IDACORP INC

For the period ended Mar 31, 2025. Filed May 1, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 1, 2025

IDA$146.55-0.4%Stored close · as of Nov 6, 2026

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Contents

Item 1. FINANCIAL STATEMENTS

Condensed Consolidated Statements of Income

	Three months endedMarch 31,
	2025	2024
(in thousands, except per share amounts)
Operating Revenues:
Electric utility revenues	$431,952	$448,299
Other	505	637
Total operating revenues	432,457	448,936
Operating Expenses:
Electric utility:
Purchased power	74,109	111,899
Fuel expense	69,401	92,241
Power cost adjustment	47,685	22,363
Other operations and maintenance	113,007	105,829
Energy efficiency programs	5,232	4,291
Depreciation	59,785	54,013
Other electric utility operating expenses, net	7,682	8,008
Total electric utility operating expenses	376,901	398,644
Other	627	696
Total operating expenses	377,528	399,340
Operating Income	54,929	49,596
Nonoperating (Income) Expense:
Allowance for equity funds used during construction	(14,441)	(11,152)
Earnings of unconsolidated equity-method investments	(717)	(625)
Interest on long-term debt	38,168	33,308
Other interest	6,481	5,467
Allowance for borrowed funds used during construction	(7,651)	(5,959)
Other income, net	(14,106)	(14,165)
Total nonoperating expense, net	7,734	6,874
Income Before Income Taxes	47,195	42,722
Income Tax Benefit	(12,466)	(5,546)
Net Income	59,661	48,268
Income attributable to noncontrolling interests	(14)	(95)
Net Income Attributable to IDACORP, Inc.	$59,647	$48,173
Weighted Average Common Shares Outstanding - Basic	54,110	50,764
Weighted Average Common Shares Outstanding - Diluted	54,126	50,792
Earnings Per Share of Common Stock:
Earnings Attributable to IDACORP, Inc. - Basic	$1.10	$0.95
Earnings Attributable to IDACORP, Inc. - Diluted	$1.10	$0.95

Condensed Consolidated Statements of Comprehensive Income

	Three months endedMarch 31,
	2025	2024
(in thousands)
Net Income	$59,661	$48,268
Other Comprehensive Income:
Unfunded pension liability adjustment, net of tax of $188 and $99, respectively	(60)	284
Total Comprehensive Income	59,601	48,552
Comprehensive Income attributable to noncontrolling interests	(14)	(95)
Comprehensive Income Attributable to IDACORP, Inc.	$59,587	$48,457

	March 31,2025	December 31,2024
(in thousands)
Assets
Current Assets:
Cash and cash equivalents	$634,495	$368,865
Receivables:
Customer (net of allowance of $5,482 and $5,071, respectively)	131,397	114,824
Other (net of allowance of $687 and $628, respectively)	37,838	29,627
Income taxes receivable	—	13,932
Accrued unbilled revenues	73,489	97,711
Materials and supplies (at average cost)	209,049	201,064
Fuel stock (at average cost)	36,987	43,656
Prepayments	24,334	29,461
Current regulatory assets	59,429	89,315
Other	9,085	—
Total current assets	1,216,103	988,455
Investments	156,414	161,340
Property, Plant and Equipment:
Utility plant in service	8,016,433	7,957,763
Accumulated provision for depreciation	(2,755,015)	(2,714,706)
Utility plant in service - net	5,261,418	5,243,057
Construction work in progress	1,385,042	1,244,559
Utility plant held for future use	13,187	13,211
Other property, net of accumulated depreciation	16,565	16,491
Property, plant and equipment - net	6,676,212	6,517,318
Other Assets:
Company-owned life insurance	95,072	92,062
Regulatory assets	1,383,622	1,418,057
Other	64,603	62,131
Total other assets	1,543,297	1,572,250
Total	$9,592,026	$9,239,363

	March 31,2025	December 31,2024
(in thousands)
Liabilities and Equity
Current Liabilities:
Current maturities of long-term debt	$—	$19,885
Accounts payable	267,364	307,133
Taxes accrued	18,846	6,981
Interest accrued	37,285	42,681
Accrued compensation	52,467	70,548
Current regulatory liabilities	50,630	7,523
Advances from customers	183,131	165,229
Other	63,756	80,821
Total current liabilities	673,479	700,801
Other Liabilities:
Deferred income taxes	786,042	822,231
Regulatory liabilities	987,340	976,803
Pension and other postretirement benefits	170,947	165,992
Other	173,855	181,804
Total other liabilities	2,118,184	2,146,830
Long-Term Debt	3,447,008	3,053,777
Commitments and Contingencies
Equity:
IDACORP, Inc. shareholders’ equity:
Common stock, no par value (120,000 shares authorized; 54,020 and 53,962 shares issued and outstanding, respectively)	1,197,493	1,194,998
Retained earnings	2,162,499	2,149,548
Accumulated other comprehensive loss	(13,652)	(13,592)
Total IDACORP, Inc. shareholders’ equity	3,346,340	3,330,954
Noncontrolling interests	7,015	7,001
Total equity	3,353,355	3,337,955
Total	$9,592,026	$9,239,363
The accompanying notes are an integral part of these statements.

Condensed Consolidated Statements of Cash Flows

	Three months ended March 31,
	2025	2024
(in thousands)
Operating Activities:
Net income	$59,661	$48,268
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	60,818	55,174
Deferred income taxes and investment tax credits	(22,980)	(18,776)
Changes in regulatory assets and liabilities	69,310	32,930
Pension and postretirement benefit plan expense	11,287	11,350
Contributions to pension and postretirement benefit plans	(1,495)	(1,176)
Earnings of equity-method investments	(717)	(625)
Distributions from equity-method investments	3,200	6,250
Allowance for equity funds used during construction	(14,441)	(11,152)
Other non-cash adjustments to net income, net	3,779	2,670
Change in:
Accounts receivable and unbilled revenues	5,870	33,251
Prepayments	4,067	1,796
Materials, supplies, and fuel stock	(1,314)	(19,807)
Accounts and wages payable	(65,893)	(62,201)
Taxes accrued/receivable	25,797	19,645
Other assets and liabilities	(12,662)	12,088
Net cash provided by operating activities	124,287	109,685
Investing Activities:
Additions to property, plant and equipment, net	(201,324)	(259,978)
Payments received from transmission project joint funding partners	17,399	20,375
Other	880	4,940
Net cash used in investing activities	(183,045)	(234,663)
Financing Activities:
Issuance of long-term debt	400,000	—
Discount on issuance of long-term debt	(3,072)	—
Retirement of long-term debt	(19,885)	—
Dividends on common stock	(46,932)	(42,742)
Issuance of common stock	1,550	1,612
Tax withholdings on net settlements of share-based awards	(3,295)	(3,694)
Other	(3,978)	(44)
Net cash provided by (used in) financing activities	324,388	(44,868)
Net increase (decrease) in cash and cash equivalents	265,630	(169,846)
Cash and cash equivalents at beginning of the period	368,865	327,429
Cash and cash equivalents at end of the period	$634,495	$157,583
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest (net of amount capitalized)	$40,080	$37,770
Non-cash investing activities:
Additions to property, plant and equipment in accounts payable	$174,145	$111,958

Condensed Consolidated Statements of Equity

	Three months endedMarch 31,
	2025	2024
(in thousands)
Common Stock
Balance at beginning of period	$1,194,998	$888,615
Issuance	1,550	1,612
Share-based compensation expense	4,199	3,474
Tax withholdings on net settlements of share-based awards	(3,294)	(3,694)
Other	40	35
Balance at end of period	1,197,493	890,042
Retained Earnings
Balance at beginning of period	2,149,548	2,036,138
Net income attributable to IDACORP, Inc.	59,647	48,173
Common stock dividends ($0.86, and $0.83 per share, respectively)	(46,696)	(42,308)
Balance at end of period	2,162,499	2,042,003
Accumulated Other Comprehensive Loss
Balance at beginning of period	(13,592)	(17,184)
Unfunded pension liability adjustment (net of tax)	(60)	284
Balance at end of period	(13,652)	(16,900)
Total IDACORP, Inc. shareholders’ equity at end of period	3,346,340	2,915,145
Noncontrolling Interests
Balance at beginning of period	7,001	7,174
Net income attributable to noncontrolling interests	14	95
Balance at end of period	7,015	7,269
Total equity at end of period	$3,353,355	$2,922,414

Condensed Consolidated Statements of Income

	Three months endedMarch 31,
	2025	2024
(in thousands)
Operating Revenues	$431,952	$448,299
Operating Expenses:
Operation:
Purchased power	74,109	111,899
Fuel expense	69,401	92,241
Power cost adjustment	47,685	22,363
Other operations and maintenance	113,007	105,829
Energy efficiency programs	5,232	4,291
Depreciation	59,785	54,013
Other operating expenses, net	7,682	8,008
Total operating expenses	376,901	398,644
Operating Income	55,051	49,655
Nonoperating (Income) Expense:
Allowance for equity funds used during construction	(14,441)	(11,152)
Earnings of unconsolidated equity-method investments	(650)	(617)
Interest on long-term debt	38,168	33,308
Other interest	6,322	5,384
Allowance for borrowed funds used during construction	(7,651)	(5,959)
Other income, net	(12,166)	(13,580)
Total nonoperating expense, net	9,582	7,384
Income Before Income Taxes	45,469	42,271
Income Tax Benefit	(12,658)	(5,031)
Net Income	$58,127	$47,302

Condensed Consolidated Statements of Comprehensive Income

	Three months endedMarch 31,
	2025	2024
(in thousands)
Net Income	$58,127	$47,302
Other Comprehensive Income:
Unfunded pension liability adjustment, net of tax of $188 and $99, respectively	(60)	284
Total Comprehensive Income	$58,067	$47,586

	March 31,2025	December 31,2024
(in thousands)
Assets
Current Assets:
Cash and cash equivalents	$449,600	$188,916
Receivables:
Customer (net of allowance of $5,482 and $5,071, respectively)	131,397	114,824
Other (net of allowance of $687 and $628, respectively)	37,029	28,874
Income taxes receivable	2,980	11,811
Accrued unbilled revenues	73,489	97,711
Materials and supplies (at average cost)	209,049	201,064
Fuel stock (at average cost)	36,987	43,656
Prepayments	24,177	29,328
Current regulatory assets	59,429	89,315
Other	9,085	—
Total current assets	1,033,222	805,499
Investments	89,349	92,921
Property, Plant and Equipment:
Utility plant in service	8,016,433	7,957,763
Accumulated provision for depreciation	(2,755,015)	(2,714,706)
Utility plant in service - net	5,261,418	5,243,057
Construction work in progress	1,385,042	1,244,559
Plant held for future use	13,187	13,211
Other property	4,856	4,858
Property, plant and equipment, net	6,664,503	6,505,685
Other Assets:
Company-owned life insurance	95,072	92,062
Regulatory assets	1,383,622	1,418,057
Other	57,644	52,744
Total other assets	1,536,338	1,562,863
Total	$9,323,412	$8,966,968

	March 31,2025	December 31,2024
(in thousands, except par value)
Liabilities and Equity
Current Liabilities:
Current maturities of long-term debt	$—	$19,885
Accounts payable	266,541	305,248
Accounts payable to affiliates	4,129	3,403
Taxes accrued	17,309	6,981
Interest accrued	37,285	42,681
Accrued compensation	52,201	70,319
Current regulatory liabilities	50,630	7,523
Advances from customers	183,131	165,229
Other	51,062	61,309
Total current liabilities	662,288	682,578
Other Liabilities:
Deferred income taxes	793,421	829,446
Regulatory liabilities	987,340	976,803
Pension and other postretirement benefits	170,947	165,992
Other	160,439	167,775
Total other liabilities	2,112,147	2,140,016
Long-Term Debt	3,447,008	3,053,777
Commitments and Contingencies
Equity:
Common stock, $2.50 par value (50,000 shares authorized; 39,151 shares issued and outstanding)	97,877	97,877
Premium on capital stock	912,258	912,258
Capital stock expense	(2,097)	(2,097)
Retained earnings	2,107,583	2,096,151
Accumulated other comprehensive loss	(13,652)	(13,592)
Total equity	3,101,969	3,090,597
Total	$9,323,412	$8,966,968
The accompanying notes are an integral part of these statements.

Condensed Consolidated Statements of Cash Flows

	Three months ended March 31,
	2025	2024
(in thousands)
Operating Activities:
Net income	$58,127	$47,302
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	60,675	55,022
Deferred income taxes and investment tax credits	(25,191)	(20,610)
Changes in regulatory assets and liabilities	69,310	32,930
Pension and postretirement benefit plan expense	11,287	11,350
Contributions to pension and postretirement benefit plans	(1,495)	(1,176)
Earnings of equity-method investments	(650)	(617)
Distributions from equity-method investments	3,200	6,250
Allowance for equity funds used during construction	(14,441)	(11,152)
Other non-cash adjustments to net income, net	(770)	(867)
Change in:
Accounts receivable and unbilled revenues	6,596	34,428
Prepayments	4,090	1,824
Materials, supplies, and fuel stock	(1,314)	(19,807)
Accounts and wages payable	(64,883)	(62,227)
Taxes accrued/receivable	19,160	22,392
Other assets and liabilities	(12,489)	12,247
Net cash provided by operating activities	111,212	107,289
Investing Activities:
Additions to utility plant, net	(201,239)	(259,972)
Payments received from transmission project joint funding partners	17,399	20,375
Other	7,165	5,799
Net cash used in investing activities	(176,675)	(233,798)
Financing Activities:
Issuance of long-term debt	400,000	—
Discount on issuance of long-term debt	(3,072)	—
Retirement of long-term debt	(19,885)	—
Dividends on common stock	(46,971)	(42,777)
Other	(3,925)	—
Net cash provided by (used in) financing activities	326,147	(42,777)
Net increase (decrease) in cash and cash equivalents	260,684	(169,286)
Cash and cash equivalents at beginning of the period	188,916	271,791
Cash and cash equivalents at end of the period	$449,600	$102,505
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest (net of amount capitalized)	$39,920	$37,687
Non-cash investing activities:
Additions to utility plant in accounts payable	$174,145	$111,958

IDACORP, INC. AND IDAHO POWER COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Nature of Business

IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the FERC. Idaho Power is the parent of IERCo, a joint-owner of BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power.

IDACORP’s other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small PURPA-qualifying hydropower generation projects.

Regulation of Utility Operations

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

IDACORP's and Idaho Power's financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated entity would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. The effects of applying these regulatory accounting principles to Idaho Power's operations are discussed in more detail in Note 3 - "Regulatory Matters."

Financial Statements

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

Management Estimates

Management makes estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions include, among others, those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and the allowance for uncollectible accounts. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates.

New and Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. IDACORP and Idaho Power adopted this ASU on January 1, 2024, for annual periods, and subsequently on January 1, 2025, for interim periods. The amendments in this ASU have been applied retrospectively, as required. See Note 13 - "Segment Information" for expanded disclosure required by this ASU.

There have been no other recently adopted accounting pronouncements that have had a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU are required to be applied prospectively and are allowed to be applied retrospectively. IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses which requires disclosure of certain disaggregated income statement expense categories on an annual and interim basis. This ASU is effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The amendments in this ASU are required to be applied prospectively and are allowed to be applied retrospectively. IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective financial statements.

There have been no other recent accounting pronouncements not yet adopted that are expected to have a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements.

INCOME TAXES

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

Income Tax Expense

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

	IDACORP		Idaho Power
	2025	2024	2025	2024
Income tax at statutory rates (federal and state)	$11,809	$10,972	$11,381	$10,880
Excess deferred income tax reversal	(2,431)	(2,512)	(2,431)	(2,512)
Other(1)	(2,594)	(1,506)	(2,358)	(899)
Income tax expense before ADITC	$6,784	$6,954	$6,592	$7,469
Additional ADITC amortization	(19,250)	(12,500)	(19,250)	(12,500)
Income tax benefit	$(12,466)	$(5,546)	$(12,658)	$(5,031)
Effective tax rate	(26.4)%	(13.0)%	(27.8)%	(11.9)%

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

REGULATORY MATTERS

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

Idaho and Oregon Rate Cases

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

Idaho ADITC Mechanism

The 2018 Settlement Stipulation and the 2023 Settlement Stipulation are each described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2024 Annual Report. The 2023 Settlement Stipulation modified the 2018 Settlement Stipulation in part. The 2023 Settlement Stipulation included provisions for the accelerated amortization of ADITCs to help achieve a minimum 9.12 percent Idaho ROE.

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

Power Cost Adjustment Mechanisms

In both its Idaho and Oregon jurisdictions, Idaho Power's power cost adjustment mechanisms address the volatility of power supply costs and provide for annual adjustments to the rates charged to its retail customers. The power cost adjustment mechanisms compare Idaho Power's actual net power supply costs (primarily fuel and purchased power less wholesale energy sales) against net power supply costs being recovered in Idaho Power's retail rates. Under the power cost adjustment mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and costs being recovered in retail rates are recorded as a deferred charge or credit on the balance sheet for future recovery or refund. The power supply costs deferred primarily result from changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, fuel prices, and the levels of Idaho Power's own generation.

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

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

Idaho Fixed Cost Adjustment Mechanism

The FCA mechanism, applicable to Idaho residential and small commercial customers, is designed to remove a portion of Idaho Power’s financial disincentive to invest in energy efficiency programs by separating (or decoupling) the recovery of fixed costs from the variable kilowatt-hour charge and linking it instead to a set amount per customer. Under Idaho Power's current rate design, Idaho Power recovers a portion of fixed costs through the variable kilowatt-hour charge, which may result in over-collection or under-collection of fixed costs. To return over-collection to customers or to collect under-collection from customers, the FCA mechanism allows Idaho Power to accrue, or defer, the difference between the authorized fixed-cost recovery amount per customer and the actual fixed costs per customer recovered by Idaho Power during the year. The IPUC has discretion to cap the annual increase in the FCA recovery at 3 percent of base revenue, with any excess deferred for collection in a subsequent year. In March 2025, Idaho Power filed its annual FCA update with the IPUC, requesting approval to implement rates reflecting a 2024 FCA regulatory liability balance of $3.0 million, a $39.8 million decrease over the 2023 FCA regulatory asset balance of $36.8 million, over the period from June 1, 2025 to May 31, 2026. Because the 2024 FCA balance is less than the 2023 FCA balance and annual sales for June 1, 2025 through May 31, 2026, are forecast to be slightly higher than the same period in the prior year, the proposed 2025-2026 FCA rates represent an annual decrease of $40.7 million, or 5.28 percent, from current rates. As of the date of this report, the IPUC has not yet issued an order on the company's requested rate decrease.

Recovery of Incremental AFUDC Associated with HCC

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

Wildfire Mitigation Cost Deferral

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

REVENUES

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

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

Revenues from Contracts with Customers

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

	Three months endedMarch 31,
	2025	2024
Retail revenues:
Residential (includes $(2,193) and $(687), respectively, related to the FCA)(1)	$190,705	$184,300
Commercial (includes $(43) and $(53), respectively, related to the FCA)(1)	97,852	94,697
Industrial	68,607	65,206
Irrigation	1,113	1,038
Deferred revenue related to HCC relicensing AFUDC(2)	(2,064)	(2,084)
Total retail revenues	356,213	343,157
Less: FCA mechanism revenues(1)	2,236	740
Wholesale energy sales	19,548	38,069
Transmission wheeling-related revenues	19,442	24,162
Energy efficiency program revenues	5,232	4,291
Other revenues from contracts with customers	8,471	7,478
Total revenues from contracts with customers	$411,142	$417,897

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

(2)The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to utility plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service.

Alternative Revenue Programs and Other Revenues

While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of an additional regulatory mechanism, the FCA mechanism, which may increase or decrease tariff-based customer rates. The FCA mechanism is described in Note 3 - "Regulatory Matters."The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service and billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues.

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

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

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

Receivables and Allowance for Uncollectible Accounts

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

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

LONG-TERM DEBT

Long-Term Debt Issuances, Maturities, and Redemptions

On February 3, 2025, Idaho Power repaid $19.9 million in aggregate principal amount of maturing variable rate American Falls Bonds.

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

Idaho Power First Mortgage Bonds

Idaho Power's issuance of long-term indebtedness is subject to the approval of the IPUC, OPUC, and WPSC. In February and March 2024, Idaho Power received orders from the IPUC, OPUC, and WPSC authorizing the company to issue and sell from time to time up to $1.2 billion in aggregate principal amount of debt securities and first mortgage bonds, subject to conditions specified in the orders. Authority from the IPUC is effective through December 31, 2026, subject to extensions upon request to the IPUC. The OPUC's and WPSC's orders do not impose a time limitation for issuances, but the OPUC order does impose a number of other conditions, including a requirement that the interest rates for the debt securities or first mortgage bonds fall within either (a) designated spreads over comparable U.S. Treasury rates or (b) a maximum interest rate limit of 8 percent. At March 31, 2025, $500 million remained available for debt issuance under the regulatory orders.

In February 2025, Idaho Power filed a shelf registration statement with the SEC, which became effective upon filing, for the offer and sale of an unspecified principal amount of its first mortgage bonds. The issuance of first mortgage bonds requires that Idaho Power meet interest coverage and security provisions set forth in Idaho Power's Indenture of Mortgage and Deed of Trust, dated as of October 1, 1937, as amended and supplemented from time to time (Indenture). Future issuances of first mortgage bonds are subject to satisfaction of covenants and security provisions set forth in the Indenture, market conditions, regulatory authorizations, and covenants contained in other financing agreements.

In February 2025, Idaho Power entered into a selling agency agreement with seven banks named in the agreement in connection with the potential issuance and sale from time to time of up to $2.1 billion aggregate principal amount of first mortgage bonds, secured medium term notes, Series O (Series O Notes), under the Indenture. Also in February 2025, Idaho Power entered into the Fifty-third Supplemental Indenture, dated effective as of February 26, 2025, to the Indenture (Fifty-third Supplemental Indenture). The Fifty-third Supplemental Indenture provides for, among other items the issuance of up to $2.1 billion in aggregate principal amount of Series O Notes pursuant to the Indenture and increased the limit of the amount of first mortgage bonds at any one time outstanding to $5.5 billion as provided in the Indenture. The amount issuable is also restricted by property, earnings, and other provisions of the Indenture and supplemental indentures to the Indenture. The Indenture requires that Idaho Power's net earnings be at least twice the annual interest requirements on all outstanding debt of equal or prior rank, including the bonds that Idaho Power may propose to issue. Under certain circumstances, the net earnings test does not apply, including the issuance of refunding bonds to retire outstanding bonds that mature in less thantwo years or that are of an equal or higher interest rate, or prior lien bonds.

The Indenture limits the amount of additional first mortgage bonds that Idaho Power may issue to the sum of (a) the principal amount of retired first mortgage bonds and (b) 60 percent of total unfunded property additions, as defined in the Indenture. As of March 31, 2025, the maximum amount of additional first mortgage bonds Idaho Power could issue under this test was approximately $1.9 billion. As of March 31, 2025, Idaho Power could issue approximately $2.0 billion of additional first mortgage bonds pursuant to a separate test under the Indenture based on retired first mortgage bonds and total unfunded property additions.

COMMON STOCK

IDACORP Common Stock

During the three months ended March 31, 2025, IDACORP issued an aggregate of 57,902 shares of common stock using original issuances of shares. IDACORP granted 82,344 restricted stock unit awards and issued 35,319 shares of common stock to employees pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan, and issued an additional 9,273 shares of common stock to members of the board of directors. IDACORP issued 13,310 shares of common stock pursuant to its IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan.

At-the-Market Offering Program: On May 20, 2024, IDACORP entered into an Equity Distribution Agreement (EDA) pursuant to which it may issue, offer, and sell, from time to time, up to an aggregate gross sales price of $300 million of shares of its common stock through an ATM offering program, which includes the ability to enter into FSAs. During the three months ended March 31, 2025, IDACORP didnot issue common stock pursuant to the EDA.

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

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

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

The FSAs will be physically settled with common shares issued by IDACORP, unless IDACORP elects to settle the agreements in net cash or net shares, subject to certain conditions. On a settlement date or dates, if IDACORP elects to physically settle the FSAs, IDACORP will issue shares of common stock to the various counterparties at the then-applicable forward sale price and receive issuance proceeds at that time.

At March 31, 2025, IDACORP could have settled the FSAs with net receipt from various counterparties of approximately $1.0 million of cash or approximately 9,022 shares of common stock, if IDACORP had elected to net cash or net share settle, respectively. The FSAs have been classified as an equity transaction because they are indexed to IDACORP’s common stock and the other requirements necessary for equity classification are met. As a result of the equity classification, no gain or loss will be recognized within earnings due to subsequent changes in the fair value of the FSAs.

FSA Earnings Per Shares Dilution: Prior to settlement, the potentially issuable shares pursuant to the FSAs will be reflected in IDACORP’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of IDACORP’s common stock used in calculating diluted earnings per share for a reporting period would be increased by the number of shares, if any, that would be issued upon physical settlement of the FSAs, less the number of shares that could be purchased by IDACORP in the market with the proceeds received from issuance (based on the average market price during that reporting period). Share dilution occurs when the average market price of IDACORP’s stock during the reporting period is higher than the then-applicable forward sale price as of the end of the reporting period. For the three months ended March 31,

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

Restrictions on Dividends

Idaho Power’s ability to pay dividends on its common stock held by IDACORP and IDACORP’s ability to pay dividends on its common stock are limited to the extent payment of such dividends would violate the covenants in their respective credit facilities or Idaho Power’s Statement of Policy and Code of Conduct. A covenant under IDACORP’s credit facility and Idaho Power’s credit facility requires IDACORP and Idaho Power to maintain leverage ratios of consolidated indebtedness to consolidated total capitalization, as defined therein, of no more than 65 percent at the end of each fiscal quarter. At March 31, 2025, the leverage ratios for IDACORP and Idaho Power were 51 percent and 53 percent, respectively. Based on these restrictions, IDACORP’s and Idaho Power’s dividends were limited to $1.5 billion and $1.2 billion, respectively, at March 31, 2025. There are additional facility covenants, subject to exceptions, that prohibit or restrict the sale or disposition of property without consent and any agreements restricting dividend payments to IDACORP and Idaho Power from any material subsidiary. At March 31, 2025, IDACORP and Idaho Power were in compliance with those covenants.

Idaho Power’s Statement of Policy and Code of Conduct relating to transactions between and among Idaho Power, IDACORP, and other affiliates, which was approved by the IPUC in April 2008, provides that Idaho Power will not pay any dividends to IDACORP that will reduce Idaho Power’s common equity capital below 35 percent of its total adjusted capital without IPUC approval. At March 31, 2025, Idaho Power's common equity capital was 47 percent of its total adjusted capital. Further, Idaho Power must obtain approval from the OPUC before it can directly or indirectly loan funds or issue notes or give credit on its books to IDACORP.

Idaho Power’s articles of incorporation contain restrictions on the payment of dividends on its common stock if preferred stock dividends are in arrears. As of the date of this report, Idaho Power hasno preferred stock outstanding.

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

EARNINGS PER SHARE

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

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

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

COMMITMENTS

Purchase Obligations

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

Guarantees

Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which IERCo owns a one-third interest. This guarantee, which is renewed annually with the Wyoming Department of Environmental Quality (WDEQ), was $51.9 million at March 31, 2025, representing IERCo's one-third share of BCC's total reclamation obligation of $155.6 million. BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At March 31, 2025, the value of BCC's reclamation trust fund exceeded WDEQ's guarantee requirement for the total reclamation obligation. BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of future reclamation costs. To ensure that the reclamation trust fund maintains adequate reserves, BCC has the ability to, and does, add a per-ton surcharge to coal sales to the Jim Bridger plant. Because of the existence of the fund and the ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal.

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

CONTINGENCIES

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

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

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

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

BENEFIT PLANS

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

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

(1)Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates.

(2)Of total net periodic benefit cost recognized for financial reporting, $9.8 million and $9.4 million, respectively, were recognized in "Other operations and maintenance" and $1.5 million and $2.0 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended March 31, 2025 and 2024.

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

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

DERIVATIVE FINANCIAL INSTRUMENTS

Commodity Price Risk

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

All of Idaho Power's derivative instruments have been entered into for the purpose of securing energy resources for future periods or economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table that follows.

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

	Gain/(Loss) on Derivatives Recognized in Income(1)
Location of Realized Gain/(Loss) on Derivatives Recognized in Income · Three months endedMarch 31,
2025 · 2024
Financial swaps	Operating revenues	$46	$1,012
Financial swaps	Purchased power	(1,030)	953
Financial swaps	Fuel expense	(12,200)	(24,058)
Forward contracts	Operating revenues	366	1,006
Forward contracts	Purchased power	(444)	(991)
Forward contracts	Fuel expense	(603)	(221)

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

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

Credit Risk

At March 31, 2025, Idaho Power did not have material credit risk exposure from financial instruments, including derivatives. Idaho Power monitors credit risk exposure through reviews of counterparty credit quality, corporate-wide counterparty credit exposure, and corporate-wide counterparty concentration levels. Idaho Power manages these risks by establishing credit and concentration limits on transactions with counterparties and requiring contractual guarantees, cash deposits, bonds, or letters of credit from counterparties or their affiliates, as deemed necessary. Idaho Power’s physical power contracts are commonly under WSPP, Inc. agreements, physical gas contracts are usually under North American Energy Standards Board contracts, and financial transactions are usually under International Swaps and Derivatives Association, Inc. contracts. These contracts typically contain adequate assurance clauses requiring collateralization if a counterparty has debt that is downgraded below investment grade by at least one rating agency.

Credit-Contingent Features

Certain of Idaho Power's derivative instruments contain provisions that require Idaho Power's unsecured debt to maintain an investment grade credit rating from Moody's Investors Service and Standard & Poor's Ratings Services. If Idaho Power's unsecured debt were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position at March 31, 2025, was $28.0 million. As of March 31, 2025, Idaho Power posted $1.0 million of cash collateral related to this amount. If the credit-risk-related contingent features underlying these agreements were triggered on March 31, 2025, Idaho Power would have been required to pay or post collateral to its counterparties up to an additional $21.5 million to cover open liability positions as well as completed transactions that have not yet been paid.

Derivative Instrument Summary

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

Asset Derivatives · Liability Derivatives
Balance Sheet Location · Gross Fair Value · Amounts Offset · Net Assets · Gross Fair Value · Amounts Offset · Net Liabilities
Current:
Financial swaps	Other current assets	$24,372	$(15,287)	(1)	$9,085	$7,876	$(7,876)		$—
Financial swaps	Other current liabilities	511	(511)		—	5,252	(1,511)	(2)	3,741
Forward contracts	Other current liabilities	—	—		—	891	—		891
Long-term:
Financial swaps	Other assets	4,752	(150)		4,602	150	(150)		—
Financial swaps	Other liabilities	—	—		—	472	—		472
Forward contracts	Other liabilities	—	—		—	10,900	—		10,900
Total		$29,635	$(15,948)		$13,687	$25,541	$(9,537)		$16,004
Current:
Financial swaps	Other current liabilities	3,072	(3,072)		—	18,092	(14,931)	(3)	3,161
Forward contracts	Other current liabilities	—	—		—	1,291	—		1,291
Long-term:
Financial swaps	Other assets	1,939	(1,939)	(4)	—	409	(409)		—
Financial swaps	Other liabilities	177	(177)		—	1,019	(177)		842
Forward contracts	Other liabilities	—	—		—	10,965	—		10,965
Total		$5,188	$(5,188)		$—	$31,776	$(15,517)		$16,259

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

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

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

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

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

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

FAIR VALUE MEASUREMENTS

IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SEGMENT INFORMATION

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

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

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

The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands).

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

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME

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

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

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

	Amount Reclassified from AOCI
Details About AOCI	Three months endedMarch 31,
	2025	2024
Amortization of defined benefit pension items(1)
Prior service cost	$55	$55
Net loss	173	328
Total before tax	228	383
Tax benefit(2)	(59)	(99)
Total reclassification for the period, net of tax	$169	$284

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

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

CHANGES IN IDAHO POWER RETAINED EARNINGS

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

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Results of Review of Interim Financial Information

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

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

Basis for Review Results

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

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

/s/DELOITTE & TOUCHE LLP

Boise, Idaho

May 1, 2025

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Results of Review of Interim Financial Information

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

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

Basis for Review Results

/s/DELOITTE & TOUCHE LLP

Boise, Idaho

May 1, 2025

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