IDACORP Increases Common Stock Dividend 5.1%

IDACORP, Inc. (NYSE: IDA) announced today that its Board of Directors approved a 5.1% increase in the regular quarterly cash dividend on IDACORP’s common stock to $0.83 per share. At the new rate, the indicated dividend is $3.32 per share on an annual basis.

“IDACORP’s Board of Directors has approved a dividend increase every year since 2011, resulting in a cumulative dividend increase of 177% since 2011 and average annual dividend growth rate of 8.1%,” said Lisa Grow, IDACORP President and Chief Executive Officer. “We are pleased by our strong financial and operational performance that allowed for these increases, all while Idaho Power customers continue to benefit from some of the lowest energy prices in the nation.

“Management plans to recommend to the Board of Directors future annual increases in the dividend of around 5% and remains focused on moving over time toward the higher end of our target payout ratio of 60% to 70% of sustainable IDACORP earnings.”

The actual declaration of dividend payments and the approval of management’s recommendations are at the discretion of the Board of Directors. In determining future dividend actions, the Board of Directors will continue to consider factors such as projected capital requirements, the company’s liquidity position and overall financial condition, the competitiveness of the dividend yield, economic conditions, impacts to credit ratings, and other factors. The dividend declaration, ex-dividend, record, and payable dates will be announced during the fourth quarter of 2023.

Background Information

IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power, headquartered in vibrant and fast-growing Boise, Idaho, has been a locally operated energy company since 1916. Today, it serves a 24,000-square-mile service area in Idaho and Oregon. Idaho Power’s goal to provide 100% clean energy by 2045 builds on its long history as a clean-energy leader that provides reliable service at affordable prices. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power’s residential, business, and agricultural customers pay among the nation's lowest prices for electricity. It’s 2,000 employees proudly serve more than 620,000 customers with a culture of safety first, integrity always, and respect for all. To learn more about IDACORP or Idaho Power, visit www.idacorpinc.com or www.idahopower.com.