20260604APPLICATION.pdf

Ro
Brian D.Bishop,Senior Counsel
[e-mail] RECEIVED
[phone] June 4, 2026
IDAHO PUBLIC
UTILITIES COMMISSION
June 4, 2026
Monica Barrios-Sanchez
Commission Secretary
Idaho Public Utilities Commission
11331 W. Chinden Blvd.
Building 8, Suite 201-A
Boise, ID 83714
Re: In the Matter of Idaho Power Company's Application for Authority to Issue and Sell up to
$1,500,000,000 of First Mortgage Bonds and Debt Securities
Case No. IPC-E-26-18
Dear Monica:
Attached for electronic filing with the Idaho Public Utilities Commission is Idaho Power
Company's above referenced Application for authority to issue up to $1,500,000,000 of First
Mortgage Bonds and Debt Securities, including a Proposed Order for the Commission's
consideration. Idaho Power will send the securities application fee for this Application by
separate letter.
Please contact me at [phone] or [e-mail] if you have any questions
regarding this filing.
Sincerely,
i -
�1
1.
Brian D. Bishop
cc: Donn English
Utilities Deputy Division Administrator
1221 W. Idaho St(83702)
P.O. Box 70
Boise, ID 83707

BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF IDAHO POWER )
COMPANY'S APPLICATION FOR ) CASE NO. IPC-E-26-18
AUTHORITY TO ISSUE AND SELL UP )
TO $1,500,000,000 OF FIRST ) APPLICATION
MORTGAGE BONDS AND DEBT )
SECURITIES )
Idaho Power Company (the "Applicant") hereby applies for an Order from the
Idaho Public Utilities Commission (the "Commission") under Title 61, Idaho Code,
Chapters 1 and 9, and Chapters 141 through 150 of the Commission's Rules of
Practice and Procedure ("Rules"), for authority to issue and sell from time to time (a)
up to $1,500,000,000 aggregate principal amount of one or more series of Applicant's
first mortgage bonds, which may be designated as secured medium-term notes (the
"Bonds") and (b) up to $1,500,000,000 aggregate principal amount of one or more
series of unsecured debt securities of Applicant (the "Debt Securities"); provided, that
the total principal amount of the Bonds and Debt Securities to be issued and sold
hereunder shall not exceed $1,500,000,000.
Applicant's current Commission authorization to issue Bonds and Debt Securities
is set forth in the Commission's Order No. 36092, dated February 15, 2024, in IPC-E-
24-05 ("Existing Order"). The Existing Order authorizes Applicant to issue up to
$1,200,000,000 aggregate principal amount of the combined Bonds and Debt
Securities. To date, Applicant has issued $1,050,000,000 aggregate principal amount of
Bonds under the Existing Order, leaving $150,000,000 aggregate principal amount of
Bonds and Debt Securities available to be issued under the Existing Order. Applicant's
request in this Application for authorization to issue up to $1,500,000,000 aggregate
APPLICATION - 1

principal amount of Bonds and Debt Securities will allow Applicant to reset its financing
capacity to issue Bonds and Debt Securities for Applicant's ongoing operations (see
Subsection 141.04 below: "Statement of Purposes"). Upon the issuance of the
Commission's order in this case (the "New Order"),Applicant's authorization to issue new
Bonds and Debt Securities under both the New Order and the Existing Order would not
at any time exceed $1,500,000,000 aggregate principal amount (see Subsection 141.05
below: "Statement of Explanation").
141.01. A general description of Applicant's field of operations.
Applicant is an electric public utility, incorporated under the laws of the State of
Idaho, engaged principally in the generation, purchase, transmission, distribution, and
sale of electric energy in an approximately 24,000 square-mile area in southern Idaho
and eastern Oregon. The principal executive offices of Applicant are located at 1221 W.
Idaho Street, P.O. Box 70, Boise, Idaho 83707-0070; its telephone number is (208) 388-
2200.
141.02. A full description of the securities.
The Bonds will be issued in one or more series pursuant to the Indenture of
Mortgage and Deed of Trust, dated as of October 1, 1937 between Applicant and
Deutsche Bank Trust Company Americas (formerly Bankers Trust Company) as trustee
(or any successor trustee), as supplemented and amended, and as to be further
supplemented by one or more supplemental indentures relating to the Bonds (the
"Mortgage"). The Bonds will be secured equally with the other first mortgage bonds of
Applicant under the Mortgage.
APPLICATION -2

The Debt Securities will be unsecured obligations of Applicant and will be issued
under an existing or new unsecured debt indenture of Applicant.
(a) Amount
Applicant proposes to issue and sell from time to time (a) up to $1,500,000,000
aggregate principal amount of one or more series of the Bonds and (b) up to
$1,500,000,000 aggregate principal amount of one or more series of the Debt
Securities; provided, that the total principal amount of the Bonds and Debt Securities
to be issued and sold hereunder shall not exceed $1,500,000,000.
(b) Interest or Dividend Rates
The interest rates for the Bonds and/or Debt Securities will be established at the
time of issuance based on market conditions. Applicant may enter into interest rate
hedging arrangements with respect to the Bonds and/or Debt Securities, including
treasury interest rate locks, treasury interest rate caps, treasury interest rate collars,
treasury options, forward starting interest rate swaps, and/or swaptions. See subsection
141.02(c) below for a description of the flexible process of issuing the Bonds and Debt
Securities under a shelf registration.
(c) Date of issue (or statement that the securities will be a shelf
registration)
Shelf Registration:
The Bonds and Debt Securities will be issued publicly pursuant to a shelf
registration filed with the Securities and Exchange Commission ("SEC') under the
Securities Act of 1933, as amended ("Act"), or privately pursuant to an exemption from
registration under the Act, as set forth herein. Applicant has a shelf registration currently
APPLICATION -3

in place with the SEC for the issuance of Applicant's Bonds and Debt Securities, pursuant
to Rule 415 of the Act (Registration Statement Form S-3, effective February 21, 2025 -
SEC File No. 333-285140-01) (the "Shelf Registration"). The Shelf Registration allows
Applicant to issue and sell one or more series of the Bonds and Debt Securities on a
continuous or delayed basis (as authorized by the Commission and the other state
regulatory commissions having jurisdiction over Applicant's securities). This enables
Applicant to take advantage of attractive market conditions efficiently and rapidly. Under
the Shelf Registration, Applicant is able to issue the Bonds and Debt Securities at
different times without the necessity of filing a new registration statement.
The Shelf Registration was filed jointly by Applicant and IDACORP, Inc., the parent
company of Applicant, with the SEC. This joint filing is intended to minimize the costs to
Applicant of establishing and maintaining the Shelf Registration, and of issuing securities
under the Shelf Registration, while maximizing Applicant's flexibility to issue the Bonds
and Debt Securities under the Shelf Registration. Applicant's current Shelf Registration
is scheduled to expire in February 2028, and Applicant plans to establish a new Shelf
Registration prior to such expiration, which will allow Applicant to continue to issue the
Bonds and Debt Securities under the new Shelf Registration. Applicant will file a copy of
any new Registration Statement for the Bonds and Debt Securities with the Commission
as an informational filing in this case.
Bonds Prospectus Supplement:
Applicant plans to file a new prospectus supplement for the Bonds with the SEC
under Applicant's current Shelf Registration. The Prospectus Supplement will set forth
the general terms and conditions for the issuance and sale of the Bonds, including the
APPLICATION -4

series designation, aggregate principal amount of the issue, purchase price or prices,
issuance date or dates, maturity or maturities, interest rate or rates (which may be fixed
or variable) and/or the method of determination of such rate or rates, time of payment of
interest, whether all or a portion of the Bonds will be discounted, whether all or a portion
of the Bonds will be issued in global form, whether interest rate hedging arrangements
will apply to the Bonds, repayment terms, redemption terms, if any, and any other special
terms of the Bonds, which terms may be different for each issuance of the Bonds.
Applicant will file a copy of any new Prospectus Supplement for the Bonds with the
Commission as an informational filing in this case.
Bonds Pricinq Supplement:
The Bonds may be designated as secured medium-term notes. The medium-term
notes could have maturities from one year to forty years. Prior to issuing medium-term
notes publicly, Applicant will file a Prospectus Supplement with the SEC as described
above, setting forth the general terms and conditions of the medium-term notes to be
issued. Upon each issuance of the medium-term notes pursuant to the Prospectus
Supplement, Applicant will file a Pricing Supplement with the SEC providing a specific
description of the terms and conditions of each issuance of the medium-term notes.
Applicant will also file a copy of the Pricing Supplement(s) with the Commission at that
time as an informational filing in this case.
Debt Securities Prospectus Supplement:
After the terms and conditions of the issuance and sale of the Debt Securities
have been determined, Applicant will file a Prospectus Supplement with the SEC if the
Debt Securities are sold publicly, setting forth the series designation, aggregate principal
APPLICATION -5

amount of the issue, purchase price or prices, issuance date or dates, maturity or
maturities, interest rate or rates (which may be fixed or variable) and/or the method of
determination of such rate or rates, time of payment of interest, whether all or a portion
of the Debt Securities will be discounted or issued at a premium, whether all or a
portion of the Debt Securities will be issued in global form, whether the interest rate
hedging arrangements will apply to the Debt Securities, repayment terms, redemption
terms, if any, and any other special terms of the Debt Securities, which terms may be
different for each issuance of the Debt Securities.
Period of Issuance:
Applicant requests authority from the Commission to issue the Bonds and Debt
Securities through June 30, 2029, consistent with the three-year authority granted by
the Commission in its previous two orders approving Applicant's issuance of Bonds
and Debt Securities (the Existing Order and Order No. 35420, dated May 31, 2022, in
I PC-E-22-14).
(d) Date of Maturity
See Shelf Registration description in subsection 141.02(c) above.
(e) Voting Privileges
Not Applicable.
(0 Call or redemption provisions.
See Shelf Registration description in subsection 141.02(c) above.
(g) Sinking fund and other provisions for securing payment.
See Shelf Registration description in subsection 141.02(c) above.
APPLICATION -6

141.03. A Statement of the Proposed.
(a) Method of Marketing.
The Bonds and Debt Securities may be sold by public sale or private placement,
directly by Applicant or through agents designated from time to time or through
underwriters or dealers. If any agents of Applicant or any underwriters are involved in the
sale of the Bonds or Debt Securities, the names of such agents or underwriters, the initial
price to the public, any applicable commissions or discounts and the net proceeds to
Applicant will be filed with the Commission. If the Bonds are designated as medium-term
notes and sold to an agent or agents as principal, the name of the agents, the price paid
by the agents, any applicable commission or discount paid by Applicant to the agents and
the net proceeds to Applicant will be filed with the Commission.
(b) Terms of Sale
See subsection 141.03(a) "Method of Marketing" above. Applicant's outstanding
First Mortgage Bonds are currently rated A3 by Moody's Investors Service and A- by
Standard & Poor's Ratings Services. If the Bonds are sold publicly, Applicant cannot
predict whether they will be similarly rated. If the Bonds are sold privately, it is unlikely
that the Bonds will be rated. Applicant agrees to provide written notice to the Commission
under this case if its First Mortgage Bond credit ratings fall below Baa3 for Moody's
Investors Service or BBB- for Standard & Poor's Ratings Services.
Applicant's outstanding unsecured senior debt is currently rated Baa2 by Moody's
investors Service and BBB by Standard & Poor's Ratings Services. If the Debt Securities
are sold publicly,Applicant cannot predict whether they will be similarly rated. If the Debt
Securities are sold privately, it is unlikely that the Debt Securities will be rated.
APPLICATION -7

(c) Underwriting discounts or commissions
Agents and underwriters for the Bonds and/or Debt Securities may be entitled
under agreements entered into with Applicant to indemnification by Applicant against
certain civil liabilities, including liabilities under the Act.
Bond Commissions
The maximum commission to be paid by Applicant to an agent, or to an agent as
principal, for issuance of the Bonds as medium-term notes in the following maturity
ranges is:
Commission (Percentage of Aggregate
Range of Maturities Principal Amount of Notes Sold)
From 1 year to less than 18 months 0.150%
From 18 months to less than 2 years 0.200%
From 2 years to less than 3 years 0.250%
From 3 years to less than 4 years 0.350%
From 4 years to less than 5 years 0.450%
From 5 years to less than 7 years 0.600%
From 7 years to less than 10 years 0.625%
From 10 years to less than 15 years 0.650%
From 15 years to less than 20 years 0.700%
From 20 years to less than 25 years 0.750%
From 25 years to 40 years 0.875%
(d) Sale price
A sale price will be set for each issuance of the Bonds and/or Debt Securities.
See description of Shelf Registration Pricing Supplement in subsection 141.02(c)
above.
APPLICATION -8

(e) Net proceeds to Applicant, including itemized statements of all fees and
expenses (estimated if not known) to be paid in connection with the proposed
transaction.
A verified statement showing both in total amount and per unit the price to the
public, underwriting spread or commissions, and net proceeds to Applicant will be
furnished to the Commission as soon as available after each issuance of the Bonds and/or
Debt Securities. Applicant estimates that its expenses in connection with the proposed
issuance of $1,500,000,000 of Bonds and/or Debt Securities, exclusive of underwriting
spread or commission, will be as follows:
Securities and Exchange Commission Fees $210,000
Regulatory Agency Fees 5,000
Company's and Underwriter's Counsel Fees 1,750,000
Accounting Fees 190,000
Printing and Engraving Fees 70,000
Rating Agency Fees 2,400,000
Trustee Fees 190,000
Miscellaneous Costs 40,000
TOTAL $4,855,000
141.04. A Statement of the Purposes:
The net proceeds to be received by Applicant from the sale of the Bonds and/or
Debt Securities will be used for the acquisition of property; the construction, completion,
extension or improvement of its facilities; the improvement or maintenance of its service,
the discharge or lawful refunding of its obligations; and for general corporate purposes.
To the extent that the proceeds from the sale of the Bonds and Debt Securities are not
APPLICATION - 9

immediately so used, they will be temporarily invested in highly liquid investments, such
as U.S. Treasury Bills, commercial paper, money market funds, and bank deposits.
141.05. Statement of Explanation:
Applicant believes and alleges the facts set forth herein disclose that the
proposed issuance and sale of Bonds and Debt Securities are for a lawful object within
the corporate purposes of Applicant and compatible with the public interest, are
necessary or appropriate for, or consistent with, the proper performance by Applicant of
service as a public utility and will not impair its ability to perform that service, and are
reasonably necessary or appropriate for such purposes.
Termination of Existing Order Authorization:
As noted above, Applicant has $150,000,000 of issuance authority remaining
under the Existing Order. Applicant requests that the Commission's authorization under
the Existing Order remain in effect until twenty-one (21) days following the date of the
Commission's order hereunder (reflecting the petition for reconsideration period for the
Commission's order hereunder under Section 331.01 of the Rules — "Reconsideration
Period"), at which point the Commission's authorization under the Existing Order would
automatically terminate if no petitions for reconsideration are received.
Applicant requests that during the Reconsideration Period, Applicant would
continue to have authorization from the Commission to issue up to $150,000,000 of
Bonds and Debt Securities under the Existing Order, in addition to Applicant's
authorization to issue $1,500,000,000 of Bonds and Debt Securities under the
Commission's order hereunder ("New Order")- provided, that Applicant's total issuance
APPLICATION - 10

authority under the Existing Order and New Order would not exceed $1,500,000,000
during the Reconsideration Period.
141.06 Financial Statement
Applicant has filed herewith as Attachment I its financial statements dated as of
March 31, 2026, consisting of its (a)Actual and Pro Forma Balance Sheet, (b) Statement
of Capital Stock and Funded Debt, (c) Commitments and Contingent Liabilities, (d)
Statement of Retained Earnings, and (e) Statement of Income.
A certified copy of the resolutions of Applicant's Directors authorizing the
transaction with respect to this Application will be filed with the Commission as
Attachment II to this Application on or before July 16, 2026.
141.07 Proposed Order
Applicant has filed as Attachment III a Proposed Order for adoption by the
Commission if this Application is granted.
141.08. Statement of Public Notice of Application.
Notice of this Application will be published within seven (7) days of this Application
in those newspapers in general circulation in Applicant's service area: the Idaho State
Journal (Pocatello), the Idaho Statesman (Boise), and the Times News (Twin Falls).
PRAYER
WHEREFORE, Applicant respectfully requests that the Commission issue its
Order herein authorizing Applicant to issue and sell for the purposes herein set forth up
to $1,500,000,000 aggregate principal amount of one or more series of its Bonds and up
to$1,500,000,000 aggregate principal amount of its Debt Securities; provided, that the total
principal amount of the Bonds and Debt Securities to be issued and sold shall not
APPLICATION - 11

exceed $1,500,000,000, and the term of the Commission's authorization shall run through
June 30, 2029.
DATED at Boise, Idaho this day of June, 2026.
IDAHO POWER COMPANY
By-
Brian R. Buckham
Executive Vice President, Chief
Financial Officer and Treasurer
(CORPORATE SEAL)
ATTEST
0(4�� 2:�!r
Cheryl W. fhj pson
Corporate Secretary
Idaho Power Company
1221 W Idaho Street
P.O. Box 70
Boise, Idaho 83707-0070
APPLICATION - 12

ATTACHMENT I(A)
Actual and Pro Forma Balance Sheet and
Notes to Financial Statements

IDAHO POWER COMPANY
CONDENSED UNCONSOLIDATED BALANCE SHEET
AS OF MARCH 31,2026
ASSETS
After
Actual Adjustments Adjustments
Electric Plant
In service(at original cost)........................................................................................... $ 8,334,082,339 $ $ 8,334,082,339
Accumulated provision for depreciation................................................................... (2,631,141,636) (2,631,141,636)
In service-Net........................................................................................................ 5,702,940,703 5,702,940,703
Construction work in progress...................................................................................... 1,945,972,463 1,945,972,463
Finance lease right-of-use assets................................................................................ 216,779,411 216,779,411
Held for future use....................................................................................................... 20,636,721 20,636,721
Electric plant-Net.................................................................................................. 7,886,329,298 7,886,329,298
Investments and Other Property:
Nonutility property........................................................................................................ 7,839,580 7,839,580
Investment in subsidiary companies........................................................................... 27,177,006 27,177,006
Other............................................................................................................................ 70,979,594 70,979,594
Total investments and other property........................................................................... 105,996,180 105,996,180
Current Assets:
Cash and cash equivalents.......................................................................................... 274,732,283 1,500,000,000 1,774,732,283
Receivables:
Customer................................................................................................................ 99,399,749 99,399,749
Other....................................................................................................................... 27,461,670 27,461,670
Notes recievable from related parties...................................................................... 13,633,324 13,633,324
Accrued unbilled revenues........................................................................................... 78,573,094 78,573,094
Materials and supplies(at average cost)...................................................................... 203,340,742 203,340,742
Fuel stock(at average cost)......................................................................................... 24,988,919 24,988,919
Prepayments................................................................................................................ 24,827,604 24,827,604
Taxes receivable.......................................................................................................... 755,189 755,189
Regulatory assets ....................................................................................................... 126,269,147 126,269,147
Other............................................................................................................................ 28,710 28,710
Total current assets 874,010,431 1,500,000,000 2,374,010,431
Deferred Debits:
Company owned life insurance.................................................................................... 109,124,192 109,124,192
Regulatory assets........................................................................................................ 1,442,250,785 1,442,250,785
Other............................................................................................................................ 49,713,516 49,713,516
Total deferred debits.................................................................................................... 1,601,088,493 1,601,088,493
Total............................................................................................................................ $ 10,467,424,402 $ 1,500,000,000 $ 11,967,424,402

IDAHO POWER COMPANY
CONDENSED UNCONSOLIDATED BALANCE SHEET
AS OF MARCH 31,2026
CAPITALIZATION AND LIABILITIES
Common Shares Common Shares After
Authorized Outstanding Actual Adjustments Adjustments
Equity Capital: 50,000,000 39,150,812
Common stock............................................................................................................. $ 97,877,030 $ $ 97,877,030
Premium on capital stock............................................................................................. 1,197,257,435 1,197,257,435
Capital stock expense.................................................................................................. (2,096,925) (2,096,925)
Retained earnings........................................................................................................ 2,241,696,776 2,241,696,776
Accumulated other comprehensive income.................................................................. (14,722,730) (14,722,730)
Total equity capital.................................................................................................. 3,520,011,586 3,520,011,586
Long-Term Debt:
First mortgage bonds.................................................................................................. 3,695,000,000 1,500,000,000 5,195,000,000
Unamortized long-term debt premiums,discounts,and issuance costs, net................ (17,183,843) (17,183,843)
Total long-term debt................................................................................................ 3,677,816,157 1,500,000,000 5,177,816,157
Current Liabilities:
Long-term debt due within one year............................................................................. 116,300,000 116,300,000
Notespayable.............................................................................................................. - -
Accounts payable....................................................................................................... 280,764,099 280,764,099
Notes and accounts payable to related parties............................................................. 3,860,801 3,860,801
Income taxes accrued.................................................................................................. 21,147,372 21,147,372
Interest accrued........................................................................................................... 35,211,889 35,211,889
Accrued compensation................................................................................................ 54,268,309 54,268,309
Current regulatory liabilities.......................................................................................... 75,470,107 75,470,107
Advances from customers........................................................................................... 195,598,446 195,598,446
Other............................................................................................................................ 62,494,776 62,494,776
Total current liabilities............................................................................................. 845,115,799 845,115,799
Deferred Credits:
Regulatory liabilities associated with accumulated deferred
investment tax credits............................................................................................ 229,474,114 229,474,114
Deferred income taxes................................................................................................. 823,334,767 823,334,767
Regulatory liabilities..................................................................................................... 781,507,494 781,507,494
Pension and other postretirement benefits................................................................... 142,645,948 142,645,948
Finance lease liabilities................................................................................................ 215,184,080 215,184,080
Other............................................................................................................................ 232,334,457 232,334,457
Total deferred credits.............................................................................................. 2,424,480,860 2,424,480,860
Total........................................................................................................................ $ 10,467,424,402 $ 1,500,000,000 $ 11,967,424,402

IDAHO POWER COMPANY
STATEMENT OF ADJUSTING JOURNAL ENTRIES
As of March 31, 2026
Giving Effect to the Proposed issuance of
First Mortgage Bonds
Entry No. 1
Cash........................................................................................................ $ 1,500,000,000
FirstMortgage Bonds........................................................................................................................... $ 1,500,000,000
To record the proposed issuance of First Mortgage Bonds
and the receipt of cash.

ATTACHMENT I(B)
Statement of Capital Stock and Funded Debt

STATEMENT OF CAPITAL STOCK AND FUNDED DEBT
IDAHO POWER COMPANY
MARCH 31, 2026
The following statement as to each class of the capital stock of applicant is as of March 31, 2026, the
date of the balance sheet submitted with this application:
Common Stock
(1) Description -Common Stock, $2.50 par value; 1 vote per share
(2) Amount authorized -50,000,000 shares ($125,000,000 par value)
(3) Amount outstanding - 39,150,812 shares
(4) Amount held as reacquired securities- None
(5) Amount pledged by applicant- None
(6) Amount owned by affiliated corporations—All
(7) Amount held in any fund - None
Applicant's Common Stock is held by IDACORP, Inc., the holding company of
Idaho Power Company. IDACORP, Inc.'s Common Stock is registered (Pursuant
to Section 12(b)of the Securities Exchange Act of 1934)and is listed on the New
York Stock Exchange.

STATEMENT OF CAPITAL STOCK AND FUNDED DEBT (Continued)
IDAHO POWER COMPANY
MARCH 31, 2026
The following statement as to funded debt of applicant is as of March 31, 2026, the date of the balance sheet
submitted with this application.
First Mortgage Bonds
(1) (3)
Amount
Description Outstanding
FIRST MORTGAGE BONDS:
1.90 % Series due 2030, dated as of June 22,2020, due July 15, 2030 80,000,000
6.00 % Series due 2032, dated as of Nov 15, 2002, due Nov 15, 2032 100,000,000
4.99 % Series due 2032, dated as of Dec 22, 2022, Due Dec 22, 2032 23,000,000
5.50 % Series due 2033, dated as of May 13, 2003, due April 1, 2033 70,000,000
5.50 % Series due 2034, dated as of March 26, 2004, due March 15, 2034 50,000,000
5.875% Series due 2034, dated as of August 16, 2004, due August 15, 2034 55,000,000
5.20 % Series due 2034, dated as of August 12, 2024, due August 15, 2034 300,000,000
5.30 % Series due 2035, dated as of August 26, 2005, due August 15, 2035 60,000,000
4.85 % Series due 2036, dated as of February 27, 2026, due March 1, 2036 350,000,000
6.30 % Series due 2037, dated as of June 22, 2007, due June 15, 2037 140,000,000
6.25 % Series due 2037, dated as of October 18, 2007, due October 15, 2037 100,000,000
4.85 % Series due 2040, dated as of Aug 30, 2010, due Aug 15, 2040 100,000,000
4.30 % Series due 2042, dated as of April 13, 2012, due April 1, 2042 75,000,000
5.06 % Series due 2042, dated as of Dec 22, 2022, due Dec 22, 2042 25,000,000
5.06 % Series due 2043, dated as of March 8, 2023, due March 8, 2043 60,000,000
4.00 % Series due 2043, dated as of April 8, 2013, due April 1, 2043 75,000,000
3.65 % Series due 2045, dated as of March 6, 2015, due March 1, 2045 250,000,000
4.05 % Series due 2046, dated as of March 10, 2016, due March 1, 2046 120,000,000
4.20 % Series due 2048, dated as of March 16, 2018, due March 1, 2048 220,000,000
4.20 % Series due 2048, dated as of April 3, 2020, due March 1, 2048 230,000,000
5.20 % Series due 2053, dated as of March 8, 2023, due March 8, 2053 62,000,000
5.50 % Series due 2053, dated as of March 14, 2023, due March 15, 2053 400,000,000
5.80 % Series due 2054, dated as of September 11, 2023, due April 1, 2054 350,000,000
5.70 % Series due 2055, dated as of March 13, 2025, due March 15, 2055 400,000,000
3,695,000,000
(2) Amount authorized - Limited within the maximum of$5,500,000,000 (or such
other maximum amount as may be fixed by supplemental indenture) and by
property, earnings, and other provisions of the Mortgage.
(4) Amount held as reacquired securities - None
(5) Amount pledged - None
(6) Amount owned by affiliated corporations- None
(7) Amount of sinking or other funds- None
For a full statement of the terms and provisions relating to the respective Series and amounts of
applicant's outstanding First Mortgage Bonds above referred to, reference is made to the Mortgage and
Deed of Trust dated as of October 1, 1937, and First to Fifty-Third Supplemental Indentures thereto, by
Idaho Power Company to Deutsche Bank Trust Company Americas (formerly known as Bankers Trust
Company), Trustees, presently on file with the Commission, under which said bonds were issued.

STATEMENT OF CAPITAL STOCK AND FUNDED DEBT (Continued)
IDAHO POWER COMPANY
MARCH 31, 2026
Pollution Control Revenue Bonds
(A) 1.70% Series 2006 due 2026:
(1) Description - Pollution Control Revenue Bonds, 1.70% Series 2006 due 2026, County
of Sweetwater, Wyoming, dated as of August 20, 2009, due July 15, 2026
(2) Amount authorized -$116,300,000
(3) Amount outstanding -$116,300,000
(4) Amount held as reacquired securities- None
(5) Amount pledged - None
(6) Amount owned by affiliated corporations - None
(7) Amount in sinking or other funds—None
For a full statement of the terms and provisions relating to the outstanding Pollution Control Revenue
Bonds above referred to, reference is made to a Conformed Trust Indenture between Sweetwater
County, Wyoming, and Union Bank , N.A., Trustee, as amended and supplemented by a First
Supplemental Trust Indenture dated August 20, 2009, and a Loan Agreement between Idaho Power
Company and Sweetwater County, Wyoming, dated October 1, 2006.

ATTACHMENT I(C)
Contingent Liabilities

CONTINGENT LIABILITIES
IDAHO POWER COMPANY
MARCH 31, 2026
GUARANTEES
Idaho Power guarantees its portion of reclamation activities and obligations at Bridger Coal
Company (BCC), of which IERCo owns a one-third interest. This guarantee, which is renewed
annually with the Wyoming Department of Environmental Quality (WDEQ), was $49.7 million at
March 31, 2026, representing IERCo's one-third share of BCC's total reclamation obligation of
$149.2 million. BCC has a reclamation trust fund set aside specifically for the purpose of paying
these reclamation costs. At March 31, 2026, 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.
Idaho Power enters 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. Idaho Power
periodically evaluates the likelihood of incurring costs under such indemnities based on its historical
experience and the evaluation of the specific indemnities. As of March 31, 2026, management
believes the likelihood is remote that Idaho Power would be required to perform under such
indemnification provisions or otherwise incur any significant losses with respect to such
indemnification obligations. Idaho Power has not recorded any liability on its balance sheet with
respect to these indemnification obligations.
CONTINGENCIES
Idaho Power has in the past and expects 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, Idaho Power
establishes 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, Idaho Power does 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, Idaho Power's
accruals for loss contingencies are not material to its financial statements as a whole; however,
future accruals could be material in a given period. 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.

CONTINGENT LIABILITIES (continued)
IDAHO POWER COMPANY
March 31, 2026
Idaho Power is party to legal claims and legal, tax, and regulatory actions and proceedings in the
ordinary course of business and, as noted above, records 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 Idaho Power's transmission
and distribution system. As of the date of this report, the company believes that resolution of
existing claims will not have a material adverse effect on its 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.

ATTACHMENT I(D)
Statement of Retained Earnings

IDAHO POWER COMPANY
Condensed Statement of Unconsolidated Retained Earnings
and
Undistributed Subsidiary Earnings
For the Twelve Months Ended March 31, 2026
Retained Earnings
Retained earnings (at the beginning of period) ..................................................................................... $ 2,085,271,561
Balance transferred from income.......................................................................................................... 321,989,720
Dividends received from subsidiary.......................................................................... -
Total.......................................................................................................................... 2,407,261,281
Dividends:
CommonStock .......................................................................................................... 190,278,417
Total.......................................................................................................................... 190,278,417
Retained earnings (at end of period)...................................................................... $ 2,216,982,864
Undistributed Subsidiary Earnings
Balance (at beginning of period).................................................................................. $ 22,311,015
Equity in earnings for the period........................................................................ 2,402,897
Dividends paid (Debit)..........................................................................
Balance (at end of period)................................................................................................... $ 24,713,912

ATTACHMENT I(E)
Statement of Income

IDAHO POWER COMPANY
CONDENSED UNCONSOLIDATED STATEMENT OF INCOME
For the Twelve Months Ended March 31, 2026
Actual
OperatingRevenues.......................................................................................................................... $ 1,780,419,346
Operating Expenses:
Purchasedpower........................................................................................................................ 383,433,941
Fuelexpense............................................................................................................................. 247,564,025
Power cost adjustment............................................................................................................. (31,981,170)
Other operation and maintenance expense................................................................................ 481,940,598
Energy efficiency programs........................................................................................................ 31,419,118
Depreciation expense................................................................................................................. 239,813,195
Amortization of limited-term electric plant................................................................................... 16,991,466
Taxes other than income taxes................................................................................................... 24,951,060
Income taxes - Federal.............................................................................................................. 9,496,909
Incometaxes - Other.................................................................................................................. 36,881,334
Provision for deferred income taxes........................................................................................... 15,642,428
Provision for deferred income taxes - Credit.............................................................................. (60,740,132)
Investment tax credit adjustment................................................................................................ 18,402,013
Total operating expenses......................................................................................................... 1,413,814,785
OperatingIncome............................................................................................................................... 366,604,561
OtherIncome and Deductions:...........................................................................................................
Allowance for equity funds used during construction................................................................. 67,651,010
Earnings of unconsolidated equity method investments............................................................ 2,402,897
Income taxes - Other income and deductions..................................................................... 19,374,080
Other- Net.................................................................................................................................. 43,351,065
Net other income and deductions............................................................................................ 132,779,052
Income Before Interest Charges......................................................................................................... 499,383,613
InterestCharges:................................................................................................................................
Interest on first mortgage bonds................................................................................................. 168,933,950
Interest on other long-term debt.................................................................................................. 15,599,662
Interest on short-term debt......................................................................................................... 1,074,527
Amortization of debt premium, discount and expense, net..................................................... 3,583,093
Other interest expense................................................................................................................ 25,331,037
Total interest charges.............................................................................................................. 214,522,269
Allowance for borrowed funds used during construction - Credit............................................... 39,531,273
Net interest charges................................................................................................................. 174,990,996
NetIncome......................................................................................................................................... $ 324,392,617

ATTACHMENT II
CERTIFIED BOARD RESOLUTIONS
Applicant's certified board resolutions will be filed with the Commission
on or before July 16, 2026

ATTACHMENT III
Proposed Order

BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF IDAHO POWER )
COMPANY'S APPLICATION FOR ) CASE NO. IPC-E-26-18
AUTHORITY TO ISSUE AND SELL UP )
TO $1,500,000,000 OF FIRST ) PROPOSED ORDER
MORTGAGE BONDS AND DEBT )
SECURITIES )
On June 4, 2026, Idaho Power Company ("Company") applied for an order
authorizing the issuance and sale of bonds and debt securities with a total combined
principal amount of up to $1,500,000,000. The Company requested the authorization
continue through June 30, 2029.
Commission Staff ("Staff') recommended that the Commission approve the
requested authority on certain conditions. Having reviewed the record and all submitted
materials, we issue this Order approving the Application as noted below.
THE APPLICATION
The Company sought authority to issue and sell, from time to time, up to.. (a)
$1,500,000,000 aggregate principal amount of one or more series of first Mortgage
Bonds, which may be designated as secured medium-term notes ("Bonds"); and (b)
$1,500,000,000 aggregate principal amount of one or more series of unsecured debt
securities ("Debt Securities"). The total outstanding combined principal amount of the
Bonds and Debt Securities would not exceed $1,500,000,000. The Company requested
Commission authority to issue and sell the Bonds and Debt Securities through June 30,
2029, consistent with the three-year authority granted in prior orders. See Order Nos.
36092 and 35420.
The Company would issue the Bonds under one or more supplemental indentures
to the Company's Indenture of Mortgage and Deed of Trust, dated as of October 1, 1937,
as supplemented and amended, and would secure them equally with the Company's other
first Mortgage Bonds. The Company, its agents, and designated underwriters may sell the
Bonds and Debt Securities by public sale or private placement. The type and terms of
issuance would be determined at the time of issuance.A copy of the shelf registration, any
Prospectus, Prospectus Supplements, Pricing Supplements, statement of net proceeds,
ORDER NO. I

and any agent information along with all final documents would be filed with the
Commission. The Company also requested continued authority to enter interest rate
hedging arrangements with respect to the Bonds and Debt Securities, including treasury
interest rate locks, treasury interest rate caps, treasury interest rate collars, treasury
options, forward starting interest rate swaps, and swaptions.
The Company stated it would apply the net proceeds from selling the Bonds and
Debt Securities for the acquisition of property; the construction, completion, extension, or
improvement of its facilities; the improvement or maintenance of its service; the discharge
or lawful refunding of its obligations; and for general corporate purposes. To the extent that
the proceeds from selling the Bonds or Debt Securities are not immediately so used, they
will be temporarily invested in highly liquid investments, such as U.S. Treasury Bills,
commercial paper, money market funds, and bank deposits.
A shelf registration at the SEC allows a company to issue debt in one or more series
and to take advantage of attractive market conditions efficiently and rapidly. This allows
issuances to be made at lower cost and still facilitate ongoing review. The Company's
current shelf registration authority, approved by Commission Order No. 36092 extends
until December 31, 2026. The Company currently has $150,000,000 remaining under the
existing shelf authority. The Company asked that this authority remain in effect for 21 days
following the date of the Commission's Order, when it would automatically expire if no
petitions for reconsideration are received; provided, that the Company's total issuance
authority under Order No. 36092 and under this Order would not exceed $1,500,000,000
at any time. The Company's outstanding First Mortgage Bonds and unsecured senior debt
are respectively rated A3 and Baa2 by Moody's Investors Service, and A- and BBB by
Standard & Poor's Rating Service.
STAFF REVIEW AND RECOMMENDATION
Staff reviewed the Company's Application and confirmed that the Company paid
the fees required under Idaho Code§61-901 et seq. Staff recommended the Commission
grant the Company's Application. Staff also recommended the Commission continue to
require the Company to file supplemental information if the Bonds and Unsecured Debt
ratings fall below investment grade. Further, Staff recommended the Company continue
to file copies of all documents as described above.
ORDER NO. 2

COMMISSION FINDINGS AND DECISION
The Company is an electric corporation as defined by Idaho Code § 61-119 and a
public utility as defined in Idaho Code § 61-129. The Commission has jurisdiction over
this matter pursuant to Title 61 of the Idaho Code, including Idaho Code §§ 61-501 and
61-901 et seq.
Based on our review of the record, we find that the Company's Application
reasonably conforms to Rules 141 through 150 of the Commission's Rules of Procedure
(IDAPA 31.01.01.141-.150), and that the Company has paid all fees required by Idaho
Code § 61-905.
We also find that the Company proposes to issue securities for lawful purposes
under Idaho Code § 61-901, that the proposed issuance is within the Company's
corporate powers. We find it reasonable to grant the Company's Application.
Our approval of the issuance is not a finding of fact nor a conclusion of law that the
particular use to which these funds are to be put is approved by this Order. The issuance
of an Order authorizing the proposed issuance does not constitute agency determination
or approval of the type of financing or the related costs for ratemaking purposes. The
Commission does not have before it for determination in this case and therefore does not
determine the effect of issuance on rates to be charged by the Company for service to
Idaho consumers.
ORDER
IT IS HEREBY ORDERED that the Company's Application is granted. The
Company is authorized to issue and sell, from time to time through June 30, 2029, up to:
(a) $1,500,000,000 aggregate principal amount of one or more series of the Bonds; and
(b) $1,500,000,000 aggregate principal amount of one or more series of the Debt
Securities. The total outstanding combined principal amount of the Bonds and Debt
Securities shall not exceed $1,500,000,000. The Company may ask the Commission to
extend this authorization by filing a letter with the Commission before the authority
expires.
IT IS FURTHER ORDERED that the Company must notify the Commission by
letter within seven (7) days (or as soon as possible, if the required information is not
ORDER NO. 3

available within seven (7) days) before issuing the Bonds and/or Debt Securities of the
likely range of interest rates and other terms for the securities, unless, in the case of
Bonds, the Bonds are issued as medium-term notes.
IT IS FURTHER ORDERED that the Company must file a copy of the registration
statement with the Commission, as promptly as possible after the Company files the
registration statement with the SEC.
IT IS FURTHER ORDERED that the Company must file with the Commission, as
promptly as possible after issuing each series of Bonds, a copy of the Prospectus
Supplement showing the terms of the sale, and the names of the purchasers or
underwriters or agents. If the Company issues Bonds designated as medium-term notes,
the Company's reporting requirements shall consist of filing with the Commission a copy
of the Prospectus Supplement for the medium-term notes as filed with the SEC. The
Company shall also file with the Commission a copy of the Pricing Supplements filed with
the SEC, setting forth the specific terms and conditions for each issuance of the medium-
term notes.
IT IS FURTHER ORDERED that the Company must file with the Commission, as
promptly as possible after issuing each series of Debt Securities, a copy of the Prospectus
Supplement showing the terms of the sale, and the names of the purchasers, underwriters,
or agents.
IT IS FURTHER ORDERED that the Company's existing authority to issue bonds
and debt securities, as specified in Commission Order No. 36092, will extend for a period
of 21 days from the service date of this order, at which time the existing authority under
Order No. 36092 will automatically expire if no petition(s) for reconsideration have been
filed in this case.
IT IS FURTHER ORDERED that the Company will provide written notice to the
Commission in this case if its First Mortgage Bond credit ratings fall below Baa3 for
Moody's Investors Service or BBB- for Standard & Poor's Ratings Services.
IT IS FURTHER ORDERED that the authorization set forth in this Order is without
prejudice to the Commission's authority over rates, utility capital structure, service
accounts, valuation, estimates for determination of cost, or any other matter that may
come before the Commission under its jurisdiction and authority as provided by law.
ORDER NO. 4

IT IS FURTHER ORDERED that nothing in this Order and no provisions of Chapter
9, Title 61, Idaho Code, or any act or deed done or performed in connection with this Order
shall be construed to obligate the State of Idaho to pay or guarantee in any manner
whatsoever any security authorized, issued, assumed, or guaranteed under the provisions
of Chapter 9, Title 61 Idaho Code.
IT IS FURTHER ORDERED that issuance of this Order does not constitute
acceptance of the Company's exhibits or other material accompanying the Application for
any purpose other than the issuance of this Order.
THIS IS A FINAL ORDER. Any person interested in this Order may petition for
reconsideration within 21 days of the service date of this Order about any matter decided
in this Order. Within seven days after any person has petitioned for reconsideration, any
other person may cross-petition for reconsideration. See Idaho Code § 61-626.
DONE by Order of the Idaho Public Utilities Commission at Boise, Idaho this
day of . 2026
EDWARD LODGE, PRESIDENT
JOHN R. HAMMOND, JR., COMMISSIONER
DAYN HARDIE, COMMISSIONER
ATTEST:
Monica Barrios-Sanchez
Commission Secretary
ORDER NO. 5