What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-20 compared with 2024-02-15 · 79 added, 102 removed, 375 unchanged (33% of the section changed)

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

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 other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small PURPA-qualifying hydropower generation projects.

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

Idaho Street, Boise, Idaho 83702, and the telephone number is (208) 388-2200.

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 Exchange Act as soon as reasonably practicable after the reports are electronically filed with or furnished to the SEC.

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 this report.

UTILITY OPERATIONS

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Approximately 547,000 of these customers are residential.

Idaho Power’s principal commercial and industrial customers are involved in food processing, electronics and general manufacturing, agriculture, health care, government, and education.

Idaho Power’s principal commercial and industrial customers are involved in food processing, electronics and general manufacturing, agriculture, health care, government, education, and information technology.

Idaho Power also provides irrigation customers with electric utility service to operate irrigation pumps during the agricultural growing season.

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Regulatory Accounting

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.

Idaho Power meets the requirements under GAAP 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.

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Irrigation 196,401 173,929 170,964

Provision for sharing — — (569)

Deferred revenue related to HCC relicensing AFUDC (1)

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These mandatory transmission and reliability standards were developed by the North American Electric Reliability Corporation and the Western Electricity Coordinating Council, which have responsibility for compliance and enforcement of transmission, reliability, and security standards.

Idaho Power's electric utility business has historically been recognized as a natural monopoly.

Idaho Power competes with fuel distribution companies, including natural gas providers, in serving the energy needs of customers for space heating, water heating, and appliances.

Idaho Power's electric utility business has historically been recognized as a regulated monopoly.

However, Idaho Power competes with fuel distribution companies, including natural gas providers, in serving the energy needs of customers for space heating, water heating, and appliances.

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.

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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 to make power sales into the wholesale markets.

Idaho Power primarily relies on company-owned hydropower, coal-fired, and gas-fired generation facilities and long-term PPAs to supply the energy needed to serve customers and to make 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.

Idaho Power’s generating plants and their capacities are listed in Part I, Item 2 - “Properties.”

Idaho Power’s generating plants and their capacities are listed in Part I, Item 2 - “Properties.” In addition to existing generation resources, Idaho Power has agreements to own a 300 MW wind turbine generator power plant located in Sweetwater County, Wyoming, with a planned in-service date in 2027.

Various external and internal factors impact power supply costs, such as weather, load demand, economic conditions, fuel costs, and availability of generation resources.

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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 MW on June 30, 2021.

Idaho Power reached its highest all-time system peak demand of 3,793 MW on July 22, 2024.

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

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Hydropower plants 7,203 6,548 5,347 54 % 55 % 48 %

Coal-fired plants 2,473 3,657 2,981 21 % 32 % 27 %

Steam-fired plants (1)

2,474 2,473 3,657 18 % 21 % 32 %

Natural gas-fired plants 3,843 2,917 2,319 28 % 24 % 20 %

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Total power supply 20,061 18,965 18,501

(1) "Steam-fired plants" are composed of generation from plants that are fueled by only coal or by both coal and natural gas.

Hydropower Generation :

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The amount of water available for hydropower generation depends on several factors—the amount of snowpack in the mountains upstream of Idaho Power’s hydropower facilities, upstream reservoir storage, springtime precipitation and temperatures, main river and tributary base flows, the condition of the Eastern Snake Plain Aquifer and its spring flow impact, summertime irrigation withdrawals and returns, and upstream reservoir regulation.

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.

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.

In 2024, hydropower generation was 7.2 million MWh, an increase from the prior two years, due to above-normal snow accumulation throughout most of the Snake River basin.

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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.

The conversion from coal to natural gas of two generating units at the Jim Bridger plant was completed in the spring of 2024.

NV Energy is the operator of the North Valmy plant.

Idaho Power expects to meet 2024 and future fuel requirements through existing inventory and new or existing coal supply contracts.

Idaho Power expects to meet 2025 fuel requirements through existing inventory.

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

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 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.

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 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.

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All three plants are located in Idaho.

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.

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 was completed.

In addition, Idaho Power plans to convert the two coal-fired units at the North Valmy plant to natural gas-fired steam turbines by mid-2026.

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 natural-gas-fired units at the Jim Bridger plant 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 Idaho Power's long-term gas transportation service agreements with the Williams-Northwest Pipeline for 55,584 MMBtu per day and Williams-Mt.

The natural gas supplying the Idaho plants is transported through Idaho

Power's long-term gas transportation service agreements with the Williams-Northwest Pipeline for 95,584 MMBtu per day and Williams-Mt.

West Overthrust Pipeline for 89,000 MMBtu per day.

The Williams-Northwest Pipeline transport capacity will increase to 103,584 MMBtu per day in April 2025 and will increase to 161,263 MMBtu per day in November 2025.

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 long-term storage service agreements with Northwest Pipeline and Spire Inc.

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.

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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 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.

As of February 14, 2025, Idaho Power had approximately 36.3 million MMBtu of natural gas financially hedged for physical delivery, primarily for the operational dispatch of Langley Gulch, Danskin, Bennett, and Bridger power plants through August 2026.

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.

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

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

These agreements total approximately 150 MW per hour during peak summer periods through 2024.

Long-term Power Purchase and Exchange Arrangements :

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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.

Total 396 1,128 1,524 1,048 2,572

Idaho Power has agreements with non-PURPA solar projects for 200 MW, 125 MW, and 420 MW, expected to be online in 2025, 2026, and 2027, respectively.

Idaho Power has one agreement with a non-PURPA wind project for 300 MW, that is scheduled to be online in 2027.

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.

Through 2024, 227 MW of company-owned battery storage were installed, with another 330 MW expected to be in service by the end of 2027.

Idaho Power entered into two 20-year agreements to utilize the storage capacity from a 150 MW battery storage facility scheduled to be online in June 2025 and a 100 MW battery storage facility scheduled to be online in April 2027.

Idaho Power intends for this capacity to supplement a total of 557 MW of company-owned storage that it expects to be online by the end of 2027.

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

Idaho Power is jointly working with various partners on the development of two significant transmission projects.

The Boardman-to-Hemingway project is a proposed 300-mile, high-voltage transmission line between a substation near Boardman, Oregon, and the Hemingway substation near Boise, Idaho.

The Gateway West project is a high-voltage transmission line project between a substation located near Douglas, Wyoming, and the Hemingway substation.

Both projects are intended to meet future anticipated resource needs and are discussed in Part II, Item 7 – MD&A - "Liquidity and Capital Resources - Capital Requirements" in this report.

Idaho Power is jointly working with various partners on the development of three significant transmission projects.

The B2H project is a proposed 300-mile, high-voltage transmission line between a substation near Boardman, Oregon, and the Hemingway substation near Boise, Idaho.

The GWW project is a high-voltage transmission line project between a substation located near Douglas, Wyoming, and the Hemingway substation.

The SWIP-N project is a planned 285-mile, high-voltage transmission line between the Robinson Summit substation near Ely, Nevada, and the Midpoint substation near Jerome, Idaho.

The projects are intended to meet future anticipated resource needs and are discussed in Part II, Item 7 – MD&A - "Liquidity and Capital Resources - Capital Requirements" in this report.

Resource Planning

Integrated Resource Planning:

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

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

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

Idaho Power filed its most recent 2023 IRP with the IPUC and OPUC in September 2023 and expects to file its 2025 IRP in June 2025.

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 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.

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 under development by Meta Platforms, Inc.

and Micron Technology, Inc.

The load forecast assumptions Idaho Power currently plans to use in its upcoming 2025 IRP are included in the table below, together with the average annual growth rate assumptions used in the prior two IRPs.

The 2025 preliminary IRP assumptions include significant large commercial and industrial additions in the 5-year forecasted annual growth rate.

The rate of load growth can impact the timing and extent of development of resources, such as new generation plants or transmission infrastructure, to serve those loads.

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(Peak Demand)

2023 IRP 5.5% 3.7% 2.1% 1.8%

2025 IRP (preliminary) 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%

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.

The 2023 IRP preferred resource portfolio and action plan provided for 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 included 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 included 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.

To support these resource additions, the preferred portfolio also included the B2H transmission line in 2026 and three GWW 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.

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Energy Efficiency and Demand Response Programs:

Idaho Power’s energy efficiency and demand response portfolio is comprised of 22 programs.

Idaho Power’s energy efficiency and demand response portfolio comprises 21 programs.

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.

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For 2024, Idaho Power had a demand response available capacity of approximately 323 MW.

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.

Idaho Power expended approximately $40 million and $42 million in 2024 and 2023, respectively, 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.

Energy efficiency program expenditures funded through the riders are reported as an operating expense with an equal amount of revenues recorded in other revenues, resulting in no net impact on earnings.

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’ 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 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 CO 2 emission reduction targets.

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 report.

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

Corporate Responsibility 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’ corporate responsibility initiatives and both are regularly informed of the goals, measures, and results of the companies' corporate responsibility programs.

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

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

IDACORP and Idaho Power publicly release an annual corporate responsibility report and the most current report is located on Idaho Power’s website, together with other information on corporate responsibility issues relevant to Idaho Power.

IDACORP's and Idaho Power's 2023 Corporate Responsibility Report released in April 2024 incorporated elements of the Sustainability Accounting Standards Board repor ting framework, as well as the Edison Electric Institute (EEI) environmental, social, governance, and sustainability reporting template.

The Corporate Responsibility Report and related website content are not incorporated by reference into this report.

IDACORP’s and Idaho Power’s corporate responsibility initiatives include:

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

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

◦ the sustainability benefits from the Boardman-to-Hemingway and Gateway West transmission projects, which include integrating renewable energy generation and deferring or eliminating the need for development of additional fossil-fueled resources;

◦ the sustainability benefits from the B2H, GWW, and SWIP-N transmission projects, which include integrating renewable energy generation and deferring or eliminating the need for development of additional fossil-fueled resources;

◦ 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 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;

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• engaging and empowering Idaho Power’s workforce (including succession planning at all levels, employee development, leadership education, retirement planning education, and providing competitive compensation and benefits, including post-retirement benefits);

• promoting a culture of safety, security, and inclusiveness for all employees;

• promoting a culture of safety, integrity, and respect for all employees;

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

• 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 tracks carbon emissions intensity to measure the impact of its efforts to reduce carbon emissions relative to growing power demand in its service area.

Idaho Power has actively engaged in voluntary carbon emissions intensity reduction over the past decade with an original short-term goal to reduce emissions 10-15 percent from the baseline year of 2005 levels.

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.

Idaho Power has actively engaged in voluntary carbon emissions intensity reduction for over a decade.

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.

In 2024, Idaho Power posted its updated emissions reduction report on its website containing 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 2024-2043 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.

Idaho Power has significantly reduced its CO 2 emissions since the 2005 baseline year, primarily by decreasing its coal generation levels, including terminating its participation in coal generation at the North Valmy Unit 1 in 2019 and at the Boardman plant in 2020 and converting two units at the Jim Bridger plant from coal to natural gas in 2024, and also by upgrading it s hydropower facilities , and through its energy efficiency, demand-side management, and cloud-seeding programs.

Idaho Power plans to continue to reduce CO 2 emissions in future years, including a medium-term goal with a targeted 88 percent reduction in annual CO 2 emissions tons by 2030, compared with the 2005 baseline year.

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Climate Change Adaptation :

Idaho Power believes its practice of in-depth planning and prudent preparation helps the company adapt to and address the risks of climate change.

For more than 100 years, Idaho Power has adapted to changes in temperatures, water conditions, economic impacts, and regulatory requirements.

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

Climate Change Resilience :

For more than 100 years, Idaho Power has adapted to changes in temperatures, water conditions, economic conditions, and regulatory requirements.

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.

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.

Idaho Power considers climate-related impacts in planning efforts, plans and advocates for additional transmission capacity to integrate additional renewable energy onto its system, and identifies and investigates new technologies, including battery storage, hydrogen generation, and modular nuclear reactor technology.

Environmental Regulation and Costs

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Environmental regulation impacts Idaho Power’s operations due to the cost of installation and operation of equipment and facilities required for compliance with environmental regulations, the modification of system operations to accommodate environmental regulations, and the cost of acquiring and complying with permits and licenses.

In addition to generally applicable regulations, Idaho Power's jointly-owned coal-fired power plants, natural gas combustion turbine power plants, and hydropower generating plants are subject to a broad range of environmental requirements, including those related to air and water quality, waste materials, and endangered species.

In addition to generally applicable regulations, Idaho Power's jointly-owned coal-fired power plant, jointly-owned coal- and gas-fired power plant, natural gas combustion turbine power plants, and hydropower generating plants are subject to a broad range of environmental requirements, including those related to air and water quality, waste materials,

and endangered species.

For a more detailed discussion of these and other environmental issues, refer to Part II - Item 7 - MD&A - "Environmental Matters" in this report.

Environmental Expenditures:

Idaho Power’s environmental compliance expenditures will remain significant for the foreseeable future, particularly given the volume of existing and proposed regulations at the federal level.

Idaho Power’s environmental compliance expenditures will remain significant for the foreseeable future.

Idaho Power estimates its environmental expenditures, based upon present environmental laws and regulations, will be as follows for the periods indicated, excluding AFUDC (in millions of dollars):

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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.

Beyond increasing costs generally, these environmental laws and regulations could affect IDACORP's and Idaho Power's results of operations and financial condition if the costs associated with these environmental requirements and potential early plant retirements cannot be fully recovered in rates on a timely basis.

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

Beyond changes in costs generally, these environmental laws and regulations could affect IDACORP's and Idaho Power's results of operations and financial condition if the costs associated with these environmental requirements and potential early plant retirements cannot be fully recovered in rates on a timely basis.

Idaho Power is actively pursuing the relicensing of the HCC, its largest hydropower generation source.

As of the date of this report, although Idaho Power believes issuance of a new HCC license by the FERC is likely in 2025 or thereafter, Idaho Power is unable to predict the exact timing of issuance by the FERC of any license order or the ultimate capital investment and ongoing operating and maintenance costs Idaho Power will incur in complying with any new license.

However, Idaho Power estimates that the annual costs it will incur to obtain a new long-term license for the HCC, including AFUDC, are likely to range from $35 million to $45 million until issuance of the license.

As of the date of this report, Idaho Power believes issuance of a new HCC license by the FERC will be as early as 2026;

however, Idaho Power is unable to predict the exact timing of issuance by the FERC of any license order or the ultimate capital investment and ongoing operating and maintenance costs Idaho Power will incur in complying with any new license.

Idaho Power estimates that the annual costs it will incur to obtain a new long-term license for the HCC, including AFUDC, are likely to range from $35 million to $45 million until issuance of the license.

Subsequent to the issuance of a new license, Idaho Power expects to incur increased annual capital expenditures and operating and maintenance costs to comply with the requirements of any new license.

Human Capital

Human Capital Management

Idaho Power's purpose is powering lives by safely providing reliable, affordable, clean energy.

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and respect for all.

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.

To further its objectives, Idaho Power’s human capital management 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 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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As of December 31, 2024, IDACORP had 2,130 full-time employee s, 2,122 of wh om were employed by Idaho Power and 8 of whom were employed by Ida-West.

IDACORP had 12 part-time employee s, 9 of whom were employed by Idaho Power.

IDACORP had 11 part-time employee s, 8 of whom were employed by Idaho Power and 3 of whom were employed by Ida-West.

Of IDACORP's full-time employees, 48 percent have worked at the company for over 10 years as of the date of this report.

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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, 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, and inclusion, and safety issues.

The compensation and human resources committee is responsible for overseeing employee compensation, benefit plans, general labor issues, company culture, 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.

The corporate governance and nominating committee is responsible for overseeing risks associated with governance, lobbying and government relations, political contributions, and social issues associated with employees as part of its ESG risk oversight function.

The executive committee assists the board of directors in fulfilling its oversight responsibilities with respect to risk management processes generally.

Idaho Power is committed to the safety of its employees, customers, and the communities it serves.

Idaho Power believes that safe, engaged, and effective employees are critical to the company’s success and that the company’s record of safety helps keep its service reliable and affordable.

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

Compensation :

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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.

Diversity, Equity, and Inclusion:

One of Idaho Power’s core values as a company is “respect for all.” IDACORP’s and Idaho Power’s Code of Business Conduct, available publicly on IDACORP’s website, states Idaho Power's position that employees deserve a workplace where they can be treated in a professional and respectful manner, and each of the company's employees has the responsibility to create and maintain such an environment.

In furtherance of this core value, Idaho Power posts its " Our Commitment to Each Other " initiative on its website, which promotes an inclusive company environment as follows:

At Idaho Power, we are committed to an inclusive environment where we are all valued, respected and given equal consideration for our contributions.

We believe that to be successful as a company we must be able to innovate and adapt, which only happens when we seek out and value diverse backgrounds, opinions and perspectives.

Our collaborative environment thrives when we are engaged, feel we belong and are empowered to do our best work.

We are a stronger company when we stand together and embrace our differences.

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 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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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 $9 million in 2023 and $8 million in both 2022 and 2021.

Idaho Power purchased all of the power generated by Ida-West’s four Idaho hydropower projects at a cost of approximately $10 million in 2024, $9 million in 2023, and $8 million in 2022.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

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• Vice President of Transmission & Distribution, Engineering and Construction of Idaho Power Company, October 2019 - August 2020

• 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.

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

• Director of Human Resources of Idaho Power Company, May 2014 - October 2019

• President and Chief Executive Officer of IDACORP, Inc.

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• President of Idaho Power Company, October 2019 - June 2020

• Senior Vice President and Chief Operating Officer of Idaho Power Company, April 2016 - October 2019

• Vice President of Customer Operations and Chief Safety Officer of Idaho Power Company, October 2019 - present

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

• Vice President and General Counsel of IDACORP, Inc.

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• 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.

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• 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.

4 unchanged sentences

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