IDACORP INC Q4 FY2024 earnings call

• Employees were praised for safety and service, with 17th consecutive year of earnings growth.
• Idaho Power saw 2.6% customer growth, local economy outperforming national trends, and major projects in development.
• Worked with Meta, Micron, and large energy-intensive customers like Perpetua Resources, with some projects included in load forecasts.
• Regulatory strategy: Idaho limited rate case approved, Oregon rate case settled, plan to file Idaho general rate case in 2025.
• Added wind, solar, battery projects and PPAs to meet load deficits through 2027, initiated RFP for '28 and '29 resources.
• Progress on Boardman to Hemingway project and partial ownership of SWIP-North line.

IDACORP's diluted earnings per share were $5.50 in 2024 compared to $5.14 in 2023. Idaho Power had 2.6% customer growth, ending 2024 with nearly 650,000 customers. The Idaho limited rate case approved a $50.1 million or 3.7% increase effective January 1, 2024. The Oregon general rate case settlement resulted in a $6.7 million or 12.14% increase effective October 15, 2024.

• 2025 diluted EPS guidance range $5.65 to $5.85, expecting Idaho Power to use $60M to $77M in additional tax credit amortization.
• Full year O&M expense expected to be $465M to $475M.
• CapEx projected at $1B to $1.1B in 2025.
• Hydropower generation forecasted to be 6.5 million to 8.5 million megawatt hours.

• Regulatory uncertainties affecting rate filings and financing.
• Weather impacts on hydropower and energy demand.
• Significant financing needs for CapEx growth, potential delays in RFP outcomes.

Q: Can you discuss the potential filing to replenish the ADITC mechanism?

A: It could be in a general rate case or a separate filing, with details still being worked out.

Q: What are the FFO to debt metrics and rating agency conversations?

A: In 2024, near 18% cash flow preworking capital over debt at IDACORP, expect diminishment in 2025, and meeting rating agencies next week.

Q: Thoughts on regulatory framework and load growth?

A: Exploring period-end rate base, strong incremental load growth across industries, heavy in commercial and industrial.

Q: Details on property tax refunds?

A: Pretax $10M from a 3-year litigation period related to property tax valuation.