IDACORP Inc 2025年度报告

“Our job as energy providers has never been more complexor more important. Thankfully, this is where we thrive.” Lisa A. GrowPresident & CEO ContentsContentsContentsWelcome Letter1Looking Back2Serving Customers4Growth and Reliability6Taking Care of Customers8Looking Forward10Board of Directors11Generation Facilities12Form 10-K13 HIGHLIGHTSDollar Amounts in Thousands, Except Per-Share Amounts Net IncomeDiluted Earnings Per Common ShareDividends Declared Per Common ShareTotal Assets$10,225,437$9,239,363Number of Employees (full-time)Number of Customers Reflecting on 2025, it’s clear that IDACORP standsat the intersection of challenge and opportunity.As Idaho Power’s service area grows and the energylandscape evolves, our job as energy providershas never been more complex or more important.Thankfully, this is where we thrive. Intertie transmission projects. We announced plansto add new natural gas generation to our systemstarting in 2028. And, we reached a settlement inour 2025 general rate case that will help us fund ouroperations as we continue to grow. Safety always guides our efforts, and we madesignificant strides in reducing vehicle incidents andemployee injuries during 2025. We continue toevaluate safety measures to protect our employees,customers, and communities. And while the 2025wildfire season was relatively mild, we continued ourimportant work enhancing Idaho Power’s wildfiremitigation measures, hardening our system to reducerisk, and working with communities and customers toensure they are prepared for wildfire-related outages. Reliability is a hallmark of our service, and 2025 wasanother record-setting year. We recorded our best-ever reliability number for frequency of outages.Achieving this record during a year when we servedmore customers than ever is a testament to thestrategic investments we’re making to harden andupgrade the grid. It’s also a testament to the way ouremployees show up for our customers. When a winterwindstorm knocked down hundreds of power poles,our employees worked around-the-clock to safelyrestore power for more than 50,000 customers, keepthem informed, and work with community partnersto help those who needed it. While all this important work was unfolding,IDACORP achieved an unprecedented 18thconsecutive year of earnings growth. This remarkableaccomplishment wouldn’t be possible withoutthe contributions of our nearly 2,200 dedicatedemployees. Together, they continue to drive oursuccess with their passion, innovation, and ability totackle the complex challenges that come our way.On their behalf, as well as that of our leadershipteam and Board of Directors, we thank you for yourinvestment in IDACORP. Expanding and strengthening our system remainsa top priority. In 2025, we invested more than$1 billion in our grid. We began construction of thelong-anticipated Boardman to Hemingway (B2H)transmission line, which will be a vital resource formoving energy across our region. Hells CanyonComplex relicensing is also moving forward,as is permitting the Gateway West and Southwest Chair of the Board BY THENumbersNumbersNumbersNumbers LOOKING BACK It was another year of hard work, growth, and success for IDACORPin 2025. Our employees stepped up to overcome challenges andachieve outstanding results for our customers and investors.We achieved our 18th consecutive year of earnings growth, grewnet income, and earned the highest reliability scores in companyhistory while staying true to our core values of safety first, integrityalways, and respect for all. Idaho Power continues to see strongcustomer growth (2.3% in 2025), and we now serve more than660,000 customers across a service area of approximately1.3 million people. To help keep up with that growth, we added430 megawatts (MW) of solar and battery resources to our energymix, settled a general rate case in Idaho, broke ground on themuch-anticipated B2H transmission line, and continued to hardenour system against extreme weather and wildfires. We also keptour prices 20 to 30% lower than the national average, continuedexercising good stewardship of the Snake River and our naturalresources, and stayed engaged with our communities throughvolunteer work, employee donations, and corporate giving. PAGE 2 CAPITALEXPENDITURES Dividend Growth Earnings Guidance IDACORP's quarterly commonstock dividend increased 2.3%to $0.88 per share in 2025. This wasour 14th consecutive year with adividend increase, with cumulativegrowth of 193% and averageannual dividend growth of 7.9%in that span. As we reinvest andfocus on growing our company,we continue to expect to decoupleour dividend and earnings per-share growth rates, with a short-term target payout ratio of 50to 60% of IDACORP earnings. IDACORP achieved its 18thconsecutive year of earningsgrowth in 2025 — an achievementwe believe is unprecedentedamong investor-owned utilities.IDACORP ended the year withdiluted earnings per share of$5.90, and we initiated earningsguidance for the full