DEF 14A: IDACORP, Inc. Announces Details for 2024 Annual Meeting of Shareholders

IDACORP, Inc. is holding its 2024 Annual Meeting of Shareholders virtually on May 16, 2024, to elect directors, approve executive compensation, and ratify the appointment of Deloitte & Touche LLP as the independent accounting firm.

Summary

• IDACORP, Inc. will hold its 2024 Annual Meeting of Shareholders virtually on May 16, 2024.
• Shareholders of record as of March 27, 2024, are eligible to vote.
• The meeting will address the election of ten director nominees, an advisory vote on executive compensation, and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm for the year ending December 31, 2024.
• The board of directors recommends voting 'FOR' each director nominee, the advisory resolution on executive compensation, and the ratification of Deloitte & Touche LLP.
• IDACORP achieved net income growth for a sixteenth consecutive year in 2023.
• The company increased its quarterly common stock dividend to $0.83 per share.
• Idaho Power reliably served its growing customer base, with customer growth of 2.4 percent in 2023.
• Idaho Power achieved a settlement in its Idaho general rate case, with a 9.6 percent authorized return on equity.
• Idaho Power filed its 2023 Integrated Resource Plan (IRP) with the Idaho Public Utilities Commission (IPUC) and Oregon Public Utility Commission (OPUC) in September 2023.
• The 2023 IRP preferred resource portfolio plans for a significant increase in energy and capacity resources over the next 20 years to meet growing demand, primarily solar, wind, and battery resource additions, as well as conversions of multiple jointly-owned coal-fired generation units to natural gas-fired generation units and the addition of several transmission lines.
• Idaho Power issued a formal request for proposal in April 2023, soliciting bids for new energy and capacity resources as well as energy that can be delivered via transmission, beginning in 2026.

Sentiment

Score: 8

Explanation: The document presents a positive outlook with consistent growth, increased dividends, and strong reliability metrics. The focus on sustainability and shareholder engagement further contributes to a favorable sentiment.

Positives

• IDACORP achieved net income growth for a sixteenth consecutive year.
• The company increased its quarterly common stock dividend to $0.83 per share.
• Idaho Power reliably served its growing customer base, with customer growth of 2.4 percent in 2023.
• Idaho Powers reliability metrics continued to be among the best in company history, as Idaho Power provided uninterrupted service to its retail customers 99.97 percent of the time.
• Idaho Power achieved a settlement in its Idaho general rate case, with a 9.6 percent authorized return on equity.
• Shareholder support is further evidenced by our 2023 say-on-pay advisory vote, which received a 94.5 percent positive vote from our shareholders.

Risks

• Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from those projected.
• The company's planned conversion of its coal-fired units to natural gas and the timing of those conversions are subject to a number of assumptions and uncertainties described in the 2023 IRP as well as regulatory approval.

Future Outlook

The 2023 IRP preferred resource portfolio plans for a significant increase in energy and capacity resources over the next 20 years to meet growing demand, primarily solar, wind, and battery resource additions, as well as conversions of multiple jointly-owned coal-fired generation units to natural gas-fired generation units and the addition of several transmission lines.

Industry Context

The document highlights IDACORP's commitment to providing reliable, affordable, and clean energy, aligning with broader industry trends towards sustainability and renewable energy integration.

Comparison to Industry Standards

• The document mentions that Idaho Power's reliability metrics continue to be among the best in company history, as Idaho Power provided uninterrupted service to its retail customers 99.97 percent of the time.
• The document mentions that Idaho Power's average OSHA recordable injury rate was below the industry average rate from 2018 through 2021.
• The document sets its target goal for TSR performance at the 55 th percentile of its peer group for long-term incentive.

Related Party Transactions

• Jeffrey L. Malmen, our senior vice president of public affairs, is married to Erika Eaton Malmen, who is a partner at the law firm of Perkins Coie LLP, and Idaho Power has engaged Perkins Coie LLP for legal services for over 40 years.
• Lisa A. Grow's (our president and CEO) son-in-law, Connor Saxe; Bo Hanchey's (our vice president of customer operations and chief safety officer) sister, Daisi Pohanka, and shared household with Ashley Herrera; Patrick A. Harrington's (our corporate secretary) brother, Jamie Harrington; and Amy I. Shaw's (our vice president of finance, compliance, and risk) spouse, Eric Shaw are related to Idaho Power employees.

Stakeholder Impact

• Shareholders will have the opportunity to vote on key company matters.
• Customers can expect continued reliable and affordable energy service.
• Employees are subject to ongoing human capital management and safety programs.
• Communities benefit from the company's commitment to environmental stewardship and economic development.

Next Steps

• Shareholders are encouraged to vote their shares via the Internet, telephone, or mail.
• Interested parties can attend the virtual Annual Meeting on May 16, 2024, after registering online.

Key Dates

Keywords

annual meeting, proxy statement, directors, executive compensation, Deloitte & Touche, shareholders, IDACORP, Idaho Power