EEI Financial Conference Analyst Information

EEI Financial Conference Analyst Information Lake Buena Vista, FL November 5-8, 2017

Forward-Looking Statements In addition to the historical information contained in this presentation, this presentation contains (and oral communications made by IDACORP, Inc. and Idaho Power Company may contain) statements, including, without limitation, earnings guidance, that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, outlook, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "continues," "estimates," "expects," "guidance," "intends, potential, "plans," "predicts," "projects, "targets," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may differ materially from the results discussed in the statements. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include the following: (a) the effect of decisions by state public utility commissions and federal regulators affecting Idaho Power's ability to recover costs and earn a return; (b) the expense and risk of capital expenditures for infrastructure and ability to recover such costs; (c) changes in customer growth rates, loss of significant customers, and related changes in loads; (d) the impacts of changes in economic conditions, including on customer demand; (e) unseasonable or severe weather conditions, wildfires, droughts, and other natural phenomena; (f) advancement of technologies that reduce customer demand; (g) adoption of or changes in, and costs of compliance with, laws, orders and regulations, and related litigation or proceedings, including those relating to the environment; (h) variable hydrological conditions and over-appropriation of surface and groundwater and the impact on generation from hydroelectric facilities; (i) the ability to acquire fuel and power from suppliers on reasonable terms; (j) accidents, fires, explosions, and mechanical breakdowns, and disruptions and outages of generation and transmission systems or the western interconnected transmission system; (k) costs and operational challenges of integrating an increasing volume of mandated purchased intermittent power; (l) disruptions or outages of Idaho Power s generation or transmission systems or of any interconnected transmission system;(m) the ability to obtain debt and equity financing when necessary and on reasonable terms; (n) reductions in credit ratings and potential reduction in liquidity; (o) the ability to buy and sell power, transmission capacity, and fuel in the markets and the availability to enter into, and success or failure of, financial and physical commodity hedges; (p) the magnitude of future benefit plan funding obligations; (q) the ability to continue to pay dividends, and contractual and regulatory restrictions on those dividends; (r) changes in tax laws and the availability of tax credits; (s) employee workforce factors, including potential unionization of the companies' workforce and the impacts of an aging workforce; (t) the failure to comply with state and federal laws, regulations, and orders; (u) the inability to obtain or cost of obtaining and complying with government permits and approvals; (v) the cost and outcome of litigation, dispute resolution and regulatory proceedings; (w) the failure of information systems or technology solutions or the failure to secure information system data, failure to comply with privacy laws, security breaches, or the effect on the companies from cyber-attacks, terrorist incidents, or the threat of terrorist incidents, and acts of war; (x) unusual or unanticipated changes in normal business operations, including unusual maintenance or repairs; and (y) adoption of or changes in accounting policies, principles, or estimates. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Readers should also review the risks and uncertainties listed in IDACORP, Inc.'s and Idaho Power Company's most recent Annual Report on Form 10-K and other reports the companies file with the U.S. Securities and Exchange Commission, including (but not limited to) Part I, Item 1A - Risk Factors in the Form 10-K and Management's Discussion and Analysis of Financial Condition and Results of Operations and the risks described therein from time to time. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.

Table of Contents IDACORP at a Glance 1 IDACORP s Business Strategy 2 Economic Growth 3 Economic Recognition 4 Sustainable Cost Control 5 Historical Earnings Guidance vs. Actual EPS 6 Return on Year-End Equity 7 Common Stock Dividends 8 ADITC Earnings Support/Revenue Sharing Mechanism 9-10 Key Operating & Financial Metrics 2017 11 Residential & Industrial Rates 12 Project & Regulatory Updates 13 Why Invest in IDACORP? 14 Appendix Idaho Power Service Area A-1 Regulatory Commissioners A-2 Capital Expenditures Forecast 2017-2021 A-3 Cash Flows & Liquidity A-4 Debt Maturity Profile A-5 Integrated Resource Plan 2017 A-6 Average System Load & Capacity Forecast A-7 2017 Summer Peak Load and Resources A-8 Contracted Renewable Energy Projects A-9 Corporate Excellence A-10 Environmental Responsibility A-11 Hells Canyon Relicensing A-12 Boardman to Hemingway 500 kv Line A-13 Gateway West 500 kv Line A-14 Western Energy Imbalance Market A-15 Weather Outlook A-16 Culture of Safety A-17

IDACORP at a Glance Idaho Power Company Quick Facts: Vertically integrated energy company encompassing generation, transmission, and distribution ~542,000 general business customers 59 percent of Idaho residents, 71 cities; 9 cities in Oregon IDACORP Financial Snapshot (1) : Revenue: $1.3 billion Diluted earnings per share: $3.94 Dividends per share: $2.36 Return on Year-end Equity: 9.2% Net Utility Plant Assets, Idaho Power: $4.2 billion Listed: NYSE (IDA) ~24,000 square mile service area Revenues by Customer Class (2016) Industrial 16% Irrigation 14% Commercial 26% Residential 44% 1 (1) As of and for the year ended 12/31/2016, except for dividends per share, which are annualized as of September 2017.

IDACORP s Business Strategy IDACORP s business strategy emphasizes Idaho Power s operations as its core business, focusing on: Growing Revenue Improving Core Business Enhancing the Brand 2 Mission Prosper by providing reliable, responsible, fair-priced energy services, today and tomorrow. Vision To be regarded as an exceptional, independent, integrated electric utility. Darrel Anderson, CEO and Steve Keen, CFO

Economic Growth Boise Jerome Pocatello J.R. Simplot Co. Headquarters, Boise, ID Idaho Power Customer Growth 545,000 535,000 525,000 515,000 505,000 1.1% Twin Falls 1.5% Burley 1.4% 1.8% 1.8% McCain Foods Facility, Burley, ID 3 Hilex Poly Co. Facility, Jerome, ID 495,000 2013 2014 2015 2016 Twelve Months Ended 9/30/2017 Clif Bar Facility, Twin Falls, ID

Economic Recognition Idaho No. 1 Top Performing Economy Unemployment in Idaho at 2.8 percent Bloomberg, August 2017 Idaho Department of Labor, September 2017 Forecasted 30% increase in housing starts America s 10 cheapest states to live in 2017 Moody s Analytics, July 2017 CNBC, July 2017 Treasure Valley No. 5, Where to Find the Outdoors in Town Marmot, September 2017 No. 8, Best State Capitals to Live In 2017 SmartAsset.com, September 2017 No. 6, Best Run Cities in America WalletHub, July 2017 8 American Cities to Visit Before Too Popular Thrillist, May 2017 Boise, Idaho 4

Sustainable Cost Control 2013-2017 O&M Expenses ($ Millions) Other Operating and Maintenance Expenses November 2, 2017 $400 Guidance $345 $355 $350 $348.9 $354.6 $342.1 $351.9 $300 $250 $200 $150 $100 $50 $0 2013 2014 2015 2016 2017 5

Achieving Financial Targets 2010 2017 Historic EPS Mid-Point vs. Actuals* $4.00 $3.80 $3.60 Mid-Point of Opening Guidance Actual Diluted EPS $3.64 $3.85 $3.87 $3.73 $3.88 $3.94 $3.98 $3.40 $3.43 (1) $3.46(1) $3.48 $3.20 $3.28 $3.00 $2.80 $3.00 (1) $2.88 $3.08 $2.60 $2.73 $2.40 $2.20 6 $2.00 2010 2011 2012 2013 2014 2015 2016 2017 * Represents the mid-point of IDACORP s opening EPS guidance based on normal weather & water conditions. (1) 2010-2012 data adjusted for effect of a change in accounting method for IDACORP Financial Services affordable housing investment amortization.

Achieving Financial Targets Return on Year-End Equity IDACORP 12% Return on Equity 10% 8% 9.9% (1) 9.9% 9.9% 9.5% 9.2% 9.2% 6% 4% 2% 0% 2012 2013 2014 2015 2016 12 mos. ended 9/30/2017 7 (1) 2012 data adjusted for effect of a change in accounting method for IDACORP Financial Services affordable housing investment amortization. Langley Gulch Plant, Idaho

Common Stock Dividend Growth IDACORP s Board of Directors has approved a dividend increase every year from 2012 forward. Cumulatively, these changes represent an increase of 97 percent in IDACORP s quarterly dividend. As customer and earnings growth has continued, we have also been able to grow our dividend payments to shareholders. IDACORP remains committed to a target dividend payout ratio of between 50 and 60 percent of sustainable IDACORP earnings, and management anticipates recommending to the Board of Directors future annual increases of 5 percent or more to remain near the upper end of the target payout range. Darrel T. Anderson, IDACORP President and Chief Executive Officer September 22, 2017 $1.52 $1.72 $1.88 $2.04 $2.20 $2.36 (1) $1.20 $1.32 $0.30 $0.33 $0.38 $0.43 $0.47 $0.51 $0.55 $0.59 (1) Q4 2011 Q1 2012 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2011 Q1 2012 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 8 Quarterly Dividend Per Share Annualized Dividend Per Share (1) As announced Sept. 22, 2017. See IDACORP s most recent Annual Report on Form 10-K for a discussion of factors that may affect dividends.

Regulatory Environment ADITC Earnings Support/Revenue Sharing Mechanism Available Through 2019 (1) Earnings Support Line 9.5% 9.3% 9.1% 8.9% 8.7% If Idaho ROE < 9.5% Ability to utilize up to $25 million of additional ADITCs annually to achieve Idaho ROE of 9.5% (2) As of November 2, 2017 Idaho Power has utilized $0 of $45 million available through the end of 2019. 8.5% 8.3% (1) As approved by the Idaho Public Utilities Commission on October 9, 2014, Order No. 33149. Mechanism survives a general rate case. 9 (2) As of November 2, 2017, Idaho Power expects to use no additional accumulated deferred investment tax credits (ADITC s) in 2017. Idaho Power has the ability to use a total of $45 million of additional ADITCs through the end of 2019. Return on year-end Equity in the Idaho jurisdiction (Idaho ROE). Implied to be 10.0% in the last general rate case.

Regulatory Environment ADITC Earnings Support/Revenue Sharing Mechanism Available Through 2019 (1) Revenue Sharing: Customer Benefit per $1: Idaho Power Benefit per $1: If Idaho ROE (2) > 10% Future rate reduction Earnings Benefit If Idaho ROE > 10.5% Future rate reduction Earnings Benefit Pension obligation reduction $121.2 million shared with Idaho customers since 2009, including $68.1 million reduction in customer pension obligations. (1) As approved by the Idaho Public Utilities Commission on October 9, 2014, Order No. 33149. Mechanism does not require a rate case stay out provision. (2) Return on year-end Equity in the Idaho jurisdiction (Idaho ROE). Implied to be 10.0% in the last general rate case. 10

11 Key Financial & Operating Metrics and 2017 Earnings Per Share Guidance (Millions Except for Per Share Amounts) 2017 Estimates Current (1) Previous (2) 2016 Actual IDACORP Earnings Per Share Guidance (3) $4.05 $4.15 $ 3.95 $ 4.05 $ 3.94 Idaho Power Operating & Maintenance Expense No Change $ 345 $ 355 $ 352 Idaho Power Additional Amortization of ADITC No Change None None Idaho Power Capital Expenditures Excluding AFUDC No Change $ 290 $ 300 $ 287 Idaho Power Hydroelectric Generation (MWhs) 8.5 9.0 8.5 9.5 6.4 (1) As of November 2, 2017. (2) As of August 3, 2017, the date of filing IDACORP s and Idaho Power s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017. (3) The 2017 guidance incorporates all of the key financial and operating assumptions listed below.

Regulatory Environment Collecting Costs and Earning a Return While Maintaining Fair Rates for Customers Residential and Industrial Summer Average Rates (cents / kilowatt-hour) $0.14 Residential $0.08 Industrial $0.12 $0.07 $0.10 $0.06 $0.08 $0.05 $0.06 $0.04 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Idaho Power National Average (1) (1) Idaho Power National Average 12 (1) Edison Electric Institute Typical Bills and Average Rates Report 12 Months Ending 6/30/2017

Project & Regulatory Updates 500 kv Transmission Line Updates Gateway West Expected ROD 2018 Boardman-to-Hemingway Expected ROD 2017 Hells Canyon Prudency Filing Settlement Discussions Ongoing Scheduled Through Feb. 2018 North Valmy Power Plant Depreciable Life Acceleration & Depreciation Rate Adjustment Filings Settlements Reached Jun. 2017 in Idaho and Oregon 2017 Integrated Resource Plan Filed with IPUC and OPUC, June 2017 500 kv Transmission Line Updates Hells Canyon Dam, Idaho and Oregon border 13 North Valmy Power Plant, Near Battle Mountain, Nevada 2017 Integrated Resource Plan

Why Invest in IDACORP? Low Cost Hydroelectric Generation Common Stock Dividend Growth Constructive Regulatory Environment Strong Financial Position Economic Growth Social and Environmental Responsibility Achieving Financial Targets Succession Planning 14 Sustainable Cost Control Hells Canyon Dam, Idaho and Oregon Border Hells Canyon Dam, Idaho and Oregon Border STRONG FOUNDATION Culture of Integrity And Safety

Appendix

Idaho Power Service Area Exceptional, Independent, Integrated A-1

Regulatory Commissioners Idaho Oregon Commissioner Political Party Affiliation Commissioner Political Party Affiliation Eric Anderson Republican Stephen Bloom Republican Paul Kjellander Republican Lisa Hardie Democrat Kristine Raper Democrat Megan Decker Democrat Appointed to Staggered 6-Year Terms Appointed to Staggered 4-Year Terms A-2

Achieving Financial Targets Capital Expenditures Forecast* 2017 2021 ($ Millions) Expected Capital Expenditures (excluding allowance for funds used during construction (AFUDC)) 2017 2018 2019 2021 $ 290 300 $ 285 295 $ 900 950 Examples of Infrastructure Projects ($ annually, except as noted) Transmission-Related not including Boardman-Hemingway (B2H)/Gateway West (GWW) ($35-65) Reconstruction of Distribution Lines ($75-95) Ongoing Coal and Natural Gas Plant Improvement Programs ($25-45) Hydroelectric Plant Improvement Programs ($45-65) General Plant Improvements IT, Facilities, Fleet Vehicles ($45-65) B2H and GWW 500kV Projects ($80, 2019-2021) Hells Canyon Complex Relicensing, including AFUDC ($25-35) A-3 * As of November 2, 2017

Strong Financial Position Operating Cash Flows ($ Millions) IDACORP 2013 2014 2015 2016 Liquidity As of September 30, 2017 ($ Millions) (1) Holding company only. IDACORP (1) Revolving Credit Facility Expires November 2021 $ 100.0 $ 300.0 Commercial Paper Outstanding (2.4) Idaho Power Identified for Other Use (2) (24.2) Total $ 97.6 $ 275.8 12 months ended 9/30/2017 Net cash provided by operating activities $ 305.5 $ 364.3 $ 353.2 $ 347.7 $ 421.1 A-4 (2) Port of Morrow and American Falls Bonds that Idaho Power could be required to purchase prior to maturity under the optional or mandatory purchase provisions of the bonds, if the remarketing agent for the bonds is unable to sell the bonds to third parties.

Strong Financial Position Debt Maturity Profile ($ Millions) Long-term Issuer Rating Moody s Baa1 S&P BBB Short-term P-2 A-2 Outlook Stable Stable $230 $240 No Near-Term Refinancing Pressure $130 Manageable refinancing needs and windows of opportunity $140 $105 $250 A-5 $55 $116 $100 $120 $100 $100 $100 $75 $75 $70 $75 $75 $50 $50 $60 $20 $4 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046

Integrated Resource Plan 2017 IRP Filed June 2017 2017 Preferred Portfolio* Date Resource Peak-Hour Capacity 2019 Retire North Valmy Unit 1 (131) MW 2020 Retire Boardman (64.2) MW 2025 Retire North Valmy Unit 2 (131) MW 2026 Boardman to Hemingway (B2H) 500 MW 2028 Retire Jim Bridger Unit 2 (192.6) MW 2031 Reciprocating Engines 36 MW 2032 Reciprocating Engines 36 MW 2032 Retire Jim Bridger Unit 1 (192.6) MW 2033 Combined Cycle Combustion Turbine (CCCT) 300 MW 2035 Reciprocating Engines 54 MW 2036 Reciprocating Engines 54 MW A-6 *Action items and timing are subject to a number of assumptions and uncertainties described in the Integrated Resource Plan.

Forecasted Average System Load and Resource Capacity (MW)* 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Total Loads Total Resources A-7 * 2017-2021 Forecasted Average System Load and Resource Capacity information included in the 2017 IRP is subject to change.

Hourly MW 2017 Summer Peak Load and Resources July 7, 2017 3,422 MW 4,000 3,500 3,000 2,500 2,000 System Peak July 7, 2017 16:00 3,422 MW Hydro Langley SCCT Purchased 1,500 1,000 Coal 500 0 Wind Solar A-8 WIND SOLAR COAL HYDRO LANGLEY SCCT PURCHASED JULY 7, 2017 SYSTEM PEAK Note: Each resource represents the incremental addition provided to reach the total demand for the system.

Renewable Energy Projects Under Contract As of September 30, 2017 A-9 Resource Type Cogeneration and Small Power Producers (CSPP): Total on-line (MW) Under contract but not yet online (MW) Total projects under contract (MW) Began operating during 2017 (MW) Wind 627 627 50 Solar 290 23 313 120 Hydroelectric 147 8 155 Other 50 5 55 Total CSPP 1,114 36 1,150 170 Non-CSPP: Wind 101 101 Geothermal 35 35 Total non-cspp 136 136

Millions of Tons Corporate Excellence Idaho named Most Improved for Energy Efficiency in 2017 scorecard rankings. Scorecard indicated that Idaho Utilities continued to increase electricity savings to levels well above the national average this year, with a significant increase in funding and outreach to attract customers. Idaho Power s service area represents 59 percent of Idaho residents. IDACORP s 2016 Sustainability Report CO 2 Emissions from Idaho Power-Owned Generation 25.00 20.00 15.00 10.00 5.00 0.00 Balanced and responsible management Operational excellence Environmental stewardship Engaged, empowered workforce Strong community partnerships A-10

MWh (millions) Environmental Responsibility Generation & Power Delivery CNBC ranked Idaho as No. 1 state for green energy, with 78.65% of total electricity generation from renewable sources (July 2017) 9 Idaho Power Coal-fired Generation *Of the purchased power, about a third, or 9 percent of the total delivered energy, was from the wholesale electric market. The remaining purchased power was from long-term energy contracts primarily from wind, hydro, geothermal, biomass, and solar projects (in order of decreasing percentage). While Idaho Power enables the production from the projects, the company sells renewable energy credits associated with the production and does not represent the energy from these projects as energy delivered to customers. Renewables* Wind 0% Solar 0% Geothermal 0% Current Coal-fired Power Plant Status Boardman, Oregon: Ceasing coal-fired operations, Dec. 2020 North Valmy, Nevada: Settlement stipulation provides for a commitment to explore ceasing coal-fired operations of Unit 1, 2019 and Unit 2, 2025 Jim Bridger, Wyoming: IRP Preferred Portfolio assumes retirement of Units 1 (2032) and 2 (2028) A-11 7 44% 5 3 Shoshone Falls Dam, Central Idaho 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Hells Canyon Relicensing Application for Renewal of Federal License A-12 Three-dam complex on the Snake River, along Idaho and Oregon border Original license expired, 2005 Annual license renewal since original expiration Application for prudency review of $220 million of costs through December 2015; settlement discussions ongoing, application scheduled through February 2018 Currently collecting $10.7 million of AFUDC annually as deferred revenues Portions of final EIS may be influenced by water quality certifications under Section 401 (CWA) Fish passage impasse between Idaho and Oregon At Idaho and Oregon s request, Idaho Power recently withdrew and refiled Section 401 application; allowing states more time to resolve differences New license estimate: no earlier than 2021 Hells Canyon Reservoir, Idaho and Oregon Border

Boardman to Hemingway 500kV Transmission Line Project Joint funding agreement January 2012 for project permitting costs Idaho Power - 21% BPA - 24% PacifiCorp 55% 300 mile, 500-kV transmission line In-service date in 2024 or beyond Capacity: 1,000 MW east to west 1,050 MW west to east Total project cost estimated between approximately $1 billion and $1.2 billion, including AFUDC Idaho Power s estimated cost of permitting phase is $44 million, including AFUDC Identified as a BPA Top Priority for 2013 and beyond BLM s schedule provides for the issuance of a record of decision in 2017; a final EIS was issued in November 2016 A-13 Oregon Detail Area

Gateway West 500kV Transmission Line Project A joint project between Idaho Power and PacifiCorp Total cost for Idaho Power s share of project between $200 million and $400 million, including AFUDC Idaho Power s estimated cost of permitting phase is approximately $60 million, including AFUDC Record of decision issued in November 2013 (Excluding segments 8 & 9) A-14 BLM published supplemental EIS on October 7, 2016 Congressional legislation for Morley Nelson Snake River Birds of Prey Rights of Way, May 2017 BLM right-of-way grant for remainder of segments 8 and 9 expected in 2018

Western Energy Imbalance Market (EIM) Idaho Power expects to begin participating in 2018 Received order from the Idaho Public Utilities Commission in January 2017 allowing for deferral and recovery of related costs Filed for cost recovery in Oregon, preparing to file in Idaho EIM automatically balances supply and demand of electricity Results in economic savings using most As of October 2017 competitive energy resource A-15

Weather Outlook November 2017 Through January 2018 A-16 Source: NOAA, National Oceanic Atmospheric Administration, U.S. Dept of Commerce, September 21, 2017

Culture of Safety A-17

WWW.IDAHOPOWER.COM For Additional Information Darrel T. Anderson President & Chief Executive Officer (208) 388-2650 DAnderson@idahopower.com Steven R. Keen Senior Vice President, Chief Financial Officer & Treasurer (208) 388-2600 SKeen@idahopower.com Ken W. Petersen Vice President, Controller, & Chief Accounting Officer (208) 388-2761 KPetersen@idahopower.com Justin S. Forsberg Director of Investor Relations (208) 388-2728 JForsberg@idacorpinc.com WWW.IDACORPINC.COM