IDACORP Increases Common Stock Dividend 5.6%

IDACORP, Inc. (NYSE: IDA) announced today that its Board of Directors approved a 5.6% increase in the regular quarterly cash dividend on IDACORP’s common stock to $0.75 per share. At the new rate, the indicated dividend is $3.00 per share on an annual basis.

“IDACORP’s Board of Directors has approved a dividend increase every year over the last decade, resulting in a cumulative average dividend growth rate of approximately 8.6%,” said Lisa Grow, IDACORP President and Chief Executive Officer. “These changes represent an overall increase of 150% in IDACORP’s quarterly dividend over that period. Our financial and operational performance have allowed us to increase the dividend to shareholders, all while Idaho Power customers continue to benefit from some of the lowest energy prices in the nation.

“At this time, management expects to recommend to the Board of Directors future annual increases in the dividend of 5% or more, with the intent of remaining within our target payout ratio of between 60 and 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 current and projected capital requirements, the company’s liquidity position and earnings, the competitiveness of the dividend yield, business cycles, credit rating impacts, legal requirements, long-term sustainability, and other factors. The dividend declaration, ex-dividend, record, and payable dates will be announced during the fourth quarter of 2021.

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 began operations in 1916 and employs approximately 2,000 people to serve a 24,000-square-mile service area in southern Idaho and eastern Oregon. Idaho Power’s goal of 100% clean energy by 2045 builds on its long history as a clean-energy leader providing reliable service at affordable prices. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power’s more than 590,000 residential, business, and agricultural customers pay among the nation's lowest prices for electricity. To learn more about IDACORP or Idaho Power, visit www.idacorpinc.com or www.idahopower.com.