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EEI Financial ConferenceAnalyst Information
Lake Buena Vista, FLNovember 5-8, 2017
Forward-Looking StatementsIn addition to the historical information contained in this presentation, this presentation contains (and oral communications made by IDACORP, Inc. and Idaho Power Company may contain) statements, including, without limitation, earnings guidance, that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, outlook, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "continues," "estimates," "expects," "guidance," "intends,“ “potential,” "plans," "predicts," "projects,“ "targets," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may differ materially from the results discussed in the statements. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include the following: (a) the effect of decisions by state public utility commissions and federal regulators affecting Idaho Power's ability to recover costs and earn a return; (b) the expense and risk of capital expenditures for infrastructure and ability to recover such costs; (c) changes in customer growth rates, loss of significant customers, and related changes in loads; (d) the impacts of changes in economic conditions, including on customer demand; (e) unseasonable or severe weather conditions, wildfires, droughts, and other natural phenomena; (f) advancement of technologies that reduce customer demand; (g) adoption of or changes in, and costs of compliance with, laws, orders and regulations, and related litigation or proceedings, including those relating to the environment; (h) variable hydrological conditions and over-appropriation of surface and groundwater and the impact on generation from hydroelectric facilities; (i) the ability to acquire fuel and power from suppliers on reasonable terms; (j) accidents, fires, explosions, and mechanical breakdowns, and disruptions and outages of generation and transmission systems or the western interconnected transmission system; (k) costs and operational challenges of integrating an increasing volume of mandated purchased intermittent power; (l) disruptions or outages of Idaho Power’s generation or transmission systems or of any interconnected transmission system;(m) the ability to obtain debt and equity financing when necessary and on reasonable terms; (n) reductions in credit ratings and potential reduction in liquidity; (o) the ability to buy and sell power, transmission capacity, and fuel in the markets and the availability to enter into, and success or failure of, financial and physical commodity hedges; (p) the magnitude of future benefit plan funding obligations; (q) the ability to continue to pay dividends, and contractual and regulatory restrictions on those dividends; (r) changes in tax laws and the availability of tax credits; (s) employee workforce factors, including potential unionization of the companies' workforce and the impacts of an aging workforce; (t) the failure to comply with state and federal laws, regulations, and orders; (u) the inability to obtain or cost of obtaining and complying with government permits and approvals; (v) the cost and outcome of litigation, dispute resolution and regulatory proceedings; (w) the failure of information systems or technology solutions or the failure to secure information system data, failure to comply with privacy laws, security breaches, or the effect on the companies from cyber-attacks, terrorist incidents, or the threat of terrorist incidents, and acts of war; (x) unusual or unanticipated changes in normal business operations, including unusual maintenance or repairs; and (y) adoption of or changes in accounting policies, principles, or estimates. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Readers should also review the risks and uncertainties listed in IDACORP, Inc.'s and Idaho Power Company's most recent Annual Report on Form 10-K and other reports the companies file with the U.S. Securities and Exchange Commission, including (but not limited to) Part I, Item 1A - “Risk Factors” in the Form 10-K and Management's Discussion and Analysis of Financial Condition and Results of Operations and the risks described therein from time to time. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.
Table of ContentsIdaho Power Service Area A-1
Regulatory Commissioners A-2
Capital Expenditures Forecast 2017-2021 A-3
Cash Flows & Liquidity A-4
Debt Maturity Profile A-5
Integrated Resource Plan – 2017 A-6
Average System Load & Capacity Forecast A-7
2017 Summer Peak Load and Resources A-8
Contracted Renewable Energy Projects A-9
Corporate Excellence A-10
Environmental Responsibility A-11
Hells Canyon Relicensing A-12
Boardman to Hemingway 500 kV Line A-13
Gateway West 500 kV Line A-14
Western Energy Imbalance Market A-15
Weather Outlook A-16
Culture of Safety A-17
AppendixIDACORP at a Glance 1
IDACORP’s Business Strategy 2
Economic Growth 3
Economic Recognition 4
Sustainable Cost Control 5
Historical Earnings Guidance vs. Actual EPS 6
Return on Year-End Equity 7
Common Stock Dividends 8
ADITC Earnings Support/Revenue Sharing
Mechanism 9-10
Key Operating & Financial Metrics – 2017 11
Residential & Industrial Rates 12
Project & Regulatory Updates 13
Why Invest in IDACORP? 14
IDACORP at a Glance
Idaho Power Company Quick Facts:
• Vertically integrated energy company encompassing generation, transmission, and distribution
• ~542,000 general business customers• 59 percent of Idaho residents, 71
cities; 9 cities in Oregon
IDACORP Financial Snapshot(1):
• Revenue: $1.3 billion• Diluted earnings per share: $3.94• Dividends per share: $2.36• Return on Year-end Equity: 9.2%• Net Utility Plant Assets, Idaho
Power: $4.2 billion• Listed: NYSE (IDA)
Residential44%
Commercial26%
Industrial16%
Irrigation14%
Revenues by Customer Class(2016)
1
~24,000 square mile service area
(1) As of and for the year ended 12/31/2016, except for dividends per share, which are annualized as of September 2017.
IDACORP’s Business Strategy
Growing RevenueImproving Core BusinessEnhancing the Brand
IDACORP’s business strategy emphasizes Idaho Power’s operations as its core business, focusing on:
Mission
Vision
Prosper by providing reliable, responsible, fair-priced energy services, today and tomorrow.
To be regarded as an exceptional, independent, integrated electric utility.
Darrel Anderson, CEO and Steve Keen, CFO
2
Idaho Power Customer Growth
Economic Growth
495,000
505,000
515,000
525,000
535,000
545,000
2013 2014 2015 2016
1.5%
1.4%
1.8%
1.8%
1.1%
Boise
Burley
Pocatello
J.R. Simplot Co. Headquarters, Boise, ID
Twelve Months Ended 9/30/2017
McCain Foods Facility, Burley, ID
Hilex Poly Co. Facility, Jerome, ID Clif Bar Facility, Twin Falls, ID3
Jerome
Twin Falls
Economic Recognition
Boise, Idaho
No. 5, Where to Find the Outdoors in TownMarmot, September 2017
No. 8, Best State Capitals to Live In 2017 SmartAsset.com, September 2017
No. 6, Best Run Cities in AmericaWalletHub, July 2017
8 American Cities to Visit Before Too PopularThrillist, May 2017
IdahoNo. 1 Top Performing Economy
Bloomberg, August 2017
Unemployment in Idaho at 2.8 percentIdaho Department of Labor, September 2017
Forecasted 30% increase in housing startsMoody’s Analytics, July 2017
America’s 10 cheapest states to live in 2017CNBC, July 2017
Treasure Valley
4
Sustainable Cost Control2013-2017 O&M Expenses($ Millions)
$348.9 $354.6 $342.1 $351.9
$0
$50
$100
$150
$200
$250
$300
$350
$400
2013 2014 2015 2016 2017
Other Operating and Maintenance Expenses November 2, 2017Guidance
$345 – $355
5
Achieving Financial Targets2010–2017 Historic EPS Mid-Point vs. Actuals*
$2.73
$2.88
$3.08
$3.28
$3.48
$3.73
$3.88$3.98
$3.00(1)
$3.43(1) $3.46(1)
$3.64
$3.85 $3.87$3.94
$2.00
$2.20
$2.40
$2.60
$2.80
$3.00
$3.20
$3.40
$3.60
$3.80
$4.00
2010 2011 2012 2013 2014 2015 2016 2017
Mid-Point of Opening Guidance
Actual Diluted EPS
* Represents the mid-point of IDACORP’s opening EPS guidance – based on normal weather & water conditions.6(1)2010-2012 data adjusted for effect of a change in accounting method for IDACORP Financial Services affordable housing investment amortization.
Achieving Financial TargetsReturn on Year-End Equity – IDACORP
9.9%(1) 9.9% 9.9%9.5% 9.2% 9.2%
0%
2%
4%
6%
8%
10%
12%
2012 2013 2014 2015 2016
Return on Equity
7
(1)2012 data adjusted for effect of a change in accounting method for IDACORP Financial Services affordable housing investment amortization. Langley Gulch Plant, Idaho
12 mos. ended 9/30/2017
Quarterly Dividend Per Share Annualized Dividend Per Share
Common Stock Dividend Growth
Q4 2011 Q1 2012 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2011 Q1 2012 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017
“IDACORP’s Board of Directors has approved a dividend increase every year from 2012 forward. Cumulatively, these changes represent an increase of 97 percent in IDACORP’s quarterly dividend. As customer and earnings growth has continued, we have also been able to grow our dividend payments to shareholders. IDACORP remains committed to a target dividend payout ratio of between 50 and 60 percent of sustainable IDACORP earnings, and management anticipates recommending to the Board of Directors future annual increases of 5 percent or more to remain near the upper end of the target payout range.”
Darrel T. Anderson,IDACORP President and Chief Executive OfficerSeptember 22, 2017
(1) As announced Sept. 22, 2017. See IDACORP’s most recent Annual Report on Form 10-K for a discussion of factors that may affect dividends.
$1.72
$1.52
$1.32$1.20
$0.47$0.43$0.38$0.30
$0.51
$1.88
$0.33
$2.04
8
$0.55
$2.20
$0.59(1)
$2.36(1)
Regulatory EnvironmentADITC Earnings Support/Revenue Sharing MechanismAvailable Through 2019(1)
9
(1) As approved by the Idaho Public Utilities Commission on October 9, 2014, Order No. 33149. Mechanism survives a general rate case.
(2) As of November 2, 2017, Idaho Power expects to use no additional accumulated deferred investment tax credits (ADITC’s) in 2017. Idaho Power has the ability to use a total of $45 million of additional ADITCs through the end of 2019. Return on year-end Equity in the Idaho jurisdiction (Idaho ROE). Implied to be 10.0% in the last general rate case.
8.3%
8.5%
8.7%
8.9%
9.1%
9.3%
9.5%
If Idaho ROE < 9.5%
Ability to utilize up to $25 million of additional ADITCs annually to achieve Idaho ROE of 9.5%(2)
As of November 2, 2017 Idaho Power has utilized $0 of $45 million available through the end of 2019.
Earnings Support Line
Revenue Sharing:
If Idaho ROE(2)
> 10%If Idaho ROE >
10.5%
Customer Benefit per $1:
Idaho Power Benefit per $1:
Regulatory EnvironmentADITC Earnings Support/Revenue Sharing MechanismAvailable Through 2019(1)
10
Future rate reductionFuture rate reduction
Pension obligation reduction
Earnings Benefit
Earnings Benefit
$121.2 million shared with Idaho customers since 2009, including $68.1 million reduction in customer pension obligations.
(2) Return on year-end Equity in the Idaho jurisdiction (Idaho ROE). Implied to be 10.0% in the last general rate case.
(1) As approved by the Idaho Public Utilities Commission on October 9, 2014, Order No. 33149. Mechanism does not require a rate case stay out provision.
Key Financial & Operating Metrics and 2017 Earnings Per Share Guidance(Millions Except for Per Share Amounts)
11
2017 Estimates
Current (1) Previous (2) 2016 Actual
IDACORP Earnings Per Share Guidance (3) $4.05 – $4.15 $ 3.95 – $ 4.05 $ 3.94
Idaho Power Operating & Maintenance Expense No Change $ 345 – $ 355 $ 352
Idaho Power Additional Amortization of ADITC No Change None None
Idaho Power Capital Expenditures Excluding AFUDC No Change $ 290 – $ 300 $ 287
Idaho Power Hydroelectric Generation (MWhs) 8.5 – 9.0 8.5 – 9.5 6.4
(1) As of November 2, 2017.
(3) The 2017 guidance incorporates all of the key financial and operating assumptions listed below.
(2) As of August 3, 2017, the date of filing IDACORP’s and Idaho Power’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.
$0.04
$0.05
$0.06
$0.07
$0.08
2013 2014 2015 2016 2017
Idaho Power National Average
$0.06
$0.08
$0.10
$0.12
$0.14
2013 2014 2015 2016 2017
Idaho Power National Average
Regulatory EnvironmentCollecting Costs and Earning a Return While Maintaining Fair Rates for CustomersResidential and Industrial Summer Average Rates (cents / kilowatt-hour)
(1) Edison Electric Institute “Typical Bills and Average Rates Report” 12 Months Ending 6/30/2017
IndustrialResidential
(1) (1)
12
Project & Regulatory Updates500 kV Transmission Line Updates
Gateway West Expected ROD 2018
Boardman-to-Hemingway Expected ROD 2017
Hells Canyon Prudency Filing
Settlement Discussions Ongoing
Scheduled Through Feb. 2018
North Valmy Power Plant
Depreciable Life Acceleration &
Depreciation Rate Adjustment Filings
Settlements Reached Jun. 2017 in Idaho and Oregon
2017 Integrated Resource Plan
Filed with IPUC and OPUC, June 2017
Hells Canyon Dam, Idaho and Oregon border
North Valmy Power Plant, Near Battle Mountain, Nevada 2017 Integrated Resource Plan
500 kV Transmission Line Updates
13
Why Invest in IDACORP?
14
Hells Canyon Dam, Idaho and Oregon BorderHells Canyon Dam, Idaho and Oregon Border
Low CostHydroelectric Generation
Constructive Regulatory Environment
EconomicGrowth
AchievingFinancial Targets
SustainableCost Control
Common StockDividend Growth
StrongFinancial Position
Social and EnvironmentalResponsibility
SuccessionPlanning
Culture of IntegrityAnd Safety
STRONG FOUNDATION
Appendix
Idaho Power Service AreaExceptional, Independent, Integrated
A-1
Regulatory Commissioners
Idaho
Commissioner Political Party Affiliation
Eric Anderson Republican
Paul Kjellander Republican
Kristine Raper Democrat
Oregon
Commissioner Political Party Affiliation
Stephen Bloom Republican
Lisa Hardie Democrat
Megan Decker Democrat
Appointed to Staggered 6-Year Terms Appointed to Staggered 4-Year Terms
A-2
2017 2018 2019 – 2021
Expected Capital Expenditures (excluding allowance for funds used during construction (AFUDC))
$ 290 – 300 $ 285 – 295 $ 900 – 950
Achieving Financial TargetsCapital Expenditures Forecast* 2017 – 2021 ($ Millions)
• Transmission-Related – not including Boardman-Hemingway (B2H)/Gateway West (GWW) ($35-65)
• Reconstruction of Distribution Lines ($75-95)
• Ongoing Coal and Natural Gas Plant Improvement Programs ($25-45)
• Hydroelectric Plant Improvement Programs ($45-65)
• General Plant Improvements – IT, Facilities, Fleet Vehicles ($45-65)
• B2H and GWW 500kV Projects ($80, 2019-2021)
• Hells Canyon Complex Relicensing, including AFUDC ($25-35)
A-3 *As of November 2, 2017
Examples of Infrastructure Projects ($ annually, except as noted)
(1) Holding company only.
(2) Port of Morrow and American Falls Bonds that Idaho Power could be required to purchase prior to maturity under the optional or mandatory purchase provisions of the bonds, if the remarketing agent for the bonds is unable to sell the bonds to third parties.
Strong Financial PositionOperating Cash Flows($ Millions)
IDACORP(1)Idaho
Power
Revolving Credit Facility – Expires November 2021 $ 100.0 $ 300.0
Commercial Paper Outstanding (2.4) –
Identified for Other Use(2) – (24.2)
Total $ 97.6 $ 275.8
LiquidityAs of September 30, 2017($ Millions)
A-4
IDACORP 2013 2014 2015 2016
Net cash provided by operating activities $ 305.5 $ 364.3 $ 353.2 $ 347.7 $ 421.1
12 months ended
9/30/2017
$100$75 $75
$50$20
$116
$4
$100
$70$50 $60
$100 $100$75 $75
$250
$120
$130
$55
$140
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046
Strong Financial Position Debt Maturity Profile ($ Millions)
$230
$105
$240
No Near-Term
Refinancing
Pressure Manageable refinancing needs
and windows of opportunity
A-5
Moody’s S&P
Long-termIssuer Rating
Baa1 BBB
Short-term P-2 A-2
Outlook Stable Stable
Integrated Resource Plan
Date ResourcePeak-Hour Capacity
2019 Retire North Valmy Unit 1 (131) MW
2020 Retire Boardman (64.2) MW
2025 Retire North Valmy Unit 2 (131) MW
2026 Boardman to Hemingway (B2H) 500 MW
2028 Retire Jim Bridger Unit 2 (192.6) MW
2031 Reciprocating Engines 36 MW
2032 Reciprocating Engines 36 MW
2032 Retire Jim Bridger Unit 1 (192.6) MW
2033 Combined Cycle Combustion Turbine (CCCT) 300 MW
2035 Reciprocating Engines 54 MW
2036 Reciprocating Engines 54 MW
2017 Preferred Portfolio*
*Action items and timing are subject to a number of assumptions and uncertainties described in the Integrated Resource Plan.
A-6
2017 IRP – Filed June 2017
1,400
1,600
1,800
2,000
2,200
2,400
2,600
2,800
3,000
Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar
Total Loads Total Resources
Forecasted Average System Load and Resource Capacity (MW)*
A-7 * 2017-2021 Forecasted Average System Load and Resource Capacity information included in the 2017 IRP is subject to change.
2017 Summer PeakLoad and ResourcesJuly 7, 2017 3,422 MW
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
WIND SOLAR COAL HYDRO LANGLEY SCCT PURCHASED JULY 7, 2017 SYSTEM PEAK
WindSolar
Note: Each resource represents the incremental addition provided to reach the total demand for the system.
Coal
Hydro
Langley
SCCT Purchased
System Peak July 7, 2017 16:00 – 3,422 MW
Ho
url
y M
W
A-8
Renewable Energy Projects Under ContractAs of September 30, 2017
Resource TypeTotal on-line
(MW)
Under contract but not yet on-
line (MW)
Total projects under contract
(MW)
Began operatingduring 2017
(MW)
Cogeneration and Small PowerProducers (CSPP):
Wind 627 – 627 50
Solar 290 23 313 120
Hydroelectric 147 8 155 –
Other 50 5 55 –
Total CSPP 1,114 36 1,150 170
Non-CSPP:
Wind 101 – 101 –
Geothermal 35 – 35 –
Total non-CSPP 136 – 136 –
A-9
Corporate ExcellenceIDACORP’s 2016 Sustainability Report
CO2 Emissions from Idaho Power-Owned Generation
0.00
5.00
10.00
15.00
20.00
25.00
Mill
ion
s o
f To
ns
• Balanced and responsible management
• Operational excellence• Environmental stewardship• Engaged, empowered workforce• Strong community partnerships
A-10
• Idaho named ‘Most Improved’ for Energy Efficiency in 2017 scorecard rankings.
• Scorecard indicated that Idaho “Utilities continued to increase electricity savings to levels well above the national average this year, with a significant increase in funding and outreach to attract customers.”
• Idaho Power’s service area represents 59 percent of Idaho residents.
Environmental ResponsibilityGeneration & Power Delivery
Shoshone Falls Dam, Central Idaho3
5
7
9
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
MW
h (
mill
ion
s)
Idaho Power Coal-fired Generation
44%
CNBC ranked Idaho as No. 1 state for green energy, with 78.65% of total electricity generation from renewable sources (July 2017)
A-11
*Of the purchased power, about a third, or 9 percent of the total delivered energy, was from the wholesale electric market. The remaining purchased power was from long-term energy contracts primarily from wind, hydro, geothermal, biomass, and solar projects (in order of decreasing percentage). While Idaho Power enables the production from the projects, the company sells renewable energy credits associated with the production and does not represent the energy from these projects as energy delivered to customers.
Current Coal-fired Power Plant Status• Boardman, Oregon: Ceasing coal-fired operations, Dec. 2020• North Valmy, Nevada: Settlement stipulation provides for a
commitment to explore ceasing coal-fired operations of Unit 1, 2019 and Unit 2, 2025
• Jim Bridger, Wyoming: IRP Preferred Portfolio assumes retirement of Units 1 (2032) and 2 (2028)
Renewables*Wind 0%Solar 0%
Geothermal 0%
Hells Canyon Relicensing Application for Renewal of Federal License
A-12
Hells Canyon Reservoir, Idaho and Oregon Border
• Three-dam complex on the Snake River, along Idaho and Oregon border
• Original license expired, 2005
• Annual license renewal since original expiration
• Application for prudency review of $220 million of costs through December 2015; settlement discussions ongoing, application scheduled through February 2018
• Currently collecting $10.7 million of AFUDC annually as deferred revenues
• Portions of final EIS may be influenced by water quality certifications under Section 401 (CWA)
• Fish passage impasse between Idaho and Oregon
• At Idaho and Oregon’s request, Idaho Power recently withdrew and refiled Section 401 application; allowing states more time to resolve differences
• New license estimate: no earlier than 2021
Boardman to Hemingway500kV Transmission Line Project
• Joint funding agreement January 2012 for project permitting costs
– Idaho Power - 21%– BPA - 24% – PacifiCorp – 55%
• 300 mile, 500-kV transmission line
• In-service date in 2024 or beyond
• Capacity:– 1,000 MW east to west– 1,050 MW west to east
• Total project cost estimated between approximately $1 billion and $1.2 billion, including AFUDC
• Idaho Power’s estimated cost of permitting phase is $44 million, including AFUDC
• Identified as a “BPA Top Priority” for 2013 and beyond
• BLM’s schedule provides for the issuance of a record of decision in 2017; a final EIS was issued in November 2016
A-13
Detail Area
Oregon
Gateway West 500kV Transmission Line Project
A-14
• A joint project between Idaho Power and PacifiCorp
• Total cost for Idaho Power’s share of project – between $200 million and $400 million, including AFUDC
• Idaho Power’s estimated cost of permitting phase is approximately $60 million, including AFUDC
• Record of decision issued in November 2013 (Excluding segments 8 & 9)
• BLM published supplemental EIS on October 7, 2016
• Congressional legislation for Morley Nelson Snake River Birds of Prey Rights of Way, May 2017
• BLM right-of-way grant for remainder of segments 8 and 9 expected in 2018
Western Energy Imbalance Market (EIM)
• Idaho Power expects to begin participating in 2018
• Received order from the Idaho Public Utilities Commission in January 2017 allowing for deferral and recovery of related costs
• Filed for cost recovery in Oregon, preparing to file in Idaho
• EIM automatically balances supply and demand of electricity
• Results in economic savings using most competitive energy resource
A-15
As of October 2017
Weather Outlook
Source: NOAA, National Oceanic Atmospheric Administration, U.S. Dept of Commerce, September 21, 2017A-16
November 2017 Through January 2018
Culture of Safety
A-17
WWW.IDACORPINC.COM
WWW.IDAHOPOWER.COM
For Additional Information
Steven R. Keen
Senior Vice President, Chief Financial Officer & Treasurer
(208) 388-2600
Justin S. Forsberg
Director of Investor Relations
(208) 388-2728
Darrel T. Anderson
President & Chief Executive Officer
(208) 388-2650
Ken W. Petersen
Vice President, Controller, & Chief Accounting Officer
(208) 388-2761