What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2025-02-20 compared with 2024-02-15 · 233 added, 210 removed, 1718 unchanged (20% of the section changed)

14 unchanged sentences

Consolidated Statements of Retained Earnings 87

Notes to the Consolidated Financial Statements 87

Notes to Consolidated Financial Statements 88

Reports of Independent Registered Public Accounting Firm - Deloitte & Touche LLP (PCAOB ID No.

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Allowance for borrowed funds used during construction ( 27,785 ) ( 20,012 ) ( 13,914 )

Other (income) expense, net ( 36,522 ) ( 10,805 ) 3,141

Other income, net ( 55,253 ) ( 36,522 ) ( 10,805 )

Total nonoperating expense, net 22,835 24,288 29,774

21 unchanged sentences

Unfunded pension liability adjustment, net of tax

of $( 1,477 ), $ 9,399 , and $ 1,150

of $ 1,245 , $( 1,477 ), and $ 9,399 , respectively

3,592 ( 4,262 ) 27,118

19 unchanged sentences

Current regulatory assets 89,315 226,235

Other 71 40,339

Total current assets 988,455 1,004,054

75 unchanged sentences

Investing Activities:

Additions to property, plant and equipment ( 611,137 ) ( 432,589 ) ( 299,999 )

Additions to property, plant and equipment, net ( 1,009,279 ) ( 611,137 ) ( 432,589 )

Payments received from transmission project joint funding partners 83,708 26,501 17,778

3 unchanged sentences

Purchases of held-to-maturity securities ( 1,845 ) ( 1,617 ) ( 31,224 )

Proceeds from sale of equity securities 8,921 63,857 11,328

Proceeds from sale of investment securities 10,641 8,921 63,857

Purchases of short-term investments — — ( 25,000 )

7 unchanged sentences

Dividends on common stock ( 176,565 ) ( 163,545 ) ( 154,287 )

Issuance of common stock 298,450 — —

Tax withholdings on net settlements of share-based awards ( 3,782 ) ( 3,274 ) ( 3,111 )

Debt issuance costs and other ( 3,437 ) ( 403 ) ( 926 )

Net cash provided by (used in) financing activities 472,772 35,316 ( 149,484 )

Net cash provided by financing activities 364,680 472,772 35,316

Net increase (decrease) in cash and cash equivalents 41,436 149,852 ( 37,666 )

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Supplemental Disclosure of Cash Flow Information:

Cash paid during the year for:

Income taxes $ 6,200 $ 45,885 $ 34,330

Interest (net of amount capitalized) $ 97,742 $ 85,985 $ 83,499

Cash paid for income taxes $ 25,200 $ 6,200 $ 45,885

Cash paid for interest (net of amount capitalized) $ 109,067 $ 97,742 $ 85,985

Non-cash investing activities:

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Balance at beginning of year $ 888,615 $ 882,189 $ 874,896

Issuance 298,450 — —

Share-based compensation expense 11,708 9,578 10,279

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Balance at end of year 2,149,548 2,036,138 1,937,972

Accumulated Other Comprehensive (Loss) Income:

Accumulated Other Comprehensive Loss:

Balance at beginning of year ( 17,184 ) ( 12,922 ) ( 40,040 )

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Allowance for borrowed funds used during construction ( 27,785 ) ( 20,012 ) ( 13,914 )

Other (income) expense, net ( 34,713 ) ( 9,147 ) 3,171

Other income, net ( 49,710 ) ( 34,713 ) ( 9,147 )

Total nonoperating expense, net 29,897 27,643 32,395

11 unchanged sentences

Unfunded pension liability adjustment, net of tax

of $( 1,477 ), $ 9,399 , and $ 1,150

of $ 1,245 , $( 1,477 ), and $ 9,399 , respectively

3,592 ( 4,262 ) 27,118

16 unchanged sentences

Current regulatory assets 89,315 226,235

Other 71 40,339

Total current assets 805,499 946,312

73 unchanged sentences

Investing Activities:

Additions to utility plant ( 610,913 ) ( 432,430 ) ( 299,972 )

Additions to utility plant, net ( 1,009,138 ) ( 610,913 ) ( 432,430 )

Payments received from transmission project joint funding partners 83,708 26,501 17,778

2 unchanged sentences

Purchases of held-to-maturity securities ( 1,845 ) ( 1,617 ) ( 31,224 )

Proceeds from the sale of equity securities 8,921 63,857 11,328

Proceeds from sale of investment securities 10,641 8,921 63,857

Other 12,249 6,198 7,605

5 unchanged sentences

Dividends on common stock ( 175,772 ) ( 101,790 ) ( 114,447 )

Capital contribution from parent 200,000 — —

Other ( 2,992 ) 38 ( 739 )

Net cash provided by (used in) financing activities 538,242 78,454 ( 146,314 )

Net increase (decrease) in cash and cash equivalents 162,858 48,858 ( 105,529 )

Net cash provided by financing activities 271,250 538,242 78,454

Net (decrease) increase in cash and cash equivalents ( 82,875 ) 162,858 48,858

Cash and cash equivalents at beginning of the year 271,791 108,933 60,075

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Non-cash investing activities:

Additions to property, plant and equipment in accounts payable $ 185,400 $ 84,324 $ 53,690

Additions to utility plant in accounts payable $ 168,107 $ 185,400 $ 84,324

The accompanying notes are an integral part of these statements.

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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.

IDACORP’s other notable wholly-owned 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.

Principles of Consolidation

IDACORP’s and Idaho Power’s consolidated financial statements include the assets, liabilities, revenues, and expenses of each company and its wholly-owned subsidiaries listed above, as well as any variable interest entity (VIE) for which the respective company is the primary beneficiary.

IDACORP’s and Idaho Power’s consolidated financial statements include the assets, liabilities, revenues, and expenses of each company and its subsidiaries listed above, as well as any variable interest entity (VIE) for which the respective company is the primary beneficiary.

Investments in VIEs for which the companies are not the primary beneficiaries, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method of accounting.

IDACORP also consolidates one VIE, Marysville Hydro Partners (Marysville), which is a joint venture owned 50 percent by Ida-West and 50 percent by Environmental Energy Company (EEC).

At December 31, 2023 and 2022, Marysville had approximately $ 14.9 million of primarily hydropower plant assets.

At December 31, 2024, Marysville had approximately $ 14.6 million of primarily hydropower plant assets.

EEC has borrowed amounts from Ida-West to fund a portion of its required capital contributions to Marysville.

The loans are payable from EEC’s share of distributions from Marysville and are secured by the stock of EEC and EEC’s interest in Marysville.

Ida-West is identified as the primary beneficiary because the combination of its ownership interest in the joint venture with the intercompany note and the EEC note result in Ida-West's ability to control the activities of the joint venture.

Ida-West is identified as the primary beneficiary because the combination of its ownership interest in the joint venture and the EEC note result in Ida-West's ability to control the activities of the joint venture.

The BCC investment is also a VIE, but because the power to direct the activities that most significantly impact the economic performance of BCC is shared with the joint-owner, Idaho Power is not the primary beneficiary.

The carrying value of Idaho Power's investment in BCC was $ 21.0 million at December 31, 2024, and Idaho Power's maximum exposure to loss is the carrying value, any additional future contributions to BCC, and a $ 47.5 million guarantee for mine reclamation costs.

BCC has a reclamation trust fund set aside specifically for the purpose of paying the reclamation costs, the market value of which exceeded the total estimated reclamation obligation at December 31, 2023.

BCC has a reclamation trust fund set aside specifically for the purpose of paying the reclamation costs.

At December 31, 2024, the value of BCC's reclamation trust fund exceeded the guarantee requirement for the total reclamation obligation.

The guarantee, reclamation obligation, and reclamation trust are discussed further in Note 9 - "Commitments."

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and income tax expense.

The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues.

In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet.

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Management makes estimates and assumptions when preparing financial statements in conformity with GAAP.

These estimates and assumptions include those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and bad debt.

These estimates and assumptions include, among others, those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and the allowance for uncollectible accounts.

These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

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Customer receivables are recorded at the invoiced amounts and do not bear interest.

A late payment fee of one percent per month may be assessed on account balances after 30 days.

A late payment fee of one percent and 2.3 percent in Idaho Power's Idaho and Oregon jurisdictions, respectively, may be assessed per month on account balances after 30 days.

An allowance is recorded for potential uncollectible accounts.

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The component of AFUDC attributable to borrowed funds is included as a reduction to total nonoperating expense, net.

Idaho Power’s weighted-average monthly AFUDC rate was 7.4 percent for 2023 and 2022, and 7.5 percent for 2021.

Idaho Power’s weighted-average monthly AFUDC rate was 7.2 percent for 2024, and 7.4 percent for both 2023 and 2022.

IDACORP and Idaho Power account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements.

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Recently Adopted Accounting Pronouncements

There have been no recently adopted accounting pronouncements that have had a material impact on IDACORP's or Idaho Power's consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280):

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.

This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted.

The amendments in this ASU will be applied retrospectively.

IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on their notes to the consolidated financial statements.

IDACORP and Idaho Power adopted this ASU on January 1, 2024, for annual periods, and subsequently on January 1, 2025, for interim periods.

The amendments in this ASU have been applied retrospectively, as required.

See Note 17 - "Segment Information" for expanded disclosure required by this ASU.

There have been no other recently adopted accounting pronouncements that have had a material impact on IDACORP's or Idaho Power's consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

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This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted.

The amendments in this ASU will be applied prospectively and may be applied retrospectively.

IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on their notes to the consolidated financial statements.

The amendments in this ASU are required to be applied prospectively and are allowed to be applied retrospectively.

IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses which requires disclosure of certain disaggregated income statement expense categories on an annual and interim basis.

This ASU is effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted.

The amendments in this ASU are required to be applied prospectively and are allowed to be applied retrospectively.

IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective consolidated financial statements.

There have been no other recent accounting pronouncements not yet adopted that are expected to have a material impact on IDACORP's or Idaho Power's consolidated financial statements.

8 unchanged sentences

Investment tax credits ( 8,271 ) ( 5,451 ) ( 3,119 ) ( 8,271 ) ( 5,451 ) ( 3,119 )

ADITCs ( 29,831 ) — — ( 29,831 ) — —

Removal costs ( 5,109 ) ( 6,312 ) ( 4,900 ) ( 5,109 ) ( 6,312 ) ( 4,900 )

55 unchanged sentences

Tax Credit Carryforwards

As of December 31, 2023, IDACORP had $ 52.0 million of Idaho investment tax credit carryforward, which expire from 2029 to 2037.

As of December 31, 2024, IDACORP had $7.5 million of general business credit carryforwards for federal income tax purposes and $ 59.3 million of Idaho investment tax credit carryforward.

The general business credit carryforward period expires in 2044, and the Idaho investment tax credits expire from 2031 to 2038.

Uncertain Tax Positions

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IDACORP and Idaho Power are subject to examination by their major tax jurisdictions - United States federal and the State of Idaho.

The open tax years for examination are 2020-2021 and 2023 for federal and 2022-2023 for Idaho.

The open tax years for examination are 2023 and 2024 for federal and 2022 through 2024 for Idaho.

In May 2009, IDACORP formally entered the U.S.

Internal Revenue Service (IRS) Compliance Assurance Process (CAP) program for its 2009 tax year and has remained in the CAP program for all subsequent years.

In 2023, the IRS completed its examination of IDACORP’s 2022 tax year with no unresolved income tax issues.

Internal Revenue Service Compliance Assurance Process (CAP) program for its 2009 tax year and has remained in the CAP program for all subsequent years.

REGULATORY MATTERS

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The application of accounting principles related to regulated operations sometimes results in Idaho Power recording some expenses and revenues in a different period than when an unregulated enterprise would record those expenses and revenues.

Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates.

Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers

through future rates.

Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense.

11 unchanged sentences

249,409 2,788 252,197 255,244

Energy efficiency program costs (5)

Power supply costs (5)

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Energy efficiency program costs 9,277 — 9,277 1,507

1,507 — 1,507 154

Power supply costs (5)

2025-2026 3,949 — 3,949 1,240

Mark-to-market liabilities — 88 88 59,544

Tax reform accrual for future amortization (10)

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Deferred costs are amortized into expense as the amounts are provided for in Idaho retail revenues.

(5) The energy efficiency asset and liability represent the separate Idaho and Oregon jurisdiction balances at December 31, 2022, and December 31, 2023, respectively.

During 2023, the balances changed from an asset to a liability in the Idaho jurisdiction.

(5) This item is discussed in more detail in this Note 3 - "Regulatory Matters."

11 unchanged sentences

The power cost adjustment mechanisms compare Idaho Power's actual net power supply costs (primarily fuel and purchased power less wholesale energy sales) against net power supply costs being recovered in Idaho Power's retail rates.

Under the power cost adjustment mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and costs being recovered in retail rates are recorded as a deferred charge or credit on the balance sheets for future recovery or refund.

The power supply costs deferred primarily result from changes in the levels of Idaho Power's own hydroelectric generation, changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, and changes in fuel prices.

Under the power cost adjustment mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and costs being recovered in retail rates are recorded as a deferred charge or accrued as a credit on the balance sheets for future recovery or refund.

The power supply costs deferred or accrued primarily result from changes in the levels of Idaho Power's own hydroelectric generation, changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, and changes in fuel prices.

Idaho Jurisdiction Power Cost Adjustment Mechanism:

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• a sales-based adjustment intended to ensure that power supply expense recovery resulting solely from sales volume changes does not distort the results of the mechanism.

The Idaho deferral period or Idaho-jurisdiction PCA year runs from April 1 through March 31.

Amounts deferred during the PCA year are primarily recovered or refunded during the subsequent June 1 through May 31 period.

In May 2023, the IPUC approved recovery of an incremental $ 200.2 million of Idaho-jurisdiction PCA revenues, but directed Idaho Power to spread recovery of the $ 190.2 million deferral balance component of the PCA over a two-year period from June 1, 2023 to May 31, 2025, resulting in a total PCA increase of $ 105.1 million, effective for the PCA collection period from June 1, 2023 to May 31, 2024.

The order deferred collection of $ 95.1 million of deferred PCA costs to the subsequent annual PCA collection period from June 1, 2024, to May 31, 2025.

The net increase in PCA revenues reflects higher market energy and natural gas prices, combined with lower-than-expected hydropower generation and limited coal supply in the prior April 2022 to March 2023 PCA period.

The net increase also reflects an expectation of continued elevated market energy and natural gas prices in the April 2023 to March 2024 forecast period.

The Idaho-jurisdiction PCA year runs from April 1 through March 31.

Amounts deferred or accrued during the PCA year are primarily recovered or refunded during the subsequent June 1 through May 31 period.

The order deferred collection of $ 95.1 million of deferred PCA costs to the annual PCA collection period from June 1, 2024, to May 31, 2025.

In May 2024, the IPUC issued an order approving a $ 35.7 million net decrease in PCA revenues as compared to the prior collection period, effective for the PCA collection period from June 1, 2024, to May 31, 2025.

The net decrease in PCA revenues reflected forecasted improved hydropower generation during the April 2024 to March 2025 PCA deferral period.

The table below summarizes the three most recent Idaho-jurisdiction PCA rate adjustments, which also include non-PCA-related rate adjustments as ordered by the IPUC:

Effective Date $ Change (millions) Notes

June 1, 2024 $ ( 35.7 ) The $35.7 million net decrease in PCA rates reflects forecasted improved hydropower generation during the April 2024 to March 2025 PCA deferral period.

June 1, 2023 $ 105.1 The $105.1 million increase in PCA rates reflects higher market energy and natural gas prices, combined with lower than-expected low-cost hydropower generation and limited coal supply.

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The rate also reflected $0.6 million of 2021 earnings shared with customers under the 2018 Settlement Stipulation described below.

June 1, 2021 $ 39.1 The net increase in PCA rates reflected a forecasted reduction in low-cost hydroelectric generation as well as higher costs associated with forecasted PURPA power purchases.

The net increase in PCA rates also reflected a smaller credit to customers through the true-up component.

Oregon Jurisdiction Power Cost Adjustment Mechanism:

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an annual power cost update (APCU) and a power cost adjustment mechanism (PCAM).

The APCU allows Idaho

Power to reestablish its Oregon base net power supply costs annually, separate from a general rate case, and to forecast net power supply costs for the upcoming water year.

The APCU allows Idaho Power to reestablish its Oregon base net power supply costs annually, separate from a general rate case, and to forecast net

power supply costs for the upcoming water year.

The PCAM is a true-up filed annually in February.

The filing calculates the deviation between actual net power supply expenses incurred for the preceding calendar year and the net power supply expenses recovered through the APCU for the same period.

Actual 2023 Oregon-jurisdiction power supply costs were less than the amount recovered through the APCU, resulting in a $ 0.9 million refund due to customers, while in 2022, Oregon jurisdiction power supply cost exceeded the amount recovered through the APCU, resulting in a $ 1.1 million deferral of costs for future recovery.

Variances during 2023 and 2022 did not have a material impact on the companies' financial statements.

Idaho Power's annual June 1 APCU rate changes were $ 7.7 million, $ 4.0 million, and $ 2.4 million in 2023, 2022, and 2021, respectively.

The PCAM filing calculates the deviation between actual net power supply expenses incurred for the preceding calendar year and the net power supply expenses recovered through the APCU for the same period.

Actual 2024 Oregon-jurisdiction power supply costs were less than the amount recovered through the APCU, resulting in a $ 2.9 million difference between revenue and cost.

In 2023, Oregon jurisdiction power supply costs were less than the amount recovered through the APCU, but because Idaho Power’s earnings in 2023 were below the threshold of plus or minus 100 basis points of its authorized return on year-end equity, the difference was not refunded to customers.

Idaho Power's annual June 1 APCU rate changes were a decrease of $ 6.9 million, an increase of $ 7.7 million, and an increase of $ 4.0 million in 2024, 2023, and 2022, respectively.

Notable Idaho Base Rate Adjustments

Idaho base rates were most recently established through a general rate case in 2023, with rate changes effective January 1, 2024.

Previously, base rates were established in a general rate case in 2012 and adjusted in 2014, 2017, 2018, and 2019.

Idaho base rates were most recently established through the 2024 Idaho Limited-Issue Rate Case, with rate changes effective January 1, 2025.

Previously, base rates were established in a general rate case in 2023, which was resolved by the 2023 Settlement Stipulation.

2024 Idaho Limited-Issue Rate Case:

Idaho Power filed the 2024 Idaho Limited-Issue Rate Case in May 2024, focused on revenue requirements for 2024 incremental plant additions and incremental ongoing labor costs.

On December 31, 2024, the IPUC issued its order (Order) in the 2024 Idaho Limited-Issue Rate Case, providing that Idaho Power implement revised tariff schedules designed to increase annual Idaho-jurisdictional retail revenue by $ 50.6 million, or 3.7 percent, effective January 1, 2025.

The Order was subsequently modified by an errata issued on January 21, 2025, which reduced the revenue increase called for under the Order to $ 50.1 million.

The Order did not adjust the overall rate of return approved in the 2023 Settlement Stipulation or make changes to Idaho regulatory mechanisms such as the PCA, FCA, and energy efficiency rider.

The Order also did not preclude Idaho Power from filing another rate case in Idaho at any time in the future.

2023 Idaho General Rate Case:

In June 2023, Idaho Power filed a general rate case with the IPUC.

In December 2023, the IPUC issued an order approving a settlement stipulation among parties (2023 Settlement Stipulation) settling the general rate case.

The Order and the 2023 Settlement Stipulation contains the following significant terms, among other items:

• Idaho Power will implement revised tariff schedules designed to increase annual Idaho-jurisdictional retail revenue by $ 54.7 million, or 4.25 percent, effective January 1, 2024.

The $54.7 million of additional annual revenue is net of an Idaho-jurisdiction PCA rate decrease of $ 168.3 million and a reduction to annual energy efficiency rider collection of $ 3.5 million, each of which was transferred into base rates;

In December 2023, the IPUC issued an order approving the 2023 Settlement Stipulation settling the general rate case.

The order and the 2023 Settlement Stipulation provided for the following significant terms, among other items:

• Implementation of revised tariff schedules designed to increase annual Idaho-jurisdictional retail revenue by $ 54.7 million, or 4.25 percent, effective January 1, 2024.

The $54.7 million of additional annual revenue was net of an Idaho-jurisdiction PCA rate decrease of $ 168.3 million and a reduction to annual energy efficiency rider collection of $ 3.5 million, each of which was transferred into base rates;

• A 9.6 percent return on equity and a 7.247 percent authorized rate of return based on a non-specified cost of debt and capital structure, applied to an Idaho-jurisdictional rate base of approximately $3.8 billion;

• Modifications to the Idaho-jurisdiction PCA including establishment of a new level of base net power supply expense of $ 484.9 million, which includes the transfer of $168.3 million from current PCA rates to base rates;

• Modifications to the energy efficiency rider to support the transfer of $3.5 million of energy efficiency labor-related cost collection from the annual energy efficiency rider into base rates, warranting a decrease in the energy efficiency rider rate from 3.1 percent to 2.35 percent;

• Modifications to the Idaho-jurisdiction FCA mechanism to support Idaho Power’s rate designs and to reflect updated fixed costs;

• Modifications to the PCA including establishment of a new level of base net power supply expense of $ 484.9 million, which included the transfer of $ 168.3 million from then-current PCA rates to base rates;

• Modifications to the FCA mechanism to support Idaho Power’s rate designs and to reflect updated fixed costs;

• Continued deferral of incremental vegetation management and insurance costs, as measured from 2022 actual costs, through the earlier of Idaho Power’s next Idaho general rate case or 2025;

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(2) remove the existing $ 25 million annual cap on the amount of accelerated amortization of ADITCs;

(3) establish a minimum specified Idaho ROE of 9.12 percent for additional amortization of ADITCs;

(3) establish a minimum specified Idaho-jurisdiction return on year-end equity (Idaho ROE) of 9.12 percent for additional amortization of ADITCs;

(4) establish a 9.6 percent Idaho ROE as the threshold for revenue sharing of Idaho-jurisdiction earnings between Idaho Power and Idaho customers;

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Under the modified ADITC and Revenue Sharing mechanism, if Idaho Power's annual Idaho ROE in any year exceeds 9.6 percent, the amount of earnings exceeding 9.6 percent will be allocated 80.0 percent to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's PCA, and 20.0 percent to Idaho Power.

In 2023, Idaho Power recorded no amortization of ADITC.

Accordingly, at December 31, 2023, the full amount of ADITC remained available for future use under the terms of the 2023 Settlement Stipulation and the 2018 Settlement Stipulation described below.

In 2024, Idaho Power recorded amortization of $ 29.8 million of ADITC.

Accordingly, at December 31, 2024, $ 77 million of ADITC remained available for future use under the terms of the 2023 Settlement Stipulation and the 2018 Settlement Stipulation described below.

May 2018 Idaho Tax Reform Settlement Stipulation:

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The 2018 Settlement Stipulation also provided for the indefinite extension, with modifications, of a previous 2014 settlement stipulation beyond its termination date of December 31, 2019, with modified terms related to the ADITC and revenue sharing mechanism that became effective January 1, 2020.

The 2018 Settlement Stipulation provided Idaho Power the ability to earn a minimum Idaho ROE of 9.4 percent by amortizing up to $ 25 million of additional ADITC in any calendar year.

If Idaho Power’s annual Idaho ROE in any year exceeded 10.0 percent, the amount of earnings exceeding 10.0 percent and up to and including 10.5 percent would be allocated 80 percent to Idaho Power’s Idaho customers as a rate reduction to be effective at the time of the subsequent year’s PCA, and 20 percent to Idaho Power.

Idaho Power’s ADITC and revenue sharing mechanism was modified by the 2023 Settlement Stipulation.

Idaho Power’s base rates and ADITC and revenue sharing mechanism were modified by the 2023 Settlement Stipulation, as described above.

North Valmy Base Rate Adjustment Settlement Stipulations:

Idaho Power has settlement stipulations in place in Idaho and Oregon related to the planned end of its participation in coal-fired operations of both units of its jointly-owned North Valmy power plant.

Idaho Power ceased coal-fired operations at unit 1 in 2019, as planned, and these settlement stipulations provide for Idaho Power to cease coal-fired operations at unit 2 in 2025.

The IPUC-approved settlement stipulation provides for (1) accelerated depreciation for the North Valmy plant to allow the coal-related plant assets to be fully depreciated and recovered by December 31, 2028, (2) Idaho Power to use prudent and commercially reasonable efforts to end its participation in coal-fired operations at North Valmy as described above, (3) a balancing account to track the incremental costs, benefits, and required regulatory accounting associated with ceasing participation in coal-fired operations at the North Valmy plant, and (4) increased customer rates related to the associated incremental annual levelized revenue requirement.

Idaho Power has settlement stipulations in place in Idaho and Oregon related to the planned end of its participation in coal-fired operations of both units of its jointly-owned North Valmy plant.

Idaho Power ceased coal-fired operations at unit 1 in 2019, as planned, and these settlement stipulations provide for Idaho Power to cease participation in coal-fired operations at unit 2 in 2025.

The IPUC-approved settlement stipulation provides for (1) accelerated depreciation for the North Valmy plant to allow the coal-related plant assets to be fully depreciated and recovered by December 31, 2028, (2) Idaho Power to use prudent and commercially reasonable efforts to end its participation in coal-fired operations at the North Valmy plant as described above, (3) a balancing account to track the incremental costs, benefits, and required regulatory accounting associated with ceasing participation in coal-fired operations at the North Valmy plant, and (4) increased customer rates related to the associated incremental annual levelized revenue requirement.

If actual costs incurred differ from forecasted amounts included in the settlement stipulation, collection or refund of any differences would be subject to regulatory approval.

Jim Bridger Power Plant Rate Base Adjustment and Recovery:

Jim Bridger Power Plant Rate Base Adjustment and Recovery and Non-Fuel O&M Expenses:

In June 2022, the IPUC issued an order approving, with modifications, Idaho Power’s amended application requesting authorization to (1) accelerate depreciation for the Jim Bridger plant to allow the coal-related plant assets to be fully depreciated and recovered by December 31, 2030, (2) establish a balancing account to track the incremental costs, benefits, and required regulatory accounting associated with ceasing participation in coal-fired operations at the Jim Bridger plant, and (3) increase customer rates related to the associated incremental annual levelized revenue requirement (Bridger Order).

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The Bridger Order allows Idaho Power to earn a return on and recover through 2030 the net book value of coal-related assets at the Jim Bridger plant as of December 31, 2020, as well as forecasted coal-related investments.

In September 2024, the IPUC issued an order authorizing Idaho Power to include all non-fuel O&M expenses associated with operations of the Jim Bridger plant in the balancing account previously established to track the incremental costs, benefits, and required regulatory accounting associated with ceasing participation in coal-fired operations at the Jim Bridger plant, which resulted in a $ 11.3 million deferral of costs in 2024 to a regulatory asset account for future recovery.

Other Notable Idaho Regulatory Matters

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The FCA mechanism, applicable to Idaho residential and small commercial customers, is designed to remove a portion of Idaho Power’s financial disincentive to invest in energy efficiency programs by separating (or decoupling) the recovery of fixed costs from the variable kWh charge and linking it instead to a set amount per customer.

Under Idaho Power's current rate design, recovery of a portion of fixed costs is included in the variable kWh charge, which may result in

over-collection or under-collection of fixed costs.

Under Idaho Power's current rate design, recovery of a portion of fixed costs is included in the variable kWh charge, which may result in over-collection or under-collection of fixed costs.

To return over-collection to customers or to collect under-collection from customers, the FCA mechanism allows Idaho Power to accrue, or defer, the difference between the authorized fixed-cost recovery amount per customer and the actual fixed costs per customer recovered by Idaho Power during the year.

The IPUC has discretion to cap the annual increase in the FCA recovery at 3 percent of base revenue, with any excess deferred for collection in a subsequent year.

In May 2023, the IPUC issued an order approving a $ 10.1 million decrease in recovery from the FCA from $ 35.2 million to $ 25.1 million for the 2022 FCA deferral, with new rates effective for the period from June 1, 2023, to May 31, 2024.

In May 2024, the IPUC issued an order approving a $ 11.7 million increase in recovery from the FCA from $ 25.1 million to $ 36.8 million for the 2023 FCA deferral, with new rates effective for the period from June 1, 2024, to May 31, 2025.

Beginning with the 2024 FCA deferral, the 2023 Settlement Stipulation updates the authorized fixed-cost recovery amount per customer and modifies parts of the FCA mechanism to support Idaho Power's proposed rate designs, as noted above.

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(in millions)

2022 June 1, 2023-May 31, 2024 $ 25.1

2021 June 1, 2022-May 31, 2023 $ 35.2

2020 June 1, 2021-May 31, 2022 $ 38.3

2023 June 1, 2024 to May 31, 2025 $ 36.8

2022 June 1, 2023 to May 31, 2024 $ 25.1

2021 June 1, 2022 to May 31, 2023 $ 35.2

Wildfire Mitigation Cost Recovery:

In June 2021 and March 2023, the IPUC issued orders authorizing Idaho Power to defer for future amortization incremental O&M and depreciation expense for certain capital investments necessary to implement Idaho Power's WMP.

As of December 31, 2023, Idaho Power’s deferral balance of Idaho-jurisdiction costs related to the WMP was $51.3 million.

As a result of the 2023 Settlement Stipulation, Idaho Power will recover and amortize its WMP deferral balance through 2022 of $ 26.7 million, beginning January 1, 2024.

As a result of the 2023 Settlement Stipulation, in 2024, Idaho Power recovered and amortized $ 3.8 million of its WMP deferral balance through 2022 of $ 26.7 million.

As of December 31, 2024, Idaho Power’s deferral balance of Idaho-jurisdiction costs related to the WMP was $ 63.2 million, of which $ 22.9 million is approved to be amortized and collected in Idaho rates.

In January 2024, the OPUC authorized Idaho Power to defer the Oregon jurisdictional share of costs associated with the WMP for the 12-month period beginning December 29, 2022, and ending on December 28, 2023, resulting in an Oregon-jurisdiction deferral balance of approximately $ 750 thousand.

On February 13, 2025, Idaho Power filed an application with the IPUC for review of the Company's current WMP and request for an order authorizing the Company to defer through calendar year 2025, or until the Company's next general rate case goes into effect, newly identified costs associated with expanded wildfire mitigation efforts.

Notable Oregon Regulatory Matters

Oregon Base Rate Changes:

Oregon base rates were most recently established in a general rate case in 2012.

In February 2012, the OPUC issued an order approving a settlement stipulation that provided for a $ 1.8 million base rate increase, a return on equity of 9.9 percent, and an overall rate of return of 7.757 percent in the Oregon jurisdiction.

New rates in conformity with the settlement stipulation were effective March 1, 2012.

Subsequently, in September 2012, the OPUC issued an order approving an approximately $ 3.0 million increase in annual Oregon jurisdiction base rates, effective October 1, 2012, for inclusion of the Langley Gulch power plant in Idaho Power's Oregon rate base.

Additionally, in October 2020, the OPUC approved an increase in Oregon customer rates of $ 0.4 million annually associated with amortization of deferred Langley Gulch power plant revenue requirement variances, effective November 1, 2020, through October 31, 2024.

In May 2018, the OPUC issued an order approving a settlement stipulation that provides for an annual $ 1.5 million reduction to Oregon customer base rates beginning June 1, 2018 through May 31, 2020, related to income tax reform.

In May 2020, the OPUC issued an order to approve the quantification of $ 1.5 million in annualized Oregon jurisdictional benefits associated with federal and state income tax changes resulting from tax reform and adjusting customer rates to reflect this amount, effective June 1, 2020, until its next general rate case or other proceeding where the tax-related revenue requirement components are reflected in rates.

The OPUC has also approved settlement stipulations that provide for the accelerated cost recovery of jointly-owned North Valmy unit 1 through 2019 and unit 2 through 2025.

The net rate impact of the Oregon settlement stipulations is immaterial.

In December 2023, Idaho Power filed a general rate case with the OPUC.

The filing was based on a 2024 test year and requested an overall annual rate increase of $ 10.7 million, or 19.28 percent.

The filing requested, among other items, a 10.4 percent authorized rate of return on equity and an approximate $ 188.9 million Oregon-jurisdiction retail rate base.

The $188.9 million of rate base excludes rate base associated with Idaho Power's jointly-owned North Valmy coal facilities, the costs of which are recovered under the separate rate mechanism noted above.

In its application, Idaho Power proposed a capitalization structure of 49 percent long-term debt and 51 percent common stock equity.

Idaho Power included an average cost of debt of 5.104 percent and an overall cost of capital of 7.807 percent.

If approved by the OPUC, new rates for Oregon-jurisdiction customers would become effective in October 2024 or later.

Oregon base rates were most recently established in a general rate case that Idaho Power filed with the OPUC in December 2023.

In September 2024, the OPUC issued an order approving the 2024 Oregon Settlement Stipulations, which are settlement stipulations among Idaho Power and intervening parties settling the general rate case.

The OPUC order and the 2024 Oregon Settlement Stipulations contain the following significant terms, among other items:

• Implementation of revised tariff schedules designed to increase annual Oregon-jurisdiction revenue by $ 6.7 million, or 12.14 percent;

• A 9.5 percent Oregon-jurisdiction return on year-end equity and a 7.302 percent Oregon-jurisdiction authorized rate of return based on a 5.104 percent cost of debt and capital structure of 50 percent debt and 50 percent equity, applied to an Oregon-jurisdictional rate base of approximately $ 188.9 million.

Rate changes from the 2024 Oregon Settlement Stipulations became effective on October 15, 2024.

The 2024 Oregon Settlement Stipulations do not preclude Idaho Power from filing another general rate case or other limited issue proceeding in Oregon at any time in the future.

Federal Regulatory Matters - Open Access Transmission Tariff Rates

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Idaho Power's OATT rates submitted to the FERC in Idaho Power's four most recent annual OATT Final Informational Filings were as follows:

Applicable Period OATT Rate (per kW-year)

Period Rates in Effect OATT Rate (per kW-year)

October 1, 2024 to September 30, 2025 $ 31.55

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Irrigation 196,401 173,929 170,964

Provision for sharing — — ( 569 )

Deferred revenue related to HCC relicensing AFUDC (2)

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The amount and timing of precipitation as well as temperature levels affect the timing and amounts of sales to irrigation customers, with increased precipitation during the agricultural growing season generally resulting in decreased sales.

Provision for Sharing :

Idaho Power has regulatory settlement stipulations in Idaho that provide for the potential sharing between Idaho Power and its Idaho customers of Idaho-jurisdictional earnings in excess of 10.0 percent of Idaho ROE (in excess of 9.6 percent of Idaho ROE beginning in 2024).

Based on full-year 2023 Idaho ROE, Idaho Power recorded no provision against current revenues for sharing of earnings with customers for 2023.

During 2022, no provision was recorded and in 2021, $ 0.6 million of sharing of earnings with customers was recorded.

The regulatory settlement stipulations are described further in Note 3 - "Regulatory Matters."

Wholesale Energy Sales:

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Alternative Revenue Programs and Other Revenues

While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of an additional regulatory mechanism, the Idaho FCA mechanism, which may increase or decrease tariff-based customer rates.

The Idaho FCA mechanism is described in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition.

While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of an additional regulatory mechanism, the FCA mechanism, which may increase or decrease tariff-based customer rates.

The FCA mechanism is described in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition.

Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions.

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Other operating revenues on IDACORP's consolidated statements of income are primarily comprised of revenues from IDACORP’s subsidiary, Ida-West.

Ida-West operates small hydropower generation projects that satisfy the requirements of PURPA.

Ida-West operates small PURPA-qualifying hydropower generation projects.

LONG-TERM DEBT

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1.90 % Series due 2030

$ 80,000 $ 80,000

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5.20 % Series due 2034

5.30 % Series due 2035

60,000 60,000

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5.06 % Series due 2043

60,000 60,000

4.00 % Series due 2043

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5.20 % Series due 2053

62,000 62,000

5.50 % Series due 2053

400,000 400,000

5.80 % Series due 2054

350,000 350,000

Total first mortgage bonds 2,945,000 2,645,000

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1.45 % Series due 2024

49,800 49,800

1.70 % Series due 2026 (1)

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Total pollution control revenue bonds 116,300 166,100

Floating Rate Term Loan Facility due 2024 — 150,000

American Falls Variable Rate bond guarantee due 2025 19,885 19,885

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Total long-term debt $ 3,053,777 $ 2,775,790

(1) Humboldt County and Sweetwater County Pollution Control Revenue Bonds are secured by the first mortgage bonds, bringing the total first mortgage bonds outstanding at December 31, 2023, to $ 2.811 billion .

(1) Sweetwater County Pollution Control Revenue Bonds are secured by the first mortgage bonds, bringing the total first mortgage bonds outstanding at December 31, 2024, to $ 3.061 billion .

(2) At December 31, 2024 and 2023, the overall effective cost rate of Idaho Power's outstanding debt was 5.03 percent and 4.98 percent, respectively.

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Long-Term Debt Issuances, Maturities, and Redemptions

On February 3, 2025, Idaho Power repaid $ 19.9 million in aggregate principal amount of maturing variable rate American Falls Bonds.

On December 2, 2024, Idaho Power repaid $ 49.8 million in aggregate principal amount of maturing 1.45 % Humboldt County Pollution Control Revenue Bonds.

On August 12, 2024, under the shelf registration statement with the SEC, Idaho Power issued $ 300 million in aggregate principal amount of 5.20 % first mortgage bonds, secured medium-term notes, Series M, maturing on August 15, 2034.

On September 11, 2023, under the shelf registration statement with the SEC, Idaho Power issued $ 350 million in aggregate principal amount of 5.80 % first mortgage bonds, secured medium-term notes, Series M, maturing on April 1, 2054.

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and $ 62 million in aggregate principal amount of 5.20 % first mortgage bonds, secured medium-term notes, Series N, maturing on March 8, 2053.

On December 22, 2022, Idaho Power entered into a Bond Purchase Agreement (Bond Purchase Agreement) with certain institutional purchasers relating to the sale by Idaho Power of $ 170 million of first mortgage bonds secured medium-term-term notes, Series N (Series N Notes), as described in more detail below.

On December 1, 2022, Idaho Power redeemed at par $ 4.36 million in principal amount of variable-rate pollution control revenue bonds due in 2027.

On March 4, 2022, Idaho Power entered into a floating rate term loan credit agreement (Term Loan Facility).

The Term Loan Facility was a two-year senior unsecured term loan facility in the aggregate principal amount of $ 150 million.

On March 31, 2023, Idaho Power repaid $ 100 million and on May 17, 2023, repaid $ 50 million principal amount to fully repay the Term Loan Facility.

At December 31, 2023, there was no remaining outstanding principal balance of the Term Loan Facility.

On December 22, 2022, Idaho Power entered into a Bond Purchase Agreement with certain institutional purchasers relating to the sale by Idaho Power of $ 170 million of first mortgage bonds, secured medium-term notes, Series N (Series N Notes), as described in more detail below.

Idaho Power First Mortgage Bonds

Idaho Power's issuance of long-term indebtedness is subject to the approval of the IPUC, OPUC, and WPSC.

In May and June 2022, Idaho Power received orders from the IPUC, OPUC, and WPSC authorizing the company to issue and sell from time to time up to $ 1.2 billion in aggregate principal amount of debt securities and first mortgage bonds, subject to conditions specified in the orders.

Authority from the IPUC is effective through May 31, 2025, subject to extensions upon request to the IPUC.

In February and March 2024, Idaho Power received orders from the IPUC, OPUC, and WPSC authorizing the company to issue and sell from time to time up to $ 1.2 billion in aggregate principal amount of debt securities and first mortgage bonds, subject to conditions specified in the orders.

Authority from the IPUC is effective through December 31, 2026, subject to extensions upon request to the IPUC.

The OPUC's and WPSC's orders do not impose a time limitation for issuances, but the OPUC order does impose a number of other conditions, including a requirement that the interest rates for the debt securities or first mortgage bonds fall within either (a) designated spreads over comparable U.S.

Treasury rates or (b) a maximum interest rate limit of 8.0 percent.

At December 31, 2023, $280 million remains available for debt issuance under the regulatory orders.

In January 2024, Idaho Power submitted applications to the IPUC, OPUC, and WPSC requesting authorization to issue and sell from time to time up to $ 1.2 billion in aggregate principal amount of debt securities and first mortgage bonds, which if approved will replace the $ 280 million remaining under the existing regulatory orders.

On February 8, 2024, Idaho Power received an order from OPUC authorizing its request.

As of the date of this report, approvals from the IPUC and WPSC are still pending.

At December 31, 2024, $ 900 million remained available for debt issuance under the regulatory orders.

In May 2022, Idaho Power filed a shelf registration statement with the SEC, which became effective upon filing, for the offer and sale of an unspecified principal amount of its first mortgage bonds.

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The amount issuable is also restricted by property, earnings, and other provisions of the Indenture and supplemental indentures to the Indenture.

The Indenture requires that Idaho Power's net earnings be at least twice the

annual interest requirements on all outstanding debt of equal or prior rank, including the bonds that Idaho Power may propose to issue.

The Indenture requires that Idaho Power's net earnings be at least twice the annual interest requirements on all outstanding debt of equal or prior rank, including the bonds that Idaho Power may propose

Under certain circumstances, the net earnings test does not apply, including the issuance of refunding bonds to retire outstanding bonds that mature in less than two years or that are of an equal or higher interest rate, or prior lien bonds.

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Also in December 2022, Idaho Power entered into the Fifty-second Supplemental Indenture, dated effective as of December 30, 2022, to the Indenture (Fifty-second Supplemental Indenture).

The Fifty-second Supplemental Indenture provides for, among other items, the issuance of Series N Notes pursuant to the Indenture.

The Fifty-second Supplemental Indenture provided for, among other items, the issuance of Series N Notes pursuant to the Indenture.

The Series N Notes consist of:

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Idaho Power may, however, anticipate or make up these expenditures or appropriations within the 5 years that immediately follow or precede a particular year.

As of December 31, 2023, the maximum amount of additional first mortgage bonds Idaho Power could issue approximately $ 700 million, though as of the date of this report the amount is limited to the $ 280 million amount authorized by the IPUC, OPUC, and WPSC.

As of December 31, 2024, the maximum amount of additional first mortgage bonds Idaho Power could issue was approximately $ 439 million.

Separately, the Indenture also limits the amount of additional first mortgage bonds that Idaho Power may issue to the sum of (a) the principal amount of retired first mortgage bonds and (b) 60 percent of total unfunded property additions, as defined in the Indenture.

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Balance at beginning of year 50,615,237 50,561,892 50,516,479

Forward sale agreements — — — 3,221,982

Continuous equity program (inactive) — — — 3,000,000

Dividend reinvestment and stock purchase plan 63,084 — — 2,778,618

Employee savings plan — — — 3,567,954

At-the-market offering program (1)

— — — See table note (1)

Equity forward sale agreements 3,221,982 — — —

Long-term incentive and compensation plan (2)

61,997 53,345 45,413 1,099,512

Continuous equity program (inactive) — — — 3,000,000

Balance at end of year 53,962,300 50,615,237 50,561,892

(1) At December 31, 2024, IDACORP had reserved shares of its common stock through the ATM offering program, up to an aggregate gross sales price of $ 300 million.

For more details, see "At-the-Market Offering Program" below in this Note 6.

(2) During 2024, 2023, and 2022, IDACORP granted 103,771 , 75,295 , and 73,131 restricted stock unit awards, respectively, to employees and 15,616 , 12,459 , and 12,021 shares of common stock, respectively, to directors.

During 2024, 2023, and 2022, IDACORP issued 61,997 , 53,345 , and 45,413 shares of common stock, respectively, using original issuances of shares pursuant to the LTICP, including 10,571 , 13,842 , and 8,674 shares of common stock, respectively, issued to members of the board of directors.

Equity Forward Sale Agreements

On November 7, 2023, IDACORP announced a registered public offering of 2,801,724 shares of its common stock at a public offering price of $ 92.80 per share, for an issuance amount of $ 260.0 million.

In conjunction with this offering, IDACORP granted the underwriters an option to purchase up to 420,258 additional shares, which was subsequently exercised in full on November 8, 2023, for an additional issuance amount of $ 39.0 million.

The 3,221,982 shares were sold under FSAs which provide for settlement on a settlement date or dates to be specified at IDACORP’s discretion, but which is expected to occur on or prior to November 7, 2024.

The FSAs will be physically settled with common shares issued by IDACORP, unless IDACORP elects to settle the agreements in net cash or net shares, subject to certain conditions.

On a settlement date or dates, if IDACORP decides to physically settle the FSAs, IDACORP will issue shares of common stock to the forward purchaser at the then-applicable forward sale price and receive issuance proceeds at that time.

The forward sale price was initially $ 90.016 per share and is subject to certain adjustments in accordance with the terms of the FSAs through the date of settlement.

Dividend Reinvestment and Stock Purchase Plan:

Effective January 1, 2024, IDACORP instructed the plan administrator of the IDACORP, Inc.

Dividend Reinvestment and Stock Purchase Plan to use original issuance of common stock from IDACORP, as opposed to market purchases of IDACORP common stock, to acquire shares of IDACORP common stock for the plan.

However, IDACORP may determine at any time to resume market purchases of common stock under the plan.

Employee Savings Plan:

As directed by IDACORP, the plan administrator of the Idaho Power Company Employee Savings Plan used market purchases of IDACORP common stock to acquire shares of IDACORP common stock for the plan.

At-the-Market Offering Program:

On May 20, 2024, IDACORP entered into an Equity Distribution Agreement (EDA) pursuant to which it may issue, offer, and sell, from time to time, up to an aggregate gross sales price of $ 300 million of shares of its common stock through an ATM offering program, which includes the ability to enter into FSAs.

In 2024, IDACORP did not issue common stock pursuant to the EDA.

In 2024, IDACORP executed FSAs under its ATM offering program with various counterparties who borrowed and sold 801,914 shares of IDACORP’s common stock at an aggregate gross sales price of $ 92.4 million.

At December 31, 2024, $ 207.6 million in shares of IDACORP’s common stock remained available for issuance through its ATM offering program.

At December 31, 2024, IDACORP could have settled the FSAs with physical delivery of 801,914 shares of common stock to the counterparty in exchange for cash of $ 91.6 million.

The FSAs could have also been settled at December 31, 2023, with delivery of approximately $ 23.9 million of cash or approximately 0.2 million shares of common stock to the counterparty, if IDACORP had elected to net cash or net share settle, respectively.

At December 31, 2024, IDACORP had the following FSAs outstanding under its ATM offering program (in thousands of dollars, except for shares and forward price amounts):

Maturity Shares Net Proceeds Available Forward Price

November 12, 2025 500,000 $ 56,912 $ 113.82

December 31, 2025 301,914 34,669 114.83

Total 801,914 $ 91,581 $ 114.20

The FSAs will be physically settled with common shares issued by IDACORP, unless IDACORP elects to settle the agreements in net cash or net shares, subject to certain conditions.

On a settlement date or dates, if IDACORP elects to physically settle the

FSAs, IDACORP will issue shares of common stock to the various counterparties at the then-applicable forward sale price and receive issuance proceeds at that time.

At December 31, 2024, IDACORP could have settled the FSAs with net receipt from various counterparties of approximately $ 1.2 million of cash or approximately 11,270 shares of common stock, if IDACORP had elected to net cash or net share settle, respectively.

The FSAs have been classified as an equity transaction because they are indexed to IDACORP’s common stock and the other requirements necessary for equity classification are met.

As a result of the equity classification, no gain or loss will be recognized within earnings due to subsequent changes in the fair value of the FSAs.

Equity Forward Sale Agreements:

On November 7, 2023, IDACORP announced a registered public offering of 2,801,724 shares of its common stock at a public offering price of $ 92.80 per share, for an issuance amount of $ 260.0 million.

The 3,221,982 shares were sold by the counterparty to the underwriters under FSAs.

The forward sale price was initially $ 90.016 per share and was subject to certain adjustments in accordance with the terms of the FSAs through the date of settlement.

On May 14, 2024, IDACORP partially settled the FSAs with physical delivery of 2,542,442 shares of common stock to the counterparty in exchange for cash of $ 230.0 million.

On November 4, 2024, IDACORP settled the remainder of the FSAs with physical delivery of 679,540 shares of common stock to the counterparty in exchange for cash of $ 62.2 million.

Settlement of the FSAs are reflected in IDACORP’s equity.

FSA Earnings Per Shares Dilution:

Prior to settlement, the potentially issuable shares pursuant to the FSAs will be reflected in IDACORP’s diluted earnings per share calculations using the treasury stock method.

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Share dilution occurs when the average market price of IDACORP’s stock during the reporting period is higher than the then-applicable forward sale price as of the end of the reporting period.

As of December 31, 2023, 34,131 incremental shares were included in the calculation of diluted EPS related to the securities under the FSAs.

As of December 31, 2024 and 2023, approximately 47,000 and 34,000 incremental shares, respectively, were included in the calculation of diluted EPS related to the securities under the FSAs.

See Note 8 - "Earnings Per Share" for additional information concerning IDACORP's diluted earnings per share.

Idaho Power Common Stock

During 2024, IDACORP contributed $ 200 million of additional capital to Idaho Power.

No additional shares of Idaho Power common stock were issued.

Restrictions on Dividends

Idaho Power’s ability to pay dividends on its common stock held by IDACORP and IDACORP’s ability to pay dividends on its common stock are limited to the extent payment of such dividends would violate the covenants in their respective Credit Facilities or Idaho Power’s Revised Code of Conduct.

Idaho Power’s ability to pay dividends on its common stock held by IDACORP and IDACORP’s ability to pay dividends on its common stock are limited to the extent payment of such dividends would violate the covenants in their respective credit facilities or Idaho Power’s Statement of Policy and Code of Conduct.

A covenant under IDACORP’s credit facility and Idaho Power’s credit facility requires IDACORP and Idaho Power to maintain leverage ratios of consolidated indebtedness to consolidated total capitalization, as defined therein, of no more than 65 percent at the end of each fiscal quarter.

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At December 31, 2024, IDACORP and Idaho Power were in compliance with those covenants.

Idaho Power’s Revised Policy and Code of Conduct relating to transactions between and among Idaho Power, IDACORP, and other affiliates, which was approved by the IPUC in April 2008, provides that Idaho Power will not pay any dividends to IDACORP that will reduce Idaho Power’s common equity capital below 35 percent of its total adjusted capital without IPUC approval.

Idaho Power’s Statement of Policy and Code of Conduct relating to transactions between and among Idaho Power, IDACORP, and other affiliates, which was approved by the IPUC in April 2008, provides that Idaho Power will not pay any dividends to IDACORP that will reduce Idaho Power’s common equity capital below 35 percent of its total adjusted capital without IPUC approval.

At December 31, 2024, Idaho Power's common equity capital was 50 percent of its total adjusted capital.

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Diluted earnings per share $ 5.50 $ 5.14 $ 5.11

(1) The effect of dilutive securities amount includes 34,131 incremental shares related to FSAs as of December 31, 2023.

(1) The effect of dilutive securities amount includes approximately 47 thousand and 34 thousand incremental shares related to FSAs as of December 31, 2024 and 2023, respectively.

See Note 6 - "Common Stock" for additional information concerning IDACORP's FSAs.

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2025 2026 2027 2028 2029 Thereafter

Cogeneration and power production (1)

$ 324,738 $ 336,702 $ 358,113 $ 371,980 $ 345,740 $ 2,999,760

Cogeneration, power production, and battery storage $ 340,395 $ 372,123 $ 407,819 $ 455,245 $ 447,778 $ 5,040,605

Fuel 112,045 58,181 26,559 26,665 26,745 247,770

(1) As of December 31, 2023, Idaho Power had a $ 431 million commitment related to an agreement to utilize the storage capacity of a 150 MW battery storage facility, over a 20-year term, scheduled to be online in June 2025.

As of December 31, 2024, Idaho Power had power purchase obligations with respect to 1,524 MW nameplate capacity of online PURPA and non-PURPA projects, with an additional 1,048 MW nameplate capacity of projects that are scheduled to be online through 2027.

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Idaho Power's purchased power expense associated with long-term agreements (including PURPA) was approximately $ 294 million in 2024, $ 258 million in 2023, and $ 238 million in 2022.

In February 2025, Idaho Power entered into a 100 MW solar facility PPA and agreement to purchase the storage capacity from a 100 MW battery storage facility;

both with a scheduled online date of April 2027 and 20 -year terms.

Also, in February 2025, Idaho Power entered into agreements providing ownership of 250 MW and rights to 250 MW of transmission capacity on the

SWIP-N in Nevada, with an expected online date in late 2027 or in 2028.

The agreements collectively increased Idaho Power's contractual obligations by $ 1.1 billion over their respective terms.

Idaho Power also has the following long-term commitments (in thousands of dollars):

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As these contracts are presumed to continue indefinitely, ten years of information, estimated based on current contract terms, has been included in the table for presentation purposes.

(2) As of December 31, 2023, Idaho Power had a remaining $ 115 million commitment related to four contracts to acquire and own battery storage assets with in-service dates through 2025.

(2) As of December 31, 2024, Idaho Power had a remaining $ 904 million commitment related to contracts to acquire and own capacity and generation resources with in-service dates in 2026 and 2027.

At IDACORP, long-term purchase commitments of $ 34.7 million are mostly comprised of other long-term liabilities at Ida-West and IFS.

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IDACORP’s expense for operating leases was not material for the years ended 2024, 2023, and 2022.

Acquisition of Additional Interest in Boardman-to-Hemingway Transmission Project

In March 2023, Idaho Power executed a purchase, sale, and security agreement with the BPA to transfer BPA's 24 percent interest in the Boardman-to-Hemingway transmission line project to Idaho Power, bringing Idaho Power's interest in the project to approximately 45 percent.

Acquisition of Additional Interest in B2H Transmission Project

In March 2023, Idaho Power executed a purchase, sale, and security agreement with the BPA to transfer BPA's 24 percent interest in the B2H transmission line project to Idaho Power, bringing Idaho Power's interest in the project to approximately 45 percent.

Pursuant to the agreement, Idaho Power has a commitment to provide long-term transmission service to BPA.

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Payments to BPA for the permitting interest are expected to be made over a 15 -year period beginning 10 years after energization of the transmission line project, while the security deposit is due to be returned to BPA upon energization.

Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which IERCo owns a one-third interest.

This guarantee, which is renewed annually with the WDEQ, was $ 47.6 million at December 31, 2023, representing IERCo's one-third share of BCC's total reclamation obligation of $ 142.9 million.

Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which IERCo owns a one-third portion.

This guarantee, which is renewed annually with the Wyoming Department of Environmental Quality (WDEQ), was $ 47.5 million at December 31, 2024, representing IERCo's one-third share of BCC's total reclamation obligation of $ 142.5 million.

BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs.

At December 31, 2023, the value of the reclamation trust fund was $ 253.3 million.

During 2023, the reclamation trust fund made $ 6.0 million of distributions for reclamation activity costs associated with the BCC surface mine.

BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of

future reclamation costs.

At December 31, 2024, the value of BCC's reclamation trust fund exceeded WDEQ's guarantee requirement for the total reclamation obligation.

BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of future reclamation costs.

To ensure that the reclamation trust fund maintains adequate reserves, BCC has the ability to, and does, add a per-ton surcharge to coal sales, all of which are made to the Jim Bridger plant.

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Interest cost 52,181 51,277 5,332 5,322

Actuarial loss (gain) 41,539 ( 438,297 ) 6,518 ( 32,009 )

Actuarial (gain) loss ( 65,972 ) 41,539 ( 3,321 ) 6,518

Plan amendment — — 15 11

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(1) Changes in the funded status of the pension plan that would be recorded in AOCI for an unregulated entity are recorded as a regulatory asset for Idaho Power as Idaho Power believes it is probable that an amount equal to the regulatory asset will be collected through the setting of future rates.

The actuarial losses reflected in the benefit obligations for the pension and SMSP plans in 2023 are due primarily to decreases in the assumed discount rates of both plans from December 31, 2022, to December 31, 2023.

The actuarial gains reflected in the benefit obligations for the pension and SMSP plans in 2024 are due primarily to increases in the assumed discount rates of both plans from December 31, 2023, to December 31, 2024.

For more information on discount rates, see “Plan Assumptions” below in this Note 11.

2 unchanged sentences

The rabbi trust holds investments in marketable securities and corporate-owned life insurance.

recorded value of these investments was approximately $ 146.2 million and $ 134.2 million at December 31, 2023 and 2022, respectively, and is reflected in Investments and in Company-owned life insurance on the consolidated balance sheets.

The recorded value of these investments was approximately $ 159.1 million and $ 146.2 million at December 31, 2024 and 2023, respectively, and is reflected in Investments and in Company-owned life insurance on the consolidated balance sheets.

The following table shows the components of net periodic pension cost for these plans (in thousands of dollars).

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Under an IPUC order, the Idaho portion of net periodic pension cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates.

(2) Of total net periodic pension cost recognized for financial reporting $ 18.2 million, $ 19.0 million, and $ 17.8 million respectively, was recognized in "Other operations and maintenance" and $ 6.5 million, $ 9.2 million, and $ 10.5 million respectively, was recognized in "Other (income) expense, net" on the consolidated statements of income of the companies for the twelve months ended December 31, 2023, 2022, and 2021.

(2) Of total net periodic pension cost recognized for financial reporting $ 35.9 million, $ 18.2 million, and $ 19.0 million respectively, was recognized in "Other operations and maintenance" and $ 8.1 million, $ 6.5 million, and $ 9.2 million respectively, was recognized in "Other income, net" on the consolidated statements of income of the companies for the twelve months ended December 31, 2024, 2023, and 2022.

The following table shows the components of other comprehensive income (loss) for the plans (in thousands of dollars):

1 unchanged sentence

2024 2023 2022 2024 2023 2022

Actuarial (loss) gain during the year $ ( 25,071 ) $ 227,372 $ 91,156 $ ( 6,517 ) $ 32,009 $ ( 33 )

Actuarial gain (loss) during the year $ 63,119 $ ( 25,071 ) $ 227,372 $ 3,320 $ ( 6,517 ) $ 32,009

Plan amendment service cost — — — ( 15 ) ( 11 ) —

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( 4,204 ) ( 4,669 )

Plan amendments — 8,065

Benefit obligation at December 31 54,604 56,064

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Expected return on plan assets ( 1,831 ) ( 1,650 ) ( 2,351 )

Immediate recognition of loss from temporary deviation (1)

Amortization of net loss ( 1,494 ) ( 1,237 ) ( 31 )

1 unchanged sentence

Net periodic postretirement benefit cost $ 1,745 $ 2,416 $ 1,096

(1) In 2021, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other (income) expense, net" on the consolidated statements of income of the companies.

The following table shows the components of other comprehensive income for the plan (in thousands of dollars):

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Amortization of prior service cost 1,548 1,665 295

Immediate recognition of loss from temporary deviation (1)

Adjustment for deferred tax effects ( 945 ) ( 2,059 ) ( 1,315 )

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Other comprehensive income related to postretirement benefit plans

The following table summarizes the expected future benefit payments of the postretirement benefit plan (in thousands of dollars):

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Dental trend rate — — — — — — 3.5 % 3.5 % 3.5 %

The assumed health care cost trend rate used to measure the expected cost of health benefits covered by the postretirement plan was 6.7 percent in 2023 and is assumed to increase to 7.1 percent in 2024, 6.5 percent in 2025, decrease to 5.8 percent in 2026,

and to gradually decrease to 3.8 percent by 2074.

The assumed health care cost trend rate used to measure the expected cost of health benefits covered by the postretirement plan was 7.1 percent in 2024 and is assumed to decrease to 6.3 percent in 2025, 5.5 percent in 2026, decrease to 5.4 percent in 2027, and to gradually decrease to 3.8 percent by 2074.

The assumed dental cost trend rate used to measure the expected cost of dental benefits covered by the plan was 3.5 percent, or equal to the medical trend rate if lower, for all years.

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Equity Securities:

Large-Cap 54,346

Commingled Fund:

Equity Securities:

Global and International 124,559

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Emerging Markets 40,398

Direct Lending Fund:

Fixed Income 2,970

Real estate 74,426

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Private Market Investments :

Private market investments represent two categories:

venture capital funds and fund of hedge funds.

Private market investments represent three categories:

venture capital funds, private infrastructure funds, and fund of hedge funds.

These funds are valued by the fund companies based on the estimated fair values of the underlying fund holdings divided by the fund shares outstanding or multiplied by the ownership percentages of the holder.

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The limited partner must hold the fund for the life of the fund or find a third-party buyer.

The private infrastructure fund investment is valued by the fund manager through a process involving an independent third-party external valuator on a quarterly basis, with each investment undergoing a full independent valuation at least once per year.

Redemption on the infrastructure fund are available on a quarterly basis beginning in April of 2027 with 90 days written notice.

If the fund has sufficient liquidity, the redemption will be processed at the fund NAV at the end of the quarter.

If the fund does not have sufficient liquidity to honor the full redemption, the remainder will be set for redemption the

following quarter on a pro-rata basis with other redemption requests.

This same process will repeat until the redemption request has been completed.

The value of the fund of hedge funds investment is the residual value of an immaterial non-liquid position in a single fund of hedge funds.

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Post-employment Benefits

Idaho Power provides certain benefits to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement, in addition to the health care benefits required under the Consolidated Omnibus Budget Reconciliation Act (COBRA).

These benefits include salary continuation, health care and life insurance for those employees found to be disabled under Idaho Power’s disability plans, and health care for surviving spouses and dependents.

Idaho Power accrues a liability for such benefits.

The post-employment benefits included in other liabilities on both IDACORP’s and Idaho Power’s consolidated balance sheets at December 31, 2023 and 2022, were approximately $ 3 million and $2 million.

The post-employment benefits included in other liabilities on both IDACORP’s and Idaho Power’s consolidated balance sheets at December 31, 2024 and 2023, were approximately $ 3 million.

PROPERTY, PLANT AND EQUIPMENT AND JOINTLY-OWNED PROJECTS

8 unchanged sentences

In service - net $ 5,243,057 $ 4,733,788

At December 31, 2023, Idaho Power's construction work in progress balance of $ 985.5 million included relicensing costs of $ 459.8 million for the HCC, Idaho Power's largest hydropower complex.

At December 31, 2024, Idaho Power's construction work in progress balance of $ 1.2 billion included relicensing costs of $ 496.9 million for the HCC, Idaho Power's largest hydropower complex.

In 2024, 2023, and 2022, Idaho Power had IPUC authorization to include in its Idaho jurisdiction rates $ 6.5 million annually ($ 8.8 million when grossed-up for the effect of income taxes) of AFUDC relating to the HCC relicensing project.

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(1) Idaho Power’s share of nameplate capacity.

(2) Pursuant to an agreement with NV Energy, Idaho Power's participation in coal-fired operations of North Valmy ended in December 2019 at unit 1 and is planned to end no later than the end of 2025 at unit 2.

(2) Pursuant to an agreement with NV Energy, Idaho Power ceased participation in coal-fired operations of North Valmy in December 2019 at unit 1.

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

IERCo, Idaho Power’s wholly-owned subsidiary, is a joint-owner of BCC.

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Under the guidance, when a liability is initially recorded, the entity increases the carrying amount of the related long-lived asset to reflect the future retirement cost.

Over time, the liability is accreted to its estimated settlement value

and paid, and the capitalized cost is depreciated over the useful life of the related asset.

Over time, the liability is accreted to its estimated settlement value and paid, and the capitalized cost is depreciated over the useful life of the related asset.

If, at the end of the asset’s life, the recorded liability differs from the actual obligations paid, a gain or loss would be recognized.

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Idaho Power’s recorded AROs relate to the reclamation and removal costs at its jointly-owned coal-fired generation facilities.

In 2023, changes in estimates at the coal-fired generation facilities resulted in a net increase of $ 11.3 million in the recorded AROs.

The increase is primarily related to cost estimates for a flue gas desulfurization pond placed in-service during 2023 at the Jim Bridger plant.

Idaho Power also has additional AROs associated with its transmission system and generation facilities;

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Idaho Power investments:

Bridger Coal Company (equity method investment) $ 24,078 $ 14,187

BCC (equity method investment) $ 20,998 $ 24,078

Exchange traded short-term bond funds and cash equivalents 38,873 36,617

11 unchanged sentences

All projects are reviewed periodically for impairment.

The table below presents IDACORP’s and Idaho Power’s earnings of unconsolidated equity-method investments (in thousands of

The table below presents IDACORP’s and Idaho Power’s earnings of unconsolidated equity-method investments (in thousands of dollars):

2024 2023 2022

Bridger Coal Company (Idaho Power) $ 10,540 $ 10,211 $ 10,211

BCC (Idaho Power) $ 2,671 $ 10,540 $ 10,211

Ida-West joint ventures 1,868 1,886 1,300

4 unchanged sentences

Unrealized gains and losses on equity securities were immaterial at December 31, 2024 and 2023.

The following table summarizes sales of equity securities (in thousands of dollars):

2023 2022 2021

Proceeds from sales $ 8,921 $ 63,857 $ 11,328

Gross realized gains from sales — — —

There were no gross realized gains or losses from the sale of equity securities in 2024, 2023, and 2022.

Held-to-Maturity Securities

5 unchanged sentences

Such amortization and accretion are included in the “Other income, net” line in the consolidated statements of income.

Due to increases in market interest rates in 2023 and 2022, all held-to-maturity securities were in a gross unrealized holding loss position totaling $ 3.3 million and $ 5.0 million at December 31, 2023 and December 31, 2022, respectively.

Due to increases in market interest rates in 2024 and 2023, all held-to-maturity securities were in a gross unrealized holding loss position totaling $ 2.7 million and $ 3.3 million at December 31, 2024 and 2023, respectively.

Based on ongoing credit evaluations of these holdings, Idaho Power does not expect material payment defaults or delinquencies and has not recorded an allowance for credit losses for these securities as of December 31, 2024 and 2023.

11 unchanged sentences

Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement.

Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master

netting arrangements would allow current and long-term positions to be offset in the event of default.

Idaho Power does not offset a

counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default.

Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement.

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Idaho Power monitors credit risk exposure through reviews of counterparty credit quality, corporate-wide counterparty credit exposure, and corporate-wide counterparty concentration levels.

Idaho Power manages these risks by establishing credit and concentration limits on transactions with counterparties and requiring contractual guarantees, cash deposits, or letters of credit from counterparties or their affiliates, as deemed necessary.

Idaho Power manages these risks by establishing credit and concentration limits on transactions with counterparties and requiring contractual guarantees, cash deposits, bonds, or letters of credit from counterparties or their affiliates, as deemed necessary.

Idaho Power’s physical power contracts are commonly under WSPP, Inc.

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December 31, 2024

Financial swaps Other current assets $ 241 $ ( 169 ) $ 72 $ 169 $ ( 169 ) $ —

Financial swaps Other current liabilities 3,072 ( 3,072 ) — 18,092 ( 14,931 ) (1) 3,161

2 unchanged sentences

Financial swaps Other liabilities 177 ( 177 ) — 1,019 ( 177 ) 842

Forward contracts Other liabilities — — — 10,965 — 10,965

Total $ 5,188 $ ( 5,188 ) $ — $ 31,776 $ ( 15,517 ) $ 16,259

2 unchanged sentences

Financial swaps Other current liabilities 1,476 ( 1,476 ) — 41,977 ( 38,045 ) (3) 3,932

Forward contracts Other current assets 400 — 400 — — —

Forward contracts Other current liabilities — — — 2,000 — 2,000

1 unchanged sentence

Financial swaps Other liabilities 376 ( 376 ) — 2,123 ( 2,123 ) (4) —

Forward contracts Other liabilities — — — 1,780 — 1,780

Total $ 2,199 $ ( 2,110 ) $ 89 $ 46,358 $ ( 40,426 ) $ 5,932

(1) Current liability derivative amounts offset include $ 11.9 million of collateral receivable at December 31, 2024.

(2) Long-term asset derivative amounts offset include $ 1.5 million of collateral payable at December 31, 2024.

(3) Current liability derivative amounts offset include $ 36.6 million of collateral receivable at December 31, 2023.

(4) Long-term liability derivative amounts offset include $ 1.7 million of collateral receivable at December 31, 2023.

(3) Current asset derivative amounts offset include $ 18.6 million of collateral payable at December 31, 2022.

The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at December 31, 2024 and 2023 (in thousands of units):

3 unchanged sentences

Natural gas purchases MMBtu 88,330 24,593

Natural gas sales MMBtu — 310

FAIR VALUE MEASUREMENTS

40 unchanged sentences

Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value

(thousands of dollars)

Notes receivable (1)

20 unchanged sentences

This category is comprised of IFS’s investments in affordable housing and other real estate tax credits, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses.

The President and Chief Executive Officer of IDACORP and Idaho Power is the companies' chief operating decision maker (CODM).

The CODM uses net income to monitor the utility segment's results, monitor and plan utility-specific regulatory strategy, allocate capital investments, and inform financing decisions.

The CODM is regularly provided with segment expense information for utility operations at the same level of detail as presented in Idaho Power's consolidated statements of income.

The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands):

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Revenues $ 1,822,965 $ 3,668 $ — $ 1,826,633

Depreciation 223,410 — — 223,410

Operating income 328,183 ( 344 ) — 327,839

10 unchanged sentences

Revenues $ 1,762,894 $ 3,462 $ — $ 1,766,356

Depreciation 195,341 — — 195,341

Operating income 313,379 98 — 313,477

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Revenues $ 1,641,040 $ 2,941 $ — $ 1,643,981

Depreciation 170,077 — — 170,077

Operating income 327,170 8 — 327,178

10 unchanged sentences

OTHER INCOME AND EXPENSE

The following table presents the components of IDACORP’s other income (expense), net and Idaho Power's other income (expense), net (in thousands of dollars):

The following table presents the components of IDACORP’s other income, net and Idaho Power's other income, net (in thousands of dollars):

IDACORP 2024 2023 2022

2 unchanged sentences

Pension and postretirement non-service costs ( 8,077 ) ( 6,513 ) ( 9,196 )

( 6,513 ) ( 9,196 ) ( 15,249 )

Income from life insurance investments 10,186 8,384 7,107

Other income (expense) 6,286 ( 90 ) 463

Total other income (expense), net $ 36,522 $ 10,805 $ ( 3,141 )

Other income 8,659 6,286 ( 90 )

Total other income, net $ 55,253 $ 36,522 $ 10,805

Interest and dividend income, net $ 16,731 $ 13,410 $ 4,094

1 unchanged sentence

Pension and postretirement non-service costs ( 8,077 ) ( 6,513 ) ( 9,196 )

( 6,513 ) ( 9,196 ) ( 15,240 )

Income from life insurance investments 10,186 8,384 7,012

Other income (expense) 6,333 205 591

Total other income (expense), net $ 34,713 $ 9,147 $ ( 3,171 )

(1) The 2021 pension and postretirement non-service costs includes $4.7 million of expense for a temporary deviation from the cost-sharing provisions of the substantive postretirement plan as described in Note 11 - "Benefit Plans."

Other income 8,962 6,333 205

Total other income, net $ 49,710 $ 34,713 $ 9,147

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME

31 unchanged sentences

For these services, Idaho Power billed IDACORP $ 1.1 million in 2024, $ 1.1 million in 2023, and $ 0.9 million in 2022.

At December 31, 2023 and 2022, Idaho Power had a $ 16.2 million and $ 56.2 million payable to IDACORP, respectively, which was included in its accounts payable to affiliates balance on its consolidated balance sheets, primarily related to income tax payments.

At December 31, 2024 and 2023, Idaho Power had a $ 3.2 million and $ 16.2 million payable to IDACORP, respectively, which was included in its accounts payable to affiliates balance on its consolidated balance sheets.

At December 31, 2023, the payable was primarily related to income tax payments.

At IDACORP, the receivable from Idaho Power is eliminated in consolidation.

35 unchanged sentences

The Commissions’ regulation of rates is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested capital.

While the Company has indicated it expects Idaho Power to recover costs from customers through regulated rates, there is a risk that the Commissions will not approve (1) full recovery of the costs of providing utility service, or (2) full recovery of all amounts invested in the utility business and a reasonable return on that investment.

While the Company has indicated it expects Idaho Power to recover costs from customers through regulated rates, there is a risk that the Commissions will not approve:

(1) full recovery of the costs of providing utility service, or (2) full recovery of all amounts invested in the utility business and a reasonable return on that investment.

Additionally, consistent with orders and directives of the Commissions, unless contrary to applicable income tax guidance, Idaho Power does not record deferred income tax expense or benefit for certain income tax temporary differences and instead recognizes the tax impact currently (commonly referred to as flow-through accounting) for rate making and financial reporting.

8 unchanged sentences

• For selected regulatory assets and liabilities, we evaluated whether management had determined such amounts in accordance with regulatory orders and whether it was probable that such amounts will be recovered from or returned to customers in future rates.

• We read relevant regulatory orders issued by the Commissions for Idaho Power and evaluated whether such orders were appropriately reflected in the Company's financial statements.

• With the assistance of income tax specialists, we evaluated whether management had appropriately identified the income tax timing differences eligible for flow-through accounting and recorded such differences as adjustments to income tax expense and regulatory assets.

35 unchanged sentences

Commissions’ regulation of rates is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested capital.

While the Company has indicated it expects to recover costs from customers through regulated rates, there is a risk that the Commissions will not approve (1) full recovery of the costs of providing utility service, or (2) full recovery of all amounts invested in the utility business and a reasonable return on that investment.

While the Company has indicated it expects to recover costs from customers through regulated rates, there is a risk that the Commissions will not approve:

(1) full recovery of the costs of providing utility service, or (2) full recovery of all amounts invested in the utility business and a reasonable return on that investment.

Additionally, consistent with orders and directives of the Commissions, unless contrary to applicable income tax guidance, the Company does not record deferred income tax expense or benefit for certain income tax temporary differences and instead recognizes the tax impact currently (commonly referred to as flow-through accounting) for rate making and financial reporting.

8 unchanged sentences

• We read relevant regulatory orders issued by the Commissions for the Company and evaluated whether such orders were appropriately reflected in the Company's financial statements.

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 8. Financial Statements and Supplementary Data