What changed in this filing

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Item 1. Business

2026-02-19 compared with 2025-02-20 · 84 added, 107 removed, 347 unchanged (36% of the section changed)

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

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

On February 13, 2026, Idaho Power entered into a definitive agreement to sell its Oregon electric distribution business and associated distribution assets, as well as certain Oregon transmission assets to OTEC.

For further information regarding the proposed transaction, see Note 22 - "Sale of Oregon Assets" to the consolidated financial statements included in this report.

The following figure represents Idaho Power's current service area without regard to the Oregon Sale.

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

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

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

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

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

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

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

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

Regulatory Accounting

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In executing on these four strategic cornerstones, IDACORP seeks to balance the interests of shareowners, Idaho Power customers, employees, and other stakeholders.

Idaho Power is committed to working for strong, sustainable financial results by continuing to safely provide reliable, affordable, clean energy to its customers from diversified generation resources.

Idaho Power is committed to working for strong, sustainable financial results by continuing to safely provide reliable and affordable energy to its customers from diversified generation resources.

Rates and Revenues

Idaho Power generates revenue primarily through the sale of electricity to retail and wholesale customers and the provision of transmission service.

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

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

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

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

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

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

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

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

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

In addition to general rate case filings, ratemaking proceedings can involve charges or credits related to specific costs, programs, or activities, as well as the recovery or refund of amounts deferred or accrued under specific authorization from the IPUC or OPUC.

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Total energy sales 19,074 18,789 17,610

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

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

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

Effective October 1, 2025, Idaho Power began collecting $38.5 million annually.

Prior to October 1, 2025, Idaho Power collected $8.8 million annually.

For more information refer to Note 3 - "Regulatory Matters" to the consolidated financial statements in this report.

Amounts collected in the Idaho jurisdiction are recognized as deferred revenue until the license is issued and the accumulated license costs approved for recovery are placed in service.

Wholesale Markets :

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The FERC oversees mandatory transmission and network reliability standards, as well as power and transmission markets, including protection against market manipulation.

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

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

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

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

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

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

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

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

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

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

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Hydropower plants 7,021 7,203 6,548 52 % 54 % 55 %

Steam-fired plants (1)

Jointly-owned thermal plants (1)

2,906 2,474 2,473 21 % 18 % 21 %

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Total power supply 20,395 20,061 18,965

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

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

Hydropower Generation :

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

Idaho Power actively participates in collaborative work groups focused on water management issues in the Snake

River Basin, with the goal of preserving the long-term availability of water for use at Idaho Power’s hydropower projects on the Snake River.

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

In 2023 and 2022, below-normal snow accumulation and drought conditions resulted in lower than average hydropower generation of 6.5 million and 5.3 million MWh, respectively.

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

In 2025, hydropower generation was 7.0 million MWh, a decrease from 2024 and an increase from 2023, due to changes in snow accumulation and reservoir storage throughout most of the Snake River basin.

In 2024, average snowpack conditions paired with above average reservoir storage upstream of Idaho Power's hydropower projects resulted in hydropower generation of 7.2 million MWh.

In 2023, snow accumulation was well above normal but reservoir storage upstream of Idaho Power's hydropower projects was well below normal, causing much of the spring season runoff to fill reservoirs above Idaho Power's hydropower system and resulted in lower than average hydropower generation of 6.5 million MWh.

Idaho Power's 2026 estimate of annual generation from its hydropower facilities is between 5.5 million MWh and 7.5 million MWh.

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As a licensee under Part I of the FPA, Idaho Power and its licensed hydropower projects are subject to conditions described in the FPA and related FERC regulations.

These conditions and regulations include, among other items, provisions relating to condemnation of a project upon payment of just compensation, amortization of project investment from excess project earnings, and possible takeover of a project after expiration of its license upon payment of net investment and severance damages.

Coal-Fired Generation :

Idaho Power co-owns the following coal-fired power plants:

Jointly-Owned Thermal Generation :

Idaho Power co-owns the following coal and gas-fired steam generation power plants:

• Jim Bridger, located in Wyoming, in which Idaho Power has a one-third interest;

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PacifiCorp is the operator of the Jim Bridger plant.

BCC supplies coal to the Jim Bridger plant.

BCC supplies coal to generating units 3 and 4 at the Jim Bridger plant.

IERCo, a wholly-owned subsidiary of Idaho Power, owns a one-third interest in BCC and PacifiCorp owns a two-third interest in BCC and is the operator of the Bridger Coal Mine.

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

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

The conversion from coal to natural gas of generating units 1 and 2 at the Jim Bridger plant was completed in the spring of 2024.

NV Energy is the operator of the North Valmy plant.

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

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

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

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

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

Idaho Power ended its participation in coal-fired operations at unit 1 of the North Valmy plant in December 2019 and unit 2 of the North Valmy plant in December 2025.

Idaho Power's 2025 IRP identified a preferred resource portfolio and action plan that included the conversion from coal to natural gas of both units at the North Valmy plant in 2026 and the remaining two units at the Jim Bridger plant in 2030.

The conversion of North Valmy unit 1 has been completed and the unit was placed in-service in December 2025 and the conversion of North Valmy unit 2 is expected to be completed by mid-2026.

For more information on the 2025 IRP, refer to "Resource Planning" in this Item 1 – "Business." Idaho Power expects to seek approval from the IPUC and OPUC for any necessary adjustments to plant retirement dates to align with its current resource plan.

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

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

In addition, the conversion of unit 1 at North Valmy has been completed and the unit was placed in-service in December 2025 and the conversion of unit 2 is expected to be completed by mid-2026.

In September 2025, Idaho Power filed an application with the IPUC for a CPCN for 167 MW of natural gas-fueled generating capacity next to the existing Bennett Mountain power plant in 2028, as discussed further in Part II, Item 7 – MD&A – "Regulatory Matters."

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

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

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

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

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

The natural gas supplying the Idaho plants is transported through Idaho

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

West Overthrust Pipeline for 89,000 MMBtu per day.

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

Natural gas for all

facilities is purchased based on system requirements and dispatch efficiency.

The natural gas supplying the Idaho, Wyoming, and Nevada plants is transported through Idaho Power's long-term gas transportation service agreements with the Williams-Northwest Pipeline for 150,763 MMBtu per day, the Williams-Mt.

West Overthrust Pipeline for 89,000 MMBtu per day, and the Tallgrass-Ruby Pipeline for 39,000 MMBtu per day.

The Tallgrass-Ruby Pipeline transport capacity will increase to 78,000 MMBtu per day in May 2026.

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

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

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

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

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

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

As of February 13, 2026, Idaho Power had approximately 75.72 million MMBtu of natural gas financially hedged for physical delivery, primarily for the operational dispatch of Langley Gulch, Danskin, Bennett, Jim Bridger, and North Valmy power plants through January 2029.

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

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

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

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

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

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Wholesale Market :

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

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

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Total 596 1,128 1,724 625 2,349

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

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

Idaho Power has agreements with non-PURPA solar projects for 125 MW and 500 MW, expected to be online in 2026 and 2027, respectively.

While Idaho Power previously had an agreement with a non-PURPA wind project for 300 MW scheduled to come online in 2027, that agreement was terminated in September 2025.

Battery Storage:

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

Idaho Power utilizes batteries primarily to store power generated during periods of lower customer demand and deliver that power to serve customers during peak hours.

Through 2025, 307 MW of company-owned battery storage were installed, with another 250 MW expected to be in service by the end of 2026.

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

Idaho Power commenced a 20-year agreement to utilize the storage capacity from a 150 MW battery storage facility that came online in May 2025 and has a 20-year agreement to utilize the storage capacity from a 100 MW battery storage facility scheduled to be online in April 2027.

Idaho Power intends for this capacity to supplement a total of 557 MW of company-owned storage that it expects to be online by the end of 2026.

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

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

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

substation near Boise, Idaho.

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

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

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

Idaho Power filed its most recent 2025 IRP with the IPUC and OPUC in June 2025.

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

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

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

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

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

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

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

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(Peak Demand)

2025 IRP (preliminary) 8.3% 5.1% 2.7% 1.9%

2025 IRP 8.3% 5.1% 2.7% 1.9%

2023 IRP 5.5% 3.7% 2.1% 1.8%

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

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

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

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

To support these resource additions, the preferred portfolio also included the B2H transmission line in 2026 and three GWW transmission line segments phased in with in-service dates from 2028 through 2040.

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

2021 IRP 2.6% 2.1% 1.4% 1.4%

The 2025 IRP preferred resource portfolio provided for 4,071 MW of additional resource capacity.

The identified resources included 1,161 MW of natural gas generation over the next 20 years to meet energy and capacity needs, including the conversion of 484 MW of coal to natural gas generation.

The additions to resource capacity also included 1,445 MW of solar, 700 MW of wind, 885 MW of storage, 344 MW of additional energy efficiency, and 20 MW from demand response.

In addition, the preferred resource portfolio included Idaho Power's complete conversion from coal to natural gas generation by 2030.

To support these resource additions, the preferred portfolio also included the B2H transmission line in 2027, the SWIP-N transmission project in 2028, and GWW transmission line segments phased in with in-service dates from 2028 through 2040.

However, as noted in the 2025 IRP, there is considerable uncertainty surrounding project completion dates, including uncertainty around the timing and extent of third-party development of renewable resources, fuel commodity prices, and the actual completion date and ownership allocations of the transmission projects.

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

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

The programs are offered to all

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

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

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

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• financial incentives for irrigation customers for either improving the energy efficiency of an irrigation system or installing new energy efficient systems;

• energy efficiency programs for new and existing homes including electric heating, ventilation and cooling equipment, as well as energy efficient building techniques, air duct sealing, and energy efficient lighting;

• energy efficiency programs for new and existing homes including electric heating, ventilation and cooling equipment, as well as energy efficient building techniques;

• incentives to industrial and commercial customers for acquiring energy efficient equipment, and using energy efficiency techniques for operational and management processes;

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

Corporate Responsibility Initiatives

Corporate Responsibility

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

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

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

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

◦ the "Clean Today.

Cleaner Tomorrow.

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

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

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

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

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

◦ wildfire mitigation planning and actions;

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

• operational excellence in safely providing reliable, affordable, clean energy, including enhancing grid resiliency and reliability;

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

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

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

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

Reducing Carbon Emissions Intensity:

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

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

In 2024, Idaho Power posted its updated emissions reduction report on its website containing short-, medium-, and long-term targets for further CO 2 reductions.

This report also includes target annual power generation levels and associated CO 2 emissions and emissions intensity for the 2024-2043 period.

The emissions reduction report is not incorporated in this report.

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

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

In 2019, Idaho Power announced its long-term goal to provide 100-percent clean energy by 2045.

Reduction in Coal-Fired Generation:

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

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

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

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

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

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

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

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

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

Climate Change Resilience :

Idaho Power has significantly reduced its CO 2 emissions since 2005, primarily by decreasing its coal generation levels, including terminating its participation in coal generation at the North Valmy Unit 1 in 2019 and North Valmy Unit 2 in 2025 and at the Boardman plant in 2020 and converting two units at the Jim Bridger plant from coal to natural gas in 2024, by upgrading it s hydropower facilities , and through its energy efficiency, demand-side management, and cloud-seeding programs.

The Corporate Responsibility Report contains further information regarding Idaho Power's goals and plans to reduce CO 2 emissions in future years.

Operational Resilience :

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

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

To address the physical impacts of a changing climate, Idaho Power conducts cloud-seeding operations, implements a WMP, enhances grid resiliency and reliability, and continues to further Snake

River shading and in-stream river enhancement projects.

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

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

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

and endangered species.

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

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

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

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

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

2026 2027-2028

9 unchanged sentences

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

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

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

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

4 unchanged sentences

Human Capital Management

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

Idaho Power believes that it will prosper by committing to the needs, safety, and success of its customers, communities, employees, and owners.

Idaho Power relies on its foundational core values to guide its plan and actions:

safety first;

integrity always;

and respect for all.

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

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

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

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

Idaho Power shares the survey results with employees, and senior management incorporates the results of the surveys in their action plans in order to respond to the feedback and improve employee relations.

Idaho Power shares the survey results with

employees, and senior management incorporates the results of the surveys in their action plans in order to respond to the feedback and improve employee relations.

As of December 31, 2025, IDACORP had 2,174 full-time employee s, 2,166 of wh om were employed by Idaho Power and 8 of whom were employed by Ida-West.

9 unchanged sentences

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

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

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

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

23 unchanged sentences

• Vice President of Power Supply of Idaho Power Company, August 2020 - present

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

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

and Idaho Power Company, February 2026 - present

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

and Idaho Power Company, January 2024 - present

and Idaho Power Company, January 2024 - February 2026

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

4 unchanged sentences

• Vice President of Planning, Engineering and Construction of Idaho Power Company, August 2020 - present

• Director of Engineering and Construction of Idaho Power Company, March 2020 - August 2020

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

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

1 unchanged sentence

and Idaho Power Company, June 2020 - present

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

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

4 unchanged sentences

and Idaho Power Company, April 2016 - present

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

• Executive Vice President and Chief Operating Officer of Idaho Power Company, February 2026 - present

• Senior Vice President and Chief Operating Officer of Idaho Power Company, October 2019 - February 2026

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

3 unchanged sentences

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

• Vice President of Regulatory Affairs of Idaho Power Company, March 2016 - present

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

What changed 10-K

Item 1. Business