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 as of 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 September 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.

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 September 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 September 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 September 30, 2026, and accordingly no impairment loss has been recognized for the three months and nine months ended September 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.


	September 30, 2026
Assets held for sale:
Current regulatory assets	$	2,514
Utility plant in service	164,692
Accumulated provision for depreciation	(48,248)
Construction work in progress	3,262
Regulatory assets	9,844
Total assets held for sale(1)	$	132,064

Liabilities held for sale:
Current regulatory liabilities	$	1,031
Regulatory liabilities	8,518
Total liabilities held for sale(1)	$	9,549

(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 September 30, 2026, as the sale is expected to be completed within 12 months.