X
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
|
||
|
EXCHANGE ACT OF 1934
|
|
||
|
For the quarterly period ended September 30, 2012
|
|
||
|
OR
|
|
||
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
|
||
|
EXCHANGE ACT OF 1934
|
|
||
|
For the transition period from __________ to __________
|
|
||
|
Exact name of registrants as specified
|
I.R.S. Employer
|
||
Commission File
|
in their charters, address of principal
|
Identification
|
||
Number
|
executive offices, zip code and telephone number
|
Number
|
||
1-14465
|
IDACORP, Inc.
|
82-0505802
|
||
1-3198
|
Idaho Power Company
|
82-0130980
|
||
|
1221 W. Idaho Street
|
|
|
|
|
Boise, Idaho 83702-5627
|
|
|
|
|
(208) 388-2200
|
|
|
|
|
State of Incorporation: Idaho
|
|
|
|
|
None
|
|
|
|
Former name, former address and former fiscal year, if changed since last report.
|
COMMONLY USED TERMS
|
||
|
||
The following select abbreviations, terms, or acronyms are commonly used or found in multiple locations in this report:
|
||
|
|
|
ADITC
|
-
|
Accumulated Deferred Investment Tax Credits
|
AFUDC
|
-
|
Allowance for Funds Used During Construction
|
BCC
|
-
|
Bridger Coal Company, a joint venture of IERCo
|
CAA
|
-
|
Clean Air Act
|
CO
2
|
-
|
Carbon Dioxide
|
CSPP
|
-
|
Cogeneration and Small Power Production
|
EGUs
|
-
|
Electric Utility Steam Generating Units
|
EPA
|
-
|
U.S. Environmental Protection Agency
|
EPS
|
-
|
Earnings Per Share
|
FCA
|
-
|
Fixed Cost Adjustment
|
FERC
|
-
|
Federal Energy Regulatory Commission
|
FIP
|
-
|
Federal Implementation Plan
|
GHG
|
-
|
Greenhouse Gas
|
HAPs
|
-
|
Hazardous Air Pollutants
|
HCC
|
-
|
Hells Canyon Complex
|
IDACORP
|
-
|
IDACORP, Inc., an Idaho corporation
|
Idaho Power
|
-
|
Idaho Power Company, an Idaho corporation
|
Idaho ROE
|
-
|
Idaho-jurisdiction return on year-end equity
|
Ida-West
|
-
|
Ida-West Energy, a subsidiary of IDACORP, Inc.
|
IE
|
-
|
IDACORP Energy, a subsidiary of IDACORP, Inc.
|
IERCo
|
-
|
Idaho Energy Resources Co., a subsidiary of Idaho Power Company
|
IFS
|
-
|
IDACORP Financial Services, a subsidiary of IDACORP, Inc.
|
IPUC
|
-
|
Idaho Public Utilities Commission
|
IRP
|
-
|
Integrated Resource Plan
|
kW
|
-
|
Kilowatt
|
MD&A
|
-
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
MW
|
-
|
Megawatt
|
MWh
|
-
|
Megawatt-hour
|
NOx
|
-
|
Nitrous Oxide
|
NSPS
|
-
|
New Source Performance Standards
|
O&M
|
-
|
Operations and Maintenance
|
OATT
|
-
|
Open Access Transmission Tariff
|
OPUC
|
-
|
Oregon Public Utility Commission
|
PCA
|
-
|
Power Cost Adjustment
|
PURPA
|
-
|
Public Utility Regulatory Policies Act of 1978
|
REC
|
-
|
Renewable Energy Certificate
|
SEC
|
-
|
U.S. Securities and Exchange Commission
|
SIP
|
-
|
State Implementation Plan
|
SO
2
|
-
|
Sulfur Dioxide
|
Valmy
|
-
|
North Valmy Steam Electric Generating Plant
|
VIEs
|
-
|
Variable Interest Entities
|
TABLE OF CONTENTS
|
||||
|
Page
|
|||
Part I. Financial Information
|
|
|||
|
|
|
||
|
Item 1. Financial Statements (unaudited)
|
|
||
|
|
IDACORP, Inc.:
|
|
|
|
|
|
Condensed Consolidated Statements of Income
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income
|
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
Condensed Consolidated Statements of Equity
|
|
|
|
Idaho Power Company:
|
|
|
|
|
|
Condensed Consolidated Statements of Income
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income
|
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
Condensed Consolidated Statements of Capitalization
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
|
|
|
|
Notes to the Condensed Consolidated Financial Statements
|
||
|
|
Reports of Independent Registered Public Accounting Firm
|
||
|
|
|
|
|
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of
|
|
||
|
|
|
Operations
|
|
|
|
|
|
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
|||
|
|
|
|
|
|
Item 4. Controls and Procedures
|
|||
|
|
|
|
|
Part II. Other Information:
|
|
|||
|
|
|
||
|
Item 1. Legal Proceedings
|
|||
|
|
|
||
|
Item 1A. Risk Factors
|
|||
|
|
|
||
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
|||
|
|
|
||
|
Item 4. Mine Safety Disclosures
|
|||
|
|
|
||
|
Item 5. Other Information
|
|||
|
|
|
||
|
Item 6. Exhibits
|
|||
|
|
|
||
Signatures
|
||||
|
|
|||
Exhibit Index
|
•
|
the effect of regulatory decisions by the Idaho Public Utilities Commission, the Oregon Public Utility Commission, the Federal Energy Regulatory Commission, and other regulators affecting Idaho Power's ability to recover costs and/or earn a reasonable rate of return;
|
•
|
variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River basin, which can impact stream flows and the amount of generation from Idaho Power's hydroelectric facilities and cause Idaho Power to rely more heavily on more expensive generation resources and market power purchases;
|
•
|
the cost and availability of materials, fuel, and commodities, and their impact on Idaho Power's infrastructure costs, power costs, and ability to meet required loads, and their impact on the wholesale energy market in the western United States;
|
•
|
costs and delays associated with construction and maintenance of power generation, transmission, and distribution facilities, including the inability to obtain required governmental permits and approvals, hydroelectric plant licenses under reasonable terms (and the costs resulting from conditions in such licenses), rights-of-way, and siting, and risks related to contracting, construction, and start-up;
|
•
|
disruptions or outages of Idaho Power's generation or transmission systems or the western interconnected transmission system affecting Idaho Power's ability to deliver power to its customers and requiring the dispatch of more expensive generation resources or purchasing power, which may ultimately increase costs;
|
•
|
increased costs associated with the legislatively mandated purchase of intermittent power, such as wind, at above-market rates, and the costs and other challenges of integrating intermittent power sources into Idaho Power's resource portfolio;
|
•
|
population growth and changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area, the loss or change in the business of significant customers, and the associated impact on loads;
|
•
|
the impact of changes in economic conditions in Idaho Power's service territory and elsewhere, including the potential for changes in demand for electricity, revenue from sales of excess energy, financial soundness of vendors and service providers, and the level of uncollectible customer accounts;
|
•
|
changes in and costs of compliance with laws, regulations, and policies relating to the environment, natural resources, and endangered species and the adoption and interpretation of laws and regulations addressing greenhouse gas emissions, global climate change, and energy policies intended to mitigate carbon dioxide, mercury, and other emissions;
|
•
|
climate change and weather variations, which affect customer demand and hydroelectric generation and can impact the ability and cost to serve customers;
|
•
|
inclement weather and other natural phenomena such as earthquakes, floods, droughts, lightning, wind, and fire, which, in addition to affecting customer demand for power, could significantly affect the ability and cost to procure adequate supplies of fuel or power to serve customers, and could increase the costs to repair and maintain Idaho Power's generating facilities, transmission and distribution systems, and other infrastructure;
|
•
|
transaction risks, including increases in costs, associated with Idaho Power's energy commodity and other derivative instruments, the failure of Idaho Power's energy risk management policies to work as intended, exposure to counterparty credit risk, and potential higher costs of hedging activities due to new regulations pertaining to swaps and derivatives;
|
•
|
wholesale market conditions, including the volatility of prices and availability of power on the spot market and the ability to enter into commodity financial hedges with creditworthy counterparties, and the cost of those hedges, which may affect the prices Idaho Power must pay for power as well as the prices at which Idaho Power can sell any excess power;
|
•
|
deteriorating values in the equity markets, changes in interest rates and credit spreads, reductions in demand for investment-grade commercial paper, inflation, and other financial market conditions, as well as changes in government regulations, which affect, among other things, the cost of capital and the ability to access the capital markets, indebtedness obligations, and the amount and timing of required contributions to benefit plans;
|
•
|
failure of Idaho Power to comply with state and federal laws, policies, and regulations, including new interpretations and enforcement initiatives by regulatory and oversight bodies, including, but not limited to, the Federal Energy Regulatory Commission, the North American Electric Reliability Corporation, the Western Electricity Coordinating Council, the U.S. Environmental Protection Agency, and Idaho and Oregon state regulatory commissions, which may result in penalties, increase the cost of compliance, change the nature and extent of costly investigations and audits, and increase the costs of remediation;
|
•
|
the cost and outcome of litigation, dispute resolution, and regulatory proceedings, and penalties, settlements, or awards that influence the companies' business and operations;
|
•
|
reductions in credit ratings, which could adversely impact access to capital markets and would require the posting of additional collateral to counterparties;
|
•
|
the ability to obtain debt and equity financing or refinance existing debt when necessary or on favorable terms, which can be affected by factors such as credit ratings, volatility in the financial markets, the companies' financial performance, and other economic conditions;
|
•
|
whether the companies will be able to continue to pay dividends under the terms of their respective financing and credit agreements and regulatory limitations, and whether the companies' boards of directors will continue to declare common stock dividends based on the boards of directors’ periodic consideration of factors ordinarily affecting dividend policy, such as current and prospective financial condition, earnings and liquidity, prospective business conditions, regulatory factors, and restrictions in applicable agreements;
|
•
|
the potential effects of negative publicity regarding business practices, whether true or not, which could result in, among other things, costly litigation and a decline in IDACORP's common stock price;
|
•
|
changes in tax laws or related regulations or new interpretations of applicable law by the Internal Revenue Service or state and local taxing jurisdictions, and the availability and use by IDACORP or Idaho Power of tax credits;
|
•
|
employee workforce factors, including the ability to attract and retain skilled workers, unionization or the attempt to unionize all or part of the companies' workforce, the ability to adjust the labor cost structure to changes in growth within Idaho Power's service territory, and increasing health care and other benefit costs;
|
•
|
the failure of information systems or the failure to secure information system data, security breaches, or the direct or indirect effect on the companies' business resulting from the occurrence of cyber attacks, terrorist incidents or the threat of terrorist incidents, and acts of war;
|
•
|
adoption of or changes in accounting policies, principles, or estimates, including the potential adoption of all or a portion of International Financial Accounting Standards; and
|
•
|
new accounting or Securities and Exchange Commission or New York Stock Exchange requirements, or new interpretations of existing requirements.
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(thousands of dollars except for per share amounts)
|
||||||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Electric utility:
|
|
|
|
|
|
|
|
|
||||||||
General business
|
|
$
|
306,066
|
|
|
$
|
252,313
|
|
|
$
|
724,025
|
|
|
$
|
649,881
|
|
Off-system sales
|
|
4,826
|
|
|
24,083
|
|
|
43,953
|
|
|
74,648
|
|
||||
Other revenues
|
|
21,865
|
|
|
31,649
|
|
|
58,810
|
|
|
68,502
|
|
||||
Total electric utility revenues
|
|
332,757
|
|
|
308,045
|
|
|
826,788
|
|
|
793,031
|
|
||||
Other
|
|
1,262
|
|
|
1,585
|
|
|
3,074
|
|
|
3,076
|
|
||||
Total operating revenues
|
|
334,019
|
|
|
309,630
|
|
|
829,862
|
|
|
796,107
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
||||||||
Electric utility:
|
|
|
|
|
|
|
|
|
||||||||
Purchased power
|
|
71,570
|
|
|
66,141
|
|
|
151,026
|
|
|
127,658
|
|
||||
Fuel expense
|
|
55,978
|
|
|
41,195
|
|
|
110,014
|
|
|
90,801
|
|
||||
Power cost adjustment
|
|
(42,871
|
)
|
|
(10,189
|
)
|
|
(37,074
|
)
|
|
36,618
|
|
||||
Other operations and maintenance
|
|
89,968
|
|
|
84,562
|
|
|
254,487
|
|
|
240,695
|
|
||||
Energy efficiency programs
|
|
8,410
|
|
|
18,504
|
|
|
20,971
|
|
|
31,011
|
|
||||
Depreciation
|
|
31,607
|
|
|
30,115
|
|
|
92,028
|
|
|
89,272
|
|
||||
Taxes other than income taxes
|
|
7,012
|
|
|
7,302
|
|
|
22,961
|
|
|
21,696
|
|
||||
Total electric utility expenses
|
|
221,674
|
|
|
237,630
|
|
|
614,413
|
|
|
637,751
|
|
||||
Other
|
|
1,002
|
|
|
607
|
|
|
2,961
|
|
|
2,573
|
|
||||
Total operating expenses
|
|
222,676
|
|
|
238,237
|
|
|
617,374
|
|
|
640,324
|
|
||||
Operating Income
|
|
111,343
|
|
|
71,393
|
|
|
212,488
|
|
|
155,783
|
|
||||
Other Income, Net
|
|
2,928
|
|
|
6,010
|
|
|
16,091
|
|
|
15,589
|
|
||||
Earnings (losses) of Unconsolidated Equity-Method Investments
|
|
1,304
|
|
|
2,085
|
|
|
795
|
|
|
(3,657
|
)
|
||||
Interest Expense:
|
|
|
|
|
|
|
|
|
||||||||
Interest on long-term debt
|
|
19,670
|
|
|
19,499
|
|
|
59,252
|
|
|
59,850
|
|
||||
Other interest, net of AFUDC
|
|
(269
|
)
|
|
(2,053
|
)
|
|
(5,209
|
)
|
|
(5,876
|
)
|
||||
Total interest expense, net
|
|
19,401
|
|
|
17,446
|
|
|
54,043
|
|
|
53,974
|
|
||||
Income Before Income Taxes
|
|
96,174
|
|
|
62,042
|
|
|
175,331
|
|
|
113,741
|
|
||||
Income Tax Expense (Benefit)
|
|
3,910
|
|
|
(45,372
|
)
|
|
22,812
|
|
|
(44,137
|
)
|
||||
Net Income
|
|
92,264
|
|
|
107,414
|
|
|
152,519
|
|
|
157,878
|
|
||||
Adjustment for income attributable to noncontrolling interests
|
|
(195
|
)
|
|
(347
|
)
|
|
(220
|
)
|
|
(170
|
)
|
||||
Net Income Attributable to IDACORP, Inc.
|
|
$
|
92,069
|
|
|
$
|
107,067
|
|
|
$
|
152,299
|
|
|
$
|
157,708
|
|
Weighted Average Common Shares Outstanding - Basic (000’s)
|
|
49,966
|
|
|
49,520
|
|
|
49,918
|
|
|
49,411
|
|
||||
Weighted Average Common Shares Outstanding - Diluted (000’s)
|
|
50,080
|
|
|
49,622
|
|
|
49,990
|
|
|
49,499
|
|
||||
Earnings Per Share of Common Stock:
|
|
|
|
|
|
|
|
|
||||||||
Earnings Attributable to IDACORP, Inc. - Basic
|
|
$
|
1.84
|
|
|
$
|
2.16
|
|
|
$
|
3.05
|
|
|
$
|
3.19
|
|
Earnings Attributable to IDACORP, Inc. - Diluted
|
|
$
|
1.84
|
|
|
$
|
2.16
|
|
|
$
|
3.05
|
|
|
$
|
3.19
|
|
Dividends Declared Per Share of Common Stock
|
|
$
|
0.33
|
|
|
$
|
0.30
|
|
|
$
|
0.99
|
|
|
$
|
0.90
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(thousands of dollars)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net Income
|
|
$
|
92,264
|
|
|
$
|
107,414
|
|
|
$
|
152,519
|
|
|
$
|
157,878
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
|
|
||||||||
Net unrealized holding gains (losses) arising during the period,
net of tax of $438, ($1,259), $968, and ($900)
|
|
682
|
|
|
(1,961
|
)
|
|
1,507
|
|
|
(1,401
|
)
|
||||
Unfunded pension liability adjustment, net of tax
of $170, $150, $511, and $450
|
|
265
|
|
|
234
|
|
|
796
|
|
|
701
|
|
||||
Total Comprehensive Income
|
|
93,211
|
|
|
105,687
|
|
|
154,822
|
|
|
157,178
|
|
||||
Comprehensive income attributable to noncontrolling interests
|
|
(195
|
)
|
|
(347
|
)
|
|
(220
|
)
|
|
(170
|
)
|
||||
Comprehensive Income Attributable to IDACORP, Inc.
|
|
$
|
93,016
|
|
|
$
|
105,340
|
|
|
$
|
154,602
|
|
|
$
|
157,008
|
|
|
|
September 30,
2012 |
|
December 31, 2011
|
||||
|
|
(thousands of dollars)
|
||||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
20,234
|
|
|
$
|
27,813
|
|
Receivables:
|
|
|
|
|
||||
Customer (net of allowance of $1,691 and $1,239, respectively)
|
|
80,154
|
|
|
66,296
|
|
||
Other (net of allowance of $168 and $196, respectively)
|
|
20,923
|
|
|
8,197
|
|
||
Income taxes receivable
|
|
242
|
|
|
421
|
|
||
Accrued unbilled revenues
|
|
49,872
|
|
|
46,441
|
|
||
Materials and supplies (at average cost)
|
|
48,540
|
|
|
46,490
|
|
||
Fuel stock (at average cost)
|
|
52,626
|
|
|
47,865
|
|
||
Prepayments
|
|
13,007
|
|
|
12,405
|
|
||
Deferred income taxes
|
|
45,833
|
|
|
16,159
|
|
||
Current regulatory assets
|
|
28,936
|
|
|
34,279
|
|
||
Other
|
|
5,628
|
|
|
4,606
|
|
||
Total current assets
|
|
365,995
|
|
|
310,972
|
|
||
Investments
|
|
190,692
|
|
|
199,931
|
|
||
Property, Plant and Equipment:
|
|
|
|
|
||||
Utility plant in service
|
|
4,890,835
|
|
|
4,466,873
|
|
||
Accumulated provision for depreciation
|
|
(1,692,089
|
)
|
|
(1,677,609
|
)
|
||
Utility plant in service - net
|
|
3,198,746
|
|
|
2,789,264
|
|
||
Construction work in progress
|
|
283,053
|
|
|
591,475
|
|
||
Utility plant held for future use
|
|
7,101
|
|
|
6,974
|
|
||
Other property, net of accumulated depreciation
|
|
17,936
|
|
|
18,877
|
|
||
Property, plant and equipment - net
|
|
3,506,836
|
|
|
3,406,590
|
|
||
Other Assets:
|
|
|
|
|
||||
American Falls and Milner water rights
|
|
18,170
|
|
|
20,015
|
|
||
Company-owned life insurance
|
|
22,893
|
|
|
24,060
|
|
||
Regulatory assets
|
|
1,049,105
|
|
|
953,068
|
|
||
Long-term receivables (net of allowance of $2,865 and $2,743, respectively)
|
|
5,621
|
|
|
5,621
|
|
||
Other
|
|
48,325
|
|
|
40,352
|
|
||
Total other assets
|
|
1,144,114
|
|
|
1,043,116
|
|
||
Total
|
|
$
|
5,207,637
|
|
|
$
|
4,960,609
|
|
|
|
September 30,
2012 |
|
December 31, 2011
|
||||
|
|
(thousands of dollars)
|
||||||
Liabilities and Equity
|
|
|
|
|
||||
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
1,064
|
|
|
$
|
101,064
|
|
Notes payable
|
|
51,400
|
|
|
54,200
|
|
||
Accounts payable
|
|
93,414
|
|
|
100,432
|
|
||
Income taxes accrued
|
|
937
|
|
|
505
|
|
||
Interest accrued
|
|
23,901
|
|
|
21,797
|
|
||
Current regulatory liabilities
|
|
37,193
|
|
|
29,738
|
|
||
Other
|
|
60,355
|
|
|
60,511
|
|
||
Total current liabilities
|
|
268,264
|
|
|
368,247
|
|
||
Other Liabilities:
|
|
|
|
|
||||
Deferred income taxes
|
|
877,209
|
|
|
772,047
|
|
||
Regulatory liabilities
|
|
348,206
|
|
|
332,057
|
|
||
Pension and other postretirement benefits
|
|
339,324
|
|
|
363,209
|
|
||
Other
|
|
63,824
|
|
|
75,805
|
|
||
Total other liabilities
|
|
1,628,563
|
|
|
1,543,118
|
|
||
Long-Term Debt
|
|
1,536,573
|
|
|
1,387,550
|
|
||
Commitments and Contingencies
|
|
|
|
|
||||
Equity:
|
|
|
|
|
||||
IDACORP, Inc. shareholders’ equity:
|
|
|
|
|
||||
Common stock, no par value (shares authorized 120,000,000;
50,156,986 and 49,964,172 shares issued, respectively)
|
|
835,742
|
|
|
828,389
|
|
||
Retained earnings
|
|
943,575
|
|
|
840,916
|
|
||
Accumulated other comprehensive loss
|
|
(9,319
|
)
|
|
(11,622
|
)
|
||
Treasury stock (1,513 and 12,177 shares at cost, respectively)
|
|
(21
|
)
|
|
(29
|
)
|
||
Total IDACORP, Inc. shareholders’ equity
|
|
1,769,977
|
|
|
1,657,654
|
|
||
Noncontrolling interests
|
|
4,260
|
|
|
4,040
|
|
||
Total equity
|
|
1,774,237
|
|
|
1,661,694
|
|
||
Total
|
|
$
|
5,207,637
|
|
|
$
|
4,960,609
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these statements.
|
|
|
Nine months ended
September 30, |
||||||
|
|
2012
|
|
2011
|
||||
|
|
(thousands of dollars)
|
||||||
Operating Activities:
|
|
|
|
|
||||
Net income
|
|
$
|
152,519
|
|
|
$
|
157,878
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
95,904
|
|
|
92,646
|
|
||
Deferred income taxes and investment tax credits
|
|
19,824
|
|
|
(54,340
|
)
|
||
Changes in regulatory assets and liabilities
|
|
(24,618
|
)
|
|
55,044
|
|
||
Pension and postretirement benefit plan expense
|
|
28,689
|
|
|
17,279
|
|
||
Contributions to pension and postretirement benefit plans
|
|
(47,466
|
)
|
|
(20,194
|
)
|
||
(Earnings) losses of unconsolidated equity-method investments
|
|
(795
|
)
|
|
3,657
|
|
||
Distributions from unconsolidated equity-method investments
|
|
12,375
|
|
|
2,375
|
|
||
Allowance for equity funds used during construction
|
|
(18,989
|
)
|
|
(18,264
|
)
|
||
Other non-cash adjustments to net income, net
|
|
2,046
|
|
|
3,731
|
|
||
Change in:
|
|
|
|
|
|
|
||
Accounts receivable and prepayments
|
|
(16,099
|
)
|
|
(12,121
|
)
|
||
Accounts payable and other accrued liabilities
|
|
(1,440
|
)
|
|
(2,209
|
)
|
||
Taxes accrued/receivable
|
|
11,457
|
|
|
31,472
|
|
||
Other current assets
|
|
(10,242
|
)
|
|
(24,556
|
)
|
||
Other current liabilities
|
|
(6,501
|
)
|
|
1,375
|
|
||
Other assets
|
|
(7,202
|
)
|
|
4,595
|
|
||
Other liabilities
|
|
(7,980
|
)
|
|
(3,458
|
)
|
||
Net cash provided by operating activities
|
|
181,482
|
|
|
234,910
|
|
||
Investing Activities:
|
|
|
|
|
|
|
||
Additions to property, plant and equipment
|
|
(187,751
|
)
|
|
(266,991
|
)
|
||
Proceeds from the sale of emission allowances and RECs
|
|
2,706
|
|
|
5,163
|
|
||
Investments in affordable housing
|
|
(107
|
)
|
|
(955
|
)
|
||
Other
|
|
(137
|
)
|
|
2,435
|
|
||
Net cash used in investing activities
|
|
(185,289
|
)
|
|
(260,348
|
)
|
||
Financing Activities:
|
|
|
|
|
|
|
||
Issuance of long-term debt
|
|
150,000
|
|
|
—
|
|
||
Retirement of long-term debt
|
|
(101,064
|
)
|
|
(121,064
|
)
|
||
Dividends on common stock
|
|
(49,950
|
)
|
|
(44,808
|
)
|
||
Net change in short-term borrowings
|
|
(2,800
|
)
|
|
(15,400
|
)
|
||
Issuance of common stock
|
|
4,839
|
|
|
10,408
|
|
||
Acquisition of treasury stock
|
|
(2,062
|
)
|
|
(1,933
|
)
|
||
Other
|
|
(2,735
|
)
|
|
872
|
|
||
Net cash used in financing activities
|
|
(3,772
|
)
|
|
(171,925
|
)
|
||
Net decrease in cash and cash equivalents
|
|
(7,579
|
)
|
|
(197,363
|
)
|
||
Cash and cash equivalents at beginning of the period
|
|
27,813
|
|
|
228,677
|
|
||
Cash and cash equivalents at end of the period
|
|
$
|
20,234
|
|
|
$
|
31,314
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
||
Cash paid (received) during the period for:
|
|
|
|
|
|
|||
Income taxes
|
|
$
|
1,178
|
|
|
$
|
(11,543
|
)
|
Interest (net of amount capitalized)
|
|
$
|
50,137
|
|
|
$
|
52,505
|
|
Non-cash investing activities:
|
|
|
|
|
||||
Additions to property, plant and equipment in accounts payable
|
|
$
|
22,595
|
|
|
$
|
22,715
|
|
|
|
Nine months ended
September 30, |
||||||
|
|
2012
|
|
2011
|
||||
|
|
(thousands of dollars)
|
||||||
Common Stock
|
|
|
|
|
||||
Balance at beginning of period
|
|
$
|
828,389
|
|
|
$
|
807,842
|
|
Issued
|
|
4,839
|
|
|
10,408
|
|
||
Other
|
|
2,514
|
|
|
2,021
|
|
||
Balance at end of period
|
|
835,742
|
|
|
820,271
|
|
||
Retained Earnings
|
|
|
|
|
||||
Balance at beginning of period
|
|
840,916
|
|
|
733,879
|
|
||
Net income attributable to IDACORP, Inc.
|
|
152,299
|
|
|
157,708
|
|
||
Common stock dividends ($0.99 and $0.90 per share)
|
|
(49,640
|
)
|
|
(44,714
|
)
|
||
Balance at end of period
|
|
943,575
|
|
|
846,873
|
|
||
Accumulated Other Comprehensive (Loss) Income
|
|
|
|
|
||||
Balance at beginning of period
|
|
(11,622
|
)
|
|
(9,568
|
)
|
||
Unrealized gain (loss) on securities (net of tax)
|
|
1,507
|
|
|
(1,401
|
)
|
||
Unfunded pension liability adjustment (net of tax)
|
|
796
|
|
|
701
|
|
||
Balance at end of period
|
|
(9,319
|
)
|
|
(10,268
|
)
|
||
Treasury Stock
|
|
|
|
|
||||
Balance at beginning of period
|
|
(29
|
)
|
|
(40
|
)
|
||
Issued
|
|
2,070
|
|
|
1,944
|
|
||
Acquired
|
|
(2,062
|
)
|
|
(1,933
|
)
|
||
Balance at end of period
|
|
(21
|
)
|
|
(29
|
)
|
||
Total IDACORP, Inc. shareholders’ equity at end of period
|
|
1,769,977
|
|
|
1,656,847
|
|
||
Noncontrolling Interests
|
|
|
|
|
||||
Balance at beginning of period
|
|
4,040
|
|
|
3,871
|
|
||
Net income attributable to noncontrolling interests
|
|
220
|
|
|
170
|
|
||
Balance at end of period
|
|
4,260
|
|
|
4,041
|
|
||
Total equity at end of period
|
|
$
|
1,774,237
|
|
|
$
|
1,660,888
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(thousands of dollars)
|
||||||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
||||||||
General business
|
|
$
|
306,066
|
|
|
$
|
252,313
|
|
|
$
|
724,025
|
|
|
$
|
649,881
|
|
Off-system sales
|
|
4,826
|
|
|
24,083
|
|
|
43,953
|
|
|
74,648
|
|
||||
Other revenues
|
|
21,865
|
|
|
31,649
|
|
|
58,810
|
|
|
68,502
|
|
||||
Total operating revenues
|
|
332,757
|
|
|
308,045
|
|
|
826,788
|
|
|
793,031
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
||||||||
Operation:
|
|
|
|
|
|
|
|
|
||||||||
Purchased power
|
|
71,570
|
|
|
66,141
|
|
|
151,026
|
|
|
127,658
|
|
||||
Fuel expense
|
|
55,978
|
|
|
41,195
|
|
|
110,014
|
|
|
90,801
|
|
||||
Power cost adjustment
|
|
(42,871
|
)
|
|
(10,189
|
)
|
|
(37,074
|
)
|
|
36,618
|
|
||||
Other operations and maintenance
|
|
89,968
|
|
|
84,562
|
|
|
254,487
|
|
|
240,695
|
|
||||
Energy efficiency programs
|
|
8,410
|
|
|
18,504
|
|
|
20,971
|
|
|
31,011
|
|
||||
Depreciation
|
|
31,607
|
|
|
30,115
|
|
|
92,028
|
|
|
89,272
|
|
||||
Taxes other than income taxes
|
|
7,012
|
|
|
7,302
|
|
|
22,961
|
|
|
21,696
|
|
||||
Total operating expenses
|
|
221,674
|
|
|
237,630
|
|
|
614,413
|
|
|
637,751
|
|
||||
Income from Operations
|
|
111,083
|
|
|
70,415
|
|
|
212,375
|
|
|
155,280
|
|
||||
Other Income (Expense):
|
|
|
|
|
|
|
|
|
||||||||
Allowance for equity funds used during construction
|
|
3,541
|
|
|
6,570
|
|
|
18,989
|
|
|
18,264
|
|
||||
Earnings of unconsolidated equity-method investments
|
|
2,906
|
|
|
3,741
|
|
|
6,933
|
|
|
1,172
|
|
||||
Other expense, net
|
|
(769
|
)
|
|
(293
|
)
|
|
(3,615
|
)
|
|
(2,669
|
)
|
||||
Total other income
|
|
5,678
|
|
|
10,018
|
|
|
22,307
|
|
|
16,767
|
|
||||
Interest Charges:
|
|
|
|
|
|
|
|
|
||||||||
Interest on long-term debt
|
|
19,670
|
|
|
19,499
|
|
|
59,252
|
|
|
59,850
|
|
||||
Other interest
|
|
1,617
|
|
|
1,026
|
|
|
4,756
|
|
|
3,551
|
|
||||
Allowance for borrowed funds used during construction
|
|
(1,986
|
)
|
|
(3,188
|
)
|
|
(10,269
|
)
|
|
(9,777
|
)
|
||||
Total interest charges
|
|
19,301
|
|
|
17,337
|
|
|
53,739
|
|
|
53,624
|
|
||||
Income Before Income Taxes
|
|
97,460
|
|
|
63,096
|
|
|
180,943
|
|
|
118,423
|
|
||||
Income Tax Expense (Benefit)
|
|
7,864
|
|
|
(41,776
|
)
|
|
30,818
|
|
|
(36,997
|
)
|
||||
Net Income
|
|
$
|
89,596
|
|
|
$
|
104,872
|
|
|
$
|
150,125
|
|
|
$
|
155,420
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(thousands of dollars)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net Income
|
|
$
|
89,596
|
|
|
$
|
104,872
|
|
|
$
|
150,125
|
|
|
$
|
155,420
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
|
|
||||||||
Net unrealized holding gains (losses) arising during the period,
net of tax of $438, ($1,259), $968, and ($900) |
|
682
|
|
|
(1,961
|
)
|
|
1,507
|
|
|
(1,401
|
)
|
||||
Unfunded pension liability adjustment, net of tax
of $170, $150, $511, and $450 |
|
265
|
|
|
234
|
|
|
796
|
|
|
701
|
|
||||
Total Comprehensive Income
|
|
$
|
90,543
|
|
|
$
|
103,145
|
|
|
$
|
152,428
|
|
|
$
|
154,720
|
|
|
|
September 30,
2012 |
|
December 31, 2011
|
||||
|
|
(thousands of dollars)
|
||||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Electric Plant:
|
|
|
|
|
||||
In service (at original cost)
|
|
$
|
4,890,835
|
|
|
$
|
4,466,873
|
|
Accumulated provision for depreciation
|
|
(1,692,089
|
)
|
|
(1,677,609
|
)
|
||
In service - net
|
|
3,198,746
|
|
|
2,789,264
|
|
||
Construction work in progress
|
|
283,053
|
|
|
591,475
|
|
||
Held for future use
|
|
7,101
|
|
|
6,974
|
|
||
Electric plant - net
|
|
3,488,900
|
|
|
3,387,713
|
|
||
Investments and Other Property
|
|
125,466
|
|
|
128,674
|
|
||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
13,604
|
|
|
19,316
|
|
||
Receivables:
|
|
|
|
|
||||
Customer (net of allowance of $1,691 and $1,239, respectively)
|
|
80,154
|
|
|
66,296
|
|
||
Other (net of allowance of $168 and $196, respectively)
|
|
20,756
|
|
|
8,011
|
|
||
Income taxes receivable
|
|
20,612
|
|
|
4,644
|
|
||
Accrued unbilled revenues
|
|
49,872
|
|
|
46,441
|
|
||
Materials and supplies (at average cost)
|
|
48,540
|
|
|
46,490
|
|
||
Fuel stock (at average cost)
|
|
52,626
|
|
|
47,865
|
|
||
Prepayments
|
|
12,857
|
|
|
12,274
|
|
||
Deferred income taxes
|
|
34,180
|
|
|
14,099
|
|
||
Current regulatory assets
|
|
28,936
|
|
|
34,279
|
|
||
Other
|
|
5,628
|
|
|
4,606
|
|
||
Total current assets
|
|
367,765
|
|
|
304,321
|
|
||
Deferred Debits:
|
|
|
|
|
||||
American Falls and Milner water rights
|
|
18,170
|
|
|
20,015
|
|
||
Company-owned life insurance
|
|
22,893
|
|
|
24,060
|
|
||
Regulatory assets
|
|
1,049,105
|
|
|
953,068
|
|
||
Other
|
|
47,085
|
|
|
38,988
|
|
||
Total deferred debits
|
|
1,137,253
|
|
|
1,036,131
|
|
||
Total
|
|
$
|
5,119,384
|
|
|
$
|
4,856,839
|
|
|
|
September 30,
2012 |
|
December 31, 2011
|
||||
|
|
(thousands of dollars)
|
||||||
Capitalization and Liabilities
|
|
|
|
|
||||
|
|
|
|
|
||||
Capitalization:
|
|
|
|
|
||||
Common stock equity:
|
|
|
|
|
||||
Common stock, $2.50 par value (50,000,000 shares
authorized; 39,150,812 shares outstanding)
|
|
$
|
97,877
|
|
|
$
|
97,877
|
|
Premium on capital stock
|
|
712,257
|
|
|
704,758
|
|
||
Capital stock expense
|
|
(2,097
|
)
|
|
(2,097
|
)
|
||
Retained earnings
|
|
835,758
|
|
|
735,304
|
|
||
Accumulated other comprehensive loss
|
|
(9,319
|
)
|
|
(11,622
|
)
|
||
Total common stock equity
|
|
1,634,476
|
|
|
1,524,220
|
|
||
Long-term debt
|
|
1,536,573
|
|
|
1,387,550
|
|
||
Total capitalization
|
|
3,171,049
|
|
|
2,911,770
|
|
||
Current Liabilities:
|
|
|
|
|
||||
Long-term debt due within one year
|
|
1,064
|
|
|
101,064
|
|
||
Accounts payable
|
|
92,950
|
|
|
99,716
|
|
||
Accounts payable to affiliates
|
|
1,434
|
|
|
1,512
|
|
||
Interest accrued
|
|
23,901
|
|
|
21,797
|
|
||
Current regulatory liabilities
|
|
37,193
|
|
|
29,738
|
|
||
Other
|
|
59,755
|
|
|
59,785
|
|
||
Total current liabilities
|
|
216,297
|
|
|
313,612
|
|
||
Deferred Credits:
|
|
|
|
|
||||
Deferred income taxes
|
|
983,198
|
|
|
863,044
|
|
||
Regulatory liabilities
|
|
348,206
|
|
|
332,057
|
|
||
Pension and other postretirement benefits
|
|
339,324
|
|
|
363,209
|
|
||
Other
|
|
61,310
|
|
|
73,147
|
|
||
Total deferred credits
|
|
1,732,038
|
|
|
1,631,457
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Total
|
|
$
|
5,119,384
|
|
|
$
|
4,856,839
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these statements.
|
|
|
September 30,
2012 |
|
December 31, 2011
|
||||
|
|
(thousands of dollars)
|
||||||
Common Stock Equity:
|
|
|
|
|
||||
Common stock
|
|
$
|
97,877
|
|
|
$
|
97,877
|
|
Premium on capital stock
|
|
712,257
|
|
|
704,758
|
|
||
Capital stock expense
|
|
(2,097
|
)
|
|
(2,097
|
)
|
||
Retained earnings
|
|
835,758
|
|
|
735,304
|
|
||
Accumulated other comprehensive loss
|
|
(9,319
|
)
|
|
(11,622
|
)
|
||
Total common stock equity
|
|
1,634,476
|
|
|
1,524,220
|
|
||
Long-Term Debt:
|
|
|
|
|
||||
First mortgage bonds:
|
|
|
|
|
||||
4.75% Series due 2012
|
|
—
|
|
|
100,000
|
|
||
4.25% Series due 2013
|
|
70,000
|
|
|
70,000
|
|
||
6.025% Series due 2018
|
|
120,000
|
|
|
120,000
|
|
||
6.15% Series due 2019
|
|
100,000
|
|
|
100,000
|
|
||
4.50% Series due 2020
|
|
130,000
|
|
|
130,000
|
|
||
3.40% Series due 2020
|
|
100,000
|
|
|
100,000
|
|
||
2.95% Series due 2022
|
|
75,000
|
|
|
—
|
|
||
6% Series due 2032
|
|
100,000
|
|
|
100,000
|
|
||
5.50% Series due 2033
|
|
70,000
|
|
|
70,000
|
|
||
5.50% Series due 2034
|
|
50,000
|
|
|
50,000
|
|
||
5.875% Series due 2034
|
|
55,000
|
|
|
55,000
|
|
||
5.30% Series due 2035
|
|
60,000
|
|
|
60,000
|
|
||
6.30% Series due 2037
|
|
140,000
|
|
|
140,000
|
|
||
6.25% Series due 2037
|
|
100,000
|
|
|
100,000
|
|
||
4.85% Series due 2040
|
|
100,000
|
|
|
100,000
|
|
||
4.30% Series due 2042
|
|
75,000
|
|
|
—
|
|
||
Total first mortgage bonds
|
|
1,345,000
|
|
|
1,295,000
|
|
||
Amount due within one year
|
|
—
|
|
|
(100,000
|
)
|
||
Net first mortgage bonds
|
|
1,345,000
|
|
|
1,195,000
|
|
||
Pollution control revenue bonds:
|
|
|
|
|
||||
5.15% Series due 2024
|
|
49,800
|
|
|
49,800
|
|
||
5.25% Series due 2026
|
|
116,300
|
|
|
116,300
|
|
||
Variable Rate Series 2000 due 2027
|
|
4,360
|
|
|
4,360
|
|
||
Total pollution control revenue bonds
|
|
170,460
|
|
|
170,460
|
|
||
American Falls bond guarantee
|
|
19,885
|
|
|
19,885
|
|
||
Milner Dam note guarantee
|
|
5,318
|
|
|
6,382
|
|
||
Note guarantee due within one year
|
|
(1,064
|
)
|
|
(1,064
|
)
|
||
Unamortized premium/discount - net
|
|
(3,026
|
)
|
|
(3,113
|
)
|
||
Total long-term debt
|
|
1,536,573
|
|
|
1,387,550
|
|
||
Total Capitalization
|
|
$
|
3,171,049
|
|
|
$
|
2,911,770
|
|
|
|
Nine months ended
September 30, |
||||||
|
|
2012
|
|
2011
|
||||
|
|
(thousands of dollars)
|
||||||
Operating Activities:
|
|
|
|
|
||||
Net income
|
|
$
|
150,125
|
|
|
$
|
155,420
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
95,451
|
|
|
92,232
|
|
||
Deferred income taxes and investment tax credits
|
|
44,410
|
|
|
(56,078
|
)
|
||
Changes in regulatory assets and liabilities
|
|
(24,618
|
)
|
|
55,044
|
|
||
Pension and postretirement benefit plan expense
|
|
28,689
|
|
|
17,279
|
|
||
Contributions to pension and postretirement benefit plans
|
|
(47,466
|
)
|
|
(20,194
|
)
|
||
Earnings of unconsolidated equity-method investments
|
|
(6,933
|
)
|
|
(1,172
|
)
|
||
Distributions from unconsolidated equity-method investments
|
|
11,750
|
|
|
1,075
|
|
||
Allowance for equity funds used during construction
|
|
(18,989
|
)
|
|
(18,264
|
)
|
||
Other non-cash adjustments to net income, net
|
|
(510
|
)
|
|
1,383
|
|
||
Change in:
|
|
|
|
|
|
|
||
Accounts receivables and prepayments
|
|
(17,323
|
)
|
|
(12,213
|
)
|
||
Accounts payable
|
|
(1,208
|
)
|
|
(2,120
|
)
|
||
Taxes accrued/receivable
|
|
(5,170
|
)
|
|
35,496
|
|
||
Other current assets
|
|
(10,242
|
)
|
|
(24,556
|
)
|
||
Other current liabilities
|
|
(6,502
|
)
|
|
1,375
|
|
||
Other assets
|
|
(7,203
|
)
|
|
4,595
|
|
||
Other liabilities
|
|
(7,836
|
)
|
|
(2,702
|
)
|
||
Net cash provided by operating activities
|
|
176,425
|
|
|
226,600
|
|
||
Investing Activities:
|
|
|
|
|
|
|
||
Additions to utility plant
|
|
(187,751
|
)
|
|
(266,991
|
)
|
||
Proceeds from the sale of emission allowances and RECs
|
|
2,706
|
|
|
5,163
|
|
||
Other
|
|
(124
|
)
|
|
1,820
|
|
||
Net cash used in investing activities
|
|
(185,169
|
)
|
|
(260,008
|
)
|
||
Financing Activities:
|
|
|
|
|
|
|
||
Issuance of long-term debt
|
|
150,000
|
|
|
—
|
|
||
Retirement of long-term debt
|
|
(101,064
|
)
|
|
(121,064
|
)
|
||
Dividends on common stock
|
|
(49,671
|
)
|
|
(44,768
|
)
|
||
Capital contribution from parent
|
|
7,500
|
|
|
—
|
|
||
Other
|
|
(3,733
|
)
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
|
3,032
|
|
|
(165,832
|
)
|
||
Net decrease in cash and cash equivalents
|
|
(5,712
|
)
|
|
(199,240
|
)
|
||
Cash and cash equivalents at beginning of the period
|
|
19,316
|
|
|
224,233
|
|
||
Cash and cash equivalents at end of the period
|
|
$
|
13,604
|
|
|
$
|
24,993
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
||
Cash paid (received) during the period for:
|
|
|
|
|
|
|
||
Income taxes
|
|
$
|
1,224
|
|
|
$
|
(6,689
|
)
|
Interest (net of amount capitalized)
|
|
$
|
49,833
|
|
|
$
|
52,148
|
|
Non-cash investing activities:
|
|
|
|
|
||||
Additions to property, plant and equipment in accounts payable
|
|
$
|
22,595
|
|
|
$
|
22,715
|
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Three months ended September 30,
|
|
|
|
|
|
|
|
|
||||||||
Income tax at statutory rates (federal and state)
|
|
$
|
37,528
|
|
|
$
|
24,123
|
|
|
$
|
38,107
|
|
|
$
|
24,671
|
|
Additional accumulated deferred investment tax credit (ADITC) amortization
|
|
—
|
|
|
6,750
|
|
|
—
|
|
|
6,750
|
|
||||
Accounting method change
|
|
(7,845
|
)
|
|
—
|
|
|
(7,845
|
)
|
|
—
|
|
||||
Examination settlement - uniform capitalization
|
|
—
|
|
|
(56,898
|
)
|
|
—
|
|
|
(56,898
|
)
|
||||
Other
(1)
|
|
(25,773
|
)
|
|
(19,347
|
)
|
|
(22,398
|
)
|
|
(16,299
|
)
|
||||
Income tax expense (benefit)
|
|
$
|
3,910
|
|
|
$
|
(45,372
|
)
|
|
$
|
7,864
|
|
|
$
|
(41,776
|
)
|
Effective tax rate
|
|
4.1
|
%
|
|
(73.5
|
)%
|
|
8.1
|
%
|
|
(66.2
|
)%
|
||||
Nine months ended September 30,
|
|
|
|
|
|
|
|
|
||||||||
Income tax at statutory rates (federal and state)
|
|
$
|
68,468
|
|
|
$
|
44,407
|
|
|
$
|
70,749
|
|
|
$
|
46,303
|
|
Accounting method change
|
|
(7,845
|
)
|
|
—
|
|
|
(7,845
|
)
|
|
—
|
|
||||
Examination settlement - capitalized repairs
|
|
—
|
|
|
(3,428
|
)
|
|
—
|
|
|
(3,428
|
)
|
||||
Examination settlement - uniform capitalization
|
|
—
|
|
|
(56,898
|
)
|
|
—
|
|
|
(56,898
|
)
|
||||
Other
(1)
|
|
(37,811
|
)
|
|
(28,218
|
)
|
|
(32,086
|
)
|
|
(22,974
|
)
|
||||
Income tax expense (benefit)
|
|
$
|
22,812
|
|
|
$
|
(44,137
|
)
|
|
$
|
30,818
|
|
|
$
|
(36,997
|
)
|
Effective tax rate
|
|
13.0
|
%
|
|
(38.9
|
)%
|
|
17.0
|
%
|
|
(31.2
|
)%
|
•
|
if Idaho Power's actual Idaho ROE for 2012, 2013, or 2014 is less than
9.5 percent
, then Idaho Power may amortize additional ADITC to help achieve a minimum
9.5 percent
Idaho ROE in the applicable year. Idaho Power would be permitted to amortize additional ADITC in an aggregate amount up to
$45 million
over the
three
-year period, but could use no more than
$25 million
in 2012;
|
•
|
if Idaho Power's actual Idaho ROE for 2012, 2013, or 2014 exceeds
10.0 percent
, the amount of Idaho Power's Idaho-jurisdiction earnings exceeding a
10.0 percent
and up to and including a
10.5 percent
Idaho ROE for the applicable year would be shared equally between Idaho Power and its Idaho customers in the form of a rate reduction to become effective at the time of the subsequent year's PCA adjustment; and
|
•
|
if Idaho Power's actual Idaho ROE for 2012, 2013, or 2014 exceeds
10.5 percent
, the amount of Idaho Power's Idaho-jurisdiction earnings exceeding a
10.5 percent
Idaho ROE for the applicable year would be allocated
25 percent
to Idaho Power and
75 percent
to benefit Idaho customers through an offset in the pension balancing account.
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||||||||||||||||||
|
|
Idaho Power
|
|
IDACORP
|
|
Total
|
|
Idaho Power
|
|
IDACORP
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial paper outstanding
|
|
$
|
—
|
|
|
$
|
51,400
|
|
|
$
|
51,400
|
|
|
$
|
—
|
|
|
$
|
54,200
|
|
|
$
|
54,200
|
|
Weighted-average annual interest rate
|
|
—
|
%
|
|
0.47
|
%
|
|
0.47
|
%
|
|
—
|
%
|
|
0.47
|
%
|
|
0.47
|
%
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to IDACORP, Inc.
|
|
$
|
92,069
|
|
|
$
|
107,067
|
|
|
$
|
152,299
|
|
|
$
|
157,708
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted-average common shares outstanding - basic
|
|
49,966
|
|
|
49,520
|
|
|
49,918
|
|
|
49,411
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|||||||
Options
|
|
4
|
|
|
12
|
|
|
5
|
|
|
15
|
|
||||
Restricted Stock
|
|
110
|
|
|
90
|
|
|
67
|
|
|
73
|
|
||||
Weighted-average common shares outstanding - diluted
|
|
50,080
|
|
|
49,622
|
|
|
49,990
|
|
|
49,499
|
|
||||
Basic earnings per share
|
|
$
|
1.84
|
|
|
$
|
2.16
|
|
|
$
|
3.05
|
|
|
$
|
3.19
|
|
Diluted earnings per share
|
|
$
|
1.84
|
|
|
$
|
2.16
|
|
|
$
|
3.05
|
|
|
$
|
3.19
|
|
|
|
|
|
|
|
|
|
|
•
|
nine
power purchase agreements were terminated due to either an uncured breach by the respective counterparties or pursuant to IPUC-approved settlement arrangements between the parties, which reduced Idaho Power's contractual payment obligations by approximately
$736 million
over the 15-year to 25-year lives of the contracts; and
|
•
|
Idaho Power issued
$150 million
of first mortgage bonds, medium-term notes (long-term indebtedness), using a portion of the net proceeds from that issuance to redeem prior to maturity
$100 million
of outstanding first mortgage bonds, medium-term notes due November 2012.
|
|
|
Pension Plan
|
|
Senior Management
Security Plan
|
|
Postretirement
Benefits
|
||||||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
Service cost
|
|
$
|
6,392
|
|
|
$
|
5,120
|
|
|
$
|
537
|
|
|
$
|
487
|
|
|
$
|
323
|
|
|
$
|
330
|
|
Interest cost
|
|
7,872
|
|
|
7,581
|
|
|
805
|
|
|
773
|
|
|
784
|
|
|
859
|
|
||||||
Expected return on plan assets
|
|
(7,934
|
)
|
|
(7,968
|
)
|
|
—
|
|
|
—
|
|
|
(559
|
)
|
|
(660
|
)
|
||||||
Amortization of transition obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
510
|
|
|
510
|
|
||||||
Amortization of prior service cost
|
|
87
|
|
|
130
|
|
|
53
|
|
|
61
|
|
|
(105
|
)
|
|
(105
|
)
|
||||||
Amortization of net loss
|
|
3,529
|
|
|
2,168
|
|
|
382
|
|
|
323
|
|
|
96
|
|
|
144
|
|
||||||
Net periodic benefit cost
|
|
9,946
|
|
|
7,031
|
|
|
1,777
|
|
|
1,644
|
|
|
1,049
|
|
|
1,078
|
|
||||||
Pension expense recognized under sharing mechanism
(1)
|
|
5,800
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Costs not recognized due to the effects of regulation
(1)
|
|
(5,087
|
)
|
|
(2,371
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost recognized for financial reporting
(1)
|
|
$
|
10,659
|
|
|
$
|
4,660
|
|
|
$
|
1,777
|
|
|
$
|
1,644
|
|
|
$
|
1,049
|
|
|
$
|
1,078
|
|
|
|
Pension Plan
|
|
Senior Management
Security Plan
|
|
Postretirement
Benefits
|
||||||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
Service cost
|
|
$
|
19,178
|
|
|
$
|
15,359
|
|
|
$
|
1,613
|
|
|
$
|
1,463
|
|
|
$
|
969
|
|
|
$
|
992
|
|
Interest cost
|
|
23,617
|
|
|
22,742
|
|
|
2,414
|
|
|
2,319
|
|
|
2,351
|
|
|
2,576
|
|
||||||
Expected return on plan assets
|
|
(23,801
|
)
|
|
(23,903
|
)
|
|
—
|
|
|
—
|
|
|
(1,676
|
)
|
|
(1,981
|
)
|
||||||
Amortization of transition obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,530
|
|
|
1,530
|
|
||||||
Amortization of prior service cost
|
|
260
|
|
|
389
|
|
|
160
|
|
|
183
|
|
|
(316
|
)
|
|
(316
|
)
|
||||||
Amortization of net loss
|
|
10,586
|
|
|
6,505
|
|
|
1,146
|
|
|
969
|
|
|
288
|
|
|
433
|
|
||||||
Net periodic benefit cost
|
|
29,840
|
|
|
21,092
|
|
|
5,333
|
|
|
4,934
|
|
|
3,146
|
|
|
3,234
|
|
||||||
Pension expense recognized under sharing mechanism
(1)
|
|
5,800
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Costs not recognized due to the effects of regulation
(1)
|
|
(15,430
|
)
|
|
(11,981
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost recognized for financial reporting
(1)
|
|
$
|
20,210
|
|
|
$
|
9,111
|
|
|
$
|
5,333
|
|
|
$
|
4,934
|
|
|
$
|
3,146
|
|
|
$
|
3,234
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||||||||||||||||||
|
|
Gross
Unrealized
Gain
|
|
Gross
Unrealized
Loss
|
|
Fair
Value
|
|
Gross
Unrealized
Gain
|
|
Gross
Unrealized
Loss
|
|
Fair
Value
|
||||||||||||
Available-for-sale securities
|
|
$
|
6,694
|
|
|
$
|
—
|
|
|
$
|
25,553
|
|
|
$
|
4,220
|
|
|
$
|
1
|
|
|
$
|
22,205
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
|
|
Balance Sheet
|
|
Fair
|
|
Balance Sheet
|
|
Fair
|
||||
|
|
Location
|
|
Value
|
|
Location
|
|
Value
|
||||
September 30, 2012
|
|
|
|
|
|
|
|
|
||||
Current:
|
|
|
|
|
|
|
|
|
|
|
||
Financial swaps
|
|
Other current assets
|
|
$
|
5,885
|
|
|
Other current assets
|
|
$
|
1,781
|
|
Financial swaps
|
|
Other current liabilities
|
|
1,930
|
|
|
Other current liabilities
|
|
4,582
|
|
||
Forward contracts
|
|
Other current assets
|
|
183
|
|
|
|
|
|
|||
Long-term:
|
|
|
|
|
|
|
|
|
|
|||
Financial swaps
|
|
Other assets
|
|
213
|
|
|
Other assets
|
|
115
|
|
||
Financial swaps
|
|
Other liabilities
|
|
171
|
|
|
Other liabilities
|
|
314
|
|
||
Forward contracts
|
|
Other assets
|
|
188
|
|
|
|
|
|
|||
Total
|
|
|
|
$
|
8,570
|
|
|
|
|
$
|
6,792
|
|
December 31, 2011
|
|
|
|
|
|
|
|
|
||||
Current:
|
|
|
|
|
|
|
|
|
|
|
||
Financial swaps
|
|
Other current assets
|
|
$
|
4,361
|
|
|
Other current assets
|
|
$
|
1,036
|
|
Financial swaps
|
|
Other current liabilities
|
|
1,526
|
|
|
Other current liabilities
|
|
4,755
|
|
||
Forward contracts
|
|
Other current assets
|
|
70
|
|
|
Other current liabilities
|
|
1,370
|
|
||
Long-term:
|
|
|
|
|
|
|
|
|
|
|
||
Financial swaps
|
|
Other assets
|
|
359
|
|
|
Other liabilities
|
|
108
|
|
||
Total
|
|
|
|
$
|
6,316
|
|
|
|
|
$
|
7,269
|
|
|
|
|
|
Gain/(Loss) on Derivatives Recognized
|
||||||||||||||
|
|
|
|
in Income
(1)
|
||||||||||||||
|
|
Location of Realized Gain/(Loss) on Derivatives Recognized in Income
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
|
September 30
|
|
September 30
|
|||||||||||||
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||||
Financial swaps
|
|
Off-system sales
|
|
$
|
1,793
|
|
|
$
|
441
|
|
|
$
|
11,703
|
|
|
$
|
6,947
|
|
Financial swaps
|
|
Purchased power
|
|
(2,479
|
)
|
|
(6,982
|
)
|
|
(5,631
|
)
|
|
(6,954
|
)
|
||||
Financial swaps
|
|
Fuel expense
|
|
(2,516
|
)
|
|
115
|
|
|
(6,233
|
)
|
|
501
|
|
||||
Financial swaps
|
|
Other operations and maintenance
|
|
(145
|
)
|
|
120
|
|
|
(166
|
)
|
|
347
|
|
||||
Forward contracts
|
|
Fuel expense
|
|
(1,778
|
)
|
|
—
|
|
|
(1,778
|
)
|
|
—
|
|
|
|
|
|
September 30,
|
|||
Commodity
|
|
Units
|
|
2012
|
|
2011
|
|
Electricity purchases
|
|
MWh
|
|
339,790
|
|
197,800
|
|
Electricity sales
|
|
MWh
|
|
1,691,650
|
|
1,038,095
|
|
Natural gas purchases
|
|
MMBtu
|
|
16,691,024
|
|
2,292,738
|
|
Natural gas sales
|
|
MMBtu
|
|
2,911,039
|
|
77,500
|
|
Diesel purchases
|
|
Gallons
|
|
263,167
|
|
266,375
|
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
|
|
Significant
Other
Observable
Inputs (Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives
|
|
$
|
944
|
|
|
$
|
3,629
|
|
|
$
|
—
|
|
|
$
|
4,573
|
|
Money market funds
|
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
||||
Trading securities: Equity securities
|
|
2,456
|
|
|
—
|
|
|
—
|
|
|
2,456
|
|
||||
Available-for-sale securities: Equity securities
|
|
25,553
|
|
|
—
|
|
|
—
|
|
|
25,553
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
$
|
322
|
|
|
$
|
2,472
|
|
|
$
|
—
|
|
|
$
|
2,794
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2011
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
$
|
3,654
|
|
|
$
|
100
|
|
|
$
|
—
|
|
|
$
|
3,754
|
|
Money market funds
|
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
||||
Trading securities: Equity securities
|
|
3,439
|
|
|
—
|
|
|
—
|
|
|
3,439
|
|
||||
Available-for-sale securities: Equity securities
|
|
22,205
|
|
|
—
|
|
|
—
|
|
|
22,205
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
$
|
405
|
|
|
$
|
4,302
|
|
|
$
|
—
|
|
|
$
|
4,707
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||||||||||
|
|
Carrying
|
|
Estimated
|
|
Carrying
|
|
Estimated
|
||||||||
|
|
Amount
|
|
Fair Value
|
|
Amount
|
|
Fair Value
|
||||||||
|
|
(thousands of dollars)
|
||||||||||||||
IDACORP
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Notes receivable
(1)
|
|
$
|
3,097
|
|
|
$
|
3,097
|
|
|
$
|
3,097
|
|
|
$
|
3,097
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt
(1)
|
|
1,540,663
|
|
|
1,840,608
|
|
|
1,491,727
|
|
|
1,737,912
|
|
||||
Idaho Power
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt
(1)
|
|
$
|
1,540,663
|
|
|
$
|
1,840,608
|
|
|
$
|
1,491,727
|
|
|
$
|
1,737,912
|
|
|
|
Utility
Operations
|
|
All
Other
|
|
Eliminations
|
|
Consolidated
Total
|
||||||||
Three months ended September 30, 2012:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
332,757
|
|
|
$
|
1,262
|
|
|
$
|
—
|
|
|
$
|
334,019
|
|
Net income attributable to IDACORP, Inc.
|
|
89,596
|
|
|
2,473
|
|
|
—
|
|
|
92,069
|
|
||||
Total assets as of September 30, 2012
|
|
5,119,384
|
|
|
103,117
|
|
|
(14,864
|
)
|
|
5,207,637
|
|
||||
Three months ended September 30, 2011:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
308,045
|
|
|
$
|
1,585
|
|
|
$
|
—
|
|
|
$
|
309,630
|
|
Net income attributable to IDACORP, Inc.
|
|
104,872
|
|
|
2,195
|
|
|
—
|
|
|
107,067
|
|
||||
Nine months ended September 30, 2012:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
826,788
|
|
|
$
|
3,074
|
|
|
$
|
—
|
|
|
$
|
829,862
|
|
Net income attributable to IDACORP, Inc.
|
|
150,125
|
|
|
2,174
|
|
|
—
|
|
|
152,299
|
|
||||
Nine months ended September 30, 2011:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
793,031
|
|
|
$
|
3,076
|
|
|
$
|
—
|
|
|
$
|
796,107
|
|
Net income attributable to IDACORP, Inc.
|
|
155,420
|
|
|
2,288
|
|
|
—
|
|
|
157,708
|
|
(1)
|
The rate change for the Idaho PCA was partially offset by the revenue-sharing order issued pursuant to the January 2010 and December 2011 settlement agreements.
|
(2)
|
Idaho Power's revenue-sharing arrangements had two components: (a) a PCA mechanism component, which reduced net rates by $27.1 million, and (b) a pension balancing account component, which resulted in a $20.3 million net reduction to Idaho Power's pension regulatory asset (reducing Idaho customers' future obligation). Idaho Power recorded the $27.1 million revenue reduction and $20.3 million pension regulatory asset reduction in 2011.
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Idaho Power net income
|
|
$
|
89,596
|
|
|
$
|
104,872
|
|
|
$
|
150,125
|
|
|
$
|
155,420
|
|
Net income attributable to IDACORP, Inc.
|
|
$
|
92,069
|
|
|
$
|
107,067
|
|
|
$
|
152,299
|
|
|
$
|
157,708
|
|
Average outstanding shares – diluted (000’s)
|
|
50,080
|
|
|
49,622
|
|
|
49,990
|
|
|
49,499
|
|
||||
IDACORP, Inc. earnings per diluted share
|
|
$
|
1.84
|
|
|
$
|
2.16
|
|
|
$
|
3.05
|
|
|
$
|
3.19
|
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
Net income attributable to IDACORP, Inc. - September 30, 2011
|
|
|
|
$
|
107.1
|
|
|
|
|
$
|
157.7
|
|
||||
Change in Idaho Power net income:
|
|
|
|
|
|
|
|
|
|
|||||||
Rate and other regulatory changes, including pension expense recovery, power cost and fixed cost adjustment mechanisms
|
|
$
|
32.1
|
|
|
|
|
|
$
|
43.5
|
|
|
|
|||
Increase in sales volumes
|
|
3.0
|
|
|
|
|
|
19.3
|
|
|
|
|||||
Change in payroll-related expenses
|
|
2.3
|
|
|
|
|
(4.7
|
)
|
|
|
||||||
Additional pension expense funded through sharing and rate increases
|
|
(5.8
|
)
|
|
|
|
(11.0
|
)
|
|
|
||||||
Increased depreciation expense, property tax, and other
|
|
(2.7
|
)
|
|
|
|
(1.8
|
)
|
|
|
||||||
Greater revenue sharing in 2011 than in 2012
|
|
11.8
|
|
|
|
|
11.8
|
|
|
|
||||||
Increase in Idaho Power operating income
|
|
40.7
|
|
|
|
|
57.1
|
|
|
|
||||||
Change in allowance for funds used during construction (AFUDC)
|
|
(4.2
|
)
|
|
|
|
1.2
|
|
|
|
||||||
Other net changes
|
|
(2.2
|
)
|
|
|
|
4.2
|
|
|
|
||||||
Change from removal of additional amortization of ADITC in 2011
|
|
6.8
|
|
|
|
|
—
|
|
|
|
||||||
Change in income tax expense
|
|
(56.4
|
)
|
|
|
|
(67.8
|
)
|
|
|
||||||
Total decrease in Idaho Power net income
|
|
|
|
(15.3
|
)
|
|
|
|
(5.3
|
)
|
||||||
Other net changes (net of tax)
|
|
|
|
0.3
|
|
|
|
|
(0.1
|
)
|
||||||
Net income attributable to IDACORP, Inc. - September 30, 2012
|
|
|
|
$
|
92.1
|
|
|
|
|
$
|
152.3
|
|
Effect of Sharing on Operating Income
|
|
Three and nine months ended September 30,
|
||||||||||
|
|
2012
|
|
2011
|
|
Change
|
||||||
Additional pension expense funded through sharing
|
|
$
|
(5.8
|
)
|
|
$
|
—
|
|
|
$
|
(5.8
|
)
|
Provision against current revenue as a result of sharing
|
|
(6.3
|
)
|
|
(18.1
|
)
|
|
11.8
|
|
|||
Total
|
|
$
|
(12.1
|
)
|
|
$
|
(18.1
|
)
|
|
$
|
6.0
|
|
|
|
2012 Estimates
|
||
|
|
Current
(4)
|
|
Previous
(5)
|
Idaho Power Operating & Maintenance Expense (millions)
(1)
|
|
$335-$345
|
|
$325-$335
|
Idaho Power Additional Amortization of ADITC (millions)
|
|
No Change
|
|
None
|
Idaho Power Capital Expenditures (millions)
(2)
|
|
No Change
|
|
$230-$235
|
Idaho Power Hydroelectric Generation (million MWh)
(3)
|
|
7.8-8.2
|
|
7.5-8.5
|
Non-regulated subsidiary earnings and holding company expenses (millions)
|
|
No Change
|
|
$0.0-$3.0
|
|
|
|
|
|
(1) Increase in the range reflects the estimated amount of additional pension expense to be recognized related to the Idaho sharing arrangement. No expected impact to net income as a result of the increase.
|
||||
(2) The range for capital expenditures includes (among other items) the completion of the Langley Gulch power plant and expenditures for the siting and permitting of major transmission expansions for the Boardman-to-Hemingway and Gateway West transmission projects (net of ongoing payments from third parties participating as joint funders in the permitting projects), excluding AFUDC.
|
||||
(3) Based on reservoir storage levels and forecasted weather conditions as of the date of this report.
|
||||
(4) As of November 1, 2012.
|
||||
(5) As of August 2, 2012, the date of filing of IDACORP's and Idaho Power's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012.
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||
General business sales
|
|
4,304
|
|
|
4,239
|
|
|
10,941
|
|
|
10,524
|
|
Off-system sales
|
|
109
|
|
|
747
|
|
|
1,656
|
|
|
2,794
|
|
Total energy sales
|
|
4,413
|
|
|
4,986
|
|
|
12,597
|
|
|
13,318
|
|
Hydroelectric generation
|
|
1,649
|
|
|
2,790
|
|
|
6,630
|
|
|
8,683
|
|
Coal generation
|
|
1,653
|
|
|
1,482
|
|
|
3,505
|
|
|
3,370
|
|
Natural gas and other generation
|
|
410
|
|
|
83
|
|
|
610
|
|
|
124
|
|
Total system generation
|
|
3,712
|
|
|
4,355
|
|
|
10,745
|
|
|
12,177
|
|
Purchased power
|
|
1,026
|
|
|
974
|
|
|
2,871
|
|
|
2,157
|
|
Line losses
|
|
(325
|
)
|
|
(343
|
)
|
|
(1,019
|
)
|
|
(1,016
|
)
|
Total energy supply
|
|
4,413
|
|
|
4,986
|
|
|
12,597
|
|
|
13,318
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
|
$
|
120,786
|
|
|
$
|
103,035
|
|
|
$
|
316,964
|
|
|
$
|
302,464
|
|
Commercial
|
|
72,519
|
|
|
61,630
|
|
|
181,810
|
|
|
169,229
|
|
||||
Industrial
|
|
41,690
|
|
|
38,496
|
|
|
108,804
|
|
|
105,098
|
|
||||
Irrigation
|
|
80,780
|
|
|
70,596
|
|
|
131,057
|
|
|
99,467
|
|
||||
Total
|
|
315,775
|
|
|
273,757
|
|
|
738,635
|
|
|
676,258
|
|
||||
Provision for sharing
|
|
(6,300
|
)
|
|
(18,100
|
)
|
|
(6,300
|
)
|
|
(18,100
|
)
|
||||
Deferred revenue related to HCC relicensing AFUDC
(1)
|
|
(3,409
|
)
|
|
(3,344
|
)
|
|
(8,310
|
)
|
|
(8,277
|
)
|
||||
Total general business revenues
|
|
$
|
306,066
|
|
|
$
|
252,313
|
|
|
$
|
724,025
|
|
|
$
|
649,881
|
|
Volume of Sales (MWh)
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
|
1,285
|
|
|
1,246
|
|
|
3,757
|
|
|
3,786
|
|
||||
Commercial
|
|
1,044
|
|
|
1,035
|
|
|
2,911
|
|
|
2,867
|
|
||||
Industrial
|
|
793
|
|
|
783
|
|
|
2,333
|
|
|
2,294
|
|
||||
Irrigation
|
|
1,182
|
|
|
1,175
|
|
|
1,940
|
|
|
1,577
|
|
||||
Total MWh sales
|
|
4,304
|
|
|
4,239
|
|
|
10,941
|
|
|
10,524
|
|
||||
Customer Count (period end)
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
|
414,640
|
|
|
410,079
|
|
|
|
|
|
||||||
Commercial
|
|
65,782
|
|
|
65,061
|
|
|
|
|
|
||||||
Industrial
|
|
119
|
|
|
124
|
|
|
|
|
|
||||||
Irrigation
|
|
19,071
|
|
|
18,807
|
|
|
|
|
|
||||||
Total customers
|
|
499,612
|
|
|
494,071
|
|
|
|
|
|
(1)
|
As part of its January 30, 2009 general rate case order, the IPUC allowed Idaho Power to recover AFUDC for the HCC relicensing asset even though the relicensing process is not yet complete and the relicensing asset has not been placed in service. Idaho Power expects to collect approximately $10.7 million annually in the Idaho jurisdiction, but will defer revenue recognition of the amounts collected until the license is issued and the asset is placed in service under the new license.
|
Description
|
|
Effective Date
|
|
Percentage Rate Increase (Decrease)
|
|
Annualized $ Impact (millions)
|
|||
2011 Idaho PCA
|
|
6/1/2011
|
|
(4.8
|
)%
|
|
$
|
(40
|
)
|
2011 Idaho pension expense recovery
|
|
6/1/2011
|
|
1.4
|
%
|
|
12
|
|
|
2011 Idaho general rate case settlement agreement
|
|
1/1/2012
|
|
4.1
|
%
|
|
34
|
|
|
2012 Idaho PCA
|
|
6/1/2012
|
|
5.1
|
%
|
|
43
|
|
|
2012 Idaho non-AMI meter depreciation
|
|
6/1/2012
|
|
(1.3
|
)%
|
|
(11
|
)
|
|
2012 Idaho Langley Gulch
|
|
7/1/2012
|
|
6.8
|
%
|
|
58
|
|
•
|
Rates
. The rate changes listed above combined to increase general business revenue by $43.9 million for the quarter and $48.8 million year-to-date compared to the same periods in 2011. Rates are seasonally adjusted and based on a tiered rate structure that provides for higher rates during higher-usage periods. These seasonal and tiered rate structures contribute to seasonal fluctuations in revenues and earnings. The revenue impact of several of the rate changes was directly offset by associated changes in operating expenses. For example, Idaho PCA amortization expense was reduced $6.4 million for the quarter and $19.5 million year-to-date compared to the same periods in 2011 due to the change in the corresponding Idaho PCA rate in the prior year. Idaho-jurisdiction pension expense recovery and FCA rate changes were fully offset by related amortizations.
|
•
|
Sharing
. A part of the increase in revenue resulted from revenue sharing mechanisms in place in both years. The impact of these mechanisms is recorded as a reduction to general business revenue. For both the quarter and year-to-date, $6.3 million was recorded in the current year and $18.1 million was recorded in the prior year, for a net increase to general business revenue of $11.8 million in the current year. The revenue sharing mechanisms are associated with two Idaho regulatory agreements that provide for the sharing of Idaho-jurisdiction earnings exceeding a specified Idaho ROE. The amounts recorded reflect amounts to be refunded to customers. The smaller amount recorded in the current year when compared with the same period in the prior year is partially due to changes in the terms of the mechanism in place in each year.
|
•
|
Customers
. Moderate customer growth drove an increase in overall MWh sales for the quarter and year-to-date. Total customers increased 1.0 percent for the quarter and 0.9 percent year-to-date compared to the same periods in 2011. Customer growth was offset by changes in revenue related to a large industrial customer. These changes combined caused a $1.2 million decrease in general business revenues for the quarter and increased general business revenues by $3.3 million year-to-date when compared to the same periods in 2011.
|
•
|
Usage
. The revenue impact of customer growth was also offset for the
third
quarter of 2012 by lower usage per customer, which decreased general business revenue by $0.7 million compared to the
third
quarter of 2011. Higher residential usage per customer, which increased 2.1 percent for the quarter due to a 10.8 percent increase in cooling degree days, drove demand for electricity to operate air conditioning units. Commercial usage per customer also increased by 0.7 percent for the quarter when compared with the same period in 2011. Offsetting these increases was decreased irrigation usage per customer, which declined 4.1 percent when compared to the same period in 2011.
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
||||||||
Revenue
|
|
$
|
4,826
|
|
|
$
|
24,083
|
|
|
$
|
43,953
|
|
|
$
|
74,648
|
|
|
MWh sold
|
|
109
|
|
|
747
|
|
|
1,656
|
|
|
2,794
|
|
|
||||
Revenue per MWh
|
|
$
|
44.28
|
|
|
$
|
32.24
|
|
|
$
|
26.54
|
|
|
$
|
26.72
|
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Transmission services and other
|
|
$
|
13,455
|
|
|
$
|
13,145
|
|
|
$
|
37,839
|
|
|
$
|
37,491
|
|
Energy efficiency
|
|
8,410
|
|
|
18,504
|
|
|
20,971
|
|
|
31,011
|
|
||||
Total other revenues
|
|
$
|
21,865
|
|
|
$
|
31,649
|
|
|
$
|
58,810
|
|
|
$
|
68,502
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Expense
|
|
|
|
|
|
|
|
|
||||||||
PURPA contracts
|
|
$
|
35,483
|
|
|
$
|
28,095
|
|
|
$
|
88,842
|
|
|
$
|
66,929
|
|
Other purchased power (including wheeling)
|
|
22,862
|
|
|
38,046
|
|
|
47,837
|
|
|
60,729
|
|
||||
Demand response incentive payments
|
|
13,225
|
|
|
—
|
|
|
14,347
|
|
|
—
|
|
||||
Total purchased power expense
|
|
$
|
71,570
|
|
|
$
|
66,141
|
|
|
$
|
151,026
|
|
|
$
|
127,658
|
|
MWh purchased
|
|
|
|
|
|
|
|
|
||||||||
PURPA contracts
|
|
497
|
|
|
415
|
|
|
1,489
|
|
|
1,123
|
|
||||
Other purchased power
|
|
529
|
|
|
559
|
|
|
1,382
|
|
|
1,034
|
|
||||
Total MWh purchased
|
|
1,026
|
|
|
974
|
|
|
2,871
|
|
|
2,157
|
|
||||
Cost per MWh from PURPA contracts
|
|
$
|
71.39
|
|
|
$
|
67.70
|
|
|
$
|
59.67
|
|
|
$
|
59.60
|
|
Cost per MWh from other sources
|
|
$
|
43.22
|
|
|
$
|
68.06
|
|
|
$
|
34.61
|
|
|
$
|
58.73
|
|
Weighted average - all sources
|
|
$
|
56.87
|
|
|
$
|
67.91
|
|
|
$
|
47.61
|
|
|
$
|
59.18
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Expense
|
|
|
|
|
|
|
|
|
|
|
||||||
Coal
|
|
$
|
41,905
|
|
|
$
|
35,805
|
|
|
$
|
90,041
|
|
|
$
|
81,050
|
|
Natural gas and other
(1)
|
|
14,073
|
|
|
5,390
|
|
|
19,973
|
|
|
9,751
|
|
||||
Total fuel expense
|
|
$
|
55,978
|
|
|
$
|
41,195
|
|
|
$
|
110,014
|
|
|
$
|
90,801
|
|
MWh generated
|
|
|
|
|
|
|
|
|
|
|
||||||
Coal
|
|
1,653
|
|
|
1,482
|
|
|
3,505
|
|
|
3,370
|
|
||||
Natural gas and other
(1)
|
|
410
|
|
|
83
|
|
|
610
|
|
|
124
|
|
||||
Total MWh generated
|
|
2,063
|
|
|
1,565
|
|
|
4,115
|
|
|
3,494
|
|
||||
Cost per MWh
|
|
|
|
|
|
|
|
|
|
|
||||||
Coal
|
|
$
|
25.35
|
|
|
$
|
24.16
|
|
|
$
|
25.69
|
|
|
$
|
24.05
|
|
Natural gas and other
|
|
$
|
34.32
|
|
|
$
|
64.94
|
|
|
$
|
32.74
|
|
|
$
|
78.64
|
|
Weighted average, all sources
|
|
$
|
27.13
|
|
|
$
|
26.32
|
|
|
$
|
26.73
|
|
|
$
|
25.99
|
|
•
|
Idaho Power's Langley Gulch plant came on line at the end of the second quarter of 2012. Operation of the plant accounted for $8.3 million of the increase in fuel expense for the quarter and the year-to-date. Idaho Power operated the plant to serve peak load. In addition, Idaho Power operated the plant to integrate intermittent resources and for economic dispatch opportunities.
|
•
|
Generation from coal-fired facilities increased 12 percent for the quarter and 4 percent for the first nine months compared to the same periods in 2011. During the quarter, higher wholesale power prices and lower hydroelectric generation when compared with the same period in the prior year increased Idaho Power's reliance on its coal-fired plants to meet customer loads.
|
•
|
Along with the increases in coal- and natural gas-fired electric generation, commodity prices were higher at the coal plants for the quarter and year-to-date when compared with the same periods in the prior year. Most fuel supply contracts are subject to changes in published indexes that are closely related to materials and supplies, labor, and diesel costs. In addition to commodity (variable) costs, both natural gas and coal expense include costs that are more fixed in nature for items such as capacity charges, transportation, and fuel handling. Period to period variances in fuel expense per MWh are noticeably impacted by these fixed charges when generation output is substantially different between the two periods. The relatively large cost per MWh for natural gas facilities during the three- and nine-month periods of 2011, as shown in the table above, was the result of the allocation of fixed costs over a low volume of output.
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Idaho power supply cost (deferral) accrual
|
|
$
|
(36,320
|
)
|
|
$
|
(9,845
|
)
|
|
$
|
(25,709
|
)
|
|
$
|
25,756
|
|
Oregon power supply cost (deferral) accrual
|
|
—
|
|
|
(159
|
)
|
|
(1,523
|
)
|
|
1,159
|
|
||||
Amortization of prior year authorized balances
|
|
(6,551
|
)
|
|
(185
|
)
|
|
(9,842
|
)
|
|
9,703
|
|
||||
Total power cost adjustment expense
|
|
$
|
(42,871
|
)
|
|
$
|
(10,189
|
)
|
|
$
|
(37,074
|
)
|
|
$
|
36,618
|
|
•
|
an increase in pension expense of $5.8 million and $11.0 million for the quarter and first nine months, respectively. This increase resulted from a $5.8 million third quarter sharing accrual under Idaho Power's December 2011 settlement agreement, which benefits Idaho customers through an offset to the deferred pension regulatory asset. The remainder of the year-to-date increase represents pension expenses that increased in June 2011 concurrent with increased recovery of deferred pension costs in rates;
|
•
|
changes in labor and benefits costs, which declined $2.3 million for the quarter and increased $4.7 million year-to-date. These changes resulted from normal increases in employee wages and costs of providing employee benefits. The change for the quarter was also affected by variations in timing of labor expenses recorded in the current year compared to the prior year;
|
•
|
increases in administrative and other costs of $3.2 million for the quarter and $7.4 million for the comparative year-to-date, primarily related to increases in consultant costs, software licenses and maintenance, and other purchased services. A significant portion of the increase related to a lower reimbursement from the U.S. Department of Energy for Smart Grid-related items in 2012 compared to 2011; and
|
•
|
decreased thermal plant O&M costs of $0.7 million for the quarter and $9.0 million for the year-to-date related to costs for maintenance outages that occurred in 2011 that did not recur in 2012, as well as lower overall maintenance costs as the plants experienced less wear and tear due to lower utilization during the first half of 2012. The lower utilization was predominately driven by low wholesale energy prices in the region during that period.
|
•
|
their respective $125 million and $300 million revolving credit facilities;
|
•
|
IDACORP's shelf registration statement, which it may use for the issuance of debt securities and common stock, including up to 3.0 million shares of IDACORP common stock available for issuance under its continuous equity program. Approximately $539 million of debt and equity securities issuances remained available under the shelf registration statement;
|
•
|
Idaho Power's shelf registration statement, which it may use for the issuance of first mortgage bonds and debt securities; $150 million remained available under the shelf registration statement, which expires in May 2013; and
|
•
|
IDACORP's and Idaho Power's issuance of commercial paper, which may be issued up to an amount equal to the available capacity under their respective credit facilities, and is used to meet short-term liquidity requirements.
|
|
IDACORP
|
Idaho Power
|
Debt
|
47%
|
49%
|
Equity
|
53%
|
51%
|
•
|
Idaho Power made contributions of $44.3 million to its defined benefit pension plan during the
first nine months
of 2012, while it made $18.5 million of cash contributions during the
first nine months
of
2011
;
|
•
|
changes in regulatory assets associated with the Idaho and Oregon PCA mechanisms reduced cash flows by $74 million, as Idaho Power collected $20 million less of previously deferred costs and incurred $54 million less in the current year accrual, as compared with the
first nine months
of
2011
; and
|
•
|
the company's investment in BCC resulted in a net distribution to Idaho Power of $12 million for the
first nine months
of 2012, as compared to a net distribution of $1 million for the
first nine months
of 2011. The change in net distribution from year to year is the result of increased net income at BCC and the impact of timing differences associated with BCC incurring costs for reclamation activities and the reimbursement of those costs from the established reclamation trust fund.
|
•
|
in May 2012, Idaho Power redeemed prior to maturity
$100 million
of outstanding first mortgage bonds due November 2012 using a portion of the proceeds from the $150 million of first mortgage bonds issued in April 2012;
|
|
|
S&P
|
|
Moody’s
|
||||
|
|
Idaho Power
|
|
IDACORP
|
|
Idaho Power
|
|
IDACORP
|
Corporate Credit Rating/Long-Term Issuer Rating
|
|
BBB
|
|
BBB
|
|
Baa 1
|
|
Baa 2
|
Senior Secured Debt
|
|
A-
|
|
None
|
|
A2
|
|
None
|
Senior Unsecured Debt
|
|
BBB
|
|
None
|
|
Baa 1
|
|
None
|
Short-Term Tax-Exempt Debt
|
|
BBB/A-2
|
|
None
|
|
Baa 1/ VMIG-2
|
|
None
|
Commercial Paper
|
|
A-2
|
|
A-2
|
|
P-2
|
|
P-2
|
Senior Unsecured Credit Facility
|
|
None
|
|
None
|
|
Baa 1
|
|
Baa 2
|
Rating Outlook
|
|
Stable
|
|
Stable
|
|
Stable
|
|
Stable
|
|
|
|
2012
|
|
2013-2014
|
||
Ongoing capital expenditures
|
|
$200-205
|
|
|
$490-500
|
|
Langley Gulch Power Plant (detailed below)
|
|
30
|
|
|
—
|
|
Total
|
|
$230-235
|
|
|
$490-500
|
|
•
|
nine
power purchase agreements were terminated due to either an uncured breach by the respective counterparties or pursuant to IPUC-approved settlement arrangements between the parties, which reduced Idaho Power's contractual payment obligations by approximately
$736 million
over the 15-year to 25-year lives of the contracts; and
|
•
|
Idaho Power issued $150 million of first mortgage bonds, medium-term notes (long-term indebtedness), using a portion of the net proceeds from that issuance to redeem prior to maturity $100 million of outstanding first mortgage bonds, medium-term notes due November 2012.
|
Description
|
|
Effective Date
|
|
Estimated Annual Rate Impact
(millions)
(1)
|
||
Idaho:
|
|
|
|
|
||
Langley Gulch power plant
|
|
7/1/2012
|
|
$
|
58.1
|
|
Power cost adjustment
(2)
|
|
6/1/2012
|
|
43.0
|
|
|
2011 general rate case settlement
|
|
1/1/2012
|
|
34.0
|
|
|
Boardman power plant cost recovery
|
|
6/1/2012
|
|
1.5
|
|
|
Fixed cost adjustment
(2)
|
|
6/1/2012
|
|
1.2
|
|
|
Revenue sharing pursuant to January 2010 settlement agreement
(2)
|
|
6/1/2012
|
|
(27.1
|
)
|
|
Depreciation rate for non-AMI meters
|
|
6/1/2012
|
|
(10.6
|
)
|
|
Depreciation update (other than non-AMI meters and Boardman plant)
|
|
6/1/2012
|
|
(1.3
|
)
|
|
Oregon:
|
|
|
|
|
||
Langley Gulch power plant
|
|
10/1/2012
|
|
3.0
|
|
|
Oregon general rate case settlement
|
|
3/1/2012
|
|
1.8
|
|
|
Oregon annual power cost update
(2)
|
|
6/1/2012
|
|
1.8
|
|
|
|
|
|
|
|
(2)
|
The $43.0 million rate increase for the Idaho power cost adjustment, $1.2 million rate increase for the fixed cost adjustment, and $27.1 million rate decrease resulting from revenue sharing pursuant to the January 2010 settlement agreement are applicable only for the period from June 1, 2012 to May 31, 2013. Similarly, a portion of the $1.8 million rate increase from the Oregon annual power cost update is applicable only for a one-year period.
|
•
|
if Idaho Power's actual Idaho ROE for 2012, 2013, or 2014 is less than 9.5 percent, then Idaho Power may amortize additional ADITC to help achieve a minimum 9.5 percent Idaho ROE in the applicable year. Idaho Power would be permitted to amortize additional ADITC in an aggregate amount up to $45 million over the three-year period, but could use no more than $25 million in 2012;
|
•
|
if Idaho Power's actual Idaho ROE for 2012, 2013, or 2014 exceeds 10.0 percent, the amount of Idaho Power's Idaho- jurisdictional earnings exceeding a 10.0 percent, and up to and including 10.5 percent, Idaho ROE for the applicable year would be shared equally between Idaho Power and its Idaho customers in the form of a rate reduction to become effective at the time of the subsequent year's PCA adjustment; and
|
•
|
if Idaho Power's actual Idaho ROE for 2012, 2013, or 2014 exceeds 10.5 percent, the amount of Idaho Power's Idaho- jurisdictional earnings exceeding a 10.5 percent Idaho ROE for the applicable year would be allocated 25 percent to Idaho Power and 75 percent to benefit Idaho customer rates through an offset in the pension balancing account, which would reduce the amount Idaho Power would collect from customers in rates.
|
|
|
Idaho
|
|
Oregon
(1)
|
|
Total
|
||||||
Balance at December 31, 2011
|
|
$
|
(13,121
|
)
|
|
$
|
8,490
|
|
|
$
|
(4,631
|
)
|
Current period net power supply costs deferred
|
|
25,709
|
|
|
1,523
|
|
|
27,232
|
|
|||
2011 revenue sharing liability applied to PCA true-up mechanism
(2)
|
|
(27,201
|
)
|
|
—
|
|
|
(27,201
|
)
|
|||
Prior amounts returned (recovered) through rates
|
|
21,993
|
|
|
(1,654
|
)
|
|
20,339
|
|
|||
SO
2
allowance and renewable energy certificate (REC) sales
|
|
(3,197
|
)
|
|
(156
|
)
|
|
(3,353
|
)
|
|||
Interest and other
|
|
(243
|
)
|
|
511
|
|
|
268
|
|
|||
Balance at September 30, 2012
|
|
$
|
3,940
|
|
|
$
|
8,714
|
|
|
$
|
12,654
|
|
(1) Oregon power supply cost deferrals are subject to a statute that specifically limits rate amortizations of deferred costs to six percent of gross Oregon revenue per year (approximately $3 million). Deferrals are amortized sequentially.
|
||||||||||||
(2) 2011 revenue sharing includes a $27.1 million liability together with carrying charges.
|
Status
|
|
Number of CSPP Contracts
|
|
Nameplate Capacity (MW)
|
||||
On-line as of September 30, 2012
|
|
102
|
|
|
|
739
|
|
|
Contracted and projected to come on-line by year-end 2014
|
|
7
|
|
|
|
92
|
|
|
Total
|
|
109
|
|
|
|
831
|
|
|
|
|
IDACORP, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
November 1, 2012
|
By:
|
/s/ J. LaMont Keen
|
|
|
|
J. LaMont Keen
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
Date:
|
November 1, 2012
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
Executive Vice President - Administrative
|
|
|
|
Services and Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDAHO POWER COMPANY
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
November 1, 2012
|
By:
|
/s/ J. LaMont Keen
|
|
|
|
J. LaMont Keen
|
|
|
|
Chief Executive Officer
|
|
|
|
|
Date:
|
November 1, 2012
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
President and Chief Financial Officer
|
|
|
|
|
|
|
|
|
Title:
|
Vice President-Finance and Treasurer
|
Title:
|
Director
|
Title:
|
Authorized Officer
|
Title:
|
Senior Vice President-Finance and Treasurer
|
Title:
|
Director
|
Title:
|
Authorized Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of IDACORP, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
November 1, 2012
|
By:
|
/s/ J. LaMont Keen
|
|
|
|
J. LaMont Keen
|
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of IDACORP, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
November 1, 2012
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
Executive Vice President - Administrative Services
|
|
|
|
and Chief Financial Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Idaho Power Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
November 1, 2012
|
By:
|
/s/ J. LaMont Keen
|
|
|
|
J. LaMont Keen
|
|
|
|
Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Idaho Power Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
November 1, 2012
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
President and Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ J. LaMont Keen
|
J. LaMont Keen
|
President and Chief Executive Officer
|
November 1, 2012
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Darrel T. Anderson
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Darrel T. Anderson
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Executive Vice President - Administrative Services
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and Chief Financial Officer
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November 1, 2012
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(1)
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The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ J. LaMont Keen
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J. LaMont Keen
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Chief Executive Officer
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November 1, 2012
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(1)
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The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Darrel T. Anderson
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Darrel T. Anderson
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President and Chief Financial Officer
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November 1, 2012
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