Exhibit 99.1

May 2, 2024

IDACORP, Inc. Announces First Quarter 2024 Results, Reaffirms 2024 Earnings Guidance

BOISE, Idaho--IDACORP, Inc. (NYSE: IDA) reported first quarter 2024 net income attributable to IDACORP of $48.2 million, or $0.95 per diluted share, compared with $56.1 million, or $1.11 per diluted share, in the first quarter of 2023.

“We ended the first quarter on plan, as we began to see the benefit of rate changes along with continued strong customer growth," said IDACORP President and Chief Executive Officer Lisa Grow. "These benefits were offset by lower usage per customer due to weather compared to last year’s record first quarter, and by higher depreciation and interest expense from our system investments.”

“We continue to work through the request for proposal process to ensure we have the resources we need to meet our rapid customer and load growth, which could lead to higher capital spending than previously projected,” Grow added.

IDACORP reaffirms its previously reported full-year 2024 earnings guidance to the range of $5.25 to $5.45 per diluted share, and the expectation that Idaho Power will use between $35 and $60 million of additional tax credits available under the Idaho earnings support regulatory mechanism in 2024. Approximately $25 million of those additional tax credits relate to expected amortization of incremental tax credits generated from Idaho Power's investment in 2023 battery storage projects, as contemplated in the settlement stipulation for Idaho Power's 2023 Idaho general rate case (2023 Settlement Stipulation) approved by the Idaho Public Utilities Commission in December 2023. The earnings guidance also assumes normal weather conditions and normal power supply expenses through the remainder of the year.

Summary of Financial Results

The following is a summary of net income attributable to IDACORP and IDACORP's earnings per diluted share for the three months ended March 31, 2024 and 2023 (in thousands, except earnings per share amounts):

	Three months ended March 31,
	2024		2023
Net income attributable to IDACORP, Inc.	$	48,173	$	56,098
Weighted average outstanding shares – diluted	50,792		50,723
IDACORP, Inc. earnings per diluted share	$	0.95	$	1.11

The table below provides a reconciliation of net income attributable to IDACORP for the three months ended March 31, 2024, from the same period in 2023 (items are in millions and are before related income tax impact unless otherwise noted).

	Three months ended
Net income attributable to IDACORP, Inc. - March 31, 2023		$	56.1
Increase (decrease) in Idaho Power net income:
Customer growth, net of associated power supply costs and power cost adjustment (PCA) mechanisms	4.7
Usage per retail customer, net of associated power supply costs and PCA mechanisms	(9.1)
Retail revenues per megawatt-hour (MWh), net of associated power supply costs, and PCA and Idaho fixed cost adjustment (FCA) mechanisms	4.5
Transmission wheeling-related revenues, net of PCA impacts	(2.8)
Other operations and maintenance (O&M) expenses	(13.8)
Depreciation expense	(8.6)
Other changes in operating revenues and expenses, net	5.9
Decrease in Idaho Power operating income	(19.2)
Non-operating expense, net	(1.8)
Additional accumulated deferred investment tax credits (ADITC) amortization	8.8
Income tax expense, excluding additional ADITC amortization	3.8
Total decrease in Idaho Power net income		(8.4)
Other IDACORP changes (net of tax)		0.5
Net income attributable to IDACORP, Inc. - March 31, 2024		$	48.2

IDACORP's net income decreased $7.9 million for the first quarter of 2024 compared with the first quarter of 2023 due primarily to lower net income at Idaho Power. At Idaho Power, customer growth increased operating income by $4.7 million in the first quarter of 2024 compared with the first quarter of 2023, as the number of Idaho Power customers grew by approximately 15,800, or 2.5 percent, during the twelve months ended March 31, 2024. The benefit from customer growth was more than offset by a decrease in usage per retail customer of $9.1 million in the first quarter of 2024 compared with the first quarter of 2023. While all retail customer classes saw a reduction in usage per customer, usage per residential customer decreased most significantly, as more moderate temperatures led residential customers to use less energy for heating purposes.

The net increase in retail revenues per MWh, net of associated power supply costs, and PCA and FCA mechanisms, increased operating income by $4.5 million in the first quarter of 2024 compared with the first quarter of 2023. This was due primarily to an overall increase in Idaho base rates, effective January 1, 2024, per the terms of the 2023 Settlement Stipulation.

Transmission wheeling-related revenues, net of PCA impacts, decreased $2.8 million during the first quarter of 2024 compared with the first quarter of 2023. Total revenues earned during the first quarter of 2024 increased 12 percent compared with the first quarter of 2023 due primarily to an increase in wheeling volumes; however, effective January 1, 2024, financial settlement of transmission line losses are subject to the PCA mechanism, as approved in the 2023 Settlement Stipulation, resulting in a smaller contribution to net income compared with the first quarter of 2023.

Total other O&M expenses increased $13.8 million in the first quarter of 2024 compared with the first quarter of 2023, primarily related to approximately $4 million of increased pension-related expenses and approximately $8 million of increase in wildfire mitigation program and related insurance expenses. Both of these increases in expenses are partially offset by increases in retail revenues, as more costs are now recovered in base rates pursuant to the 2023 Settlement Stipulation; however, revenues related to these increased costs are not collected at the same rate that the expenses are incurred in the interim periods throughout the year. Inflationary pressures on labor-related costs also contributed to the increase in other O&M expenses. On a full-year basis for 2024, Idaho Power expects other O&M expenses related to its employee pension plans and its wildfire mitigation program and related insurance to increase approximately

$18 million and $30 million, respectively, compared with 2023, as more costs are now recovered in base rates pursuant to the 2023 Settlement Stipulation.

Depreciation expense increased $8.6 million during the first quarter of 2024 compared to the first quarter of 2023, due primarily to an increase in plant-in-service.

Other changes in operating revenues and expenses, net, increased operating income by $5.9 million in the first quarter of 2024 compared with the first quarter of 2023 due primarily to a decrease in net power supply expenses that were not deferred for future recovery in rates through Idaho Power's power cost adjustment mechanisms. More moderate wholesale natural gas and power market prices in the western United States and increased wholesale energy sales decreased Idaho Power's net power supply expenses in the first quarter of 2024 compared with the first quarter of 2023.

Non-operating expense, net, increased $1.8 million in the first quarter of 2024 compared with the first quarter of 2023. Interest expense on long-term debt was higher in the first quarter of 2024 compared with the first quarter of 2023, due primarily to an increase in long-term debt. This increase was partially offset by an increase in Allowance for funds used during construction (AFUDC), as the average construction work in progress balance was higher. Also, interest income increased due to higher interest rates and higher average cash and cash equivalent balances.

The decrease in income tax expense was principally the result of lower income before income taxes, as well as an increase in additional ADITC amortization. Based on Idaho Power's current expectations of full-year 2024 results, Idaho Power recorded $12.5 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during the first quarter of 2024, but only recorded $3.75 million of additional ADITC amortization during the same period in 2023.

2024 Annual Earnings Guidance and Key Operating and Financial Metrics

IDACORP is reaffirming its earnings guidance estimate for 2024. The 2024 guidance incorporates all of the key operating and financial assumptions listed in the table that follows (in millions, except per share amounts):

	Current(1)	Previous(2)
IDACORP Earnings Guidance (per diluted share)	No change	$ 5.25 – $ 5.45
Idaho Power Additional ADITCs	No change	$ 35 – $ 60(3)
Idaho Power O&M Expense	No change	$ 440 – $ 450(4)
Idaho Power Capital Expenditures, Excluding AFUDC	No change	$ 925 – $ 975
Idaho Power Hydropower Generation (MWh)	6.5 – 8.0	5.5 – 7.5

(1) As of May 2, 2024. Assumes normal weather conditions and normal power supply expenses through the remainder of 2024.

(2) As of February 15, 2024, the date of filing IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2023.

(3) Approximately $25 million of additional ADITCs relates to amortization of incremental tax credits generated from Idaho Power's investment in 2023 battery storage projects, as contemplated in the 2023 Settlement Stipulation, effective January 1, 2024. The 2023 Settlement Stipulation removed the existing $25 million annual cap on the amount of accelerated amortization of ADITCs.

(4) Approximately $48 million of the expected increase in other O&M expense relates to pension and wildfire mitigation plan expenses, approved for recovery in the 2023 Settlement Stipulation effective January 1, 2024. The increased O&M expense is expected to be offset by collection through tariff-based retail revenues.

More detailed financial and operational information is provided in IDACORP’s Quarterly Report on Form 10-Q filed today with the U.S. Securities and Exchange Commission, which is also available for review on IDACORP’s website at www.idacorpinc.com.

Web Cast / Conference Call

IDACORP will hold an analyst conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). All parties interested in listening may do so through a live webcast on IDACORP's website (www.idacorpinc.com), or by calling (855) 761-5600 for listen-only mode. The passcode for the call is 3874564. The conference call logistics are also posted on IDACORP's website. Slides will be included during the conference call. To access the slide deck, please visit www.idacorpinc.com/investor-relations. A replay of the conference call will be available on the company's website for 12 months and will be available shortly after the call.

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, an investor in affordable housing and other real estate tax credit 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, headquartered in vibrant and fast-growing Boise, Idaho, has been a locally operated energy company since 1916. Today, it serves a 24,000-square-mile service area in Idaho and Oregon. Idaho Power’s goal to provide 100% clean energy by 2045 builds on its long history as a clean-energy leader that provides reliable service at affordable prices. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power’s residential, business, and agricultural customers pay among the nation's lowest prices for electricity. Its 2,100 employees proudly serve more than 630,000 customers with a culture of safety first, integrity always, and respect for all. To learn more about IDACORP or Idaho Power, visit www.idacorpinc.com or www.idahopower.com.

Forward-Looking Statements

In addition to the historical information contained in this press release, this press release contains (and oral communications made by IDACORP, Inc. (IDACORP) and Idaho Power Company (Idaho Power) may contain) statements that relate to future events and expectations, such as statements regarding projected or future financial performance, cash flows, capital expenditures, regulatory filings, dividends, capital structure or ratios, load forecasts, strategic goals, challenges, objectives, and plans for future operations. Such statements 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, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," "may continue," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. 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 those factors set forth in this press release, IDACORP's and Idaho Power's most recent Annual Report on Form 10-K, particularly Part I, Item 1A - "Risk Factors" and Part II, Item 7 - "Management’s Discussion and Analysis of Financial Condition and Results of Operations" of that report, subsequent reports filed by IDACORP and Idaho Power with the U.S. Securities and Exchange Commission (SEC), and the following important factors: (a) decisions by the Idaho and Oregon public utilities commissions and the Federal Energy Regulatory Commission that impact Idaho Power's ability to recover costs and earn a return on investment; (b) changes to or the elimination of Idaho Power's regulatory cost recovery mechanisms; (c) expenses and risks associated with capital expenditures for, and the permitting and construction of, utility infrastructure projects that Idaho Power may be unable to complete, are delayed, or that may not be deemed prudent by regulators for cost recovery or return on investment; (d) expenses and risks associated with supplier and contractor delays and failure to satisfy project quality and performance standards, on utility infrastructure projects and the potential impacts of those delays and failures on Idaho Power's ability to serve customers; (e) power demand exceeding supply, and the rapid addition of new industrial and commercial customer load and the volatility of such new load demand, resulting in increased risks and costs for purchasing energy and capacity in the market or acquiring or constructing additional generation and transmission resources, and battery storage facilities; (f) impacts of economic conditions, including an inflationary or recessionary environment and increasing interest rates, on items such as operations and capital investments, supply costs and delivery delays, supply scarcity and shortages, population growth or decline in Idaho Power's service area, changes in customer demand for electricity, revenue from sales of excess power, credit quality of counterparties and suppliers and their ability to meet financial and operational commitments, and collection of receivables; (g) changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area, and the associated impacts on loads and load growth; (h) employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies' workforce, the cost and ability to attract and retain skilled workers and third-party contractors and suppliers, the cost of living and the related impact on recruiting employees, and the ability to adjust to fluctuations in labor costs; (i) changes in, failure to comply with, and costs of compliance with laws, regulations, policies, orders, and licenses, which may result in penalties and fines, increase compliance and operational costs, and impact recovery associated with increased costs through rates; (j) abnormal or severe weather conditions (including conditions and events associated with climate change), wildfires, droughts, earthquakes, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation, repair costs, service interruptions, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers; (k) advancement of self-generation, energy storage, energy efficiency, alternative energy sources, and other technologies that may reduce Idaho Power's sale or delivery of electric power or introduce operational

vulnerabilities to the power grid; (l) variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydropower facilities and power supply costs; (m) ability to acquire equipment, materials, fuel, power, and transmission capacity on reasonable terms and prices, particularly in the event of unanticipated or abnormally high resource demands, price volatility, lack of physical availability, transportation constraints, outages due to maintenance or repairs to generation or transmission facilities, disruptions in the supply chain, or reduced credit quality or lack of counterparty and supplier credit; (n) disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission systems, which can result in liability for Idaho Power, increased power supply costs and repair expenses, and reduced revenues; (o) accidents, electrical contacts, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, infrastructure failures, general system damage or dysfunction, and other unplanned events that may occur while operating and maintaining assets, which can cause unplanned outages; reduce generating output; damage company assets, operations, or reputation; subject Idaho Power to third-party claims for property damage, personal injury, or loss of life; or result in the imposition of fines and penalties; (p) acts or threats of terrorism, acts of war, social unrest, cyber or physical security attacks, and other malicious acts of individuals or groups seeking to disrupt Idaho Power's operations or the electric power grid or compromise data, or the disruption or damage to the companies’ business, operations, or reputation resulting from such events; (q) increased costs associated with purchases of power mandated by the Public Utility Regulatory Policies Act of 1978 from renewable energy sources; (r) Idaho Power's concentration in one industry and one region, and the resulting exposure to regional economic conditions and regional legislation and regulation; (s) unaligned goals and positions with co-owners of Idaho Power’s generation and transmission assets; (t) changes in tax laws or related regulations or interpretations of applicable laws or regulations by federal, state, or local taxing jurisdictions, and the availability of tax credits; (u) inability to timely obtain and the cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydropower facilities; (v) ability to obtain debt and equity financing or refinance existing debt when necessary and on satisfactory terms, which can be affected by factors such as credit ratings, reputational harm, volatility or disruptions in the financial markets, interest rates, decisions by the Idaho, Oregon, or Wyoming public utility commissions, and the companies' past or projected financial performance; (w) ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk for fuel, power, and transmission, and the failure of any such risk management and hedging strategies to work as intended, and the potential losses the companies may incur on those hedges, which can be affected by factors such as the volume of hedging transactions and degree of price volatility; (x) changes in actuarial assumptions, changes in interest rates, increasing health care costs, and the actual and projected return on plan assets for pension and other post-retirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities and the companies' cash flows; (y) remediation costs associated with planned cessation of coal-fired operations at Idaho Power's co-owned coal plants and conversion of the plants to natural gas; (z) ability to continue to pay dividends and achieve target dividend payout ratios based on financial performance and capital requirements, and in light of credit rating considerations, contractual covenants and restrictions, and regulatory limitations; (aa) adoption of or changes in accounting policies and principles, changes in accounting estimates, and new SEC or New York Stock Exchange requirements or new interpretations of existing requirements; and (ab) changing market dynamics due to the emergence of day ahead or other energy and transmission markets in the western United States. 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 the companies to predict all such factors, nor can they 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. 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.

Investor and Analyst Contact	Media Contact
Amy I. Shaw	Jordan Rodriguez
VP of Finance, Compliance & Risk	Corporate Communications
Phone: (208) 388-5611	Phone: (208) 388-2460
AShaw@idahopower.com	JRodriguez@idahopower.com

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