IDACORP Increases Common Stock Dividend

BOISE, Idaho--(BUSINESS WIRE)-- IDACORP, Inc. (NYSE: IDA) announced today that its Board of Directors approved an increase in the regular quarterly cash dividend on IDACORP’s common stock to $0.86 per share. At the new rate, the indicated dividend is $3.44 per share on an annual basis.

“IDACORP’s Board of Directors has approved a dividend increase every year since 2011, resulting in a cumulative dividend increase of 187% and compound annual dividend growth rate of 7.8% since 2011,” said Lisa Grow, IDACORP President and Chief Executive Officer.

“As Idaho Power’s unprecedented customer and load growth continues, our capital expenditure needs have significantly increased. We are committed to deliberately reinvesting in Idaho Power’s growth while efficiently managing dilution. As we reinvest and focus on growing our company, we expect to decouple our dividend and earnings per share growth rates. Over the long-term we are committed to growing our dividend and to our target dividend payout ratio of 60% to 70% of sustainable IDACORP earnings, though our dividend payout ratio could be below that range in near-term years.”

The actual declaration of dividend payments and the approval of management’s recommendations are at the discretion of the Board of Directors. In determining future dividend actions, the Board of Directors will continue to consider factors such as projected capital requirements, the company’s liquidity position and overall financial condition, the competitiveness of the dividend yield, economic conditions, equity dilution, impacts to credit ratings, and other factors. The dividend declaration, ex-dividend, record, and payable dates will be announced during the fourth quarter of 2024.

Background Information

IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, an investor in affordable housing and other real estate tax credit investments; and Ida-West Energy, an operator of small hydroelectric generation projects that qualify under the Public Utility Regulatory Policies Act of 1978. Idaho Power, headquartered in vibrant and fast-growing Boise, Idaho, has been a locally operated energy company since 1916. Today, it serves a 24,000-square-mile service area in Idaho and Oregon. Idaho Power’s goal to provide 100% clean energy by 2045 builds on its long history as a clean-energy leader that provides reliable service at affordable prices. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power’s residential, business, and agricultural customers pay among the nation's lowest prices for electricity. Its 2,100 employees proudly serve more than 640,000 customers with a culture of safety first, integrity always, and respect for all. To learn more about IDACORP or Idaho Power, visit www.idacorpinc.com or www.idahopower.com.

Forward-Looking Statements

In addition to the historical information contained in this press release, this press release contains (and oral communications made by IDACORP, Inc. (IDACORP) and Idaho Power Company (Idaho Power) may contain) statements regarding future dividends and IDACORP’s growth and dividend rates 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, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," "may continue," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. 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 those factors set forth in this press release, IDACORP's and Idaho Power's most recent Annual Report on Form 10-K, particularly Part I, Item 1A - "Risk Factors" and Part II, Item 7 - "Management’s Discussion and Analysis of Financial Condition and Results of Operations" of that report, and subsequent reports filed by IDACORP and Idaho Power with the U.S. Securities and Exchange Commission (SEC). Dividend declarations and the dividend rate are at the discretion of IDACORP’s board of directors and depend on numerous factors, including those described in IDACORP and Idaho Power’s filings with the SEC; current and projected capital requirements; IDACORP’s liquidity position and earnings; capital expenditures; changes in cash flows; the competitiveness of the dividend yield; IDACORP’s target dividend payout ratios as determined from time to time; the impacts of economic conditions and business cycles; credit ratings and rating impacts; legal requirements and changes in laws and regulations; long-term financial and operational performance, expectations, and sustainability; changes in tax laws, and other factors. 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 the companies to predict all such factors, nor can they 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. 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.

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Investor and Analyst Contact

Amy Shaw

Vice President of Finance, Compliance & Risk

Phone: (208) 388-5611

AShaw@idahopower.com

Media Contact

Jordan Rodriguez

Corporate Communications

Phone: (208) 388-2460

JRodriguez@idahopower.com

Source: IDACORP, Inc.