Forward-Looking Statements In 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 and estimated key operating and financial metrics, 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,” “could,” “estimates,” “expects,” “guidance,” “intends,” “potential,” “plans,” “predicts,” “projects,” “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 and involve estimates, assumptions, risks, and uncertainties that 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 the following: (a) decisions by state and federal regulators affecting Idaho Power's ability to recover costs and earn a return on investments; (b) changes to or the elimination of Idaho Power’s regulatory cost recovery mechanisms; (c) impacts of changes in economic conditions, including on customer demand and on operations and capital investments; (d) changes in customer growth rates, and related changes in loads; (e) abnormal or severe weather conditions, climate change, wildfires, droughts, earthquakes, and other natural phenomena; (f) advancement of technologies that reduce customer demand or the introduction of vulnerabilities to the power grid; (g) expense and risks of capital expenditures for utility infrastructure and ability to recover such costs; (h) demand for power exceeding supply; (i) variable hydrological conditions or over-appropriation of surface and groundwater; (j) the ability to acquire fuel, power, electrical equipment, and transmission capacity on reasonable terms; (k) disruptions or outages of Idaho Power’s generation or transmission systems or of any interconnected transmission system; (l) accidents, electrical contacts, fires, explosions, infrastructure failures, and general system damage, that can cause outages and subject the companies to third-party claims for damages; (m) acts or threats of terrorist incidents, social unrest, acts of war, cyber or physical security attacks, the companies’ failure to secure data or the electric power grid (n) increased purchased power costs and challenges associated with integrating intermittent renewable energy sources into Idaho Power's resource portfolio; (o) impacts of COVID-19 on the global and regional economy and Idaho Power’s business; (p) Idaho Power's concentration in one industry and one region, regional economic conditions and regional legislation and regulation; (q) employee and third-party contractor workforce factors, including potential unionization of the companies' workforce, and the cost of living; (r) failure to comply with state and federal laws, regulations, and orders; (s) changes in tax laws and the availability of tax credits; (t) 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; (u) inability to timely obtain and the cost of obtaining and complying with government permits and approvals; (v) failure to comply with mandatory reliability and security requirements; (w) ability to obtain debt and equity financing when necessary and on reasonable terms; (x) 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; (y) the magnitude of future benefit plan funding obligations; (z) assumptions underlying the coal mine reclamation obligations at Bridger Coal Company and related funding requirements, and remediation costs associated with planned exits from coal plants; (aa) ability to continue to pay dividends and target-payout ratios, and contractual and regulatory restrictions on those dividends; and (bb) 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 Form 10-Q 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 Form 10-Q 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.
2.5% (Year-over-year) Continuing Customer Growth Rate 2 Idaho Power Customer Growth Twelve Months Ended Sept. 30, 2022 545,000 555,000 565,000 575,000 585,000 595,000 605,000 615,000 2018 2019 2020 2021 Residential growth near Meridian, Idaho • Customer growth trends continue positive • Customer growth, regional transmission constraints and other factors leading to new generation resource needs • Updated impacts on CapEx and rate base projects expected to be provided with Q4 2022 earnings press release
