IDACORP : Williams Capital West Coast Utilities Conference - Las Vegas, NV

West Coast Utilities Conference

March 20-21, 2019 Las Vegas, Nevada

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," "continues," "could," "estimates," "expects," "guidance," "intends," "potential," "plans," "predicts," "projects," "targets," or similar expressions, are not statements of historical facts and may be

forward-looking. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may differ materially from the results discussed in the statements. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include the following: (a) decisions by state public utility commissions and federal regulators affecting Idaho Power's ability to recover costs and earn a return on investments; (b) the expense and risk of capital expenditures for utility infrastructure and ability to recover such costs; (c) changes in customer growth rates, loss of significant customers, and related changes in loads; (d) the impacts of changes in economic conditions, including on customer demand; (e) unseasonable or severe weather conditions, wildfires, drought, and other natural phenomena; (f) advancement of technologies that reduce customer demand or introduce new cyber security risks; (g) changes in tax laws and the availability of tax credits; (h) 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; (i) variable hydrological conditions or over-appropriation of surface and groundwater and the impact on generation from hydroelectric facilities; (j) the ability to acquire fuel and power from suppliers on reasonable terms; (k) accidents, fires, explosions, and mechanical breakdowns, that can damage the companies' assets and subject the companies to third party claims for damages; (l) costs and operational challenges of integrating an increasing volume of mandated purchased intermittent power; (m) outages of Idaho Power's generation or transmission systems or of any interconnected transmission

system; (n) the ability to obtain debt and equity financing when necessary and on reasonable terms; (o) reductions in credit ratings and potential reduction in liquidity; (p) the ability to buy and sell power, transmission capacity, and fuel in the markets and the availability to enter into, and success or failure of, financial and physical commodity hedges; (q) the magnitude of future benefit plan funding obligations; (r) the ability to continue to pay dividends, and contractual and regulatory restrictions on those dividends; (s) employee workforce factors, including potential unionization of the companies' workforce and the impacts of an aging workforce; (t) the failure to comply with state and federal laws, regulations, and orders; (u) the

inability to obtain or cost of obtaining and complying with government permits and approvals; (v) the cost and outcome of litigation, dispute resolution and regulatory proceedings; (w) the companies' failure to secure information system data, failure to comply with privacy laws, security breaches, or the effect on the companies from cyber-attacks, terrorist incidents, or

the threat of terrorist incidents, or other malicious acts, and acts of war; (x) unusual or unanticipated changes in normal business operations, including unusual maintenance or repairs; and (y) adoption of or changes in accounting policies, principles, or estimates. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Readers should also review the risks and uncertainties listed in IDACORP, Inc.'s and Idaho Power Company's most recent Annual Report on Form 10-K and other reports the companies file with the U.S. Securities and Exchange Commission, including (but not limited to) Part I, Item 1A - "Risk Factors" in the Form 10-K and Management's Discussion and Analysis of Financial Condition and Results of Operations and the risks described therein from time to time. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.

Table of Contents

IDACORP at a Glance 1

Strong Track Record 2

Low Cost Energy - Attracting Growth 3

Economic Development 4

Forecasted Average Peak System Load & Capacity 5

Integrated Resource Plan 6

Historical Earnings Guidance vs. Actual EPS 7 Estimated Key Financial

& Operating Metrics - 2019 8

Common Stock Dividend Growth 9

Sustainable Cost Control 10

Return on Year-End Equity 11 ADITC Earnings Support/Revenue Sharing

Mechanism (2019) 12-13

Why Invest in IDACORP? 14

Appendix

Idaho Power Service Area A-1

Regulatory Commissioners A-2

Residential & Industrial Rates A-3

Capital Expenditures Forecast 2019-2023 A-4

Appendix Continued

Debt Maturity Profile & Credit Ratings A-5

Cash Flows & Liquidity A-6

All-Time High Summer & Winter Peak Demand A-7

Contracted Renewable Energy Projects A-8

Corporate Excellence A-9

Clean Energy Portfolio A-10

California vs. Idaho 2017 Clean Energy Portfolio Mix A-11 ADITC Earnings Support/Revenue Sharing

Mechanism (As Approved - 2020)

A-12-13

Idaho Tax Reform Settlement A-14

Hells Canyon Relicensing A-15

Boardman to Hemingway 500 kV Line A-16

Gateway West 500 kV Line A-17

Western Energy Imbalance Market A-18

Weather Outlook A-19

Culture of Safety A-20

IDACORP at a Glance

IDACORP Financial Snapshot(1):

• • Revenue: $1.37 billion

• • Diluted earnings per share: $4.49

• • Eleventh consecutive year of earnings growth

• • Dividends per share: $2.52

• • Return on Year-End Equity: 9.6%

• • Net Utility Plant Assets:

Idaho Power-$4.4 billion

Idaho Power Company Quick Facts:

• • Vertically integrated energy company encompassing generation, transmission, and distribution

• • ~560,000 general business customers

• • 68 percent of Idaho residents, 72 cities; 7 cities in Oregon

(1) As of and for the year ended 12/31/2018, except for dividends per share, which are annualized as of February 2019.

New Revenue Growth

Core Business Improvement

Productive Regulatory Focus

*Dividends per share as of February 21, 2019