• Idacorp is the Duke Energy (DUK) of Idaho.
• Idacorp is like Southern Company (SO), but for electricity in the Idaho region.

• Electric Utility Services: Providing the generation, transmission, distribution, and and sale of electric energy to residential, commercial, and industrial customers.

Idacorp (symbol: IDA) is an energy holding company whose primary subsidiary, Idaho Power Company, is an electric utility. As an electric utility, Idaho Power sells electricity to a broad base of customers within its service territory, encompassing portions of southern Idaho and eastern Oregon. The company primarily sells to individuals and various businesses rather than to a few major customer companies.

Idacorp serves the following three primary categories of customers:

• Residential: This category includes individual households and apartment buildings.
• Commercial: This category comprises various small to medium-sized businesses, such as retail stores, offices, restaurants, and other service-oriented establishments. It also includes some agricultural customers for purposes like irrigation pumping.
• Industrial: This category includes large-scale consumers of electricity, such as manufacturing plants, mining operations, data centers, and other large industrial facilities. It also includes some agricultural customers for purposes like irrigation pumping.

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Lisa Grow, President and Chief Executive Officer, IDACORP and Idaho Power

Lisa Grow has served as President and Chief Executive Officer of IDACORP and Idaho Power since June 1, 2020. Her career with Idaho Power began in 1987, spanning 38 years, where she held various engineering and management roles. Before becoming CEO, she was Idaho Power's Senior Vice President and Chief Operating Officer. Ms. Grow holds a Bachelor of Science degree in electrical engineering from the University of Idaho and a Master of Business Administration from Boise State University. She also serves as chair of the St. Luke's Health System Board of Directors, chair of the Federal Reserve Bank of San Francisco's Salt Lake City Branch Board of Directors, and was appointed to the American Water Works Company Board of Directors.

Brian R. Buckham, Senior Vice President, Chief Financial Officer, and Treasurer, IDACORP and Idaho Power

Brian R. Buckham assumed the role of Senior Vice President and Chief Financial Officer of IDACORP and Idaho Power in March 2022. Previously, he served as Senior Vice President and General Counsel for IDACORP and Idaho Power since March 2017, having joined Idaho Power in 2010 in various corporate attorney roles. Prior to joining Idaho Power, Mr. Buckham was an attorney at Davis Wright Tremaine LLP and Greenberg Traurig LLP, where his practice focused on securities, mergers and acquisitions, corporate governance, and commercial transactions. He also has experience in the mining industry and wealth management. He holds a bachelor's degree in mining engineering from the University of Idaho, an MBA from Gonzaga University, and a Juris Doctor from the University of Idaho College of Law.

Adam J. Richins, Senior Vice President and Chief Operating Officer, Idaho Power

Adam J. Richins was appointed Senior Vice President and Chief Operating Officer of Idaho Power in October 2019. His previous roles at the company, which he joined in 2011, include Vice President of Customer Operations and Business Development, General Manager of Customer Operations Engineering and Construction, and Senior Counsel. Before his tenure at Idaho Power, Mr. Richins worked as an engineer and project manager on large construction projects and as an attorney. He earned Bachelor of Science degrees in mathematics from the University of Puget Sound and civil engineering from Columbia University, and a law degree from the University of Washington. He also completed Harvard Business School's Advanced Management Program.

Jeffrey L. Malmen, Senior Vice President of Public Affairs, IDACORP and Idaho Power

Jeffrey L. Malmen serves as the Senior Vice President of Public Affairs for IDACORP and Idaho Power.

Amy I. Shaw, Vice President, Finance, Compliance, and Risk, IDACORP and Idaho Power

Amy I. Shaw was named Vice President of Finance, Compliance, and Risk for IDACORP and Idaho Power in January 2024. She joined Idaho Power in 2003, holding various positions including accountant, auditor, and senior management roles in compliance, risk, and corporate security. Prior to Idaho Power, Ms. Shaw worked as an auditor for Deloitte in Boise, Idaho. She holds a Bachelor of Science degree in business from the University of Idaho.

Key Risks to Idacorp (IDA)

1. Regulatory and Political Changes: As a regulated utility, Idacorp's financial performance is highly dependent on decisions made by state and federal regulators. Unfavorable outcomes in rate cases, delays in approving cost recovery for capital expenditures, or changes in environmental mandates could adversely impact the company's revenues, profitability, and operational costs. The company's significant investments in infrastructure, clean energy initiatives, and grid modernization require regulatory approval for cost recovery, which is not always guaranteed.
2. Capital Expenditure and Financial Risks: Idacorp faces substantial ongoing capital expenditure requirements, with projected spending of approximately $5.6 billion between 2025 and 2029 for maintaining and upgrading its infrastructure and developing new energy resources. This capital-intensive nature exposes the company to financial risks, including the ability to raise capital, liquidity risks, and exposure to interest rate fluctuations and commodity price volatility. There is also a risk that regulators may not allow for the full and timely recovery of these increased costs, which could strain the company's financial condition and results of operations. Furthermore, the company's debt levels are a consideration regarding its ability to meet financial obligations.
3. Concentration in One Industry and Region: Idacorp's business operations are concentrated within the utility industry and primarily in the Idaho and Oregon regions. This lack of diversification exposes the company to heightened risks associated with localized economic downturns, regional legislative changes, and specific regulatory environments. Additionally, the company is susceptible to environmental factors, including the costs and expectations related to transitioning to cleaner energy sources and managing programs such as wildfire mitigation, which can be affected by extreme weather conditions.

The clear emerging threat for Idacorp (IDA) is the accelerating adoption of distributed energy resources (DERs), particularly rooftop solar and battery storage systems, by its customers.

This trend directly challenges the traditional utility business model by allowing customers to generate and store their own electricity, reducing their reliance on grid-supplied power. As the cost of solar panels and battery storage continues to decline, and as technologies improve, more customers may choose to significantly reduce or eliminate their electricity purchases from Idaho Power. This could lead to a decline in kilowatt-hour sales and necessitate changes in rate structures to recover fixed infrastructure costs, potentially creating a feedback loop where higher rates for remaining customers further incentivize DER adoption.

Idacorp (symbol: IDA) primarily operates as a regulated electric utility through its subsidiary, Idaho Power Company. Its main products and services include the generation, transmission, distribution, sale, and purchase of electric energy and capacity. Idaho Power provides these services across a 24,000-square-mile service area in southern Idaho and eastern Oregon. This region is its exclusive addressable market due to the nature of regulated utilities operating as monopolies within their territories.

The addressable market size for Idacorp's main products and services, within its service territory in southern Idaho and eastern Oregon, can be quantified by its utility operations revenue.

• In 2023, Idaho Power's revenue from electricity activities was approximately $1.76 billion.
• Idacorp's total revenue for its Utility Operations segment, which encompasses Idaho Power, was $1.46 billion in 2023.
• Idaho Power's estimated annual revenue is currently $1.4 billion per year.

The company serves over 650,000 customers in this region, including residential, commercial, and industrial accounts.

Idacorp (IDA) is expected to drive future revenue growth over the next 2-3 years through several key factors:

• Customer Growth: Idacorp's service territory is experiencing robust customer growth, including strong expansion in residential, commercial, and industrial sectors. The company reported a 2.6% customer base increase in 2024 and 2.3% year-over-year growth in 2025, with projections for continued expansion as the local economy outperforms national trends. This growth, particularly from large commercial and industrial customers, is driving significant increases in load forecasts.
• Rate Increases: The company has successfully implemented and is pursuing rate adjustments to support revenue. An Idaho General Rate Case settlement, anticipated to be effective January 1, 2026, is expected to result in a $110 million (7.48%) increase in annual Idaho-jurisdictional revenue. Additionally, an overall increase in Idaho base rates became effective January 1, 2025, resulting from a 2024 Idaho Limited-Issue Rate Case, and an Oregon general rate case settled for a 12.14% increase effective October 15, 2024.
• Increased Customer Usage: Higher usage per retail customer, especially from residential and irrigation customers, contributes to revenue growth. This was noted as a factor in the second and third quarters of 2025.
• Infrastructure Investments and Capital Expenditures: Idacorp is undertaking substantial capital expenditure programs to meet growing energy demand and enhance system reliability. The company plans to average approximately $1.13 billion annually in capital expenditures from 2025 through 2029, representing a 103% increase from previous five-year averages. These investments include projects like the Boardman-to-Hemingway (B2H) transmission line and the Bennett Mountain gas-fired power plant, which expand the rate base and allow for a return on investment.
• Amortization of Investment Tax Credits: Idacorp strategically utilizes additional tax credit amortization under its Idaho regulatory mechanism to support reported earnings. For example, Idaho Power is expected to use between $60 million and $77 million of additional investment tax credit amortization in 2025. This mechanism helps in achieving financial targets and maintaining a stable earnings stream.

Share Issuance

• In May 2025, Idacorp commenced an underwritten public offering of $450 million of common stock, with an option for underwriters to purchase up to $67.5 million of additional shares. The net proceeds are expected to be used for general corporate purposes, including capital expenditures.
• The company entered into an Equity Distribution Agreement (EDA) in May 2024, allowing it to issue up to $300 million of common stock through an at-the-market offering program.
• In the first half of 2025, diluted earnings per share growth occurred despite a 4.1% increase in outstanding shares.

Outbound Investments

• Idaho Power, a subsidiary of Idacorp, holds approximately a 45% interest in the Boardman-to-Hemingway (B2H) transmission line project, which began construction in June 2025 and is expected to be in service in late 2027.
• Idacorp Financial LLC, another subsidiary, invests in affordable housing and other real estate tax credit investments.

Capital Expenditures

• Idacorp invested $943 million in capital expenditures in 2024 and anticipates expenditures in the range of $1 billion to $1.1 billion for 2025, and $1.25 billion to $1.35 billion for 2026.
• The company's capital expenditure forecast for the next five years (2025-2029) is substantial at $5.6 billion, which is double the amount from the previous five-year period.
• These investments are primarily focused on fortifying infrastructure, adding clean energy generation assets, and enhancing transmission and distribution systems to support customer growth and system reliability.