SEC Form 10-Q filed by IDACORP Inc.

5/1/25 7:52:03 AM ET

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended

March 31, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Exact name of registrants as specified

I.R.S. Employer

Commission File

in their charters, address of principal

Identification

Number

executive offices, zip code and telephone number

No.

1-14465

IDACORP, Inc.

82-0505802

1-3198

Idaho Power Company

82-0130980


1221 W. Idaho Street
Boise,		ID		83702-5627
	(208)		388-2200

State of Incorporation:

Idaho

None

Former name, former address and former fiscal year, if changed since last report

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	IDA	New York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.

IDACORP, Inc.:

Yes

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Idaho Power Company:

Yes

☒

☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files).

IDACORP, Inc.:

Yes

☒

☐

Idaho Power Company:

Yes

☒

☐

Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

IDACORP, Inc.:

☒

☐

Idaho Power Company:

☐

☒

☐

If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange

Act.

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IDACORP, Inc.:

☐

Idaho Power Company:

☐

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).

IDACORP, Inc.:

Yes

☐

☒

Idaho Power Company:

Yes

☐

☒

Number of shares of common stock outstanding as of April 25, 2025:

IDACORP, Inc.:

54,020,202

Idaho Power Company:

39,150,812, all held by IDACORP, Inc.

This combined Form 10-Q represents separate filings by IDACORP, Inc. and Idaho Power Company. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Idaho Power Company makes no representations as to the information relating to IDACORP, Inc.’s other operations.

Idaho Power Company meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and is therefore filing this report on Form 10-Q with the reduced disclosure format.

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TABLE OF CONTENTS
				Page
Commonly Used Terms				4
Cautionary Note Regarding Forward-Looking Statements				5
Available Information				7

Part I. Financial Information

	Item 1. Financial Statements (unaudited)
		IDACORP, Inc.:
			Condensed Consolidated Statements of Income	8
			Condensed Consolidated Statements of Comprehensive Income	9
			Condensed Consolidated Balance Sheets	10
			Condensed Consolidated Statements of Cash Flows	12
			Condensed Consolidated Statements of Equity	13
		Idaho Power Company:
			Condensed Consolidated Statements of Income	14
			Condensed Consolidated Statements of Comprehensive Income	15
			Condensed Consolidated Balance Sheets	16
			Condensed Consolidated Statements of Cash Flows	18
		Notes to Condensed Consolidated Financial Statements		19
		Reports of Independent Registered Public Accounting Firm - Deloitte & Touche LLP		35
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			37
	Item 3. Quantitative and Qualitative Disclosures About Market Risk			58
	Item 4. Controls and Procedures			59

Part II. Other Information

	Item 1. Legal Proceedings			60
	Item 1A. Risk Factors			60
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			60
	Item 3. Defaults Upon Senior Securities			60
	Item 4. Mine Safety Disclosures			60
	Item 5. Other Information			61
	Item 6. Exhibits			61

Signatures				62

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COMMONLY USED TERMS

The following select abbreviations, terms, or acronyms are commonly used or found in multiple locations in this report:

2018 Settlement Stipulation

May 2018 Idaho settlement stipulation related to tax reform

Idaho ROE

Idaho-jurisdiction return on year-end equity

2023 Settlement Stipulation

The settlement stipulation for Idaho Power's 2023 Idaho general rate case

Ida-West

Ida-West Energy Company, a subsidiary of IDACORP, Inc.

2024 Annual Report

IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended
December 31, 2024

IERCo

Idaho Energy Resources Co., a subsidiary of Idaho Power Company

2024 Idaho Limited-Issue Rate Case

A limited-issue rate case Idaho Power filed with the IPUC finalized by order of the IPUC in December 2024

IFS

IDACORP Financial Services, Inc., a subsidiary of IDACORP, Inc.

ADITC

Accumulated Deferred Investment Tax Credits

IPUC

Idaho Public Utilities Commission

AFUDC

Allowance for Funds Used During Construction

IRP

Integrated Resource Plan

AOCI

Accumulated Other Comprehensive Income

Jim Bridger plant

Jim Bridger power plant

APCU

Annual power cost update

MD&A

Management’s Discussion and Analysis of Financial Condition and Results of Operations

ASU

Accounting Standards Update

MMBtu

Million British Thermal Units

ATM

At-the-market offering program

Megawatt

B2H

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

MWh

Megawatt-hour

BCC

Bridger Coal Company, a jointly-owned investment of IERCo

NAV

Net asset value

CPCN

Certificate of Public Convenience and Necessity

NEPA

National Environmental Policy Act

CWA

Clean Water Act

North Valmy plant

Idaho Power’s jointly-owned coal-fired generating plant in Valmy, Nevada

EFSC

Energy Facility Siting Council

O&M

Operations and Maintenance

EIS

Environmental Impact Statement

OPUC

Public Utility Commission of Oregon

EPA

U.S. Environmental Protection Agency

PCA

Idaho-jurisdiction Power Cost Adjustment

Exchange Act

U.S. Securities Exchange Act of 1934, as amended

PPA

Power purchase agreement

FCA

Idaho Fixed Cost Adjustment

PURPA

Public Utility Regulatory Policies Act of 1978

FERC

Federal Energy Regulatory Commission

RFP

Request for proposals

FSA

Forward sale agreement

SEC

U.S. Securities and Exchange Commission

GAAP

Accounting principles generally accepted in the United States of America

SMSP

Security Plans for Senior Management Employees I and II

GWW

Gateway West, a high-voltage transmission line project between a substation located near Douglas, Wyoming, and the Hemingway substation located near Boise, Idaho

SWIP-N

Southwest Intertie Project-North, a planned 285 mile, 500kV transmission line between the Robinson Summit Substation near Ely, Nevada, and the Midpoint Substation near Jerome, Idaho

HCC

Hells Canyon Complex, composed of the Brownlee, Oxbow, and Hells Canyon facilities

WMP

Wildfire Mitigation Plan

IDACORP

IDACORP, Inc., an Idaho corporation

WPSC

Wyoming Public Service Commission

Idaho Power

Idaho Power Company, an Idaho corporation

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to the historical information contained in this report, this report contains (and oral communications made by IDACORP and Idaho Power may contain) statements that relate to future events and expectations, such as statements regarding projected or future financial performance, power generation, cash flows, capital expenditures, regulatory filings, dividends, capital structure or ratios, load forecasts, strategic goals, challenges, objectives, and plans for future operations. Such statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include those factors set forth in this report, the 2024 Annual Report, particularly Part I, Item 1A - "Risk Factors" and Part II, Item 7 - MD&A of that report, subsequent reports filed by IDACORP and Idaho Power with the SEC, and the following important factors:

•decisions or actions by the Idaho and Oregon public utilities commissions and the FERC that impact Idaho Power's ability to recover costs and earn a return on investment;

•changes to or the elimination of Idaho Power's regulatory cost recovery mechanisms;

•expenses and risks associated with capital expenditures and contractual obligations for, and the permitting and construction of, utility infrastructure projects that Idaho Power may be unable to complete, are delayed, have cost increases due to tariffs or other factors, or that may not be deemed prudent by regulators for cost recovery or return on investment;

•expenses and risks associated with supplier and contractor delays and failure to satisfy project quality and performance standards on utility infrastructure projects, including as a result of tariffs, and the potential impacts of those delays and failures on Idaho Power's ability to serve customers and generate revenues;

•the rapid addition of new industrial and commercial customer load and the volatility of such new load demand, resulting in increased risks and costs of power demand potentially exceeding available supply;

•the potential financial impacts of industrial customers not meeting forecasted power usage ramp rates or amounts;

•impacts of economic conditions, including an inflationary or recessionary environment and interest rates, on items such as operations and capital investments, supply costs and delivery delays, supply scarcity and shortages, population growth or decline in Idaho Power's service area, changes in customer demand for electricity, revenue from sales of excess power, credit quality of counterparties and suppliers and their ability to meet financial and operational commitments and on the timing and extent of counterparties' power usage, and collection of receivables;

•changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area, and the associated impacts on loads and load growth;

•employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies’ workforce, the cost and ability to attract and retain skilled workers and third-party contractors and suppliers, the cost of living and the related impact on recruiting employees, and the ability to adjust to fluctuations in labor costs;

•changes in, failure to comply with, and costs of compliance with laws, regulations, policies, orders, and licenses, which may result in penalties and fines, increase compliance and operational costs, and impact recovery associated with increased costs through rates;

•abnormal or severe weather conditions, wildfires, droughts, earthquakes, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation, repair costs, service interruptions, public safety power shutoffs and de-energization, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers;

•advancement and adoption of self-generation, energy storage, energy efficiency, alternative energy sources, and other technologies that may reduce Idaho Power's sale or delivery of electric power or introduce operational vulnerabilities to the power grid;

•variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydropower facilities and power supply costs;

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•ability to acquire equipment, materials, fuel, power, and transmission capacity on reasonable terms and prices, particularly in the event of unanticipated or abnormally high resource demands, price volatility (including as a result of new or increased tariffs), lack of physical availability, transportation constraints, outages due to maintenance or repairs to generation or transmission facilities, disruptions in the supply chain, or reduced credit quality or lack of counterparty and supplier credit;

•inability to timely obtain and the cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydropower facilities;

•disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission systems, which can result in liability for Idaho Power, increased power supply costs and repair expenses, and reduced revenues;

•accidents, electrical contacts, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, infrastructure failures, general system damage or dysfunction, and other unplanned events that may occur while operating and maintaining assets, which can cause unplanned outages; reduce generating output; damage company assets, operations, or reputation; subject Idaho Power to third-party claims for property damage, personal injury, or loss of life; or result in the imposition of fines and penalties;

•acts or threats of terrorism, acts of war, social unrest, cyber or physical security attacks, and other malicious acts of individuals or groups seeking to disrupt Idaho Power's operations or the electric power grid or compromise data, or the disruption or damage to the companies’ business, operations, or reputation resulting from such events;

•Idaho Power’s concentration in one industry and one region, and the resulting exposure to regional economic conditions and regional legislation and regulation;

•unaligned goals and positions with co-owners of Idaho Power's existing and planned generation and transmission assets;

•changes in tax laws or related regulations or interpretations of applicable laws or regulations by federal, state, or local taxing jurisdictions, and the availability of expected tax credits or other tax benefits;

•ability to obtain debt and equity financing or refinance existing debt when necessary and on satisfactory terms, which can be affected by factors such as credit ratings, reputational harm, volatility or disruptions in the financial markets, interest rates, decisions by the Idaho, Oregon, or Wyoming public utility commissions, and the companies' past or projected financial performance;

•ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk for fuel, power, and transmission, and the failure of any such risk management and hedging strategies to work as intended, and the potential losses the companies may incur on those hedges, which can be affected by factors such as the volume of hedging transactions and degree of price volatility;

•changes in actuarial assumptions, changes in interest rates, increasing health care costs, and the actual and projected return on plan assets for pension and other postretirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities and the companies' cash flows;

•remediation costs associated with planned cessation of coal-fired operations at Idaho Power's co-owned coal plants and conversion of the plants to natural gas;

•ability to continue to pay dividends and achieve target dividend payout ratios based on financial performance and capital requirements, and in light of credit rating considerations, contractual covenants and restrictions, cash flows, and regulatory limitations;

•adoption of or changes in accounting policies and principles, changes in accounting estimates, and new SEC or New York Stock Exchange requirements or new interpretations of existing requirements; and

•changing market dynamics due to the emergence of day ahead or other energy and transmission markets in the western United States and surrounding regions.

Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for the companies to predict all such factors, nor can they assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.

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AVAILABLE INFORMATION

Investors and others should note that IDACORP and Idaho Power announce material information about their business through a variety of means, including filings with the SEC, press releases, public conference calls, and webcasts. The companies use these channels to achieve broad, non-exclusionary distribution of information to the public and for complying with their disclosure obligations under Regulation FD. Therefore, IDACORP and Idaho Power encourage investors, the media, and others interested in the companies to review the information the companies make available through such channels. IDACORP's website is idacorpinc.com and Idaho Power's website is idahopower.com. The contents of these websites are not part of this report.

Investors, the media, and others interested in IDACORP and Idaho Power may also wish to refer to the websites of the IPUC and OPUC at puc.idaho.gov and oregon.gov/puc, respectively, to review documents filed by IDACORP, Idaho Power, and third parties with, and issued by, the respective commissions. No information on the IPUC and OPUC websites is incorporated by reference into this report or into IDACORP's or Idaho Power's other SEC filings.

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PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

IDACORP, Inc.

Condensed Consolidated Statements of Income

(unaudited)


	Three months ended March 31,
	2025		2024
	(in thousands, except per share amounts)
Operating Revenues:
Electric utility revenues	$	431,952	$	448,299
Other	505		637
Total operating revenues	432,457		448,936

Operating Expenses:
Electric utility:
Purchased power	74,109		111,899
Fuel expense	69,401		92,241
Power cost adjustment	47,685		22,363
Other operations and maintenance	113,007		105,829
Energy efficiency programs	5,232		4,291
Depreciation	59,785		54,013
Other electric utility operating expenses, net	7,682		8,008
Total electric utility operating expenses	376,901		398,644
Other	627		696
Total operating expenses	377,528		399,340

Operating Income	54,929		49,596

Nonoperating (Income) Expense:
Allowance for equity funds used during construction	(14,441)		(11,152)
Earnings of unconsolidated equity-method investments	(717)		(625)
Interest on long-term debt	38,168		33,308
Other interest	6,481		5,467
Allowance for borrowed funds used during construction	(7,651)		(5,959)
Other income, net	(14,106)		(14,165)
Total nonoperating expense, net	7,734		6,874

Income Before Income Taxes	47,195		42,722

Income Tax Benefit	(12,466)		(5,546)

Net Income	59,661		48,268
Income attributable to noncontrolling interests	(14)		(95)
Net Income Attributable to IDACORP, Inc.	$	59,647	$	48,173

Weighted Average Common Shares Outstanding - Basic	54,110		50,764
Weighted Average Common Shares Outstanding - Diluted	54,126		50,792
Earnings Per Share of Common Stock:
Earnings Attributable to IDACORP, Inc. - Basic	$	1.10	$	0.95
Earnings Attributable to IDACORP, Inc. - Diluted	$	1.10	$	0.95

The accompanying notes are an integral part of these statements.

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IDACORP, Inc.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)


	Three months ended March 31,
	2025		2024
	(in thousands)

Net Income	$	59,661	$	48,268
Other Comprehensive Income:

Unfunded pension liability adjustment, net of tax of $188 and $99, respectively	(60)		284
Total Comprehensive Income	59,601		48,552
Comprehensive Income attributable to noncontrolling interests	(14)		(95)
Comprehensive Income Attributable to IDACORP, Inc.	$	59,587	$	48,457

The accompanying notes are an integral part of these statements.

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IDACORP, Inc.

Condensed Consolidated Balance Sheets

(unaudited)


	March 31, 2025		December 31, 2024
	(in thousands)
Assets

Current Assets:
Cash and cash equivalents	$	634,495	$	368,865

Receivables:
Customer (net of allowance of $5,482 and $5,071, respectively)	131,397		114,824
Other (net of allowance of $687 and $628, respectively)	37,838		29,627
Income taxes receivable	—		13,932
Accrued unbilled revenues	73,489		97,711
Materials and supplies (at average cost)	209,049		201,064
Fuel stock (at average cost)	36,987		43,656
Prepayments	24,334		29,461
Current regulatory assets	59,429		89,315
Other	9,085		—
Total current assets	1,216,103		988,455
Investments	156,414		161,340
Property, Plant and Equipment:
Utility plant in service	8,016,433		7,957,763
Accumulated provision for depreciation	(2,755,015)		(2,714,706)
Utility plant in service - net	5,261,418		5,243,057
Construction work in progress	1,385,042		1,244,559
Utility plant held for future use	13,187		13,211
Other property, net of accumulated depreciation	16,565		16,491
Property, plant and equipment - net	6,676,212		6,517,318
Other Assets:
Company-owned life insurance	95,072		92,062
Regulatory assets	1,383,622		1,418,057

Other	64,603		62,131
Total other assets	1,543,297		1,572,250
Total	$	9,592,026	$	9,239,363

The accompanying notes are an integral part of these statements.

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IDACORP, Inc.

Condensed Consolidated Balance Sheets

(unaudited)


	March 31, 2025		December 31, 2024
	(in thousands)
Liabilities and Equity

Current Liabilities:
Current maturities of long-term debt	$	—	$	19,885

Accounts payable	267,364		307,133
Taxes accrued	18,846		6,981
Interest accrued	37,285		42,681
Accrued compensation	52,467		70,548
Current regulatory liabilities	50,630		7,523
Advances from customers	183,131		165,229
Other	63,756		80,821
Total current liabilities	673,479		700,801
Other Liabilities:
Deferred income taxes	786,042		822,231
Regulatory liabilities	987,340		976,803
Pension and other postretirement benefits	170,947		165,992
Other	173,855		181,804
Total other liabilities	2,118,184		2,146,830
Long-Term Debt	3,447,008		3,053,777
Commitments and Contingencies
Equity:
IDACORP, Inc. shareholders’ equity:
Common stock, no par value (120,000 shares authorized; 54,020 and 53,962 shares issued and outstanding, respectively)	1,197,493		1,194,998
Retained earnings	2,162,499		2,149,548
Accumulated other comprehensive loss	(13,652)		(13,592)

Total IDACORP, Inc. shareholders’ equity	3,346,340		3,330,954
Noncontrolling interests	7,015		7,001
Total equity	3,353,355		3,337,955
Total	$	9,592,026	$	9,239,363

The accompanying notes are an integral part of these statements.

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IDACORP, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Three months ended March 31,
	2025		2024
	(in thousands)
Operating Activities:
Net income	$	59,661	$	48,268
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	60,818		55,174
Deferred income taxes and investment tax credits	(22,980)		(18,776)
Changes in regulatory assets and liabilities	69,310		32,930
Pension and postretirement benefit plan expense	11,287		11,350
Contributions to pension and postretirement benefit plans	(1,495)		(1,176)
Earnings of equity-method investments	(717)		(625)
Distributions from equity-method investments	3,200		6,250
Allowance for equity funds used during construction	(14,441)		(11,152)
Other non-cash adjustments to net income, net	3,779		2,670
Change in:
Accounts receivable and unbilled revenues	5,870		33,251
Prepayments	4,067		1,796
Materials, supplies, and fuel stock	(1,314)		(19,807)
Accounts and wages payable	(65,893)		(62,201)
Taxes accrued/receivable	25,797		19,645
Other assets and liabilities	(12,662)		12,088
Net cash provided by operating activities	124,287		109,685
Investing Activities:
Additions to property, plant and equipment, net	(201,324)		(259,978)
Payments received from transmission project joint funding partners	17,399		20,375












Other	880		4,940
Net cash used in investing activities	(183,045)		(234,663)
Financing Activities:
Issuance of long-term debt	400,000		—
Discount on issuance of long-term debt	(3,072)		—
Retirement of long-term debt	(19,885)		—
Dividends on common stock	(46,932)		(42,742)

Issuance of common stock	1,550		1,612
Tax withholdings on net settlements of share-based awards	(3,295)		(3,694)

Other	(3,978)		(44)
Net cash provided by (used in) financing activities	324,388		(44,868)
Net increase (decrease) in cash and cash equivalents	265,630		(169,846)
Cash and cash equivalents at beginning of the period	368,865		327,429
Cash and cash equivalents at end of the period	$	634,495	$	157,583
Supplemental Disclosure of Cash Flow Information:


Cash paid for interest (net of amount capitalized)	$	40,080	$	37,770
Non-cash investing activities:
Additions to property, plant and equipment in accounts payable	$	174,145	$	111,958

The accompanying notes are an integral part of these statements.

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IDACORP, Inc.

Condensed Consolidated Statements of Equity

(unaudited)


	Three months ended March 31,
	2025		2024
	(in thousands)
Common Stock
Balance at beginning of period	$	1,194,998	$	888,615
Issuance	1,550		1,612
Share-based compensation expense	4,199		3,474
Tax withholdings on net settlements of share-based awards	(3,294)		(3,694)

Other	40		35
Balance at end of period	1,197,493		890,042
Retained Earnings
Balance at beginning of period	2,149,548		2,036,138
Net income attributable to IDACORP, Inc.	59,647		48,173
Common stock dividends ($0.86, and $0.83 per share, respectively)	(46,696)		(42,308)
Balance at end of period	2,162,499		2,042,003
Accumulated Other Comprehensive Loss
Balance at beginning of period	(13,592)		(17,184)
Unfunded pension liability adjustment (net of tax)	(60)		284
Balance at end of period	(13,652)		(16,900)





Total IDACORP, Inc. shareholders’ equity at end of period	3,346,340		2,915,145
Noncontrolling Interests
Balance at beginning of period	7,001		7,174
Net income attributable to noncontrolling interests	14		95
Balance at end of period	7,015		7,269
Total equity at end of period	$	3,353,355	$	2,922,414

The accompanying notes are an integral part of these statements.

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Idaho Power Company

Condensed Consolidated Statements of Income

(unaudited)


	Three months ended March 31,
	2025		2024
	(in thousands)

Operating Revenues	$	431,952	$	448,299

Operating Expenses:
Operation:
Purchased power	74,109		111,899
Fuel expense	69,401		92,241
Power cost adjustment	47,685		22,363
Other operations and maintenance	113,007		105,829
Energy efficiency programs	5,232		4,291
Depreciation	59,785		54,013
Other operating expenses, net	7,682		8,008
Total operating expenses	376,901		398,644

Operating Income	55,051		49,655

Nonoperating (Income) Expense:
Allowance for equity funds used during construction	(14,441)		(11,152)
Earnings of unconsolidated equity-method investments	(650)		(617)
Interest on long-term debt	38,168		33,308
Other interest	6,322		5,384
Allowance for borrowed funds used during construction	(7,651)		(5,959)
Other income, net	(12,166)		(13,580)
Total nonoperating expense, net	9,582		7,384

Income Before Income Taxes	45,469		42,271

Income Tax Benefit	(12,658)		(5,031)

Net Income	$	58,127	$	47,302

The accompanying notes are an integral part of these statements.

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Idaho Power Company

Condensed Consolidated Statements of Comprehensive Income

(unaudited)


	Three months ended March 31,
	2025		2024
	(in thousands)

Net Income	$	58,127	$	47,302
Other Comprehensive Income:

Unfunded pension liability adjustment, net of tax of $188 and $99, respectively	(60)		284
Total Comprehensive Income	$	58,067	$	47,586

The accompanying notes are an integral part of these statements.

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Idaho Power Company

Condensed Consolidated Balance Sheets

(unaudited)


	March 31, 2025		December 31, 2024
	(in thousands)
Assets

Current Assets:
Cash and cash equivalents	$	449,600	$	188,916
Receivables:
Customer (net of allowance of $5,482 and $5,071, respectively)	131,397		114,824
Other (net of allowance of $687 and $628, respectively)	37,029		28,874
Income taxes receivable	2,980		11,811
Accrued unbilled revenues	73,489		97,711
Materials and supplies (at average cost)	209,049		201,064
Fuel stock (at average cost)	36,987		43,656
Prepayments	24,177		29,328

Current regulatory assets	59,429		89,315
Other	9,085		—
Total current assets	1,033,222		805,499
Investments	89,349		92,921
Property, Plant and Equipment:
Utility plant in service	8,016,433		7,957,763
Accumulated provision for depreciation	(2,755,015)		(2,714,706)
Utility plant in service - net	5,261,418		5,243,057
Construction work in progress	1,385,042		1,244,559
Plant held for future use	13,187		13,211
Other property	4,856		4,858
Property, plant and equipment, net	6,664,503		6,505,685
Other Assets:
Company-owned life insurance	95,072		92,062
Regulatory assets	1,383,622		1,418,057
Other	57,644		52,744
Total other assets	1,536,338		1,562,863
Total	$	9,323,412	$	8,966,968

The accompanying notes are an integral part of these statements.

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Idaho Power Company

Condensed Consolidated Balance Sheets

(unaudited)


	March 31, 2025		December 31, 2024
	(in thousands, except par value)
Liabilities and Equity

Current Liabilities:
Current maturities of long-term debt	$	—	$	19,885

Accounts payable	266,541		305,248
Accounts payable to affiliates	4,129		3,403
Taxes accrued	17,309		6,981
Interest accrued	37,285		42,681

Accrued compensation	52,201		70,319
Current regulatory liabilities	50,630		7,523
Advances from customers	183,131		165,229
Other	51,062		61,309
Total current liabilities	662,288		682,578
Other Liabilities:
Deferred income taxes	793,421		829,446
Regulatory liabilities	987,340		976,803
Pension and other postretirement benefits	170,947		165,992
Other	160,439		167,775
Total other liabilities	2,112,147		2,140,016
Long-Term Debt	3,447,008		3,053,777
Commitments and Contingencies
Equity:
Common stock, $2.50 par value (50,000 shares authorized; 39,151 shares issued and outstanding)	97,877		97,877
Premium on capital stock	912,258		912,258
Capital stock expense	(2,097)		(2,097)
Retained earnings	2,107,583		2,096,151
Accumulated other comprehensive loss	(13,652)		(13,592)
Total equity	3,101,969		3,090,597
Total	$	9,323,412	$	8,966,968

The accompanying notes are an integral part of these statements.

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Idaho Power Company

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Three months ended March 31,
	2025		2024
	(in thousands)
Operating Activities:
Net income	$	58,127	$	47,302
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	60,675		55,022
Deferred income taxes and investment tax credits	(25,191)		(20,610)
Changes in regulatory assets and liabilities	69,310		32,930
Pension and postretirement benefit plan expense	11,287		11,350
Contributions to pension and postretirement benefit plans	(1,495)		(1,176)
Earnings of equity-method investments	(650)		(617)
Distributions from equity-method investments	3,200		6,250
Allowance for equity funds used during construction	(14,441)		(11,152)
Other non-cash adjustments to net income, net	(770)		(867)
Change in:
Accounts receivable and unbilled revenues	6,596		34,428
Prepayments	4,090		1,824
Materials, supplies, and fuel stock	(1,314)		(19,807)
Accounts and wages payable	(64,883)		(62,227)
Taxes accrued/receivable	19,160		22,392
Other assets and liabilities	(12,489)		12,247
Net cash provided by operating activities	111,212		107,289
Investing Activities:
Additions to utility plant, net	(201,239)		(259,972)

Payments received from transmission project joint funding partners	17,399		20,375







Other	7,165		5,799
Net cash used in investing activities	(176,675)		(233,798)
Financing Activities:
Issuance of long-term debt	400,000		—
Discount on issuance of long-term debt	(3,072)		—
Retirement of long-term debt	(19,885)		—
Dividends on common stock	(46,971)		(42,777)



Other	(3,925)		—
Net cash provided by (used in) financing activities	326,147		(42,777)
Net increase (decrease) in cash and cash equivalents	260,684		(169,286)
Cash and cash equivalents at beginning of the period	188,916		271,791
Cash and cash equivalents at end of the period	$	449,600	$	102,505
Supplemental Disclosure of Cash Flow Information:

Cash paid for interest (net of amount capitalized)	$	39,920	$	37,687
Non-cash investing activities:
Additions to utility plant in accounts payable	$	174,145	$	111,958

The accompanying notes are an integral part of these statements.

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IDACORP, INC. AND IDAHO POWER COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This Quarterly Report on Form 10-Q is a combined report of IDACORP and Idaho Power. Therefore, these Notes to the Condensed Consolidated Financial Statements apply to both IDACORP and Idaho Power. However, Idaho Power makes no representation as to the information relating to IDACORP’s other operations.

Nature of Business

IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the FERC. 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 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.

Regulation of Utility Operations

As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition.

IDACORP's and Idaho Power's financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. 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 entity 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. 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. The effects of applying these regulatory accounting principles to Idaho Power's operations are discussed in more detail in Note 3 - "Regulatory Matters."

Financial Statements

In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's condensed consolidated balance sheets as of March 31, 2025, condensed consolidated statements of income for the three months ended March 31, 2025 and 2024, and condensed consolidated cash flows for the three months ended March 31, 2025 and 2024. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in the 2024 Annual Report. The statements of income for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective balance sheets and statements of income during the period in which such change occurred.

Management Estimates

Management makes estimates and assumptions when preparing financial statements in conformity with GAAP. 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. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates.

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New and Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (FASB) issued 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. 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 13 - "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 condensed consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024, 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 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 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 condensed consolidated financial statements.

2. INCOME TAXES

In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount.

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Income Tax Expense

The following table provides a summary of income tax benefit for the three months ended March 31, 2025 and 2024 (in thousands):


	IDACORP						Idaho Power
	2025			2024			2025			2024
Income tax at statutory rates (federal and state)	$	11,809		$	10,972		$	11,381		$	10,880

Excess deferred income tax reversal	(2,431)			(2,512)			(2,431)			(2,512)






Other(1)	(2,594)			(1,506)			(2,358)			(899)
Income tax expense before ADITC	$	6,784		$	6,954		$	6,592		$	7,469
Additional ADITC amortization	(19,250)			(12,500)			(19,250)			(12,500)
Income tax benefit	$	(12,466)		$	(5,546)		$	(12,658)		$	(5,031)
Effective tax rate	(26.4)		%	(13.0)		%	(27.8)		%	(11.9)		%

(1) "Other" primarily consists of the net tax effect of Idaho Power's regulatory flow-through tax adjustments.

3. REGULATORY MATTERS

Included below is a summary of Idaho Power's most recent general rate cases and base rate changes, as well as other recent or pending notable regulatory matters and proceedings.

Idaho and Oregon Rate Cases

Idaho Power's current base rates result from the IPUC and OPUC orders described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2024 Annual Report. In March 2025, Idaho Power provided notice to the IPUC of its intent to file a general rate case in Idaho on or after May 30, 2025.

Idaho ADITC Mechanism

Based on its estimate of full-year 2025 Idaho ROE, in the three months ended March 31, 2025, Idaho Power recorded $19.3 million in additional ADITC amortization under the 2023 Settlement Stipulation. Accordingly, as of March 31, 2025, approximately $57.8 million of additional ADITC remained available for future use. Idaho Power recorded $12.5 million of additional ADITC amortization during the three months ended March 31, 2024, based on its then-current estimate of full-year 2024 Idaho ROE.

Power Cost Adjustment Mechanisms

In both its Idaho and Oregon jurisdictions, Idaho Power's power cost adjustment mechanisms address the volatility of power supply costs and provide for annual adjustments to the rates charged to its retail customers. 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 sheet for future recovery or refund. The power supply costs deferred primarily result from changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, fuel prices, and the levels of Idaho Power's own generation.

In April 2025, Idaho Power filed an application with the IPUC requesting a $94.8 million net decrease in PCA revenues, effective for the 2025-2026 PCA collection period from June 1, 2025 to May 31, 2026. The net decrease in PCA revenues is due primarily to the collection of the 2023 PCA balancing adjustment, which was collected over two years as ordered by the IPUC. Increased sales of renewable energy credits also contributed to the decrease. As of the date of this report, the IPUC has not yet issued an order on the company's requested rate decrease.

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In March 2025, Idaho Power filed the March forecast of its APCU with the OPUC. If the March forecast and October update are approved as filed, the 2025 composite APCU will result in a revenue decrease of $1.1 million in Oregon-jurisdictional rates effective June 1, 2025. As of the date of this report, the OPUC has not issued an order on the company's requested rate decrease.

Idaho Fixed Cost Adjustment Mechanism

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 kilowatt-hour charge and linking it instead to a set amount per customer. Under Idaho Power's current rate design, Idaho Power recovers a portion of fixed costs through the variable kilowatt-hour 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 March 2025, Idaho Power filed its annual FCA update with the IPUC, requesting approval to implement rates reflecting a 2024 FCA regulatory liability balance of $3.0 million, a $39.8 million decrease over the 2023 FCA regulatory asset balance of $36.8 million, over the period from June 1, 2025 to May 31, 2026. Because the 2024 FCA balance is less than the 2023 FCA balance and annual sales for June 1, 2025 through May 31, 2026, are forecast to be slightly higher than the same period in the prior year, the proposed 2025-2026 FCA rates represent an annual decrease of $40.7 million, or 5.28 percent, from current rates. As of the date of this report, the IPUC has not yet issued an order on the company's requested rate decrease.

Recovery of Incremental AFUDC Associated with HCC

In March 2025, Idaho Power filed an application with the IPUC requesting an order authorizing an increase to customer rates of $29.7 million, effective June 1, 2025, to recover incremental financing costs, or AFUDC, associated with the HCC relicensing project. As of the date of this report, the IPUC's decision is pending.

Wildfire Mitigation Cost Deferral

In December 2024, Idaho Power filed its 2025 WMP with the OPUC along with an application requesting authorization to defer for future recovery an estimated $3.3 million of newly identified incremental costs expected to be incurred in 2025 associated with expanded wildfire mitigation efforts. As of the date of this report, the OPUC's decision is pending. In February 2025, Idaho Power filed its 2025 WMP with the IPUC, along with an application requesting authorization to defer for future recovery an estimated $23.2 million of newly identified incremental costs expected to be incurred in 2025 associated with expanded wildfire mitigation efforts. As of the date of this report, the IPUC's decision is pending.

4. REVENUES

The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three months ended March 31, 2025 and 2024 (in thousands):


	Three months ended March 31,
	2025		2024
Revenue from contracts with customers	$	411,142	$	417,897
Alternative revenue programs and other revenues	20,810		30,402
Total electric utility operating revenues	$	431,952	$	448,299

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Revenues from Contracts with Customers

The following table presents revenues from contracts with customers disaggregated by revenue source for the three months ended March 31, 2025 and 2024 (in thousands):


	Three months ended March 31,
	2025		2024
Retail revenues:
Residential (includes $(2,193) and $(687), respectively, related to the FCA)(1)	$	190,705	$	184,300
Commercial (includes $(43) and $(53), respectively, related to the FCA)(1)	97,852		94,697
Industrial	68,607		65,206
Irrigation	1,113		1,038

Deferred revenue related to HCC relicensing AFUDC(2)	(2,064)		(2,084)

Total retail revenues	356,213		343,157
Less: FCA mechanism revenues(1)	2,236		740
Wholesale energy sales	19,548		38,069
Transmission wheeling-related revenues	19,442		24,162
Energy efficiency program revenues	5,232		4,291
Other revenues from contracts with customers	8,471		7,478
Total revenues from contracts with customers	$	411,142	$	417,897

(1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.

(2) 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 utility 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.

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 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. When Idaho Power includes those amounts in the price of utility service and billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues.

Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income. For more information on settled electricity swaps, see Note 11 - "Derivative Financial Instruments."

The table below presents the FCA mechanism revenues and other revenues for the three months ended March 31, 2025 and 2024 (in thousands):


	Three months ended March 31,
	2025		2024
FCA mechanism revenues	$	(2,236)	$	(740)
Derivative revenues	23,046		31,142
Total alternative revenue programs and other revenues	$	20,810	$	30,402

Receivables and Allowance for Uncollectible Accounts

The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the three months ended March 31, 2025 and 2024 (in thousands):

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	Three months ended March 31,
	2025			2024
Balance at beginning of period	$	5,071		$	4,869
Additions to the allowance	1,017			267
Write-offs, net of recoveries	(606)			(508)
Balance at end of period	$	5,482		$	4,628
Allowance for uncollectible accounts as a percentage of customer receivables	4.0		%	3.8		%

5. LONG-TERM DEBT

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 March 13, 2025, Idaho Power issued $400 million in aggregate principal amount of 5.70% first mortgage bonds, secured medium-term notes, Series O, maturing on March 15, 2055.

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 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 percent. At March 31, 2025, $500 million remained available for debt issuance under the regulatory orders.

In February 2025, 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. The issuance of first mortgage bonds requires that Idaho Power meet interest coverage and security provisions set forth in Idaho Power's Indenture of Mortgage and Deed of Trust, dated as of October 1, 1937, as amended and supplemented from time to time (Indenture). Future issuances of first mortgage bonds are subject to satisfaction of covenants and security provisions set forth in the Indenture, market conditions, regulatory authorizations, and covenants contained in other financing agreements.

In February 2025, Idaho Power entered into a selling agency agreement with seven banks named in the agreement in connection with the potential issuance and sale from time to time of up to $2.1 billion aggregate principal amount of first mortgage bonds, secured medium term notes, Series O (Series O Notes), under the Indenture. Also in February 2025, Idaho Power entered into the Fifty-third Supplemental Indenture, dated effective as of February 26, 2025, to the Indenture (Fifty-third Supplemental Indenture). The Fifty-third Supplemental Indenture provides for, among other items the issuance of up to $2.1 billion in aggregate principal amount of Series O Notes pursuant to the Indenture and increased the limit of the amount of first mortgage bonds at any one time outstanding to $5.5 billion as provided in the Indenture. 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. 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.

The Indenture 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. As of March 31, 2025, the maximum amount of additional first mortgage bonds Idaho Power could issue under this test was approximately $1.9 billion. As of March 31, 2025, Idaho Power could issue approximately $2.0 billion of additional first mortgage bonds pursuant to a separate test under the Indenture based on retired first mortgage bonds and total unfunded property additions.

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6. COMMON STOCK

IDACORP Common Stock

During the three months ended March 31, 2025, IDACORP issued an aggregate of 57,902 shares of common stock using original issuances of shares. IDACORP granted 82,344 restricted stock unit awards and issued 35,319 shares of common stock to employees pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan, and issued an additional 9,273 shares of common stock to members of the board of directors. IDACORP issued 13,310 shares of common stock pursuant to its IDACORP, Inc. Dividend Reinvestment and Stock Purchase 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. During the three months ended March 31, 2025, IDACORP did not issue common stock pursuant to the EDA.

During the three months ended March 31, 2025, IDACORP executed FSAs under its ATM offering program with various counterparties who borrowed and sold 452,256 shares of IDACORP’s common stock at an aggregate gross sales price of $52.2 million, including approximately $0.7 million in commissions and fees to the counterparties payable by IDACORP when the FSAs are settled. At March 31, 2025, $155.5 million in shares of IDACORP’s common stock remained available for issuance through its ATM offering program. At March 31, 2025, IDACORP could have settled all its outstanding FSAs under the ATM offering program with physical delivery of 1,254,170 shares of common stock to the counterparty in exchange for cash of $143.3 million.

At March 31, 2025, IDACORP had the following FSAs outstanding under its ATM offering program (in thousands of dollars, except for shares and forward price amounts):


Latest Settlement Date	Shares	Net Proceeds Available		Forward Price
November 12, 2025	500,000	$	56,984	$	113.97
December 31, 2025	301,914	34,715		114.98
March 31, 2026	198,086	22,718		114.69
March 31, 2026	254,170	28,885		113.64
Total / Weighted Average Forward Price	1,254,170	$	143,302	$	114.26

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 March 31, 2025, IDACORP could have settled the FSAs with net receipt from various counterparties of approximately $1.0 million of cash or approximately 9,022 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.

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. Under this method, the number of shares of IDACORP’s common stock used in calculating diluted earnings per share for a reporting period would be increased by the number of shares, if any, that would be issued upon physical settlement of the FSAs, less the number of shares that could be purchased by IDACORP in the market with the proceeds received from issuance (based on the average market price during that reporting period). 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. For the three months ended March 31,

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2025, no incremental shares were included in the calculation of diluted earnings per share related to the securities under the FSAs. See Note 7 - "Earnings Per Share" for additional information concerning IDACORP's diluted earnings per share.

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 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. At March 31, 2025, the leverage ratios for IDACORP and Idaho Power were 51 percent and 53 percent, respectively. Based on these restrictions, IDACORP’s and Idaho Power’s dividends were limited to $1.5 billion and $1.2 billion, respectively, at March 31, 2025. There are additional facility covenants, subject to exceptions, that prohibit or restrict the sale or disposition of property without consent and any agreements restricting dividend payments to IDACORP and Idaho Power from any material subsidiary. At March 31, 2025, IDACORP and Idaho Power were in compliance with those covenants.

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 March 31, 2025, Idaho Power's common equity capital was 47 percent of its total adjusted capital. Further, Idaho Power must obtain approval from the OPUC before it can directly or indirectly loan funds or issue notes or give credit on its books to IDACORP.

Idaho Power’s articles of incorporation contain restrictions on the payment of dividends on its common stock if preferred stock dividends are in arrears. As of the date of this report, Idaho Power has no preferred stock outstanding.

In addition to contractual restrictions on the amount and payment of dividends, the Federal Power Act prohibits the payment of dividends from "capital accounts." The term "capital account" is undefined in the Federal Power Act or its regulations, but Idaho Power does not believe the restriction would limit Idaho Power's ability to pay dividends out of current year earnings or retained earnings.

7. EARNINGS PER SHARE

The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three months ended March 31, 2025 and 2024 (in thousands, except for per share amounts).


	Three months ended March 31,
	2025		2024
Numerator:
Net income attributable to IDACORP, Inc.	$	59,647	$	48,173
Denominator:
Weighted-average common shares outstanding - basic	54,110		50,764
Effect of dilutive securities(1)	16		28
Weighted-average common shares outstanding - diluted	54,126		50,792
Basic earnings per share	$	1.10	$	0.95
Diluted earnings per share	$	1.10	$	0.95

(1) The effect of dilutive securities amount includes zero and approximately 28 thousand incremental shares related to FSAs for the three months ended March 31, 2025 and 2024, respectively. See Note 6 - "Common Stock" for additional information concerning IDACORP's FSAs.

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8. COMMITMENTS

Purchase Obligations

During the three months ended March 31, 2025, IDACORP's and Idaho Power's contractual obligations, outside the ordinary course of business, did not change materially from the amounts disclosed in the notes to the consolidated financial statements in the 2024 Annual Report.

Guarantees

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 Wyoming Department of Environmental Quality (WDEQ), was $51.9 million at March 31, 2025, representing IERCo's one-third share of BCC's total reclamation obligation of $155.6 million. BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At March 31, 2025, 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 to the Jim Bridger plant. Because of the existence of the fund and the ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal.

IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of March 31, 2025, management believe the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective condensed consolidated balance sheets with respect to these indemnification obligations.

9. CONTINGENCIES

IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, some of which involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred, although there is no assurance that such recovery would be granted.

IDACORP and Idaho Power are parties to legal claims and legal, tax, and regulatory actions and proceedings in the ordinary course of business and, as noted above, record an accrual for associated loss contingencies when they are probable and reasonably estimable. In connection with its utility operations, Idaho Power is subject to claims by individuals, entities, and governmental agencies for damages for alleged personal injury, property damage, and economic losses, relating to the company’s provision of electric service, the operation of its power supply, transmission, and distribution facilities, and other aspects of its business. Some of those claims relate to electrical contacts, service quality, property damage, and wildfires. In recent years, utilities in the western United States have been subject to significant liability for personal injury, loss of life, property damage, trespass, and economic losses, and in some cases, punitive damages and criminal charges, associated with wildfires that originated from utility property, most commonly transmission and distribution lines. Idaho Power has also regularly received claims by governmental agencies and private landowners for damages for fires allegedly originating from

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Idaho Power’s transmission and distribution system. As of the date of this report, the companies believe that resolution of existing claims will not have a material adverse effect on their respective condensed consolidated financial statements.

Idaho Power actively monitors any pending or potential environmental regulations and executive orders related to environmental matters that may have a significant impact on its future operations. Given uncertainties regarding the outcome, timing, and compliance plans for these environmental matters, Idaho Power is unable to estimate the financial impact of any such regulations and orders.

10. BENEFIT PLANS

Idaho Power has a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit plans for certain senior management employees called the SMSP. Idaho Power also has a nonqualified defined benefit pension plan for directors that was frozen in 2002. Remaining vested benefits from that plan are included with the SMSP in the disclosures below. The benefits under the pension plan are based on years of service and the employee’s final average earnings. Idaho Power also maintains a defined benefit postretirement benefit plan (consisting of health care and death benefits) that covers all employees who were enrolled in the active-employee group plan at the time of retirement as well as their spouses and qualifying dependents. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended March 31, 2025 and 2024 (in thousands).


	Pension Plan				SMSP				Postretirement Benefits				Total
	2025		2024		2025		2024		2025		2024		2025		2024
Service cost	$	7,857	$	8,184	$	293	$	263	$	169	$	164	$	8,319	$	8,611
Interest cost	13,867		12,793		1,410		1,333		743		691		16,020		14,817
Expected return on plan assets	(17,235)		(16,830)		—		—		(450)		(455)		(17,685)		(17,285)
Amortization of prior service cost	2		62		55		55		344		387		401		504
Amortization of net loss	—		—		173		328		(440)		(395)		(267)		(67)
Net periodic benefit cost	4,491		4,209		1,931		1,979		366		392		6,788		6,580
Regulatory deferral of net periodic benefit cost(1)	(4,297)		(4,026)		—		—		—		—		(4,297)		(4,026)
Previously deferred pension costs recognized(1)	8,796		8,796		—		—		—		—		8,796		8,796
Net periodic benefit cost recognized for financial reporting(1)(2)	$	8,990	$	8,979	$	1,931	$	1,979	$	366	$	392	$	11,287	$	11,350

(1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit 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 benefit cost recognized for financial reporting, $9.8 million and $9.4 million, respectively, were recognized in "Other operations and maintenance" and $1.5 million and $2.0 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended March 31, 2025 and 2024.

Idaho Power has no minimum contribution requirement to its defined benefit pension plan in 2025, and during the three months ended March 31, 2025, Idaho Power made no contributions. Idaho Power is considering contributing up to $30 million during 2025 in a continued effort to balance the regulatory collection of these expenditures with the amount and timing of contributions, as well as to mitigate the cost of being in an underfunded position. The primary impact of pension contributions is on the timing of cash flows, as the timing of cost recovery lags behind contributions.

Idaho Power also has an Employee Savings Plan that complies with Section 401(k) of the Internal Revenue Code and covers substantially all employees. Idaho Power matches specified percentages of employee contributions to the Employee Savings Plan.

11. DERIVATIVE FINANCIAL INSTRUMENTS

Commodity Price Risk

Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to

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meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop.

All of Idaho Power's derivative instruments have been entered into for the purpose of securing energy resources for future periods or economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. 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. 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. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table that follows.

The table below presents the gains and losses on derivatives not designated as hedging instruments for the three months ended March 31, 2025 and 2024 (in thousands):


		Gain/(Loss) on Derivatives Recognized in Income(1)
	Location of Realized Gain/(Loss) on Derivatives Recognized in Income	Three months ended March 31,
		2025		2024
Financial swaps	Operating revenues	$	46	$	1,012
Financial swaps	Purchased power	(1,030)		953
Financial swaps	Fuel expense	(12,200)		(24,058)

Forward contracts	Operating revenues	366		1,006
Forward contracts	Purchased power	(444)		(991)
Forward contracts	Fuel expense	(603)		(221)

(1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities.

Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other O&M expense. See Note 12 - "Fair Value Measurements" for additional information concerning the determination of fair value for Idaho Power’s assets and liabilities from price risk management activities.

Credit Risk

At March 31, 2025, Idaho Power did not have material credit risk exposure from financial instruments, including derivatives. 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, bonds, or letters of credit from counterparties or their affiliates, as deemed necessary. Idaho Power’s physical power contracts are commonly under WSPP, Inc. agreements, physical gas contracts are usually under North American Energy Standards Board contracts, and financial transactions are usually under International Swaps and Derivatives Association, Inc. contracts. These contracts typically contain adequate assurance clauses requiring collateralization if a counterparty has debt that is downgraded below investment grade by at least one rating agency.

Credit-Contingent Features

Certain of Idaho Power's derivative instruments contain provisions that require Idaho Power's unsecured debt to maintain an investment grade credit rating from Moody's Investors Service and Standard & Poor's Ratings Services. If Idaho Power's unsecured debt were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position at March 31, 2025, was $28.0 million. As of March 31, 2025, Idaho Power

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posted $1.0 million of cash collateral related to this amount. If the credit-risk-related contingent features underlying these agreements were triggered on March 31, 2025, Idaho Power would have been required to pay or post collateral to its counterparties up to an additional $21.5 million to cover open liability positions as well as completed transactions that have not yet been paid.

Derivative Instrument Summary

The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at March 31, 2025, and December 31, 2024 (in thousands):


		Asset Derivatives							Liability Derivatives
	Balance Sheet Location	Gross Fair Value		Amounts Offset			Net Assets		Gross Fair Value		Amounts Offset			Net Liabilities

March 31, 2025
Current:
Financial swaps	Other current assets	$	24,372	$	(15,287)	(1)	$	9,085	$	7,876	$	(7,876)		$	—
Financial swaps	Other current liabilities	511		(511)			—		5,252		(1,511)		(2)	3,741

Forward contracts	Other current liabilities	—		—			—		891		—			891
Long-term:
Financial swaps	Other assets	4,752		(150)			4,602		150		(150)			—
Financial swaps	Other liabilities	—		—			—		472		—			472
Forward contracts	Other liabilities	—		—			—		10,900		—			10,900
Total		$	29,635	$	(15,948)		$	13,687	$	25,541	$	(9,537)		$	16,004

December 31, 2024
Current:

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

Forward contracts	Other current liabilities	—		—			—		1,291		—			1,291
Long-term:
Financial swaps	Other assets	1,939		(1,939)		(4)	—		409		(409)			—
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

(1) Current asset derivative amounts offset include $7.4 million of collateral payable at March 31, 2025.

(2) Current liability derivative amounts offset include $1.0 million of collateral receivable at March 31, 2025.

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

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

The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at March 31, 2025 and 2024 (in thousands of units):


		March 31,
Commodity	Units	2025	2024
Electricity purchases	MWh	223	497
Electricity sales	MWh	37	206
Natural gas purchases	MMBtu	95,363	28,298
Natural gas sales	MMBtu	—	528

12. FAIR VALUE MEASUREMENTS

IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active

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markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

• Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access.

• Level 2: Financial assets and liabilities whose values are based on the following:

a) quoted prices for similar assets or liabilities in active markets;

b) quoted prices for identical or similar assets or liabilities in non-active markets;

c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and

d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

IDACORP and Idaho Power Level 2 inputs for derivative instruments are based on quoted market prices adjusted for location using corroborated, observable market data or using quoted price which may be in non-active markets.

• Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. There were no transfers between levels or material changes in valuation techniques or inputs during the three months ended March 31, 2025.

Certain instruments have been valued using NAV as a practical expedient. The NAV is generally not published and publicly available, nor are these instruments traded on an exchange. Instruments valued using NAV as a practical expedient are included in the fair value disclosures below; however, in accordance with GAAP are not classified within the fair value hierarchy levels.

The following table presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2025, and December 31, 2024 (in thousands).


	March 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds and commercial paper
IDACORP(1)	$	150,565	$	—	$	—	$	150,565	$	146,308	$	—	$	—	$	146,308
Idaho Power	420,488		—		—		420,488		158,999		—		—		158,999
Derivatives	13,687		—		—		13,687		—		—		—		—
Equity securities	38,435		—		—		38,435		39,772		—		—		39,772
IDACORP assets measured at NAV (not subject to hierarchy disclosure)(1)	—		—		—		4,801		—		—		—		4,099
Liabilities:
Derivatives	4,213		11,791		—		16,004		4,003		12,256		—		16,259

(1) Holding company only. Does not include amounts held by Idaho Power.

Idaho Power’s derivatives are contracts entered into as part of its management of loads and resources. Electricity swap derivatives are valued on the Intercontinental Exchange (ICE) with quoted prices in an active market. Electricity forward contract derivatives are valued using a blend of two electricity exchanges, adjusted for location basis, as specified in the forward contract. Natural gas and diesel derivatives are valued using New York Mercantile Exchange (NYMEX) and ICE pricing, adjusted for location basis, which are also quoted under NYMEX and ICE pricing. Equity securities at Idaho Power consist of employee-directed investments related to an executive deferred compensation plan and actively traded money market

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and exchange traded funds related to the SMSP. The investments are measured using quoted prices in active markets and are held in a rabbi trust.

The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value as of March 31, 2025, and December 31, 2024, using available market information and appropriate valuation methodologies (in thousands).


	March 31, 2025				December 31, 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
IDACORP
Assets:
Notes receivable(1)	$	2,155	$	2,155	$	2,155	$	2,155
Held-to-maturity securities(1)(2)	32,466		30,154		32,151		29,428
Liabilities:
Long-term debt (including current portion)(1)	3,447,008		3,226,230		3,073,662		2,807,803
Idaho Power
Assets:
Held-to-maturity securities(1)(2)	$	32,466	$	30,154	$	32,151	$	29,428
Liabilities:
Long-term debt (including current portion)(1)	3,447,008		3,226,230		3,073,662		2,807,803

(1) Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 12 - "Fair Value Measurements."

(2) All held-to-maturity securities are carried at amortized cost and were in a gross unrealized holding loss position totaling $2.3 million and $2.7 million as of March 31, 2025, and December 31, 2024, respectively. Substantially all of these debt securities mature between 2027 and 2038. Based on ongoing credit evaluations of these holdings, Idaho Power does not expect payment defaults or delinquencies and had not recorded an allowance for credit losses for these securities as of March 31, 2025, and December 31, 2024.

Notes receivable are related to Ida-West and are valued based on unobservable inputs, including forecasted cash flows, which are partially based on expected hydropower conditions. Held-to-maturity securities are held in a rabbi trust and are generally valued using quoted prices, which may be in non-active markets. Long-term debt is not traded on an exchange and is valued using quoted rates for similar debt in active markets. Carrying values for cash and cash equivalents, deposits, customer and other receivables, notes payable, accounts payable, interest accrued, and taxes accrued approximate fair value.

13. SEGMENT INFORMATION

IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the power supply, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated investment.

IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the "All Other" category in the table below. This category consists of IFS’s investments in affordable housing and other real estate tax credit projects, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses.

IDACORP’s and Idaho Power’s chief operating decision maker is regularly provided with significant segment expense information for utility operations at the same level of detail as presented in Idaho Power’s condensed consolidated statements of income.

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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).


	Utility Operations		All Other		Eliminations		Consolidated Total
Three months ended March 31, 2025:
Revenues	$	431,952	$	505	$	—	$	432,457
Depreciation	59,785		—		—		59,785
Other income (expense), net	17,567		(351)		—		17,216
Interest income including carrying charges on regulatory assets	9,040		3,053		(762)		11,331
Earnings of unconsolidated equity-method investments	650		67		—		717
Interest expense	36,839		921		(762)		36,998
Income tax (benefit) expense	(12,658)		192		—		(12,466)
Net income attributable to IDACORP, Inc.	58,127		1,520		—		59,647
Expenditures for long-lived assets	201,239		85		—		201,324
Total assets as of March 31, 2025	9,323,412		342,757		(74,143)		9,592,026
Three months ended March 31, 2024:
Revenues	$	448,299	$	637	$	—	$	448,936
Depreciation	54,013		—		—		54,013
Other income (expense), net	14,013		(64)		—		13,949
Interest income including carrying charges on regulatory assets	10,719		1,411		(762)		11,368
Earnings of unconsolidated equity-method investments	617		8		—		625
Interest expense	32,733		845		(762)		32,816
Income tax benefit	(5,031)		(515)		—		(5,546)
Net income attributable to IDACORP, Inc.	47,302		871		—		48,173

14. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME

The table below presents changes in components of AOCI, net of tax, during the three months ended March 31, 2025 and 2024 (in thousands). Items in parentheses indicate charges to AOCI.


	Defined Benefit Pension Items
	Three months ended March 31,
Defined benefit pension items	2025		2024
Balance at beginning of period	$	(13,592)	$	(17,184)
Other comprehensive income before reclassification	(229)		—
Amounts reclassified out of AOCI	169		284
Balance at end of period	$	(13,652)	$	(16,900)

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The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the three months ended March 31, 2025 and 2024 (in thousands). Items in parentheses indicate increases to net income.


	Amount Reclassified from AOCI
Details About AOCI	Three months ended March 31,
	2025		2024
Amortization of defined benefit pension items(1)
Prior service cost	$	55	$	55
Net loss	173		328
Total before tax	228		383
Tax benefit(2)	(59)		(99)

Total reclassification for the period, net of tax	$	169	$	284

(1) Amortization of these items is included in IDACORP's condensed consolidated statements of income in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net.

(2) The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power.

15. CHANGES IN IDAHO POWER RETAINED EARNINGS

The table below presents changes in Idaho Power retained earnings during the three months ended March 31, 2025 and 2024 (in thousands).


	Three months ended March 31,
	2025		2024
Balance at beginning of period	$	2,096,151	$	1,991,319
Net income	58,127		47,302
Dividends to parent	(46,695)		(42,308)
Balance at end of period	$	2,107,583	$	1,996,313

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of IDACORP, Inc.

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of IDACORP, Inc. and subsidiaries (the “Company”) as of March 31, 2025, the related condensed consolidated statements of income, comprehensive income, equity, and cash flows for the three-month periods ended March 31, 2025 and 2024, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2024, and the related consolidated statements of income, comprehensive income, equity, and cash flows for the year then ended (not presented herein); and in our report dated February 20, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP

Boise, Idaho

May 1, 2025

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholder and the Board of Directors of Idaho Power Company

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of Idaho Power Company and subsidiary (the “Company”) as of March 31, 2025, the related condensed consolidated statements of income, comprehensive income and cash flows for the three-month periods ended March 31, 2025 and 2024, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2024, and the related consolidated statements of income, comprehensive income, retained earnings, and cash flows for the year then ended (not presented herein); and in our report dated February 20, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

/s/ DELOITTE & TOUCHE LLP

Boise, Idaho

May 1, 2025

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

In MD&A in this report, the general financial condition and results of operations for IDACORP and its subsidiaries and Idaho Power and its subsidiary are discussed. While reading this MD&A, please refer to the accompanying condensed consolidated financial statements of IDACORP and Idaho Power. Also refer to "Cautionary Note Regarding Forward-Looking Statements" in this report for important information regarding forward-looking statements made in this MD&A and elsewhere in this report. This discussion updates the MD&A included in the 2024 Annual Report, and should also be read in conjunction with the information in that report. The results of operations for an interim period generally will not be indicative of results for the full year, particularly in light of the seasonality of Idaho Power's sales volumes, as discussed below.

INTRODUCTION

IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. IDACORP’s common stock is listed and trades on the New York Stock Exchange under the trading symbol "IDA". Idaho Power is an electric utility whose rates and other matters are regulated by the IPUC, OPUC, and FERC. Idaho Power generates revenues and cash flows primarily from the sale and distribution of electricity to customers in its Idaho and Oregon service areas, as well as from the wholesale sale and transmission of electricity. Idaho Power experiences its highest retail energy sales during the summer irrigation and cooling season, with a lower peak in the winter that generally results from heating demand.

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 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.

EXECUTIVE OVERVIEW

Management's Outlook and Company Objectives

In the 2024 Annual Report, IDACORP's and Idaho Power's management included a summary of their business objectives for the companies for 2025 and beyond, under the heading "Executive Overview" in the MD&A. As of the date of this report, management's outlook and strategy remain consistent with that discussion, as updated by some of the discussion in this MD&A. Some notable developments that have occurred since that report include the following:

•Idaho Power continues to focus on timely recovery of costs and earning a reasonable return on investment. In March 2025, Idaho Power provided notice to the IPUC of its intent to file a general rate case in Idaho on or after May 30, 2025. Idaho Power also filed requests with the IPUC for rate changes for the FCA in March and the PCA in April, which if approved would result in a rate decrease of a combined $135.5 million for applicable customer classes. In addition, in March 2025, Idaho Power filed a request with the IPUC for an order authorizing an increase in customer rates of $29.7 million, effective June 1, 2025, to increase cash collection of AFUDC associated with the HCC relicensing project. The IPUC's decisions in these matters are pending.

•Idaho Power continues to experience and forecast positive customer growth in its service area. During the twelve months ended March 31, 2025, Idaho Power's customer count grew by over 16,500 customers and the customer growth rate was 2.6 percent.

•Idaho Power's need to acquire additional power supply and transmission resources to meet growing demand continues. To help meet those growing capacity and energy needs in 2025 and beyond, in February 2025 Idaho Power entered into the following transactions:

◦a 100MW solar facility PPA, coupled with a 100 MW energy storage agreement, with a scheduled online date of June 2027; and

◦an agreement to become a partial owner of SWIP-N, a planned 285-mile high-voltage transmission line, including an ownership of 250 MW and lease rights to an additional 250 MW of northbound capacity on the transmission line.

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Summary of Financial Results

The following is a summary of Idaho Power's net income, net income attributable to IDACORP, and IDACORP's earnings per diluted share for the three months ended March 31, 2025 and 2024 (in thousands, except earnings per share amounts):


	Three months ended March 31,
	2025		2024
Idaho Power net income	$	58,127	$	47,302
Net income attributable to IDACORP, Inc.	$	59,647	$	48,173
Weighted average outstanding shares – diluted	54,126		50,792
IDACORP, Inc. earnings per diluted share	$	1.10	$	0.95

The table below provides a reconciliation of net income attributable to IDACORP for the three months ended March 31, 2025, from the same period in 2024 (items are in millions and are before related income tax impact unless otherwise noted):


	Three months ended
Net income attributable to IDACORP, Inc. - March 31, 2024		$	48.2
Increase (decrease) in Idaho Power net income:
Retail revenues per MWh, net of power cost adjustment mechanisms	11.3
Customer growth, net of associated power supply costs and power cost adjustment mechanisms	7.3
Usage per retail customer, net of associated power supply costs and power cost adjustment and FCA mechanisms	(2.1)


Other O&M expenses	(7.2)
Depreciation expense	(5.8)
Other changes in operating revenues and expenses, net	1.9

Increase in Idaho Power operating income	5.4
Non-operating expense, net	(2.2)
Additional ADITC amortization	6.8
Income tax expense, excluding additional ADITC amortization	0.8
Total increase in Idaho Power net income		10.8
Other IDACORP changes (net of tax)		0.6
Net income attributable to IDACORP, Inc. - March 31, 2025		$	59.6

IDACORP's net income increased $11.4 million for the first quarter of 2025 compared with the first quarter of 2024, due primarily to higher net income at Idaho Power.

A net increase in retail revenues per MWh, net of power cost adjustment mechanisms, increased operating income by $11.3 million in the first quarter of 2025 compared with the first quarter of 2024. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2025, per the 2024 Idaho Limited-Issue Rate Case. For more information on the 2024 Idaho Limited-Issue Rate Case, see Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2024 Annual Report.

At Idaho Power, customer growth increased operating income by $7.3 million in the first quarter of 2025 compared with the first quarter of 2024, as the number of Idaho Power customers grew by approximately 16,500, or 2.6 percent, during the twelve months ended March 31, 2025. Usage per retail customer was relatively consistent in the first quarter of 2025 compared with the first quarter of 2024. Residential usage per customer increased, as lower temperatures in the first quarter of 2025 compared with the first quarter of 2024 led residential customers to use more energy for heating purposes, but the increase was offset by a slight decrease in industrial usage per customer and the effects of customer mix changes. An increase in the deferral of residential and small commercial customer revenues through the FCA mechanism negatively affected retail revenues by $1.5 million.

Other O&M expenses in the first quarter of 2025 were $7.2 million higher than the first quarter of 2024, partially related to an approximate $3.2 million increase in wildfire mitigation program and related insurance expenses. In addition, other O&M

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expenses increased $1.8 million due to a decrease in grant funding received for maintenance work in the first quarter of 2025 as compared to the first quarter of 2024. Inflationary pressures on labor-related costs also contributed to the increase in other O&M expenses.

Depreciation expense increased $5.8 million in the first quarter of 2025 compared with the first quarter of 2024, due primarily to an increase in plant-in-service.

Other changes in operating revenues and expenses, net, increased operating income by $1.9 million in the first quarter of 2025 compared with the first quarter of 2024, due primarily to a decrease in net power supply expenses that were not deferred for future recovery in rates through Idaho Power's PCA mechanism, which increased other changes in operating revenues and expenses, net, compared with the same period in 2024. More moderate and less volatile wholesale natural gas and power market prices in the western United States decreased Idaho Power's net power supply expenses in the first quarter of 2025 compared with the first quarter of 2024.

Non-operating expense, net, increased $2.2 million in the first quarter of 2025 compared with the first quarter of 2024. Higher long-term debt balances and an increase in transmission customer deposits, on which Idaho Power must pay interest to the customer, led to an increase in interest expense. This increase was partially offset by an increase in AFUDC in the first quarter of 2025 compared with the first quarter of 2024, as the average construction work in progress balance was higher.

The decrease in income tax expense was principally the result of an increase in additional ADITC amortization. Based on Idaho Power's current expectations of full-year 2025 financial results, Idaho Power recorded $19.3 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during the first quarter of 2025, compared with $12.5 million of additional ADITC amortization during the same period in 2024.

Overview of General Factors and Trends Affecting Results of Operations and Financial Condition

IDACORP's and Idaho Power's results of operations and financial condition are affected by a number of factors and trends, and the impact of those factors and trends is discussed in more detail below in this MD&A. To provide context for the discussion elsewhere in this report, some of the more notable factors and trends are as follows:

•Regulatory Filings: The prices that Idaho Power is authorized to charge for its electric and transmission service are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition. Those rates are established by state regulatory commissions and the FERC and are intended to allow Idaho Power an opportunity to recover its expenses and earn a reasonable return on investment. Idaho Power is focused on timely recovery of its costs through filings with its regulators and prudent management of expenses and investments.

To address the regulatory lag in recovery of costs primarily associated with Idaho Power’s current and anticipated significant infrastructure investments, including those that are intended to help meet projected near-term capacity deficits, in March 2025 Idaho Power provided notice to the IPUC of its intent to file a general rate case in Idaho on or after May 30, 2025. Idaho Power expects the processing of a general rate case would span at least seven months before new rates would be in effect.

•Rate Base Growth and Infrastructure Investment: The rates established by the IPUC, OPUC, and FERC are determined with the intent to provide an opportunity for Idaho Power to recover authorized operating expenses and depreciation and earn a reasonable return on “rate base.” Rate base is generally determined by reference to the original cost (net of accumulated depreciation) of utility plant in service and certain other assets, subject to various adjustments for deferred income taxes and other items. Over time, rate base is increased by additions to utility plant in service and reduced by depreciation of utility plant and write-offs as authorized by the IPUC and OPUC. Idaho Power is pursuing significant enhancements to its utility infrastructure in an effort to maintain system reliability, ensure an adequate supply of electricity, and provide service to new customers, including major ongoing transmission projects such as the B2H, GWW, and SWIP-N projects. Idaho Power's existing hydropower and thermal generation facilities also require continuing upgrades and equipment replacement, and the company is undertaking a significant relicensing effort for the HCC, its largest hydropower generation resource. Idaho Power intends to pursue timely inclusion of completed capital projects into rate base as part of a 2025 general rate case and intends to continue to do so in future general rate cases or other appropriate regulatory proceedings.

Idaho Power expects its capital expenditures on infrastructure investments in the next five years or more will be considerable as it works to address projected energy and capacity deficits. For more information about forecasted capital expenditures and expected rate base growth, see the "Liquidity and Capital Resources" section of this MD&A.

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•Economic Conditions and Loads: Economic conditions impact consumer demand for energy, revenues, collectability of accounts, the volume of wholesale energy sales, and the need to construct and improve infrastructure, purchase power, and implement programs to meet customer load demands. In recent years, Idaho Power has seen significant growth in the number of customers in its service area. Over the twelve months ended March 31, 2025, Idaho Power's customer count grew by 2.6 percent. While recessionary or volatile economic conditions could slow the rate of customer growth, Idaho Power expects its number of customers and, to a greater extent its load due to anticipated commercial and industrial customer growth, to increase in the foreseeable future.

Idaho Power is preparing its 2025 IRP, its 20-year forecast of load and power supply resource options. Included in the below table are the load forecast assumptions the company anticipates using in the 2025 IRP as of the date of this report, and for comparison purposes, the analogous average annual growth rates Idaho Power used in the prior two IRPs.


	5-Year Forecasted Annual Growth Rate		20-Year Forecasted Annual Growth Rate
	Retail Sales (Billed MWh)	Annual Peak (Peak Demand)	Retail Sales (Billed MWh)	Annual Peak (Peak Demand)
2025 IRP (preliminary)	8.3%	5.1%	2.7%	1.9%
2023 IRP	5.5%	3.7%	2.1%	1.8%
2021 IRP	2.6%	2.1%	1.4%	1.4%

Customer growth has contributed to increases in peak loads experienced in recent years. For example, Idaho Power's highest all-time winter peak demand of 2,719 MW occurred on January 16, 2024, and on July 22, 2024, Idaho Power reached a new all-time summer peak demand of 3,793 MW. Idaho Power's prior all-time peak demand was 3,751 MW, set in June 2021. Idaho Power believes that existing and sustained growth in customers, load, and peak demand for electricity, along with changes in the regional transmission markets that have constrained the availability of transmission outside Idaho Power’s service area to import energy during peak load periods, require Idaho Power to increase its investment in capacity resources, transmission, and distribution infrastructure. This includes the B2H, GWW, and SWIP-N transmission projects, along with other capacity, energy, and transmission resource procurements, described in "Liquidity and Capital Resources" in this MD&A.

•Weather Conditions: Weather and agricultural growing conditions have a significant impact on Idaho Power's energy sales. Relatively low and high temperatures result in greater energy use for heating and cooling, respectively. During the agricultural growing season, which in large part occurs during the second and third quarters of each year, irrigation customers use electricity to operate irrigation pumps, and weather conditions can impact the timing and extent of use of those pumps. Idaho Power also has tiered rates and seasonal rates, which contribute to increased revenues during higher-load periods, most notably during the third quarter of each year when overall customer demand is highest. Much of the adverse or favorable impact of weather on sales of energy to residential and small commercial customers is mitigated through the FCA mechanism, which is described in Note 3 - "Regulatory Matters" to the condensed consolidated financial statements included in this report.

Further, as Idaho Power's hydropower facilities comprise over one-half of Idaho Power's nameplate generation capacity, precipitation levels impact the mix of Idaho Power's generation resources. When hydropower generation decreases, Idaho Power must rely on more expensive generation sources and purchased power. When favorable hydropower generating conditions exist for Idaho Power, they also may exist for other Pacific Northwest hydropower facility operators, lowering regional wholesale market prices and impacting the revenue Idaho Power receives from wholesale energy sales. Much of the adverse or favorable impact of this volatility is addressed through the Idaho and Oregon power cost adjustment mechanisms, which mitigate in large part the impact on earnings. For 2025, Idaho Power expects generation from its hydropower resources to be in the range of 7.0 million to 8.5 million MWh, compared with actual generation of 7.2 million MWh in 2024 and a 30-year average annual total of approximately 7.7 million MWh.

•Mitigation of Impact of Fuel and Purchased Power Expense: In addition to hydropower generation, Idaho Power relies significantly on natural gas and coal to fuel its generation facilities, long-term PPAs (including PURPA agreements), and power purchases in the wholesale markets. Fuel costs are impacted by electricity sales volumes, the terms and conditions of contracts for fuel, Idaho Power's generation capacity, the availability of hydropower generation resources, transmission capacity, energy market prices, and Idaho Power's hedging program for managing

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fuel costs. Purchased power costs are impacted by the terms and conditions of contracts for purchased power, the rate of expansion of alternative energy generation sources such as wind or solar energy, generation resource maintenance outages, wholesale energy market prices, transmission availability, and the outcome of Idaho Power's hedging programs. The Idaho and Oregon power cost adjustment mechanisms mitigate in large part the potential adverse earnings impacts to Idaho Power of fluctuations in power supply costs. However, collection from customers or return to customers of most of the difference between actual power supply costs compared with those included in retail rates is deferred to a subsequent period, which can affect Idaho Power’s operating cash flow and liquidity until those costs are recovered from or returned to customers.

•Regulatory and Environmental Compliance Costs; Coal Plant Retirements: Idaho Power is subject to extensive federal and state laws, policies, and regulations, as well as regulatory actions and audits by agencies and quasi-governmental agencies, including the FERC, the North American Electric Reliability Corporation, and the Western Electricity Coordinating Council. Compliance with these requirements directly influences Idaho Power's operating environment and affects Idaho Power's operating costs. Moreover, environmental laws and regulations may increase the cost of constructing new facilities, may increase the cost of operating generation plants, may require that Idaho Power install additional pollution control devices at existing generating plants, may result in penalties for non-compliance, even where inadvertent, or may require that Idaho Power curtail or cease operating certain generation plants. Idaho Power expects to spend significant amounts on environmental compliance and controls for the foreseeable future. Due to economic factors in part associated with the costs of compliance with environmental regulation, Idaho Power accelerated the retirement date of its North Valmy plant, ceasing participation in coal-fired operations at one unit in 2019 and planning to cease its participation in coal-fired operations at the remaining unit by year-end 2025. Idaho Power's jointly-owned coal plant in Boardman, Oregon, ceased operations as planned in October 2020. In 2022, the IPUC approved Idaho Power's request to allow the coal-related assets at the Jim Bridger plant to be fully depreciated and recovered by end-of-year 2030. Idaho Power's 2023 IRP identified a preferred resource portfolio and action plan that includes the conversion from coal to natural gas of two units at the 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. Units 1 and 2 at the Jim Bridger plant were successfully converted to natural gas in the second quarter of 2024. In July 2024, Idaho Power executed an agreement with its co-owner to facilitate the planned conversion of the two units at the North Valmy plant from coal to natural gas by mid-2026.

•Water Management and Relicensing of Hydropower Projects: Because of Idaho Power's reliance on stream flow in the Snake River and its tributaries, Idaho Power participates in numerous proceedings and venues that may affect its water rights, seeking to preserve the long-term availability of its rights for its hydropower projects. Also, Idaho Power is involved in renewing its long-term federal licenses for the HCC, its largest hydropower generation source, and for American Falls, its second largest hydropower generation source. Given the number of parties involved, Idaho Power's relicensing costs have been and are expected to continue to be substantial. As of the date of this report, Idaho Power cannot determine the ultimate terms of, and costs associated with, any resulting long-term licenses for the HCC or American Falls hydropower facilities.

•Wildfire Mitigation Efforts: In recent years, the western United States has experienced an increasing number of wildfires of unprecedented severity. A variety of factors have contributed to this trend including increased wildland-urban interfaces, historical land management practices, climate change, and overall wildland and forest health. Idaho Power is taking a proactive approach to wildfire risk in its service area and transmission corridors. Idaho Power has developed and adopted a WMP that outlines actions Idaho Power is taking or is working to implement to reduce wildfire risk and to strengthen the resiliency of its transmission and distribution system to wildfires. In April 2025, Idaho enacted the Wildfire Standard of Care Act, and Idaho Power plans to file a new Idaho-specific WMP with the IPUC based upon that statute after it becomes effective on July 1, 2025. Idaho Power's approach to wildfire mitigation includes identifying areas subject to elevated risk; system hardening programs, vegetation management, and field personnel practices to mitigate wildfire risk; incorporating current and forecasted weather and field conditions into operational practices; public safety power shutoff protocols; and evaluating the performance and effectiveness of its approach through metrics and monitoring. Idaho Power has regulatory authorization in both Idaho and Oregon to defer, for potential future amortization, certain actual incremental O&M expenses necessary to implement the WMP. The WMP regulatory deferrals are described in more detail in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2024 Annual Report and the condensed consolidated financial statements included in this report.

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RESULTS OF OPERATIONS

This section of MD&A takes a closer look at the significant factors that affected IDACORP’s and Idaho Power’s earnings during the three months ended March 31, 2025. In this analysis, the results for the three months ended March 31, 2025, are compared with the same period in 2024.

The table below presents Idaho Power’s energy sales and supply (in thousands of MWh) for the three months ended March 31, 2025 and 2024.


	Three months ended March 31,
	2025	2024
Retail energy sales	3,723	3,599
Wholesale energy sales	439	404
Energy sales bundled with renewable energy credits	541	687
Total energy sales	4,703	4,690
Hydropower generation	2,124	1,749
Steam generation(1)	674	515
Natural gas and other generation	774	1,049
Total system generation	3,572	3,313
Purchased power	1,477	1,704
Line losses	(346)	(327)
Total energy supply	4,703	4,690

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

Weather-related information for Boise, Idaho, for the three months ended March 31, 2025 and 2024, is presented in the table below. While Boise, Idaho weather conditions are not necessarily representative of weather conditions throughout Idaho Power's service area, the greater Boise area has the majority of Idaho Power's customers and is included for illustrative purposes.


	Three months ended March 31,
	2025	2024	Normal (2)
Heating degree-days(1)	2,416	2,264	2,402
Cooling degree-days(1)	—	—	—
Precipitation (inches)	5.1	6.5	3.7

(1) Heating and cooling degree-days are common measures used in the utility industry to analyze the demand for electricity and indicate when a customer would use electricity for heating and cooling. A degree-day measures how much the average daily temperature varies from 65 degrees. Each degree of temperature above 65 degrees is counted as one cooling degree-day, and each degree of temperature below 65 degrees is counted as one heating degree-day.

(2) Normal heating degree-days and cooling degree-days elements are, by convention, the arithmetic mean of the elements computed over 30 consecutive years. The normal amounts are the sum of the monthly normal amounts. These normal amounts are computed by the National Oceanic and Atmospheric Administration.

Sales Volume and Generation: Retail sales volumes increased 3 percent in the first quarter of 2025 compared with the same period in 2024, primarily due to growth in the number of Idaho Power customers and an increase in usage per residential customer. The number of Idaho Power customers grew by 2.6 percent over the prior twelve months. For more information on the changes in sales volume, see the "Operating Revenues" section below in this MD&A.

Total system generation increased 8 percent for the first quarter of 2025 compared with the same period in 2024, which consists of an increase in hydropower generation and steam generation, partially offset by decreased natural gas generation. For more information on the changes in generation, see the "Operating Expenses" section below in this MD&A.

The financial impacts of fluctuations in wholesale energy sales, purchased power, fuel expense, and other power supply-related expenses are addressed in Idaho Power's Idaho and Oregon power cost adjustment mechanisms, which are described below in "Power Cost Adjustment Mechanisms."

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Operating Revenues

Retail Revenues: The table below presents Idaho Power’s retail revenues (in thousands) and MWh sales volumes (in thousands) for the three months ended March 31, 2025 and 2024, and the number of customers as of March 31, 2025 and 2024.


	Three months ended March 31,
	2025		2024
Retail revenues:
Residential (includes $(2,193), and $(687) respectively, related to the FCA)(1)	$	190,705	$	184,300
Commercial (includes $(43) and $(53), respectively, related to the FCA)(1)	97,852		94,697
Industrial	68,607		65,206
Irrigation	1,113		1,038

Deferred revenue related to HCC relicensing AFUDC(2)	(2,064)		(2,084)

Total retail revenues	$	356,213	$	343,157
Volume of retail sales (MWh)
Residential	1,702		1,624
Commercial	1,075		1,064
Industrial	934		901
Irrigation	12		10
Total retail MWh sales	3,723		3,599
Number of retail customers at period end
Residential	550,207		534,858
Commercial	79,823		78,781
Industrial	148		135
Irrigation	22,457		22,342
Total customers	652,635		636,116

(1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.

(2) 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 utility plant in service. Idaho Power is collecting approximately $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.

Changes in rates, changes in customer demand, customer growth, and changes in FCA mechanism revenues are the primary reasons for fluctuations in retail revenues from period to period. The primary influences on customer demand for electricity are weather, economic conditions, and energy efficiency. Extreme temperatures increase sales to customers who use electricity for cooling and heating, while moderate temperatures decrease sales. Precipitation levels and the timing of precipitation during the agricultural growing season also affect sales to customers who use electricity to operate irrigation pumps. Rates are also seasonally adjusted, providing for higher rates during summer peak load periods, and residential customer rates are tiered, providing for higher rates based on higher levels of usage. The seasonal and tiered rate structures contribute to seasonal fluctuations in revenues and earnings.

Retail revenues increased $13.1 million during the first quarter of 2025 compared with the same period in 2024. The factors affecting retail revenues during the periods are discussed below.

•Rates: Customer rates, excluding revenues related to power cost adjustment mechanisms, increased retail revenues by $11.3 million for the first three months of 2025 compared with the same period in 2024, due primarily to an overall increase in Idaho base rates, effective January 1, 2025, per the 2024 Idaho Limited-Issue Rate Case. Customer rates also include the collection from customers of amounts related to the power cost adjustment mechanisms, which decreased revenues by $8.3 million in the first quarter of 2025 compared with the same period of 2024. The amount collected from customers in rates under the power cost adjustment mechanisms has relatively little effect on operating income as a corresponding amount is recorded as expense in the same period it is collected through rates.

•Customers: Customer growth of 2.6 percent during the twelve months ended March 31, 2025, increased retail revenues by $10.8 million in the first quarter of 2025 compared with the same period of 2024.

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•Usage: Overall usage (on a per customer basis) was relatively consistent between the first quarters of 2025 and 2024. Residential usage per customer increased, as lower temperatures in the first quarter of 2025 compared with the first quarter of 2024 led to residential customers to use more energy for heating purposes, but the increase was partially offset by a decrease in industrial usage per customer and the effects of customer mix changes.

•FCA Mechanism: An increase in the deferral of residential and small commercial customer revenues through the FCA mechanism negatively affected retail revenues by $1.5 million.

Wholesale Energy Sales: Wholesale energy sales consist primarily of long-term sales contracts, opportunity sales of surplus system energy, and sales into the energy imbalance market in the western United States, and do not include derivative transactions. The table below presents Idaho Power’s wholesale energy sales for the three months ended March 31, 2025 and 2024 (in thousands, except for revenue per MWh amounts).


	Three months ended March 31,
	2025		2024
Wholesale energy revenues	$	19,548	$	38,069
Wholesale MWh sold	439		404
Wholesale energy revenues per MWh	$	44.53	$	94.23

In the first quarter of 2025, wholesale energy revenues decreased $18.5 million compared with the same period of 2024, due primarily to lower wholesale market prices. Wholesale energy prices were lower during the first three months of 2025 compared with 2024 as more moderate winter weather resulted in lower power prices in the wholesale markets in the region. The financial impacts of fluctuations in wholesale energy sales are largely mitigated by Idaho Power's Idaho and Oregon power cost adjustment mechanisms, which are described below in this section of the MD&A under "Power Cost Adjustment Mechanisms."

Operating Expenses

Purchased Power: The table below presents Idaho Power’s purchased power expenses and volumes for the three months ended March 31, 2025 and 2024 (in thousands, except for per MWh amounts).


	Three months ended March 31,
	2025		2024
Purchased power expense	$	74,109	$	111,899
MWh purchased	1,477		1,704
Average cost per MWh	$	50.18	$	65.67

Purchased power expense decreased $37.8 million, or 34 percent, during the first quarter of 2025 compared with the same period of 2024, primarily due to lower wholesale energy market prices in the region. Also, increased system generation led to a decrease in total MWh purchased of 13 percent compared to 2024.

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Fuel Expense: The table below presents Idaho Power’s fuel expenses and thermal generation for the three months ended March 31, 2025 and 2024 (in thousands, except for per MWh amounts).


	Three months ended March 31,
	2025		2024
Expense
Steam(1)	$	30,917	$	28,595
Natural gas(2)	38,484		63,646
Total fuel expense	$	69,401	$	92,241
MWh generated
Steam(1)	674		515
Natural gas(2)	774		1,049
Total MWh generated	1,448		1,564
Average cost per MWh - Steam	$	45.87	$	55.52
Average cost per MWh - Natural gas	$	49.72	$	60.67
Weighted average, all sources	$	47.93	$	58.98

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

(2) Includes a negligible amount of expense and generation related to the Salmon diesel-fired generation plant.

The majority of the fuel for Idaho Power’s jointly-owned plants is purchased through long-term contracts, including purchases from BCC, a one-third owned investment of IERCo. The price of coal from BCC is subject to fluctuations in mine operating expenses, geologic conditions, and production levels. BCC supplies the majority of the coal used by the Jim Bridger plant and BCC does not have significant sales to third parties. Natural gas is mainly purchased on the regional wholesale spot market at published index prices. In addition to commodity (variable) costs, both natural gas and coal expenses include costs that are more fixed in nature for items such as capacity charges, transportation, and fuel handling. Period to period variances in fuel expense per MWh are noticeably impacted by these fixed charges when generation output is substantially different between the periods.

Fuel expense decreased $22.8 million, or 25 percent, in the first quarter of 2025 compared with the same period of 2024, primarily due to a 19 percent decrease in the total average cost per MWh from all sources and a 7 percent decrease in MWh generated from steam and natural gas generation. Hydropower generation increased 21 percent during the first three months of 2025, compared with the same period of 2024, which reduced utilization of steam and natural gas generation to serve load and provide power for wholesale energy sales.

Included in fuel expense are losses and gains on settled financial gas hedges entered into in accordance with Idaho Power's energy risk management policy. For the first quarters of 2025 and 2024, losses on financial gas hedges of $12.2 million and $24.1 million, respectively, increased natural gas fuel expense. Most of these realized hedging losses and gains are passed on to customers through the power cost adjustment mechanisms described below.

Power Cost Adjustment Mechanisms: Idaho Power's power supply costs (primarily purchased power and fuel expense, less wholesale energy sales) can vary significantly from year to year. Volatility of power supply costs arises from factors such as weather conditions, wholesale market prices, volumes of power purchased and sold in the wholesale markets, Idaho Power's hydropower and thermal generation volumes and fuel costs, generation plant availability, and retail loads. To address the volatility of power supply costs, Idaho Power's power cost adjustment mechanisms in the Idaho and Oregon jurisdictions allow Idaho Power to recover from customers, or refund to customers, most of the fluctuations in power supply costs. In the Idaho jurisdiction, the PCA includes a cost or benefit sharing ratio that allocates the deviations in net power supply expenses between customers (95 percent) and Idaho Power (5 percent), with the exception of PURPA power purchases and demand response program incentives, which are allocated 100 percent to customers. The Idaho deferral period, or 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. However, the IPUC directed Idaho Power to spread recovery of the March 31, 2023 PCA deferral balance over a two-year period from June 1, 2023 to May 31, 2025. Because of the power cost adjustment mechanisms, the primary financial impact of power supply cost variations is that cash is paid out but recovery from customers does not occur until a future period, or cash that is collected is refunded to customers in a future period, resulting in fluctuations in operating cash flows from year to year.

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The table below presents the components of the Idaho and Oregon power cost adjustment mechanisms for the three months ended March 31, 2025 and 2024 (in thousands).


	Three months ended March 31,
	2025		2024
Idaho power supply cost accrual	$	29,443	$	922
Oregon power supply cost deferral	(2,657)		(528)
Amortization of prior year authorized balances	20,899		21,969
Total power cost adjustment (income statement)	$	47,685	$	22,363

The power supply accruals (deferrals) represent the portion of the power supply cost fluctuations accrued (deferred) under the power cost adjustment mechanisms. When actual power supply costs are lower than the amount forecasted in power cost adjustment rates, most of the difference is accrued as an increase to a regulatory liability or decrease to a regulatory asset. When actual power supply costs are higher than the amount forecasted in power cost adjustment rates, most of the difference is deferred as an increase to a regulatory asset or decrease to a regulatory liability. During the first quarter of 2025, purchased power costs led to lower actual power supply costs compared with the forecasted amount, which resulted in an accrual of power supply costs by the mechanism. The amortization of the prior year’s balances represents the offset to the amounts being collected or refunded in the current power cost adjustment year that were deferred or accrued in the prior PCA year (the balancing adjustment component of the power cost adjustment mechanism).

Other O&M Expenses: Other O&M expenses in the first quarter of 2025 were $7.2 million higher than the first quarter of 2024, partially related to an approximate $3.2 million increase in wildfire mitigation program and related insurance expenses. In addition, other O&M expenses increased $1.8 million due to a decrease in grant funding received for maintenance work in the first quarter of 2025 as compared with the first quarter of 2024. Inflationary pressures on labor-related costs also contributed to the increase in other O&M expenses.

Income Taxes

IDACORP's and Idaho Power's income tax expense decreased $6.9 million and $7.6 million, respectively, for the three months ended March 31, 2025, when compared with the same period in 2024, primarily due to increased ADITC amortization from the regulatory mechanism described in Note 3 – “Regulatory Matters” to the condensed consolidated financial statements included in this report. For information relating to IDACORP's and Idaho Power's computation of income tax expense, see Note 2 - "Income Taxes" to the condensed consolidated financial statements included in this report.

LIQUIDITY AND CAPITAL RESOURCES

Overview

Idaho Power funds its liquidity needs for capital expenditures through cash flows from operations, debt offerings, commercial paper markets, credit facilities, and capital contributions from IDACORP. Idaho Power periodically files for rate adjustments for recovery of operating costs and capital investments to provide the opportunity to align Idaho Power's earned returns with those allowed by regulators.

As of April 25, 2025, IDACORP's and Idaho Power's access to debt, equity, and credit arrangements included the following:

•their respective $100 million and $400 million revolving credit facilities;

•their issuance of commercial paper, with program sizes of $100 million and $300 million, respectively. Idaho Power's commercial paper program may be increased up to the $400 million capacity of its credit facility;

•IDACORP's shelf registration statement filed with the SEC on February 21, 2025, which may be used for the issuance of debt securities and common stock, including a remaining aggregate gross sales price of up to $155 million in shares of IDACORP common stock available for issuance through its ATM offering program;

•IDACORP's executed FSAs under its ATM offering program, which may be physically settled with common stock in exchange for net proceeds, which as of April 25, 2025, would have been approximately $144 million; and

•Idaho Power's shelf registration statement filed with the SEC on February 21, 2025, which may be used for the issuance of first mortgage bonds and other debt securities; $500 million remains available for issuance pursuant to state regulatory authority.

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IDACORP uses original issuances of shares for the IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan and also intends to use original issuances for share purchases within the Idaho Power Company Employee Savings Plan beginning in the second half of 2025. IDACORP may discontinue using original issuances of shares for these plans at any time.

During 2025, IDACORP executed FSAs under its ATM offering program with various counterparties, at an aggregate gross sales price of $52 million. For more detailed information about IDACORP's equity transactions, see below in this MD&A and Note 6 - "Common Stock" to the condensed consolidated financial statements included in this report.

Further, during 2025, Idaho Power issued $400 million in first mortgage bonds and repaid approximately $20 million in maturing variable rate bonds. For more detailed information about Idaho Power's long-term debt transactions, see Note 5 - "Long-Term Debt" to the condensed consolidated financial statements included in this report.

The proceeds from these issuances of common stock and first mortgage bonds are expected to be used for general corporate purposes, including funding Idaho Power's capital projects.

IDACORP and Idaho Power monitor capital markets with a view toward favorable debt and equity transactions, taking into account current and potential future long-term needs. As a result, IDACORP may issue debt securities or common stock, and Idaho Power may issue first mortgage bonds or other debt securities, if the companies believe terms available in the capital markets are favorable and that issuances would be financially prudent. IDACORP may also elect to issue common stock, from time to time, under its ATM offering program, depending on market conditions and capital needs. Idaho Power also periodically analyzes whether partial or full early redemption of one or more existing outstanding series of first mortgage bonds is desirable, and in some cases, may refinance indebtedness with new indebtedness.

Based on planned capital expenditures and other O&M expenses, the companies believe they will be able to meet capital and debt service requirements and fund corporate expenses during at least the next twelve months and thereafter for the foreseeable future with a combination of existing cash, operating cash flows generated by Idaho Power's utility business, availability under existing credit facilities, access to commercial paper, short-term and long-term debt markets, and equity issuances.

IDACORP and Idaho Power generally seek to maintain capital structures of approximately 50 percent debt and 50 percent equity. Maintaining this ratio influences IDACORP's and Idaho Power's debt and equity issuance decisions. As of March 31, 2025, IDACORP's and Idaho Power's capital structures, as calculated for purposes of applicable debt covenants, were as follows:


	IDACORP	Idaho Power
Debt	51%	53%
Equity	49%	47%

IDACORP and Idaho Power generally maintain their cash and cash equivalents in highly liquid investments, such as U.S. Treasury Bills, money market funds, and bank deposits.

At March 31, 2025, IDACORP and Idaho Power believed they were in compliance with all credit facility and long-term debt covenants. Further, IDACORP and Idaho Power do not anticipate they will be in violation or breach of their respective debt covenants during 2025.

Operating Cash Flows

IDACORP's and Idaho Power's principal sources of cash flows from operations are Idaho Power's sales of electricity and transmission capacity. Significant uses of cash flows from operations include the purchase of fuel and power, other operating expenses, interest, income taxes, and plan contributions. Operating cash flows can be significantly influenced by factors such as weather conditions, rates and the outcome of regulatory proceedings, and economic conditions. As fuel and purchased power are significant uses of cash, Idaho Power has regulatory mechanisms in place that provide for the deferral and recovery of the majority of the fluctuation in those costs. However, if actual costs rise above the level currently allowed in retail rates, deferral balances increase (reflected as a regulatory asset), negatively affecting operating cash flows until such time as those costs, with interest, are recovered from customers.

IDACORP’s and Idaho Power’s operating cash inflows for the three months ended March 31, 2025, were $124 million and $111 million, respectively, an increase in cash flows from operations of $15 million for IDACORP and $4 million for Idaho Power, when compared with the same period in 2024. With the exception of cash flows related to income taxes, IDACORP's

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operating cash flows are principally derived from the operating cash flows from Idaho Power. Significant items that affected the companies' operating cash flows in the first three months of 2025 when compared with the same period in 2024 were as follows:

•an $11 million increase in IDACORP and Idaho Power net income;

•changes in regulatory assets and liabilities, mostly related to the relative amounts of costs deferred and collected under the PCA and FCA mechanisms, increased IDACORP and Idaho Power operating cash flows by $36 million;

•changes in deferred taxes and taxes accrued and receivable combined to increase operating cash flows for IDACORP by $2 million and decrease operating cash flows for Idaho Power by $8 million;

•changes in distributions from equity-method investments from IERCo, a wholly-owned subsidiary of Idaho Power, decreased IDACORP and Idaho Power operating cash flows by $3 million, which was due to the timing and amount of the subsidiary's funding decisions; and

•changes in working capital balances due primarily to timing, including fluctuations as follows:

◦the timing of collections of accounts receivable and unbilled revenues decreased operating cash flows by $27 million for IDACORP and $28 million for Idaho Power,

◦the changes in materials, supplies, and fuel stock increased operating cash flows by $18 million for IDACORP and Idaho Power, which was due to the timing of purchases and consumption of materials and supplies inventory at Idaho Power, and coal at Idaho Power's jointly-owned coal-fired generating plants; and

◦the changes in other assets and liabilities decreased operating cash flows by $25 million for IDACORP and Idaho Power. This decrease was primarily due to changes in accrued paid time off and leave, deferred revenue from renewable energy credit sale agreements, accrued interest, utility property removal cost and salvage activities, and customer deposits, partially offset by performance assurance collateral activity for margin agreements relating to wholesale commodity contracts.

Investing Cash Flows

Investing activities consist primarily of capital expenditures related to new construction of, and improvements to, Idaho Power’s power supply, transmission, and distribution facilities. IDACORP’s and Idaho Power’s net investing cash outflows for the three months ended March 31, 2025, were $183 million and $177 million, respectively, decreasing cash outflow by $52 million for IDACORP and by $57 million for Idaho Power when compared with the same period in 2024. Investing cash outflows for 2025 and 2024 were primarily for construction of utility infrastructure needed to address Idaho Power’s customer growth and peak resource needs, aging plant and equipment, and environmental and regulatory compliance requirements. Investing cash outflows were partially offset in 2025 and 2024 by reimbursements from a B2H project joint permitting participant relating to a portion of the permitting expenditures.

Financing Cash Flows

Financing activities primarily provide supplemental cash for both day-to-day operations and capital requirements, as needed. IDACORP's and Idaho Power's net financing cash inflows for the three months ended March 31, 2025, were $324 million and $326 million, respectively, an increase of $369 million for IDACORP and Idaho Power when compared with the same period in 2024. IDACORP and Idaho Power financing cash inflows for 2025 were primarily related to Idaho Power's net proceeds from the issuance of first mortgage bonds, partially offset by the repayment of variable rate bonds and dividend payments. Idaho Power funds liquidity needs for capital investment, working capital, managing commodity price risk, dividends, and other financial commitments through cash flows from operations, debt offerings, commercial paper markets, credit facilities, and capital contributions from IDACORP. IDACORP funds its cash requirements, such as payment of taxes, payment of dividends, capital contributions to Idaho Power, and non-utility expenses allocated to IDACORP, through cash flows from operations, commercial paper markets, sales of common stock, and credit facilities.

Financing Programs and Available Liquidity

IDACORP Equity Programs: In March 2025, IDACORP executed FSAs under its ATM offering program with various counterparties, at an aggregate gross sales price of $52 million. At March 31, 2025, IDACORP's cumulative aggregate gross sales price of executed and outstanding FSAs under its ATM offering program was $145 million, and $155 million in shares of IDACORP’s common stock remained available for issuance. IDACORP may settle the FSAs at any time up to their respective maturity dates of approximately one year following execution. If IDACORP had elected to physically settle the FSAs as of April 25, 2025, by delivering shares of common stock, cash proceeds would have been approximately $144 million. Actual cash proceeds, if any, for settlement of the FSAs will depend on the method and timing IDACORP elects for settlement. For more detailed information about IDACORP's equity transactions, see Note 6 - "Common Stock" to the condensed consolidated

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financial statements included in this report. Depending on market conditions, its financial and regulatory strategy, and other factors, IDACORP could determine to issue additional equity securities in 2025.

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 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. At March 31, 2025, $500 million remained available for debt issuance under the regulatory orders. For more detailed information about Idaho Power First Mortgage Bonds, see Note 5 - "Long-term Debt" to the condensed consolidated financial statements included in this report.

Available Short-Term Borrowing Liquidity

The table below outlines available short-term borrowing liquidity as of the dates specified (in thousands).


	March 31, 2025				December 31, 2024
	IDACORP(2)		Idaho Power		IDACORP(2)		Idaho Power
Revolving credit facility	$	100,000	$	400,000	$	100,000	$	400,000
Commercial paper outstanding	—		—		—		—
Identified for other use(1)	—		—		—		(19,885)
Net balance available	$	100,000	$	400,000	$	100,000	$	380,115

(1) American Falls bonds that Idaho Power could have been required to purchase prior to maturity under the optional or mandatory purchase provisions of the bonds, if the remarketing agent for the bonds were unable to sell the bonds to third parties. The American Falls bonds were repaid in full on February 3, 2025.

(2) Holding company only.

On April 25, 2025, IDACORP and Idaho Power had no loans outstanding under their revolving credit facilities and had no commercial paper outstanding.

Impact of Credit Ratings on Liquidity and Collateral Obligations

IDACORP’s and Idaho Power’s access to capital markets, including the commercial paper market, and their respective financing costs in those markets, depend in part on their respective credit ratings. There have been no changes to IDACORP's or Idaho Power's ratings by Standard & Poor’s Ratings Services or Moody’s Investors Service from those included in the 2024 Annual Report. However, any rating can be revised upward or downward or withdrawn at any time by a rating agency if it decides that the circumstances warrant the change.

Idaho Power maintains margin agreements relating to its wholesale commodity contracts that allow performance assurance collateral to be requested of and/or posted with certain counterparties, which are discussed further in Part I - Item 3 "Quantitative and Qualitative Disclosures About Market Risk" included in this report.

Capital Requirements

Idaho Power's cash capital expenditures, excluding AFUDC, were $194 million during the three months ended March 31, 2025. The table below presents Idaho Power's estimated accrual-basis additions to property, plant, and equipment for 2025 (including amounts incurred to-date) through 2029 (in billions of dollars). The amounts in the table exclude AFUDC but include net costs of removing assets from service that Idaho Power expects would be eligible to be included in rate base in future rate case proceedings. Given the uncertainty associated with the timing of infrastructure projects and associated expenditures, actual expenditures and their timing could deviate substantially from those set forth in the table. The timing and amount of actual constructed projects and capital expenditures could be affected by Idaho Power’s ability to timely obtain labor or materials at reasonable costs, supply chain disruptions and delays, permitting, legal processes, regulatory determinations, inflationary pressures, macroeconomic conditions, tariffs, or other issues, including those described below.


	2025	2026	2027-2029
Expected capital expenditures (excluding AFUDC), in billions of dollars	$1.00-$1.10	$1.25-$1.35	$3.10-$3.60

Major Infrastructure Projects: Idaho Power is engaged in the development of a number of significant projects and has entered into arrangements with third parties concerning joint infrastructure development. The discussion below provides a summary of

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developments in certain of those projects since the discussion of these matters included in Part II, Item 7 - MD&A - "Capital Requirements" in the 2024 Annual Report. The discussion below should be read in conjunction with that report.

Resource Additions to Address Projected Energy and Capacity Deficits: Idaho Power's existing and sustained growth in customers, load, and peak demand for electricity, along with transmission constraints, has created the need for Idaho Power to acquire significant generation, transmission, and storage resources to meet energy and capacity needs over the next several years. To help meet peak needs in 2025 through 2027, Idaho Power entered into:

•contracts or plans to purchase, own, and operate 330 MW of battery storage assets with expected useful lives of approximately 20 years;

•a contract to purchase and own a 300 MW wind facility;

•two 20-year agreements to purchase the storage capacity from battery storage facilities totaling 250 MW;

•an energy and capacity market purchase agreement with an energy marketer giving Idaho Power the right to acquire 200 MW on a daily basis during summer months beginning in 2026 for a term of at least five years;

•a PPA for 300 MW output of a planned third-party wind facility; and

•four PPAs for the combined 745 MW output of planned third-party solar facilities. Idaho Power plans to sell the output of three of these solar PPAs totaling 645 MW exclusively to a large industrial customer pursuant to an agreement under Idaho Power’s Clean Energy Your Way program.

The capital requirements table above includes capital expenditures of more than $1.1 billion from 2025 through 2027 for resource additions to address projected energy and capacity deficits in those years. To help address the additional capacity deficits projected for 2027 and beyond, Idaho Power continues to evaluate its RFP for additional resources. Depending on factors such as RFP results, the timing of project in-service dates, estimated load and resource balances and customer growth, the nature and quantity of resources owned versus acquired under PPAs or similar agreements, and the outcome of regulatory proceedings, actual expenditures and their timing could deviate substantially from Idaho Power's expected expenditures.

B2H Transmission Line: The B2H line, a planned 300-mile, high-voltage transmission project between a substation near Boardman, Oregon, and the Hemingway substation near Boise, Idaho, will provide transmission service to meet future resource needs. Material procurement is in process and long-lead-time materials are arriving in Oregon. Idaho Power expects construction will begin in 2025 and expects the in-service date for the transmission line will be no earlier than 2027.

As more fully described in the 2024 Annual Report, Idaho Power's ownership interest in the project is approximately 45 percent. Idaho Power has spent approximately $431 million, including Idaho Power's AFUDC, on the B2H project through March 31, 2025. Pursuant to the terms of the joint funding arrangements, Idaho Power has received $225 million in reimbursement as of March 31, 2025, from project co-participants for their share of costs and continues to receive reimbursement as costs are incurred. PacifiCorp is obligated to reimburse Idaho Power for its share of any future project permitting expenditures or agreed-upon early construction expenditures incurred by Idaho Power under the terms of the joint funding agreement. Idaho Power and PacifiCorp operate under a construction funding agreement filed with the FERC.

The permitting phase of the B2H project was subject to federal review and approval by various federal agencies. Federal agency records of decision have been received and all lawsuits challenging the federal rights-of-way have been resolved. However, Idaho Power has not yet received the required approval to construct from the applicable federal agencies.

In the separate State of Oregon permitting process, the state's EFSC approved Idaho Power's site certificate in September 2022. The Oregon Department of Energy subsequently issued a final order and site certificate. Idaho Power pursued two amendments to the site certificate to accommodate route changes, many of which are for the benefit of landowners along the route, and to enhance constructability. In September 2023, EFSC approved Idaho Power's first amendment request. The Union County Circuit Court dismissed a subsequent effort to contest the amendment approval in October 2024. Separately, in August 2024, EFSC approved Idaho Power's second amendment request. The approval of the second amendment was contested. On March 27, 2025, the Oregon Supreme Court upheld the EFSC approval of the second amendment to the site certificate. During the second quarter of 2023, the IPUC, OPUC, and WPSC granted Idaho Power and PacifiCorp their respective CPCNs related to the construction of the B2H project.

Total cost estimates for the project are between $1.5 billion and $1.7 billion, including Idaho Power's AFUDC. The capital requirements table above includes approximately $500 million of Idaho Power's share of estimated costs (excluding AFUDC) related to the remaining permitting phase, design, material procurement, and construction phases of the project. Actual construction costs could differ from Idaho Power's estimates based upon Idaho Power's or its contractors' ability to timely

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obtain labor or materials at reasonable costs, supply chain disruptions and delays, inflationary pressures, tariffs, macroeconomic conditions, or other issues.

GWW Transmission Line: Idaho Power and PacifiCorp are pursuing the joint development of the GWW project, a high-voltage transmission line project between a substation located near Douglas, Wyoming, and the Hemingway substation located near Boise, Idaho. In 2012, Idaho Power and PacifiCorp entered into a joint funding agreement for permitting of the project.

The permitting phase of the GWW project was subject to review and approval of the Bureau of Land Management (BLM). The BLM has published its records of decision for all segments of the transmission line. In 2020 and 2024, PacifiCorp completed construction and commissioned segments of its portion of the project in Wyoming. In March 2023, PacifiCorp initiated the pre-construction phase of 620 miles of 500-kV transmission line from the Populus substation near Downey, Idaho, to the Hemingway substation near Boise, Idaho. Current permitting and pre-construction activities are focused on the section of line between the Hemingway substation and the Midpoint substation near Jerome, Idaho. Idaho Power expects the in-service date for this section of line or a portion of this section will be 2028 or later. Idaho Power and PacifiCorp continue to coordinate the timing of next steps to best meet customer and system needs including potentially modifying the ownership structure of a few segments of the project.

Idaho Power has expended approximately $71 million, including Idaho Power's AFUDC, for its share of the permitting phase of the project through March 31, 2025. As of the date of this report, Idaho Power estimates the total cost for its share of the project (including both permitting and construction) to be between $900 million and $1.1 billion, including Idaho Power's AFUDC. The estimated cost range is based on assumptions about Idaho Power participation levels in the construction of certain project segments, and any changes in those assumptions or in Idaho Power's actual participation could affect future estimates and actual project costs. The capital requirements table above includes approximately $615 million of Idaho Power's share of estimated costs (excluding AFUDC) for the permitting phase of the project and early construction costs, based on Idaho Power's current estimate that it may commence construction of applicable segments during that time period. Actual construction costs could differ from Idaho Power's estimates based upon the ability of Idaho Power, PacifiCorp, or their respective contractors to timely obtain labor or materials at reasonable costs, supply chain disruptions and delays, inflationary pressures, tariffs, macroeconomic conditions, or other issues.

SWIP-N Transmission Line: In February 2025, Idaho Power entered into a commitment to become a partial owner of SWIP-N, a planned 285-mile, high-voltage transmission line between the Robinson Summit Substation near Ely, Nevada, and the Midpoint Substation near Jerome, Idaho. Upon the project being placed into service, the applicable agreements provide that Idaho Power will purchase an approximate 11 percent ownership interest in the project, entitling Idaho Power to approximately 11 percent of the total capacity of the SWIP-N line. In addition, Idaho Power entered into a capacity entitlement agreement entitling Idaho Power to approximately 11 percent of additional capacity on the SWIP-N line over a 40-year term commencing upon the project being placed in service. Idaho Power expects construction of the project to commence as early as 2025 and take approximately two years to complete. Idaho Power is responsible for approximately 11 percent of the total costs to develop and construct the project. The capital requirements table above includes Idaho Power's share of the costs to develop and construct the project. The project agreements do not require Idaho Power to incur any costs to purchase its ownership interest or begin paying for capacity under the capacity entitlement agreement until the line is in service. Idaho Power has an option to purchase the ownership interest associated with such capacity entitlement upon expiration of the 40-year term.

Jackalope Wind Project: In October 2024, Idaho Power entered into agreements with a counterparty and certain of its affiliates to develop the Jackalope Project, which consists of (i) a 35-year PPA between Jackalope Wind, LLC and Idaho Power, supplying approximately 300 MW of generation to Idaho Power's system from a wind-powered generation facility located in Sweetwater County, Wyoming, and (ii) a co-located wind turbine generator power plant to be owned by Idaho Power, providing approximately 300 MW of generation. The capital requirements table above includes Idaho Power's share of the costs to develop and construct the project but does not include any of the expected costs of the PPA. As of the date of this report, Idaho Power expects the Jackalope Project to begin operations in 2027.

Defined Benefit Pension Plan Contributions

Idaho Power has no minimum contribution requirement to its defined benefit pension plan in 2024, and during the three months ended March 31, 2025, Idaho Power made no contributions. Idaho Power is considering contributing up to $30 million in a continued effort to balance the regulatory collection of these expenditures with the amount and timing of contributions, as well as to mitigate the cost of being in an underfunded position. The primary impact of pension contributions is on the timing of cash flows, as the timing of cost recovery lags behind contributions.

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Contractual Obligations

IDACORP’s and Idaho Power’s contractual cash obligations have not materially changed during the three months ended March 31, 2025, except as disclosed in Note 5 – “Long-Term Debt” and Note 8 – “Commitments” to the condensed consolidated financial statements included in this report.

Dividends

The amount and timing of dividends paid on IDACORP’s common stock are within the discretion of IDACORP’s board of directors. IDACORP's board of directors reviews the dividend rate periodically to determine its appropriateness in light of IDACORP’s current and long-term financial position and results of operations, capital requirements, rating agency considerations, contractual and regulatory restrictions, legislative and regulatory developments affecting the electric utility industry in general and Idaho Power in particular, competitive conditions, and any other factors the board of directors deems relevant. The ability of IDACORP to pay dividends on its common stock is generally dependent upon dividends paid to it by its subsidiaries, primarily Idaho Power.

For additional information relating to IDACORP and Idaho Power dividends, including restrictions on IDACORP’s and Idaho Power’s payment of dividends, see Note 6 - “Common Stock” to the condensed consolidated financial statements included in this report.

Off-Balance Sheet Arrangements

IDACORP's and Idaho Power's off-balance sheet arrangements have not changed materially from those reported in the MD&A in the 2024 Annual Report.

REGULATORY MATTERS

Introduction

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. 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 Federal Power Act, Idaho Power has authority to charge market-based rates for wholesale energy sales under its FERC tariff and to provide transmission services under its Open Access Transmission Tariff. Additionally, the FERC has jurisdiction over Idaho Power's sales of transmission capacity and wholesale electricity, hydropower project relicensing, and system reliability, among other items.

Idaho Power develops its regulatory filings taking into consideration short-term and long-term needs for rate relief and several other factors that can affect the structure and timing of those filings. These factors include in-service dates of major capital investments, the timing and magnitude of changes in major revenue and expense items, and customer growth rates, as well as other factors.

Idaho Power's most recently concluded general rate case in Idaho was resolved by the IPUC's approval of the 2023 Settlement Stipulation in December 2023 for rates that went into effect for Idaho-jurisdiction customers on January 1, 2024. In 2024, Idaho Power also filed a limited-issue rate case in Idaho, the 2024 Idaho Limited-Issue Rate Case, which the IPUC resolved through its order issued in December 2024 for rates that went into effect for Idaho-jurisdiction customers on January 1, 2025. Idaho Power's most recently concluded general rate case in Oregon was resolved by the OPUC's approval of settlement stipulations in September 2024 for rates that went into effect for Oregon-jurisdiction customers on October 15, 2024. Refer to Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2024 Annual Report for additional information relating to the 2023 Idaho general rate case, 2024 Idaho Limited-Issue Rate Case, and Oregon general rate case. In March 2025, Idaho Power provided notice to the IPUC of its intent to file a general rate case in Idaho on or after May 30, 2025.

Between general rate cases, Idaho Power relies upon customer growth, an FCA mechanism, power cost adjustment mechanisms, tariff riders, limited-issue rate proceedings, and other mechanisms to mitigate the impact of regulatory lag, which refers to the period of time between making an investment or incurring an expense and recovering that investment or expense and earning a return.

The outcomes of significant proceedings are described in part in this report and further in the 2024 Annual Report. In addition to the discussion below, which includes notable regulatory developments since the discussion of these matters in the 2024

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Annual Report, refer to Note 3 - "Regulatory Matters" to the condensed consolidated financial statements included in this report for additional information relating to Idaho Power's regulatory matters and recent regulatory filings and orders.

Notable Pending Retail Rate or Revenue Changes

During 2025, Idaho Power has filed applications requesting orders authorizing the rate or revenue changes summarized in the table below.

Description

Status

Estimated Impact(1)

Notes

PCA - Idaho

Filed April 15, 2025; pending

$94.8 million PCA decrease for the period from June 1, 2025 to May 31, 2026

The income statement impact of revenue changes associated with the PCA mechanism is largely offset by associated increases and decreases in actual power supply costs and amortization of deferred power supply costs. The rate decrease primarily reflects a decrease in the balancing adjustment, which is due primarily to the completed recovery of the 2023 balancing adjustment, which was recovered over two years.

FCA - Idaho

Filed March 14, 2025; pending

$40.7 million FCA decrease for the period from June 1, 2025 to May 31, 2026

The FCA is designed to remove a portion of Idaho Power’s financial disincentive to invest in energy efficiency programs by partially separating (or decoupling) the recovery of fixed costs from the volumetric kilowatt-hour charge and instead linking it to a set amount per customer.

APCU - Oregon

Filed March 24, 2025; pending

$1.1 million APCU decrease for the period from June 1, 2025 to May 31, 2026

The rate decrease reflects a decrease in expected net power supply expense for the March 2025 APCU forecast combined with an increase in normalized net power supply expense for the October 2024 APCU.

HCC - Idaho

Filed March 14, 2025; pending

$29.7 million annual increase, effective June 1, 2025

The requested adjustment is to increase cash collection of AFUDC associated with the HCC relicensing project.

(1) The annual amount collected in rates is typically not recovered on a straight-line basis (i.e., 1/12th per month), and is instead recovered in proportion to retail sales volumes.

Idaho Earnings Support and Sharing from Idaho Settlement Stipulation

The 2018 Settlement Stipulation and the 2023 Settlement Stipulation are each described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2024 Annual Report. The 2023 Settlement Stipulation modified the 2018 Settlement Stipulation in part. IDACORP and Idaho Power believe that the terms allowing additional amortization of ADITC in the settlement stipulations provide the companies with a greater degree of earnings stability than would be possible without the terms of the stipulations in effect. Based on its estimate of full-year 2025 Idaho ROE, in the first quarter of 2025, Idaho Power recorded $19.3 million in additional ADITC amortization under the settlement stipulations.

Change in Deferred (Accrued) Net Power Supply Costs and the Power Cost Adjustment Mechanisms

Deferred (accrued) power supply costs represent certain differences between Idaho Power's actual net power supply costs and the costs included in its retail rates, the latter being based on annual forecasts of power supply costs. Deferred (accrued) power supply costs are recorded on the balance sheets for future recovery or refund through customer rates.

Idaho Power's power cost adjustment mechanisms in its Idaho and Oregon jurisdictions address the volatility of power supply costs and provide for annual adjustments to the rates charged to retail customers. The power cost adjustment mechanisms and associated financial impacts are described further in "Results of Operations" in this MD&A and in Note 3 - "Regulatory Matters" to the condensed consolidated financial statements included in this report.

With the exception of power supply expenses incurred under PURPA, expenses under export credit mechanisms, and certain demand response program costs that are passed through to customers substantially in full, the PCA mechanism allows Idaho Power to pass through to customers 95 percent of the differences in actual net power supply expenses as compared with base net power supply expenses, whether positive or negative. Thus, the primary financial statement impact of power supply cost deferrals or accruals is that the timing of when cash is paid out for power supply expenses differs from when those costs are recovered from customers, impacting operating cash flows from year to year.

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The following table summarizes the change in deferred (accrued) net power supply costs during the three months ended March 31, 2025 (in millions).


	Idaho		Oregon		Total
Balance at December 31, 2024	$	18.5	$	(3.9)	$	14.6
Current period net power supply costs (accrued) deferred	(29.4)		2.7		(26.7)

Prior amounts (collected) refunded through rates	(21.1)		0.1		(21.0)
Renewable energy credit sales	(19.6)		(0.8)		(20.4)
Interest and other	0.1		0.1		0.2
Balance at March 31, 2025	$	(51.5)	$	(1.8)	$	(53.3)

Integrated Resource Plan and Resource Procurement Filings

Idaho Power filed its most recent IRP with the IPUC and OPUC in September 2023 and expects to file its next IRP in June 2025. The 2023 IRP, which was acknowledged by the IPUC in June 2024 and by the OPUC in August 2024, identified the need for resources to meet projected capacity deficits in the near-term.

In August 2024, the OPUC issued an order approving Idaho Power's final RFP to procure resources for its anticipated energy and capacity needs in 2028 and beyond. Idaho Power issued the RFP in August 2024 soliciting resources with a commercial operation date (COD) no later than April 1, 2028 (2028 bids), as well as bids with a COD after April 1, 2028 (beyond 2028 bids). In March 2025, the OPUC acknowledged the final shortlist of 2028 bids in the RFP, subject to certain conditions. Idaho Power has received and is currently evaluating beyond 2028 bids.

In December 2024, Idaho Power filed an application with the IPUC for the Jackalope Project, one of the bids from an RFP to procure resources for its anticipated energy and capacity needs in 2027. The Jackalope Project consists of (i) a 35-year PPA between Jackalope Wind, LLC and Idaho Power, supplying approximately 300 MW of generation to Idaho Power's system, and (ii) a wind turbine generator power plant to be owned by Idaho Power, providing approximately 300 MW of generation. In its application, Idaho Power requested that the IPUC approve the PPA and grant a CPCN for the wind turbine generator power plant. Several parties have intervened in this case. As of the date of this report, the case remains pending.

Also in December 2024, Idaho Power filed an application with the IPUC to grant a CPCN for Idaho Power to acquire and own two battery storage facilities with a total of 100 MW of operating capacity to address Idaho Power's identified capacity deficiency in 2026. As of the date of this report, the case remains pending. These battery storage facilities are in addition to the 150 MW of battery storage to be acquired and owned by Idaho Power for which the IPUC approved a CPCN in November 2024.

In March 2025, Idaho Power filed an application with the IPUC to grant a CPCN for Idaho Power to acquire an ownership interest, including the rights to 250 MW of northbound capacity, in SWIP-N, a planned 285-mile, high-voltage transmission line between the Robinson Summit Substation near Ely, Nevada, and the Midpoint Substation near Jerome, Idaho. In its application, Idaho Power also requested that the IPUC approve the company's utilization of an additional 250 MW of rights to northbound capacity on SWIP-N. As of the date of this report, the case remains pending.

In March 2025, Idaho Power filed an application with the IPUC for an order (1) approving the 20-year PPA with Crimson Orchard Solar LLC supplying the 100 MW output to Idaho Power, (2) approving the 20-year energy storage agreement (ESA) with Crimson Orchard Solar for 100 MW of dispatchable energy storage capacity, and (3) acknowledging the lease accounting necessary to facilitate the transaction and that the resulting expenses associated with both the PPA and the ESA are prudently incurred for ratemaking purposes. As of the date of this report, the case remains pending.

Large Customer Rate Proceedings

Brisbie, LLC (Brisbie) Data Center and Clean Energy Your Way Special Contract: In May 2023, the IPUC approved a special contract (Brisbie Special Contract) between Idaho Power and a large load customer, Brisbie, a wholly-owned subsidiary of Meta Platforms, Inc., for service to a new enterprise data center. The Brisbie Special Contract allows Idaho Power to procure enough renewable resources to provide Brisbie with 100 percent renewable energy on an annual basis for Brisbie's facility. In November 2024, Idaho Power filed for IPUC approval of a PPA for Brisbie with a 320 MW solar project to be online as early

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as December 2027. Idaho Power will assign the cost and renewable attributes of the energy from the solar facility to Brisbie in accordance with the Brisbie Special Contract. As of the date of this report, the IPUC's decision regarding the PPA is pending.

Micron Fab Special Contract: In December 2024, Idaho Power filed an application with the IPUC for approval of a special contract for electric service for Micron Idaho Semiconductor Manufacturing (Triton) LLC, a subsidiary of Micron, for electric service for Micron's new memory manufacturing fabrication complex located in Boise. The special contract anticipates a significant increase in load on Idaho Power's system that will ramp over a number of years beginning in 2026. Following the intervention of several parties, the IPUC directed IPUC staff to propose a schedule for the case, including a technical hearing. As of the date of this report, the case remains pending.

Relicensing of Hydropower Projects

HCC Relicensing: In connection with Idaho Power's major efforts to relicense the HCC, Idaho Power's largest hydropower complex, as described in more detail in the 2024 Annual Report in Part II, Item 7 - MD&A – "Liquidity and Capital Resources" and "Regulatory Matters," in July 2020, Idaho Power submitted to the FERC its supplement to the final license application, incorporating the settlement agreement reached between Idaho and Oregon on the CWA Section 401 certifications. The supplement included feedback on proposed modifications of the 2007 final EIS for the HCC, as well as an updated cost analysis of the HCC and a request that the FERC issue a 50-year license and initiate a supplemental NEPA process at the FERC. In June 2022, the FERC issued a notice of intent to prepare a supplemental EIS in accordance with NEPA. The FERC also reinstated informal consultation with the U.S. Fish and Wildlife Service and the National Marine Fisheries Service under section 7 of the Endangered Species Act. In April 2025, the FERC issued an updated schedule for the supplemental EIS with target dates for issuance of the draft and final supplemental EIS of September 2025 and May 2026, respectively.

Relicensing costs of $507 million (including AFUDC) for the HCC were included in construction work in progress at March 31, 2025. As of the date of this report, the IPUC authorizes Idaho Power to include in its Idaho jurisdiction rates approximately $8.8 million of AFUDC annually relating to the HCC relicensing project. Collecting these amounts currently will reduce future collections when HCC relicensing costs are approved for recovery in base rates. As of March 31, 2025, Idaho Power's regulatory liability for collection of AFUDC relating to the HCC was $257 million. As discussed above, on March 14, 2025, Idaho Power filed an application with the IPUC to increase the annual cash collection of AFUDC associated with relicensing of the HCC project by $29.7 million effective June 1, 2025. This application is still pending.

As of the date of this report, Idaho Power believes issuance of a new HCC license by the FERC will be in 2027 or thereafter. Idaho Power is unable to predict the exact timing that the FERC will issue a new license or the ultimate capital investment and ongoing operating and maintenance costs Idaho Power will incur in complying with a new license. Idaho Power estimates that the annual costs it will incur to obtain a new long-term license for the HCC, including AFUDC but excluding costs expected to be incurred for complying with the license after issuance, are likely to range from $35 million to $45 million until issuance of the license. Upon issuance of a long-term license, Idaho Power expects that the annual capital expenditures and operating and maintenance expenses associated with compliance with the terms and conditions of the long-term license could also be substantial. In December 2016, Idaho Power filed an application with the IPUC requesting a determination that Idaho Power's expenditures of $220.8 million through year-end 2015 on relicensing of the HCC were prudently incurred, and thus eligible for future inclusion in retail rates in a future rate proceeding. In April 2018, the IPUC issued an order approving a settlement stipulation signed by Idaho Power, the IPUC staff, and a third-party intervenor recognizing that a total of $216.5 million in expenditures were reasonably incurred, and therefore should be eligible for inclusion in customer rates at a later date.

American Falls Relicensing: In 2020, Idaho Power filed with the FERC a notice of intent to file an application to relicense the American Falls hydropower facility, which is Idaho Power's largest hydropower facility outside of the HCC, with a nameplate generating capacity of 92.3 MW and FERC authorized installed capacity of 67.5 MW. Idaho Power owns the generation facility but not the structural dam or reservoir, which are owned by the U.S. Bureau of Reclamation. Idaho Power filed the final relicensing application with the FERC in February 2023. In September 2023, Idaho Power filed an application for CWA Section 401 water quality certification with the Idaho Department of Environmental Quality. In September 2024, the Idaho Department of Environmental Quality issued a final CWA Section 401 water quality certification. In October 2024, FERC issued a revised notice of intent to prepare an environmental assessment, signaling that FERC staff did not anticipate that licensing the project would constitute a major federal action that would significantly affect the quality of the human environment. The FERC released its environmental assessment on January 16, 2025, which initiated a 30-day comment period. Three parties commented on the environmental assessment, and Idaho Power has responded to those comments.

Idaho Power's previous license at American Falls expired in February 2025. On March 3, 2025, the FERC issued Idaho Power an annual license on the same terms and conditions as its prior license. The annual license is effective until February 28, 2026,

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or until the FERC issues a new license for the American Falls facility. As of the date of this report, Idaho Power anticipates the FERC will issue a new license for this facility in 2025.

ENVIRONMENTAL MATTERS

Overview

Idaho Power is subject to a broad range of federal, state, regional, and local laws and regulations designed to protect, restore, and enhance the environment, including the Clean Air Act, the CWA, the Resource Conservation and Recovery Act, the Toxic Substances Control Act, the Comprehensive Environmental Response, Compensation and Liability Act, and the Endangered Species Act, among other laws. These laws are administered by a number of federal, state, and local agencies. In addition to imposing continuing compliance obligations and associated costs, these laws and regulations provide authority to regulators to levy substantial penalties for noncompliance, injunctive relief, and other sanctions. Idaho Power's co-owned coal-fired power plant, its co-owned coal- and gas-fired power plant, and its three wholly-owned natural gas-fired combustion turbine power plants are subject to many of these regulations. Idaho Power's hydropower projects are also subject to a number of water discharge standards and other environmental requirements.

Compliance with current and future environmental laws and regulations may:

•increase the operating costs of generating plants;

•increase the construction costs and lead time for new facilities;

•require the modification of existing generating plants, which could result in additional costs;

•require the curtailment, fuel-switching, or shut-down of existing generating plants;

•reduce the output from current generating facilities; or

•require the acquisition of alternative sources of energy or storage technology, increased transmission wheeling, or construction of additional generating facilities, which could result in higher costs.

Current and future environmental laws and regulations could significantly increase the cost of operating fossil fuel-fired generation plants and constructing new generation and transmission facilities, in large part through the substantial cost of permitting activities and the required installation of additional pollution control devices. In many parts of the United States, some higher-cost, high-emission coal-fired plants have ceased operation or the plant owners have announced a near-term cessation of operation or conversion to natural gas, as the cost of compliance makes coal plants uneconomical to operate. The decision to cease operation of the Boardman power plant in 2020 was based in part on the significant cost of compliance with environmental laws and regulations. The decision to end participation in coal-fired operations of one unit at the North Valmy plant was also based in part on the economics of continuing coal-fired generation at the plant. Beyond increasing costs generally, these environmental laws and regulations could affect IDACORP's and Idaho Power's results of operations and financial condition if the costs associated with these environmental requirements and early plant retirements cannot be fully recovered in rates on a timely basis.

Part I, Item 1 - "Business - Utility Operations - Environmental Regulation and Costs" in the 2024 Annual Report includes a summary of Idaho Power's expected capital and operating expenditures for environmental matters during the period from 2025 to 2027. Given the uncertainty of future environmental regulations and technological advances, Idaho Power cannot make near-term estimates with certainty and is also unable to predict its environmental-related expenditures beyond 2027, though they could be substantial.

A summary of notable environmental matters (including conditions and events associated with climate change) impacting, or expected to potentially impact, IDACORP and Idaho Power is included in Part II, Item 7 - MD&A - "Environmental Matters" and MD&A - "Liquidity and Capital Resources - Capital Requirements - Environmental Regulation Costs" in the 2024 Annual Report. Recent developments in certain environmental matters relevant to Idaho Power are described below.

EPA Proposed Regulatory Actions

In March 2025, the EPA announced a set of proposed regulatory actions relating to environmental laws and regulations, many of which will impact Idaho Power if they are implemented. The proposed regulatory actions relate to the following laws and regulations, among others: the EPA's 2009 endangerment finding regarding six greenhouse gases; the Clean Power Plan 2.0; the Mercury and Air Toxics Standards; the Greenhouse Gas Reporting Program; effluent limitations guidelines and standards for the Steam Electric Power Generating Industry; the National Ambient Air Quality Standards for Particulate Matter (PM2.5); the Regional Haze Program; the “Good Neighbor Plan” and related State Implementation Plans; the coal ash program; and the definition of "Waters of the United States," which impacts applicability of the CWA to certain wetlands and water bodies. The

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EPA has not yet taken official action on any of these items. Idaho Power will continue to actively monitor these proposals and any other pending or potential environmental regulations related to environmental matters that may have an impact on its future operations. Given uncertainties regarding the outcome and timing for these EPA proposals, Idaho Power is unable to estimate the impact on Idaho Power of any such proposals.

National Environmental Policy Act Matters

NEPA is a federal law that requires federal agencies to consider the environmental impacts of their actions and decisions. NEPA applies to Idaho Power’s transmission and distribution lines that are located on federal land, as well as other company activities involving federal actions. The Council on Environmental Quality (CEQ) under previous Presidential Administrations had issued guidance to federal agencies in issuing their own regulations regarding the implementation of NEPA for projects under their jurisdiction. However, in November 2024, the DC Circuit Court of Appeals ruled that the CEQ lacks the authority to issue binding regulations implementing NEPA (Marin Audubon Society v. Federal Aviation Administration). Subsequently, the current Presidential Administration issued Executive Order 14154, which revoked the CEQ’s authority to issue NEPA regulations and directed the CEQ to rescind all NEPA regulations. As a result, the CEQ issued an interim final rule in February 2025 to remove all CEQ NEPA implementing regulations. The interim final rule became effective on April 11, 2025. The impact that revocation of the CEQ’s NEPA regulations will have on agency-specific NEPA procedures is unclear, and as a result, Idaho Power is unable to predict what impact these actions will have on Idaho Power and its operations.

OTHER MATTERS

Executive Orders of the Current Presidential Administration

Since the start of the current Presidential Administration in January 2025, the Administration has released several executive orders that may impact Idaho Power. These executive orders include, but are not limited to, orders regarding tariffs, the electric grid, the coal industry, revocation of executive orders of prior Presidential Administrations, and other orders intended to regulate international trade, strengthen the U.S. energy industry, and/or promote deregulation, including with respect to environmental and energy-related regulations. The outcome of these executive orders and U.S. federal agencies' review of regulations covered by executive orders is difficult to predict.

In addition, the court system has become more active in reviewing Presidential and agency actions, resulting in even less certainty as to the outcome and durability of rules that are administratively implemented. Changes to or elimination of regulations may lower Idaho Power's costs of operating and maintaining fossil fuel-fired generation plants and constructing transmission lines, due to the reduction of potential environmental infrastructure upgrades or conversions or reduction or elimination of permitting requirements. More strict or robust regulations, or additional regulations, such as tariffs on supplies and materials that Idaho Power purchases, on the other hand, would likely increase Idaho Power's costs of operating and maintaining its facilities, and could impact Idaho Power's plans and construction activities related to its capital projects, which could lead to substantially higher costs and delays in construction.

Executive orders may be affected by Congressional action. Further, state and local governmental authorities could choose to challenge or replace the federal regulations or bolster or undermine environmental compliance and enforcement efforts at the local level. Therefore, as of the date of this report, and except as specifically described in this MD&A, Idaho Power is uncertain whether and to what extent the orders, any new or future executive orders, and the implementation of these and any future executive orders could affect its business, results of operations, and financial condition. Idaho Power will continue to monitor actions associated with or resulting from executive orders and new or revised legislation or regulation.

Idaho Wildfire Standard of Care Act

In April 2025, Idaho enacted the Wildfire Standard of Care Act (Idaho Code § 61-1801 through 1808), which will become effective on July 1, 2025. The Act requires Idaho electric public utilities to prepare wildfire mitigation plans annually to mitigate wildfire risk, submit the plans to the IPUC for review and approval, and implement the plans upon IPUC approval. An electric utility's wildfire mitigation plan approved by the IPUC establishes the utility's duty to its shareholders and the public with respect to wildfire risk. For any civil action where wildfire-related damages are being sought against an electric utility, the Act establishes a rebuttable presumption that the utility acted without negligence if, with respect to the cause of the wildfire, the utility reasonably implemented an IPUC-approved wildfire mitigation plan. The rebuttable presumption extends to any act or omission taken in reasonable accordance with the approved wildfire mitigation plan in effect at the time the fire ignited, regardless of the content of any prior wildfire mitigation plans. The Act provides that, with certain exceptions, the remedies set out in the Act are the exclusive civil remedies available against an electric utility for damages resulting from any act or omission related to an IPUC-approved wildfire mitigation plan. The Act also permits electric utilities, upon certain conditions,

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to access privately-owned land or easements or rights-of-way on land owned by the state, a federal agency, or a tribal government for purposes of performing work in accordance with their approved wildfire mitigation plans. In addition, electric utilities may inspect, repair, or upgrade their assets, infrastructure, or facilities on such land and are protected from liability with respect to such access, subject to limitations set forth in the Act. Idaho Power intends to prepare an Idaho-specific WMP that integrates the requirements of the Act and to file the Idaho WMP with the IPUC after the Act becomes effective. The Act provides up to six months for the IPUC to review and approve a WMP after it is filed.

Critical Accounting Policies and Estimates

IDACORP's and Idaho Power's discussion and analysis of their financial condition and results of operations are based upon their condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires IDACORP and Idaho Power to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, IDACORP and Idaho Power evaluate these estimates, including those estimates related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and the allowance for uncollectible accounts. These estimates are based on historical experience and on other assumptions and factors that are believed to be reasonable under the circumstances and are the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. IDACORP and Idaho Power, based on their ongoing reviews, make adjustments when facts and circumstances dictate.

IDACORP’s and Idaho Power’s critical accounting policies are reviewed by the audit committees of the boards of directors. These policies have not changed materially from the discussion of those policies included under "Critical Accounting Policies and Estimates" in the 2024 Annual Report.

Recently Issued Accounting Pronouncements

For discussion of new and recently adopted accounting pronouncements, see Note 1 - "Summary of Significant Accounting Policies" to the condensed consolidated financial statements included in this report.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

IDACORP is exposed to market risks, including changes in interest rates, changes in commodity prices, credit risk, and equity price risk. The following discussion summarizes material changes in these risks since December 31, 2024, and the financial instruments, derivative instruments, and derivative commodity instruments sensitive to changes in interest rates, commodity prices, and equity prices that were held at March 31, 2025. IDACORP has not entered into any of these market-risk-sensitive instruments for speculative purposes.

Interest Rate Risk

IDACORP manages interest expense and short- and long-term liquidity through a combination of fixed rate and variable rate debt. Generally, the amount of each type of debt is managed through market issuance, but interest rate swap and cap agreements with highly-rated financial institutions may be used to achieve the desired combination.

Variable Rate Debt: As of March 31, 2025, IDACORP had no variable rate debt.

Fixed Rate Debt: As of March 31, 2025, IDACORP had $3.5 billion in fixed rate debt, with a fair value of approximately $3.2 billion. These instruments are fixed rate and, therefore, do not expose the companies to a loss in earnings due to changes in market interest rates. However, the fair value of these instruments would increase by approximately $393 million if market interest rates were to decline by one percentage point from their March 31, 2025 levels.

Commodity Price Risk

IDACORP's exposure to changes in commodity prices is related to Idaho Power's ongoing utility operations that produce electricity to meet the demand of its retail electric customers. These changes in commodity prices are mitigated in large part by Idaho Power's Idaho and Oregon power cost adjustment mechanisms. To supplement its supply resources and balance its supply of power with the demand of its retail customers, Idaho Power participates in the wholesale marketplace. IDACORP's commodity price risk as of March 31, 2025, had not changed materially from that reported in Item 7A of the 2024 Annual Report. Information regarding Idaho Power’s use of derivative instruments to manage commodity price risk can be found in Note 11 - "Derivative Financial Instruments" to the condensed consolidated financial statements included in this report.

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Credit Risk

IDACORP is subject to credit risk based on Idaho Power's activity with market counterparties. Idaho Power is exposed to this risk to the extent that a counterparty may fail to fulfill a contractual obligation to provide energy, purchase energy, or complete financial settlement for market activities. Idaho Power mitigates this exposure by actively establishing credit limits; measuring, monitoring, and reporting credit risk; using appropriate contractual arrangements; and transferring of credit risk through the use of financial guarantees, cash, bonds, or letters of credit. Idaho Power maintains a current list of acceptable counterparties and credit limits.

The use of performance assurance collateral in the form of cash, letters of credit, bonds, or guarantees is common industry practice. Idaho Power maintains margin agreements relating to its wholesale commodity contracts that allow performance assurance collateral to be requested of and/or posted with certain counterparties. As of March 31, 2025, Idaho Power posted $1 million of cash performance assurance collateral related to these contracts. Should Idaho Power experience a reduction in its credit rating on Idaho Power's unsecured debt to below investment grade, Idaho Power could be subject to requests by its wholesale counterparties to post additional performance assurance collateral. Counterparties to derivative instruments and other forward contracts could request immediate payment or demand immediate ongoing full daily collateralization on derivative instruments and contracts in net liability positions. Based upon Idaho Power's energy and fuel portfolio and then existing market conditions as of March 31, 2025, the amount of additional collateral that could have been requested upon a downgrade to below investment grade was approximately $32 million. To minimize capital requirements, Idaho Power actively monitors the portfolio exposure and the potential exposure to additional requests for performance assurance collateral calls through sensitivity analysis.

IDACORP's credit risk related to uncollectible accounts, net of amounts reserved, as of March 31, 2025, had not changed materially from that reported in Item 7A of the 2024 Annual Report, except as disclosed in Note 4 - "Revenues" to the condensed consolidated financial statements included in this report. Additional information regarding Idaho Power’s management of credit risk and credit contingent features can be found in Note 11 - "Derivative Financial Instruments" to the condensed consolidated financial statements included in this report.

Equity Price Risk

IDACORP is exposed to price fluctuations in equity markets, primarily through Idaho Power's defined benefit pension plan assets, a mine reclamation trust fund owned by an equity-method investment of Idaho Power, and other equity security investments at Idaho Power. The equity securities held by the pension plan and in such accounts are diversified to achieve broad market participation and reduce the impact of any single investment, sector, or geographic region. Idaho Power has established asset allocation targets for the pension plan holdings, which are described in Note 11 - "Benefit Plans" to the consolidated financial statements included in the 2024 Annual Report.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

IDACORP: The Chief Executive Officer and the Chief Financial Officer of IDACORP, based on their evaluation of IDACORP’s disclosure controls and procedures (pursuant to Rule 13a-15(b) of the Exchange Act) as of March 31, 2025, have concluded that IDACORP’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) are effective as of that date.

Idaho Power: The Chief Executive Officer and the Chief Financial Officer of Idaho Power, based on their evaluation of Idaho Power’s disclosure controls and procedures (pursuant to Rule 13a-15(b) of the Exchange Act) as of March 31, 2025, have concluded that Idaho Power’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) are effective as of that date.

Changes in Internal Control over Financial Reporting

There have been no changes in IDACORP's or Idaho Power's internal control over financial reporting during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, IDACORP's or Idaho Power's internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

SEC regulations require IDACORP and Idaho Power to disclose certain information about proceedings arising under federal, state or local environmental provisions if the companies reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, the companies use a threshold of $1 million or more for purposes of determining whether disclosure of any such proceedings is required.

ITEM 1A. RISK FACTORS

The factors discussed in Part I - Item 1A - "Risk Factors" in the 2024 Annual Report, could materially affect IDACORP’s and Idaho Power's business, financial condition, or future results. In addition to those risk factors, the risk factor set forth below, and other risks discussed in this report, see "Cautionary Note Regarding Forward-Looking Statements" in this report for additional factors that could have a significant impact on IDACORP's or Idaho Power's operations, results of operations, or financial condition and could cause actual results to differ materially from those anticipated in forward-looking statements.

Changes in U.S. trade policy and the impact of tariffs could have an adverse effect on Idaho Power's business and results of operations. The U.S. government recently implemented significant trade policy and tariff actions, including but not limited to tariffs on imported steel and aluminum products, multiple tariffs on certain imports from China, tariffs on certain imports from Canada and Mexico, and baseline tariffs on most imports from most other countries. If regulators do not deem prudent the increased costs for Idaho Power's projects or maintenance of its existing facilities resulting from tariffs or other trade policy, Idaho Power may be unable to recover those increased costs in full or at all through rates or on a timely basis. Any inability of Idaho Power to recover increased costs could result in impairment or otherwise materially adversely affect IDACORP's and Idaho Power's financial condition and results of operations. Further, if as a result of increased costs due to tariffs or other trade policies, other resources become more economical, Idaho Power may terminate uneconomical projects and seek to develop those other resources. If any projects are canceled because they are no longer economical, Idaho Power could incur significant cancellation penalties under purchase orders or construction contracts.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Restrictions on Dividends

See Note 6 - "Common Stock" to the condensed consolidated financial statements included in this report for a description of restrictions on IDACORP's and Idaho Power's payment of dividends.

Issuer Purchases of Equity Securities

IDACORP did not repurchase any shares of its common stock during the quarter ended March 31, 2025.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104) is included in Exhibit 95.1 of this report, which is incorporated herein by reference.

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ITEM 5. OTHER INFORMATION

During the quarter ended March 31, 2025, none of IDACORP's or Idaho Power's directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

ITEM 6. EXHIBITS

The following exhibits are filed or furnished, as applicable, with the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025:

Incorporated by Reference

Exhibit No.

Exhibit Description

Form

File No.

Exhibit No.

Date

Included Herewith

4.1

Idaho Power Company Fifty-third Supplemental Indenture, dated effective as of February 26, 2025, to Mortgage and Deed of Trust, dated as of October 1, 1937

8-K

1-3198

4.1

2/26/2025

10.1

IDACORP, Inc. Non-Employee Directors Stock Compensation Plan, as amended

10.2

Eight h Amendment to the Idaho Power Company Employee Savings Plan

10.3

IDACORP, Inc. and/or Idaho Power Company Executive Officers with Amended and Restated Change in Control Agreements chart

15.1

Letter Re: Unaudited Interim Financial Information

15.2

Letter Re: Unaudited Interim Financial Information

31.1

Certification of IDACORP, Inc. Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of IDACORP, Inc. Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.3

Certification of Idaho Power Company Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.4

Certification of Idaho Power Company Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of IDACORP, Inc. Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Certification of IDACORP, Inc. Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.3

Certification of Idaho Power Company Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.4

Certification of Idaho Power Company Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

95.1

Mine Safety Disclosures

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

104

Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.


		IDACORP, INC.
		(Registrant)



Date:	May 1, 2025	By:	/s/ Lisa A. Grow
			Lisa A. Grow
			President and Chief Executive Officer

Date:	May 1, 2025	By:	/s/ Brian R. Buckham
			Brian R. Buckham
			Senior Vice President, Chief Financial Officer, and Treasurer






		IDAHO POWER COMPANY
		(Registrant)



Date:	May 1, 2025	By:	/s/ Lisa A. Grow
			Lisa A. Grow
			President and Chief Executive Officer

Date:	May 1, 2025	By:	/s/ Brian R. Buckham
			Brian R. Buckham
			Senior Vice President, Chief Financial Officer, and Treasurer

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Date	Price Target	Rating	Analyst
4/2/2025		Hold → Buy	Jefferies
1/23/2025		Neutral → Buy	Guggenheim
11/5/2024	$113.00 → $117.00	Neutral → Buy	BofA Securities
11/1/2024	$102.00 → $116.00	Neutral → Outperform	Mizuho
9/20/2024	$110.00	Hold	Jefferies
9/12/2024	$110.00	Neutral	BofA Securities
3/13/2024	$92.00	Equal-Weight	Morgan Stanley
1/22/2024	$93.00	Buy → Neutral	Guggenheim

SEC Form 10-Q filed by IDACORP Inc.

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