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Alexander Mortimer

Research Analyst at Mizuho Securities USA LLC

Alexander Mortimer is an Associate in U.S. Equity Research at Mizuho Securities, specializing in coverage of regulated utilities and energy companies with a focus on firms such as ALLETE Inc. He has contributed to detailed valuation analysis and investment strategies, forecasting performance metrics like price targets and modeling upside and downside scenarios for covered stocks. Mortimer began his career in equity research and joined Mizuho Securities prior to December 2023, becoming a key contributor to their energy sector research reports. He holds professional credentials in line with his analyst role, actively participating in research activities and is listed in multiple industry transcripts and reports.

Alexander Mortimer's questions to IDACORP (IDA) leadership

Question · Q4 2024

Alexander Mortimer asked about the potential process for replenishing the Additional Deferred Investment Tax Credit (ADITC) mechanism, the company's year-end 2024 credit metrics, and recent discussions with rating agencies.

Answer

President and CEO Lisa Grow stated that the company is still determining the process for replenishing the ADITC, which could be part of a general rate case or a separate filing. SVP, CFO, and Treasurer Brian Buckham provided year-end 2024 credit metrics, noting FFO to debt was approximately 14.5% for S&P. He anticipates metrics will hover near the 13-14% downgrade threshold for the next couple of years due to lower cash flow and new debt. He confirmed upcoming meetings with rating agencies and noted the recent rate case outcome was viewed positively as a step toward reducing regulatory lag.

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Question · Q3 2024

Alexander Mortimer from Mizuho Securities asked about IDACORP's potential to earn near its ADITC support level, the future trajectory of tax credit usage, and the scale of future generation needs, including the mix of dispatchable versus intermittent resources.

Answer

SVP & CFO Brian Buckham acknowledged that regulatory lag could cause earnings to be near the ADITC base level in the coming years but expects the inclusion of new rate base to eventually reduce reliance on the mechanism. He confirmed a continued appetite for tax credits but with carryover balances. President & CEO Lisa Grow and Idaho Power President & COO Adam Richins highlighted the importance of new transmission and a mix of wind, solar, batteries, and converted gas plants to meet demand, noting that models increasingly show a need for dispatchable resources.

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