ida-20260630

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended

June 30, 2026

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Exact name of registrants as specified

I.R.S. Employer

Commission File

in their charters, address of principal

Identification

Number

executive offices, zip code and telephone number

No.

1-14465

IDACORP, Inc.

82-0505802

1-3198

Idaho Power Company

82-0130980


1221 W. Idaho Street
Boise,		ID		83702-5627
	(208)		388-2200

State of Incorporation:

Idaho

None

Former name, former address and former fiscal year, if changed since last report

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	IDA	New York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.

IDACORP, Inc.:

Yes

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Idaho Power Company:

Yes

☒

☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files).

IDACORP, Inc.:

Yes

☒

☐

Idaho Power Company:

Yes

☒

☐

Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

IDACORP, Inc.:

☒

☐

Idaho Power Company:

☐

☒

☐

If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange

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Act.

IDACORP, Inc.:

☐

Idaho Power Company:

☐

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).

IDACORP, Inc.:

Yes

☐

☒

Idaho Power Company:

Yes

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☒

Number of shares of common stock outstanding as of July 24, 2026:

IDACORP, Inc.:

57,842,043

Idaho Power Company:

39,150,812, all held by IDACORP, Inc.

This combined Form 10-Q represents separate filings by IDACORP, Inc. and Idaho Power Company. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Idaho Power Company makes no representations as to the information relating to IDACORP, Inc.’s other operations.

Idaho Power Company meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and is therefore filing this report on Form 10-Q with the reduced disclosure format.

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TABLE OF CONTENTS
				Page
Commonly Used Terms				4
Cautionary Note Regarding Forward-Looking Statements				5
Available Information				7

Part I. Financial Information

	Item 1. Financial Statements (unaudited)
		IDACORP, Inc.:
			Condensed Consolidated Statements of Income	8
			Condensed Consolidated Statements of Comprehensive Income	9
			Condensed Consolidated Balance Sheets	10
			Condensed Consolidated Statements of Cash Flows	12
			Condensed Consolidated Statements of Equity	13
		Idaho Power Company:
			Condensed Consolidated Statements of Income	14
			Condensed Consolidated Statements of Comprehensive Income	15
			Condensed Consolidated Balance Sheets	16
			Condensed Consolidated Statements of Cash Flows	18
		Notes to Condensed Consolidated Financial Statements		19
		Reports of Independent Registered Public Accounting Firm - Deloitte & Touche LLP		38
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			40
	Item 3. Quantitative and Qualitative Disclosures About Market Risk			63
	Item 4. Controls and Procedures			64

Part II. Other Information

	Item 1. Legal Proceedings			65
	Item 1A. Risk Factors			65
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			65
	Item 3. Defaults Upon Senior Securities			65
	Item 4. Mine Safety Disclosures			65
	Item 5. Other Information			65
	Item 6. Exhibits			66

Signatures				67

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COMMONLY USED TERMS

The following select abbreviations, terms, or acronyms are commonly used or found in multiple locations in this report:

2018 Settlement Stipulation

May 2018 Idaho settlement stipulation related to tax reform

Idaho ROE

Idaho-jurisdiction return on year-end equity

2023 Settlement Stipulation

The settlement stipulation for Idaho Power's 2023 Idaho general rate case

Ida-West

Ida-West Energy Company, a subsidiary of IDACORP, Inc.

2024 ATM

ATM established in May 2024

IERCo

Idaho Energy Resources Co., a subsidiary of Idaho Power Company

2025 Annual Report

IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended
December 31, 2025

IFS

IDACORP Financial Services, Inc., a subsidiary of IDACORP, Inc.

2025 Settlement Stipulation

The settlement stipulation for Idaho Power's 2025 Idaho general rate case

IPUC

Idaho Public Utilities Commission

2026 ATM

ATM established in May 2026

IRP

Integrated Resource Plan

ADITC

Accumulated Deferred Investment Tax Credits

Jim Bridger plant

Idaho Power's jointly-owned coal- and gas-fired Jim Bridger power plant

AFUDC

Allowance for Funds Used During Construction

Large contract customer

Industrial customers demanding over 20 MW of load, served under individual, commission-approved energy service agreements

AOCI

Accumulated Other Comprehensive Income

MD&A

Management’s Discussion and Analysis of Financial Condition and Results of Operations

APCU

Annual power cost update

MMBtu

Million British Thermal Units

ATM

At-the-market equity offering program

Megawatt

B2H

Boardman-to-Hemingway, a high-voltage transmission line project

MWh

Megawatt-hour

BCC

Bridger Coal Company, a jointly-owned investment of IERCo

NAV

Net asset value

BLM

U.S. Bureau of Land Management

NEPA

National Environmental Policy Act

CPCN

Certificate of Public Convenience and Necessity

O&M

Operations and Maintenance

CWA

Clean Water Act

OATT

Open Access Transmission Tariff

EIS

Environmental Impact Statement

OPUC

Public Utility Commission of Oregon

EPA

U.S. Environmental Protection Agency

Oregon Sale

The sale of Idaho Power's Oregon electric distribution business and certain Oregon transmission assets to OTEC

ESA

Endangered Species Act

OTEC

Oregon Trail Electric Consumers Cooperative, Inc.

Exchange Act

U.S. Securities Exchange Act of 1934, as amended

PCA

Idaho-jurisdiction Power Cost Adjustment

FCA

Idaho Fixed Cost Adjustment

PPA

Power purchase agreement

FERC

Federal Energy Regulatory Commission

PURPA

Public Utility Regulatory Policies Act of 1978, as amended

FSA

Forward sale agreement

RFP

Request for proposals

GAAP

Accounting principles generally accepted in the United States of America

SEC

U.S. Securities and Exchange Commission

GWW

Gateway West, a high-voltage transmission line project

SMSP

Security Plans for Senior Management Employees I and II

HCC

Hells Canyon Complex, composed of the Brownlee, Oxbow, and Hells Canyon facilities

SWIP-N

Southwest Intertie Project-North, a high-voltage transmission line project

IDACORP

IDACORP, Inc., an Idaho corporation

WMP

Wildfire Mitigation Plan

Idaho Power

Idaho Power Company, an Idaho corporation

WPSC

Wyoming Public Service Commission

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to the historical information contained in this report, this report contains (and oral communications made by IDACORP and Idaho Power may contain) statements that relate to future events and expectations, such as statements regarding projected or future financial performance, power generation, cash flows, capital expenditures, regulatory filings, dividends, capital structure or ratios, load forecasts, strategic goals, challenges, objectives, and plans for future operations. Such statements 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," 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 report, the 2025 Annual Report, particularly Part I, Item 1A - "Risk Factors" and Part II, Item 7 - MD&A of that report, subsequent reports filed by IDACORP and Idaho Power with the SEC, and the following important factors:

•decisions or actions by the Idaho and Oregon public utilities commissions and the FERC that impact Idaho Power's ability to recover costs and earn a return on investment;

•changes to or the elimination of Idaho Power's regulatory cost recovery mechanisms;

•expenses and risks associated with capital expenditures and contractual obligations for, and the permitting and construction of, utility infrastructure projects that Idaho Power may be unable to complete, are delayed, have cost increases due to tariffs, supply chain constraints, or other factors, or that may not be deemed prudent by regulators for cost recovery or return on investment;

•expenses and risks associated with supplier and contractor delays and failure to satisfy project quality and performance standards on utility infrastructure projects, including as a result of tariffs, supply chain constraints, permitting requirements and limitations, and the potential impacts of those delays and failures on Idaho Power's ability to serve customers and generate revenues;

•the rapid addition of new industrial customer load, uncertainty of forecasted power usage ramp rates or volumes, and the volatility and timing of that new load demand and revenues, resulting in increased risks of power demand potentially exceeding available supply and revenue, cash flow, and earnings volatility;

•impacts of economic conditions, including an inflationary or recessionary environment and interest rates, on items such as operations and capital investments, supply costs and delivery delays, supply scarcity and shortages, population growth or decline in Idaho Power's service area, changes in customer demand for electricity, revenue from sales of excess power, credit quality of counterparties and suppliers and their ability to meet financial and operational commitments and on the timing and extent of counterparties' power usage, and collection of receivables;

•changes in residential, commercial, irrigation, and industrial growth and demographic patterns within Idaho Power's service area, and the associated impacts on loads and load growth;

•employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies’ workforce, the cost and ability to attract and retain skilled workers and third-party contractors and suppliers, the cost of living and the related impact on recruiting employees, and the ability to adjust to fluctuations in labor costs;

•changes in, failure to comply with, and costs of compliance with laws, regulations, policies, orders, federal grants, and licenses, which may result in penalties and fines, increase compliance and operational costs, and impact recovery associated with increased costs through rates;

•abnormal or severe weather conditions, wildfires, droughts, earthquakes, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation, repair costs, service interruptions, public safety power shutoffs and de-energization, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers;

•advancement and adoption of self-generation, energy storage, energy efficiency, alternative energy sources, and other technologies that may reduce Idaho Power's sale or delivery of electric power or introduce operational vulnerabilities to the power grid;

•variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydropower facilities and power supply costs;

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•ability to acquire equipment, materials, fuel, power, and transmission capacity on reasonable terms and prices, particularly in the event of unanticipated or abnormally high resource demands, price volatility (including as a result of new or increased tariffs), lack of physical availability, transportation constraints, outages due to maintenance or repairs to generation or transmission facilities, disruptions in the supply chain, or reduced credit quality or lack of counterparty and supplier credit;

•inability to timely obtain and the cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydropower facilities;

•disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission systems, which can result in liability for Idaho Power, increased power supply costs and repair expenses, and reduced revenues;

•accidents, electrical contacts, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, infrastructure failures, general system damage or dysfunction, and other unplanned events that may occur while operating and maintaining assets, which can cause unplanned outages; reduce generating output; damage company assets, operations, or reputation; subject Idaho Power to third-party claims for property damage, personal injury, loss of life, or other losses; or result in the imposition of fines and penalties;

•acts or threats of terrorism, acts of war, social unrest, cyber or physical security attacks, and other malicious acts of individuals or groups seeking to disrupt Idaho Power's operations or the electric power grid or compromise data, or the disruption or damage to the companies’ business, operations, or reputation resulting from such events;

•Idaho Power’s concentration in one region, and the resulting exposure to regional economic conditions and regional legislation and regulation;

•unaligned goals and positions with co-owners of Idaho Power's existing and planned generation and transmission assets that may adversely impact Idaho Power’s ability to construct and operate those facilities in a manner most suitable to Idaho Power;

•changes in tax laws or related regulations or interpretations of applicable laws or regulations by federal, state, or local taxing jurisdictions, and the availability of expected tax credits or other tax benefits;

•ability to obtain debt and equity financing or refinance existing debt when necessary and on satisfactory terms, which can be affected by factors such as credit ratings, reputational harm, volatility or disruptions in the financial markets, interest rates, decisions by the state public utility commissions, and the companies' past or projected financial performance;

•ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk for fuel, power, and transmission, and the failure of any such risk management and hedging strategies to work as intended, and the potential losses and cash flow impacts the companies may incur on those hedges;

•changes in actuarial assumptions, changes in interest rates, and the actual and projected return on plan assets for pension and other postretirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities and the companies' cash flows;

•remediation costs associated with planned cessation of coal-fired operations at Idaho Power's co-owned coal plant;

•ability to continue to pay dividends and achieve target dividend payout ratios based on financial performance and capital requirements, and in light of credit rating considerations, contractual covenants and restrictions, cash flows, and regulatory limitations; and

•adoption of or changes in accounting policies and principles, changes in accounting estimates, and new SEC or New York Stock Exchange requirements or new interpretations of existing requirements.

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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AVAILABLE INFORMATION

Investors and others should note that IDACORP and Idaho Power announce material information about their business through a variety of means, including filings with the SEC, press releases, public conference calls, and webcasts. The companies use these channels to achieve broad, non-exclusionary distribution of information to the public. Therefore, IDACORP and Idaho Power encourage investors, the media, and others interested in the companies to review the information the companies make available through such channels. IDACORP's website is idacorpinc.com and Idaho Power's website is idahopower.com. The contents of these websites are not part of this report.

Those interested in IDACORP and Idaho Power may also wish to refer to the websites of the IPUC and OPUC at puc.idaho.gov and oregon.gov/puc, respectively, to review documents filed by IDACORP, Idaho Power, and third parties with, and issued by, the respective commissions. The contents of these websites are not part of this report.

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PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

IDACORP, Inc.

Condensed Consolidated Statements of Income

(unaudited)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(in thousands of dollars or shares, except for per share amounts)
Operating Revenues:
Electric utility revenues	$	468,673	$	449,672	$	871,435	$	881,625
Other	1,125		1,208		1,775		1,713
Total operating revenues	469,798		450,880		873,210		883,338

Operating Expenses:
Electric utility:
Purchased power	90,455		88,777		155,536		162,887
Fuel expense	28,323		34,845		92,052		104,246
Power cost adjustment	8,892		28,577		(401)		76,262
Other operations and maintenance	133,668		121,966		259,794		234,973
Energy efficiency programs	6,111		6,115		12,282		11,348
Depreciation and amortization	66,344		61,128		131,863		120,913
Other electric utility operating expenses, net	4,334		8,263		8,464		15,943
Total electric utility operating expenses	338,127		349,671		659,590		726,572
Other	1,167		636		1,907		1,264
Total operating expenses	339,294		350,307		661,497		727,836

Operating Income	130,504		100,573		211,713		155,502

Nonoperating (Income) Expense:
Allowance for equity funds used during construction	(18,456)		(15,166)		(38,060)		(29,608)
Earnings of unconsolidated equity-method investments	(1,244)		(1,306)		(1,990)		(2,024)
Interest on long-term debt and finance leases	50,382		44,321		98,155		82,489
Other interest	7,809		7,368		15,161		13,849
Allowance for borrowed funds used during construction	(10,779)		(9,217)		(21,751)		(16,867)
Other income, net	(14,306)		(14,872)		(25,369)		(28,977)
Total nonoperating expense, net	13,406		11,128		26,146		18,862

Income Before Income Taxes	117,098		89,445		185,567		136,640

Income Tax Expense (Benefit)	14,229		(6,681)		14,640		(19,147)

Net Income	102,869		96,126		170,927		155,787
Income attributable to noncontrolling interests	(292)		(345)		(369)		(359)
Net Income Attributable to IDACORP, Inc.	$	102,577	$	95,781	$	170,558	$	155,428

Weighted Average Common Shares Outstanding - Basic	55,782		54,159		55,405		54,135
Weighted Average Common Shares Outstanding - Diluted	57,229		54,380		56,767		54,249
Earnings Per Share of Common Stock:
Earnings Attributable to IDACORP, Inc. - Basic	$	1.84	$	1.77	$	3.08	$	2.87
Earnings Attributable to IDACORP, Inc. - Diluted	$	1.79	$	1.76	$	3.00	$	2.87

The accompanying notes are an integral part of these statements.

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IDACORP, Inc.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(in thousands of dollars)

Net Income	$	102,869	$	96,126	$	170,927	$	155,787
Other Comprehensive Income:

Unfunded pension liability adjustment, net of tax of $73, $57, $148, and $245, respectively	222		171		443		111
Total Comprehensive Income	103,091		96,297		171,370		155,898
Comprehensive income attributable to noncontrolling interests	(292)		(345)		(369)		(359)
Comprehensive Income Attributable to IDACORP, Inc.	$	102,799	$	95,952	$	171,001	$	155,539

The accompanying notes are an integral part of these statements.

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IDACORP, Inc.

Condensed Consolidated Balance Sheets

(unaudited)


	June 30, 2026		December 31, 2025
	(in thousands of dollars)
Assets

Current Assets:
Cash and cash equivalents	$	83,644	$	215,718

Receivables:
Customer (net of allowance of $3,531 and $3,788, respectively)	111,739		97,724
Other (net of allowance of $436 and $637, respectively)	59,293		37,764
Income taxes receivable	—		8,669
Accrued unbilled receivables	157,446		79,931
Materials and supplies (at average cost)	202,809		201,896
Fuel stock (at average cost)	25,561		24,455
Prepayments	39,297		30,579
Current regulatory assets	134,728		136,665
Assets held for sale	129,667		—
Other	411		3
Total current assets	944,595		833,404
Investments	157,199		155,002
Property, Plant, and Equipment:
Utility plant in service	8,690,873		8,249,106
Accumulated provision for depreciation	(2,619,650)		(2,599,465)
Utility plant in service - net	6,071,223		5,649,641
Construction work in progress	1,819,351		1,740,809
Finance lease right-of-use assets	213,947		219,612
Utility plant held for future use	17,399		19,781
Other property, net of accumulated depreciation	36,296		18,103
Property, plant, and equipment - net	8,158,216		7,647,946
Other Assets:
Company-owned life insurance	113,011		105,306
Regulatory assets	1,428,279		1,427,793

Other	64,864		55,986
Total other assets	1,606,154		1,589,085
Total	$	10,866,164	$	10,225,437

The accompanying notes are an integral part of these statements.

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IDACORP, Inc.

Condensed Consolidated Balance Sheets

(unaudited)


	June 30, 2026		December 31, 2025
	(in thousands of dollars or shares)
Liabilities and Equity

Current Liabilities:
Current maturities of long-term debt	$	116,300	$	116,300

Accounts payable	341,287		344,870
Taxes accrued	24,954		7,532
Interest accrued	55,277		49,547
Accrued compensation	61,540		77,245
Current regulatory liabilities	71,752		21,089
Advances from customers	208,268		201,743
Liabilities held for sale	9,170		—
Other	69,749		79,509
Total current liabilities	958,297		897,835
Other Liabilities:
Deferred income taxes	797,548		802,885
Regulatory liabilities	1,028,837		1,031,062
Pension and other postretirement benefits	145,962		137,406
Finance lease liabilities	213,560		216,695
Other	262,248		229,830
Total other liabilities	2,448,155		2,417,878
Long-Term Debt	3,677,926		3,331,038
Commitments and Contingencies
Equity:
IDACORP, Inc. shareholders’ equity:
Common stock, no par value (120,000 shares authorized; 56,115 and 54,859 shares issued and outstanding, respectively)	1,431,553		1,301,907
Retained earnings	2,357,553		2,284,911
Accumulated other comprehensive loss	(14,501)		(14,944)

Total IDACORP, Inc. shareholders’ equity	3,774,605		3,571,874
Noncontrolling interests	7,181		6,812
Total equity	3,781,786		3,578,686
Total	$	10,866,164	$	10,225,437

The accompanying notes are an integral part of these statements.

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IDACORP, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Six months ended June 30,
	2026		2025
	(in thousands of dollars)
Operating Activities:
Net income	$	170,927	$	155,787
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	136,805		123,556
Deferred income taxes and investment tax credits	(6,014)		(45,251)
Changes in regulatory assets and liabilities	13,180		100,003
Pension and postretirement benefit plan expense	22,494		22,608
Contributions to pension and postretirement benefit plans	(4,135)		(2,864)
Earnings of equity-method investments	(1,990)		(2,024)
Distributions from equity-method investments	—		950
Allowance for equity funds used during construction	(38,060)		(29,608)
Other non-cash adjustments to net income, net	3,227		5,238
Change in:
Accounts receivable and unbilled receivables	(96,112)		(28,617)
Prepayments	(11,643)		8,428
Materials, supplies, and fuel stock	(2,019)		(4,803)
Accounts and wages payable	(39,147)		(47,396)
Taxes accrued/receivable	26,091		37,508
Other assets and liabilities	5,431		7,713
Net cash provided by operating activities	179,035		301,228
Investing Activities:
Additions to property, plant, and equipment, net	(808,035)		(534,629)
Payments received from transmission project joint funding partners	105,309		62,022

Proceeds from the sale of renewable energy certificates	32,138		6,290










Other	(8,742)		(7,379)
Net cash used in investing activities	(679,330)		(473,696)
Financing Activities:
Issuance of long-term debt	350,000		400,000
Discount on issuance of long-term debt	(854)		(3,072)
Retirement of long-term debt	—		(19,885)
Payments on finance lease liabilities	(2,942)		(729)
Dividends on common stock	(98,034)		(93,461)

Issuance of common stock	129,357		3,054
Tax withholdings on net settlements of share-based awards	(6,118)		(3,294)

Other	(3,188)		(4,522)
Net cash provided by financing activities	368,221		278,091
Net (decrease) increase in cash and cash equivalents	(132,074)		105,623
Cash and cash equivalents at beginning of the period	215,718		368,865
Cash and cash equivalents at end of the period	$	83,644	$	474,488
Supplemental Disclosure of Cash Flow Information:


Cash paid for interest (net of amount capitalized)	$	72,256	$	61,414
Non-cash investing and financing activities:
Additions to property, plant, and equipment in accounts payable	$	238,732	$	168,635
Right-of-use asset obtained in exchange for finance lease liability	$	—	$	226,618

The accompanying notes are an integral part of these statements.

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IDACORP, Inc.

Condensed Consolidated Statements of Equity

(unaudited)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(in thousands of dollars)
Common Stock
Balance at beginning of period	$	1,352,535	$	1,197,493	$	1,301,907	$	1,194,998
Issuance	76,427		1,504		129,357		3,054
Share-based compensation expense	2,735		2,476		6,549		6,675
Tax withholdings on net settlements of share-based awards	(20)		—		(6,118)		(3,294)

Other	(124)		(99)		(142)		(59)
Balance at end of period	1,431,553		1,201,374		1,431,553		1,201,374
Retained Earnings
Balance at beginning of period	2,304,032		2,162,499		2,284,911		2,149,548
Net income attributable to IDACORP, Inc.	102,577		95,781		170,558		155,428
Common stock dividends ($0.88, $0.86, $1.76, and $1.72 per share, respectively)	(49,056)		(46,766)		(97,916)		(93,462)
Balance at end of period	2,357,553		2,211,514		2,357,553		2,211,514
Accumulated Other Comprehensive Loss
Balance at beginning of period	(14,723)		(13,652)		(14,944)		(13,592)
Unfunded pension liability adjustment (net of tax)	222		171		443		111
Balance at end of period	(14,501)		(13,481)		(14,501)		(13,481)





Total IDACORP, Inc. shareholders’ equity at end of period	3,774,605		3,399,407		3,774,605		3,399,407
Noncontrolling Interests
Balance at beginning of period	6,889		7,015		6,812		7,001
Net income attributable to noncontrolling interests	292		345		369		359
Balance at end of period	7,181		7,360		7,181		7,360
Total equity at end of period	$	3,781,786	$	3,406,767	$	3,781,786	$	3,406,767

The accompanying notes are an integral part of these statements.

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Idaho Power Company

Condensed Consolidated Statements of Income

(unaudited)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(in thousands of dollars)

Operating Revenues	$	468,673	$	449,672	$	871,435	$	881,625

Operating Expenses:
Operation:
Purchased power	90,455		88,777		155,536		162,887
Fuel expense	28,323		34,845		92,052		104,246
Power cost adjustment	8,892		28,577		(401)		76,262
Other operations and maintenance	133,668		121,966		259,794		234,973
Energy efficiency programs	6,111		6,115		12,282		11,348
Depreciation and amortization	66,344		61,128		131,863		120,913
Other operating expenses, net	4,334		8,263		8,464		15,943
Total operating expenses	338,127		349,671		659,590		726,572

Operating Income	130,546		100,001		211,845		155,053

Nonoperating (Income) Expense:
Allowance for equity funds used during construction	(18,456)		(15,166)		(38,060)		(29,608)
Earnings of unconsolidated equity-method investments	(591)		(504)		(1,422)		(1,154)
Interest on long-term debt and finance leases	50,382		44,321		98,155		82,489
Other interest	7,748		7,281		15,023		13,602
Allowance for borrowed funds used during construction	(10,779)		(9,217)		(21,751)		(16,867)
Other income, net	(13,845)		(12,805)		(23,798)		(24,970)
Total nonoperating expense, net	14,459		13,910		28,147		23,492

Income Before Income Taxes	116,087		86,091		183,698		131,561

Income Tax Expense (Benefit)	14,811		(6,747)		15,764		(19,405)

Net Income	$	101,276	$	92,838	$	167,934	$	150,966

The accompanying notes are an integral part of these statements.

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Idaho Power Company

Condensed Consolidated Statements of Comprehensive Income

(unaudited)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(in thousands of dollars)

Net Income	$	101,276	$	92,838	$	167,934	$	150,966
Other Comprehensive Income:

Unfunded pension liability adjustment, net of tax of $73, $57, $148, and $245 respectively	222		171		443		111
Total Comprehensive Income	$	101,498	$	93,009	$	168,377	$	151,077

The accompanying notes are an integral part of these statements.

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Idaho Power Company

Condensed Consolidated Balance Sheets

(unaudited)


	June 30, 2026		December 31, 2025
	(in thousands of dollars)
Assets

Current Assets:
Cash and cash equivalents	$	49,894	$	119,111
Receivables:
Customer (net of allowance of $3,531 and $3,788, respectively)	111,739		97,724
Other (net of allowance of $436 and $637, respectively)	96,900		37,108
Income taxes receivable	—		1,294
Accrued unbilled receivables	157,446		79,931
Materials and supplies (at average cost)	202,809		201,896
Fuel stock (at average cost)	25,561		24,455
Prepayments	39,160		30,447

Current regulatory assets	134,728		136,665
Assets held for sale	129,667		—
Other	411		3
Total current assets	948,315		728,634
Investments	93,377		89,103
Property, Plant, and Equipment:
Utility plant in service	8,690,873		8,249,106
Accumulated provision for depreciation	(2,619,650)		(2,599,465)
Utility plant in service - net	6,071,223		5,649,641
Construction work in progress	1,819,351		1,740,809
Finance lease right-of-use assets	213,947		219,612
Plant held for future use	17,399		19,781
Other property	24,967		6,715
Property, plant, and equipment, net	8,146,887		7,636,558
Other Assets:
Company-owned life insurance	113,011		105,306
Regulatory assets	1,428,279		1,427,793
Other	58,497		49,502
Total other assets	1,599,787		1,582,601
Total	$	10,788,366	$	10,036,896

The accompanying notes are an integral part of these statements.

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Idaho Power Company

Condensed Consolidated Balance Sheets

(unaudited)


	June 30, 2026		December 31, 2025
	(in thousands of dollars or shares, except par value)
Liabilities and Equity

Current Liabilities:
Current maturities of long-term debt	$	116,300	$	116,300

Accounts payable	340,985		342,501
Accounts payable to affiliates	500		3,555
Taxes accrued	73,451		7,532
Interest accrued	55,277		49,547

Accrued compensation	61,302		76,912
Current regulatory liabilities	71,752		21,089
Advances from customers	208,268		201,743
Liabilities held for sale	9,170		—
Other	58,052		64,209
Total current liabilities	995,057		883,388
Other Liabilities:
Deferred income taxes	795,678		800,939
Regulatory liabilities	1,028,837		1,031,062
Pension and other postretirement benefits	145,962		137,406
Finance lease liabilities	213,560		216,695
Other	258,892		224,375
Total other liabilities	2,442,929		2,410,477
Long-Term Debt	3,677,926		3,331,038
Commitments and Contingencies
Equity:
Common stock, $2.50 par value (50,000 shares authorized; 39,151 shares issued and outstanding)	97,877		97,877
Premium on capital stock	1,297,258		1,107,258
Capital stock expense	(2,097)		(2,097)
Retained earnings	2,293,917		2,223,899
Accumulated other comprehensive loss	(14,501)		(14,944)
Total equity	3,672,454		3,411,993
Total	$	10,788,366	$	10,036,896

The accompanying notes are an integral part of these statements.

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Idaho Power Company

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Six months ended June 30,
	2026		2025
	(in thousands of dollars)
Operating Activities:
Net income	$	167,934	$	150,966
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	136,506		123,259
Deferred income taxes and investment tax credits	(9,511)		(49,199)
Changes in regulatory assets and liabilities	13,180		100,003
Pension and postretirement benefit plan expense	22,494		22,608
Contributions to pension and postretirement benefit plans	(4,135)		(2,864)
Earnings of equity-method investments	(1,422)		(1,154)
Distributions from equity-method investments	—		950
Allowance for equity funds used during construction	(38,060)		(29,608)
Other non-cash adjustments to net income, net	(2,961)		(1,676)
Change in:
Accounts receivable and unbilled receivables	(97,555)		(29,285)
Prepayments	(11,638)		8,433
Materials, supplies, and fuel stock	(2,019)		(4,803)
Accounts and wages payable	(77,044)		(39,719)
Taxes accrued/receivable	67,213		42,233
Other assets and liabilities	5,602		7,848
Net cash provided by operating activities	168,584		297,992
Investing Activities:
Additions to utility plant, net	(807,767)		(534,500)

Payments received from transmission project joint funding partners	105,309		62,022
Proceeds from the sale of renewable energy certificates	32,138		6,290






Other	(2,681)		1,983
Net cash used in investing activities	(673,001)		(464,205)
Financing Activities:
Issuance of long-term debt	350,000		400,000
Discount on issuance of long-term debt	(854)		(3,072)
Retirement of long-term debt	—		(19,885)
Payments on finance lease liabilities	(2,942)		(729)
Dividends on common stock	(98,080)		(93,544)

Capital contribution from parent	190,000		—

Other	(2,924)		(4,245)
Net cash provided by financing activities	435,200		278,525
Net (decrease) increase in cash and cash equivalents	(69,217)		112,312
Cash and cash equivalents at beginning of the period	119,111		188,916
Cash and cash equivalents at end of the period	$	49,894	$	301,228
Supplemental Disclosure of Cash Flow Information:

Cash paid for interest (net of amount capitalized)	$	72,118	$	61,167
Non-cash investing and financing activities:
Additions to utility plant in accounts payable	$	238,732	$	168,635
Right-of-use asset obtained in exchange for finance lease liability	$	—	$	226,618

The accompanying notes are an integral part of these statements.

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IDACORP, INC. AND IDAHO POWER COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This Quarterly Report on Form 10-Q is a combined report of IDACORP and Idaho Power. Therefore, these Notes to the Condensed Consolidated Financial Statements apply to both IDACORP and Idaho Power. However, Idaho Power makes no representation as to the information relating to IDACORP’s other operations.

Nature of Business

IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. On February 13, 2026, Idaho Power signed an asset purchase agreement with OTEC for the sale of Idaho Power's electric distribution business and certain transmission assets in the state of Oregon. Refer to Note 16 - "Assets Held For Sale" for additional information regarding the Oregon Sale. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the FERC. Idaho Power is the parent of IERCo, a joint-owner of BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power.

IDACORP’s other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small PURPA-qualifying hydropower generation projects.

Regulation of Utility Operations

As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition.

IDACORP's and Idaho Power's financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated entity would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. The effects of applying these regulatory accounting principles to Idaho Power's operations are discussed in more detail in Note 3 - "Regulatory Matters."

Financial Statements

In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's condensed consolidated balance sheets as of June 30, 2026, condensed consolidated statements of income for the three months and six months ended June 30, 2026 and 2025, and condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in the 2025 Annual Report. The statements of income for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective balance sheets and statements of income during the period in which such change occurred.

Management Estimates

Management makes estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions include, among others, those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled receivables, and the allowance for uncollectible accounts. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial

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statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates.

New and Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

There have been no recently adopted accounting pronouncements that have had a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In May 2026, the FASB issued Accounting Standards Update (ASU) 2026-02, Environmental Credits and Environmental Credit Obligations, which establishes accounting requirements for environmental credits and environmental obligations, including their recognition, measurement, presentation, and disclosure. This ASU is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. The provisions of this ASU are required to be applied retrospectively. IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on their respective condensed consolidated financial statements.

Other than those described in Note 1 - "Summary of Significant Accounting Policies" to the consolidated financial statements included in the 2025 Annual Report and discussed above, there have been no additional recently issued accounting pronouncements that have not yet been adopted and are expected to have a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements.

2. INCOME TAXES

In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount.

Income Tax Expense

The following table provides a summary of income tax expense (benefit) (in thousands of dollars):


	IDACORP						Idaho Power
	Six months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
Income tax at statutory rates (federal and state)	$	46,426		$	34,196		$	45,978		$	32,928

Excess deferred income tax reversal	(3,248)			(4,862)			(3,248)			(4,862)






Other(1)	(22,288)			(11,981)			(20,716)			(10,971)
Income tax expense before ADITC	$	20,890		$	17,353		$	22,014		$	17,095
Additional ADITC amortization	(6,250)			(36,500)			(6,250)			(36,500)
Income tax expense (benefit)	$	14,640		$	(19,147)		$	15,764		$	(19,405)
Effective tax rate	7.9		%	(14.0)		%	8.6		%	(14.8)		%

(1) "Other" primarily consists of the net tax effect of Idaho Power's regulatory flow-through tax adjustments.

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Supplemental Disclosure of Cash Flow Information

Supplemental cash flow information related to income taxes, including cash (refunded) paid for income taxes and cash (received from) paid to IDACORP related to income taxes, is presented below (in thousands of dollars):


	Six months ended June 30,
	2026		2025
IDACORP



Total cash (refunded) paid for income taxes	$	(6,073)	$	480

Idaho Power



Total cash (received from) paid to IDACORP related to income taxes	$	(2,442)	$	15,627

3. REGULATORY MATTERS

Included below is a summary of Idaho Power's most recent general rate cases and base rate changes, as well as other recent or pending notable regulatory matters and proceedings.

Idaho and Oregon Rate Cases

Idaho Power's current base rates result from the IPUC and OPUC orders described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2025 Annual Report.

Idaho ADITC Mechanism

The 2018 Settlement Stipulation, 2023 Settlement Stipulation, and 2025 Settlement Stipulation are each described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2025 Annual Report. The 2025 Settlement Stipulation and the 2023 Settlement Stipulation modified the 2018 Settlement Stipulation in part. The 2023 Settlement Stipulation included provisions for the accelerated amortization of ADITCs to help achieve a minimum 9.12 percent Idaho ROE, while the 2025 Settlement Stipulation established an annual cap of $55 million on the amount of accelerated amortization of ADITCs for calendar year 2026 and thereafter and also modified the ADITC mechanism to include an additional amount of investment tax credits equal to the total of existing ADITCs not previously eligible for accelerated amortization under the mechanism and all investment tax credits generated through the end of calendar-year 2028.

Based on its estimate of full-year 2026 Idaho ROE, for the three months and six months ended June 30, 2026, Idaho Power recorded zero and $6.3 million, respectively, in additional ADITC amortization under the 2025 Settlement Stipulation. Accordingly, as of June 30, 2026, approximately $156.3 million of additional ADITCs remained available for future use. Idaho Power recorded $17.2 million and $36.5 million, respectively, of additional ADITC amortization for the three months and six months ended June 30, 2025, based on its then-current estimate of full-year 2025 Idaho ROE.

Power Cost Adjustment Mechanisms

In both its Idaho and Oregon jurisdictions, Idaho Power's power cost adjustment mechanisms address the volatility of power supply costs and provide for annual adjustments to the rates charged to its retail customers. The power cost adjustment mechanisms compare Idaho Power's actual net power supply costs (primarily fuel and purchased power, less wholesale energy sales) against net power supply costs being recovered in Idaho Power's retail rates. Under the power cost adjustment mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and costs being recovered in retail rates are recorded as a deferred charge or accrued as a credit on the balance sheets for future recovery or refund. The power supply costs deferred or accrued primarily result from changes in the levels of Idaho Power's own power generation, changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, and changes in fuel prices.

In May 2026, the IPUC issued an order approving a $51.3 million increase in PCA revenues as compared with the prior collection period, effective for the 2026-2027 PCA collection period from June 1, 2026 to May 31, 2027. The increase in PCA revenues is due primarily to a decrease in forecast hydroelectric generation for the April 2026 to March 2027 forecast period.

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In May 2026, the OPUC approved a settlement stipulation between Idaho Power and intervening parties for its annual power cost adjustment mechanism in Oregon. The filing also requested recovery of 2025 incremental deferred wildfire mitigation costs. The settlement resulted in an increase of $1.9 million in Oregon-jurisdictional rates, effective June 1, 2026.

In May 2026, the OPUC approved a settlement stipulation between Idaho Power and intervening parties for its APCU in Oregon, resulting in an increase of $0.7 million in Oregon-jurisdictional revenues, effective June 1, 2026.

Idaho Fixed Cost Adjustment Mechanism

The FCA mechanism, applicable to Idaho residential and small commercial customers, is designed to remove a portion of Idaho Power’s financial disincentive to invest in energy efficiency programs by separating (or decoupling) the recovery of fixed costs from the variable kilowatt-hour charge and linking it instead to a set amount per customer. Under Idaho Power's current rate design, recovery of a portion of fixed costs is included in the variable kilowatt-hour charge, which may result in over-collection or under-collection of fixed costs. To return over-collection to customers or to collect under-collection from customers, the FCA mechanism allows Idaho Power to accrue, or defer, the difference between the authorized fixed-cost recovery amount per customer and the actual fixed costs per customer recovered by Idaho Power during the year. The IPUC has discretion to cap the annual increase in the FCA recovery at 3 percent of base revenue, with any excess deferred for collection in a subsequent year.

In May 2026, the IPUC issued an order approving Idaho Power's recovery of its 2025 FCA balance of $2.0 million, reflecting an increase in recovery from the FCA of $5.1 million as compared to the 2024 FCA regulatory liability balance of $3.1 million, over the period from June 1, 2026 to May 31, 2027.

Hells Canyon Complex Relicensing Costs

In July 2026, the IPUC approved Idaho Power's application for a determination that its HCC relicensing expenditures incurred from January 1, 2016, through December 31, 2025, were prudently incurred and are eligible for inclusion in retail rates in a future regulatory proceeding.

Wildfire Mitigation Cost Recovery

The 2025 Settlement Stipulation authorized Idaho Power to defer certain incremental O&M and insurance costs for wildfire mitigation efforts above the 2024 base through the earlier of the next general rate case or 2027. As of June 30, 2026, Idaho Power’s deferral balance of Idaho-jurisdiction costs related to the WMP was $90.3 million, of which $68.1 million is approved to be amortized and currently collected in Idaho rates.

In December 2025, Idaho Power filed its 2026-2028 WMP with the OPUC along with an application requesting authorization to defer for future recovery an estimated $3.1 million of newly identified incremental costs expected to be incurred in 2026 associated with expanded wildfire mitigation efforts. In June 2026, the OPUC approved Idaho Power's 2026-2028 WMP. As of the date of this report, the case requesting deferral of incremental 2026 costs remains pending. As of June 30, 2026, Idaho Power’s deferral balance of Oregon-jurisdiction costs related to the WMP was $2.9 million, all of which is approved to be amortized and currently collected in Oregon rates.

4. REVENUES

The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power (in thousands of dollars):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Revenue from contracts with customers	$	468,250	$	449,313	$	851,865	$	860,456
Alternative revenue programs and other revenues	423		359		19,570		21,169
Total electric utility operating revenues	$	468,673	$	449,672	$	871,435	$	881,625

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Revenues from Contracts with Customers

The following table presents revenues from contracts with customers disaggregated by revenue source (in thousands of dollars):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Retail revenues:
Residential (includes $(153), $(2,876), $16,484, and $(5,069), respectively, related to the FCA)(1)	$	168,764	$	149,355	$	372,360	$	340,060
Commercial (includes $(10), $(36), $196, and $(80), respectively, related to the FCA)(1)	98,773		94,652		195,429		192,504
Industrial	76,081		64,840		145,684		133,446
Irrigation	97,306		92,370		99,247		93,482

Deferred revenue related to HCC relicensing AFUDC(2)	(8,521)		(1,930)		(17,635)		(3,993)

Total retail revenues	432,403		399,287		795,085		755,499
Less: FCA mechanism revenues(1)	163		2,912		(16,680)		5,149
Wholesale energy sales	3,559		15,376		8,371		34,924
Transmission wheeling-related revenues	15,547		16,325		32,871		35,768
Energy efficiency program revenues	6,110		6,115		12,282		11,348
Other revenues from contracts with customers	10,468		9,298		19,936		17,768
Total revenues from contracts with customers	$	468,250	$	449,313	$	851,865	$	860,456

(1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.

(2) The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process in its Idaho jurisdiction, even though the relicensing process is not yet complete and the costs have not been moved to utility plant in service. Effective October 1, 2025, Idaho Power began collecting $38.5 million annually. Prior to October 1, 2025, Idaho Power collected $8.8 million annually. For more information refer to Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2025 Annual Report. Amounts collected in the Idaho jurisdiction are recognized as deferred revenue until the license is issued and the accumulated license costs approved for recovery are placed in service.

Alternative Revenue Programs and Other Revenues

While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of an additional regulatory mechanism, the FCA mechanism, which may increase or decrease tariff-based retail customer rates. The FCA mechanism is described in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service and billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues.

Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income. For more information on settled electricity swaps, see Note 11 - "Derivative Financial Instruments."

The table below presents the FCA mechanism revenues and other revenues (in thousands of dollars):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
FCA mechanism revenues	$	(163)	$	(2,912)	$	16,680	$	(5,149)
Derivative revenues	586		3,271		2,890		26,318
Total alternative revenue programs and other revenues	$	423	$	359	$	19,570	$	21,169

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Receivables and Allowance for Uncollectible Accounts

The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables (in thousands of dollars):


	Six months ended June 30,
	2026			2025
Balance at beginning of period	$	3,788		$	5,071
Additions to the allowance	1,008			1,431
Write-offs, net of recoveries	(1,265)			(1,920)
Balance at end of period	$	3,531		$	4,582
Allowance for uncollectible accounts as a percentage of customer receivables	3.1		%	3.5		%

5. LONG-TERM DEBT

Long-Term Debt Issuances, Maturities, and Redemptions

On February 27, 2026, Idaho Power issued $350 million in aggregate principal amount of 4.85% first mortgage bonds, secured medium-term notes, Series O, maturing on March 1, 2036.

On July 15, 2026, Idaho Power repaid $116 million in aggregate principal amount of maturing 1.70% pollution control revenue bonds.

Idaho Power First Mortgage Bonds

Idaho Power's issuance of long-term indebtedness is subject to the approval of the IPUC, OPUC, and WPSC. In June and July 2026, Idaho Power received orders from the IPUC, OPUC, and WPSC authorizing the company to issue and sell from time to time up to $1.5 billion in aggregate principal amount of debt securities and first mortgage bonds, subject to conditions specified in the orders. Authority from the IPUC is effective through June 30, 2029, subject to extensions upon request to the IPUC. The OPUC's and WPSC's orders do not impose a time limitation for issuances, but the OPUC order does impose a number of other conditions, including a requirement that the interest rates for the debt securities or first mortgage bonds fall within either (a) designated spreads over comparable U.S. Treasury rates or (b) a maximum interest rate limit of 8 percent. At June 30, 2026, $1.5 billion was available for debt issuance under the IPUC and OPUC orders and $150 million remained available for debt issuance under the prior WPSC order, which subsequently increased to $1.5 billion in July 2026 when the WPSC issued its order.

Idaho Power's Indenture of Mortgage and Deed of Trust, dated as of October 1, 1937, as amended and supplemented from time to time (Indenture), limits the amount of additional first mortgage bonds that Idaho Power may issue to the sum of (a) the principal amount of retired first mortgage bonds and (b) 60 percent of total unfunded property additions, as defined in the Indenture. As of June 30, 2026, the maximum amount of additional first mortgage bonds Idaho Power could issue under this test was approximately $2.3 billion. The Indenture also imposes a fixed cap of $5.5 billion on the aggregate amount of first mortgage bonds that may be outstanding under the Indenture, which cap may be amended under certain conditions. As of June 30, 2026, Idaho Power could issue approximately $1.7 billion of additional first mortgage bonds under that aggregate cap.

6. COMMON STOCK

IDACORP Common Stock

During the six months ended June 30, 2026, IDACORP issued an aggregate of 1,255,676 shares of common stock using original issuances of shares. IDACORP granted 71,855 restricted stock unit awards and issued 55,032 shares of common stock to employees pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan, and issued an additional 31,837 shares of common stock pursuant to director equity compensation plans. IDACORP issued 20,667 shares of common stock pursuant to its IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan.

Effective July 1, 2026, IDACORP instructed the plan administrator of the Idaho Power Company Employee Savings Plan to use original issuance of common stock from IDACORP, as opposed to market purchases of IDACORP common stock, to acquire

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shares of IDACORP common stock for the plan. However, IDACORP may determine at any time to resume market purchases of common stock under the plan.

At-the-Market Offering Programs (2024 & 2026 ATM Series): On May 15, 2026, IDACORP entered into an Equity Distribution Agreement pursuant to which it may issue, offer, and sell, from time to time, up to an aggregate gross sales price of $600 million of shares of its common stock through the 2026 ATM, which includes the ability to enter into FSAs. At June 30, 2026, IDACORP had $337.4 million of remaining capacity under its 2026 ATM. Before the 2026 ATM became effective, IDACORP had available the 2024 ATM providing for the sale of up to an aggregate gross sales price of $300 million of shares of its common stock. Upon effectiveness of the 2026 ATM, the 2024 ATM terminated with respect to new issuances.

During the six months ended June 30, 2026, IDACORP executed FSAs under its 2024 ATM and 2026 ATM with various counterparties who borrowed and sold 2,995,502 shares of IDACORP’s common stock at an aggregate gross sales price of $418.0 million, including approximately $4.3 million in commissions and fees payable by IDACORP to the counterparties upon settlement.

At June 30, 2026, IDACORP had the following FSAs outstanding under its 2024 ATM and 2026 ATM (in thousands of dollars, except for shares and forward prices):


Maturity Date	ATM Series	Shares	Net Proceeds Available		Forward Price
March 31, 2027	2024	530,000	$	74,104	$	139.82
March 31, 2027	2024	245,830	34,763		141.41
March 31, 2027	2024	325,561	45,027		138.31
May 28, 2027	2026	534,111	74,490		139.46
May 28, 2027	2026	530,000	73,953		139.53
December 3, 2027	2026	830,000	112,460		135.49
Total / Weighted Average Forward Price		2,995,502	$	414,797	$	138.47

The FSAs will be physically settled with common shares issued by IDACORP, unless IDACORP elects to settle the agreements in net cash or net shares, subject to certain conditions. On a settlement date or dates, if IDACORP elects to physically settle the FSAs, IDACORP will issue shares of common stock to the various counterparties at the then-applicable forward sale price and receive issuance proceeds at that time.

At June 30, 2026, IDACORP could have settled all its outstanding FSAs under the ATMs with physical delivery of 2,995,502 shares of common stock to the counterparties in exchange for cash of $414.8 million. At June 30, 2026, IDACORP could have settled the FSAs with net delivery to various counterparties of approximately $17.6 million of cash or approximately 121,620 shares of common stock, if IDACORP had elected to net cash or net share settle, respectively. The FSAs have been classified as an equity transaction because they are indexed to IDACORP’s common stock and the other requirements necessary for equity classification are met. As a result of the equity classification, no gain or loss will be recognized within earnings due to subsequent changes in the fair value of the FSAs.

During the six months ended June 30, 2026, IDACORP settled the following FSAs (in thousands of dollars, except for settlement shares and forward settlement prices):


Settlement Date	ATM Series	Settlement Shares	Net Cash Proceeds(1)		Forward Settlement Price
March 31, 2026	2024	198,086	$	22,777	$	114.99
March 31, 2026	2024	254,170	28,952		113.91
Total / Weighted Average Forward Settlement Price		452,256	$	51,729	$	114.38

(1) Settlement of the FSAs is recognized in IDACORP’s equity on the settlement date.

Equity Forward Sale Agreements (2025 Series): On May 8, 2025, IDACORP announced a registered public offering of 4,504,505 shares of its common stock at a public offering price of $111.00 per share, for an aggregate amount of $500.0 million. In conjunction with this offering, underwriters exercised an option to purchase 675,675 additional shares for an additional aggregate amount of $75.0 million. The 5,180,180 shares were sold by IDACORP to the underwriters under FSAs, which provide for settlement on a settlement date or dates to be specified at IDACORP’s discretion, but which is expected to

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occur on or prior to November 9, 2026. The forward sale price was initially $107.67 per share and is subject to certain adjustments in accordance with the terms of the FSAs through the date or dates of settlement.

During the six months ended June 30, 2026, and through the date of this report, IDACORP settled the following FSAs under the 2025 Series (in thousands of dollars, except for settlement shares and forward settlement prices):


Settlement Date	Settlement Shares	Net Cash Proceeds(1)		Forward Settlement Price
May 28, 2026	695,884	$	75,000	$	107.78
July 13, 2026	1,726,727	186,775		108.17
Total / Weighted Average Forward Settlement Price	2,422,611	$	261,775	$	108.05

(1) Settlement of the FSAs is recognized in IDACORP’s equity on the settlement date.

At June 30, 2026, IDACORP could have settled the remaining outstanding FSAs with physical delivery of 4,484,296 shares of common stock to the counterparties in exchange for cash of $484.6 million. The FSAs could have also been settled at June 30, 2026, with delivery of approximately $162.0 million of cash or approximately 1,124,318 shares of common stock to the counterparties, if IDACORP had elected to net cash or net share settle, respectively. The FSAs have been classified as an equity transaction because they are indexed to IDACORP’s common stock and the other requirements necessary for equity classification are met. As a result of the equity classification, no gain or loss will be recognized within earnings due to subsequent changes in the fair value of the FSAs.

FSA Earnings Per Share Dilution: Prior to settlement, the potentially issuable shares pursuant to the FSAs will be reflected in IDACORP’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of IDACORP’s common stock used in calculating diluted earnings per share for a reporting period would be increased by the number of shares, if any, that would be issued upon physical settlement of the FSAs, less the number of shares that could be purchased by IDACORP in the market with the proceeds received from issuance (based on the average market price during that reporting period). Share dilution occurs when the average market price of IDACORP’s stock during the reporting period is higher than the then-applicable forward sale price as of the end of the reporting period. For the three months and six months ended June 30, 2026, approximately 1,291,000 and 1,236,000 incremental shares, respectively, were included in the calculation of diluted earnings per share related to the securities under the FSAs. For the three months and six months ended June 30, 2025, approximately 186,000 and 89,000 incremental shares, respectively, were included in the calculation of diluted earnings per share related to the securities under the FSAs. See Note 7 - "Earnings Per Share" for additional information on IDACORP's diluted earnings per share.

Idaho Power Common Stock

During the three months and six months ended June 30, 2026, IDACORP contributed $100.0 million and $190.0 million, respectively, of additional capital to Idaho Power. On July 14, 2026, IDACORP contributed $186.8 million of additional capital to Idaho Power. No additional shares of Idaho Power common stock were issued.

Restrictions on Dividends

Idaho Power’s ability to pay dividends on its common stock held by IDACORP, and IDACORP’s ability to pay dividends on its common stock, are limited to the extent payment of such dividends would violate the covenants in their respective credit facilities or Idaho Power’s Statement of Policy and Code of Conduct. A covenant under IDACORP’s credit facility and Idaho Power’s credit facility requires IDACORP and Idaho Power to maintain leverage ratios of consolidated indebtedness to consolidated total capitalization, as defined therein, of no more than 65 percent at the end of each fiscal quarter. At June 30, 2026, the leverage ratios for IDACORP and Idaho Power, as defined in the credit facilities, were 53 percent and 52 percent, respectively. Based on these restrictions, IDACORP’s and Idaho Power’s potential dividends were limited to $1.5 billion at June 30, 2026. There are additional facility covenants, subject to exceptions, that prohibit or restrict the sale or disposition of property without consent and any agreements restricting dividend payments to IDACORP and Idaho Power from any material subsidiary. At June 30, 2026, IDACORP and Idaho Power were in compliance with those covenants.

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Idaho Power’s Statement of Policy and Code of Conduct relating to transactions between and among Idaho Power, IDACORP, and other affiliates, which was approved by the IPUC in April 2008, provides that Idaho Power will not pay any dividends to IDACORP that will reduce Idaho Power’s common equity capital below 35 percent of its total adjusted capital without IPUC approval. At June 30, 2026, Idaho Power's common equity capital was 48 percent of its total adjusted capital. Further, Idaho Power must obtain approval from the OPUC before it can directly or indirectly loan funds or issue notes or give credit on its books to IDACORP.

Idaho Power’s articles of incorporation contain restrictions on the payment of dividends on its common stock if preferred stock dividends are in arrears. As of the date of this report, Idaho Power has no preferred stock outstanding.

In addition to contractual restrictions on the amount and payment of dividends, the Federal Power Act prohibits the payment of dividends from "capital accounts." The term "capital account" is undefined in the Federal Power Act or its regulations, but Idaho Power does not believe the restriction would limit Idaho Power's ability to pay dividends out of current year earnings or retained earnings.

7. EARNINGS PER SHARE

The table below presents the computation of IDACORP’s basic and diluted earnings per share (in thousands of dollars or shares, except for per share amounts).


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Numerator:
Net income attributable to IDACORP, Inc.	$	102,577	$	95,781	$	170,558	$	155,428
Denominator:
Weighted-average common shares outstanding - basic	55,782		54,159		55,405		54,135
Effect of dilutive securities(1)	1,447		221		1,362		114
Weighted-average common shares outstanding - diluted	57,229		54,380		56,767		54,249
Basic earnings per share	$	1.84	$	1.77	$	3.08	$	2.87
Diluted earnings per share	$	1.79	$	1.76	$	3.00	$	2.87

(1) Includes the effect of dilutive securities related to FSAs. See Note 6 - "Common Stock" for additional information on IDACORP's FSAs.

8. COMMITMENTS

Purchase Obligations

During the six months ended June 30, 2026, Idaho Power entered into the following agreements:

•fuel-related agreements in April 2026, increasing its contractual purchase obligations by approximately $1.6 billion. This obligation commences in May 2030 and expires in May 2045;

•an agreement in May 2026 to replace expiring PPAs with a PURPA-qualifying hydropower facility, which increased Idaho Power's contractual purchase obligations by approximately $10.3 million over the 20-year term commencing in September 2026;

•a 200 MW solar facility PPA and an agreement to purchase the storage capacity from a 100 MW battery storage facility, both executed in May 2026 with a scheduled online date of May 2028, which collectively increased Idaho Power's contractual purchase obligations by approximately $796.2 million over their 20-year terms; and

•an agreement in June 2026 to acquire and own certain equipment and to receive related technical services, which increased Idaho Power's contractual purchase obligations by approximately $218.0 million through the first half of 2029.

Except as discussed above, during the six months ended June 30, 2026, IDACORP's and Idaho Power's contractual obligations outside the ordinary course of business did not change materially from the amounts disclosed in the notes to the consolidated financial statements in the 2025 Annual Report.

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In July 2026, Idaho Power entered into an agreement to extend an expiring PPA with a wind facility, which increased Idaho Power's contractual purchase obligations by approximately $94.6 million over the 5-year term commencing in January 2028.

Guarantees

Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which IERCo owns a one-third interest. This guarantee, which is renewed annually with the Wyoming Department of Environmental Quality (WDEQ), was $49.7 million at June 30, 2026, representing IERCo's one-third share of BCC's total reclamation obligation of $149.2 million. BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At June 30, 2026, the value of BCC's reclamation trust fund exceeded WDEQ's guarantee requirement for the total reclamation obligation. BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of future reclamation costs. To ensure that the reclamation trust fund maintains adequate reserves, BCC has the ability to, and does, add a per-ton surcharge to coal sales to the Jim Bridger plant. Because of the existence of the fund and the ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal.

IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of June 30, 2026, management believes the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective condensed consolidated balance sheets with respect to these indemnification obligations.

9. CONTINGENCIES

IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, some of which involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred, although there is no assurance that such recovery would be granted.

IDACORP and Idaho Power are parties to legal claims and legal, tax, and regulatory actions and proceedings in the ordinary course of business and, as noted above, record an accrual for associated loss contingencies when they are probable and reasonably estimable. In connection with its utility operations, Idaho Power is subject to claims by individuals, entities, and governmental agencies for damages for alleged personal injury, property damage, and economic losses, relating to the company’s provision of electric service, the operation of its power supply, transmission, and distribution facilities, and other aspects of its business. Some of those claims relate to electrical contacts, service quality, property damage, and wildfires. In recent years, utilities in the western United States have been subject to significant liability for personal injury, loss of life, property damage, trespass, and economic losses, and in some cases, punitive damages and criminal charges, associated with wildfires that originated from utility property, most commonly transmission and distribution lines. Idaho Power has also regularly received claims by governmental agencies and private landowners for damages for fires allegedly originating from Idaho Power’s transmission and distribution system. As of the date of this report, the companies believe that resolution of existing claims will not have a material adverse effect on their respective condensed consolidated financial statements.

Idaho Power actively monitors any pending or potential environmental regulations and executive orders related to environmental matters that may have a significant impact on its future operations. Given uncertainties regarding the outcome,

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timing, and compliance plans for these environmental matters, Idaho Power is unable to estimate the financial impact of any such regulations and orders.

10. BENEFIT PLANS

Idaho Power has a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit plans for certain senior management employees called the SMSP. Idaho Power also has a nonqualified defined benefit pension plan for directors that was frozen in 2002. Remaining vested benefits from that plan are included with the SMSP in the disclosures below. The benefits under the pension plan are based on years of service and the employee’s final average earnings. Idaho Power also maintains a defined benefit postretirement benefit plan (consisting of health care and death benefits) that covers all employees who were enrolled in the active-employee group plan at the time of retirement as well as their spouses and qualifying dependents. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended June 30, 2026 and 2025 (in thousands of dollars).


	Pension Plan				SMSP				Postretirement Benefits				Total
	2026		2025		2026		2025		2026		2025		2026		2025
Service cost	$	8,030	$	7,858	$	240	$	293	$	143	$	167	$	8,413	$	8,318
Interest cost	14,518		13,867		1,431		1,410		728		744		16,677		16,021
Expected return on plan assets	(18,529)		(17,234)		—		—		(452)		(443)		(18,981)		(17,677)
Amortization of prior service cost	1		1		55		56		274		343		330		400
Amortization of net loss	—		—		240		172		(426)		(443)		(186)		(271)
Net periodic benefit cost	4,020		4,492		1,966		1,931		267		368		6,253		6,791
Regulatory deferral of net periodic benefit cost(1)	(3,841)		(4,265)		—		—		—		—		(3,841)		(4,265)
Previously deferred pension costs recognized(1)	8,795		8,795		—		—		—		—		8,795		8,795
Net periodic benefit cost recognized for financial reporting(1)(2)	$	8,974	$	9,022	$	1,966	$	1,931	$	267	$	368	$	11,207	$	11,321

(1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates.

(2) Of total net periodic benefit cost recognized for financial reporting, $9.7 million and $9.8 million, respectively, were recognized in "Other operations and maintenance" and $1.5 million and $1.5 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended June 30, 2026 and 2025.



The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the six months ended June 30, 2026 and 2025 (in thousands of dollars).
	Pension Plan				SMSP				Postretirement Benefits				Total
	2026		2025		2026		2025		2026		2025		2026		2025
Service cost	$	16,337	$	15,715	$	480	$	586	$	331	$	336	$	17,148	$	16,637
Interest cost	29,078		27,734		2,861		2,820		1,472		1,487		33,411		32,041
Expected return on plan assets	(37,078)		(34,469)		—		—		(907)		(893)		(37,985)		(35,362)
Amortization of prior service cost	3		3		111		111		549		687		663		801
Amortization of net loss	—		—		480		345		(844)		(883)		(364)		(538)
Net periodic benefit cost	8,340		8,983		3,932		3,862		601		734		12,873		13,579
Regulatory deferral of net periodic benefit cost(1)	(7,970)		(8,562)		—		—		—		—		(7,970)		(8,562)
Previously deferred pension costs recognized(1)	17,591		17,591		—		—		—		—		17,591		17,591
Net periodic benefit cost recognized for financial reporting(1)(2)	$	17,961	$	18,012	$	3,932	$	3,862	$	601	$	734	$	22,494	$	22,608

(2) Of total net periodic benefit cost recognized for financial reporting, $19.4 million and $19.6 million, respectively, were recognized in "Other operations and maintenance" and $3.1 million and $3.0 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the six months ended June 30, 2026 and 2025.

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mitigate the cost of being in an underfunded position. The primary impact of pension contributions is on the timing of cash flows, as the timing of cost recovery lags behind contributions.

Idaho Power also has an Employee Savings Plan that complies with Section 401(k) of the Internal Revenue Code and covers substantially all employees. Idaho Power matches specified percentages of employee contributions to the Employee Savings Plan.

11. DERIVATIVE FINANCIAL INSTRUMENTS

Commodity Price Risk

Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop.

All of Idaho Power's derivative instruments have been entered into for the purpose of securing energy resources for future periods or economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table that follows.

The table below presents the gains and losses on derivatives not designated as hedging instruments (in thousands of dollars):


		Gain/(Loss) on Derivatives Recognized in Income(1)
	Location of Realized Gain/(Loss) on Derivatives Recognized in Income	Three months ended June 30,				Six months ended June 30,
		2026		2025		2026		2025
Financial swaps	Operating revenues	$	—	$	243	$	871	$	289
Financial swaps	Purchased power	(991)		50		(3,555)		(980)
Financial swaps	Fuel expense	(1,078)		(536)		(27,590)		(12,736)

Forward contracts	Operating revenues	23		25		58		391
Forward contracts	Purchased power	(23)		(25)		(58)		(470)
Forward contracts	Fuel expense	(2,053)		(228)		(2,392)		(831)

(1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities.

Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other O&M expense. See Note 12 - "Fair Value Measurements" for additional information concerning the determination of fair value for Idaho Power’s assets and liabilities from price risk management activities.

Credit Risk

At June 30, 2026, Idaho Power did not have material credit risk exposure from financial instruments, including derivatives. Idaho Power monitors credit risk exposure through reviews of counterparty credit quality, corporate-wide counterparty credit exposure, and corporate-wide counterparty concentration levels. Idaho Power manages these risks by establishing credit and concentration limits on transactions with counterparties and requiring contractual guarantees, cash deposits, bonds, or letters of

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credit from counterparties or their affiliates, as deemed necessary. Idaho Power’s physical power contracts are commonly under WSPP, Inc. agreements, physical gas contracts are usually under North American Energy Standards Board contracts, and financial transactions are usually under International Swaps and Derivatives Association, Inc. contracts. These contracts typically contain adequate assurance clauses requiring collateralization if a counterparty has debt that is downgraded below investment grade by at least one rating agency.

Credit-Contingent Features

Certain of Idaho Power's derivative instruments contain provisions that require Idaho Power's unsecured debt to maintain an investment grade credit rating from Moody's Investors Service and Standard & Poor's Ratings Services. If Idaho Power's unsecured debt were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position at June 30, 2026, was $66.9 million. As of June 30, 2026, Idaho Power posted $53.5 million of cash collateral related to this amount. If the credit-risk-related contingent features underlying these agreements were triggered on June 30, 2026, Idaho Power would have been required to pay or post collateral to its counterparties up to an additional $32.6 million to cover open liability positions as well as completed transactions that have not yet been paid.

Derivative Instrument Summary

The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets (in thousands of dollars):


		Asset Derivatives						Liability Derivatives
	Balance Sheet Location	Gross Fair Value		Amounts Offset		Net Assets		Gross Fair Value		Amounts Offset			Net Liabilities

June 30, 2026
Current:
Financial swaps	Other current assets	$	333	$	(125)	$	208	$	125	$	(125)		$	—
Financial swaps	Other current liabilities	3,089		(3,089)		—		38,901		(34,095)		(1)	4,806

Forward contracts	Other current liabilities	—		—		—		1,081		—			1,081
Long-term:

Financial swaps	Other liabilities	1,196		(1,196)		—		14,255		(7,137)		(2)	7,118
Forward contracts	Other liabilities	—		—		—		10,143		—			10,143
Total		$	4,618	$	(4,410)	$	208	$	64,505	$	(41,357)		$	23,148

December 31, 2025
Current:

Financial swaps	Other current liabilities	$	2,535	$	(2,535)	$	—	$	34,486	$	(29,394)	(3)	$	5,092
Forward contracts	Other current assets	3		—		3		—		—			—
Forward contracts	Other current liabilities	—		—		—		1,009		—			1,009
Long-term:

Financial swaps	Other liabilities	1,444		(1,444)		—		7,479		(4,385)		(4)	3,094
Forward contracts	Other liabilities	—		—		—		10,524		—			10,524
Total		$	3,982	$	(3,979)	$	3	$	53,498	$	(33,779)		$	19,719

(1) Current liability derivative amounts offset include $31.0 million of collateral receivable at June 30, 2026.

(2) Long-term liability derivative amounts offset include $5.9 million of collateral receivable at June 30, 2026.

(3) Current liability derivative amounts offset include $26.9 million of collateral receivable at December 31, 2025.

(4) Long-term liability derivative amounts offset include $2.9 million of collateral receivable at December 31, 2025.

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The table below presents the volumes of derivative commodity forward contracts and swaps outstanding (in thousands of units):


		June 30,
Commodity	Units	2026	2025
Electricity purchases	MWh	374	218
Electricity sales	MWh	26	17
Natural gas purchases	MMBtu	149,035	114,818

12. FAIR VALUE MEASUREMENTS

IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

• Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access.

• Level 2: Financial assets and liabilities whose values are based on the following:

a) quoted prices for similar assets or liabilities in active markets;

b) quoted prices for identical or similar assets or liabilities in non-active markets;

c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and

d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

IDACORP and Idaho Power Level 2 inputs for derivative instruments are based on quoted market prices adjusted for location using corroborated, observable market data or using quoted price which may be in non-active markets.

• Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. There were no transfers between levels or material changes in valuation techniques or inputs during the six months ended June 30, 2026.

Certain instruments have been valued using NAV as a practical expedient. The NAV is generally not published and publicly available, nor are these instruments traded on an exchange. Instruments valued using NAV as a practical expedient are included in the fair value disclosures below; however, in accordance with GAAP are not classified within the fair value hierarchy levels.

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The following table presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis (in thousands of dollars):


	June 30, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds and commercial paper
IDACORP(1)	$	11,749	$	—	$	—	$	11,749	$	62,012	$	—	$	—	$	62,012
Idaho Power	10,366		—		—		10,366		110,602		—		—		110,602
Derivatives	208		—		—		208		—		3		—		3
Equity securities	35,256		—		—		35,256		38,448		—		—		38,448
IDACORP assets measured at NAV (not subject to hierarchy disclosure)(1)	—		—		—		6,875		—		—		—		5,948
Liabilities:
Derivatives	11,924		11,224		—		23,148		8,186		11,533		—		19,719

(1) Holding company only. Does not include amounts held by Idaho Power.

Idaho Power’s derivatives are contracts entered into as part of its management of loads and resources. Electricity swap derivatives are valued on the Intercontinental Exchange (ICE) with quoted prices in an active market. Electricity forward contract derivatives are valued using a blend of two electricity exchanges, adjusted for location basis, as specified in the forward contract. Natural gas and diesel derivatives are valued using New York Mercantile Exchange (NYMEX) and ICE pricing, adjusted for location basis, which are also quoted under NYMEX and ICE pricing. Equity securities at Idaho Power consist of employee-directed investments related to an executive deferred compensation plan and actively traded money market and exchange traded funds related to the SMSP. The investments are measured using quoted prices in active markets and are held in a rabbi trust.

The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, using available market information and appropriate valuation methodologies (in thousands of dollars).


	June 30, 2026				December 31, 2025
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
IDACORP
Assets:
Notes receivable(1)	$	1,507	$	1,507	$	1,507	$	1,507
Held-to-maturity securities(1)(2)	34,567		32,899		33,822		32,468
Liabilities:
Long-term debt (including current portion)(1)	3,794,226		3,585,466		3,447,338		3,270,200
Idaho Power
Assets:
Held-to-maturity securities(1)(2)	$	34,567	$	32,899	$	33,822	$	32,468
Liabilities:
Long-term debt (including current portion)(1)	3,794,266		3,585,466		3,447,338		3,270,200

(1) Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 12 - "Fair Value Measurements."

(2) All held-to-maturity securities are carried at amortized cost and were in a gross unrealized holding loss position totaling $1.7 million and $1.4 million as of June 30, 2026, and December 31, 2025, respectively. Substantially all of these debt securities mature between 2027 and 2038. Based on ongoing credit evaluations of these holdings, Idaho Power does not expect payment defaults or delinquencies and had not recorded an allowance for credit losses for these securities as of June 30, 2026, and December 31, 2025.

Notes receivable are related to Ida-West and are valued based on unobservable inputs, including forecasted cash flows, which are partially based on expected hydropower conditions. Held-to-maturity securities are held in a rabbi trust and are generally valued using quoted prices, which may be in non-active markets. Long-term debt is not traded on an exchange and is valued using quoted rates for similar debt in active markets. Carrying values for cash and cash equivalents, deposits, customer and other receivables, notes payable, accounts payable, interest accrued, and taxes accrued approximate fair value.

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13. SEGMENT INFORMATION

IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the power supply, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated investment.

IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the "All Other" category in the table below. This category consists of IFS’s investments in affordable housing and other real estate tax credit projects, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses.

IDACORP’s and Idaho Power’s chief operating decision maker is regularly provided with segment expense information for utility operations at the same level of detail as presented in Idaho Power’s condensed consolidated statements of income.

The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands of dollars).

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	Utility Operations		All Other		Eliminations		Consolidated Total
Three months ended June 30, 2026:
Revenues	$	468,673	$	1,125	$	—	$	469,798
Depreciation and amortization	66,344		—		—		66,344
Other income (expense), net	25,291		362		—		25,653
Interest income including carrying charges on regulatory assets	7,010		705		(606)		7,109
Earnings of unconsolidated equity-method investments	591		653		—		1,244
Interest expense	47,351		667		(606)		47,412
Income tax expense (benefit)	14,811		(582)		—		14,229
Net income attributable to IDACORP, Inc.	101,276		1,301		—		102,577
Expenditures for long-lived assets	436,286		222		—		436,508
Total assets as of June 30, 2026	10,788,366		188,212		(110,414)		10,866,164
Three months ended June 30, 2025:
Revenues	$	449,672	$	1,208	$	—	$	450,880
Depreciation and amortization	61,128		—		—		61,128
Other income (expense), net	18,438		113		—		18,551
Interest income including carrying charges on regulatory assets	9,533		2,706		(752)		11,487
Earnings of unconsolidated equity-method investments	504		802		—		1,306
Interest expense	42,385		839		(752)		42,472
Income tax (benefit) expense	(6,747)		66		—		(6,681)
Net income attributable to IDACORP, Inc.	92,838		2,943		—		95,781
Expenditures for long-lived assets	333,261		44		—		333,305
Six months ended June 30, 2026:
Revenues	$	871,435	$	1,775	$	—	$	873,210
Depreciation and amortization	131,863		—		—		131,863
Other income (expense), net	47,473		177		—		47,650
Interest income including carrying charges on regulatory assets	14,385		2,569		(1,175)		15,779
Earnings of unconsolidated equity-method investments	1,422		568		—		1,990
Interest expense	91,427		1,313		(1,175)		91,565
Income tax expense (benefit)	15,764		(1,124)		—		14,640
Net income attributable to IDACORP, Inc.	167,934		2,624		—		170,558
Expenditures for long-lived assets	807,767		268		—		808,035
Six months ended June 30, 2025:
Revenues	$	881,625	$	1,713	$	—	$	883,338
Depreciation and amortization	120,913		—		—		120,913
Other income (expense), net	36,004		(238)		—		35,766
Interest income including carrying charges on regulatory assets	18,574		5,759		(1,514)		22,819
Earnings of unconsolidated equity-method investments	1,154		870		—		2,024
Interest expense	79,224		1,761		(1,514)		79,471
Income tax (benefit) expense	(19,405)		258		—		(19,147)
Net income attributable to IDACORP, Inc.	150,966		4,462		—		155,428
Expenditures for long-lived assets	534,500		129		—		534,629

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14. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME

The table below presents changes in components of AOCI, net of tax (in thousands of dollars). Items in parentheses indicate charges to AOCI.


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Defined benefit pension items
Balance at beginning of period	$	(14,723)	$	(13,652)	$	(14,944)	$	(13,592)
Other comprehensive income before reclassification	—		—		—		(229)
Amounts reclassified out of AOCI	222		171		443		340
Balance at end of period	$	(14,501)	$	(13,481)	$	(14,501)	$	(13,481)

The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified (in thousands of dollars). Items in parentheses indicate increases to net income.


	Amount Reclassified from AOCI
	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Amortization of defined benefit pension items(1)
Prior service cost	$	55	$	56	$	111	$	111
Net loss	240		172		480		345
Total before tax	295		228		591		456
Tax benefit(2)	(73)		(57)		(148)		(116)

Total reclassification for the period, net of tax	$	222	$	171	$	443	$	340

(1) Amortization of these items is included in IDACORP's condensed consolidated statements of income in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net.

(2) The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power.

15. CHANGES IN IDAHO POWER RETAINED EARNINGS

The table below presents changes in Idaho Power retained earnings (in thousands of dollars).


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Balance at beginning of period	$	2,241,697	$	2,107,583	$	2,223,899	$	2,096,151
Net income	101,276		92,838		167,934		150,966
Dividends to parent	(49,056)		(46,766)		(97,916)		(93,462)
Balance at end of period	$	2,293,917	$	2,153,655	$	2,293,917	$	2,153,655

16. ASSETS HELD FOR SALE

On February 13, 2026, Idaho Power executed a definitive asset purchase agreement to sell its Oregon electric distribution business as well as certain Oregon transmission assets to OTEC. The base purchase price to be paid by OTEC for the Oregon Sale is $154 million, and is subject to certain adjustments at the closing of the transaction. Idaho Power has agreed to operate its Oregon electric distribution business and applicable transmission assets in the ordinary course of business and subject to certain operating covenants during the period between the date of the asset purchase agreement and the completion of the proposed transaction. Idaho Power also agreed to provide certain transition services to OTEC for a limited post-closing period for a fee. While Idaho Power expects the transaction to be completed within one year of June 30, 2026, the Oregon Sale is subject to various closing conditions, including approvals of the OPUC, IPUC, and FERC, as well as certain price adjustment and termination provisions.

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Idaho Power determined that the assets and liabilities related to the Oregon Sale (disposal group) met the criteria for classification as held for sale as of June 30, 2026. Accordingly, the disposal group was reclassified to assets held for sale and liabilities held for sale, respectively, within the condensed consolidated balance sheets as of June 30, 2026. The disposal group is reported within IDACORP's Utility Operations reportable segment. See Note 13 - "Segment Information."

Upon reclassification, the disposal group was measured at the lower of its carrying amount or estimated fair value less costs to sell. As a result of this measurement, the fair value less costs to sell of the disposal group exceeds its net carrying amount as of June 30, 2026, and accordingly no impairment loss has been recognized for the three months and six months ended June 30, 2026. Any gain on the Oregon Sale will be recognized upon closing of the transaction. Because depreciation and amortization of the assets and liabilities included in the disposal group continue to be reflected in Oregon customer rates through closing of the transaction, Idaho Power will continue recording depreciation and amortization on the disposal group through that date.

The disposal group has not been classified as a discontinued operation and the historical results of the disposal group are included in the condensed consolidated statements of income for all periods presented.

The table below summarizes components of assets and liabilities in the disposal group classified as held for sale on the condensed consolidated balance sheets (in thousands of dollars):


	June 30, 2026
Assets held for sale:
Current regulatory assets	$	3,354
Utility plant in service	161,672
Accumulated provision for depreciation	(48,502)
Construction work in progress	4,969
Regulatory assets	8,174
Total assets held for sale(1)	$	129,667

Liabilities held for sale:
Current regulatory liabilities	$	1,306
Regulatory liabilities	7,864
Total liabilities held for sale(1)	$	9,170

(1) Total assets held for sale and total liabilities held for sale are presented within current assets and current liabilities, respectively, on the condensed consolidated balance sheets as of June 30, 2026, as the sale is expected to be completed within 12 months.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of IDACORP, Inc.

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of IDACORP, Inc. and subsidiaries (the “Company”) as of June 30, 2026, the related condensed consolidated statements of income, comprehensive income and equity for the three-month and six-month periods ended June 30, 2026 and 2025, and of cash flows for the six-month periods ended June 30, 2026 and 2025, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, and the related consolidated statements of income, comprehensive income, equity, and cash flows for the year then ended (not presented herein); and in our report dated February 19, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP

Boise, Idaho

July 30, 2026

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholder and the Board of Directors of Idaho Power Company

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of Idaho Power Company and subsidiary (the “Company”) as of June 30, 2026, the related condensed consolidated statements of income and comprehensive income for the three-month and six-month periods ended June 30, 2026 and 2025, and of cash flows for the six-month periods ended June 30, 2026 and 2025, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, and the related consolidated statements of income, comprehensive income, retained earnings, and cash flows for the year then ended (not presented herein); and in our report dated February 19, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

/s/ DELOITTE & TOUCHE LLP

Boise, Idaho

July 30, 2026

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

In MD&A in this report, the general financial condition and results of operations for IDACORP and its subsidiaries and Idaho Power and its subsidiary are discussed. While reading this MD&A, please refer to the accompanying condensed consolidated financial statements of IDACORP and Idaho Power. Also refer to "Cautionary Note Regarding Forward-Looking Statements" in this report for important information regarding forward-looking statements made in this MD&A and elsewhere in this report. This discussion updates the MD&A included in the 2025 Annual Report, and should also be read in conjunction with the information in that report. The results of operations for an interim period generally will not be indicative of results for the full year, particularly in light of the seasonality of Idaho Power's sales volumes, as discussed below.

INTRODUCTION

IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. IDACORP’s common stock is listed and trades on the New York Stock Exchange under the trading symbol "IDA". Idaho Power is an electric utility whose rates and other matters are regulated by the IPUC, OPUC, and FERC. Idaho Power generates revenues and cash flows primarily from the sale and distribution of electricity to customers in its Idaho and Oregon service areas, as well as from the wholesale sale and transmission of electricity. Idaho Power experiences its highest retail energy sales during the summer irrigation and cooling season, with a lower peak in the winter that generally results from heating demand.

Idaho Power is the parent of IERCo, a joint-owner of BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power. IDACORP’s other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small PURPA-qualifying hydropower generation projects.

EXECUTIVE OVERVIEW

Management's Outlook and Company Objectives

In the 2025 Annual Report, IDACORP's and Idaho Power's management included a summary of their business objectives for the companies for 2026 and beyond, under the heading "Executive Overview" in the MD&A. As of the date of this report, management's outlook and strategy remain consistent with that discussion, as updated by the discussion in this MD&A. Some notable developments that have occurred since that report include the following:

•Idaho Power continues to experience and forecast positive customer growth in its service area. During the twelve months ended June 30, 2026, Idaho Power's customer count grew by approximately 15,000 customers and the customer growth rate was 2.3 percent.

•So far in 2026, Idaho Power has taken important actions and several key projects achieved notable milestones, underscoring significant progress towards addressing Idaho Power's growing capacity and energy needs in 2026 and beyond:

◦In March, Idaho Power filed a CPCN request for a 222 MW natural gas-fueled facility, with an expected in-service date in 2029, and for a 430 MW natural gas-fueled facility, with an expected in-service date in 2030. As of the date of this report, the CPCN request remains subject to regulatory approval.

◦Also in March, the IPUC approved Idaho Power's agreement to purchase the output of an 80 MW solar facility, with a scheduled online date of June 2027, and Idaho Power's CPCN request for 167 MW of natural gas-fueled generating capacity next to the existing Bennett Mountain power plant, with an expected in-service date in 2028. Construction commenced at the Bennett Mountain power plant in May 2026.

◦In April, Idaho Power, jointly with co-owner PacifiCorp, filed a CPCN request for Segment E-8 for the GWW transmission line, with an expected in-service date for the entire segment in 2030 or later. As of the date of this report, the CPCN request remains subject to regulatory approval.

◦In June, Idaho Power filed an application with the IPUC for an order approving a 20-year PPA with Bluebird Solar Project LLC, supplying up to 200 MW of output to Idaho Power, along with a 20-year energy storage system tolling agreement for 100 MW of dispatchable energy storage capacity. Both are expected to be in-service by June 2028. As of the date of this report, the application remains subject to regulatory approval.

◦The conversion of unit 2 at the North Valmy power plant from coal to natural gas was completed in June, ending all coal-fired generation at the plant.

◦Also in June, the Hemingway expansion and Boise Bench battery energy storage systems became fully operational, adding 250 MW of energy storage.

◦Construction commenced in June on SWIP-N, a 285-mile high voltage transmission line, with an expected in-service date in 2028.

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◦In July, Idaho Power began stringing transmission line wire on B2H and continues to expect an in-service date for B2H in late 2027.

Summary of Financial Results

The following is a summary of Idaho Power's net income, net income attributable to IDACORP, and IDACORP's earnings per diluted share (in thousands of dollars or shares, except earnings per share amounts):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Idaho Power net income	$	101,276	$	92,838	$	167,934	$	150,966
Net income attributable to IDACORP, Inc.	$	102,577	$	95,781	$	170,558	$	155,428
Weighted average outstanding shares – diluted	57,229		54,380		56,767		54,249
IDACORP, Inc. earnings per diluted share	$	1.79	$	1.76	$	3.00	$	2.87

The table below provides a reconciliation of net income attributable to IDACORP for the three months and six months ended June 30, 2026, from the same periods in 2025 (items are in millions of dollars and are before related income tax impact unless otherwise noted):


	Three months ended			Six months ended
Net income attributable to IDACORP, Inc. - June 30, 2025		$	95.8		$	155.4
Increase (decrease) in Idaho Power net income:
Retail revenues per MWh, excluding large contract customers, net of power cost adjustment mechanisms	27.5			44.0
Customer growth, excluding large contract customers, net of associated power supply costs and power cost adjustment mechanisms	4.5			8.2
Usage per retail customer, excluding large contract customers, net of associated power supply costs and power cost adjustment mechanisms	(0.1)			(12.4)

Idaho fixed cost adjustment (FCA) revenues	2.7			21.8
Retail revenues from large contract customers, net of associated power supply costs and the PCA mechanism	6.5			8.9
Other O&M expenses	(11.7)			(24.8)
Depreciation and amortization expense	(5.2)			(10.9)
Other changes in operating revenues and expenses, net	6.3			22.0

Increase in Idaho Power operating income	30.5			56.8
Non-operating expense, net	(0.5)			(4.6)
Additional ADITC amortization	(17.2)			(30.2)
Income tax expense, excluding additional ADITC amortization	(4.4)			(5.0)
Total increase in Idaho Power net income		8.4			17.0
Other IDACORP changes (net of tax)		(1.6)			(1.8)
Net income attributable to IDACORP, Inc. - June 30, 2026		$	102.6		$	170.6

Net Income - Second Quarter 2026

IDACORP's net income increased $6.8 million for the second quarter of 2026 compared with the second quarter of 2025, due primarily to higher net income at Idaho Power.

The net increase in retail revenues per MWh, excluding large contract customers, and net of power cost adjustment mechanisms, increased operating income by $27.5 million in the second quarter of 2026 compared with the second quarter of 2025. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2026, from the outcome of the 2025 Settlement Stipulation. For more information on the 2025 Settlement Stipulation, see Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2025 Annual Report.

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Customer growth, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, increased operating income by $4.5 million in the second quarter of 2026 compared with the second quarter of 2025, as the number of Idaho Power customers grew by approximately 15,000, or 2.3 percent, during the twelve months ended June 30, 2026. Usage per retail customer, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, was relatively consistent in the second quarter of 2026 compared with the second quarter of 2025, as a 2 percent decrease in usage per residential customer was mostly offset by an increase in usage per customer for irrigation customers. A decrease in the deferral of residential and small commercial customer revenues through the FCA mechanism positively affected retail revenues by $2.7 million.

Retail revenues from large contract customers, net of associated power supply costs and the PCA mechanism, increased operating income by $6.5 million in the second quarter of 2026 compared with the second quarter of 2025. This benefit was primarily due to an increase in usage per large contract customer, the overall increase in Idaho base rates effective January 1, 2026, and the addition of one new large contract effective June 1, 2026.

Other O&M expenses in the second quarter of 2026 were $11.7 million higher than the second quarter of 2025. This increase was primarily the result of previously deferred costs related to the conversion of generating units at the Jim Bridger plant from coal to natural gas, much of which is recovered in customer rates and reflected in revenues pursuant to the 2025 Settlement Stipulation. The amortization of previously deferred wildfire mitigation program expenses, which are also recovered in customer rates and reflected in revenues for both the Idaho and Oregon jurisdictions, also contributed to the increase from the second quarter of 2025.

Depreciation and amortization expense increased $5.2 million in the second quarter of 2026 compared with the second quarter of 2025, due primarily to an increase in plant-in-service.

Other changes in operating revenues and expenses, net, increased operating income by $6.3 million in the second quarter of 2026 compared with the second quarter of 2025, due primarily to a decrease in net power supply expenses that were not accrued for future refund in rates through Idaho Power's power cost adjustment mechanisms. Also contributing to the increase in other changes in operating revenues and expenses, net, was a decrease in property tax expense due to property tax legislative changes in Idaho.

Non-operating expense, net, increased $0.5 million in the second quarter of 2026 compared with the second quarter of 2025. Higher long-term debt balances led to an increase in interest expense, while lower interest-bearing cash investments led to a decrease in interest income. This increase was mostly offset by an increase in AFUDC in the second quarter of 2026 compared with the second quarter of 2025, as the average construction work in progress balance was higher.

The increase in income tax expense for the second quarter of 2026, compared with the second quarter of 2025, was primarily due to a decrease in additional ADITC amortization under the Idaho regulatory settlement stipulation and an increase in pre-tax income. Based on Idaho Power's current expectations of full-year 2026 financial results, Idaho Power recorded no additional ADITC amortization during the second quarter of 2026, compared with $17.2 million of additional ADITC amortization during the second quarter of 2025.

Net Income - Year-To-Date 2026

IDACORP's net income increased $15.2 million for the first six months of 2026 compared with the first six months of 2025, due primarily to higher net income at Idaho Power.

The net increase in retail revenues per MWh, excluding large contract customers, and net of power cost adjustment mechanisms, increased operating income by $44 million in the first six months of 2026 compared with the first six months of 2025. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2026, from the outcome of the 2025 Settlement Stipulation.

Customer growth, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, increased operating income by $8.2 million in the first six months of 2026 compared with the first six months of 2025. Usage per retail customer, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, decreased operating income by $12.4 million in the first six months of 2026 compared with the first six months of 2025. Residential usage per customer decreased most significantly, as more moderate temperatures in the first six months of 2026 compared with the first six months of 2025 led residential customers to use less energy for heating and cooling purposes. A decrease in the deferral of residential and small commercial customer revenues through the FCA mechanism positively affected retail revenues by $21.8 million.

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Retail revenues from large contract customers, net of associated power supply costs and the PCA mechanism, increased operating income by $8.9 million in the first six months of 2026 compared with the first six months of 2025. This change was primarily due to an increase in usage per large contract customer, the overall increase in Idaho base rates effective January 1, 2026, and the addition of one new large contract effective June 1, 2026.

Other O&M expenses in the first six months of 2026 were $24.8 million higher than the first six months of 2025. This increase was primarily the result of previously deferred costs related to the conversion of generating units at the Jim Bridger plant from coal to natural gas, much of which is recovered in customer rates and reflected in revenues pursuant to the 2025 Settlement Stipulation. The amortization of previously deferred wildfire mitigation program expenses, which are also recovered in customer rates and reflected in revenues for both the Idaho and Oregon jurisdictions, also contributed to the increase from the first six months of 2025.

Depreciation and amortization expense increased $10.9 million for the first half of 2026 compared with the first half of 2025, due primarily to an increase in plant-in-service.

Other changes in operating revenues and expenses, net, increased operating income by $22.0 million in the first six months of 2026 compared with the first six months of 2025, due primarily to a decrease in net power supply expenses that were not accrued for future refund in rates through Idaho Power's power cost adjustment mechanisms. Also contributing to the increase in other changes in operating revenues and expenses, net, was a decrease in property tax expense due to property tax legislative changes in Idaho.

Non-operating expense, net, increased $4.6 million in the first six months of 2026 compared with the first six months of 2025. Higher long-term debt balances led to an increase in interest expense. This increase was partially offset by an increase in AFUDC in the first six months of 2026 compared with the first six months of 2025, as the average construction work in progress balance was higher. In addition, interest income decreased due to lower cash and cash equivalent balances in the first six months of 2026 compared with the first six months of 2025.

The increase in income tax expense was principally the result of a decrease in additional ADITC amortization and higher pre-tax income. Based on Idaho Power's current expectations of full-year 2026 financial results, Idaho Power recorded $6.3 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during the first six months of 2026, compared with $36.5 million of additional ADITC amortization during the same period in 2025.

Overview of General Factors and Trends Affecting Results of Operations and Financial Condition

IDACORP's and Idaho Power's results of operations and financial condition are affected by several factors and trends, and the impact of those factors and trends is discussed in more detail below in this MD&A. To provide context for the discussion elsewhere in this report, some of the more notable factors and trends are as follows:

•Regulatory Filings: The prices that Idaho Power is authorized to charge for its electric and transmission service are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition. Those rates are established by state regulatory commissions and the FERC and are intended to allow Idaho Power an opportunity to recover its expenses and earn a reasonable return on investment. Idaho Power is focused on timely recovery of its costs through filings with its regulators and prudent management of expenses and investments.

Idaho Power filed its most recent general rate case in Idaho in May 2025. The IPUC approved a settlement stipulation for the general rate case in December 2025, with rates effective January 1, 2026. The general rate case filing and the settlement stipulation are described more fully in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2025 Annual Report. Idaho Power continues to evaluate the timing of its next general rate cases in Idaho and Oregon.

•Rate Base Growth and Infrastructure Investment: The rates established by the IPUC, OPUC, and FERC are determined with the intent to provide an opportunity for Idaho Power to recover authorized operating expenses and depreciation and earn a reasonable return on “rate base.” Rate base is generally determined by reference to the original cost (net of accumulated depreciation) of utility plant in service and certain other assets, subject to various adjustments for deferred income taxes and other items. Over time, rate base is increased by additions to utility plant in service and reduced by depreciation of utility plant and write-offs as authorized by the IPUC and OPUC. Idaho Power is pursuing significant enhancements to its utility infrastructure in an effort to maintain system reliability, ensure an adequate supply of electricity, and provide service to new customers, including major ongoing transmission projects such as the

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B2H, GWW, and SWIP-N projects. To help meet growing capacity and energy needs, Idaho Power is planning to construct three new natural gas-fired generating facilities with planned generation capacities of 167 MW, 222 MW, and 430 MW, and expected in-service dates in 2028, 2029, and 2030, respectively. Idaho Power also has RFPs outstanding for resources beyond those years. Idaho Power's existing hydropower and thermal generation facilities also require continuing upgrades and equipment replacement, and the company continues a significant relicensing effort for the HCC, its largest hydropower generation resource. Idaho Power intends to pursue timely inclusion of completed capital projects into rate base as part of a future general rate case or other appropriate regulatory proceeding, but the company incurs the cash requirements of constructing and the costs of financing those resources before they are in rates and customer revenues.

Idaho Power expects its capital expenditures on infrastructure investments in the next five years or more will be considerable. For more information about forecasted capital expenditures and expected rate base growth, see the "Liquidity and Capital Resources" section of this MD&A.

•Economic Conditions and Loads: Economic conditions impact consumer demand for energy, revenues, collectability of accounts, the volume of wholesale energy sales, and the need to construct and improve infrastructure, purchase power, and implement programs to meet customer load demands. In recent years, Idaho Power has seen significant growth in the number of customers in its service area. Over the twelve months ended June 30, 2026, Idaho Power's customer count grew by 2.3 percent. While recessionary or volatile economic conditions could slow the rate of customer growth, Idaho Power expects its number of customers and, to a greater extent its load due to anticipated commercial and industrial customer growth, to increase in the foreseeable future. This was visible during the second quarter of 2026, with an increase in industrial loads and revenues over the prior year's second quarter driven by the ramp-up in electric service and in revenues by two large load customers. Idaho Power expects these customers, together with other large load industrial customers, to ramp up operations further during the remainder of 2026 and for the next several years. Idaho Power is in the process of discussing and negotiating terms, conditions, and pricing of potential service agreements with several additional large load customers.

Idaho Power's 2025 IRP assumed a forecasted annual growth in retail MWh sales of 8.3 percent and a forecasted annual growth in peak-hour demand of 5.1 percent over the upcoming 5-year period. For more information on the 2025 IRP, refer to "Resource Planning" in Item 1 - "Business" of the 2025 Annual Report. Customer growth has contributed to increases in peak loads experienced in recent years. For example, Idaho Power's highest all-time winter peak demand of 2,719 MW occurred on January 16, 2024, and on July 22, 2024, Idaho Power reached a new all-time summer peak demand of 3,793 MW. Idaho Power believes that existing and sustained growth in customers, load, and demand for electricity, the obligation to maintain a safe and reliable system, along with changes in the regional transmission markets that have constrained the availability of transmission outside Idaho Power’s service area to import energy during peak load periods, require Idaho Power to increase its investment in capacity resources, transmission, and distribution infrastructure. For more information on Idaho Power's system investments and resource procurements, see "Liquidity and Capital Resources" in this MD&A. Idaho Power has begun preparation of its 2027 IRP and expects to prepare an updated load forecast during 2026 as the basis for the 2027 IRP, which Idaho Power expects to file in the summer of 2027.

•Weather Conditions: Weather and agricultural growing conditions have a significant impact on Idaho Power's energy sales. Relatively low and high temperatures result in greater energy use for heating and cooling, respectively. During the agricultural growing season, which in large part occurs during the second and third quarters of each year, irrigation customers use electricity to operate irrigation pumps, and weather conditions can impact the timing and extent of use of those pumps. Idaho Power also has tiered rates and seasonal rates, which contribute to increased revenues during higher-load periods, most notably during the third quarter of each year when overall customer demand is highest. Much of the adverse or favorable impact of weather on sales of energy to residential and small commercial customers is mitigated through the FCA mechanism, which is described in Note 3 - "Regulatory Matters" to the condensed consolidated financial statements included in this report.

Further, as Idaho Power's hydropower facilities comprise over one-half of Idaho Power's nameplate generation capacity, precipitation levels impact the mix of Idaho Power's generation resources. When hydropower generation decreases, Idaho Power must rely on more expensive generation sources and purchased power. When favorable hydropower generating conditions exist for Idaho Power, they also may exist for other Pacific Northwest hydropower facility operators, lowering regional wholesale market prices and impacting the revenue Idaho Power receives from wholesale energy sales. Much of the adverse or favorable impact of this variability is addressed through the Idaho and Oregon power cost adjustment mechanisms, which mitigate in large part the impact on earnings. For 2026, as of the

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date of this report, Idaho Power expects generation from its hydropower resources to be in the range of 5.5 million to 6.5 million MWh, compared with actual generation of 7.0 million MWh in 2025 and a 20-year average annual total of approximately 7.3 million MWh.

•Mitigation of Impact of Fuel and Purchased Power Expense: In addition to hydropower generation, Idaho Power relies significantly on natural gas and coal to fuel its generation facilities, long-term PPAs (including PURPA agreements), and power purchases in the wholesale markets. Fuel costs are impacted by electricity sales volumes, the terms and conditions of contracts for fuel, Idaho Power's generation capacity, the availability of hydropower generation resources, transmission capacity, energy market prices, and Idaho Power's hedging program for managing fuel costs. Purchased power costs are impacted by the terms and conditions of contracts for purchased power, the rate of expansion of alternative energy generation sources such as wind or solar energy, generation resource maintenance outages, wholesale energy market prices, transmission availability, and the outcome of Idaho Power's hedging programs. The Idaho and Oregon power cost adjustment mechanisms mitigate in large part the potential adverse earnings impacts to Idaho Power of fluctuations in power supply costs. However, collection from customers or return to customers of most of the difference between actual power supply costs compared with those included in retail rates is deferred to a subsequent period, which can affect Idaho Power’s operating cash flow and liquidity until those costs are recovered from or returned to customers.

•Wildfire Mitigation Efforts: In recent years, the western United States has experienced severe wildfires. A variety of factors have contributed to this trend including increased wildland-urban interfaces, historical land management practices, climate change, and overall wildland and forest conditions. Idaho Power is taking a proactive approach to wildfire risk in its service area and transmission corridors. Several years ago, Idaho Power adopted a WMP that outlines actions Idaho Power is taking or is working to implement to reduce wildfire risk and to strengthen the resiliency of its transmission and distribution system to wildfires, and Idaho Power has refined that WMP over time. Idaho Power's approach to wildfire mitigation includes identifying areas subject to elevated risk; system hardening programs, vegetation management, and field personnel practices to mitigate wildfire risk; incorporating current and forecasted weather and field conditions into operational practices; public safety power shutoff protocols; and evaluating the performance and effectiveness of its approach through metrics and monitoring. Idaho Power has regulatory authorization in both Idaho and Oregon to defer, for potential future amortization, certain actual incremental O&M expenses necessary to implement the WMP. The WMP regulatory deferrals are described in more detail in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2025 Annual Report and the condensed consolidated financial statements included in this report. In October 2025, Idaho Power filed a new WMP with the IPUC in accordance with Idaho's new Wildfire Standard of Care Act, and in April 2026, the IPUC issued an order approving the WMP. In December 2025, Idaho Power filed its 2026-2028 WMP with the OPUC, and in June 2026, the OPUC issued an order approving the WMP. See "Other Matters - Idaho Wildfire Standard of Care Act" included in the 2025 Annual Report, for additional details.

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RESULTS OF OPERATIONS

This section of MD&A takes a closer look at the significant factors that affected IDACORP’s and Idaho Power’s earnings during the three months and six months ended June 30, 2026. In this analysis, the results for the three months and six months ended June 30, 2026, are compared with the same periods in 2025.

The table below presents Idaho Power’s energy sales and supply (in thousands of MWh).


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Retail energy sales	4,227	4,099	7,852	7,822
Wholesale energy sales	127	598	219	1,037
Energy sales bundled with renewable energy credits	30	75	80	615
Total energy sales	4,384	4,772	8,151	9,474
Hydropower generation	1,594	2,144	3,154	4,268
Jointly-owned thermal generation(1)	489	462	914	1,136
Natural gas and other generation	611	753	1,386	1,527
Total system generation	2,694	3,359	5,454	6,931
Purchased power	1,888	1,732	3,190	3,208
Line losses	(198)	(319)	(493)	(665)
Total energy supply	4,384	4,772	8,151	9,474

(1) "Jointly-owned thermal generation" consists of generation from steam plants that include coal-fired units as well as natural gas-fired units that were converted from coal.

Weather-related information for Boise, Idaho, is presented in the table below. While Boise, Idaho weather conditions are not necessarily representative of weather conditions throughout Idaho Power's service area, the greater Boise area has the majority of Idaho Power's customers and is included for illustrative purposes.


	Three months ended June 30,			Six months ended June 30,
	2026	2025	Normal (2)	2026	2025	Normal (2)
Heating degree-days(1)	531	566	685	2,563	2,982	3,087
Cooling degree-days(1)	200	281	188	201	281	188
Precipitation (inches)	4.7	1.4	3.4	7.3	6.5	7.2

(1) Heating and cooling degree-days are common measures used in the utility industry to analyze the demand for electricity and indicate when a customer would use electricity for heating and cooling. A degree-day measures how much the average daily temperature varies from 65 degrees. Each degree of temperature above 65 degrees is counted as one cooling degree-day, and each degree of temperature below 65 degrees is counted as one heating degree-day.

(2) Normal heating degree-days and cooling degree-days elements are, by convention, the arithmetic mean of the elements computed over 30 consecutive years. The normal amounts are the sum of the monthly normal amounts. These normal amounts are computed by the National Oceanic and Atmospheric Administration.

Sales Volume and Generation: Total energy sales volumes decreased 8 percent and 14 percent for the second quarter and first six months of 2026, respectively, compared with the same periods in 2025. The decrease in total energy sales volumes was primarily due to lower wholesale energy sales and lower energy sales bundled with renewable energy credits, offset partially by the increase in retail sales volumes. Retail sales volumes increased 3 percent for the second quarter of 2026 compared with the second quarter in 2025, primarily due to customer growth as the number of Idaho Power's customers grew by 2.3 percent over the prior twelve months. Retail sales volumes were relatively consistent in the first six months of 2026, compared with the same period in 2025, as the customer growth was mostly offset by lower usage per customer from more moderate weather in the first few months of 2026. For more information on the changes in sales volumes, see the "Operating Revenues" section below in this MD&A.

Total system generation decreased 20 percent for the second quarter of 2026, compared with the second quarter of 2025, due primarily to lower hydropower generation and natural gas generation, partially offset by an increase in jointly-owned thermal generation. Total system generation decreased 21 percent in the first six months of 2026 compared with the same period in

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2025, due to lower hydropower generation, jointly-owned thermal generation, and natural gas generation. For more information on the changes in generation, see the "Operating Expenses" section below in this MD&A.

The financial impacts of fluctuations in wholesale energy sales, purchased power, fuel expense, and other power supply-related expenses are addressed in Idaho Power's Idaho and Oregon power cost adjustment mechanisms, which are described below in "Power Cost Adjustment Mechanisms."

Operating Revenues

Retail Revenues: The table below presents Idaho Power’s retail revenues (in thousands of dollars), MWh sales volumes (in thousands of MWh), and the number of retail customers.


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Retail revenues:
Residential (includes ($153), ($2,876), $16,484 and ($5,069), respectively, related to the FCA)(1)	$	168,764	$	149,355	$	372,360	$	340,060
Commercial (includes ($10), ($36), $196, and ($80), respectively, related to the FCA)(1)	98,773		94,652		195,429		192,504
Industrial	76,081		64,840		145,684		133,446
Irrigation	97,306		92,370		99,247		93,482

Deferred revenue related to HCC relicensing AFUDC(2)	(8,521)		(1,930)		(17,635)		(3,993)

Total retail revenues	$	432,403	$	399,287	$	795,085	$	755,499
Volume of retail sales (MWh)
Residential	1,274		1,270		2,834		2,972
Commercial	1,035		1,036		2,088		2,111
Industrial	968		898		1,954		1,832
Irrigation	950		895		976		907
Total retail MWh sales	4,227		4,099		7,852		7,822
Number of retail customers at period end
Residential	567,106		553,665
Commercial	81,704		80,363
Industrial	151		148
Irrigation	22,699		22,597
Total customers	671,660		656,773

(1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.

Changes in rates, changes in customer demand, customer growth, and changes in FCA mechanism revenues are the primary reasons for fluctuations in retail revenues from period to period. The primary influences on customer demand for electricity are weather, economic conditions, and energy efficiency. Extreme temperatures increase sales to customers who use electricity for cooling and heating, while moderate temperatures decrease sales. Precipitation levels and the timing of precipitation during the agricultural growing season also affect sales to customers who use electricity to operate irrigation pumps. Rates are also seasonally adjusted, providing for higher rates during summer peak load periods, and residential customer rates are tiered, providing for higher rates based on higher levels of usage. The seasonal and tiered rate structures contribute to seasonal fluctuations in revenues and earnings.

Retail revenues increased $33.1 million and $39.6 million during the second quarter and first six months of 2026, respectively, compared with the same periods in 2025. The factors affecting retail revenues during the periods are discussed below.

•Rates: Customer rates, excluding revenues related to large contract customers, and power cost adjustment mechanisms, increased retail revenues by $27.5 million and $44.0 million, respectively, for the three months and six months ended

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June 30, 2026, compared with the same periods in 2025. This was due primarily to an overall increase in Idaho base rates, effective January 1, 2026, from the outcome of the 2025 Settlement Stipulation. Customer rates also include the collection from customers of amounts related to the power cost adjustment mechanisms, which decreased revenues by $13.1 million and $30.9 million in the second quarter and first six months of 2026, respectively, compared with the same periods of 2025. The amount collected from customers in rates under the power cost adjustment mechanisms has relatively little effect on operating income as a corresponding amount is recorded as expense in the same period it is collected through rates.

•Customers: Customer growth of 2.3 percent during the twelve months ended June 30, 2026, increased retail revenues, excluding large contract customers, by $6.3 million and $11.5 million in the second quarter and first six months of 2026, respectively, compared with the same periods of 2025.

•Usage: Usage (on a per customer basis), excluding large contract customers, was relatively consistent in the second quarter of 2026, compared with the second quarter of 2025, as a 2 percent decrease in usage per residential customer was offset by an increase in usage per customer for irrigation customers and changes in customer mix. Lower usage per customer decreased retail revenues by $18.6 million in the first six months of 2026, compared with the same period of 2025, primarily due to weather variations. Usage per residential and commercial customers decreased most significantly, as more moderate temperatures in the first half of 2026 compared with the first half of 2025 led these customers to use less energy for heating and cooling purposes. These decreases were partially offset by increases in usage per irrigation and industrial customers, as distribution of rainfall in May and June of 2026 compared with the same months of 2025 led irrigation customers to use more energy for operating irrigation pumps.

•FCA Mechanism: A decrease in the deferral of residential and small commercial customer revenues through the FCA mechanism positively affected retail revenues by $2.7 million and $21.8 million in the second quarter and first six months of 2026, respectively, compared with the same periods of 2025.

•Large Contract Customers: Retail revenues from large contract customers increased $9.7 million and $11.8 million during the second quarter and first six months of 2026, respectively, compared with the same periods of 2025. The increases were primarily due to an increase in usage per large contract customer, the overall increase in Idaho base rates effective January 1, 2026, and the addition of one new large contract effective June 1, 2026.

Wholesale Energy Sales: Wholesale energy sales consist primarily of long-term sales contracts, opportunity sales of surplus system energy, and sales into the energy imbalance market in the western United States, and do not include derivative transactions. The table below presents Idaho Power’s wholesale energy sales (in thousands of dollars or MWh, except for revenue per MWh amounts).


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Wholesale energy revenues	$	3,559	$	15,376	$	8,371	$	34,924
Wholesale MWh sold	127		598		219		1,037
Wholesale energy revenues per MWh	$	28.02	$	25.71	$	38.22	$	33.68

In the second quarter and first six months of 2026, wholesale energy revenues decreased $11.8 million and $26.6 million, respectively, compared with the same periods of 2025, due primarily to a decrease in wholesale energy volumes sold, partially due to milder winter and spring weather resulting in lower demand in the regional energy market. Lower prices in the energy imbalance market led to less trading activity, which also contributed to the decrease in wholesale energy volumes sold. The financial impacts of fluctuations in wholesale energy sales are largely mitigated by Idaho Power's Idaho and Oregon power cost adjustment mechanisms, which are described below in this section of the MD&A under "Power Cost Adjustment Mechanisms."

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Operating Expenses

Purchased Power: The table below presents Idaho Power’s purchased power expenses and volumes (in thousands of dollars or MWh, except for per MWh amounts).


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Purchased power expense	$	90,455	$	88,777	$	155,536	$	162,887
MWh purchased	1,888		1,732		3,190		3,208
Average cost per MWh	$	47.91	$	51.26	$	48.76	$	50.78

Purchased power expense increased $1.7 million, or 2 percent, in the second quarter of 2026 compared with the second quarter of 2025, due to a 9 percent increase in MWh purchased to meet load, offset partially by lower market prices. Purchased power expense decreased $7.4 million, or 5 percent, in the first six months of 2026, compared with the same period of 2025, due to lower wholesale energy market prices in the region.

Fuel Expense: The table below presents Idaho Power’s fuel expenses and thermal generation (in thousands of dollars or MWh, except for per MWh amounts).


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Fuel Expense
Jointly-owned thermal(1)	$	14,690	$	16,815	$	31,755	$	47,732
Natural gas(2)	13,633		18,030		60,297		56,514
Total fuel expense	$	28,323	$	34,845	$	92,052	$	104,246
MWh generated
Jointly-owned thermal(1)	489		462		914		1,136
Natural gas(2)	611		753		1,386		1,527
Total MWh generated	1,100		1,215		2,300		2,663
Average cost per MWh - Jointly-owned thermal	$	30.04	$	36.40	$	34.74	$	42.02
Average cost per MWh - Natural gas	$	22.31	$	23.94	$	43.50	$	37.01
Weighted average, all sources	$	25.75	$	28.68	$	40.02	$	39.15

(1) "Jointly-owned thermal" consists of expenses and generation from steam plants that include coal-fired units as well as natural gas-fired units that were converted from coal.

(2) Includes a negligible amount of expense and generation related to the Salmon diesel-fired generation plant.

The majority of the fuel for Idaho Power’s jointly-owned thermal plants is purchased through long-term contracts, including coal purchases from BCC, a one-third owned investment of IERCo. The price of coal from BCC is subject to fluctuations in mine operating expenses, geologic conditions, and production levels. BCC supplies the majority of the coal used by the Jim Bridger plant and BCC does not have significant sales to third parties. Natural gas is mainly purchased on the regional wholesale spot market at published index prices. In addition to commodity (variable) costs, both natural gas and coal expenses include costs that are more fixed in nature for items such as capacity charges, transportation, and fuel handling. Period to period variances in fuel expense per MWh are noticeably impacted by these fixed charges when generation output is substantially different between the periods.

Fuel expense decreased $6.5 million, or 19 percent, and $12.2 million, or 12 percent, in the second quarter and first six months of 2026, respectively, compared with the same periods of 2025. The decrease in fuel expense in the second quarter of 2026 compared with the second quarter of 2025 was primarily due to a 10 percent decrease in the total average cost per MWh from all sources and a 19 percent decrease in natural gas generation, partially offset by a 6 percent increase in jointly-owned thermal generation. The decrease in fuel expense in the first six months of 2026 compared with the same period of 2025 was primarily due to a 14 percent decrease in total MWh generated from jointly-owned thermal and natural gas facilities, partially offset by a 2 percent increase in the total average cost per MWh from all sources.

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Included in fuel expense are losses and gains on settled financial gas hedges entered into in accordance with Idaho Power's energy risk management policy. For the second quarters and first six months of 2026 and 2025, losses on financial gas hedges of $1.1 million and $0.5 million, and $27.6 million and $12.7 million, respectively, increased natural gas fuel expense. Most of these realized hedging losses are passed on to customers through the power cost adjustment mechanisms described below.

Power Cost Adjustment Mechanisms: Idaho Power's power supply costs (primarily purchased power and fuel expense, less wholesale energy sales) can vary significantly from year to year. Variability of power supply costs arises from factors such as weather conditions, wholesale market prices, volumes of power purchased and sold in the wholesale markets, Idaho Power's hydropower and thermal generation volumes and fuel costs, generation plant availability, and retail loads. To address the variability of power supply costs, Idaho Power's power cost adjustment mechanisms in the Idaho and Oregon jurisdictions allow Idaho Power to recover from customers, or refund to customers, most of the fluctuations in power supply costs. In the Idaho jurisdiction, the PCA includes a cost or benefit sharing ratio that allocates the deviations in net power supply expenses between customers (95 percent) and Idaho Power (5 percent), with the exception of PURPA power purchases, export credit mechanisms, capital lease payments associated with battery energy storage systems, and demand response program incentives, which are allocated 100 percent to customers. The Idaho deferral period, or PCA year, runs from April 1 through March 31. Amounts deferred or accrued during the PCA year are primarily recovered or refunded during the subsequent June 1 through May 31 period. Because of the power cost adjustment mechanisms, the primary financial impact of power supply cost variations is that cash is paid out but recovery from customers does not occur until a future period, or cash that is collected is refunded to customers in a future period, resulting in fluctuations in operating cash flows from year to year.

The table below presents the components of the Idaho and Oregon power cost adjustment mechanisms (in thousands of dollars).


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Idaho power supply cost accrual	$	24,598	$	19,493	$	26,954	$	48,937
Oregon power supply cost accrual (deferral)	—		863		—		(1,794)
Amortization of prior year authorized balances	(15,706)		8,221		(27,355)		29,119
Total power cost adjustment (income statement)	$	8,892	$	28,577	$	(401)	$	76,262

The power supply accruals (deferrals) represent the portion of the power supply cost fluctuations accrued (deferred) under the power cost adjustment mechanisms. When actual power supply costs are lower than the amount forecasted in power cost adjustment rates, most of the difference is accrued as an increase to a regulatory liability or decrease to a regulatory asset. When actual power supply costs are higher than the amount forecasted in power cost adjustment rates, most of the difference is deferred as an increase to a regulatory asset or decrease to a regulatory liability. During the second quarter and first six months of 2026, lower purchased power and fuel costs led to lower actual power supply costs compared with the forecasted amount, which resulted in an accrual of power supply costs by the mechanism. The amortization of the prior year’s balances represents the offset to the amounts being collected or refunded in the current power cost adjustment year that were deferred or accrued in the prior PCA year (the balancing adjustment component of the power cost adjustment mechanism).

Other O&M Expenses: Other O&M expenses increased $11.7 million and $24.8 million in the second quarter and first six months of 2026, respectively, compared with the same periods of 2025. This increase was primarily the result of previously deferred costs related to the conversion of generating units at the Jim Bridger plant from coal to natural gas, much of which is recovered in customer rates and reflected in revenues pursuant to the 2025 Settlement Stipulation. The amortization of previously deferred wildfire mitigation program expenses, which are also recovered in customer rates and reflected in revenues for both the Idaho and Oregon jurisdictions, also contributed to the increases from the second quarter and first six months of 2025.

Income Taxes

IDACORP's and Idaho Power's income tax expense increased $33.8 million and $35.2 million, respectively, for the six months ended June 30, 2026, when compared with the same period in 2025, primarily due to decreased ADITC amortization from the regulatory mechanism described in Note 3 – “Regulatory Matters” to the condensed consolidated financial statements included in this report, and in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2025 Annual Report. Higher pre-tax income also contributed to the increase in income tax expense in the first six months of 2026, compared with the same period in 2025. For information relating to IDACORP's and Idaho Power's computation of income tax expense, see Note 2 - "Income Taxes" to the condensed consolidated financial statements included in this report.

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LIQUIDITY AND CAPITAL RESOURCES

Overview

Idaho Power funds its liquidity needs for capital expenditures through cash flows from operations, debt offerings, commercial paper markets, credit facilities, and capital contributions from IDACORP. Idaho Power files for rate adjustments for recovery of operating costs and capital investments to provide the opportunity to align Idaho Power's earned returns with those allowed by regulators.

IDACORP may issue debt securities or common stock, and Idaho Power may issue first mortgage bonds or other debt securities to fund its business. Idaho Power also periodically evaluates whether partial or full early redemption of one or more outstanding series of first mortgage bonds is desirable and, in some cases, may refinance existing indebtedness with new indebtedness.

As of July 24, 2026, IDACORP's and Idaho Power's access to debt, equity, and credit arrangements included the following:

•their respective $100 million and $400 million revolving credit facilities;

•their issuance of commercial paper, with program sizes of $100 million and $300 million, respectively. Idaho Power's commercial paper program may be increased up to the $400 million capacity of its credit facility;

•IDACORP's shelf registration statement filed with the SEC on February 21, 2025, which may be used for the issuance of debt securities and common stock;

•IDACORP's executed FSAs under its 2024 ATM, which may be physically settled with common stock in exchange for net proceeds, which as of July 24, 2026, would have been approximately $154 million;

•IDACORP's executed FSAs under its 2026 ATM, which may be physically settled with common stock in exchange for net proceeds, which as of July 24, 2026, would have been approximately $262 million;

•IDACORP's FSAs, executed outside of its ATMs, which may be physically settled with common stock in exchange for net proceeds, which as of July 24, 2026, would have been approximately $299 million; and

•Idaho Power's shelf registration statement filed with the SEC on February 21, 2025, which may be used for the issuance of first mortgage bonds and other debt securities; $1.5 billion is available for issuance pursuant to state regulatory authority.

IDACORP uses original issuances of shares for the IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan. Effective July 1, 2026, IDACORP began using original issuances for share purchases within the Idaho Power Company Employee Savings Plan. IDACORP may discontinue using original issuances of shares for these plans at any time.

In February 2026, Idaho Power issued $350 million in first mortgage bonds. In July 2026, Idaho Power repaid $116 million in aggregate principal amount of maturing pollution control revenue bonds. For more detailed information about Idaho Power's long-term debt transactions, see Note 5 - "Long-Term Debt" to the condensed consolidated financial statements included in this report.

In March 2026, IDACORP executed FSAs under its 2024 ATM with various counterparties at an aggregate gross sales price of $155 million. In addition, IDACORP settled FSAs under its 2024 ATM, resulting in cash proceeds of $52 million.

In May 2026, IDACORP executed FSAs under its 2026 ATM with various counterparties at an aggregate gross sales price of $149 million. In addition, IDACORP partially settled an FSA executed outside of its ATMs, resulting in cash proceeds of $75 million.

In June 2026, IDACORP executed an additional FSA under its 2026 ATM with a counterparty at an aggregate gross sales price of $113 million.

In July 2026, IDACORP settled FSAs executed outside of its ATMs, resulting in cash proceeds of $187 million.

For more detailed information about IDACORP's equity transactions, see the discussion below in this MD&A and Note 6 - "Common Stock," to the condensed consolidated financial statements included in this report.

Based on planned capital expenditures and other O&M expenses, the companies believe they will be able to meet capital and debt service requirements and fund corporate expenses during at least the next twelve months and thereafter for the foreseeable future with a combination of existing cash, operating cash flows generated by Idaho Power's utility business, availability under existing credit facilities, access to commercial paper, short-term and long-term debt markets, and equity issuances.

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IDACORP and Idaho Power generally seek to maintain capital structures of approximately 50 percent debt and 50 percent equity. Maintaining this ratio influences IDACORP's and Idaho Power's debt and equity issuance decisions. As of June 30, 2026, IDACORP's and Idaho Power's capital structure ratios, with no impact to equity from unsettled FSAs, were as follows:


	IDACORP	Idaho Power
Debt	50%	51%
Equity	50%	49%

IDACORP and Idaho Power generally maintain their cash and cash equivalents in highly liquid investments, such as U.S. Treasury Bills, money market funds, and bank deposits.

At June 30, 2026, IDACORP and Idaho Power believed they were in compliance with all credit facility and long-term debt covenants. Further, IDACORP and Idaho Power do not anticipate they will be in violation or breach of their respective debt covenants during 2026.

Operating Cash Flows

IDACORP's and Idaho Power's principal sources of cash flows from operations are Idaho Power's sales of electricity and transmission capacity. Significant uses of cash flows from operations include the purchase of fuel and power, other operating expenses, interest, income taxes, and benefit plan contributions. Operating cash flows can be significantly influenced by factors such as weather conditions, rates and the outcome of regulatory proceedings, and economic conditions. As fuel and purchased power are significant uses of cash, Idaho Power has regulatory mechanisms in place that provide for the deferral and recovery of the majority of the fluctuation in those costs. However, if actual costs rise above the level currently allowed in retail rates, deferral balances increase (reflected as a regulatory asset), negatively affecting operating cash flows until such time as those costs, with interest, are recovered from customers.

IDACORP’s and Idaho Power’s operating cash inflows for the six months ended June 30, 2026, were $179 million and $169 million, respectively, a decrease in cash flows from operations of $122 million for IDACORP and $129 million for Idaho Power, when compared with the same period in 2025. With the exception of cash flows related to income taxes, IDACORP's operating cash flows are principally derived from the operating cash flows from Idaho Power. Significant items that affected the companies' operating cash flows in the first six months of 2026 when compared with the same period in 2025 were as follows:

•a $15 million and $17 million increase in IDACORP and Idaho Power net income, respectively;

•changes in regulatory assets and liabilities, mostly related to the relative amounts of costs deferred and collected under the PCA and FCA mechanisms, decreased IDACORP and Idaho Power operating cash flows by $87 million;

•changes in deferred taxes and taxes accrued and receivable combined to increase operating cash flows for IDACORP and Idaho Power by $28 million and $65 million, respectively; and

•changes in working capital balances due primarily to timing, including fluctuations as follows:

◦the timing of collections of accounts receivable and unbilled receivables decreased operating cash flows for IDACORP and Idaho Power by $67 million and $68 million, respectively;

◦the changes in prepayments decreased operating cash flow by $20 million for IDACORP and Idaho Power, which was primarily due to the timing of energy trading transactions, IT contracts, and insurance prepayments; and

◦the changes in accounts and wages payable increased operating cash flows for IDACORP by $8 million and decreased operating cash flows for Idaho Power by $37 million. The difference in the changes between IDACORP and Idaho Power relates primarily to the timing of intercompany tax payments from Idaho Power to IDACORP.

Investing Cash Flows

Investing activities consist primarily of capital expenditures related to new construction of, and improvements to, Idaho Power’s power supply, transmission, and distribution facilities. IDACORP’s and Idaho Power’s net investing cash outflows for the six months ended June 30, 2026, were $679 million and $673 million, respectively, increasing cash outflow by $206 million for IDACORP and by $209 million for Idaho Power when compared with the same period in 2025. Investing cash outflows for 2026 and 2025 were primarily for construction of utility infrastructure needed to address Idaho Power’s customer growth and resource needs, aging plant and equipment, and environmental and regulatory compliance requirements. Investing cash outflows were partially offset in 2026 and 2025 by reimbursements from a B2H project joint funding partner.

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Financing Cash Flows

Financing activities primarily provide supplemental cash for both day-to-day operations and capital requirements, as needed. IDACORP's and Idaho Power's net financing cash inflows for the six months ended June 30, 2026, were $368 million and $435 million, respectively, an increase of $90 million and $157 million for IDACORP and Idaho Power, respectively, when compared with the same period in 2025. IDACORP and Idaho Power financing cash inflows for 2026 were primarily related to Idaho Power's net proceeds from issuance of first mortgage bonds, IDACORP's issuance of common stock, and Idaho Power's receipt of a capital contribution from IDACORP, partially offset by dividend payments. IDACORP and Idaho Power financing cash inflows for 2025 were primarily related to Idaho Power's net proceeds from issuance of first mortgage bonds, partially offset by dividend payments. Idaho Power funds liquidity needs for capital investment, working capital, managing commodity price risk, dividends, and other financial commitments through cash flows from operations, debt offerings, commercial paper markets, credit facilities, and capital contributions from IDACORP. IDACORP funds its cash requirements, such as payment of taxes, payment of dividends, capital contributions to Idaho Power, and non-utility expenses allocated to IDACORP, through cash flows from operations, commercial paper markets, sales of common stock, and credit facilities.

Financing Programs and Available Liquidity

IDACORP Equity Programs: IDACORP's ATMs include the 2024 ATM and the 2026 ATM, which were established in May 2024 and May 2026, respectively. At June 30, 2026, IDACORP's cumulative aggregate gross sales price of executed and outstanding FSAs under its ATMs was $418 million. Also at June 30, 2026, IDACORP had $337 million of remaining capacity under its 2026 ATM. Upon effectiveness of the 2026 ATM, the 2024 ATM terminated with respect to new issuances. If IDACORP had elected to physically settle the FSAs under its ATMs as of July 24, 2026, by delivering shares of common stock, aggregate cash proceeds would have been approximately $416 million. IDACORP may elect to settle the outstanding FSAs under its ATMs at any time through their respective maturity dates, which extend through December 3, 2027.

IDACORP's equity programs also include FSAs executed by IDACORP in May 2025 outside of its ATMs. Subsequent to June 30, 2026, and through the date of this report, IDACORP partially settled FSAs under this program on July 13, 2026, resulting in cash proceeds of $187 million. If IDACORP had elected to physically settle the remaining FSAs outside of its ATMs as of July 24, 2026, by delivering shares of common stock, aggregate cash proceeds would have been approximately $299 million. IDACORP may elect to settle the remaining FSAs at any time through their maturity date of November 9, 2026.

Actual cash proceeds, if any, for settlement of the FSAs will depend on the method and timing IDACORP elects for settlement. For more detailed information about IDACORP's equity transactions, see Note 6 - "Common Stock" to the condensed consolidated financial statements included in this report.

Idaho Power First Mortgage Bonds: Idaho Power's issuance of long-term indebtedness is subject to the approval of the IPUC, OPUC, and WPSC. In June and July 2026, Idaho Power received orders from the IPUC, OPUC, and WPSC authorizing the company to issue and sell from time to time up to $1.5 billion in aggregate principal amount of debt securities and first mortgage bonds, subject to conditions specified in the orders. At June 30, 2026, $1.5 billion was available for debt issuance under the IPUC and OPUC orders and $150 million remained available for debt issuance under the prior WPSC order, which subsequently increased to $1.5 billion in July 2026 when the WPSC issued its order. For more detailed information about Idaho Power's First Mortgage Bonds, see Note 5 - "Long-Term Debt" to the condensed consolidated financial statements included in this report.

Available Short-Term Borrowing Liquidity

The table below outlines available short-term borrowing liquidity as of the dates specified (in thousands of dollars).


	June 30, 2026				December 31, 2025
	IDACORP(1)		Idaho Power		IDACORP(1)		Idaho Power
Revolving credit facility	$	100,000	$	400,000	$	100,000	$	400,000
Commercial paper outstanding	—		—		—		—

Net balance available	$	100,000	$	400,000	$	100,000	$	400,000

(1) Holding company only.

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On July 24, 2026, IDACORP and Idaho Power had no loans outstanding under their respective revolving credit facilities and had no commercial paper outstanding.

Impact of Credit Ratings on Liquidity and Collateral Obligations

IDACORP’s and Idaho Power’s access to capital markets, including the commercial paper market, and their respective financing costs in those markets, depend in part on their respective credit ratings. The following table outlines the ratings of IDACORP's and Idaho Power’s securities, and the ratings outlook, by Moody's Investors Service and Standard & Poor’s Ratings Services as of the date of this report:

Moody's

Standard & Poor's

IDACORP

Idaho Power

IDACORP

Idaho Power

Rating Outlook

Stable

Issuer Rating/Corporate

Baa3

Baa2

BBB

First Mortgage Bonds

None

Senior Secured Debt

None

A-

Commercial Paper/Short-Term

P-3

P-2

A-2

Credit ratings can be revised upward or downward or withdrawn at any time by a rating agency if it decides that the circumstances warrant the change. In March 2026, Moody's rating for IDACORP was downgraded to Baa3 for long-term issuer rating and P-3 short-term commercial paper rating with a revised outlook of stable. At that time, Moody's rating for Idaho Power was downgraded to Baa2 for long-term issuer rating, A3 for first mortgage bonds, and A3 for senior secured debt with a revised outlook of stable. Moody's credit ratings of Baa3 and above are widely considered to be investment grade, or prime, ratings. The security ratings above reflect the views of Moody's or Standard & Poor's, as applicable. An explanation of the significance of these ratings may be obtained from the applicable rating agency. There have been no changes to IDACORP's or Idaho Power's ratings by Standard & Poor’s from those included in the 2025 Annual Report. Such ratings are not a recommendation to buy, sell, or hold securities.

Idaho Power maintains margin agreements relating to its wholesale commodity contracts that allow performance assurance collateral to be requested of and/or posted with certain counterparties, which are discussed further in Part I - Item 3 "Quantitative and Qualitative Disclosures About Market Risk" included in this report.

Capital Requirements

Idaho Power's cash capital expenditures, excluding AFUDC, were $786 million during the six months ended June 30, 2026. The table below presents Idaho Power's estimated accrual-basis additions to property, plant, and equipment for 2026 (including amounts incurred to-date) through 2030 (in billions of dollars). The amounts in the table exclude AFUDC but include net costs of removing assets from service that Idaho Power expects would be eligible to be included in rate base in future rate case proceedings. Actual expenditures and their timing could differ substantially from the estimates in the table due to factors such as Idaho Power’s ability to timely obtain labor or materials at reasonable costs, supply chain disruptions and delays, regulatory determinations, inflationary pressures, macroeconomic conditions, or other issues, including those described below.


	2026	2027	2028-2030
Expected capital expenditures (excluding AFUDC), in billions of dollars	$1.3 - $1.5	$1.4 - $1.6	$3.6 - $4.1

Major Infrastructure Projects: Idaho Power is engaged in the development of a number of significant projects and has entered into arrangements with third parties concerning joint infrastructure development. The discussion below provides a summary of developments in certain of those projects since the discussion of these matters included in Part II, Item 7 - MD&A - "Capital Requirements" in the 2025 Annual Report. The discussion below should be read in conjunction with that report.

Resource Additions to Address Projected Energy and Capacity Deficits: Idaho Power's existing and sustained growth in customers, load, and demand for electricity, along with transmission constraints, has created the need for Idaho Power to acquire significant generation, transmission, and storage resources to meet energy and capacity needs in recent years and continuing over the next several years. In addition to resources already placed in service through 2025, Idaho Power has undertaken the following efforts to help meet resource needs in 2026 and beyond:

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•placed in service 250 MW of company-owned battery storage assets in June 2026 with expected useful lives of approximately 20 years;

•entered into 20-year agreements to purchase the storage capacity from two 100-MW battery storage facilities;

•entered into an energy and capacity market purchase agreement with an energy marketer, giving Idaho Power the right to acquire 200 MW on a daily basis during summer months beginning in 2026 for a term of at least five years;

•entered into five PPAs for a combined 825 MW output of planned third-party solar facilities. Idaho Power plans to sell the output of two of these solar PPAs totaling 445 MW exclusively to a large industrial customer pursuant to an agreement under Idaho Power’s Clean Energy Your Way program;

•received IPUC approval for a CPCN for 167 MW of natural gas-fueled generating capacity next to the existing Bennett Mountain power plant, for which construction commenced in May 2026; and

•submitted an application to the IPUC for a CPCN for two natural gas-fueled power plants of 222 MW and 430 MW.

The capital requirements table above includes capital expenditures of more than $1.7 billion from 2026 through 2030 for resource additions to address projected energy and capacity deficits in those years and beyond. Included in this amount are estimates of costs of resource additions for which Idaho Power has received CPCNs or has requested a CPCN for the resource. Idaho Power continues to evaluate resource needs and outstanding RFPs. Actual expenditures and their timing could deviate substantially from Idaho Power's expected expenditures, depending on factors such as RFP results, the timing of project in-service dates, estimated load and resource balances and customer growth, the nature and quantity of resources owned versus acquired under PPAs or similar agreements, and the outcome of regulatory proceedings.

B2H Transmission Line: The B2H line, a 300-mile, high-voltage transmission project under construction between the Longhorn substation near Boardman, Oregon, and the Hemingway substation near Boise, Idaho, is expected to provide transmission service to meet future resource needs. Idaho Power began construction in June 2025 and, based on the anticipated construction schedule as of the date of this report, expects the in-service date for the transmission line will be in late 2027.

Idaho Power's ownership interest in the project is approximately 45 percent, while PacifiCorp's ownership interest in the project is approximately 55 percent. Idaho Power has spent approximately $918 million, including Idaho Power's AFUDC, on the B2H project through June 30, 2026. Pursuant to the terms of the joint funding arrangements, Idaho Power has received $467 million in reimbursement as of June 30, 2026, from project co-participants for their share of costs and continues to receive reimbursement as costs are incurred. PacifiCorp is obligated to reimburse Idaho Power for its share of any future project expenditures incurred by Idaho Power under the terms of the joint funding agreement. Idaho Power and PacifiCorp operate under a construction funding agreement filed with the FERC.

The permitting phase of the B2H project was subject to federal review and approval by various federal agencies. Federal agency records of decision have been received and all lawsuits challenging the federal rights-of-way have been resolved. In the separate State of Oregon permitting process, Oregon's Energy Facility Siting Council approved Idaho Power's site certificate in 2022 followed by a final order and two amendments to the site certificate, both contested but upheld in subsequent judicial proceedings. In 2023, the IPUC, OPUC, and WPSC granted Idaho Power and PacifiCorp their respective CPCNs related to the construction of the B2H project. In June 2025, three parties filed complaints with the OPUC seeking reconsideration of the CPCN granted for B2H, but in November 2025, the OPUC upheld the B2H CPCN. Those parties filed three complaints in the Baker County and Union County Circuit Courts challenging the OPUC decision. All three complaints have been voluntarily dismissed. In addition, in September 2025, two parties filed complaints in Morrow County Circuit Court alleging that the Oregon Department of Energy and the Oregon Energy Facility Siting Council improperly processed modifications of the Fire Protection and Suppression Plan. The court granted Idaho Power's and the Oregon Department of Energy's motion to dismiss the complaints in a letter order in April 2026. Petitioners in the case have filed a notice of intent to appeal the Morrow County Circuit Court's decision. In July 2026, Malheur Mining Company, Ltd. filed a complaint in federal district court, Pendleton division, against Idaho Power and the BLM asserting their mineral rights are being infringed upon by the B2H project and requesting various forms of relief, including damages and injunctive relief. The case remains pending.

Total cost estimates for the project are between $1.5 billion and $1.7 billion, including Idaho Power's AFUDC. The capital requirements table above includes approximately $415 million of Idaho Power's share of estimated costs (excluding AFUDC) related to the remaining material procurement and construction of the project.

GWW Transmission Line: Idaho Power and PacifiCorp are pursuing the joint development of the GWW project, a high-voltage transmission line project between a substation located near Douglas, Wyoming, and the Hemingway substation located near Boise, Idaho. Idaho Power and PacifiCorp are parties to a joint funding agreement for permitting of the project. Idaho Power has expended approximately $109 million, including Idaho Power's AFUDC, for its share of the project through June 30, 2026.

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The permitting phase of the GWW project was subject to review and approval of the BLM. The BLM has published its records of decision for all segments of the transmission line. In 2020 and 2024, PacifiCorp completed construction and commissioned segments of its portion of the project in Wyoming. In March 2023, PacifiCorp initiated the pre-construction phase of approximately 620 miles of 500-kV transmission line from the Populus substation near Downey, Idaho, to the Hemingway substation near Boise, Idaho. Idaho Power has an ownership interest in four segments within this area, totaling approximately 330 miles of new line.

Current permitting and pre-construction activities are focused on Segment E-8, the segment of line between the Hemingway substation and the Midpoint substation near Jerome, Idaho. In April 2026, Idaho Power and PacifiCorp filed a joint request that the IPUC grant both companies a CPCN for this segment of the line. Idaho Power is the majority owner of the approximately 133-mile segment and, as of the date of this report, Idaho Power estimates the total cost for its share of this segment and the associated substation work to be between $900 million and $1.1 billion, including Idaho Power's AFUDC. The capital requirements table above includes approximately $790 million of Idaho Power's share of estimated costs (excluding AFUDC) for the remaining permitting and construction phases of the project based on Idaho Power's assumption that it may commence construction of this segment during that time period. Idaho Power expects the in-service date for a portion of this segment will be 2028 or later and the entire segment to be completed in 2030 or later. Idaho Power and PacifiCorp continue to coordinate the timing of next steps of the remaining co-owned segments to best meet customer and system needs, including potentially modifying the ownership structure of a few segments of the project.

SWIP-N Transmission Line: In February 2025, Idaho Power entered into a commitment to become a partial owner of SWIP-N, a 285-mile high-voltage transmission line under construction between the Robinson Summit Substation near Ely, Nevada, and the Midpoint Substation near Jerome, Idaho. Upon the project being placed into service, the applicable agreements provide that Idaho Power will purchase an approximate 11 percent ownership interest in the project, entitling Idaho Power to approximately 11 percent of the total capacity of the SWIP-N line. In addition, Idaho Power entered into a capacity entitlement agreement entitling Idaho Power to approximately 11 percent of additional capacity on the SWIP-N line over a 40-year term commencing upon the project being placed in service. Idaho Power is obligated for approximately 11 percent of the total costs to develop and construct the project. The capital requirements table above includes Idaho Power's share of the costs to develop and construct the project. The project agreements do not require Idaho Power to incur any costs to purchase its ownership interest or begin paying for capacity under the capacity entitlement agreement until the line is in service. Idaho Power has an option to purchase the ownership interest associated with such capacity entitlement upon expiration of the 40-year term. In December 2025, the IPUC issued its order approving a CPCN for the project. SWIP-N has received various required governmental approvals, including from the FERC and the Public Utilities Commission of Nevada, while certain other approvals and permits remain in process. Construction of the project commenced in June 2026, and Idaho Power expects construction to be completed in 2028.

Defined Benefit Pension Plan Contributions

Idaho Power has no minimum contribution to its defined benefit pension plan required in 2026, and during the six months ended June 30, 2026, Idaho Power made no contributions. Idaho Power may contribute up to $30 million in 2026 in a continued effort to balance the regulatory collection of these expenditures with the amount and timing of contributions, as well as to mitigate the cost of being in an underfunded position. The primary impact of pension contributions is on the timing of cash flows, as the timing of cost recovery lags behind contributions.

Contractual Obligations

IDACORP’s and Idaho Power’s contractual cash obligations have not materially changed during the six months ended June 30, 2026, except as disclosed in Note 5 – “Long-Term Debt” and Note 8 – “Commitments” to the condensed consolidated financial statements included in this report.

Dividends

The amount and timing of dividends paid on IDACORP’s common stock are within the discretion of IDACORP’s board of directors. IDACORP's board of directors reviews the dividend rate periodically to determine its appropriateness in light of IDACORP’s current and long-term financial position and results of operations, capital requirements, rating agency considerations, contractual and regulatory restrictions, legislative and regulatory developments affecting the electric utility industry in general and Idaho Power in particular, competitive conditions, and any other factors the board of directors deems relevant. The ability of IDACORP to pay dividends on its common stock is generally dependent upon dividends paid to it by its subsidiaries, primarily Idaho Power.

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For additional information relating to IDACORP and Idaho Power dividends, including restrictions on IDACORP’s and Idaho Power’s payment of dividends, see Note 6 - “Common Stock” to the condensed consolidated financial statements included in this report.

Off-Balance Sheet Arrangements

IDACORP's and Idaho Power's off-balance sheet arrangements have not changed materially from those reported in the MD&A in the 2025 Annual Report.

REGULATORY MATTERS

Introduction

Idaho Power is under the jurisdiction (as to rates, service, accounting, and other general matters of utility operation) of the IPUC, OPUC, and FERC. The IPUC and OPUC determine the rates that Idaho Power is authorized to charge to its retail customers. Idaho Power is also under the regulatory jurisdiction of the IPUC, OPUC, and WPSC as to the issuance of debt and equity securities. As a public utility under the Federal Power Act, Idaho Power has been granted the authority to charge market-based rates for wholesale energy sales under its FERC tariff and to provide transmission services under its OATT. Additionally, the FERC has jurisdiction over Idaho Power's sales of transmission capacity and wholesale electricity, hydropower project relicensing, and system reliability, among other items.

Idaho Power develops its regulatory filings taking into consideration short-term and long-term needs for rate relief and several other factors that can affect the structure and timing of those filings. These factors include in-service dates of major capital investments, the timing and magnitude of changes in major revenue and expense items, and customer growth rates, as well as other factors.

Idaho Power's most recent general rate case in Idaho was filed in 2025 and resolved by the 2025 Settlement Stipulation, which the IPUC approved in December 2025 for rates that went into effect for Idaho-jurisdiction customers on January 1, 2026. Previously, in 2024, Idaho Power filed a limited-issue rate case in Idaho (2024 Idaho Limited-Issue Rate Case), which the IPUC resolved through its order issued in December 2024 for rates that went into effect for Idaho-jurisdiction customers on January 1, 2025. In 2023, Idaho Power's general rate case in Idaho was resolved by the IPUC's approval of the 2023 Settlement Stipulation in December 2023 for rates that went into effect for Idaho-jurisdiction customers on January 1, 2024. Idaho Power's most recently concluded general rate case in Oregon was resolved by the OPUC's approval of settlement stipulations in September 2024 for rates that went into effect for Oregon-jurisdiction customers on October 15, 2024. Refer to Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2025 Annual Report for additional information relating to the 2025 Settlement Stipulation, 2024 Idaho Limited-Issue Rate Case, 2023 Idaho general rate case, and Oregon general rate case.

Between general rate cases, Idaho Power relies upon customer growth, an FCA mechanism in Idaho, power cost adjustment mechanisms, limited-issue rate cases, WMP cost deferrals, project-specific cases, tariff riders, and other mechanisms to mitigate the impact of regulatory lag, which refers to the period of time between making an investment or incurring an expense and recovering that investment or expense and earning a return.

The outcomes of significant proceedings are described in part in this report and further in the 2025 Annual Report. In addition to the discussion below, which includes notable regulatory developments since the discussion of these matters in the 2025 Annual Report, refer to Note 3 - "Regulatory Matters" to the condensed consolidated financial statements included in this report for additional information relating to Idaho Power's regulatory matters and recent regulatory filings and orders.

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Notable Retail Rate or Revenue Changes

During 2026, Idaho Power received orders authorizing the rate or revenue changes summarized in the table below.

Description

Status

Estimated Impact(1)

Notes

PCA - Idaho

New PCA rate became effective June 1, 2026

$51.3 million PCA increase for the period from June 1, 2026 to May 31, 2027

The income statement impact of revenue changes associated with the PCA mechanism is largely offset by associated increases and decreases in actual power supply costs and amortization of deferred power supply costs. The rate increase is primarily attributable to a decrease in forecast hydroelectric generation for the April 2026 to March 2027 forecast period.

FCA - Idaho

New FCA rate became effective June 1, 2026

$5.1 million FCA increase for the period from June 1, 2026 to May 31, 2027

The FCA is designed to remove a portion of Idaho Power’s financial disincentive to invest in energy efficiency programs by partially separating (or decoupling) the recovery of fixed costs from the volumetric kilowatt-hour charge and instead linking it to a set amount per customer.

APCU - Oregon

New APCU rate became effective June 1, 2026

$0.7 million APCU increase for the period from June 1, 2026 to May 31, 2027

The rate increase reflects a decrease in expected net power supply expense for the March forecast combined with an increase in normalized net power supply expense for the October update.

PCAM - Oregon

New PCAM rate became effective June 1, 2026

$1.9 million PCAM increase for the period from June 1, 2026 to May 31, 2027

The Oregon power cost adjustment mechanism (PCAM) allows Idaho Power to recover or refund differences between actual net power supply costs and those included in rates, subject to applicable deadbands and an earnings test. The PCAM also includes the amortization of certain authorized deferrals.

(1) The annual amount collected or refunded in rates is typically not recovered or refunded on a linear basis (i.e., 1/12th per month), and is instead recovered or refunded in proportion to retail sales volumes.

Idaho Earnings Support and Sharing from Idaho Settlement Stipulations

The 2025 Settlement Stipulation, 2023 Settlement Stipulation, and 2018 Settlement Stipulation are each described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2025 Annual Report. IDACORP and Idaho Power believe that the terms allowing additional amortization of ADITC, subject to an annual cap of $55 million, in the settlement stipulations provide the companies with a greater degree of earnings stability than would be possible without the terms of the stipulations in effect. Based on its estimate of full-year 2026 Idaho ROE, for the three months and six months ended June 30, 2026, Idaho Power recorded zero and $6.3 million, respectively, in additional ADITC amortization under the settlement stipulations.

Change in Deferred (Accrued) Net Power Supply Costs and the Power Cost Adjustment Mechanisms

Deferred (accrued) power supply costs represent certain differences between Idaho Power's actual net power supply costs and the costs included in its retail rates, the latter being based on annual forecasts of power supply costs. Deferred (accrued) power supply costs are recorded on the balance sheets for future recovery or refund through customer rates.

Idaho Power's power cost adjustment mechanisms in its Idaho and Oregon jurisdictions address the variability of power supply costs and provide for annual adjustments to the rates charged to retail customers. The power cost adjustment mechanisms and associated financial impacts are described further in "Results of Operations" in this MD&A and in Note 3 - "Regulatory Matters" to the condensed consolidated financial statements included in this report.

With the exception of power supply expenses incurred under PURPA, expenses under export credit mechanisms, capital lease payments associated with battery energy storage systems, and certain demand response program costs that are passed through to customers substantially in full, the PCA mechanism allows Idaho Power to pass through to customers 95 percent of the differences in actual net power supply expenses as compared with base net power supply expenses, whether positive or negative. Thus, the primary financial statement impact of power supply cost deferrals or accruals is that the timing of when cash is paid out for power supply expenses differs from when those costs are recovered from customers, impacting operating cash flows from year to year.

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The following table summarizes the change in accrued net power supply costs (in millions of dollars).


	Idaho		Oregon		Total
Balance at December 31, 2025	$	(41.0)	$	(1.4)	$	(42.4)
Current period net power supply costs accrued	(27.0)		—		(27.0)

Prior amounts refunded through rates	27.3		0.1		27.4
Renewable energy credit sales	(35.9)		(1.4)		(37.3)
Interest and other	(4.6)		(0.1)		(4.7)
Balance at June 30, 2026	$	(81.2)	$	(2.8)	$	(84.0)

Open Access Transmission Tariff Draft Posting

Idaho Power uses a formula rate for transmission service provided under its OATT, which provides that transmission rates will be updated annually based primarily on financial and operational data that Idaho Power files with the FERC. The existing OATT rate in effect from October 1, 2025 to September 30, 2026, is $34.13 per kilowatt-year (kW-year) based on a net annual transmission revenue requirement of $148.3 million. In May 2026, Idaho Power publicly posted its 2026 draft transmission rate, reflecting a transmission rate of $35.40 per kW-year, to be effective for the period from October 1, 2026 to September 30, 2027. A kW-year is a unit of electrical capacity equivalent to 1 kilowatt of power used for 8,760 hours. Idaho Power's 2026 draft rate was based on a net annual transmission revenue requirement of $162.6 million.

Integrated Resource Plan and Resource Procurement Filings

Idaho Power filed its most recent IRP with the IPUC and OPUC in June 2025, which identified the need for resources to meet projected capacity deficits in the near-term. The OPUC and IPUC acknowledged the 2025 IRP in December 2025 and February 2026, respectively.

In March 2026, Idaho Power filed an application with the IPUC for a CPCN for the South Hills Power Plant, a 222 MW natural gas-fueled facility to meet an identified capacity deficit in 2029, and a CPCN for the Peregrine Power Plant, a 430 MW natural gas-fueled facility to meet an identified capacity deficit in 2030, as well as confirmation and approval by the IPUC of AFUDC accrued for each of the projects prior to the issuance of a CPCN. As of the date of this report, the case remains pending.

In April 2026, Idaho Power and PacifiCorp filed a joint application with the IPUC to grant a CPCN to each of Idaho Power and PacifiCorp for Segment E-8 of GWW, an approximately 133-mile section of GWW jointly owned by Idaho Power and PacifiCorp that will run from the Midpoint substation near Jerome, Idaho, to the Hemingway substation near Boise, Idaho. As of the date of this report, the case remains pending.

In June 2026, Idaho Power filed an application with the IPUC for an order approving the 20-year PPA with Bluebird Solar Project LLC supplying up to 200 MW of output to Idaho Power and the 20-year energy storage system tolling agreement for 100 MW of dispatchable energy storage capacity. Both are expected to be in-service by June 2028. As of the date of this report, the case remains pending.

Large Contract Customer Rate Proceedings

In May 2026, the IPUC approved, with modifications, a large contract for electric service for Micron Idaho Semiconductor Manufacturing (Triton) LLC, a subsidiary of Micron Technology, Inc. (Micron), for electric service for Micron's new memory manufacturing fabrication complex located in Boise, Idaho. The contract anticipates a significant increase in load on Idaho Power's system that will ramp over a number of years beginning in 2026.

In June 2026, Idaho Power filed an application with the IPUC for approval of a large contract for electric service for Chobani, LLC, at the Chobani food production facility located in Twin Falls, Idaho. As of the date of this report, the IPUC's decision is pending.

Oregon Sale Regulatory Applications

In May 2026, Idaho Power and OTEC jointly filed an application with the OPUC to approve the Oregon Sale and its related territory allocation agreement. In June 2026, Idaho Power filed an application with the IPUC to approve the Oregon Sale and its related transition framework and agreement for supply of power and energy. In July 2026, Idaho Power filed an application

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with the FERC under Section 203 of the Federal Power Act to approve Idaho Power's sale of certain transmission assets to OTEC as part of the Oregon Sale. As of the date of this report, each of the cases remains pending.

Relicensing of Hydropower Projects

HCC Relicensing: In connection with Idaho Power's major efforts to relicense the HCC, Idaho Power's largest hydropower complex, as described in more detail in the 2025 Annual Report in Part II, Item 7 - MD&A – "Liquidity and Capital Resources" and "Regulatory Matters," in 2020, Idaho Power submitted to the FERC its supplement to the final license application, incorporating the settlement agreement reached between Idaho and Oregon on the CWA Section 401 certifications. The supplement included feedback on proposed modifications of the 2007 final EIS for the HCC, as well as an updated cost analysis of the HCC and a request that the FERC issue a 50-year license and initiate a supplemental NEPA process at the FERC. In 2022, the FERC issued a notice of intent to prepare a supplemental EIS in accordance with NEPA. The FERC also reinstated informal consultation with the U.S. Fish and Wildlife Service (USFWS) and the National Marine Fisheries Service (NMFS) under section 7 of the ESA. The FERC issued the draft supplemental EIS in January 2026. As part of issuing the draft supplemental EIS, the FERC requested, and USFWS and NMFS initiated, formal consultation under section 7 of the ESA. The FERC's most recently issued schedule for the supplemental EIS has a target date of September 2026 for issuance of the final supplemental EIS.

Relicensing costs of $557 million (including AFUDC) for the HCC were included in construction work in progress at June 30, 2026. As of the date of this report, the IPUC authorizes Idaho Power to include in its Idaho jurisdiction rates approximately $38.5 million of AFUDC annually relating to relicensing of the HCC project. Collecting these amounts currently will reduce future collections when HCC relicensing costs are approved for recovery in base rates. As of June 30, 2026, Idaho Power's regulatory liability for collection of AFUDC relating to the HCC was $307 million.

As of the date of this report, Idaho Power believes issuance of a new HCC license by the FERC will be in 2027 or thereafter. Idaho Power is unable to predict the exact timing that the FERC will issue a new license or the ultimate capital investment and ongoing operating and maintenance costs Idaho Power will incur in complying with a new license. Idaho Power estimates that the annual costs it will incur to obtain a new long-term license for the HCC, including AFUDC but excluding costs expected to be incurred for complying with the license after issuance, are likely to range from $35 million to $45 million until issuance of the license. Upon issuance of a long-term license, Idaho Power expects that the annual capital expenditures and operating and maintenance expenses associated with compliance with the terms and conditions of the long-term license could also be substantial. In December 2025, as established by a previous IPUC order, Idaho Power filed an application with the IPUC requesting a determination, and in July 2026, the IPUC issued an order with its determination, that Idaho Power's expenditures from January 1, 2016 through year-end 2025 on relicensing of the HCC were prudently incurred, and thus eligible for inclusion in retail rates in a future regulatory proceeding.

American Falls Relicensing: In February 2023, Idaho Power filed its final relicensing application with the FERC to relicense the American Falls hydropower facility, which is Idaho Power's largest hydropower facility outside of the HCC, with a nameplate generating capacity of 92.3 MW and FERC authorized installed capacity of 67.5 MW. Idaho Power owns the generation facility but not the structural dam or reservoir, which are owned by the U.S. Bureau of Reclamation. In September 2024, the Idaho Department of Environmental Quality issued a final CWA Section 401 water quality certification. The FERC released its environmental assessment in accordance with NEPA in January 2025.

Idaho Power's previous license at American Falls expired in February 2025 and was renewed automatically at that time and again in February 2026 for one year periods on the same terms and conditions as its prior license. The annual license is effective until February 28, 2027, and will continue with annual renewals automatically until the FERC issues a new license for the American Falls facility. As of the date of this report, Idaho Power anticipates the FERC will issue a new license for this facility in 2026.

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ENVIRONMENTAL MATTERS

Overview

Idaho Power is subject to a broad range of federal, state, regional, and local laws and regulations designed to protect, restore, and enhance the environment, including the Clean Air Act, the CWA, the Resource Conservation and Recovery Act, the Toxic Substances Control Act, the Comprehensive Environmental Response, Compensation and Liability Act, and the ESA, among other laws. These laws are administered by a number of federal, state, and local agencies. In addition to imposing continuing compliance obligations and associated costs, these laws and regulations provide authority to regulators to levy substantial penalties for noncompliance, injunctive relief, and other sanctions. Idaho Power's co-owned coal and natural gas-fired power plants and its three wholly-owned natural gas-fired combustion turbine power plants are subject to many of these regulations. Idaho Power's hydropower projects are also subject to a number of water discharge standards and other environmental requirements.

Compliance with current and future environmental laws and regulations may:

•increase the operating costs of generating plants;

•increase the construction costs and lead time for new facilities;

•require the modification of existing generating plants, which could result in additional costs;

•require the curtailment, fuel-switching, or shut-down of existing generating plants;

•reduce the output from current generating facilities; or

•require the acquisition of alternative sources of energy or storage technology, increased transmission wheeling, or construction of additional generating facilities, which could result in higher costs.

Part I, Item 1 - "Business - Utility Operations - Environmental Regulation and Costs" in the 2025 Annual Report includes a summary of Idaho Power's expected capital and operating expenditures for environmental matters during the period from 2026 to 2028. Given the uncertainty of future environmental regulations and technological advances, there is uncertainty around near-term estimates, and Idaho Power is also unable to predict its environmental-related expenditures beyond 2028, though they could be substantial.

A summary of notable environmental matters (including conditions and events associated with climate change) impacting, or expected to potentially impact, IDACORP and Idaho Power is included in Part II, Item 7 - MD&A - "Environmental Matters" and MD&A - "Liquidity and Capital Resources - Capital Requirements - Environmental Regulation Costs" in the 2025 Annual Report. Recent developments in certain environmental matters relevant to Idaho Power are described below.

EPA Regulatory Actions

In March 2025, the EPA announced a set of proposed regulatory actions relating to environmental laws and regulations, many of which may impact Idaho Power if they are implemented. The proposed regulatory actions relate to the following laws and regulations, among others: the EPA's 2009 endangerment finding regarding six greenhouse gases; the Clean Air Act Section 111 rulemaking for new and existing generation units (also known as the Clean Power Plan 2.0); the Mercury and Air Toxics Standards (MATS Rule); the Greenhouse Gas Reporting Program; effluent limitations guidelines and standards for the Steam Electric Power Generating Industry; the National Ambient Air Quality Standards for Particulate Matter (PM2.5); the Regional Haze Program; the “Good Neighbor Plan” and related State Implementation Plans; the coal ash program; and the definition of "Waters of the United States," which impacts applicability of the CWA to certain wetlands and water bodies.

As described in the 2025 Annual Report, the EPA has published proposed rules for several of the items mentioned in its March 2025 announcement. Except for the final rules described below, each of the proposed rules described in the 2025 Annual Report or below is subject to public comment and remains pending as of the date of this report.

Idaho Power will continue to actively monitor EPA's proposals and any other pending or potential environmental regulations related to environmental matters that may have an impact on its future operations. Given uncertainties regarding the outcome and timing for these EPA proposals, Idaho Power is unable to estimate the impact on Idaho Power of any such proposals.

National Environmental Policy Act Matters

In June 2026, the EPA published a proposed rule that amends its procedures for implementing NEPA. For actions where the EPA is the NEPA lead agency, the proposed changes would create hard deadlines and page limits aimed at faster reviews, narrow the scope of analysis to reasonably foreseeable effects, expand the use of categorical exclusions, and allow sponsors

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(such as Idaho Power) to prepare NEPA documents themselves and pay fees to accelerate review timelines. If adopted as proposed, the rule could reduce the time required to develop future Idaho Power generation and transmission projects.

Clean Air Act Matters

Greenhouse Gas Endangerment Finding: In February 2026, the EPA finalized a rule rescinding the EPA's 2009 greenhouse gas endangerment finding. Idaho Power does not expect any near-term impact on its plans or operations as a result of the rescission of the endangerment finding but will continue to monitor any potential effects.

Mercury and Air Toxic Standards: In February 2026, the EPA finalized the repeal of certain amendments to the MATS Rule, including the revised filterable particulate matter (fPM) emission standard; the revised fPM emission standard compliance demonstration requirements; and the revised mercury emission standard for lignite-fired electric utility steam generating units. Idaho Power does not expect any near-term impact on its plans or operations as a result of the amendments to the MATS Rule but will continue to monitor any potential effects.

Revisions to New Source Review: In May 2026, the EPA proposed revisions to the new source review (NSR) air permitting regulations to allow construction of non-emitting components or structures before issuance of an NSR air permit for a new major stationary source or major modification of an existing major stationary source. If adopted as proposed and subsequently implemented by the Idaho Department of Environmental Quality, the rule could reduce the time required for Idaho Power to bring new natural gas-fueled generation resources online.

Endangered Species Act Matters

In July 2026, the U.S. Fish and Wildlife Service and the National Marine Fisheries Service finalized a rule that rescinded the definition of "harm" under the ESA in their respective regulations. The rescission of the definition of harm may have the effect of reducing the applicability of the ESA for some Idaho Power projects, however, as of the date of this report, Idaho Power is unable to estimate the impact on Idaho Power of the rule.

Resource Conservation and Recovery Act Matters

In April 2026, the EPA published proposed rules to amend several provisions of the federal regulations governing the disposal of coal ash, also known as coal combustion residuals or CCR. The proposed rules are subject to public comment and remain pending as of the date of this report. If adopted as proposed, the proposed rules could simplify certain CCR requirements applicable to Idaho Power's jointly-owned facilities. However, given uncertainties regarding the proposed rule, Idaho Power is unable to estimate the impact on Idaho Power of the proposed rules.

Land Use Matters

In May 2026, the current presidential administration issued an executive order to rescind two prior executive orders that impact off-road vehicle use on federally managed lands. While the order may ultimately result in changes to Idaho Power’s access to federally managed lands, any impact is uncertain until the applicable federal agencies have issued and finalized rules and regulations to implement the order.

In June 2026, a final rule issued by the BLM took effect, which rescinded the Conservation and Landscape Health Rule, also known as the "public lands rule," which gave authority to the BLM to consider conservation and habitat health alongside other aspects of its multiple-use mandate in making land use decisions. Idaho Power does not expect any near-term impact on its plans or operations as a result of this rule but will continue to monitor any potential effects.

Snake River Minimum Streamflow at Swan Falls

In June 2026, Idaho Power sent a letter to Idaho Governor Little acknowledging drought conditions impacting the historical Swan Falls Agreement regarding Idaho Power's water rights and the risk that the streamflow in the Snake River that the State is contractually required to maintain could drop below the minimum required level at Swan Falls. Idaho Power indicated its willingness to accept water released from storage reservoirs above Swan Falls for any shortfalls that occur during summer 2026 and requested that the State and water users work collaboratively with Idaho Power to develop a mitigation plan by March 1, 2027. In response, Governor Little asked the Idaho Water Resource Board to support the proposed interim approach and also directed the Water Resource Board to work to develop a long-term mitigation plan to ensure the State meets its minimum streamflow obligations. Reduced Snake River streamflows at Swan Falls will generally reduce the amount of water available to Idaho Power for hydropower production.

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OTHER MATTERS

Critical Accounting Policies and Estimates

IDACORP's and Idaho Power's discussion and analysis of their financial condition and results of operations are based upon their condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires IDACORP and Idaho Power to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, IDACORP and Idaho Power evaluate these estimates, including those estimates related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled receivables, and the allowance for uncollectible accounts. These estimates are based on historical experience and on other assumptions and factors that are believed to be reasonable under the circumstances and are the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. IDACORP and Idaho Power, based on their ongoing reviews, make adjustments when facts and circumstances dictate.

IDACORP’s and Idaho Power’s critical accounting policies are reviewed by the audit committees of the boards of directors. These policies have not changed materially from the discussion of those policies included under "Critical Accounting Policies and Estimates" in the 2025 Annual Report.

Recently Issued Accounting Pronouncements

For discussion of new and recently adopted accounting pronouncements, see Note 1 - "Summary of Significant Accounting Policies" to the condensed consolidated financial statements included in this report.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

IDACORP is exposed to market risks, including changes in interest rates, changes in commodity prices, credit risk, and equity price risk. The following discussion summarizes material changes in these risks since December 31, 2025, and the financial instruments, derivative instruments, and derivative commodity instruments sensitive to changes in interest rates, commodity prices, and equity prices that were held at June 30, 2026. IDACORP has not entered into any of these market-risk-sensitive instruments for speculative purposes.

Interest Rate Risk

IDACORP manages interest expense and short- and long-term liquidity through a combination of fixed rate and variable rate debt. Generally, the amount of each type of debt is managed through market issuance, but interest rate swap and cap agreements with highly-rated financial institutions may be used to achieve the desired combination.

Variable Rate Debt: As of June 30, 2026, IDACORP had no variable rate debt.

Fixed Rate Debt: As of June 30, 2026, IDACORP had $3.8 billion in fixed rate debt, with a fair value of approximately $3.6 billion. These instruments are fixed rate and, therefore, do not expose the companies to a loss in earnings due to changes in market interest rates. However, the fair value of these instruments would increase by approximately $404 million if market interest rates were to decline by one percentage point from their June 30, 2026 levels.

Commodity Price Risk

IDACORP's exposure to changes in commodity prices is related to Idaho Power's ongoing utility operations that produce electricity to meet the demand of its retail electric customers. These changes in commodity prices are mitigated in large part by Idaho Power's Idaho and Oregon power cost adjustment mechanisms. To supplement its supply resources and balance its supply of power with the demand of its retail customers, Idaho Power participates in the wholesale marketplace. IDACORP's commodity price risk as of June 30, 2026, had not changed materially from that reported in Item 7A of the 2025 Annual Report. Information regarding Idaho Power’s use of derivative instruments to manage commodity price risk can be found in Note 11 - "Derivative Financial Instruments" to the condensed consolidated financial statements included in this report.

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Credit Risk

IDACORP is subject to credit risk based on Idaho Power's activity with market counterparties. Idaho Power is exposed to this risk to the extent that a counterparty may fail to fulfill a contractual obligation to provide energy, purchase energy, or complete financial settlement for market activities. Idaho Power mitigates this exposure by actively establishing credit limits; measuring, monitoring, and reporting credit risk; using appropriate contractual arrangements; and transferring of credit risk through the use of financial guarantees, cash, bonds, or letters of credit. Idaho Power maintains a current list of acceptable counterparties and credit limits.

The use of performance assurance collateral in the form of cash, letters of credit, bonds, or guarantees is common industry practice. Idaho Power maintains margin agreements relating to its wholesale commodity contracts that allow performance assurance collateral to be requested of and/or posted with certain counterparties. As of June 30, 2026, Idaho Power posted $53 million of cash performance assurance collateral related to these contracts. Should Idaho Power experience a reduction in its credit rating on Idaho Power's unsecured debt to below investment grade, Idaho Power could be subject to requests by its wholesale counterparties to post additional performance assurance collateral. Counterparties to derivative instruments and other forward contracts could request immediate payment or demand immediate ongoing full daily collateralization on derivative instruments and contracts in net liability positions. Based upon Idaho Power's energy and fuel portfolio and then existing market conditions as of June 30, 2026, the amount of additional collateral that could have been requested upon a downgrade to below investment grade was approximately $44 million. To minimize capital requirements, Idaho Power actively monitors the portfolio exposure and the potential exposure to additional requests for performance assurance collateral calls through sensitivity analysis.

IDACORP's credit risk related to uncollectible accounts, net of amounts reserved, as of June 30, 2026, had not changed materially from that reported in Item 7A of the 2025 Annual Report, except as disclosed in Note 4 - "Revenues" to the condensed consolidated financial statements included in this report. Additional information regarding Idaho Power’s management of credit risk and credit contingent features can be found in Note 11 - "Derivative Financial Instruments" to the condensed consolidated financial statements included in this report.

Equity Price Risk

IDACORP is exposed to price fluctuations in equity markets, primarily through Idaho Power's defined benefit pension plan assets, a mine reclamation trust fund owned by an equity-method investment of Idaho Power, and other equity security investments at Idaho Power. The equity securities held by the pension plan and in such accounts are diversified to achieve broad market participation and reduce the impact of any single investment, sector, or geographic region. Idaho Power has established asset allocation targets for the pension plan holdings, which are described in Note 12 - "Benefit Plans" to the consolidated financial statements included in the 2025 Annual Report.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

IDACORP: The Chief Executive Officer and the Chief Financial Officer of IDACORP, based on their evaluation of IDACORP’s disclosure controls and procedures (pursuant to Rule 13a-15(b) of the Exchange Act) as of June 30, 2026, have concluded that IDACORP’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) are effective as of that date.

Idaho Power: The Chief Executive Officer and the Chief Financial Officer of Idaho Power, based on their evaluation of Idaho Power’s disclosure controls and procedures (pursuant to Rule 13a-15(b) of the Exchange Act) as of June 30, 2026, have concluded that Idaho Power’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) are effective as of that date.

Changes in Internal Control over Financial Reporting

There have been no changes in IDACORP's or Idaho Power's internal control over financial reporting during the quarter ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, IDACORP's or Idaho Power's internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Refer to Note 9 – “Contingencies” to the condensed consolidated financial statements included in this report. SEC regulations require IDACORP and Idaho Power to disclose certain information about proceedings arising under federal, state or local environmental provisions if the companies reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, the companies use a threshold of $1 million or more for purposes of determining whether disclosure of any such proceedings is required.

ITEM 1A. RISK FACTORS

The factors discussed in Part I - Item 1A - "Risk Factors" in the 2025 Annual Report, could materially affect IDACORP’s and Idaho Power's business, financial condition, or future results. In addition to those risk factors and other risks discussed in this report, see "Cautionary Note Regarding Forward-Looking Statements" in this report for additional factors that could have a significant impact on IDACORP's or Idaho Power's operations, results of operations, or financial condition and could cause actual results to differ materially from those anticipated in forward-looking statements.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Restrictions on Dividends

See Note 6 - "Common Stock" to the condensed consolidated financial statements included in this report for a description of restrictions on IDACORP's and Idaho Power's payment of dividends.

Issuer Purchases of Equity Securities

IDACORP did not repurchase any shares of its common stock during the quarter ended June 30, 2026.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104) is included in Exhibit 95.1 of this report, which is incorporated herein by reference.

ITEM 5. OTHER INFORMATION

During the quarter ended June 30, 2026, none of IDACORP's or Idaho Power's directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

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ITEM 6. EXHIBITS

The following exhibits are filed or furnished, as applicable, with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026:

Incorporated by Reference

Exhibit No.

Exhibit Description

Form

File No.

Exhibit No.

Date

Included Herewith

10.11

Ninth Amendment to the Idaho Power Company Employee Savings Plan

10.2

Equity Distribution Agreement, dated May 15, 2026

8-K

1-14465

1.1

5/15/2026

10.3

Form of Master Forward Sale Confirmation

8-K

1-14465

1.2

5/15/2026

15.1

Letter Re: Unaudited Interim Financial Information

15.2

Letter Re: Unaudited Interim Financial Information

31.1

Certification of IDACORP, Inc. Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of IDACORP, Inc. Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.3

Certification of Idaho Power Company Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.4

Certification of Idaho Power Company Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of IDACORP, Inc. Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Certification of IDACORP, Inc. Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.3

Certification of Idaho Power Company Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.4

Certification of Idaho Power Company Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

95.1

Mine Safety Disclosures

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

104

Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.)

(1) Management contract or compensatory plan or arrangement

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.


		IDACORP, INC.
		(Registrant)



Date:	July 30, 2026	By:	/s/ Lisa A. Grow
			Lisa A. Grow
			President and Chief Executive Officer

Date:	July 30, 2026	By:	/s/ Brian R. Buckham
			Brian R. Buckham
			Executive Vice President, Chief Financial Officer, and Treasurer






		IDAHO POWER COMPANY
		(Registrant)



Date:	July 30, 2026	By:	/s/ Lisa A. Grow
			Lisa A. Grow
			President and Chief Executive Officer

Date:	July 30, 2026	By:	/s/ Brian R. Buckham
			Brian R. Buckham
			Executive Vice President, Chief Financial Officer, and Treasurer