On this page of StockholderLetter.com we present the latest annual shareholder letter from IDACORP INC — ticker symbol IDA. Reading current and past IDA letters to shareholders can bring important insights into the investment thesis.

 •  3/5/2025 Letter Continued (Full PDF)
 •  3/3/2023 IDA Stockholder Letter
 •  3/4/2024 IDA Stockholder Letter
 •  More "Electric Utilities" Category Stockholder Letters
 •  IDA Benford's Law Stock Score = 97

IDA Shareholder/Stockholder Letter Transcript:

CUSTOMER GROWTH
2.6%
NET INCOME GROWTH
10.7%
TOTAL ASSETS GROWTH
9%
ANNUAL
REPORT
2024

   The energy industry
continues to evolve, and
as we survey the changing
landscape, we are
confident our dedicated
team of problem solvers
will continue to innovate,
adapt, and work to achieve
strong financial results.   
Lisa A. Grow
President & CEO
Contents
Dennis L. Johnson
Chair of the Board of Directors
Welcome Letter
Looking Back
Serving Customers
Growth and Reliability
Taking Care of Customers
Looking Forward
Board of Directors
Generation Facilities
Form 10-K
1
2
4
6
8
10
11
12
13
HIGHLIGHTS
Dollar Amounts in Thousands,
Except Per-Share Amounts

2024
2023
Total Operating Revenues
$1,826,633
$1,766,356
3.41
Net Income
$289,174
261,195
10.71
Earnings Per Diluted Common Share
$5.50
$5.14
7.00
Dividends Declared Per Common Share
$3.35
$3.20
4.69
Total Assets
$9,239,363
$8,475,918
9.01
Number of Employees (full-time)
2,130
2,100
1.43
Number of Customers
649,205
632,936
2.57
CHANGE

IDACORP enjoyed another year of growth, success,
and overcoming challenges in 2024. When we reflect
on everything we accomplished     building new
infrastructure to support our rapidly growing customer
base, maintaining our excellent reliability metrics and
affordable prices, and keeping our employees and
communities safe     we are filled with gratitude for
the dedicated employees who made it all possible.
Thanks to their efforts, Idaho Power continues to
deliver on its mission of safely providing the reliable,
affordable, increasingly clean energy our customers
count on every day.
We remain in a period of unprecedented growth,
with Idaho Power now serving more than 650,000
customers. Maintaining our outstanding reliability
requires hard work and careful planning as we add
resources to our system, strengthen the grid, and work
to bring key transmission projects like Boardman to
Hemingway, Gateway West, and Southwest Intertie
Project-North online. As we respond to growth and
economic development across our service area, we are
forecasting spending $1.1 billion per year on average
over the next five years.
We added several key resources in 2024, bringing
nearly 200 megawatts of new solar and battery
storage onto our system while also converting two
of our coal-fired units to cleaner natural gas. We will
continue to add resources to our energy mix in 2025
and beyond. These grid investments were the main
driver behind rate cases we concluded in both Idaho
and Oregon in 2024, which will help support our
operations as our service area grows.
Safety remains at the heart of everything we do.
We   re proud to report 2024 was the third-safest year
on record, in terms of lost-time injuries. Ensuring our
employees go home to their loved ones each day will
always be our top priority. We   re also committed to
keeping our customers and communities safe. Safety
is the primary goal of our Wildfire Mitigation Plan,
which helps us protect the communities we serve and
harden our system.
The energy industry continues to evolve, and as we
survey the changing landscape, we are confident our
dedicated team of problem solvers will continue to
innovate, adapt, and work to achieve strong financial
results. We move forward with an eye on building
our future, while also embracing the core values that
have been so vital to guiding our success.
On behalf of our employees, as well as our leadership
team and Board of Directors, we thank you for your
investment in IDACORP.
President & Chief Executive Officer
Chair of the Board
PAGE 1

LOOKING BACK
DILUTED EARNINGS
BOOK VALUE
$4.69
$4.85
$5.11
$5.14
$5.50
$50.73
$52.82
$55.52
$57.45
$61.73
IDACORP enjoyed another year of growth and
success in 2024. We faced many challenges, and our
employees rose to meet them, helping us achieve
our 17th consecutive year of earnings growth while
increasing net income by $28 million compared to
2023. Our employees    commitment to safety resulted
in the third-safest year in company history, and we
also kept our customers    lights on 99.96% of the time
despite a hot summer, a busy wildfire season, and
increasing energy demand. Customer growth remains
strong for Idaho Power     we now serve more than
650,000 customers after experiencing 2.6% growth
in 2024. To help balance that growth, we added
nearly 200 megawatts (MW) of solar and battery
resources to our portfolio, completed rate cases in
Idaho and Oregon, and continued to strengthen our
grid through our Wildfire Mitigation Program. Along
the way, we remain dedicated to the safety of our
employees and communities; we work to keep our
energy affordable, with prices 20 to 30% below the
national average; we continue to protect our natural
resources and exercise good stewardship of the Snake
River, which helps power our clean energy mix; and
we stay engaged with the communities where we live
and work through corporate giving, volunteerism,
and employee donations.
2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
Per Share
Per Share
PAGE 2

Earnings Guidance
General Rate Case
IDACORP achieved its 17th consecutive
year of earnings growth in 2024     an
achievement we believe is unprecedented
among investor-owned utilities. IDACORP
ended the year with earnings of $5.50 per
diluted share, and we initiated earnings
guidance for the full year 2025 in the range
of $5.65 to $5.85 per diluted share. Idaho
Power used $29.8 million of accumulated
deferred investment tax credits (ADITC)
under its Idaho regulatory mechanism.
Our general rate case in Oregon
reached a settlement with the Oregon
Public Utility Commission (OPUC),
resulting in an overall rate increase
of $6.7 million, or 12.14%, effective
October 2024. This was our first general
rate case in Oregon since 2011.
Dividend Growth
IDACORP's quarterly common stock
dividend increased 3.6%, from $0.83 to
$0.86 per share in 2024. This was our 13th
consecutive year with a dividend increase,
with cumulative growth of 187% and
average annual dividend growth of 7.8%
in that span. As we reinvest and focus
on growing our company, we expect to
decouple our dividend and earningsper-share growth rates. Over the longterm, we are committed to growing our
dividend and to our target dividend
payout ratio of 60 to 70% of sustainable
IDACORP earnings.
2020 2021 2022 2023 2024
As we continue to experience rapid
growth, we expect additional rate
filings will be needed to collect the level
of revenue necessary to finance our
operations and allow for a reasonable
rate of return.
ANNUALIZED
YEAR-END DIVIDEND
Per Share
$2.84
$3.00
$3.16
$3.32
$3.44
$311
$315
$468
$734
$943
CAPITAL
EXPENDITURES
In Idaho, we filed a limited issue rate
increase to recover costs associated with
infrastructure investments and labor
expenses not included in Idaho Power   s
2023 general rate case. The Idaho Public
Utilities Commission (IPUC) approved
an overall increase of $50.1 million,
or approximately 3.7%, for Idaho
customers, effective January 1, 2025.
In millions,
on an accrual
basis, excluding
allowance
for funds
used during
construction
PAGE 3
2020 2021 2022 2023 2024



 3/5/2025 Letter Continued (Full PDF)