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• IDA is like Comcast, but for electricity in Idaho.
• IDA is the American Water Works (AWK) of electricity for Idaho and Oregon.
• IDA is a regional electric utility akin to a smaller Duke Energy (DUK).

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• Electric Utility Services: Provides generation, transmission, distribution, purchase, and sale of electric energy to retail customers in southern Idaho and eastern Oregon.
• Real Estate Investments: Invests in housing and other real estate tax credit ventures.

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IDACORP (IDA) primarily serves three main categories of customers:

1. Retail Customers: These are individual residential customers and households in southern Idaho and eastern Oregon. As of December 31, 2021, IDACORP provided electric utility services to approximately 604,000 retail customers.

2. Commercial Customers: This category includes various businesses such as those involved in health care, government, education, and other general commercial operations.

3. Industrial Customers: This segment comprises larger-scale enterprises and facilities, including those involved in food processing, electronics and general manufacturing, and agriculture.

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Lisa A. Grow
President and Chief Executive Officer

Lisa Grow has served as President and Chief Executive Officer of IDACORP and Idaho Power since June 1, 2020. She was appointed to the IDACORP and Idaho Power Company Boards of Directors in February 2020. Grow's career with Idaho Power began in 1987, encompassing diverse engineering and management roles, including Senior Vice President and Chief Operating Officer. She holds a Bachelor of Science degree in electrical engineering from the University of Idaho and an MBA from Boise State University. Grow chairs the St. Luke's Health System Board of Directors and the Federal Reserve Bank of San Francisco's Salt Lake City Branch Board of Directors, and was recently appointed to the American Water Works Company Board of Directors.

Brian R. Buckham
Executive Vice President, Chief Financial Officer, and Treasurer

Brian R. Buckham assumed the role of Executive Vice President, Chief Financial Officer, and Treasurer in February 2026. He previously served as Senior Vice President and Chief Financial Officer of IDACORP and Idaho Power since March 2022, and as Senior Vice President and General Counsel since March 2017. Buckham joined Idaho Power in 2010. Before joining the company, he was an attorney focusing on securities, mergers and acquisitions, corporate governance, and commercial transactions at Davis Wright Tremaine LLP and Greenberg Traurig LLP. Buckham earned a bachelor's degree in mining engineering from the University of Idaho, an MBA from Gonzaga University, and a Juris Doctor, summa cum laude, from the University of Idaho College of Law.

Adam J. Richins
Executive Vice President and Chief Operating Officer

Adam J. Richins was named Executive Vice President and Chief Operating Officer in February 2026, having served as Senior Vice President and Chief Operating Officer of Idaho Power since October 2019. He joined Idaho Power in 2011, initially as Senior Counsel in the legal department, and has held positions such as General Manager of Customer Operations Engineering and Construction and Vice President of Customer Operations and Business Development. Prior to his time at Idaho Power, Richins worked as an engineer and project manager on large construction projects and as an attorney at Stoel Rives, LLP.

Jeffrey L. Malmen
Senior Vice President, Public Affairs

Jeffrey L. Malmen has been Senior Vice President of Public Affairs for IDACORP and Idaho Power since April 2016. He joined the company in December 2007 as Senior Manager of Governmental Affairs. Before joining Idaho Power, Malmen had a 21-year career in state and federal service, including serving as chief of staff for Idaho Governors C. L. "Butch" Otter and Phil Batt, and as administrator of the Division of Financial Management for Idaho Governor Dirk Kempthorne. He is a past chairman of the Idaho Association of Commerce and Industry and past president of the Idaho Liability Reform Coalition. Malmen also serves on the board of the Idaho Mining Association and Perpetua Resources Corp.

Amy I. Shaw
Vice President, Finance, Compliance, and Risk

Amy I. Shaw assumed the role of Vice President, Finance, Compliance, and Risk for IDACORP and Idaho Power in January 2024. Her career at Idaho Power includes senior management positions in compliance, risk, and corporate security, after starting with the company as an accountant and auditor. Before joining Idaho Power, Shaw was an auditor for Deloitte. She holds a Bachelor of Science degree in business from the University of Idaho.

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Key Risks to Idacorp (IDA)

1. Regulatory Challenges and Capital Investment Recovery: Idacorp faces significant risks related to its substantial capital spending plan aimed at modernizing its grid and meeting growing energy demand. A primary concern is the potential for regulatory lag, where there is a delay between the company's investments in infrastructure and receiving approval from regulators to adjust rates to recover these costs. This could strain cash flow, impact profitability, and potentially necessitate the issuance of additional equity, leading to shareholder dilution. Furthermore, broader legislative and regulatory changes, including shifts in government policy, could materially affect the company's business strategy, operations, and financial performance.
2. Hydrological Risk: Given Idacorp's considerable reliance on hydroelectric generating plants, the company is highly susceptible to hydrological conditions. Periods of low snowpack or drought can significantly reduce the output from its hydropower facilities, forcing Idacorp to purchase more expensive power from the open market to meet customer demand, thereby negatively impacting its profitability.
3. Cybersecurity Risks: As an operator of critical energy infrastructure, Idacorp is exposed to heightened cybersecurity risks. The company has observed an increase in the frequency and sophistication of attempts to gain unauthorized access to its systems and confidential information. While no material impacts from cybersecurity incidents have been reported to date, the potential for future threats remains a significant concern, capable of disrupting operations, compromising data, and damaging the company's reputation.

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The increasing adoption of distributed energy resources, such as rooftop solar and battery storage, by customers which can reduce demand for grid-supplied electricity and impact traditional utility revenue models.

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IDACORP, Inc. (IDA), through its primary subsidiary Idaho Power, operates as an electric utility, with its main product being the generation, transmission, distribution, purchase, and sale of electric energy.

The addressable market for IDACORP's main product is its regulated service territory, which encompasses approximately 24,000 square miles across southern Idaho and eastern Oregon, United States. Within this region, IDACORP served 647,048 total customers in 2023.

In 2023, IDACORP's total revenue from electricity activities was $1,763,488,600. Approximately 95% of Idaho Power's retail revenue originates from customers located in Idaho, with the remainder from customers in Oregon.

For a broader regional context, the total retail electricity sales in Idaho were 26,369,555 megawatt-hours (MWh) in 2024. In Oregon, the total retail electricity sales were 59,680,701 MWh in 2024. The Oregon market also saw a total of $19.5 billion spent on energy use (including all energy types) in 2022, with electricity accounting for 280 trillion BTU or 58.7 million MWh of consumption in the state during that year.

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Share Issuance

• IDACORP issued 452,256 shares in 2025 and 801,914 shares in 2024 through Forward Sale Agreements (FSAs) under its At-the-Market (ATM) offering program, with an aggregate gross sales price of $52.2 million in 2025 and $92.4 million in 2024.
• As of December 31, 2025, $155.5 million in shares remained available for issuance through its ATM offering program.
• The company also announced a public offering of $450 million of shares of its common stock on May 8, 2025, also involving forward sale agreements.

Outbound Investments

• IDACORP's subsidiary, Idaho Power, entered into a definitive asset purchase agreement to sell its distribution system and some transmission assets in Oregon for a base purchase price of $154 million.

Capital Expenditures

• Capital expenditures for 2025 exceeded $1 billion.
• Expected capital expenditures for 2026 are projected to be between $1.3 billion and $1.5 billion.
• The updated five-year capital expenditure forecast for 2026-2030 is approximately $7 billion, averaging $1.4 billion annually, which is double the average annual spend of about $700 million for the past five years. These investments are primarily focused on infrastructure development, grid modernization, supporting customer and industrial growth, and adding new generation resources such as solar, battery storage, and natural gas.