page 32
2026 Earnings Per Share Guidance and Estimated Key Operating and Financial Metrics Current(1) Prior(2) IDACORP Earnings Guidance (per diluted share) $ 6.30 – $ 6.45 $ 6.25 – $ 6.45 Idaho Power additional ADITC amortization (millions) Less than $ 15 Less than $ 30 Idaho Power O&M Expense (millions) No Change $ 525 – $ 535 Idaho Power Capital Expenditures, Excluding Allowance for Funds Used During Construction (millions) No Change $ 1,300 – $ 1,500 Idaho Power Hydropower Generation (millions of megawatt-hours) 5.5 – 6.5 5.5 – 7.0 (1) As of July 30, 2026. Assumes normal weather conditions through the end of 2026. (2) As of April 30, 2026, the date of filing IDACORP’s and Idaho Power’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. A-1
Page 33
Idaho General Rate Case Settlement • Rates became effective January 1, 2026, following IPUC approval of the Settlement Stipulation – Increase of $110.0 million 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 – Deferral of wildfire mitigation costs 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 A-2
Page 34
Settlement 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. (1) (in millions) (2) A-3
Page 35
* Represents the mid-point of IDACORP’s opening EPS guidance – based on normal weather and water conditions. $2.73 $2.88 $3.08 $3.28 $3.48 $3.73 $3.88 $3.98 $4.18 $4.38 $4.55 $4.70 $4.95 $5.05 $5.40 $5.75 $3.00 (1) $3.43 (1) $3.46 (1) $3.64 $3.85 $3.87 $3.94 $4.21 $4.49 $4.61 $4.69 $4.85 $5.11 $5.14 $5.50 $5.90 $2.70 $3.00 $3.30 $3.60 $3.90 $4.20 $4.50 $4.80 $5.10 $5.40 $5.70 $6.00 $6.30 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Mid-Point of Opening Guidance * Actual Diluted EPS (1)2010-2012 data adjusted for effect of a change in accounting method for IDACORP Financial Services affordable housing investment amortization.A-4 Historical Earnings Guidance vs. Actual EPS (Mid-Point of Opening EPS Guidance vs. Actuals) EPS Guidance of $6.30 – $6.45 as of July 30, 2026
Page 36
2025 Integrated Resource Plan A-5
Page 37
2,000 2,300 2,600 2,900 3,200 3,500 3,800 1:00 AM 2:00 AM 3:00 AM 4:00 AM 5:00 AM 6:00 AM 7:00 AM 8:00 AM 9:00 AM 10:00 AM 11:00 AM 12:00 PM 1:00 PM 2:00 PM 3:00 PM 4:00 PM 5:00 PM 6:00 PM 7:00 PM 8:00 PM 9:00 PM 10:00 PM 11:00 PM 12:00 AM January 16, 2024 – 2,719 MW July 22, 2024 – 3,793 MW A-6 All-Time High Summer and Winter System Peak Demand Prior highest summer peak: June 30, 2021 – 3,751 MW Time of the day Megawatts
Page 38
A Strong Generation Portfolio A-7 * Idaho Power does not own or operate the solar, wind, geothermal, biomass, cogeneration, and certain hydroelectric facilities portrayed on this map. However, the Company buys generation from these facilities under long-term power purchase agreements. ** As of December 31, 2025. *On February 13, 2026, Idaho Power entered into a definitive agreement to sell its Oregon electric distribution business.
Page 39
A-8 Tradition of Corporate Responsibility
Page 40
Regulatory Commissioners A-9 Idaho Commissioner Term Expires Political Party Affiliation Dayn Hardie 2031 Republican John Hammond 2028 Democrat Edward Lodge 2029 Republican Oregon Commissioner Term Expires Political Party Affiliation Karin Power 2029 Democrat Les Perkins 2028 Independent Letha Tawney 2028 Democrat Appointed to Staggered 6-Year Terms Appointed to Staggered 4-Year Terms
Page 41
Select Recent Regulatory Activity Rate Jurisdiction Filing Date Filing Description Annual Revenue Change Status Comments/Status Idaho 5/31/2024 Limited-Issue Rate Case +$50.1 million Approved Limited-issue rate case approved a total rate increase of $50.1 million effective on January 1, 2025, or 3.7% average customer rate increase. The limited-issue request focused on revenue requirements for incremental plant additions and incremental O&M labor costs since the 2023 Idaho general rate case. The Company did not request any changes to other aspects of the settlement stipulation approved by the IPUC for the Company’s 2023 Idaho general rate case. Idaho 3/14/2025 Application to increase customer rates (cash only) +$29.7 million (deferred) Approved The IPUC approved IPC’s application requesting an order authorizing an increase to customer rates of $29.7 million. R ates became effective on October 1st, 2025. The requested adjustment increases cash collection of AFUDC associated with relicensing of the HCC relicensing project. The order results in increased cash revenue that would be deferred revenue until the project is placed in-service. Idaho 3/14/2025 Annual FCA filing -$40.7 million Approved Annual fixed cost adjustment (FCA) filing proposing a decrease in the FCA. The proposed 2025-2026 FCA rates would represent an annual decrease of $40.7 million, or 5.28 percent, from current rates. The FCA applies to residential and small commercial customers and is designed to remove a portion of Idaho Power’s disincentive to invest in energy efficiency programs by decoupling the recovery of fixed costs from the variable charge. Idaho 4/15/2025 Annual PCA filing -$94.8 million Approved Annual power cost adjustment (PCA) filing proposing a decrease in the PCA. The proposed 2025-2026 FCA rates would represent an annual decrease of $94.8 million. To address the volatility of power supply costs, Idaho Power's power cost adjustment mechanism in Idaho allows Idaho Power to recover from customers, or refund to customers, most of the fluctuations in power supply costs. Idaho 5/30/2025 2025 General Rate Case +$110.0 million Settlement Stipulation Approved Settlement stipulation includes a total $110.0 million or 7.48% average customer rate increase effective January 1, 2026. As well as a 9.6% ROE and an overall authorized rate of return of 7.41% applied to an Idaho-jurisdiction 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 3/13/2026 Annual FCA filing +$5.1 million Approved Annual fixed cost adjustment (FCA) filing proposing an increase in the FCA. The proposed 2026-2027 FCA rates would represent an annual increase of $5.1 million, or 0.30 percent, from current rates. The FCA applies to residential and small commercial customers and is designed to remove a portion of Idaho Power’s disincentive to invest in energy efficiency programs by decoupling the recovery of fixed costs from the variable charge. Idaho 4/15/2026 Annual PCA filing +$51.3million Approved Annual power cost adjustment (PCA) filing proposing an increase in the PCA. The proposed 2026-2027 PCA rates would represent an annual increase of $51.3 million or a 3.0% increase. To address the volatility of power supply costs, Idaho Power's power cost adjustment mechanism in Idaho allows Idaho Power to recover from customers, or refund to customers, most of the fluctuations in power supply costs. A-10
Page 42
Experienced and Independent Directors A-11 © - Committee Chair ‡ - Independent Chair of the Board Board Structure and Independence Director Independent Audit Compensation & Human Resources Corp. Gov. and Nominating Executive Odette C. Bolano ✓ ✓ Annette G. Elg ✓ © ✓ ✓ Lisa A. Grow © Dennis L. Johnson ‡ ✓ ✓ ✓ Nate R. Jorgensen ✓ © ✓ ✓ Michael J. Kennedy ✓ ✓ Scott W. Madison ✓ ✓ © ✓ Sharon L. Miller ✓ ✓ Susan D. Morris ✓ ✓ Dr. Mark Peters ✓ ✓ *See Proxy Statement for more details on board experience and profiles.
Page 43
A-12 Recent Safety Performance 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 10-Yr Avg. 2018 2019 2020 2021 2022 2023 2024 2025 OSHA Recordable Rates National Average* EEI Idaho Power *National Average not yet available for 2025, as of the date of this presentation. EEI data presented 2018 – 2021 for 1,000 – 1,999 employees, 2022 and beyond 2,000 – 3,999 employees.
Page 44
Strong Reliability Metrics(1) A-13 Standard Measurement Idaho Power(2) National Average(3) Average Number of Outages (System Average Interruption Frequency Index) 1.04 1.75 Average Duration of Outages (System Average Interruption Duration Index) 3.06 hours 8.68 hours Average Time Until Restoration (Customer Average Interruption Duration Index) 2.94 hours 4.95 hours (2) Idaho Power results above are for 2025. (3) EIA Form 861 2024 national average reliability data set. (1) As of 12/31/25 99.97%
Page 45
A-14 We work together. We build together. We stand together. Throughout Idaho Power’s 100-year history, our skilled and dedicated employees have remained the foundation of our company. They fulfill our commitments to customers, shareowners and each other today and every day. Idaho Power provides competitive pay and benefits and supports our employees through our values of safety, integrity and respect and a healthy work-life balance. Together, we build a secure and healthy future. For more information on Idaho Power’s employee benefits, please visit: idahopower.com/about-us/careers/what-we-offer/ Our Commitment to Our Employees
Page 46
Micron Expansion Drives Further Growth • In early October 2023, Micron Technology, Inc. initiated construction on its new ~$15 billion memory manufacturing fab in Boise, Idaho • Idaho Power completed construction of the new 15-acre CHIP substation in 2025 in coordination with Micron’s timeline to support its expansion • New cleanroom space of 600,000 square feet for DRAM production which will ramp up over a five-year period • Micron announced plans to invest $75 million over the next 10 years toward Idaho community and workforce development priorities through the Idaho Community Investment Framework • In June 2025, Micron announced plans to build a second memory manufacturing fab in Boise, Idaho and began ground preparations in early 2026 Source: Micron press releases A-15
Page 47
• Three-dam complex on the Snake River, along Idaho and Oregon border • Original license expired in 2005 • Annual license renewal since original expiration • Settlement order received in 2018 approving cost prudency of $216.5M through December 31, 2015 • Settlement order received in July 2026 approving cost prudency of $315M from January 2016 through December 2026. • Currently collecting $38.5 million of AFUDC annually as deferred revenues – $8.8 million previously – In September 2025, the IPUC approved an additional $29.7 million annual increase in cash collection. Rates went into effect on October 1, 2025. • Idaho and Oregon filed respective water quality certifications under Section 401 (CWA) in May 2019, clearing a path for FERC consideration • Annual costs (including AFUDC) to obtain new long-term license likely to range from $35M-$45M until issuance of the license • In January 2026, the FERC issued the draft supplemental EIS; final supplemental EIS targeted for September 2026 • New 50-year requested license estimated to be issued in 2027 or later • Forecast of relicense-related rate base at estimated license issuance (as of December 31, 2025 and including AFUDC): ~0.5 billion Hells Canyon Relicensing Application for Renewal of Federal License Hells Canyon, Idaho and Oregon Border A-16
Page 48
• Idaho Power’s interest in Boardman-to-Hemingway is ~45% • Idaho Power to provide transmission service to BPA’s customers across Southern Idaho • Expected in-service date – late 2027 • Capacity – 1,000 MW east to west; 1,050 MW west to east • Total project cost estimated between approximately $1.5 billion and $1.7 billion, including Idaho Power’s AFUDC • Final records of decision (ROD) issued by BLM, U.S. Forest Service and Department of Navy • Third party lawsuits challenging BLM and U.S. Forest Service RODs were dismissed, not appealed • Oregon Energy Facilities Siting Council (EFSC) final order issued October 2022 to grant Idaho Power a site certificate to construct the line – Oregon Supreme Court decision affirmed EFSC decision in March 2023. Idaho Power secured two amendments to the site certificate to accommodate route changes and enhance constructability • CPCNs received from Idaho, Oregon, and Wyoming utility commissions in June 2023 • Idaho Power and PacifiCorp executed a Construction Funding Agreement in June 2023, which was approved by FERC in September 2023 • Broke ground June 2025 – As of July 2026, 65% of access roads and 70% of structure pads are completed and approximately 400 structures completed (30% of total project) Boardman-to-Hemingway High-Voltage Transmission Line Project A-17
Page 49
Gateway West High-Voltage Transmission Line Project A-18 • A joint project between Idaho Power and PacifiCorp • Total cost for Idaho Power’s share of project in the range of $900 million to $1.1 billion, including AFUDC • Record of decision issued in November 2013 (excluding segments 8 and 9) • Record of decision by BLM for segments 8 and 9 issued in April 2018 • We anticipate a section of Segment 8 between our Hemingway and Midpoint substations will come online as early as 2028 – a request for a CPCN for this section of the line was filed in April 2026 with IPUC • PacifiCorp has constructed and commissioned a 140-mile segment of its portion of the project in Wyoming, and permitting and pre-construction activities are underway for segment 8, between Hemingway and Midpoint substations • Idaho Power and PacifiCorp are coordinating construction agreements
Page 50
Contact Information John R. Wonderlich Investor Relations Manager (208) 388-5413 JWonderlich@idahopower.com Investors & Analysts WWW.IDACORPINC.COM WWW.IDAHOPOWER.COM