20220427Comments.pdf

Peter J. Richardson ISB # 3195
zuCHARDSON ADAMS, PLLC
515 N.27th Sffeet
Boise,Idaho 83702
Telephone: [phone]
Fax: [phone]
[e-mail]
TN THE MATTER OF IDAHO POWER
COMPANY'S APPLICATION FOR
AUTHORITY TO INCREASE ITS RATES
FOR ELECTRTC SERVICE TO RECOVER
COSTS ASSOCIATED WITH THE JIM
BRJDGER POWER PLANT.
i ;..;. I i. ir)
: ,.'-t I , '-! i-. l
Attorneys for the Industrial Customers of Idaho Power
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
)
)
)
)
)
)
)
)
CASE NO.IPC-8.21.I7
COMMENTS OF THE INDUSTRIAL
CUSTOMERS OF IDAHO POWER
Pursuant to that Notice of Amended Application in Order No. 35340 issued on March 10,
2022, by the [daho Public Utilities Commission ("Commission" or *PUC'), the Industrial
Customers of ldaho Power (*ICIP") hereby provide its Comments on ldatro Power Company's
("Idaho Powe/'or the "Power Company") Amended Application ("Application") in the above
captioned matter.
I
LARCE RATE TNCREASE
Idaho Power seeks to increase its retail rates by over two percent in order to recover the
early termination costs associated with the accelerated depreciation of all of its coal-related
invesfrnents at its partially-owned Jim Bridger Coal Plant ("Bridger"). Specifically, the
COMMENTS OF THE TNDUSTRIAL CUSTOMERS OF IDAHO POWER
IN CASE NO. IPC-8.21-17 _ PAGE 1
Company is seeking to increase rates to recover increased annual revenues in the amount of
slightly morc than twenty-seven million dollars a year from June 1,2022 through December 31,
2030, or approximately two hundred and thirty million dollars from its ratcpayers over the next
eight and one halfyears.
II
PANCAKED WITH OTHER LARGE RATE INCREASES
Idalro Power also recently filed its annual PCA rate case (lPC-E-22-ll) in which it seeks
to increase retail rates by an additional one hundred and three million dollars for just the coming
PCA year (June l, 2022throtgh May 31,2023). ldaho Power is seeking to recover both of these
enonnous rate increases at the same time with no efTort to mitigate or ameliorate the negative
impact of such increases on its ratepayers.l The implementation of the PCA has a disparately
larger impact on high load factor customers (such as industrial users) than on other rate classes
who have relatively poor load factors (such as residential or small commercial customer classes).
Thus, the retail rate impact of the combined PCA and the Bridger rate increases will cause an
immediate thirteen percentage increase in the Schedule 19 (ICP) customers' rates. Short of
disallowance of the company's legitimately incurred power supply expenses and/or disallowance
of is laudable efforts to respond to the deteriorating economics of maintaining a coal fired
generation fleet there are, admittedly few palatable rate mitigation tools in the regulators' (or
regulated utility's) tool-box. One such mitigation tool is the regulatory concept of securitization.
Til
SECURJTIZATION
One effective and reliable rate mitigation tool that has not yet been addressed in this (or
the PCA) docket is securitization of the rate increase and related financing of the secured amount
I See direct prefiled testimony of Ms. Brady in IPC-E-22- | I ap pp 3l - 32.
COMMENTS OF THE INDUSTRTAL CUSTOMERS OF IDAHO POWER
IN CASE NO. IPC.E-zI.I7 - PAGE 2
through the issuance of utility-backed debt issuance(s). According to the National Regulatory
Research Institute (NRRI), which is the research arm of the National Association of Regulatory
Utility Commissions (NARUC) securitization has proven to be a beneficiat ratemaking tool:2
A gowing number of utilities have recovered necessary extaordinary costs at the lowest
possible financing cost to ratepayers. Think of securitization as akin to a consumer
refinancing their credit card debt with a home equity mortgage loan. By rcfinancing into
a secured, higher-quality loan, the consumer can obtain a lower interest rate and
significantly lower their borrowing costs over the life of the loan.3
Idatro Power has several securitization options available to it under Idaho Public Utilily [,awa -
none of which have been addressed by the Power Company as the potentially viable rate-
mitigation tools that they are. Some of the ldaho securitization statutes require the Power
Company to initiate the securitization process while others are mone generic in natwe, requiring
only that the Commission approve the issuance of securities by the utility in the'normal' oounrc
of business.
One or more of the several securitization options that are available to the Power
Company may ultimately be identified as being effective at reducing both utility risk and
ratepayer rate shocMrardship. It is important for all involved -- the Commission, Idaho Power
and its ratepayers - to explore the available securitization options that may be able to mitigate
these enormous rate increases to the greatest extent possible - and to do so in a manner
consistent with good utility ratemaking practices. Idaho Power Company has failed to mention
the securitiz,ation possibility in either of its applications (IPC-E-21-17 - Bridger or IPC-E-22-l I
- the PCA). It is therefore left to this Commission to initiate the exploration of the securitization
2 Most recently ldaho Commissioner Kjellander served as President of NARUC.
3,VnR///VS/CHTS: Perspectives on Crilicql Policy lssues, "Managing Electricity Rates Amidst Increasing Capital
Expenditurcs: ls Securitization the Right Tool? An Update. January 2019.
4 ldaho Code Title 6l Chapter 9 Issuance of Securities by Public Utilities: Idaho Code Title 6l Chapter lJ Energy
Cost Recovery Bonds; Idaho Code Title 6l Chapter /6 Utility Cost Reduction Bonds.
COMMENTS OF THE TNDUSTRIAL CUSTOMERS OF IDAHO POWER
IN CASE NO. IPC-E-21-17 _ PAGE 3
option as a potentially viable ratemaking tool to mitigate the rate shock impacts of the
Company's application(s).
IV
TDAHO POWER'S FINANCES APPEAR TO
SUPPORT THE SECURITIZATION OPTIONSs
One of the obvious first questions that comes to mind in the face of a securitization
option is what will be the impact of additional debt on the utility's balance sheet? ,For instance,
if the utility has an excess of debt on its books, then securitization may not be a wise ratemaking
step. Iq on the other hand, the utility has an excess amount of equity on its books, then
securitization would not only mitigate the immediate rate impact of a potential rate increase, but
it would help the utility to return to a more 'normalized' and rcasonablc debt-to-equity ratio.
Idaho Power currently has an exoess of equity on its books such that additional debt will
help the Power Company to re-balance its books to a more normalized 50% debt to 50o/o equity
ratio. Idaho Power's current (as of Dec. 31,2021) capital stnrcture is reported by the Power
Company as follows:
Debt 45%
&uity 55%
Target 5E/ol50o/o
Idaho Power's existing ratebase is slightly more than $3,500,000,(XX), which when multiplied by
its 45%o debt equals approximately one and a half billion dollars in debt. The addition of two
5 All of the following data conceming ldaho Power's eamings, debt, and ratebase are found in the attached
documents: "Earnings Conference Call 4th Quarter & Full Year 2021, February 17,2022" and "lnvestor Information,
Spring 2022 Investor Outreach" both of which are published by ldaCorp.
COMMENTS OF THE INDUSTRIAL CUSTOMERS OF IDAHO POWER
IN CASE NO. IPC.E.2I-t7 - PAGE 4
hundred million dollars in more debt would barely move the needle as far as the Company's debt
equity ratio is concerned. But more importantly than the relatively small size of a potential
Bridger debt securitization is the fact that such a debt issuance will actually move the needle in
the rieht direction as far as the Company's targeted 50/50 debt/equity ratio is concerned.
Another legitimate question one may ask when analyzing a securitization option is what
would be the impact on the Company's earnings. It appean that ldaho Power's earnings levels
will not be negatively impacted by securitization of the Bridger accele,rated amortization
amounts. As noted above, Idaho Power's balance sheet is already substantially over-weighted
toward equrty with an equity position of 55%o as opposed to its target of 50%. Exacertating its
over-weighted equity position is the Power Company's more-than-healthy retums on equity. For
example, in 2021 Idatro Power earned 9.9o/o on its inflated equity position. Indeed, over the last
five years, tdaho Power has never earned less than 9.9o/o on equity and has eamed as much as
l0.l%. Moving to a more reasonable debUequity ratio of 50/50, with all other things being
equal, should not negatively impact a regulated utility's r€turn on equity.
v
CONCLUSTON
The above introductory discussion is designed to persuade the Commission, the Power
Company, and other stakeholders to embark on a serious investigation into the question of
whether a securitization of the Bridger accelerated depreciation amounts would be beneficial to
both the utility (assured cost recovery) and its ratepayers (rate shock mitigation) - consistent
with prudent utility ratemaking practices. Therefore, the ICIP respectfully request the
Commission to convene the parties with instructions to explore the securitization options
available to the power company with the goal of implementing the same to the extent they are
determined to provide rate shock mitigation consistent with prudent utility practices.
COMMENTS OF THE TNDUSTRIAL CUSTOMERS OF IDAHO POWER
TN CASE NO. IPC-E-2I-I7 _ PAGE 5
7.h of
#31
HARDSON ADAMS, PLLC
I HEREBY CERTIFY that on the 27th day of April a true and correct copy of the within and
foregoing COMMENTS of the Industrial Customers of tdaho Power in Case No. IPC-E-21-17
was served, by electronic copy only, to:
IDAHO PUBLIC UTILITIES COMMISSION:
Commission Secretary
Idaho Public Utilities Commission
secretarv@ouc. idaho. eov
ian.noriYuki@[ruc.idatro. sov
IDAHO POWER COMPANY
Lisa Nordstrom
Idaho Power Company
lnordshom @ idahopower. com
dockets@i dahooower.com
Matthew T. Larkin
[e-mail]
COMMISSION STAFF
Erick Shaner
Deputy Attorney General
Erick.shaner@puc. idaho. qov
IDAHO CONSERVATION LEAGUE
Benjamin J. Otto
[e-mail]
CITY OF BOISE
Ed Jewell
Deputy City Attorney
ejewel I @citvolboise.org
boisec iwattomev@c ityofboise.org
SIERRA CLUB
COMMENTS OF THE INDUSTRIAL CUSTOMERS OF IDAHO POWER
IN CASE NO. IPC-E-21-17 _ PAGE 6
Rose Monahan
Ana Boyd
[e-mail]
ana.bovd(@sicmaclub.orc
CLEAI\I ENERGY OPPORTUNIIIES FOR IDAHO
Michael Heckler
Courtney White
Kelscy Jae
[e-mail]
courtney@clcanenerf yopportunitics.ootrl
kelserr@kelscvi ao.com
IVIICRON TECHNOLOGY, INC.
Jim Swier
Austin Rueschhoff
ThorvaldA. Nelson
AustinW. Jensen
Holland & thrt
dnrcsctrhoff @hol hndhart.com
[e-mail]
awjenscn@hlladhailcom
acl@hollandlurrcom
[e-mail]
ISB # 3195
COMMENTS OF THE INDUSTRIAL CUSTOMERS OF IDAHO POWER
TNCASENO. IPC-E-21-17 _ PAGE 7
,t
lnvestor Information
5r.";r i,rr,,-,,) i.) :)':) i f ir:,'r:":i:,",,1.r; i.i i I i i' tr,;,--,r h
;vi ;:.:i. ri -i), ii :r[,r.r..)Slmcm
35rww
Forwa rd-Looki ng Statements
ll .ddhbn b thc hlstork l hform.tbn conblned ln thls p]$.nt Uon, thls pttscllt*bn @ot lns (rnd orel communlcrtlons mrdr by lDAoOfiP. ]nc. and ldaho m.v
rndForm10{.ndM.n tcm.nt!Discrssion.ndf.tyrbof FlnandrlCotdltlonrndResultsofopcntonsandthcrtls&scdbedtheelnfmmtlmrtotlme. IDACORP.ndld.hoPosct
h*twrr rir-,r'
Table of Contents
Company Overview
IDAC(XP at a Glencc
lncruaslnt Customcr Grow0r f,ele
ld.ho Economlc Snapstrot
Estlmatcd lGy Flmnclal
& Opcntlry Metrlcs- 2022
Capltel Eryendlt'urc For€c.st
Tot l SystGfii Rat B.sG Growth For.c.st
Rerource Addltions to Address Gpacl$ I)e{ldts
ldaho Pos€r Antldp.tcs Of,mllE 45'3 of B:lH
common Stock DMdcnd Grcwth
Susteincd Cost Control
Hbtork ! Eamings GuHancc yt. Actu.l EPS
Retrrm on Ycar-End Equfi
Eamhgs Support/Rewnuc Shadnt Mcchenlsm
Oean today. Oeaner tomorrow.'
dcrn Energy Portfollo
A Found*lon dClean Encr!,
1
2
3
Appendix
Reccnt Exccutiw Chmgcs
ld.ho Ptrc. Company 0vcMev
icguhtory Commlssbnets
Assumptlons Urcd - Lst ldeho Rete c.se
Rc{dentlal & lndustrlal Average Ratcs
lntef.td Rcsource Phn Fortcasts Contlnucd Growdt
2021 ldaho Pouer IRP Prcficncd Portiollo
OpGr.tfE Crsh Flom, llguldlty, & C.plt l Strucrur.
Dcbt Matutlty Profflc & Crcdh Radqs
Al-nme Hl$ Summcr & WlntGr Pcll Demend
Contmctcd Rcnewabb Encrfy Ptr{ccts
ATradttbn oftust ln blllty
Erperienced, Dlwne, Mostly lndegendcnt Dlrcctott
DNvcrtlty ln terdetshlp
2021: Saiest Ycar on Rccord
Our Commltmcfit to Our Orstom€R
Our Crmmnmcnt to our Employees
Hclls Gnyon RellcanCry
HBr-Volt4e TnnsmBbn rhorects
A-1
A-2
Ar3
A4
A-5
A-6
A-7
A.E
A-9
A"l0
A-11
A-12
A-13
A-ltl
A-15
A-15
A-17
A-18
A-1$20
13-14
1
5
6
1
t
9
10
11
L2
ilt
16
t7
35tmw
IDACORP at a Glance
IDACORP Financia! Snapshot{tr:
Revenue: $1.45 billion
Diluted earnings per share: $4.85
Annualized DMdends per share: $3.00
Return on Year-End Equity: 9.2%
Net Utility Plant Assets:
Idaho Power-$l.S billion
3EHilh
ldaho Power Company Quick Facts:
Vertically integrated energy company
encompassing generation, transmission,
and distribution
>600k customers; 24k sq.ml. territory
-71 percent of ldaho residents, 72 cilies;7
cities in Oregon
lu A. ot.Dd ts th. yt r Gndcd l2l!V2@1" reB b.
dlvl&ndr p6 rtEE, wtidr .E .muJl4d 6 of FcbMt] 2022.
14L,*utrve Year
ifl*t
EPS $4.95!DA
LISTED
NYSE
Revenues by Customer Class
ldcfi*ts leddsrUd
4r*
CommcrcialE*
202L
35tmcm
lncreasing Customer Growth Rate
ldaho Power Gustomer Growth 2.8yO
610,000
6m,(xro
590,mO
5gl,(x)0
570,(m
550,m0
550,m0
540,0(x)I II
2017
lYcrr.mr{errl O0Meto
New Enterprise Data Center
960k sq. ft. in Kuna, ldaho
Expected to begin operations by 2025
9i.b
RIYtr
201t zr19 2020 m21
aMoody's GDP Growth Projections
ldaho Power's Service Area:
20222 5.9Yo2O232 4.9Yo
l
aloat
i;
t
I
j l!-)-nE ii
i h tri
35lmcw
Idaho Economic Snapshot*
$9O.7 :"',t#"?:i,8941461,1"f;1ff;ir,'#,ervols
H6 LonbWertor...
Top D.cltlonal lndustrlcr
AerLullrr. ElGt lcd EqJaPlnmt trrod hcdjctl.|I|(rhcrrirg s.IPpcn ActlYltb 'trtullctulng filluftclotl,rg
amazon\.--r,
a
lnrIs,
TRllE ITE$T
JTop Emerglng lndustrbs
*
E
triaDortrtkrl{.rlttcra SEEING POSSIBILITIES IN POTAIOESlvldrarheI|d Fcod afvlEaa
XFood
38\ie xItlnlng
S-Year Hlstork Job Growth
2017 2016 2019 2020 202n
1OO/O to-Ye.r Fq.castcd
$55,8OO off;g'BEEF
tsourct; Economlc ModGlrf spGcblat lnt rn tbn [ 2021 Qt, Drt!frlm lrs
Burt u of Eono.nk Anabllr .rd uS Ocpartmnt of trbor Strtktlcr
35tmcm
2022 Earnings Per Share Guidance
Estimated Key Operating Metrics
(Millions Except Per Share Amounts)
2021 Actual2022 Estimates(1)
ldaho Power Additional Amortization of Accumulated
Defierred lnvestment Tax Oedits
ldaho Power Capihl Expendlturcs, Ealuding Allomnce
fur Funds Used Durlng fpnstrTuctisne)
($ As of Februry 1Z 2022.olonenmralbasB.
None
$ cso-s soo
None
S grs
35tmm
Capital Expenditures Foreca5l(rl
2022 - 2026 (S Millions)
ssoo
s700
Seoo
$sm
$4oo
s300
s200
s100
So
40u,,, overall i ne.rease
slnce thP prevrou: S-
year CagrEx forecast
- - $:sPJt! Pgt rqql3lgese - -
2022 m23 m24 2025
u Dlstributlon {S12}S170M} -r }Wro (S7G$11OM!
rTransmlsslon ($4C$70M1 rGcneral Plant (S50.975M)
rThermd (SlGSsoMl lHEft volBeTransmlscon (S5-S10sMl
r New capacty resouroes l2O?j2-2O251 (S15-S220M)
Itl f. d FGhnry t7, 2tEl Soc p1r 56 of llUOOiPr 2mt fom ll,{ lbr r b'l tdom ol p[ql.d ty9.5 lrdu& h th. tf..t ftGcttt
*iii" per year
average previous
5 years
2026
35rmwIotal System Rate Base Growth Forecast(l
$z.zo
Se'o
ss.s
$s'o
E sr.s
iEirr S4.O
s3.s
s3.0
s2.s
x6'
g"/"9
So.9B
2011 Rate Case + Total Rate Bas€ EstimatelrnCley through 2021
S2.zB
2026
.PC.d b b. ln&d.d In @ bu, ld.ho h/r td rlm nE Daa @5 Bh arrorlm.ly 9S.a dltm bt th. sd o{ M, llt. p ri ulh rhldr ft ho h effitly ,odr Aib, aryarailm
to b.32BM ol e b6. h 2oZtio. llldrdon plE h.E.
2022 2021 2024 2025
35lmcm
Resource Additions to
Address Capacity Deficits Idaho Power customer growth &
transmission constraints outside
Idaho Power's service area driving
need for additional resources.
Signed contracts for 120MW of
storage, plus 40MW solar power
purchase agreement to serve peak
energ$r needs by summer 2023.
Additional RFPs issued to solicit
nesources to come on-line in
2024-2025 to meet identified capacity
deficits of 85MW & 125MW.
r
I
,,ffi*s,1-+
hre
_hnrrrq
:fu.ht*a.
l
lF
101MW
85MW
125MW
a
ruH
2023
2024
2025
C.e.cfy Dddt
35tmcm
ldaho Power Anticipates Owning
45% of B2H High-Voltage Line
. Rellable . Afbrdable . Clean
Approaching SSOO million of total system
projected additional rate base by 2A26.
ldaho Powe[ Bonneville Power
Administration (BPA), and PacifiCorp
signed a non-binding term sheet in
January 2022.
Idaho Power would acquire BPA's
share and own "45 percent of the
line in the aggregate.
ldaho Power and BPA expect to sign
a commensurate long-term
transmission service agreement
intended to serve BPA's customers.
a
a
fttm
Common Stock Dividend Grow1fu(t)
"At this time, manatement expects to recommend to the Board of Directors ftrture annua!
lncreares ln the dlvldend of 5% or more, with the intent of remaining within our target payout
ratio of between 6,0 and 70% of sustainable IDACORP earnings."
Usa A. Grow,
IDACORP President and Chief Executive Officer
September t7,2021 ocs\
rate \sls $3.00
Oi'r'tdeod
irrcrease
1$
Sz.E4
s2.6r
s2.52
s2.36
I
I
I
i
I
l
I
l
iI
i
$dr
52.20
s2.O4
S1.88
ct4 a4 Q4 04 Cl4 a4 a{ q4 Q4
2013 2O1't 2Ol5 2016 20ll 2018 2019 2020 2021
5r.72
5o.rr So.ra so.43 to.47
I
sr.s2
sr.zo sl3? I Iitliii
ilLl Lr
q4 Qr Q42011 2I)12 2012
so.51
I
'l.f
a4
2015
Ti'i'i i'i i'i
-i ii
(r a4 a4 a{ cur cl4
2016 2017 201t 2019 2020 2021
so.30
I
a4
2011
I
q1 a4 a4 042012 20tZ 2013 2014
Quaterly Dividend PerShare Annualized Dividend Per Share
(1)See IDACORPS mo6t rac€nt Annual Report on Form 1GX for a discussion of factoG that may affect dividends.
35lmcm
Sustained Cost Control
2Ot2-2022 O&M Expenses (S fUittions)
Other Operating and Maintenanoe Expenses
t400
lgso
$3m
lzso
$zm
tlso
$100
$so
$o
Feb.L7,2O22
Guidance
S3ss - S36s
2012 2013 mt4 201s 2016 2017 2018 2019 2020 2021 2022
0
5954.s3ss.8Srng.e s346.7 s352.1s340.
35lmcomr
2010-2022 Earnings Per Share
With Earnings Support Mechanism in Place
'Mid-Point of Opening EPS Guidance vs. Actuals*)
ss.10
$l.go
Sl.zo
Sc.so
$l.go
$.ro
53.90
9r.zo
$g.so
53.3o
Sr.ro
52.so
s2.7O
F.lnrr1Z1|@2.Ot.lh3eI-.E
I't&13!tx Mid-Point of Opening Guidance r Actual Diluted EPS J.!t
*r
- '- -.'-acl+
.rrlr
tur0 tO-c
'|-rl3t J
1
2010 2011 mt2 2013 2011 2015 2015 m,,7 2018 2019 MO mzt 2@2
.i:pnrantslhcn*&golntoflo conPsoeatilnaEPlsauld.nc!-baa.dornonndwordrlErcondloona ffid..,ur.hEt{tttr.uL.ucrffiifrfrisb
35tww
Return on Year-End EquityEretzr
tgx
tx
ffi
a*
tx
ox
20t7 2018 2019 2020 2021
THilht2r
LOX
gx
ffi
4*
tx
w Shuhonc Folls, neorTwln Folls, ldoho
2 2017 201t 2019 2020 2021
9.9%to.t%9.9%
35lmcm
Ea rn i ngs Su pport/Reven ue
Sharing Mechanism:lf ldaho ROE < 9.496
Support th.
Mechanism Continues Beyond a Rate C,ase
Ability to utillze up
to $zs million of
addltlonal ADITCs
annuallyb .drlcue.,Mlf the ldaho Public Utilities Commission were
to approve a change to ldaho Power's
allowed annual ldaho ROE as part of a
general rate case proceeding, earnlngs
support llne reverts to 95% of the newh
authorized ldaho ROE.
As of December 31, 20zl-,ldaho Power
had utilized $0 of $45 million available.
SItmrorp
Earnings Support/Reven ue
Sharing Mechanism:
$rZe.S million shared with ldaho customers since 2AO9, including
568.1 million reduction in customer pension obligations.
I
Customer
Benefit per 51:ffiffiffi
*rr.,.ratr**. &
ffirftfu},"\"-l'
ff\f. : )\.4/
?ondonot$on
r.&rdoi@futrtrrt
ltducibn
ldaho Power
Benefit per $1:@,S ffi @#ffi
({ A5 of ffirfly 17, 2O2, ldrh Porrr oorcr no not dr.rr ln 2OUl pu.sEnt b Ord.r tlo. :11965. i.&ro on yrrrcnd .qdty ln th. ld.ho lurldldon (ltho fOEl
ll,.of h drc ld tcnGr.l r.b cr.c.
3Stmcomr
llean todav, Cleaner tomo
LOO% Ctean Eneigy by 20a5
rro\u
Updated
Coal Exit Tlmeline
1-4-----+---,.tt ,oo tor D rB
3lt3bclorzffi
8616 below 2qt5
t0l3dcn
+-&ra
2021 lRP load Forccast us. Prlor lRPs
..JI,@
'tlp arrfr plma m,Gb[ tllf dorir rtiiltdJlm i{{t'tnltt br{l.rtio.nrs.r
of unpdm ld uo+rrmg ahsu h rh
'P,llqrfEd Ma r.1r rnt.I'tar.e!mln dorEollllo.d lu mll.E opu6t
.id B rtFd b rfdrc.V H'!d rlddr|r.
IEGG
Emlsslon Reductlon TarFts AlEned wlth Parls Agreement
gtortE nt
Mcdlum.terrt{RP{ccd
Loll3{ern
5
NS
2030
2045
2021lRP
2019 rRP
2017]RP
Rctrll Sales
(Bn dMWh)
2.6*
13r
L1r
Annual Pcrk
(PcrkOomrnd!
2.1%
t.4x
1.5r
Retail S.les
(Blllcd Mwh)
t.4%
1.otr
0.916
Annual Pcrk
lF!.kDemndl
1.4%
L.2%
L.4%
CO, Emissions
i lntensity Reduction
Target Year $Ycrr?oocated &uud
ffirBrh
l$ttsrGqurudSrrt
Gmr$*rtt
Clean Energy Portfolio
1t.-
,'iarkr-: P,,tr iitase:
r f i.,,| ) .\t'"'
Hydroelectric
Wind
11.1o/o
l-Mroelecrir
32.5o/o
NATIONAL AVERAGE
t.t
(oal
167",berr il tttr rt lalt
8ir.,r'rl.ri1. 3 OIir,,
iCL-t'l
35lmcm
A Foundation of Clean Energy
64% Clean Sources Today 2021rRp ptansfior
w sHtilGlolt
fftEGOt a
:0
IDAHO
aloirr
ffin Sourr.r.rdCaFald.s
a Hydroelecrric l,9at,9Mw
I coal 920.2 Mw
0 ilatunlcs 752.2t w
a Solar' 315.0 MWI wind . ,2&o rrw
O Di.r.l 5.0MW
- Grothen.l t5.O MW
t glom:s 21.0 MW
O Col.neBtion f8.0MW
Odrer 5.0 MW
4,759.1MW
* f,EvAIrA UIA}I :
'blpiilr&um ti.nt F.EilddItaat.Hffi, [e-mail]6&blt{rriFEBrdlairffi
Coal Edt by 2028 Jim Brldgsr
Endlng Coal 2028
llorth Valmy
Endlng 2025
Boardman
Shut Diln 2020
Dccrtegld ldaho Powcr Coel{red Gcncratlon
a!-Es
=-
t
,
6
5
a
t2G N' M 2m,1 2013 2015 2017 1019 2El
9a
0
(_
O i ---j .l\i
II
II
F.lb' _)
wYomtre
t
Sn.b
Pocatllloa
7
Stmcm
35truw
Recent Executive Changes
Steuc !(cen
IDA@RP Senior Vlce President
Announced retirement, intended
to be efiective October L,2022
after4(} years of servlce.
Brlan Buclfiam
IDACORP Senlor Vlce President
& Chief Flnancial Officer
Appolnted to succeed Keen as
Chief Financial ffi cer, effective
March L,2O22.
Pat ]lanltEton
IDACORP Vice PresidenL General
Counsel & Corporate Secnetary
Appointed to succeed Buckham as Vice
Presidenl General Counsel, effective
March L,2O22
r-1
k$lrv''l;l'
ldaho Power Company Overview
ldaho Power Genere$on
1 798 I MW Hyoro (17 Facilitres)
920 2 MW Coal (2 Plants)
7622 MW Natural Gas (3 Plants)5 MW Diesel (l Facility)
3.486 3 Total MW (-S,"r., st"u"n-l
[_ 23 ,n ,.r,,"" )
fTransmlsston lineJI l.a4s mit"s ot II nign-vottase I
[- kansmission lines )
[-curtomc]l
I ^, ot Dec 31 202 I more rnanI ooo ooo rerarr cusromersL
Dlstdbutlon to
Businesses
fsrrt t* I
[_eoa ,ro.r"oonrJ
Natunl Gas
Plant
Coal Plant
Hydrcclectrk Dam
StrfUp
Tnnsiormcr
StcpDou,n
Transiormcr f
-or,ritr,,on t-inrr-lI za.szo m,tes ot I
[_ aistriburron trnes )5IsHh.Dlstilbutlon
to HomcsDW@
As of December 31., 2021
35rmconp
Regu latory Com missionent
Gunmbdoncr
EricAnderson
Jdrn Chatbum
John Hammond
rtnnEryhca }ffi
2025 Republlcan
2023 Republlcan
2027 Democrat
Appolnted to Stag83rcd EtbarTerms
Gommhdoner
MarkThompson
Megan Decker
Letha Tawney
IUrn Fofflkd P.rtyErplrcs AffilL0on
z0ix3 Republican
2025 Democrat
2024 Democrat
Appolnted to Sb3gsred tl-Year Tcrms
r-3
Oregcn
35tmcm
Assumptions Used Last ldaho Rate a
Metric
lmplied Return on Equity
Allowed Return on Rate Base
Rate Base (including Langley Gulch)
lmplied Capital Structure
Date of last general rate update in ldaho
(including Langley Gulch)
to.o%
7.86%
Sz.z gillion
50% Equity / 50% Debt
July 1, z0tz
14
h*tifsrJx."r'
Residential & lndustria! Arerage Rates
Summer Average Rates (cents / kilowatt-hour)
lnductrlal Resldentlal
so.08
So.oz
so.oe
So.os
So.o+
S0.14
So.rz
I
I
I
I
I
I
I
$o.ro i
I
$o.oa20t7 2018 2019 mm m2l
- ldaho Power
-NatlonalAverage(r)
2017 2018
---- ldaho Power
2019 2020 2021
-]1|2li66l
35lmcorur
lntegrated Resource PIan (lRP)
Forecasts Continuing Growth
2O2l IRP load Forccast vs, Prior lRPs
RetallSales Annual Peak RetallSales Annual kak
(Bllled MWhl (Pcak Demandl (Bllled MWhl (Peak Demandl
2021tRP 2.6%2.1%1.4%1.4%
2019 tRP 1..3%1.4%t.o%t.zyo
2017 tRP 1..L%1.6%o.9%1.4%
F5
S-lbar Forecasted Annual
Groufth Rate
2GYear Forecarbd Atilrd
Growth Rite
o
emingwoy
CdE Sbr.fp kangnission Eernand
faspsrcc
Cdl
EIlr
SSlm
tar Std
2O2I ldaho Power IRP Preferred Portfolio
&2
,,na
&
2@5
204
an
M
t@l
l@
tGt
2Gl
283
tGa
&5
2G6
2G?
2Bt
2G9
fr
7rd
Tl0
il
a5
x5
lro
,m
tllt
5
lot
5
36
255
55
55
55
l0
r50
s
s5
106
ll5
55
55
il
20
b
F57l
F6t
E?rl
t5, il
(.5r,
Reliable Afbrdable Clean
ro
ts
t0
o 7m l,&t L6ts :il /E0 o.{
a
a
D L,,ffi11.,,dtit nrnru,
35lmcw
Operating Cash Flows, Liquidity,
& Capital Structure (millions)
IOACORP
Net Cash Prwided by Operating ActMtles
Rerclvlrg oedlt Faclllty- E.plrcs Deoember 2025
Commerclal Paper Outstandlng
ldrnfif,ed fur Oher Usctrl
Total
2@t
s 363.3
min
s 388.1
Gapltal Struc{urc as of
Il,ecember 31,2021
DGbt
EqulU
TeEEt
43r
57Yo
N/A
4SX
55%
s 100.0 s 3m.0 ssxlffi
r-8
(2421
$ 100.0 s 27sa
PldalroE|,e.fi.
ta hdIoErdhh,r htbtf Itoaraq|If.rqrhdrD uraErlt.Eilrtrur*ri.dciaarr..rh.rntrdtr.,lllbrCtt icn{ri.rurffi traftlrt Hbun*EJrhioilhDti.lr.{c
Tlrrehre Months
[nded Deccrnber 3f
IDATI'BP ldaho Po*rr
35tmcm
Debt Maturity Profile & Credit Rati
(S ruillions) - as of L2/3L|2O2L
ItloodfssePltiodt/s
NegettveNegztlrc
s&P
BB8
b2
Stabh
Current profile provides for
significant flexibili$ in potential
bond issuance and tenorLong-term
lssuer Reting
Sholt-Enn
Orrdook
A3
FAk2F2
Baal BBB
Stabh
L^mdna.b.nrtrnsrchgpl.tn fhnfeerlhnche nid.ndrkldonoilrfty
Eeetu E EnH E EEE E
&2 m3 &t M M M' M M 20S ZBt 26a 2A 28a 2G 2G6 28' !B 2BO r0lo 20aL 2oa'
'010
20aa 20a5 20a5 20a? 20at
19
o6
Stmcm
AII-Time High Summer & Winter
System Peak Demand
June 30, 2021 - 3,751 MW
Prevlous Peak
llutl7,2Ol7 -3,422 MW)3,E00
3,600
3,400
3.200
3,000
2,E00
2.600
'1.400
2,200
2,000
1,800
lanuary 6,2017 - 2,527 MW
9UirOI\r,(')ONotl?Ge.\.(\.NNNeccrcrcreeocrS0croclcroococrgo
frot[)roF€oroocooc)c)ccroFocg6000c)ctoooooooocroooo
Naarf(ro(, cr
Hour of the clay
"10
35rww
Contracted Renewabl e Energy Proje
\s of December 31, 2027
Crymllldon.rJ
SlttrlPilrr
Producrr(c!tPl:
Wnd
Solar
lMtoporcr
OthCf
ToralcsPP
r.m.GSPE
Wnd
Gedrcnm!
Solar
1,137
Tdlno*CSFP 1:t6 ,20 ZlG
627
390
151
4
71
t
627
316
150
4
1,2L2
101
35
120
7S
120
101
95
r11
Total on-line
(MW)
Under contract
but not yet on-
line (MW)
Total projects
under contract
(MW)
Resource Type
35lmcm
A Tradition of Sustainability
fittltdl00E3€r.pc$/ OrGo*t0tGhrabr2Oas
r' ncdud[otonEmbdonr/ ElccHfrtlSVchldlr
r' CerlrU for OrAeirdc Rcsorrccr
r' cadrf b]Qtt Employccr end lhclrSftyr' cerlll for 0rr Orbrncrr md
Gonmunltbr' Ensuriu Grld Rcslllcncyrnd RdbH[fy ,"r' PromdBDlrcrCty,Equlty,and
hdudon
r' sAsBelcFoacporttrs
Vbltiluoinc.eom/&q$-rr$it hsH0tr
For information on ldaho Power/s rich
tradition of envlronmental stewardship for
the folloring areas:
r' Conserving Flsh and Aquatlc tffc
/ Protecdng R.pto.s
r' PreseMnt the Region's History
/ Protectlnt Wildlife Habitat
r' caring for the snake River
r' Our Commitment to Sustalnabllity
Msit:IE!98!Eg.@lnlgE&
crMronmcnt/cnvlrmmcntal*terardship/
rLl
35lmcm
Experienced, Diverce,
lndependent Directors
cl-.rar* l* H d m 8.nlim& FlnmccHE
!4F.1
lnbmetlo.r
Est te
]lceltkrre
Cmstructbn
Edu6tim
DIVERSITYGsider
oa
o
o
o
/
{
o/
J
I
I
/
!
O
{
/
o
{
o
{
a
@rP,{E!s!4}@
rnd
Rxi.VEdlnrc
PERCENT
TENURE
Awate
a
AGf
AEa3Co&A33 25
63.7
hd€9eod€ol
83**.,u,O - Commltbc Chalporon
* - lndepcndmt Ghrlrman of thc Eorrd
rLl
PERCENT
o aaa oalo a o
aaoo
a
,.
oa o
oaaoola a
ao
O'
a l
a
!-o-!?"!_
a
Snapshot of 2022 Directors
Committees of the Board of Directors
Dsr.rl T .lnder:on
onull' ::l::tl
Thonrr! [ CJr rla
Rr(ha.d I Dahl I
Amdk G alB
lrsa A C,ow
Roniid W ,rbs.n
ludrlh A l()hin\en
Dr.onri lohr'on
leff C (rnncrvl)ruk
Rrchdrd -l NJ!d.ro
D. I!4nrx Peters
Di recto r
35tmcm
Diversity in Leadership
Board Members
. Wornen r Men
Executives
rlrl rWoatlen !Men
Board Members
' Racial/Ethnic Diversity r Other
Senior Management
. Women I Men
Our Commitment to Each Other
Atldaho Powenwe are committed ta an inclusive
environment where we are all volued, respected
and given equol consideration for our
contributions. We believe that to be successful as
a comparyl we must be able ta innovote and
adapt,which only happenswhenwe seek outand
value diverse backgrounds, opinions and
perspectives. Our callaborative environment
thrtveswhenwe are engaged,feelwe belong and
are empowered to do our bestwork We ore a
stronger company when we stand together and
embrace our dffirences.
zsx
l1r
35tmcm
2021: Safest Year on Record
OSHA Recordable Rates
Awarded EEI inaugural Thomas
F. Farrel!, ll Safety Leadershlp
and lnnov-ation AwardE
,.t
it
.,,i
s'H
$
iE-E[$lfrlrlr
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
2m0 2016 20t7 2018 2019 2020 2021
Natlonal Averaget EE! (1k-<2k Employees) q ldaho Power
'ZEl d.t nd vlt.tdlrbh c of th. d.t of 0{r pr:rntrtlon 5afelv4itutfiruo ponruR,
r15
35lmcm
Our Commitment to Our Customers
ldaho Power Received
Some of its
Customer
Relationshio
lndex (CRI)'
CLEAN
ENERGY
Your
My AccountHighest Customer
Satisfaction
Ratings
2OZl - 86.3Yo
2O2O - 86.00/o
20L9 - 85.7%
2018 - 86.3%
2Ot7 -:*,3.lYo
tt
in Company History : !xr.96%I
in 2O2L
, PtllLlS Beluw
(irnnrerdal
r15
I
OtrO
oea
3Slruw
Our Commitment to Our Employees
We work together.
We build together.
We stand together.
Throughout ldaho Power's 100-year history our
skilled and dedicated employees have remained
the foundation of our company. They fulfill our
commltments to customers, shareowners and
each other today and every day.
ldaho Power provides competitive pay and
benefits and supports our employees through
our values of safery integrity and respect and a
healthy work-life balance. Together, we bulld a
secure and healthy future.
For more information on ldaho Power's
employee benefits, please visit:
idahopower.com/about-us/careers/what-we-off erl
*17
35tmcm
Hells Canyon Relicensing
Application for Renewal of Federal License
Three-dam complex on the Snake River, along ldaho and Oregon border
Original license expired in 2fi)5
Annual Iicense renewal since orlgina| expiration
Settlement order receired 2018 approving cost prudency of S216.5M
Currently collecting Sg.g million of AFUDC annually as deferred rcvenues
ldaho and Oregon filed rcspective water quality certlffcations under
Section tm (CWA) in May 2019, clearing a path br FERC consideration
Two thlrd party lawsults against Oregon Department of Envlronmental
Quality challenging Oregon's CWA Section 40l certification based on fish
passge, water temperature, and mercury issues associated with the Snake
River and the HCC. ldaho Power intervened and parties have reached
settlement.
Annual costs (including AFUDC) to obtain new long-term license likely to
range from SgOtvt-$COu unti! issuance of the llcense
New SGyear rcquested license estimated as early as 2023, but more likely
2024 orthereafter
Forecast of rellcense-related rate base (as of Feb. 17, 2O221: $293 million
Hafls Cotry4 ldatto and @cgolir Mcr
rlE
3Slmcm
Boardman to Heminguray
H igh-Voltage Transmission Line Project
Joint fundlng agrcementJanuary 2012 for project pcrmltdlg coctr
ldaho Power - 21%; BPA - 24%; PaclflCorp - 5596
Non-bindlng term sheet signed January 2022 regardlng ownershlp
structure; would lnctrarc ldaho Porer's owncnhlp to -115!6; ldaho
Power would dellver transmlssion seMce to BPA's customels across
Southern ldaho
Total ldaho Power svstem rate base expected to be -S500 milllon
Upected ln-servlce date - no earller than 2026
Capacity:
LmO MWeasttowest
1,050 MW west to east
Total prcJect cost estimat€d between epprdmtly $f mfon rnd $1.2Ullbn, lneludlng ldaho Powe/s AFUDC, excludes lnflatlon and price
changes of materials and labor resources followlng estimate date
Fina! records of decision (ROD) issued by BtM, U.S. Forest Servlce &
Department of Navy
Thlrd party larvsults challenging BLM and U.S. Forcst Scrvlce RODs werc
dlsmlssed, not appealed
Oregon Departmentof Energy proposed order rccommendlng approral
issued in July 2020 with final order and slte certlficaE expected in second
haltot2022
.FqFn
.klff.
r-Jk
sS'du
6,
I r,,*^
t'
lXs.r
a I
-.8l
w
l.ry
t8l
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t*
,$r
--
E#*
1
i
*19
SImcm
Gateway West
High-Voltage Transmission Line Project
il-t
'6t 6l
6
\fJ-\ 4F
t @
Ie 9.s
€1
ti
&b. Gko.
.t
t
6
Itg![U
t,
.sq*,3'fr"
u ill
!
E
@
t'
EJ
- segmnro LS€qmnt I
CI
.ts{
sii
EI
r s.c,eds r.7d to - fflli#i,ilr.*
A joint projeA between ldaho Power and PacifiCorp €ts
Total cost for ldaho Power's share of project - between
Szso million and 5450 million, including AFUDc
Record of decision issued in November 2013
(Excluding segments I & 9)
Record of decision by BLM for segments 8 and 9 issued in
April2018
PacifiCorp recently constructed and commissioned a
140-mile segment of their portion of the project in
Wyoming
ldaho Power & PacifiCorp coordinating timing of
next steps to best meet customer and system needs
U.@
qs
&ieEl
t Ei
r20
35rrnconp
Contact Information
Justin S. Forsberg
Director of lnvestor Relations & Treasury
[phone]
J Forsberg@idacorpi nc. com
www.tD coRP[{c.col
wwuJItAI{oPowERcil
Earnings Conference Call
4ttt Quarter & Full-Year 2O2L
3IPrconr
February 17,2022
,r1i
I
I--i
35lmwForwa rd-Looki ng Statements
IrVlDlg on th. tlobel .nd rcglon l e@nomy rd ldaho Poucr's buslnccsj (dl chrnaps ln ortoorrr trourtr r.t 6, .nd nhd chergcs ln loe&; {cl abmrm.l or smru m.ther condldom,
f;lIPmomrLeadership Presenting Today
llsaGrcw
IDACORP Presldent
& Chief Executive Offlcer
Stan lGen
IDACORP Senior Vlce Presldent
&Chlef Financialfficer
Brlan Buddnm
IDACORP Senior Vice President
& Genenl Counsel
& lncomlng Chief Financlal Officer
fttmEarnings Performance
Three Months
Errded December 3l-
Yea r
Ended December 31
Net income
Average sharrs outstandlng - dlluH (00ds)
Earnings per dlluted share
2A2t
s 32,798
50,697
?o20
S gzsoz
50,617
2027 2020
S 245,550 5 Z?1,4L7
50,645 50,572
$ o.6s s o.74 s 4.8s s 4.5e
2021: Safest Year on Record
OSHA Recordable Rates
SSlm
Awarded EEI lnaugun! Thomas
F. Farrell, ll Saftty leaderchlp
and lnnoratlon Aw-ard
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0 lll lu
20q, 2016 ?o.L7 2018 2019
r NatlonalAverage' r EEI (1k-<2k Employees)
20ar da notlrt rnlrblr u dth dro of ltdr grr..lrtrlloo.sef-ety4-thL'IEU0polyE,
ll
20in 2027
r ldaho Power
Our Commitment to Our Customers
ldaho Power Received
Some of its
Customer
Relationshio
lndex (CRl)'
SSlm
CLEAN
ENERGY
YourWavForardby Eb|lDqF 7
My AccountHighest Customer
Satisfaction
Ratings
in Company History
in 2O2L
2021- 86.3%
2020 - 86.0%
2OL9 - 85.7Yo
20t8 - 86.3%
2tt77 - 83.1",,
flrdmtul
I'R(t :8erw
( munerual
ooo
aee
14 Straight Years of Growth in EPS(
3llm
$q.er s4.5e
ss.oo
sl.so
s+.zo
53.80
s3.40
52.60
Sz.zo
S1.80
54.4e
7 ,LYo CAGR
since 2OO7
s4.21
Ss.e4
53.oo
S3.8s 53.87
s3.64
53.43 53.46
5g.m
s2.58
52.17
s1.86
N7 2m 2m9 2010 2011 NU 2013 20L 201tt 2015 2tl7 201t mtg 2020 ,o,zt
r{E.Inlqrpcr4lutrddrrr.2Gzr12d.t ..th6diofc{i!dof.dr.qph.@fdrrnchodfrlo @iPFhmdrlssvlc.s.ffbLhord4lnY.dm.nt.moirr.don.
lncreasing Customer Growth Rate
2.BYoldaho Power Customer Gtowth
35lm
00Meto610,qro
6(X),(XX) I
590,m0
57O000 : -"'-
560,qx)
550,000 i .'- --
540,OOO I
2017
Moody's GDP Growth Proiections
ldaho Power's Service Area:
2O22:5.9Yo 2O23: 4.9Yo
New Enterprlse Data Center
Kuna,ldaho
Expected to need at least 20 MW:
o Beginning operations in 2025I$.te
Rfirr
201t 2019 2020 mzt
a
-,O 5
leir
&l;II
Iii
r,r tI ir_!r r- r.i
tIlmwClean Toddy, Cleaner Tomorrow
Updated
Coal Exit Timeline
1-roo t@t @, rnl roa lo5 rGU'A ,T' D
'Ue]5non|,t Caurrd 6.rra!bt|, thtdcm rdi*t lrXn lrl4r tft h xaF to. ilr$rorE rdfra rd urffi A..rad htll,,,tlfitd,'[,,,|akr mt,hddttddt adou otnalmd lu cfipf.tte odolu,
rld bx{.cb qtbrv.pf,l rd ft.!.
Emlsslon Rcduclon Tanpts Allped wlth Parls Agreement 2021lRP load Forccastus. Prlor lRPs
fi.rl*ll2
thtur llr I
CO, Emissions
lntensity Reduction
S-Year Forecasted Annual
Growth Rate
20-Year Forecasted Annual
Growth Rate
Target Year
Short-term
Medlum-tcrm{RPt sed
LorU-Erm
I
20i25
2030
2045
3596 belm2fil5
79?6 bclow 2fi)5
10(116dcen
2021 IRP
2019 rRP
2017 tRP
RGt lls.h6
lBllLd MIUhI
2.ffi
1.3t6
1.116
Annual PG.t
lPrlkDan ndl
2.1*
tAx
1.616
Ret ll Sahs
(Blllad l,lWhl
t.4x
tffi
0.9t6
AnruglP.et
(Pcf Dar.rdl
1.4%
t.x
L,1%
Resource Additions to Address Capacity Deficits 35lmw
ldaho Power customer growth and
transmission constraints outside
ldaho Power's service area driving
need for additional resources.
Expect to sign contracts for
120MW of storage, plus 40MW
solar PPA to serve peak energy
needs by summer 2023.
Additional RFP issued to solicit
resources to come on-line in
2024-2025 to meet identified
capacity deficits of 85MW and
125MW.
,;;QfilDIt a
f\,
t.\h
r\\_
i-rr-ED
_,ati:;;'. i \_
:
I
I a
a
HE
2023
2024
2025
101MW
85MW
125MW
r0
Year i Capacity Deficit
Idaho Power Anticipates Ownin g 45% of 82 3Ilm
ldaho Power, Bonneville Power
Administration (BPA), and PacifiCorp
signed a non-binding term sheet in
January 2022.
ldaho Power would acquire BPAs
share and own -45 percent of the
line in the aggregate.
ldaho Power and BPA expect to sign
a commensurate long-term
transmission service agreement
intended to serve BPAs customers.
o
a
. Reliable . Affordable r Clean
Approachine SS00 million of total
additional ldaho Power projected rate
base by 2026.
Ll
SItmWeather Outlook
March Through May 2022
Precipitation Temperature
@g
D.aalCiFdt-H
Ir.rc*ctEcbH -a-rcrhcaaibrdIil-GmrMbd lil.Ir6-dIr:-
I}lrtcllEdkm
Ir-rcrcEcb,!-rIra-GG-abE
Ia.rlhdmH
IalrttctEcr-E ier
-t.rrrctFckhIr-arcr-..abEIt-arhdhhl*rr*clrEcldbl
&rin^ lliillr{.A!EC!.r'llfirno, Ul. D?a o,Cm..arrr,o, 2et2
frlmExecutive & Board Updates
Steryc lGcn
IDACORP Senior Vice Presldent
& Chlef Financlal Officer
Announced retlrement
intended to be e,flbcth,e
October 1,2022 after40 years
t3 of servlce.
Brlan Bud&am
IDACORP SeniorMce
Prcsldent
& General Counsel
Appolnted b succeed Keen
as Chief Finanda!fficer,
eftctlve March 1,2022.
H Hanlngton
I DACO RP Corporate Secreta ry
Appolntcd to succeed Buc*ham
as Vke Presldent of tqal &
General Counsc!, e,ffecthre
Marc'h 1, 2022 & rctaln
C.orporate Secreta ry role.
Jeff C. !0nneseauk
IDACDRP Memberof
Board of Dlrcctorc
Appolntedefuhre
February 1O,2O22.
2O2O to 202L S!lm
IDACORB lnc. Net Income (in millions and before related income tax impact unless othenrise noted)
Net lncome For the Year Inded December ]1, 2020 I 5 237.4
tncnr (dccnel h ld.lro Porcr nct horc
customer goutlr, nct d eecodetcd pourcr supply cocts and pqror cd dJustmant mcdtenbrs
lrrefe per rtd olttonrcr, nct ofuod*rd powcr$pdlcGttmd Dout'd r{irguncm ttt dtalbm
Rctrllrcrcnucs parrqlurdt+our, nctof urodahdpororsupplycorts md powcrctdustmcntrpdtmtsms
Inrcmldon uhcclng*deed rtulr
Othcr operetlons and melnEnamc qpclrses
Otltcr dnnf:e h opcrdn! rucmcl.!rd crpqe$ nct
lncrcasc h ldalrc Powor opcrrdng hcofltc Florto sharlry mcdrnbm
Pmfthn for rherlf rlth oomon
lncrcasc ln ldaho Pwcr opcratlnt lnsomc
lbo{pcr.ollClgqrsq rEt
lncomctaxcl0Gn$
Totrl hcruse ln ldaho PoUCr nct h@lltc
othcr IDAOORP dnnfps (nct orf axl
16.0
13.t1
(13.41
16.4
(e.21
(z1l
s
2L1
(0.6l
20.E
(3.r1
17.71
10.0
(1.81
Net lncome -. tor thc Year Ended Decenrber 31, 2021 s 24s.6
4
STIM2022 Earnings Per Share Guidance
& Estimated Key Operating Metrics
(Millions Except for Per Share Amounts)
2022 Estimates(1)2021 Actual
IDACORP Earnings Per Dlluted Share Guidance
ldaho Power Additiona I Amortization of Accumulated
Deferred lnvestment Tax Credits
ldaho Power Operations & Maintenance Expense
ldaho Power Capital Expenditures, Excluding Allowance
for Funds Used During Constructlsn(z)
tdaho Power Hydropower Generatlon (Megamtt-houn!
(rl As of Februrry 17,2022.
ol on rn rccnnl B.
s+.ss-ss.os
None
s gss-s ges
S+eo-Ssoo
5.5-7.5
S c.as
None
S gsr
S srs
5.4
L5
ftlmCapital Expenditures Foreca5l(rl
2022-2026 (S Millions)
Ssoo
SToo
Ssm
ssoo
S4oo
s3oo
s20o
sroo
So
lO% overallincrease
since the previous 5-
year CapEx fiorecast
2026
r6
min m23 m24 2025
r DBtrlbutlon (S12s-S17oM) t tlydro (S7cSuoMl
rTransmlsCqr (S4cS70Ml rGeneral Plam (S50-$75M!
r Thermal ($lc$glMl r Hlgh Vohage Tnnsmlsslon ($5'$105)
r New capedty rcsources (2022-2025) (S15.S220IIU
oArof F6rury114122.S.. HFSSollDAoOiPsmlForlnlDf,ftrrbn*drn dp.ol.CtID.3lndd.d httcS-yrrrlbco*.
SIlmIotal System Rate Base Growth Fore651(r)
s6,000
5s,soo
s5,000
54,500
s4,mo
9 pjt t2.aUIc.9
=1rl
93,soo
53,(m
52,5m fl
2011 Rate Cas€ +Totel Rate Base 2022 2023 2024
t ndey Estimate throuh 2021
'sY€ar Forecasted Rate Base Gro*,t ir."X *eR, lncludlng Hcllr c.nyonl
IHFh/ridrEttrhrhbrulldcrhlotl#db.laxtto.nt h.dtit tft.r*tiln l|-at l,{he!|E*iontEdbrfr.l(ul!.|trlEtElmbiiifrdbdlddrafidtaadrr.lrdadbqlrh,.rthlullrhrdd{tcdbdthc$nifr.hriE rLbb *ab hl.bil.orl6dftilrEreCa.lr40Crrd dt rrin n
rlldralt -rtttrE,LihtEft hrEbmHrbDaalirrf!* ffi
2025 7026I
l7
Hclls Gnyon
RGllcensint AsE€t -
ecdmated ln 2024P1
Operating Cash Flows, tiquidity,
& Capital Structur€ (miuions)
IDA@RP
Net Cash Provided by Operatlng Actlvltles
Liquidity
(mlllionsl
RsoMq Crcdlt Faclllty - Erglres Deember 2Ol5
Commerclal Paper Outstandlng
ldentlfi ed fu r Other Usel2l
Tota!
A. of D.c.mber 31, 2021
toeoRP{l! Haho Power
s rm.o $ gm.o
1tt.zl
3iEmrcorur
Capltal Struc{urc as of
Dccember t1,2021
45r
5596
*xlw
z}lt
$ 3G3.3
zo,n
$ ess.r
Ht
EqutU
TaEEt
'litr
s796
N/A
s rm.o s zzs.a
aHdttqrFrdr.rhCkDrilrr.hi6-bralrtflEtrdthl{ tabFdxtlhrEtrQu*drcdnltnd0ryF{dEFablotirlod',ti|t.nil.,t ttranabdrmLu*rctdlt blabrft Flc
t8
Twelve Months
Ended December 31
IDACORP ldaho Power
Debt Maturity Profile
(S Millions) - as of L2l3Ll202L
ftprconr
Current profi le provides
for significant flexibility
in potential bond
issuance and tenor
LonFtcrm
lssuerRaillg
Short-tcrm
Oudook
Baal
Mood/sIUorys
Nqativ€Netafrre
s&P
BBB
b2
Stabh
A3
P-2p-2
seP
BB8
A-2
Stable
fhbdn f.Eflitrtlltllalg prrarr3
EeEfl
Urlgnta lditrr*EruibrdUhdoFdoFilrty
a E EnHe EEE E
M. M Mt M M M' M M 260 2Br 82 288 zGa zGS 286
'G?
rBr 2A0 20aO 20lt 10a2 2oa0 20aa 20ls 20.6 ,04, 20at
r,9
<t
()
(tro
Contact lnformation
lnvestors & Analysts
Justin S. Forsberg
Director of lnvestor Relations & Treasury
[phone]
J Forsberg@ idacorpi n c. com
frlm
Media
Jordan Rodriguez
Corporate Communications
[phone]
J Rod rig uez@idahopower. com
YYebcast and prosentaton on UUIYW.IDACORPII{C.COil