IDACORP Increases Common Stock Dividend 5.1%
22 September 2023 - 10:35PM
Business Wire
IDACORP, Inc. (NYSE: IDA) announced today that its Board of
Directors approved a 5.1% increase in the regular quarterly cash
dividend on IDACORP’s common stock to $0.83 per share. At the new
rate, the indicated dividend is $3.32 per share on an annual
basis.
“IDACORP’s Board of Directors has approved a dividend increase
every year since 2011, resulting in a cumulative dividend increase
of 177% since 2011 and average annual dividend growth rate of
8.1%,” said Lisa Grow, IDACORP President and Chief Executive
Officer. “We are pleased by our strong financial and operational
performance that allowed for these increases, all while Idaho Power
customers continue to benefit from some of the lowest energy prices
in the nation.
“Management plans to recommend to the Board of Directors future
annual increases in the dividend of around 5% and remains focused
on moving over time toward the higher end of our target payout
ratio of 60% to 70% of sustainable IDACORP earnings.”
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 consider factors such as projected
capital requirements, the company’s liquidity position and overall
financial condition, the competitiveness of the dividend yield,
economic conditions, impacts to credit ratings, and other factors.
The dividend declaration, ex-dividend, record, and payable dates
will be announced during the fourth quarter of 2023.
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, 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. It’s 2,000 employees
proudly serve more than 620,000 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. and Idaho Power Company may contain)
statements regarding future dividends and IDACORP Inc.’s dividend
rate 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 “with the intent,” "anticipates," "believes,"
"continues," "could," "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 are included in IDACORP, Inc.’s Annual
Report on Form 10-K for the year ended December 31, 2022, 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 flows; the competitiveness of the
dividend yield; IDACORP’s target dividend payout ratios as
determined from time to time; the impacts of economic conditions
and business cycles; credit ratings and rating impacts; legal
requirements and changes in laws and regulations; 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230922021154/en/
Investor and Analyst Contact Amy
Shaw Director of Investor Relations, Compliance & Risk Phone:
(208) 388-5611 AShaw@idahopower.com
Media Contact Jordan Rodriguez
Corporate Communications Phone: (208) 388-2460
JRodriguez@idahopower.com
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