IDACORP : 2024 Annual Corporate Responsibility Report (includes EEI ESG, SASB information)

Published: 2025-05-13 08:23:10 ET IDA

Published on 05/13/2025 at 08:23

SAFETY

FIRST

INTEGRITY

ALWAYS

RESPECT

FOR ALL

CORPORATE

RESPONSIBILITY

R2E0PO2R4T

‌Contents

Who We Are 3

From Our CEO & Chair 4

Responsible Governance 6

Who We Are

Idaho Power - the principal operating subsidiary of IDACORP, Inc. - is a locally operated energy company serving over 650,000 customers across southern Idaho and eastern Oregon. Idaho Power is headquartered in fast-growing Boise, Idaho, with over 2,100 employees dedicated to serving the company's purpose and upholding its core values.

Purpose

We are passionate about safely powering lives with reliable, affordable, clean* energy, while developing innovative solutions every day. Serving those who depend on us is at the center of everything we do. We all prosper by committing to the needs, safety, and success of our customers, communities, employees, and owners.

Core Values

FORWARD-LOOKING STATEMENTS

This report contains "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are all statements other than statements of historical fact, including, without limitation, those identified

Safety First

We are committed to the safety of our employees, our customers, and the communities we serve.

Integrity Always

Customers, owners, and employees can count on us to be fair and ethical.

Respect for All

We treat our customers, partners, employees, and the environment with care and dignity.

by the use of words such as "anticipates," "expects," "believes," or similar expressions. Forward-looking statements should be read with the cautionary statements included in

Our Corporate Responsibility Strategy

IDACORP's Form 10-K for the year that ended Dec. 31, 2024, including in Part 1, Item 1A - "Risk Factors" in that report, and in other reports filed by IDACORP and Idaho Power with the Securities and Exchange Commission (SEC).

RENEWABLE ENERGY CREDITS

This report references Idaho Power's sources of energy, which do not reflect energy delivered to customers for two reasons. First, we participate in the wholesale energy market and sell energy both to other utilities and retail customers.

Second, power from some renewable sources comes with a Renewable Energy Credit, or REC, which we sell to keep customer prices low.

IDACORP and Idaho Power plan and operate with corporate responsibility in mind, as part of their commitment to responsible fiduciary management that strengthens the company's financial position. We recognize our decisions and actions have impacts on our customers, employees, owners, communities, and the environment.

IDACORP considers and incorporates corporate responsibility action items across four critical success factors: keep employees safe and engaged, grow financial strength, improve the core business, and enhance the brand. In addition, IDACORP views its commitment to corporate responsibility as furthering the company's

business strategies to safely provide our customers with reliable, affordable, clean energy while promoting an inclusive workplace where all employees are valued and respected. We believe this commitment will also enhance long-term owner value and promote environmental and community stewardship.

Given that Idaho Power provides the vast majority of IDACORP's net income, this report will focus on the electric utility company's activity, performance, and results. However, our philosophical approach to business, corporate responsibility, and stewardship is consistent across all IDACORP subsidiaries.

*We define clean as non-carbon emitting at the point of electricity generation.

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Highlights

2024

‌Kept customers' lights on 99.96% of

the time

Achieved 17th straight year of earnings growth

Enacted our first public safety power shutoff in response to high fire risk

Gave over

$1.4 million in charitable contributions

Generated carbon-free energy for more than half of our energy supply

Converted two coal-fired generation units to natural gas

Appointed a new Board Chair to help guide our path forward

Brought almost 200 megawatts (MW) of clean resources online

Helped customers save 143,559 MWh through our energy efficiency programs

Renovated our flagship fish hatchery to continue rearing steelhead

Navigated two rate cases while keeping prices 20 to 30% below the national average

From Our CEO & Chair

Looking back on 2024, we have so much to be proud of. Our employees continued to meet every challenge with safety, integrity, and respect - our company's core values - resulting in another year of successfully delivering the reliable, affordable energy our customers and communities depend on.

At Idaho Power, we believe taking care of our people is at the core of caring for our business, and we are proud to report another impressive year for both employee safety and the health of the company.

Foremost among our successes was achieving our third safest year in company history. That means we had zero catastrophic injuries or fatalities, and all our employees were able to go home to their families at the end of every day. Last year, we looked closely at how to best reduce high-impact injuries, including implementing tools to identify more hazards and put controls in place to mitigate them. We will continue these efforts in 2025.

In 2024, our more than 2,100 employees kept customers' lights on 99.96% of the time while working to maintain the grid, restore power when needed, keep customers informed, improve the customer experience, and so much more. Throughout these efforts, we kept costs for

customers as low as possible, provided a reasonable return for investors, and recovered costs in a timely manner. We achieved our 17th straight year of earnings growth while managing to keep prices 20 to 30% below the national average. We are proud of our financial accomplishments and our dedication to keeping customer prices affordable.

We continued to adapt to challenging weather conditions. Extreme winds and dry conditions required us to execute our first ever public safety power shutoff event in July. Our employees worked to monitor conditions, patrol lines, restore power, and keep customers informed and prepared - all while putting the safety of our communities first.

While responding to the challenges of today, we are still actively planning for the growth and challenges of tomorrow. Our Integrated Resource Plan looks 20 years into the future and helps ensure we will have resources to meet customer demands while balancing reliability, cost, environmental responsibility, efficiency, and risk.

With growth in our service area still climbing, and more businesses choosing to expand in our area, our planning process is more critical than ever.

To meet growing demand, we plan to integrate transmission capacity with a variety of resources that support a diverse energy mix able to swiftly meet energy needs any time of the year. This past year, we installed utility-scale battery systems to enhance our ability to meet peak demands. In 2024, we also converted two of four coal-powered generation units at our Jim Bridger plant to natural gas, cutting carbon emissions from the converted units by approximately half. While we've established a long-term clean energy goal, we acknowledge reliability and affordability are critical for our customers,

and technological advances in clean generation resources will be required to meet our goal.

We continue our dedication to our environmental stewardship programs. Last year, we fully renovated our flagship Oxbow fish hatchery, which rears millions of steelhead each year. We monitored the health of the Snake River through numerous stream gaging efforts, along with finishing a joint study on mercury levels in reservoirs. And for the benefit of recreational users, we renovated two popular boat launches to better adjust with water flows.

Our company and employees continue to dedicate time, resources, and financial support to local nonprofits that benefit the overall health of our communities. In 2024, we contributed over $1.4 million to local organizations and held two Power of Community volunteer days throughout our service area. We brought local leaders together to attend our popular Energy Academy, which for the first time was offered in both the spring and fall. We delivered one thousand community presentations on a variety of topics to audiences of all ages.

Our presence in our local communities keeps our connections strong and our dedication to service at the forefront of everything we do. Our mission to serve has never been more important, and we feel well positioned to continue fulfilling our mission with the aid of our experienced Board of Directors. The board's oversight helps ensure our operational success while mitigating risks on the energy landscape.

More information about our responsible corporate governance, along with our 2024 accomplishments

and endeavors, are detailed throughout the rest of this report. We welcome you to learn about what it means to be part of the Idaho Power family and to safely serve our customers with reliable, affordable, and increasingly clean energy.

Lisa Grow

President &

Chief Executive Officer

Dennis L. Johnson

Chair of the Board

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‌Responsible Governance

Our Board of Directors

From our core values to our daily work practices, we hold ourselves to high standards. These standards are set and supported by every level of leadership, with oversight by our experienced Board of Directors. We combine a strategic approach to ensuring efficient operations with a practical approach to mitigating risk, resulting in our company's continued success and trusted service.

This responsible governance translates to earnings growth for our investors, proactive response to changing environmental and regulatory conditions for our customers and maintaining a status as an employer of choice for our employees.

With a varied array of professional experience (see table below), our Board of Directors keeps the interests of our customers, employees, and owners at the core of its oversight of our company.

Board members are selected using the following practices to ensure we maintain a well-rounded, knowledgeable board.

Annually elect all directors.

Consider business and personal experience and attributes in our robust succession planning process and board member selection.

Maintain an independent chair and a majority of independent directors.

Hold regular board and committee executive sessions.

Require ownership of stock for directors and officers.

Prohibit hedging and pledging of company securities for directors and officers.

Require annual self-evaluations of the board and committees.

Require a majority vote resignation policy for directors in uncontested elections.

Maintain a compensation clawback policy.

Mandate continuing education for directors.

Adhere to a robust code of business conduct and ethics specific to directors.

In 2024, we were pleased to appoint Dennis L. Johnson as our new independent Board Chair, succeeding retiring Board Chair Richard Dahl.

Johnson has served on the Board of Directors for IDACORP and Idaho Power since 2013. He also serves as Chair of the Corporate Governance and Nominating Committee. Johnson has been a prominent member of the Treasure Valley business community for more than 40 years, serving as president, CEO, and a director of

United Heritage Mutual Holding Company from 2001 to 2020, and of United Heritage Financial Group and United Heritage Life Insurance Company from 1999 to 2020.

"We are thrilled to welcome Dennis L. Johnson as our new board chair. Dennis is an outstanding business leader with strong ties to Idaho Power's service area, and he has been a great asset to IDACORP's governance team for more than a decade. I know he will help us continue to grow and thrive as we build for the future."

-Lisa Grow

IDACORP also welcomed to the Board Scott Madison, retired Executive Vice President of Business Development and Gas Supply for the MDU Utilities Group. Madison brings deep knowledge of the public utility industry

and valuable insights into the natural gas industry. He also brings experience in the areas of business strategy, finance, team building, and customer service and has long-standing connections to our service area.

Two directors, Ron Jibson and Rick Navarro, have reached mandatory retirement age and will leave the board immediately before our May 15, 2025, annual shareholder meeting. Our new board nominee, Michael Kennedy, is expected to begin service upon his election as a director at the annual shareholder meeting.

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THINKING STRATEGICALLY

President and CEO Lisa Grow leads the company through today's challenges while also setting a vision for tomorrow.

She oversees a council of senior vice presidents and other company leaders who

meet weekly with vice presidents, senior

BOARD COMMITTEES

Board members serve on several committees dedicated to overseeing corporate responsibility, with the Corporate Governance and Nominating Committee overseeing board governance.

Audit Committee

Compensation and Human Corporate Governance and Resources Committee Executive Committee Nominating Committee

managers, and various business units on timely issues affecting the company.

This comprehensive approach helps guide a holistic and strategic plan for tackling issues and improving our business.

Code of Conduct/ Business Ethics

Compliance

Cyber and Physical Security

Environmental Risks

Crisis Response

Board Governance

Lobbying and Government Relations*

Political Contributions*

Employee Benefits

Executive Compensation

Labor Rights

Respectful Work Environment

Safety

Enterprise Risk Management (including wildfire mitigation)

Climate-Related Risks and Responsibilities

*Idaho Power routinely engages in public policy discussions, advocating for a variety of interests that affect costs to customers and owners; safety; reliability of service; and our responsibility to the environment, our employees, and our communities. Our voluntary, non-partisan employee political action committee

(IDA-PAC) participates in the political process through contributions to candidate campaigns, other political

action committees, and ballot measure campaigns in compliance with applicable laws. Those contributions are made in furtherance of the company's interests and without regard to the personal political preferences of our directors, executives, or employees. The Corporate Governance and Nominating Committee annually reviews all such activities.

BOARD EXPERIENCE OF DIRECTORS AND NOMINEES

Areas of Experience

Bolano

Elg

Grow

Jibson2

Johansen

Johnson

Jorgensen

Kennedy1

Madison

Morris

Navarro2

Peters

Senior Executive

Public Company Experience Operational

Banking & Finance Energy Utility

Food & Agribusiness Construction/Engineering Legal/Risk

Healthcare

IT/Security Environmental/Climate

X

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1 Service as a director is expected to begin upon election as a director in our May 15, 2025, annual shareholder meeting.

2 Service as a director concludes on May 15, 2025, immediately before our annual shareholder meeting.

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Disclaimer

Idacorp Inc. published this content on May 13, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2025 at 12:22 UTC.