IDACORP INC: Highlights From Our NDR

Research evidence excerpt

IDACORP INC: Highlights From Our NDR

Equity Research

North America Power & Utilities

15 May 2026

IDACORP INC

Highlights From Our NDR

We continue to feel good about Idacorp's industry-leading

growth opportunity. IDA stock trades in line with its fall 2023

peak valuation versus XLU peers (on two-year forward P/E), IDA OVERWEIGHT North America Power &

Utilitiesbut the company now has its best and accelerating growth POSITIVE

Price Target USD 167.00

prospects versus the group. Remain Overweight. Price (14-May-26) USD 142.49

Potential Upside/Downside +17.2%

Source: Bloomberg, Barclays Research

This week, we hosted a virtual NDR with Idacorp management. In attendance were CFO

Brian Buckham and IR Manager John Wonderlich. We met virtually with Australian investors.

Next rate case expected in 2027 and should be a modest revenue increase request given Michael Lonegan

large load revenues: Idacorp expects to file its next rate case by June 1 2027 for new rates +1 212 526 8462

January 1, 2028. The timing is in part being dictated by CWIP becoming eligible for rate base michael.lonegan1@barclays.com

treatment. Due to significant large load revenues anticipated, management does not expect a BCI, US

large revenue increase request in this next case. Nicholas Campanella

+1 212 526 6123

Large load opportunity is sizable enough that the constraint is how fast IDA can build its nicholas.campanella@barclays.com

system to accommodate it. Large load pipeline extends well into the 2030s, supporting growth BCI, US

sustainability.

Michael Brown

+1 212 526 4885Micron Fab 2 negotiations continue. After signed, the ESA approval process will be quicker

michael.brown3@barclays.com

than Fab 1's: The Idaho commission recently approved Idacorp's ESA as filed for Micron Fab 1, a

BCI, US