UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 10, 2025

Commission

File Number

Exact name of registrant as specified in

its charter, address of principal executive

offices and registrant’s telephone number

IRS Employer
Identification Number

1-3198

Idaho Power Company

82-0130980

1221 W. Idaho Street

Boise, ID 83702-5627

(208) 388-2200

State or Other Jurisdiction of Incorporation: Idaho

Former name or former address, if changed since last report: None

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01

Other Events.

On March 10, 2025, Idaho Power Company (“Idaho Power”) entered into a Terms Agreement (the “Terms Agreement”) with Mizuho Securities USA LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc., Wells Fargo Securities, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, and U.S. Bancorp Investments, Inc., as purchasers, whereby Idaho Power agreed to sell and the purchasers agreed to purchase, subject to the terms and conditions expressed therein, $400,000,000 aggregate principal amount of Idaho Power’s 5.70% First Mortgage Bonds due 2055, Secured Medium-Term Notes, Series O (the “Bonds”). The Bonds are expected to be issued on March 13, 2025, subject to the terms and conditions expressed in the Terms Agreement and in the Selling Agency Agreement, dated February 26, 2025, between Idaho Power and each of agents named therein (the “Selling Agency Agreement”).

The Terms Agreement and the Selling Agency Agreement contain representations, warranties and agreements of Idaho Power, customary conditions to closing, indemnification rights and obligations of the parties and termination provisions. The Terms Agreement is filed as Exhibit 1.1 hereto. The Selling Agency Agreement was previously filed as Exhibit 1.1 to Idaho Power’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 26, 2025.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.		Description

1.1		Terms Agreement, dated March 10, 2025, between Idaho Power Company and each of Mizuho Securities USA LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc., Wells Fargo Securities, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, and U.S. Bancorp Investments, Inc., as purchasers

1.2		Selling Agency Agreement, dated February 26, 2025, between Idaho Power Company and each of BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., U.S. Bancorp Investments, Inc., and Wells Fargo Securities, LLC (incorporated by reference to Exhibit 1.1 to Idaho Power’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 26, 2025)

5.1		Opinion of Perkins Coie LLP, dated March 11, 2025, filed in connection with Registration Statement on Form S-3 (File No. 333-285140-01)

23.1		Consent of Perkins Coie LLP (included in Exhibit 5.1)

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 11, 2025


IDAHO POWER COMPANY

By:		/s/ Brian R. Buckham
		Brian R. Buckham
		Senior Vice President, Chief Financial Officer, and Treasurer

IDAHO POWER CO 8-K