COMMITMENTS:

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

Purchase Obligations

At December 31, 2025, Idaho Power had the following long-term commitments relating to purchases of energy, capacity, transmission rights, and fuel (in thousands of dollars):


	2026		2027		2028		2029		2030		Thereafter
Cogeneration, power production, battery storage, and transmission rights	$	350,046	$	383,878	$	427,829	$	428,270	$	425,584	$	3,710,029
Fuel	191,035		159,806		96,773		45,314		46,063		498,929

As of December 31, 2025, Idaho Power had power purchase obligations with respect to 1,724 MW nameplate capacity of online PURPA and non-PURPA projects, with an additional 625 MW nameplate capacity of projects that are scheduled to be online in 2026 and 2027. The agreements for these projects have original contract terms ranging from one to 35 years. Idaho Power's purchased power expense associated with long-term agreements (including PURPA) was approximately $306 million in 2025, $294 million in 2024, and $258 million in 2023.

Subsequent to December 31, 2025, through the date of this report, Idaho Power entered into an energy and capacity market purchase agreement with an energy marketer that provides Idaho Power the right to acquire 100 MW on a daily basis during the winter months, subject to regulatory approval, which increased Idaho Power's contractual obligations by approximately $14.4 million over an approximate 3-year term commencing in November 2028.

Idaho Power also has the following long-term commitments (in thousands of dollars):


	2026		2027		2028		2029		2030		Thereafter
Joint-operating agreement payments(1)	$	2,983	$	2,983	$	2,983	$	2,983	$	2,983	$	14,914
Easements and other payments(1)	2,322		2,371		2,421		2,472		2,523		13,435
Maintenance, service, and materials agreements(1)(2)	479,388		110,347		312,155		36,558		8,327		41,237
FERC and other industry-related fees(1)	17,898		17,106		16,962		16,908		17,391		85,255

(1) Approximately $30 million, $1 million, $16 million, and $170 million of the commitments included in joint-operating agreement payments, easements and other payments, maintenance, service, and materials agreements, and FERC and other industry-related fees, respectively, have contracts that do not specify terms related to expiration. As these contracts are presumed to continue indefinitely, ten years of information, estimated based on current contract terms, has been included in the table for presentation purposes.

(2) As of December 31, 2025, Idaho Power had a remaining $481 million commitment related to contracts to acquire and own transmission and generation resources with in-service dates in 2028 and 2030.

At IDACORP, long-term purchase commitments of $21.4 million are mostly comprised of other long-term liabilities at Ida-West and IFS. At December 31, 2025, IDACORP had a commitment to invest an additional $2.8 million into a private market investment fund, which is expected to occur over the next few years.

Guarantees

Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which IERCo owns a one-third interest. This guarantee, which is renewed annually with the Wyoming Department of Environmental Quality (WDEQ), was $50.1 million at December 31, 2025, representing IERCo's one-third share of BCC's total reclamation obligation of $150.2 million. BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At December 31, 2025, the value of BCC's reclamation trust fund exceeded WDEQ's guarantee requirement for the total reclamation obligation. BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of future reclamation costs. To ensure that the reclamation trust fund maintains adequate reserves, BCC has the ability to, and does, add a per-ton surcharge to coal sales to the Jim Bridger plant. Because of the existence of the fund and the ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal.

IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of December 31, 2025, management believes the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective consolidated balance sheets with respect to these indemnification obligations.