EX-4.1





 Exhibit 4.1 

Executed in 
 75 Counterparts 

of which this is 
 Counterpart No.
             
  

 
 IDAHO POWER COMPANY 

TO 
 DEUTSCHE BANK TRUST COMPANY
AMERICAS 
 As Trustee under its Mortgage and Deed of Trust 

dated as of October 1, 1937 
  

 
 Forty-ninth
Supplemental Indenture 
 providing among other things for Bonds of MTN Series L 

Dated as of June 5, 2020 












 TABLE OF CONTENTS1 

 

					
	 	  	Page	 
	 Parties and Recitals
	  	 	1	 
	 Granting Clause and Property Description
	  	 	5	 
		
	ARTICLE I Description of Bonds of MTN Series L	  			
		
	 Section 1. General terms and redemption provisions
	  	 	8	 
	 Section 2. Exchange and transfers of Bonds
	  	 	9	 
	 Section 3. Form of Bonds
	  	 	10	 
	 Section 4. Temporary Bonds
	  	 	10	 
	
	ARTICLE II Issue of Bonds of MTN Series L	  

		
	 Section 5. Issue of Bonds
	  	 	10	 
	
	ARTICLE III Covenants	  

		
	 Section 6. Application of Original Indenture
	  	 	10	 
	 Section 7. Lawful ownership
	  	 	10	 
	 Section 8. Annual certificate as to defaults
	  	 	11	 
	
	ARTICLE IV The Trustee	  

		
	 Acceptance of trust
	  	 	11	 
	 Recitals deemed made by the Company
	  	 	11	 
	
	ARTICLE V Miscellaneous Provisions	  

		
	 Meanings of terms
	  	 	11	 
	 Severability
	  	 	11	 
	 Binding obligation
	  	 	11	 
	 Incorporation of rights of Trustee
	  	 	11	 
	 Successors and assigns
	  	 	11	 
	 Delivery of information and documents
	  	 	11	 
	 Ratification and confirmation
	  	 	12	 
	 Counterparts
	  	 	12	 
	 Signatures and seals
	  	 	13	 
	 Acknowledgments
	  	 	14	 
	 Affidavits
	  	 	17	 

  
  

	1	 This table of contents shall not have any bearing upon the interpretation of this Supplemental
Indenture.



  
 -i- 













 SUPPLEMENTAL INDENTURE, dated as of the 5th day of June, 2020, made and entered into by and
between IDAHO POWER COMPANY, a corporation of the State of Idaho (successor by merger to Idaho Power Company, a corporation of the State of Maine, hereinafter sometimes called the “Maine Company”), whose address is 1221 West Idaho Street,
Boise, Idaho 83702-5627 (hereinafter sometimes called the “Company”), party of the first part, and DEUTSCHE BANK TRUST COMPANY AMERICAS, formerly known as Bankers Trust Company, a corporation of the State of New York whose post office
address is 60 Wall Street, New York, New York 10005, party of the second part (hereinafter sometimes called the “Trustee”), as Trustee under the Mortgage and Deed of Trust dated as of October 1, 1937 hereinafter referred to. 

WHEREAS, the Maine Company has heretofore executed and delivered to the Trustee its Mortgage and Deed of Trust (hereinafter sometimes referred
to as the “Original Indenture”), dated as of October 1, 1937, to secure the payment both of the principal of and interest and premium, if any, on all Bonds at any time issued and outstanding thereunder and to declare the terms and
conditions upon which Bonds are to be issued thereunder; and 
 WHEREAS, the Maine Company was merged into the Company on June 30,
1989; and 
 WHEREAS, in order to evidence the succession of the Company to the Maine Company and the assumption by the Company of the
covenants and conditions of the Maine Company in the Bonds and in the Original Indenture, as supplemented, contained, and to enable the Company to have and exercise the powers and rights of the Maine Company under the Original Indenture, as
supplemented, in accordance with the terms thereof, the Company executed and delivered to the Trustee a Twenty-eighth Supplemental Indenture, dated as of June 30, 1989 (which supplemental indenture is hereinafter sometimes called the
“Twenty-eighth Supplemental Indenture”); and 
 WHEREAS, said Twenty-eighth Supplemental Indenture was recorded in the records of
the County of Elko, Nevada; the Counties of Baker, Grant, Harney, Malheur, Union and Wallowa, Oregon; the Counties of Ada, Adams, Bannock, Bear Lake, Bingham, Blaine, Boise, Bonneville, Butte, Camas, Canyon, Caribou, Cassia, Clark, Elmore, Gem,
Gooding, Idaho, Jefferson, Jerome, Lemhi, Lincoln, Minidoka, Oneida, Owyhee, Payette, Power, Twin Falls, Valley and Washington, Idaho; the Counties of Lincoln and Sweetwater, Wyoming; and with the Secretary of State of the States of Idaho, Montana,
Oregon, Nevada and Wyoming; and 
 WHEREAS, pursuant to a written request of the Company under Section 103 of the Original Indenture,
Stanley Burg, successor Individual Trustee (as defined in the Original Indenture) to R.G. Page under the Original Indenture, was removed as Individual Trustee under the Original Indenture, effective as of May 18, 2016 and (i) his right,
title or interest in and to the trust estate and (ii) all the right, title, and powers of the Trustees (as defined in the Original Indenture) under the Original Indenture devolved upon the Trustee and its successors alone; and 

  
 -1- 













 WHEREAS, in accordance with the terms of the Original Indenture the Maine Company or the
Company has executed and delivered to the Trustee the following supplemental indentures in addition to the Twenty-eighth Supplemental Indenture: 
  

			
	Designation	  	Dated as of
	First Supplemental Indenture	  	July 1, 1939
	Second Supplemental Indenture	  	November 15, 1943
	Third Supplemental Indenture	  	February 1, 1947
	Fourth Supplemental Indenture	  	May 1, 1948
	Fifth Supplemental Indenture	  	November 1, 1949
	Sixth Supplemental Indenture	  	October 1, 1951
	Seventh Supplemental Indenture	  	January 1, 1957
	Eighth Supplemental Indenture	  	July 15, 1957
	Ninth Supplemental Indenture	  	November 15, 1957
	Tenth Supplemental Indenture	  	April 1, 1958
	Eleventh Supplemental Indenture	  	October 15, 1958
	Twelfth Supplemental Indenture	  	May 15, 1959
	Thirteenth Supplemental Indenture	  	November 15, 1960
	Fourteenth Supplemental Indenture	  	November 1, 1961
	Fifteenth Supplemental Indenture	  	September 15, 1964
	Sixteenth Supplemental Indenture	  	April 1, 1966
	Seventeenth Supplemental Indenture	  	October 1, 1966
	Eighteenth Supplemental Indenture	  	September 1, 1972
	Nineteenth Supplemental Indenture	  	January 15, 1974
	Twentieth Supplemental Indenture	  	August 1, 1974
	Twenty-first Supplemental Indenture	  	October 15, 1974
	Twenty-second Supplemental Indenture	  	November 15, 1976
	Twenty-third Supplemental Indenture	  	August 15, 1978
	Twenty-fourth Supplemental Indenture	  	September 1, 1979
	Twenty-fifth Supplemental Indenture	  	November 1, 1981
	Twenty-sixth Supplemental Indenture	  	May 1, 1982
	Twenty-seventh Supplemental Indenture	  	May 1, 1986
	Twenty-ninth Supplemental Indenture	  	January 1, 1990
	Thirtieth Supplemental Indenture	  	January 1, 1991
	Thirty-first Supplemental Indenture	  	August 15, 1991
	Thirty-second Supplemental Indenture	  	March 15, 1992
	Thirty-third Supplemental Indenture	  	April 1, 1993
	Thirty-fourth Supplemental Indenture	  	December 1, 1993
	Thirty-fifth Supplemental Indenture	  	November 1, 2000
	Thirty-sixth Supplemental Indenture	  	October 1, 2001
	Thirty-seventh Supplemental Indenture	  	April 1, 2003
	Thirty-eighth Supplemental Indenture	  	May 15, 2003
	Thirty-ninth Supplemental Indenture	  	October 1, 2003
	Fortieth Supplemental Indenture	  	May 1, 2005
	Forty-first Supplemental Indenture	  	October 1, 2006
	Forty-second Supplemental Indenture	  	May 1, 2007
	Forty-third Supplemental Indenture	  	September 1, 2007
	Forty-fourth Supplemental Indenture	  	April 1, 2008
	Forty-fifth Supplemental Indenture	  	February 1, 2010
	Forty-sixth Supplemental Indenture	  	June 1, 2010
	Forty-seventh Supplemental Indenture	  	July 1, 2013
	Forty-eighth Supplemental Indenture	  	September 1, 2016


  
 -2- 













 each of which is supplemental to the Original Indenture (the Original Indenture and all indentures
supplemental thereto together being hereinafter sometimes referred to as the “Indenture”); and 
 WHEREAS, the Original Indenture
and said Supplemental Indentures (except said Fifteenth Supplemental Indenture) have each been recorded in the records of the County of Beaverhead, Montana; the Counties of Elko, Humboldt and Lander, Nevada; the Counties of Baker, Grant, Harney,
Malheur, Union and Wallowa, Oregon; the Counties of Ada, Adams, Bannock, Bear Lake, Bingham, Blaine, Boise, Bonneville, Butte, Camas, Canyon, Caribou, Cassia, Clark, Elmore, Gem, Gooding, Idaho, Jefferson, Jerome, Lake, Lemhi, Lincoln,
Minidoka, Oneida, Owyhee, Payette, Power, Twin Falls, Valley and Washington, Idaho; the County of Walla Walla, Washington; the Counties of Lincoln and Sweetwater, Wyoming; and with the Secretary of State of the States of Idaho, Montana, Oregon,
Nevada, Washington and Wyoming; and 
 WHEREAS, the Maine Company or the Company has heretofore issued Bonds, under and in accordance with
the terms of the Indenture in the following series and aggregate principal amounts: 
  

							
	 Series
	  	Principal
Amount
Issued	 	  	Principal
Amount
Outstanding
	 3-3/4% Series due 1967
	  	$	18,000,000	 	  	None
	 3-1/8% Series due 1973
	  	 	18,000,000	 	  	None
	 2-3/4% Series due 1977
	  	 	5,000,000	 	  	None
	 3% Series due 1978
	  	 	10,000,000	 	  	None
	 2-3/4% Series due 1979
	  	 	12,000,000	 	  	None
	 3-1/4% Series due 1981
	  	 	15,000,000	 	  	None
	 4-1/2% Series due 1987
	  	 	20,000,000	 	  	None
	 4-3/4% Series due 1987
	  	 	15,000,000	 	  	None
	 4% Series due April 1988
	  	 	10,000,000	 	  	None
	 4-1/2% Series due October 1988
	  	 	15,000,000	 	  	None
	 5% Series due 1989
	  	 	15,000,000	 	  	None
	 4-7/8% Series due 1990
	  	 	15,000,000	 	  	None
	 4-1/2% Series due 1991
	  	 	10,000,000	 	  	None
	 5-1/4% Series due 1996
	  	 	20,000,000	 	  	None
	 6-1/8% Series due 1996
	  	 	30,000,000	 	  	None
	 7-3/4% Series due 2002
	  	 	30,000,000	 	  	None
	 8-3/8% Series due 2004
	  	 	35,000,000	 	  	None
	 10% Series due 2004
	  	 	50,000,000	 	  	None
	 8-1/2% Series due 2006
	  	 	30,000,000	 	  	None
	 9% Series due 2008
	  	 	60,000,000	 	  	None
	 10-1/4% Series due 2003
	  	 	62,000,000	 	  	None
	 First Mortgage Bonds, 1984 Series
	  	 	10,100,000	 	  	None
	 16.10% Series due 1991-1992
	  	 	50,000,000	 	  	None
	 Pollution Control Series A
	  	 	49,800,000	 	  	None
	 8.65% Series due 2000
	  	 	80,000,000	 	  	None
	 9.50% Series due 2021
	  	 	75,000,000	 	  	None


  
 -3- 














									
	 Series
	  	Principal
Amount
Issued	 	  	Principal
Amount
Outstanding	 
	 9.52% Series due 2031
	  	$	25,000,000	 	  	 	None	 
	 8% Series due 2004
	  	 	50,000,000	 	  	 	None	 
	 8 3/4% Series due 2027
	  	 	50,000,000	 	  	 	None	 
	 Secured Medium-Term Notes, Series A
	  	 	190,000,000	 	  	 	None	 
	 Secured Medium-Term Notes, Series B
	  	 	197,000,000	 	  	 	None	 
	 Secured Medium-Term Notes, Series C
	  	 	200,000,000	 	  	 	None	 
	 Secured Medium-Term Notes, Series D
	  	 	200,000,000	 	  	 	100,000,000	 
	 Secured Medium-Term Notes, Series E
	  	 	245,000,000	 	  	 	175,000,000	 
	 Pollution Control Series B
	  	 	49,800,000	 	  	 	49,800,000	 
	 Secured Medium-Term Notes, Series F
	  	 	200,000,000	 	  	 	200,000,000	 
	 Pollution Control Series C
	  	 	116,300,000	 	  	 	116,300,000	 
	 Secured Medium-Term Notes, Series G
	  	 	100,000,000	 	  	 	100,000,000	 
	 Secured Medium-Term Notes, Series H
	  	 	350,000,000	 	  	 	None	 
	 Secured Medium-Term Notes, Series I
	  	 	500,000,000	 	  	 	500,000,000	 
	 Secured Medium-Term Notes, Series J
	  	 	500,000,000	 	  	 	370,000,000	 
	 Secured Medium-Term Notes, Series K
	  	 	450,000,000	 	  	 	450,000,000	 

 which bonds are hereinafter sometimes called bonds of the First through Forty-second Series; and 

WHEREAS, the Company, in accordance with the provisions of the Indenture and pursuant to appropriate resolutions of its Board of Directors,
has duly determined to make, execute and deliver to the Trustee this Forty-ninth Supplemental Indenture for the purposes herein provided, including the issuance of a Forty-third Series of Bonds under the Indenture, in the aggregate principal amount
of up to $500 Million Dollars ($500,000,000), to be designated as “First Mortgage Bonds, Secured Medium-Term Notes, Series L” (herein sometimes called the “Bonds of MTN Series L”); and 

WHEREAS, it is also now desired, for the purpose of more effectually carrying out the purposes of the Original Indenture, to confirm
specifically the subjection to the lien thereof and of the Indenture of the certain property acquired by the Company in addition to the property specifically described in the Original Indenture and in said First, Second, Third, Fourth, Fifth, Sixth,
Seventh, Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth, Sixteenth, Seventeenth, Eighteenth, Nineteenth, Twenty-first, Twenty-second, Twenty-third, Twenty-fourth, Twenty-fifth, Thirty-sixth, Thirty-seventh, Thirty-ninth, Fortieth,
Forty-first, Forty-fourth, Forty-fifth, Forty-sixth, Forty-seventh and Forty-eighth Supplemental Indentures; and 

  
 -4- 













 WHEREAS, all things necessary to make said Bonds of MTN Series L, when duly authenticated by
the Trustee and issued by the Company, valid and legally binding obligations of the Company and to make the Original Indenture, as heretofore supplemented and as supplemented hereby, a valid and legally binding instrument for the security thereof,
have been performed, and the execution and delivery of this Forty-ninth Supplemental Indenture and the issue of said Bonds as in this Forty-ninth Supplemental Indenture provided have been in all respects duly authorized: 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That in consideration of the premises and of One Dollar to it duly paid by the Trustee at or before the ensealing and delivery of these
presents, the receipt whereof is hereby acknowledged, and in order to secure the payment both of the principal of and interest and premium, if any, on all Bonds at any time issued and outstanding under the Indenture, according to their tenor and
effect, and the performance of all the provisions of the Indenture and of said Bonds, the Company has duly executed and delivered to the Trustee this Forty-ninth Supplemental Indenture and has granted, bargained, sold, released, conveyed, assigned,
transferred, mortgaged, pledged, set over and confirmed and by these presents does grant, bargain, sell, release, convey, assign, transfer, mortgage, pledge, set over and confirm unto Deutsche Bank Trust Company Americas, as Trustee as aforesaid,
and to its successor or successors in said trust, and to it and its successors and assigns forever, all property, whether real, personal or mixed (except any hereinafter expressly excepted), and wheresoever situated, acquired since the date of said
Original Indenture by and now or hereafter owned by the Company including the following described properties, rights and interests in property (in addition to all other properties heretofore subjected to the lien of the Indenture and not heretofore
released from the lien thereof)—that is to say: 
 PROPERTIES ACQUIRED OR CONSTRUCTED 

GENERATING PLANTS 
 None 

TRANSMISSION LINES & SYSTEMS 
 None 

DISTRIBUTION LINES & SYSTEMS 
 Ordinary course
extensions and replacements 
 SUBSTATIONS 
 None 

FRANCHISES 
 None 

  
 -5- 













 ALL OTHER LANDS, IMPROVEMENTS, BUILDINGS AND OTHER SUBSTATIONS 

None 
 All other property, whether real, personal or mixed
(except any hereinafter expressly excepted), and wheresoever situated, acquired since the date of said Original Indenture by and now or hereafter owned by the Company. 

  
 -6- 













 TOGETHER with all and singular the tenements, hereditaments and appurtenances belonging or
in any wise appertaining to the aforesaid property or any part thereof, with the reversion and reversions, remainder and remainders, and (subject to the provisions of Section 57 of the Original Indenture) the tolls, rents, revenues, issues,
earnings, income, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid property and franchises and
every part and parcel thereof. 
 It is not intended herein or hereby to include in or subject to the lien of the Indenture, and the
granting clauses hereof shall not be deemed to apply to, (1) any revenues, earnings, rents, issues, income or profits of the mortgaged and pledged property, or any bills, notes or accounts receivable, contracts or choses in action, except to
the extent permitted by law in case a completed default specified in Section 65 of the Indenture shall have occurred and be continuing and the Trustee, or a receiver or trustee, shall have entered upon or taken possession of the mortgaged and
pledged property, or (2) in any case, unless specifically subjected to the lien thereof, any bonds, notes, evidences of indebtedness, shares of stock, or other securities or any cash (except cash deposited with the Trustee pursuant to any
provisions of the Indenture) or any goods, wares, merchandise, equipment or apparatus manufactured or acquired for the purpose of sale or resale in the usual course of business. 

TO HAVE AND TO HOLD all such properties, real, personal and mixed, granted, bargained, sold, released, conveyed, assigned, transferred,
mortgaged, pledged, set over or confirmed by the Company as aforesaid, or intended so to be, unto the Trustee (to the extent of its legal capacity to hold the same for the purposes hereof), and its successors, heirs and assigns forever; 

IN TRUST, NEVERTHELESS, for the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisions and
covenants as are set forth in the Original Indenture, as amended or modified by said First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth, Fifteenth, Sixteenth, Seventeenth, Eighteenth,
Nineteenth, Twentieth, Twenty-first, Twenty-second, Twenty-third, Twenty-fourth, Twenty-fifth, Twenty-sixth, Twenty-seventh, Twenty-eighth, Twenty-ninth, Thirtieth, Thirty-first, Thirty-second, Thirty-third, Thirty-fourth, Thirty-fifth,
Thirty-sixth, Thirty-seventh, Thirty-eighth, Thirty-ninth, Fortieth, Forty-first, Forty-second, Forty-third, Forty-fourth, Forty-fifth, Forty-sixth, Forty-seventh and Forty-eighth Supplemental Indentures and this Forty-ninth Supplemental Indenture.


  
 -7- 













 And it is hereby covenanted, declared and decreed by and between the parties hereto, for the
benefit of those who shall hold the Bonds and interest coupons, or any of them, issued and to be issued under the Indenture, as follows: 

ARTICLE I 
 Description
of Bonds of MTN Series L. 
 SECTION 1. The Forty-third Series of Bonds to be executed, authenticated and delivered under and secured by
the Indenture shall be Secured Medium-Term Notes, Series L, designated as “First Mortgage Bonds, Secured Medium-Term Notes, Series L” of the Company. The Bonds of MTN Series L shall be executed, authenticated and delivered in accordance
with the provisions of, and shall in all respects be subject to, all of the terms, conditions and covenants of the Original Indenture, except insofar as the terms and provisions of the Original Indenture have been or are amended or modified by said
First through Forty-eighth Supplemental Indentures or by this Forty-ninth Supplemental Indenture. Bonds of MTN Series L shall be issued from time to time in an aggregate principal amount not to exceed $500,000,000, and shall be issued as registered
Bonds without coupons in the denominations of $1,000 or in any multiple thereof; each Bond of MTN Series L shall mature on such date not less than one year nor more than forty years from date of issue, shall bear interest at such rate or rates
(which may be either fixed or variable) and have such other terms and provisions not inconsistent with the Indenture as the Board of Directors or the Executive Committee of the Board of Directors, which shall constitute the Executive Committee of
the Company (the “Executive Committee”), may determine in accordance with a resolution filed with the Trustee and a written order referring to this Forty-ninth Supplemental Indenture; the principal of and interest on each said Bond to be
payable at the office or agency of the Company in the Borough of Manhattan, The City of New York and, at the option of the Company, interest on each said Bond may also be payable at the office of the Company in Boise, Idaho, in such coin or currency
of the United States of America as at the time of payment is legal tender for public and private debts. Interest on Bonds of MTN Series L which bear interest at a fixed rate shall be payable semiannually on March 1 and September 1 of each
year, unless otherwise determined by the Board of Directors or the Executive Committee and set forth in a resolution filed with the Trustee referring to this Forty-ninth Supplemental Indenture and at maturity (each an interest payment date).
Interest on Bonds of MTN Series L which bear interest at a variable rate shall be payable on the dates (each an interest payment date) determined by the Board of Directors or the Executive Committee and set forth in a resolution filed with the
Trustee referring to this Forty-ninth Supplemental Indenture. 
 Notwithstanding the foregoing, so long as there is no existing default in
the payment of interest on the Bonds of MTN Series L, all Bonds of MTN Series L authenticated by the Trustee after the Record Date hereinafter specified for any interest payment date, and prior to such interest payment date (unless the date of first
authentication of Bonds of such designated interest rate and maturity is after such Record Date), shall be dated the date of authentication, but shall bear interest from such interest payment date, and the person in whose name any Bond of MTN Series
L is registered at the close of business on any Record Date with respect to any interest payment date shall be entitled to receive the interest payable on such interest payment date, notwithstanding the cancellation of such Bond of MTN Series L,
upon any transfer or exchange thereof subsequent to the Record Date and on or prior to such interest payment date. If the date of first authentication of the Bonds of MTN Series L of a designated interest rate and maturity is after such Record Date
and prior to the corresponding interest payment date, such Bonds shall bear interest from the Original Interest Accrual Date but payment of interest shall commence on the second interest payment date succeeding the Original Interest Accrual Date.
“Record Date” for Bonds of MTN Series L which bear interest at a fixed rate shall mean February 15 for interest payable March 1 and August 15 for interest payable September 1, for Bonds of MTN Series L which bear
interest at a fixed rate that is payable on other dates, shall mean the last day of the calendar month preceding such interest payment date if such interest payment date is the fifteenth day of a calendar month and shall mean the fifteenth day of
the calendar month preceding such interest payment date if such interest payment date is the first day of a calendar month, unless, in each case, otherwise determined by the Board of Directors or the Executive Committee and set forth in a resolution
filed with the Trustee referring to this Forty-ninth Supplemental Indenture, and for Bonds of MTN Series L which bear interest at a variable rate, shall mean the date 15 calendar days prior to any interest payment date, unless otherwise determined
by the Board of Directors or 

  
 -8- 













 the Executive Committee and set forth in a resolution filed with the Trustee referring to this Forty-ninth
Supplemental Indenture; provided that, interest payable on the maturity date will be payable to the person to whom the principal thereof shall be payable. “Original Interest Accrual Date” with respect to Bonds of MTN Series L of a
designated interest rate and maturity shall mean the date of first authentication of Bonds of such designated interest rate and maturity unless a written order filed with the Trustee on or before such date shall specify another date from which
interest shall accrue, in which case “Original Interest Accrual Date” shall mean such other date specified in the written order for Bonds of such designated interest rate and maturity. 

The Bonds of MTN Series L, in definitive form, shall be, at the option of the Company, fully engraved or shall be lithographed or printed on
steel engraved borders or shall be partially lithographed or printed and partially engraved on steel borders or shall be printed on safety paper or shall be typewritten. 

The holders of the Bonds of MTN Series L consent that the Company may, but shall not be obligated to, fix a record date for the purpose of
determining the holders of Bonds of MTN Series L entitled to consent to any amendment, supplement or waiver. If a record date is fixed, those persons who are holders at such record date (or their duly designated proxies), and only those persons,
shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such persons continue to be holders after such record date. No such consent shall be valid or effective for more than 90
days after such record date. 
 The Bonds of MTN Series L may be redeemable at the option of the Company (including without limitation
redemptions by the application of cash deposited with the Trustee pursuant to Section 39 of the Indenture) in whole at any time, or in part from time to time, prior to maturity, as provided in Section 52 of the Indenture, upon giving
notice of such redemption by first class mail, postage prepaid, by or on behalf of the Company at least thirty (30) days prior to the date fixed for redemption as the Board of Directors or Executive Committee may determine in accordance with a
resolution filed with the Trustee and a written order referring to this Forty-ninth Supplemental Indenture. 
 SECTION 2. At the option of
the registered holder, any Bonds of MTN Series L, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan, The City of New York, together with a written instrument of transfer (if so required by the
Company or by the Trustee) in form approved by the Company duly executed by the registered holder or by the registered holder’s duly authorized attorney, shall be exchangeable for a like aggregate principal amount and maturity of Bonds of MTN
Series L of other authorized denominations. Bonds of MTN Series L may bear such legends as may be necessary to comply with any law or with any rules or regulations made pursuant thereto or with the rules or regulations of any stock exchange or to
conform to usage with respect thereto. 
 Bonds of MTN Series L shall be transferable at the office or agency of the Company in the Borough
of Manhattan, The City of New York. 
 Notwithstanding the foregoing provisions of this Section 2, the Company shall not be required to
make any transfers or exchanges of Bonds of MTN Series L for a period of fifteen (15) days next preceding any mailing of notice of redemption, and the Company shall not be required to make transfers or exchanges of the principal amount of any
Bonds of MTN Series L so called or selected for redemption. 

  
 -9- 













 SECTION 3. The Bonds of MTN Series L shall be substantially of the tenor and purport recited
in the Original Indenture, and the form thereof shall be as established by resolution of the Board of Directors or the Executive Committee, which resolution may provide that any provisions of such form of Bond may appear on the reverse of such form.

 SECTION 4. Until Bonds of MTN Series L in definitive form are ready for delivery, the Company may execute, and upon its request in
writing, the Trustee shall authenticate and deliver, in lieu thereof, Bonds of MTN Series L in temporary form, as provided in Section 15 of the Original Indenture. 

ARTICLE II 
 Issue of
Bonds of MTN Series L. 
 SECTION 5. The Bonds of MTN Series L for the aggregate principal amount of up to Five Hundred Million Dollars
($500,000,000) may be executed by the Company and delivered to the Trustee and shall be authenticated by the Trustee and delivered to or upon the order or orders of the Company, evidenced by a writing or writings signed by the Company by its
President or a Vice President and its Treasurer or an Assistant Treasurer, pursuant to and upon compliance with the provisions of Article V, Article VI or Article VII of the Indenture. 

ARTICLE III 
 Covenants.

 The Company hereby covenants, warrants and agrees: 

SECTION 6. That all the terms, conditions, provisos, covenants and provisions contained in the Indenture shall affect and apply to the property
hereinabove described and conveyed and to the estate, rights, obligations and duties of the Company and Trustee and the beneficiaries of the trust with respect to said property, and to the Trustee and its successors as trustee of said property, in
the same manner and with the same effect as if the said property had been owned by the Company at the time of the execution of the Original Indenture and had been specifically and at length described in and conveyed to the Trustee (to the extent of
its legal capacity to hold the same for the purposes of the Indenture) by the Original Indenture as a part of the property therein stated to be conveyed. 

SECTION 7. That it is lawfully seized and possessed of all of the mortgaged and pledged property described in the granting clauses of the
Indenture, which has not heretofore been released from the lien thereof; that it had or has, at the respective times of execution and delivery of the Original Indenture, the First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth,
Eleventh, Twelfth, Thirteenth, Fourteenth, Fifteenth, Sixteenth, Seventeenth, Eighteenth, Nineteenth, Twentieth, Twenty-first (as corrected by the Twenty-second), Twenty-second, Twenty-third, Twenty-fourth, Twenty-fifth, Twenty-sixth,
Twenty-seventh, Twenty-eighth, Twenty-ninth, Thirtieth, Thirty-first, Thirty-second, Thirty-third, Thirty-fourth, Thirty-fifth, Thirty-sixth, Thirty-seventh, Thirty-eighth, Thirty-ninth, Fortieth, Forty-first, Forty-second, Forty-third,
Forty-fourth, Forty-fifth, Forty-sixth, Forty-seventh and Forty-eighth Supplemental Indentures and this Forty-ninth Supplemental Indenture, good, right and lawful authority to mortgage and pledge the mortgaged and pledged property described therein,
as provided in and by the Indenture; and that such mortgaged and pledged property is, at the actual date of the initial issue of the Bonds of MTN Series L, free and clear of any mortgage, lien, charge or encumbrance thereon or affecting the title
thereto (other than excepted encumbrances) prior to the lien of the Indenture, except as set forth in the granting clauses of the Indenture. 

  
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 SECTION 8. That it will deliver to the Trustee annually, within ninety (90) days after
the close of each fiscal year, commencing with the fiscal year 2020, a certificate from the principal executive officer, principal financial officer or principal accounting officer as to his or her knowledge of the Company’s compliance with all
conditions and covenants under the Indenture. For purposes of this Section 8, such compliance shall be determined without regard to any period of grace or requirement of notice provided under the Indenture. 

ARTICLE IV 
 The
Trustee. 
 The Trustee hereby accepts the trust hereby declared and provided and agrees to perform the same upon the terms and
conditions in the Original Indenture, as heretofore supplemented and as supplemented by this Forty-ninth Supplemental Indenture, and in this Forty-ninth Supplemental Indenture set forth, and upon the following terms and conditions: 

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Forty-ninth
Supplemental Indenture or the due execution hereof by the Company or for or in respect of the recitals contained herein, all of which recitals are made by the Company only. 

ARTICLE V 

Miscellaneous Provisions. 

Capitalized terms used and not otherwise defined in this Forty-ninth Supplemental Indenture shall have the meanings ascribed thereto in the
Indenture. 
 In case any provision in this Forty-ninth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity,
legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 The Company represents and
warrants to the Trustee that this Forty-ninth Supplemental Indenture has been duly and validly executed and delivered by the Company and constitutes the Company’s legal, valid and binding obligation, enforceable against the Company in
accordance with its terms. 
 The Trustee shall be entitled to all of the same rights, protections, immunities and indemnities set forth in
the Indenture as if specifically set forth herein. 
 This Forty-ninth Supplemental Indenture shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns. 
 In order to comply with laws, rules, regulations and executive orders
in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering, the Trustee is required to obtain, verify and record certain information relating to individuals
and entities which maintain a business relationship with the Trustee. Accordingly, each of the parties hereto agrees to provide to the Trustee upon its reasonable request from time to time identifying information and documentation as may be
reasonably available to it in order to enable the Trustee to comply with such laws, rules, regulations and executive orders. 

  
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 Except as hereby expressly amended and supplemented, the Original Indenture heretofore
amended and supplemented is in all respects ratified and confirmed, and all the terms and provisions thereof shall be and remain in full force and effect. 

This Forty-ninth Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed to be an
original; but such counterparts together constitute but one and the same instrument. 
 [Signatures follow] 

  
 -12- 













 IN WITNESS WHEREOF, Idaho Power Company, party hereto of the first part, caused its
corporate name to be hereunto affixed and this instrument to be signed and sealed by its President or a Vice President and its corporate seal to be attested by its Secretary or an Assistant Secretary for and on its behalf, and Deutsche Bank Trust
Company Americas, party hereto of the second part, in token of its acceptance of the trust hereby created has caused its corporate name to be hereunto affixed and this instrument to be signed by a Vice President and attested by an Associate, on the
date hereinafter acknowledged, as of the day and year first above written. 
  

			
	IDAHO POWER COMPANY
		
	By	 	 /s/ Lisa A. Grow

		 	 Lisa A. Grow
 President and Chief Executive
Officer



  

	
	Attest:
	
	 /s/ Patrick A. Harrington

	 Patrick A. Harrington
 Secretary

	
	Executed, sealed and delivered by
	 IDAHO POWER COMPANY

	 in the presence of:

	
	 Elizabeth Paynter

/s/ Elizabeth Paynter

	
	 Sara Gourley

/s/ Sara Gourley



  
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	DEUTSCHE BANK TRUST COMPANY AMERICAS
	not in its individual capacity,
	but solely as Trustee
		
	By	 	 /s/ Jeffrey Schoenfeld

		 	 Jeffrey Schoenfeld
 Vice
President

		
	By	 	 /s/ Irina Golovashchuk

		 	 Irina Golovashchuk
 Vice
President



  

	
	 Attest:

	
	 /s/ Robert Peschler

	 Robert Peschler
 Vice President



  
 -14- 














			
	STATE OF IDAHO	  	                    )
		  	                    ) ss.:
	COUNTY OF ADA	  	                    )

 On the 4th day of June, in the year 2020, before me personally came LISA A. GROW, to me known, who being by me
duly sworn did depose and say that she is the President and Chief Executive Officer of Idaho Power Company, one of the corporations described in and which executed the above instrument; that she knows the seal of said corporation; that the seal
affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation, and that she signed her name thereto by like order; the said LISA A. GROW, having personally appeared and known to me
to be the President and Chief Executive Officer of said corporation that executed the instrument, acknowledged to me that said corporation executed the same. 

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal the day and year in this certificate first above written.

  

	
	 /s/ Christy Davenport

	Christy Davenport
	 Notary Public, State of Idaho
 Commission
expires 8/8/20




  
 -15- 














			
	STATE OF NEW JERSEY	  	                    )
		  	                    ) ss.:
	COUNTY OF MONMOUTH	  	                    )

 On the 4th day of June, in the year 2020, before me personally came JEFFREY SCHOENFELD, to me known, who being
by me duly sworn did depose and say that he is a Vice President of Deutsche Bank Trust Company Americas, one of the corporations described in and which executed the above instrument and that she signed her name thereto by order of the Board of
Directors of said corporation; the said JEFFREY SCHOENFELD, having personally appeared and known to me to be a Vice President of said corporation that executed the instrument, acknowledged to me that said corporation executed the same. 

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal the day and year in this certificate first above written.

  

	
	 /s/ Robert Peschler

	Name: Robert Peschler
	 Notary Public, State of New Jersey
 Registration
No: 2427815
 Qualified in Monmouth County
 Commission expires
12/11/2022



  

			
	STATE OF NEW JERSEY	  	                    )
		  	                    ) ss.:
	COUNTY OF MONMOUTH	  	                    )

 On the 4th day of June, in the year 2020, before me personally came IRINA GOLOVASHCHUK, to me known, who being
by me duly sworn did depose and say that she is a Vice President of Deutsche Bank Trust Company Americas, one of the corporations described in and which executed the above instrument and that she signed her name thereto by order of the Board of
Directors of said corporation; the said IRINA GOLOVASHCHUK, having personally appeared and known to me to be a Vice President of said corporation that executed the instrument, acknowledged to me that said corporation executed the same. 

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal the day and year in this certificate first above written.

  

	
	 /s/ Robert Peschler

	Name: Robert Peschler
	 Notary Public, State of New Jersey
 Registration
No: 2427815
 Qualified in Monmouth County
 Commission expires
12/11/2022




  
 -16- 














			
	STATE OF IDAHO	  	                    )
		  	                    ) ss.:
	COUNTY OF ADA	  	                    )

 LISA A. GROW, being first duly sworn, upon oath, deposes and says: that she is an officer, to wit, the
President and Chief Executive Officer of Idaho Power Company, a corporation, the mortgagor described in the foregoing indenture or mortgage, and makes this affidavit on behalf of said Idaho Power Company; that said indenture or mortgage is made in
good faith without any design to hinder, delay or defraud creditors, to secure the indebtedness mentioned or provided for therein. 
  

	
	 /s/ Lisa A. Grow

	 Lisa A. Grow
 President and Chief Executive
Officer



  

	
	 Subscribed and sworn to before me
 this 4th day
of June, 2020.

	
	 /s/ Christy Davenport

	Christy Davenport
	 Notary Public, State of Idaho
 Commission
expires 8/8/20



  
 -17- 














			
	STATE OF NEW JERSEY	  	                    )
		  	                    ) ss.:
	COUNTY OF MONMOUTH	  	                    )

 JEFFREY SCHOENFELD, being first duly sworn, upon oath, deposes and says: that he is an officer, to wit, a Vice
President of Deutsche Bank Trust Company Americas, a corporation, one of the mortgagees and trustee named in the foregoing indenture or mortgage, and makes this affidavit on behalf of said Deutsche Bank Trust Company Americas; that said indenture or
mortgage is made in good faith without any design to hinder, delay or defraud creditors, to secure the indebtedness mentioned or provided for therein. 
  

	
	 /s/ Jeffrey Schoenfeld

	 Jeffrey Schoenfeld
 Vice President



  

	
	 Subscribed and sworn to before me
 this 4th day
of June, 2020.

	
	 /s/ Robert Peschler

	Name: Robert Peschler
	 Notary Public, State of New Jersey
 Registration
No: 2427815
 Qualified in Monmouth County
 Commission expires
12/11/2022



  
 -18-