IDACORP, Inc.

IDACORP website. During the presentation, please press star zero on your phone. I will now turn the call over to Amy Shaw, Vice President of Finance, Compliance, and Risk.

Thank you. Good afternoon, everyone. We appreciate you joining our call. The slides we'll reference during today's call are available on IDACORP's website. As noted on slide two, our discussion today includes forward-looking statements, including earnings guidance, spending forecasts, financing plans, regulatory plans and actions, and estimates and assumptions that reflect our current views on what the future holds, all of which are subject to risks and uncertainties. These risks and uncertainties may cause actual results to differ materially from statements made today, and we caution against placing undue reliance on any forward-looking statements. We've included our cautionary note on forward-looking statements and various risk factors in more detail for your review in our filings with the Securities and Exchange Commission. As shown on slide three, also presenting today, we have Lisa Grove, President and CEO, Brian Buckham, SVP, CFO and Treasurer, and John Wunderlich, Investor Relations Manager. Slide four has a summary of our third quarter results. Idaho Corp's diluted earnings per share were 226 compared with 212 for last year's third quarter. In the third quarter of this year, Idaho Power reported 2.5 million of additional tax credit amortization under the Idaho regulatory mechanism, which is the same amount Idaho Power recorded in the third quarter of last year. For the first three quarters of 2025, diluted earnings per share were 513 versus 482 for the first three quarters of 2024. Those results include additional tax credit amortization of $39 million in the first three quarters of 2025 compared to $22.5 million in the first three quarters of last year. For our guidance, we're raising our full year IdaCorp diluted earnings per share guidance range for the second time this year. Our new expected range is 580 to 590 per diluted share. Our current expectation is that Idaho Power will use between 50 and $60 million of additional tax credit amortization for the full year, a reduction from our estimate last quarter. So we were able to increase our earnings per share estimate for the year while decreasing our estimate of additional ADITC amortization which is reflective of our strong operational performance this year. These estimates assume historically normal weather conditions and normal power supply expenses for the fourth quarter. Now I'll turn the call over to Lisa.

Thanks, Amy, and thanks to everyone for joining us on the call. Let's start with a look at customer growth and economic expansion. As you can see on slide five, our customer base has grown 2.3% since last year's third quarter, including 2.5% for residential customers. We continue to see robust activity across several sectors, including manufacturing, food processing, distribution, warehousing, and technology. Micron's 2FAB projects remain a cornerstone of our industrial engagement. The 2FAB expansion represents the largest private capital investment in Idaho's history and underscores our region's growing prominence in advanced manufacturing and technology. In parallel, we're actively engaging with several Micron suppliers planning to establish operations in the Treasure Valley. Perpetual Resources, another new large customer, recently achieved a significant milestone in its mining project by transitioning from permitting to development. The project broke ground earlier this month, marking a new phase in Idaho's mining sector. We're also seeing increased momentum in agricultural related projects in the southern part of our service area. These include cross-vent barns, rotary milking parlors, and biodigesters that will contribute to load growth while supporting energy production through renewable natural gas. Our new large load pipeline remains very robust. As we've previously communicated, our load forecasting methodology remains conservative and disciplined. We don't include new large projects in our forecast until contracts for the procurement and construction are executed, which occurs after we've identified how to serve the customer. This approach ensures that only viable projects are reflected in our projections. Now, the laws of physics are unyielding, so we are working hard on creative options to serve these new large loads while ensuring the system remains reliable and affordable. As we work with these new loads, I want to emphasize Idaho Power's continued commitment to customer affordability. We work hard to keep our prices among the most affordable in the country, and according to national data compiled by the Edison Electric Institute, Idaho Power's customers' bills remain 20 to 30 percent lower than the national average. We strive to achieve a thoughtful balance between growth and affordability, in part through the design of pricing and contractual provisions for new large load customers, guided by a longstanding growth pays for growth philosophy. As shown on slide six, our residential customer rate increases since 2014 are much lower than the national average and the steep increase in consumer price index in recent years. Shifting gears and turning to slide seven, we remain full speed ahead as we execute on key projects. Most notably, work is progressing quickly on the Boardman to Hemingway Transmission Line project. Several towers for that project are now complete. We're thrilled to have steel on the ground on this key resource for helping us access reliable, affordable energy in the Northwest. We continue working through the regulatory and permitting processes on the Gateway West and Swift North transmission lines, and we look forward to moving both of those projects into the construction phase, hopefully soon. as they are necessary resources. As I touched on during the last call, recent policy changes impacted the permitting of the 600 megawatt Jackalope wind project that we plan to have in service by 2027. As a result, we terminated the agreements we had for that project, both the ownership and the power purchase components. With the wind project agreements terminated, we're busy identifying power supply solutions to meet future load growth. These solutions could include short-term market purchases, natural gas projects, and potentially additional solar and battery storage resources. We're in a continuous state of planning and execution to affordably serve the growing demand with a reliable mix of generation resources. As described in our IRP, natural gas resources are a good operational fit for our system, as well as a least cost, least risk resource. Idaho Power is planning a 167 megawatt expansion of the Bennett Mountain gas-fired power plant, which will help serve load during peak times. In September, we received a pre-permit to construct from the Idaho Department of Environmental Quality, which allows construction to begin. We've also submitted a certificate of public convenience and necessity for the project to the Idaho Commission. If approved, we expect to begin construction in the spring of 2026 and bring the project online in 2028. As you can see on slide eight, there's lots of work going on in the RFP space and lots more to come. The Bennett project is an important step in helping to solve our future power supply needs. We're continuing to work through the resource selection process and we anticipate being able to provide some updates on additional selected generation projects on our year-end call, if not sooner. The next two slides highlight the news in our pending Idaho general rate case. We recently reached a settlement with new rates designed to increase annual revenues by $110 million, or 7.48%, effective January 1. Additional details of the rate case settlement include a 9.6% ROE, a 7.41% overall rate of return, and a $4.9 billion Idaho jurisdictional rate base, excluding coal plants that are under separate mechanisms. There were no capital disallowances in the settlement. Our ADITC mechanism remains in place with a $55 million annual cap for 2026 and thereafter. Also, all existing ADIPCs not currently included in the mechanism and all investment tax credits generated through 2028 will be added to the mechanism. We view the settlement as a constructive outcome that helps us continue to safely, reliably, and affordably provide electric service to our growing service area. The settlement requires approval by the Idaho Public Utilities Commission. And based on prior cases, we expect the Commission will issue an order on the settlement sometime in December. Turning to slide 11, we filed our 2026 Idaho Wildfire Mitigation Plan with the Idaho Commission earlier this month. It's the first wildfire mitigation plan being filed pursuant to Idaho's new Wildfire Standard of Care Act, and it outlines our proposed methods of mitigating wildfire risk and hardening our system. As a reminder, the Wildfire Standard of Care Act was signed into law earlier this year. The law empowers the Idaho Commission to set clear and consistent expectations for utilities wildfire mitigation efforts. Under the law, stated generally, utilities are assumed to be acting without negligence if they follow a Commission-approved wildfire mitigation plan and provides up to six months for the Idaho Commission to review and approve the plan after it is filed. So with that, I will turn the presentation over to Brian for a financial update.