What changed in this filing

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Item 1. Business

2024-02-15 compared with 2023-02-16 · 147 added, 182 removed, 330 unchanged (50% of the section changed)

IDACORP, Inc.

IDACORP is a holding company incorporated in 1998 under the laws of the state of Idaho.

Its principal operating subsidiary is Idaho Power Company (Idaho Power).

IDACORP is subject to the provisions of the Public Utility Holding Company Act of 2005, which provides the Federal Energy Regulatory Commission (FERC) and state utility regulatory commissions with access to books and records and imposes record retention and reporting requirements on IDACORP.

Its principal operating subsidiary is Idaho Power.

IDACORP is subject to the provisions of the Public Utility Holding Company Act of 2005, which provides the FERC and state utility regulatory commissions with access to books and records and imposes record retention and reporting requirements on IDACORP.

Idaho Power was incorporated under the laws of the state of Idaho in 1989 as the successor to a Maine corporation that was organized in 1915 and began operations in 1916.

Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity and is regulated by the state regulatory commissions of Idaho and Oregon and by the FERC.

Idaho Power is the parent of Idaho Energy Resources Co.

(IERCo), a joint venturer in Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger power plant (Jim Bridger plant) owned in part by Idaho Power.

Idaho Power is the parent of IERCo, a joint-owner of BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power.

Idaho Power's utility operations constitute nearly all of IDACORP's current business operations.

IDACORP’s other notable subsidiaries include IDACORP Financial Services, Inc.

(IFS), an investor in affordable housing and other real estate tax credit investments, and Ida-West Energy Company (Ida-West), an operator of small hydropower generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA).

IDACORP’s other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small hydropower generation projects that satisfy the requirements of the PURPA.

IDACORP’s and Idaho Power’s principal executive offices are located at 1221 W.

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Available Information

IDACORP and Idaho Power make available free of charge on their websites their Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the U.S.

Securities Exchange Act of 1934 as soon as reasonably practicable after the reports are electronically filed with or furnished to the U.S.

Securities and Exchange Commission.

IDACORP's website is www.idacorpinc.com and Idaho Power's website is www.idahopower.com .

The contents of these websites are not part of IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2022 (2022 Annual Report).

The contents of these websites are not part of this report.

UTILITY OPERATIONS

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Idaho Power's service area is shaded in the illustration on the following page and covers approximately 24,000 square miles with an estimated population of 1.4 million.

Idaho Power is under the jurisdiction (as to rates, service, accounting, and other general matters of utility operation) of the Idaho Public Utilities Commission (IPUC), the Public Utility Commission of Oregon (OPUC), and the FERC.

Idaho Power is under the jurisdiction (as to rates, service, accounting, and other general matters of utility operation) of the IPUC, the OPUC, and the FERC.

The IPUC and OPUC determine the rates that Idaho Power is authorized to charge to its retail customers.

Idaho Power is also under the regulatory jurisdiction of the IPUC, the OPUC, and the Wyoming Public Service Commission as to the issuance of debt and equity securities.

As a public utility under the Federal Power Act (FPA), Idaho Power has authority to charge market-based rates for wholesale energy sales under its FERC tariff and to provide transmission services under its open access transmission tariff (OATT).

Idaho Power is also under the regulatory jurisdiction of the IPUC, the OPUC, and the WPSC as to the issuance of debt and equity securities.

As a public utility under the FPA, Idaho Power has authority to charge market-based rates for wholesale energy sales under its FERC tariff and to provide transmission services under its OATT.

Additionally, the FERC has jurisdiction over Idaho Power's sales of transmission capacity and wholesale electricity, hydropower project relicensing, and system reliability and security, among other items.

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Idaho Power meets the requirements under accounting principles generally accepted in the United States of America to prepare its financial statements applying the specialized rules to account for the effects of cost-based rate regulation, with the impacts of rate regulation reflected in its financial statements.

Accounting for the economics of rate regulation impacts multiple financial statement line items and disclosures, such as property, plant, and equipment;

regulatory assets and liabilities;

operating revenues;

other operations and maintenance expense;

depreciation expense;

and income tax expense.

Accounting for the economics of rate regulation impacts multiple financial statement line items and disclosures.

These principles sometimes result in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues.

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IDACORP’s strategy is focused on four areas:

growing financial strength, improving Idaho Power's core business, enhancing Idaho Power’s brand, and keeping employees safe and engaged.

keeping employees safe and engaged, growing financial strength, improving Idaho Power's core business, and enhancing Idaho Power’s brand.

IDACORP's board of directors has reviewed and affirmed IDACORP’s long-term strategy.

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The prices that the IPUC, the OPUC, and the FERC authorize Idaho Power to charge for electric power and services are critical factors in determining IDACORP's and Idaho Power's results of operations and financial condition.

In addition to the discussion below, more information on Idaho Power's regulatory framework and rate regulation can be found in the “Regulatory Matters” section of Part II, Item 7 – “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (MD&A) and Note 3 – “Regulatory Matters” to the consolidated financial statements included in this report.

In addition to the discussion below, more information on Idaho Power's regulatory framework and rate regulation can be found in the “Regulatory Matters” section of Part II, Item 7 – MD&A and Note 3 – “Regulatory Matters” to the consolidated financial statements included in this report.

Retail Rates :

Idaho Power's rates for retail electric services are generally determined on a “cost of service” basis.

Rates are designed to provide, after recovery of allowable operating expenses, including depreciation on capital investments, an opportunity for Idaho Power to earn a reasonable return on investment as authorized by regulators.

Idaho Power regularly evaluates the need to request changes in its retail electricity price structure through the use of general rate cases, power cost adjustment mechanisms in Idaho and Oregon, a fixed cost adjustment (FCA) mechanism in Idaho, balancing accounts and tariff riders, and subject-specific filings to recover its costs of providing service and to earn a return on investment.

Rates are designed to provide an opportunity for Idaho Power to earn a reasonable return on investment as authorized by regulators, after recovery of allowable operating expenses, including depreciation on capital investments.

Idaho Power regularly evaluates the need to request changes in its retail electricity price structure through the use of general rate cases, power cost adjustment mechanisms in Idaho and Oregon, an FCA mechanism in Idaho, balancing accounts, and also uses tariff riders, and subject-specific filings to recover its costs of providing service and to earn a return on investment.

Retail prices are generally determined through formal ratemaking proceedings that are conducted under established procedures and schedules before the issuance of a final order.

Participants in these proceedings include Idaho Power, the staffs of the IPUC or OPUC, and other interested parties.

The IPUC and OPUC are charged with ensuring that the prices and terms of service are fair, non-discriminatory, and provide Idaho Power an opportunity to recover its prudently incurred or allowable costs and expenditures and earn a reasonable return on investment.

The IPUC and OPUC are charged with ensuring that the prices and terms of service are fair, are non-discriminatory, and provide Idaho Power an opportunity to recover its prudently incurred or allowable costs and expenditures and earn a reasonable return on investment.

The ability to request rate changes does not, however, ensure that Idaho Power will recover all of its costs or earn a specified rate of return, or that its costs will be recovered in advance of or at the same time when the costs are incurred.

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Extreme temperatures increase sales to customers who use electricity for cooling and heating, and mild temperatures decrease sales.

Availability of water and extreme temperatures during the agricultural growing season impact electricity sales to customers who use electricity to operate irrigation pumps.

Availability of water and variations in temperatures and precipitation during the agricultural growing season impact electricity sales to customers who use electricity to operate irrigation pumps.

Alternative methods of generation, including customer-owned solar and other forms of distributed generation, have the potential to decrease Idaho Power sales to customers.

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Total electric utility operating revenues $ 1,762,894 $ 1,641,040 $ 1,455,410

Energy sales (thousands of Megawatt-hour (MWh)):

Energy sales (thousands of MWh):

Residential 5,903 6,056 5,645

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Wholesale energy sales 840 427 600

Energy sales bundled with renewable energy credits 892 739 690

Energy sales bundled with RECs 1,255 892 739

Total energy sales 17,610 17,141 16,745

(1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers as disclosed in Note 4 – “Revenues” to the consolidated financial statements included in this report.

(2) The IPUC allows Idaho Power to recover a portion of the allowance for funds used during construction (AFUDC) on construction work in progress related to the Hells Canyon Complex (HCC) relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service.

(1) The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service.

Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service.

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Idaho Power participates in the wholesale energy markets by purchasing power to help meet load demands and selling power that is in excess of load demands.

Idaho Power's market activities are guided by an energy risk management policy and frequently updated operating plans.

Idaho Power's market activities are guided by an energy risk management program and frequently updated operating plans.

These operating plans are impacted by factors such as customer demand for power, market prices, generating costs, transmission constraints, and availability of generating resources.

Some of Idaho Power's 17 hydropower generation facilities are operated to optimize the water that is available by choosing when to run hydropower generation units and when to store water in reservoirs.

Idaho Power at times operates these and its other generation facilities to take advantage of market opportunities.

These decisions affect the timing and volumes of market purchases and market sales.

Even in below-normal water years, there are opportunities to vary water usage to capture wholesale marketplace economic benefits, maximize generation unit efficiency, and meet peak loads.

Compliance factors such as allowable river and reservoir stage elevation changes and flood control requirements also influence these generation dispatch decisions.

Idaho Power's wholesale energy sales depend largely on the availability of generation resources above the amount necessary to serve customer loads as well as market power prices at the time when those resources are available.

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Alternative methods of generation, including customer-owned solar and other forms of distributed generation, and energy efficiency measures, also have the potential to decrease Idaho Power sales to existing customers.

Idaho Power also participates in the wholesale energy markets and in the electric transmission markets.

Generally, these wholesale markets are regulated by the FERC, which requires electric utilities to transmit power to or for wholesale purchasers and sellers and make available, on a non-discriminatory basis, transmission capacity for the purpose of providing these services.

Idaho Power also participates in the wholesale energy markets and in the electricity transmission markets.

Generally, these wholesale markets are regulated by the FERC, which requires electric utilities to transmit power to or for wholesale purchasers and sellers and make available transmission capacity, on a non-discriminatory basis, for the purpose of providing these services.

In return for agreeing to provide service to all customers within a defined service area, electric utilities are typically provided with an exclusive right to provide service in that service area.

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Idaho Power would have no responsibility for providing electric service to the municipal or separate entity, absent Idaho Power's voluntary agreement to provide that service.

Idaho Power primarily relies on company-owned hydropower, coal-fired, and gas-fired generation facilities and long-term power purchase agreements to supply the energy needed to serve customers, and for power sales into the wholesale markets.

Market purchases and sales are used to supplement Idaho Power's generation and balance supply and demand throughout the year.

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Conversely, favorable hydropower generation conditions increase production at Idaho Power’s hydropower generating facilities and reduce the need for thermal generation and wholesale market purchased power.

Weather also affects the generation of PURPA and non-PURPA purchased power.

Weather also affects the generation of projects with which Idaho Power has contracts to purchase power.

Economic conditions, weather, supply constraints, and governmental regulations can affect the market price of natural gas and coal, which impact fuel expense and market prices for purchased power.

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Idaho Power’s system is dual peaking, with the larger peak demand occurring in the summer.

Idaho Power reached its highest all-time system peak demand of 3,751 megawatts (MW) on June 30, 2021.

Idaho Power's highest all-time winter peak demand of 2,604 MW occurred on December 22, 2022.

Idaho Power reached its highest all-time system peak demand of 3,751 MW on June 30, 2021.

Idaho Power's highest all-time winter peak demand of 2,719 MW occurred on January 16, 2024.

During these and other similar heavy load periods, Idaho Power’s system is fully committed to serve load and meet required operating reserves.

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Total system generation 11,938 11,323 11,128

Purchased power - cogeneration and small power production

2,756 3,040 3,087

Purchased power - other 4,422 3,783 1,985

Total purchased power 7,178 6,823 5,072

Purchased power 7,027 7,178 6,823

Total power supply 18,965 18,501 17,951

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Idaho Power actively participates in collaborative work groups focused on water management issues in the Snake River Basin, with the goal of preserving the long-term availability of water for use at Idaho Power’s hydropower projects on the Snake River.

During low water years, when stream flows into Idaho Power’s hydropower projects are reduced, Idaho Power’s hydropower generation is reduced, resulting in a greater reliance on other generation resources and wholesale power purchases.

In 2022, below-normal snow accumulation and drought conditions persisted, resulting in lower than average hydropower generation of 5.3 million MWh.

In 2021, below-normal snow accumulation and drought conditions resulted in lower than average hydropower generation of 5.4 million MWh.

In 2020, snowpack conditions, coupled with strong early season irrigation demands, yielded lower inflows to Idaho Power’s hydroelectric projects and resulted in 7.0 million MWh of hydropower generation.

For 2023, snow accumulation has been strong through the date of this report;

however, upstream reservoirs and basin soils continue to reflect the prior year's drought conditions.

As such, Idaho Power's 2023 estimate of annual generation from its hydropower facilities is between 5.5 million MWh and 7.5 million MWh.

In 2023, hydropower generation was 6.5 million MWh, an increase from the prior two years, due to above-normal snow accumulation throughout most of the Snake River basin.

In 2022 and 2021, below-normal snow accumulation and drought conditions resulted in lower than average hydropower generation of 5.3 million and 5.4 million MWh, respectively.

Idaho Power's 2024 estimate of annual generation from its hydropower facilities is between 5.5 million MWh and 7.5 million MWh.

Idaho Power obtains licenses for its hydropower projects from the FERC, similar to other utilities that operate nonfederal hydropower projects on qualified waterways.

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BCC has reserves to provide coal deliveries through the current term of the agreement, as well as reserves available to allow for an extension of the term agreement.

Idaho Power also has a coal supply contract providing for annual deliveries of coal through December 2023 from the Black Butte mine located near the Jim Bridger plant.

This contract supplements the BCC deliveries and provides another coal supply to fuel the Jim Bridger plant.

The Jim Bridger plant’s rail load-in facility and unit coal train, while limited, provides the opportunity to access other fuel supplies for tonnage requirements above established contract minimums.

Idaho Power's 2021 Integrated Resource Plan (2021 IRP) identified a preferred resource portfolio and action plan that includes the conversion from coal to natural gas of two units at the Jim Bridger plant in 2024 and an end to Idaho Power's participation in the remaining two coal-fired units at the Jim Bridger plant by the end of 2028.

For more information on the 2021 IRP, refer to "Resource Planning" in this Item 1 – "Business." In June 2022, the IPUC approved Idaho Power's amended application, with modifications, requesting authorization to allow the Jim Bridger plant to be fully depreciated and recovered through customer rates by end-of-year 2030.

Details of the order relating to the Jim Bridger plant are described more fully in Part II, Item 7 – MD&A – "Regulatory Matters."

Idaho Power has an established process approved by the IPUC for recovery of non-fuel, coal-related costs related to Idaho Power’s plan to end its participation in coal-fired operations at the Jim Bridger plant.

The conversion from coal to natural gas of two generating units at the Jim Bridger plant is in progress and is expected to be completed in the spring of 2024.

NV Energy is the operator of the North Valmy plant.

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Idaho Power ended its participation in coal-fired operations at unit 1 of the North Valmy plant in December 2019, as planned.

Idaho Power's 2021 IRP identified a preferred resource portfolio and action plan that includes plans to end Idaho Power's participation in coal-fired operations at unit 2 at the end of 2025.

Idaho Power's 2023 IRP identified a preferred resource portfolio and action plan that includes the conversion from coal to natural gas of two units at the Jim Bridger plant in 2024, the two units at the North Valmy plant in 2026, and the remaining two units at the Jim Bridger plant in 2030.

For more information on the 2023 IRP, refer to "Resource Planning" in this Item 1 – "Business." Idaho Power expects to seek approval from the IPUC and OPUC for any necessary adjustments to plant retirement dates to align with its current resource plan.

Natural Gas-fired Generation :

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All three plants are located in Idaho.

Idaho Power operates the Langley Gulch plant as a baseload unit and the Danskin and Bennett Mountain plants to meet peak supply needs.

As noted previously, in the spring of 2024, the conversion of two units at the Jim Bridger plant from coal to natural gas-fired steam turbines is expected to be completed.

Idaho Power operates the Langley Gulch plant as a baseload unit and the Danskin and Bennett Mountain plants to serve load and meet peak supply needs.

The natural-gas-fired units at the Jim Bridger plant will operate to serve load and meet peak supply needs.

The plants are also used to take advantage of wholesale market opportunities.

Natural gas for all facilities is purchased based on system requirements and dispatch efficiency.

The natural gas is transported through the Williams-Northwest Pipeline under Idaho Power's 55,584 million British thermal units (MMBtu) per day long-term gas transportation service agreements.

The natural gas is transported through Idaho Power's long-term gas transportation service agreements with the Williams-Northwest Pipeline for 55,584 MMBtu per day and Williams-Mt.

West Overthrust Pipeline for 89,000 MMBtu per day.

These transportation agreements vary in contract length but generally contain the right for Idaho Power to extend the term.

In addition to the long-term gas transportation service agreements, Idaho Power has entered into a long-term storage service agreement with Northwest Pipeline for 131,453 MMBtu of total storage capacity at the Jackson Prairie Storage Project.

This firm storage contract expires in 2043.

In addition to the long-term gas transportation service agreements, Idaho

Power has entered into long-term storage service agreements with Northwest Pipeline and Spire Inc.

for 131,453 MMBtu and 1 billion cubic feet, respectively, of total storage capacity.

The firm storage contract with Northwest Pipeline expires in 2043, while the contract with Spire begins in 2025 and ends in 2035.

Idaho Power purchases and stores natural gas with the intent of fulfilling needs as identified for seasonal peaks or to meet system requirements.

As of February 10, 2023, Idaho Power had approximately 34.4 million MMBtu of natural gas financially hedged for physical delivery, primarily for the operational dispatch of the Langley Gulch plant through August 2024.

As of February 9, 2024, Idaho Power had approximately 24.5 million MMBtu of natural gas financially hedged for physical delivery, primarily for the operational dispatch of the Langley Gulch plant through September 2025.

Idaho Power plans to manage the procurement of additional natural gas for the peaking units primarily on the daily spot market or from storage inventory as necessary to meet system requirements and fueling strategies.

Purchased Power :

As described below, Idaho Power purchases power in the wholesale market as well as pursuant to long-term power purchase contracts and exchange agreements.

Wholesale Market Transactions :

To supplement its self-generated power and long-term purchase arrangements, Idaho Power purchases power in the wholesale market based on economics, operating reserve margins, energy risk management policy guidelines, and unit availability.

Idaho Power purchases power in the wholesale market as well as pursuant to long-term power purchase contracts and exchange agreements.

The table below presents Idaho Power’s purchased power expenses and volumes for the last three years ended December 31 (in thousands, except for per MWh amounts).

Transmission costs, purchases from the Western EIM, and costs from demand response programs are included with wholesale market purchases in the table.

Year Ended December 31,

2023 2022 2021

Wholesale market purchases $ 243,319 $ 306,263 $ 142,248

Long-term agreements (including PURPA) 258,212 238,082 251,443

Total purchased power expense $ 501,531 $ 544,345 $ 393,691

MWh purchased

Wholesale market purchases 3,278 3,823 3,168

Long-term agreements (including PURPA) 3,749 3,355 3,655

Total MWh purchased 7,027 7,178 6,823

Cost per MWh from wholesale market purchases $ 74.23 $ 80.11 $ 44.90

Cost per MWh from long-term agreement purchases $ 68.87 $ 70.96 $ 68.79

Weighted average cost per MWh - all sources $ 71.37 $ 75.84 $ 57.70

Wholesale Market :

Depending on availability of excess power or generation capacity, pricing, and opportunities in the markets, Idaho Power also sells power in the wholesale markets.

During 2022 and 2021, Idaho Power purchased 3.9 million MWh and 3.2 million MWh, respectively, of power through wholesale market purchases at an average cost of $74.16 per MWh and $40.65 per MWh, respectively.

During 2022 and 2021, Idaho Power sold 0.4 million MWh and 0.6 million MWh of power in wholesale market sales, respectively, with an average price of $155.78 per MWh and $68.07 per MWh, respectively.

Idaho Power has two firm multi-year wholesale purchased power contracts to address increased demand during summer months.

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Long-term Power Purchase and Exchange Arrangements :

In addition to its wholesale market purchases, Idaho Power has the following notable long-term power purchase contracts and energy exchange agreements:

• Jackpot Holdings, LLC - for 120 MW (nameplate generation) from the Jackpot solar facility located in southern Idaho and on-line in December 2022.

The contract term ends in 2042.

• Telocaset Wind Power Partners, LLC - for 101 MW (nameplate generation) from the Elkhorn Valley wind project located in eastern Oregon.

The contract term ends in 2027.

• USG Oregon LLC - for 22 MW (estimated average annual output) from the Neal Hot Springs Unit #1 geothermal power plant located near Vale, Oregon.

The contract term ends in 2037.

• Clatskanie People's Utility - for up to 18 MW of generation from the Arrowrock hydropower project in southern Idaho in exchange for energy from Idaho Power's system or power purchased at the Mid-Columbia trading hub.

The contract term ends in 2025.

• Raft River Energy I, LLC - for up to 13 MW (estimated average annual output) from its Raft River Geothermal Power Plant Unit #1 located in southern Idaho.

The contract term ends in 2033.

• Black Mesa Energy, LLC - a 20-year power purchase agreement to purchase the output from a planned 40-MW solar facility, which Idaho Power plans to sell exclusively to a large industrial customer under its Clean Energy Your Way program, with a scheduled in-service date of June 2023.

• Franklin Solar LLC - a 25-year power purchase agreement to purchase the output from a planned 100-MW solar facility located in southern Idaho, with a scheduled in-service date of June 2024;

the power purchase agreement is pending IPUC approval.

• Pleasant Valley Solar, LLC - a 20-year power purchase agreement to purchase the output from a planned 200-MW solar facility, which Idaho Power plans to sell exclusively to a large industrial customer under its Clean Energy Your Way program, with a scheduled in-service date of March 2025;

the power purchase agreement is pending IPUC approval.

PURPA Qualifying Facility Energy Sales Agreements :

Idaho Power purchases power from PURPA qualifying facilities as mandated by federal law.

As of December 31, 2022, Idaho Power had contracts with on-line PURPA qualifying facilities with a total of 1,137 MW of nameplate generation capacity, with an additional 75 MW nameplate capacity of projects projected to be on-line through 2024.

The energy sales agreements for these qualifying facilities have original contract terms ranging from one to 35 years.

The expense and volume of purchases from PURPA qualifying facilities during the last three years is included in the following table:

Year Ended December 31,

2022 2021 2020

PURPA contracts expense (in thousands) $ 189,367 $ 199,517 $ 194,380

MWh purchased under PURPA contracts (in thousands) 2,756 3,040 3,087

Average cost per MWh from PURPA contracts $ 68.71 $ 65.63 $ 62.97

Pursuant to the requirements of PURPA, the IPUC and OPUC have each issued orders and rules regulating Idaho Power’s purchase of power from qualifying facilities that meet the requirements of PURPA.

A key component of the PURPA contracts is the energy price contained within the agreements.

PURPA regulations specify that a utility must pay energy prices based on the utility’s avoided costs.

The IPUC and OPUC have established specific rules and regulations to calculate the avoided cost that Idaho Power is required to include in PURPA energy sales agreements under each state's jurisdiction.

For PURPA energy sales agreements, Idaho Power is required to purchase all of the output delivered from the contracted qualifying facilities, subject to some exceptions such as adverse impacts on system reliability.

The Idaho jurisdictional portion of the costs associated with PURPA contracts is fully recovered through base rates and the Idaho-jurisdiction power cost adjustment mechanism, and the Oregon jurisdictional portion is recovered through base rates and an Oregon power cost adjustment mechanism.

Thus, the primary impact of high power purchase costs under PURPA contracts is on customer rates.

Participation in Western Energy Imbalance Market :

Idaho Power participates in an energy imbalance market in the western United States (Western EIM) under which the participating parties enable their systems to interact for automated intra-hour economic dispatch of generation from committed resources to serve loads.

Idaho Power has contracts for the purchase of electricity produced by third-party owned generation facilities, most of which produce energy with the use of renewable generation sources such as wind, solar, biomass, small hydropower, and geothermal.

The majority of these contracts are entered into as required by federal law under PURPA.

For PURPA energy sales agreements, Idaho Power is required to purchase all of the output delivered from the contracted qualifying facilities.

The Idaho jurisdictional portion of the costs associated with PURPA contracts is fully recovered through base rates and the PCA mechanism, and the Oregon jurisdictional portion is recovered through base rates and an Oregon power cost adjustment mechanism.

Thus, the primary impact of power purchase costs under PURPA contracts is on customer rates and the timing of cash flows.

The following table sets forth, as of the date of this report, the resource type and nameplate capacity of Idaho Power's signed agreements for power purchases from PURPA and non-PURPA generating facilities.

These agreements have contract terms ranging from one to 35 years.

Resource Type Non-PURPA Online (MW) PURPA

Online (MW) Total Online (MW) Under Contract but not yet Online (MW) Total Projects under Contract (MW)

Wind 101 625 726 — 726

Solar 160 316 476 428 904

Hydropower — 152 152 — 152

Other 35 43 78 — 78

Total Long-term Projects 296 1,136 1,432 428 1,860

Idaho Power has one agreement with a PURPA-qualifying facility solar project expected to be online in 2024.

Idaho Power has agreements with three non-PURPA solar projects for 100 MW, 200 MW, and 125 MW, which are scheduled to be online in 2024, 2025, and 2026, respectively.

Battery Storage:

Idaho Power utilizes batteries primarily to store power generated during periods of lower customer demand and deliver that power to serve customers during peak hours, especially early summer evenings when irrigation pumps and air conditioners drive up electrical demand.

In 2023, 131 MW of company-owned battery storage were installed.

In April 2023, Idaho Power entered into a 20-year agreement to utilize the storage capacity from a 150-MW battery storage facility scheduled to be online in June 2025.

Idaho Power intends for this capacity to supplement a total of 304 MW of company-owned storage that it expects to be online by the end of 2025.

Participation in Energy Markets :

Idaho Power participates in the Western EIM under which the participating parties enable their systems to interact for automated intra-hour economic dispatch of generation from committed resources to serve loads.

The Western EIM is intended to reduce the power supply costs to serve customers through more efficient dispatch of a larger and more diverse pool of resources, to integrate intermittent power from renewable generation sources more effectively, and to enhance reliability.

Participation in the Western EIM is voluntary and available to all balancing authorities in the western United States.

Idaho Power is participating with other stakeholders in different regional forums discussing the potential for developing other energy markets in the western U.S., including development of a potential day-ahead wholesale centralized market, which Idaho Power believes could provide additional benefits through the centralized economic dispatch of resources of participating utilities.

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Idaho Power’s generating facilities are interconnected through its integrated transmission system and are operated on a coordinated basis to achieve maximum capability and reliability.

Idaho Power’s transmission system is directly interconnected with the transmission systems of the Bonneville Power Administration, Avista Corporation, PacifiCorp, NorthWestern Energy, and NV Energy.

Idaho Power’s transmission system is directly interconnected with the transmission systems of the BPA, Avista Corporation, PacifiCorp, NorthWestern Energy, and NV Energy.

These interconnections, coupled with transmission line capacity made available under agreements with some of those entities, permit the interchange, purchase, and sale of power among entities in the Western Interconnection, the transmission grid covering much of western North America.

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Transmission to serve Idaho Power's retail customers is subject to the jurisdiction of the IPUC and OPUC for retail rate-making purposes.

Idaho Power provides cost-based wholesale and retail access transmission services under the terms of a FERC approved OATT.

Services under the OATT are offered on a nondiscriminatory basis such that all potential customers, including Idaho Power, have an equal opportunity to access the transmission system.

Idaho Power provides cost-based wholesale access transmission services under the terms of a FERC-approved OATT.

Services under the OATT are offered on a non-discriminatory basis such that all potential customers, including Idaho Power, have an equal opportunity to access the transmission system.

As required by FERC standards of conduct, Idaho Power's transmission function is operated independently from Idaho Power's energy marketing function.

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The IPUC and OPUC require that Idaho Power prepare biennially an IRP.

Idaho Power filed its most recent 2021 IRP with the IPUC and OPUC in 2021 and expects to file its next IRP in June 2023 (2023 IRP).

Idaho Power filed its most recent 2023 IRP with the IPUC and OPUC in September 2023.

Each IRP seeks to forecast Idaho Power's loads and resources for a 20-year period, analyzes potential supply-side, demand-side, and transmission resource options, and identifies potential near-term, mid-term, and long-term actions.

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Idaho Power makes periodic adjustments and corrections to the resource plan to reflect economic conditions, anticipated resource development, changes in technology, and regulatory requirements.

The load forecast assumptions Idaho Power currently plans to use in its upcoming 2023 IRP are included in the table below, together with the average annual growth rate assumptions used in the prior two IRPs.

While assumptions are estimates only and subject to change based on actual customer load ramp-rates, the 2023 IRP assumptions include significant large commercial and industrial additions in the 5-year forecasted annual growth rate, including potential load from new facilities recently announced by Meta Platforms, Inc.

The load forecast assumptions Idaho Power used in its 2023 IRP are included in the table below, together with the average annual growth rate assumptions used in the prior two IRPs.

and Micron Technology, Inc.

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(Peak Demand)

2023 IRP (preliminary) 5.5% 3.7% 2.2% 1.8%

2023 IRP 5.5% 3.7% 2.1% 1.8%

2021 IRP 2.6% 2.1% 1.4% 1.4%

Idaho Power's 2021 IRP identified a preferred resource portfolio and action plan, which included the addition of a 120-MW solar resource in late 2022, the conversion from coal to natural gas of two units at the Jim Bridger plant in 2024, the end to Idaho Power's participation in coal-fired operations at the North Valmy plant unit 2 in 2025, the completion of the Boardman-to-Hemingway transmission line in 2026, and an end to Idaho Power's participation in the remaining two coal-fired units at the Jim Bridger plant by the end of 2028.

The 2021 IRP preferred resource portfolio and action plan also included a need to acquire significant generation and storage resources to meet energy and capacity needs.

Including the resources noted above, over the next 20 years the 2021 IRP planned for the addition of 1,685 MW of storage capacity, 1,405 MW of solar capacity, 700 MW of wind capacity, 500 MW of transmission capacity, and 400 MW of capacity from demand response.

As noted in the 2021 IRP, there is uncertainty surrounding the resource sufficiency estimates and project completion dates, including uncertainty around the timing and extent of third-party development of renewable resources, fuel commodity prices, regulatory requirements, the actual completion date of the Boardman-to-Hemingway transmission project, and the economics and logistics of coal-fired

plant conversions and retirements.

These uncertainties, as well as others, may result in changes to the desirability of the preferred portfolio and adjustments to the timing and nature of anticipated and actual actions compared to those identified in the 2021 IRP.

In November 2022 and January 2023, respectively, the IPUC and OPUC issued orders acknowledging Idaho Power's 2021 IRP.

In preparing its 2023 IRP, Idaho Power intends to analyze the potential acceleration of timing of construction of the Gateway West transmission project and the potential conversion of additional coal-fired generation units to natural gas.

Idaho Power expects to complete and file its 2023 IRP with the IPUC and OPUC in June 2023.

2019 IRP 1.3% 1.4% 1.0% 1.2%

The 2023 IRP preferred resource portfolio and action plan adds 8,436 MW of resource capacity partially offset by retirements of 841 MW of coal-fired generation and 706 MW of natural gas generation over the next 20 years to meet energy and capacity needs.

The additions to resource capacity include 3,325 MW of solar, 1,800 MW of wind, 1,453 MW of storage, 360 MW of additional energy efficiency, 340 MW of hydrogen, 160 MW from demand response, and 30 MW of geothermal.

In addition, the preferred resource portfolio includes Idaho Power's complete exit from coal-fired generation by 2030 and the conversions of multiple jointly-owned coal-fired generation units to add 968 MW of natural gas generation capacity.

Of the additional natural gas generation capacity, 706 MW are expected to be retired in 2038, resulting in a net addition of 261 MW of natural gas generation capacity through 2043.

To support these resource additions, the preferred portfolio also includes the Boardman-to-Hemingway transmission line in 2026 and three Gateway West transmission line segments phased in with in-service dates from 2028 through 2040.

However, as noted in the 2023 IRP, there is considerable uncertainty surrounding the resource sufficiency estimates and project completion dates, including uncertainty around the timing and extent of third-party development of renewable resources, fuel commodity prices, and the actual completion date and ownership allocations of the transmission projects.

These uncertainties, as well as others, could result in changes to the desirability of the preferred portfolio and adjustments to the timing and nature of anticipated and actual actions.

Energy Efficiency and Demand Response Programs:

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The energy efficiency programs target energy savings across the entire year, while the demand response programs target system demand reduction in the summer at times of peak loads.

The programs are offered to all customer segments and emphasize the wise use of energy, especially during periods of high demand.

The programs are offered to all

customer segments and emphasize the wise use of energy, especially during periods of high demand.

This energy and demand reduction can reduce or delay the need for new generation and transmission infrastructure.

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For 2023, Idaho Power had a demand response available capacity of approximately 312 MW.

In 2022, 2021, and 2020, Idaho Power expended approximately $42 million, $38 million, and $51 million, respectively, on both energy efficiency and demand response programs.

In both 2023 and 2022, Idaho Power expended approximately $42 million and expended $38 million in 2021 on both energy efficiency and demand response programs.

Funding for these programs is provided through a combination of the Idaho and Oregon energy efficiency tariff riders, base rates, and the power cost adjustment mechanisms.

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Environmental, Social, and Governance Initiatives

IDACORP’s and Idaho Power’s corporate governance and nominating committee, with considerable focus from the board of directors, is primarily responsible for the oversight of the companies’ environmental, social, and governance (ESG) initiatives and are regularly informed of the goals, measures, and results of the companies' ESG and sustainability programs.

Each committee of the board of directors is assigned a portion of the oversight of the companies' ESG and sustainability programs.

Idaho Power has established an internal ESG Steering Committee co-led by an officer and senior manager and composed of a cross-functional team of key employees from multiple departments to oversee ESG activities and inform leadership and the board of directors on ESG-related activities and matters it identifies as material to the company's operations and financial condition.

IDACORP and Idaho Power publicly release annual ESG reports and the most current report is located on Idaho Power’s website, together with other information on ESG issues relevant to Idaho Power, including short-, medium-, and long-term carbon dioxide (CO 2 ) emission reduction targets.

IDACORP’s and Idaho Power’s corporate governance and nominating committee, with considerable focus from the board of directors, is primarily responsible for the oversight of the companies’ ESG initiatives and both are regularly informed of the goals, measures, and results of the companies' ESG programs.

Each committee of the board of directors is assigned a portion of the oversight of the companies' ESG programs.

Idaho Power has established an internal ESG steering committee led by senior management and composed of a cross-functional team of key employees from multiple departments to oversee ESG activities and inform leadership and the board of directors on ESG-related activities and matters it identifies as material to the company's operations and financial condition.

IDACORP's and Idaho Power's 2022 ESG Report released in April 2023 incorporated elements of the Task Force on Climate-Related Financial Disclosures guidelines and the Sustainability Accounting Standards Board repor ting framework, as well as the Edison Electric Institute (EEI) E SG reporting template.

Additionally, in 2023 Idaho Power responded to the Climate Disclosure Project (CDP) annual questionnaire, providing emissions data and management plans to address risks associated with climate change.

The ESG reports, CDP filing, and related website content are not incorporated by reference into this 2022 Annual Report.

The ESG reports, CDP filing, and related website content are not incorporated by reference into this report.

IDACORP’s and Idaho Power’s ESG initiatives include:

• establishing responsible management goals and long-term strategies related to the companies’ impact on the environment;

◦ the "Clean Today, Cleaner Tomorrow.

◦ the "Clean Today.

Cleaner Tomorrow.

®" goal to provide Idaho Power's customers with 100-percent clean energy by 2045;

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◦ integrating renewable resources into Idaho Power's generation mix and identifying and investigating new generation and storage technologies;

as part of this effort, Idaho Power has issued requests for proposals (RFPs) for additional energy resources, including renewables or natural gas resource convertible to hydrogen gas power, and to-date has procured solar power and battery storage as a result of those RFPs;

as part of this effort, Idaho Power has issued RFPs for additional energy resources, including renewables or natural gas resource convertible to hydrogen gas power, and to-date has procured solar power and battery storage as a result of those RFPs;

◦ continuing various environmental stewardship programs along the Snake River, including fish habitat preservation, water temperature reduction, and fish and plant restoration;

◦ wildfire mitigation planning and actions, and

◦ wildfire mitigation planning and actions;

◦ wildlife habitat, archaeological and cultural resource, and raptor protection stewardship;

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• building strong community partnerships for healthy, sustainable economic development in Idaho Power’s service area;

Based on shareholder engagement feedback, beginning in 2021 Idaho Power also has publicly released its EEO-1 statement to report its demographic workforce data.

• publicly releasing Idaho Power's annual EEO-1 statement to report its board and employee demographic workforce data.

Reducing Carbon Emissions Intensity:

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Idaho Power increased the short-term goal to reduce carbon emission intensity by at least 15-20 percent for the period from 2010-2020, and exceeded this goal with an estimated average reduction o f 29 percent over th at period compared with 2005.

In May 2020, IDACORP’s and Idaho Power’s boards of directors approved an increased short-term goal to reduce carbon emission intensity by 35 percent for the period from 2021-2025 compared with 2005.

In January 2022, Idaho Power posted its emissions reduction report on its website that established short-, medium-, and long-term targets for further CO 2 reductions.

This report also includes annual power generation levels and associated CO 2 emissions and emissions intensity for the 2021-2040 period.

The emissions reduction report is not incorporated in this 2022 Annual Report.

In 2020, IDACORP’s and Idaho Power’s boards of directors approved an increased short-term goal to reduce carbon emission intensity by 35 percent for the period from 2021-2025 compared with 2005.

In 2022, Idaho Power posted its emissions reduction report on its website that established short-, medium-, and long-term targets for further CO 2 reductions.

This report also includes target annual power generation levels and associated CO 2 emissions and emissions intensity for the 2021-2040 period.

The emissions reduction report is not incorporated in this report.

Idaho Power has significantly reduced its CO 2 emissions since the 2005 baseline year, primarily by decreasing its coal generation levels, including terminating coal generation at the North Valmy Unit 1 in 2019 and at the Boardman plant in 2020, and also by upgrading it s hydropower facilities , and through its energy efficiency, demand-side management, and cloud-seeding programs.

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Idaho Power monitors environmental requirements and assesses whether environmental control measures are or remain economically appropriate.

In 2017 and 2018, the IPUC and OPUC approved settlement stipulations allowing accelerated depreciation and cost recovery for the North Valmy plant in connection with Idaho Power's plan to end its participation in the operation of units 1 and 2.

Idaho Power ended its participation in the operation of unit 1 in December 2019, as planned, and plans to end its participation in unit 2 no later than the end of 2025.

Idaho Power ended its participation in the coal-fired operation of unit 1 in December 2019, as planned, and regulatory orders from the IPUC and OPUC provide for Idaho Power to end its participation in coal-fired operations of unit 2 no later than the end of 2025.

In October 2020, Idaho Power and co-owner Portland General Electric ceased coal-fired operations at the Boardman plant, as planned.

In June 2022, the IPUC approved Idaho Power's amended application requesting, among other things, authorization to allow the Jim Bridger plant to be fully depreciated and recovered by end-of-year 2030.

In September 2021, the co-owner and operator of the Jim Bridger plant submitted its 2021 IRP to the IPUC that contemplates ceasing coal-fired generation in units 1 and 2 in 2023 and converting those units to natural gas generation by 2024.

The details of the IPUC's order relating to the Jim Bridger plant are described more fully in Part II, Item 7 – MD&A – "Regulatory Matters."

As of the date of this report, Idaho Power expects to cease coal-fired operations at all jointly-owned coal-fired generation plants by the end of 2028.

Regulatory orders from the IPUC and OPUC provide for Idaho Power to cease coal-fired operations at all jointly-owned coal-fired generation plants by the end of 2028.

However, as noted previously, Idaho Power's 2023 IRP identified a preferred resource portfolio and action plan that includes the conversion from coal to natural gas of two units at the Jim Bridger plant in 2024, the two units at the North Valmy plant in 2026, and the remaining two units at the Jim Bridger plant in 2030.

Climate Change Adaptation :

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In recent years, Idaho Power has proactively addressed risks associated with climate change through preventative measures.

To address the physical impacts of climate change, Idaho Power conducts cloud-seeding operations, implements a wildfire mitigation plan, enhances grid resiliency and reliability, and continues to further Snake River shading and in-stream river enhancement projects.

Idaho Power also plans for the social and economic impacts of climate change by furthering its carbon emissions reduction goals, continuing efforts to achieve its path away from coal generation, increasing the integration of renewable energy, and enhancing customer and stakeholder communication.

Additionally, to plan for the potential regulatory impacts of climate change, Idaho Power considers climate-related impacts in planning efforts, plans and advocates for additional transmission capacity to integrate additional renewable energy onto its system, identifies and investigates new technologies, including battery storage, hydrogen generation, and modular nuclear reactor technology, and evaluates modifications to its pricing structure it believes will help ensure fair pricing for all customers.

To address the physical impacts of climate change, Idaho Power conducts cloud-seeding operations, implements a WMP, enhances grid resiliency and reliability, and continues to further Snake River shading and in-stream river enhancement projects.

Idaho Power also plans for the social and economic impacts of climate change by moving forward toward its carbon emissions reduction goals, continuing efforts to achieve its path away from coal generation, increasing the integration of renewable energy, and enhancing customer and stakeholder communication.

system, identifies and investigates new technologies, including battery storage, hydrogen generation, and modular nuclear reactor technology, and evaluates modifications to its pricing structure it believes will help ensure fair pricing for all customers.

Environmental Regulation and Costs

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Operating costs for environmental facilities - thermal 9 21

Total operations and maintenance $ 35 $ 64

Idaho Power anticipates that finalization, implementation, or modification of a number of federal and state rulemakings and other proceedings addressing, among other things, greenhouse gases and endangered species, could result in substantial changes in operating and compliance costs, but Idaho Power is unable to estimate those changes in costs given the uncertainty associated with existing and potential future regulations.

Total other O&M $ 34 $ 70

Idaho Power anticipates that finalization, implementation, or modification of a number of federal and state rulemakings and other proceedings addressing, among other things, GHGs and endangered species, could result in substantial changes in operating and compliance costs, but Idaho Power is unable to estimate those changes in costs given the uncertainty associated with existing and potential future regulations.

Idaho Power expects that it would seek to recover increases in costs through the ratemaking process.

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To further its objectives, Idaho Power’s human capital programs are designed to attract, retain, and develop high quality employees, without regard to race, color, religion, national origin, sex (including pregnancy), age, sexual orientation, gender identity, genetic information, veteran status, physical or mental disability, or marital status.

Idaho Power believes it maintains a good relationship with its employees due to a strong safety culture, a respectful and inclusive environment, opportunities for development, and competitive compensation and benefits.

Idaho Power believes it maintains a good relationship with its employees due to a strong safety culture, a respectful and inclusive environment, opportunities for

development, and competitive compensation and benefits.

Idaho Power regularly conducts employee engagement surveys to seek feedback from its employees on a variety of topics, including safety reporting, support for development, understanding of the company’s objectives, communication, being treated with respect, and feeling valued.

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Board and Board Committee Oversight :

The companies’ management updates the full board of directors and its committees regularly on safety metrics, total rewards for employees, benefit and pension programs, succession planning and training programs, and diversity, equity, and inclusion initiatives, among other things.

The companies’ management updates the full board of directors and its committees regularly on safety metrics, compensation for employees, benefit and pension programs, succession planning and training programs, and diversity, equity, and inclusion initiatives, among other things.

Each committee of the board of directors is delegated and takes on specific roles in this oversight.

The compensation and human resources committee is responsible for overseeing employee compensation, benefit plans, general labor issues, diversity, equity, inclusion, and safety issues.

The compensation and human resources committee is responsible for overseeing employee compensation, benefit plans, general labor issues, diversity, equity, and inclusion, and safety issues.

The audit committee is responsible for overseeing risk management, including compliance with the code of business conduct, physical security risks relating to employees, and environmental compliance.

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Idaho Power consistently ranks in the top 30 percent of all United States utilities in safety performance.

Reflective of Idaho Power's focus on safety, the company’s Occupational Health and Safety Administration (OSHA) recordable injury rate was below the industry average rate from 2018 through 2021, and its safety metrics in 2021 were the strongest in the company’s history.

In 2022, Idaho Power saw increases in its OSHA recordable injury rate, severity rate, and lost-time injury rate, which returned those rates closer to Idaho Power's 10-year average for each respective rate.

In response to the increase, Idaho Power held a series of contractor and leader safety summits in 2022 to align on expectations and ensure safety continues to be at the forefront of all its work.

In recognition of Idaho Power's safety culture and the dedication of its employees, the Edison Electric Institute (EEI) presented the inaugural Thomas F.

Farrell, II Safety Leadership and Innovation Award in the Member Company Project category to Idaho Power in January 2022.

Idaho Power was selected for its approach of combining psychological safety and behavioral safety with practical application of human performance principles.

The award recognizes the contributions of leadership and innovation to the advancement of safety in the energy industry.

Recipients of the award are selected by a panel consisting of leadership from the labor, contractor, and academic communities;

regulatory agencies;

and EEI senior leadership.

Total Rewards :

Compensation :

Idaho Power provides its employees with competitive pay and benefits, based in large part on salary studies and market data.

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After five years of employment, a full-time employee vests in Idaho Power’s defined benefit pension plan.

Idaho Power also ties annual employee incentive compensation to metrics based on the categories

of earnings, power system reliability, and customer satisfaction reflective of broad stakeholder interests and each employee's contribution.

Idaho Power delivers a variety of training opportunities and provides rotational assignment and continuous learning and development opportunities to all employees.

Idaho Power also ties annual employee incentive compensation to metrics based on the categories of financial performance, power system reliability, and customer satisfaction reflective of broad stakeholder interests and each employee's contribution.

Idaho Power delivers a variety of training opportunities and continuous learning and development opportunities to all employees.

Idaho Power's talent development programs, overseen by a talent development team in the Human Resources department, are designed to help employees achieve their career goals, build management skills, and lead their organizations.

Idaho Power also encourages and enables its employees to support many charitable causes.

This includes volunteer program engagement promoted by the company or employees.

Idaho Power also has an employee-led organization called the “Employee Community Funds,” which administers charitable contributions from employees;

Idaho Power matches a portion of employee donations, which supplements the company’s separate charitable contributions.

Diversity, Equity, and Inclusion:

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As of December 31, 2023, 44 percent of Idaho Power’s senior management were women, 29 percent of its officers were women, and 36 percent of its board of directors were women.

Idaho Power also has programs in place to encourage STEM participation, training to minimize bias and ensure a respectful and inclusive workplace, with a mindset of unity, community outreach to underserved communities, and partnerships with multiple diversity-focused organizations.

Idaho Power also has programs in place to encourage participation in science, technology, engineering, and mathematics education and careers, training to minimize bias and ensure a respectful and inclusive workplace, with a mindset of unity, community outreach across the communities Idaho Power serves, and partnerships with multiple diversity-focused organizations.

IDACORP FINANCIAL SERVICES, INC.

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IFS generated tax credits of $6.9 million in 2023, $6.4 million in 2022, and $6.2 million in 2021.

In 2022 and 2021, IFS received distributions related to fully-amortized real estate tax credit investments that reduced IDACORP's income tax expense by $0.8 million and $1.0 million, respectively.

In 2020, IFS received nominal distributions related to fully-amortized real estate tax credit investments.

IFS received distributions related to fully-amortized real estate tax credit investments that reduced IDACORP's income tax expense by $0.5 million in 2023, $0.8 million in 2022, and $1.0 million in 2021.

IDA-WEST ENERGY COMPANY

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All nine projects are “qualifying facilities” under PURPA.

Idaho Power purchased all of the power generated by Ida-West’s four Idaho hydropower projects at a cost of approximately $8 million in both 2022 and 2021 and $9 million in 2020.

Idaho Power purchased all of the power generated by Ida-West’s four Idaho hydropower projects at a cost of approximately $9 million in 2023 and $8 million in both 2022 and 2021.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

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• Regional Manager for t he Southeast Region of Idaho Power Company, January 2018 - October 2019

• Senior Vice President, Chief Financial Officer, and Treasurer of IDACORP, Inc.

and Idaho Power Company, January 2024 - present

• Senior Vice President and Chief Financial Officer of IDACORP, Inc.

and Idaho Power Company, March 2022 - present

and Idaho Power Company, March 2022 - December 2023

• Senior Vice President and General Counsel of IDACORP, Inc.

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• Director of Resource Planning and Operations of Idaho Power Company, January 2018 - March 2020

• Senior Manager, Transmission & Distribution Strategic Projects of Idaho Power Company, April 2017 - January 2018

• Vice President of Human Resources of Idaho Power Company, October 2019 - present

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• Customer Service Senior Manager of Idaho Power Company, February 2018 - October 2019

• Regional Manager of Southern Region of Idaho Power Company, May 2014 - February 2018

HARRINGTON, 62

• Vice President, General Counsel, and Corporate Secretary of IDACORP, Inc.

• Vice President and General Counsel of IDACORP, Inc.

and Idaho Power Company, March 2023 - present

• Corporate Secretary of IDACORP, Inc.

and Idaho Power Company, March 2007 - March 2022

• Deputy General Counsel and Director of Legal of Idaho Power Company, October 2019 - March 2023

• Senior Counsel of Idaho Power Company, January 2016 - October 2019

• Senior Vice President of Public Affairs of IDACORP, Inc.

and Idaho Power Company, April 2016 - present

• Vice President, Chief Accounting Officer and Treasurer of IDACORP, Inc.

and Idaho Power Company, March 2020 - present

• Vice President, Controller and Chief Accounting Officer of IDACORP, Inc.

and Idaho Power Company, January 2014 - March 2020

• Senior Vice President and Chief Operating Officer of Idaho Power Company, October 2019 - present

• Vice President of Customer Operations and Business Development of Idaho Power Company, March 2017 - October 2019

• Vice President of Finance, Compliance, and Risk of IDACORP, Inc.

and Idaho Power Company, January 2024 - present

• Director of Investor Relations, Compliance, and Risk of IDACORP, Inc.

and Idaho Power Company, August 2023 - December 2023

• Director of Compliance, Risk, and Security of Idaho Power Company, May 2017 - August 2023

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business