BOISE, Idaho, Sept. 22, 2017 /PRNewswire/ -- IDACORP, Inc.
(NYSE: IDA) announced today that its Board of Directors approved an increase in the regular quarterly cash dividend on IDACORP's
common stock of 7.3 percent to $0.59 per share. At the new rate, the indicated dividend is
$2.36 per share on an annual basis.
"IDACORP's Board of Directors has approved a dividend increase every year from 2012 forward," said Darrel Anderson, IDACORP President and Chief Executive Officer. "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.
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," added Anderson.
The actual declaration of dividend payments and the approval of management's recommendations are at the discretion of the
Board of Directors. In determining future dividend actions, the Board of Directors will continue to take into account factors
such as current and projected capital requirements, the company's liquidity position and earnings, the competitiveness of the
dividend yield, business cycles, credit rating impacts, legal requirements, long-term sustainability, and other factors. The
dividend declaration, ex-dividend, record, and payable dates will be announced during the fourth quarter of 2017.
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, a holder of affordable housing projects and other real
estate 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 began operations in 1916 and employs approximately 2,000 people
to serve a 24,000-square-mile service area in southern Idaho and eastern Oregon. With 17 low-cost hydroelectric projects as the core of its generation portfolio, Idaho Power's
nearly 539,000 residential, business, and agricultural customers pay some of the nation's lowest prices for electricity. 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. 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, future events, or performance, often, but not always, through the
use of words or phrases such as "anticipates," "believes," "estimates," "expects," "guidance," "intends," "potential," "plans,"
"predicts," "projects," "targets," "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 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 are included in IDACORP, Inc.'s Annual Report on Form 10-K for the year ended
December 31, 2016, which was filed with the U.S. Securities and Exchange Commission, and subsequent
reports filed by IDACORP, Inc. and its subsidiary, Idaho Power Company, with the U.S. Securities and Exchange Commission.
Dividend declarations and the dividend rate are at the discretion of IDACORP, Inc.'s board of directors and depend on numerous
factors, including those described in IDACORP, Inc.'s and Idaho Power Company's filings with the U.S. Securities and Exchange
Commission. IDACORP, Inc.'s expectations with respect to dividends may be affected by current and projected capital requirements,
IDACORP, Inc.'s liquidity position and earnings, capital expenditures, changes in cash flow, the competitiveness of the dividend
yield, the impacts of economic conditions, business cycles, credit rating impacts, legal requirements and changes in laws and
regulations, financial performance, long-term financial and operational performance, expectations, and sustainability, changes in
tax laws, and other factors. 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. IDACORP, Inc. and Idaho Power Company 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.
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SOURCE IDACORP, Inc.