X
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
|
||
|
EXCHANGE ACT OF 1934
|
|
||
|
For the quarterly period ended September 30, 2014
|
|
||
|
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.
|
TABLE OF CONTENTS
|
||||
|
Page
|
|||
Commonly Used Terms
|
||||
Cautionary Note Regarding Forward-Looking Statements
|
||||
|
|
|||
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 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 3. Defaults Upon Senior Securities
|
|||
|
Item 4. Mine Safety Disclosures
|
|||
|
Item 5. Other Information
|
|||
|
Item 6. Exhibits
|
|||
|
|
|
||
Signatures
|
||||
|
|
|||
Exhibit Index
|
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
|
BLM
|
-
|
U.S. Bureau of Land Management
|
CAA
|
-
|
Clean Air Act
|
CO
2
|
-
|
Carbon Dioxide
|
CSPP
|
-
|
Cogeneration and Small Power Production
|
CWA
|
-
|
Clean Water Act
|
EIS
|
-
|
Environmental Impact Statement
|
EPA
|
-
|
U.S. Environmental Protection Agency
|
FCA
|
-
|
Fixed Cost Adjustment
|
FERC
|
-
|
Federal Energy Regulatory Commission
|
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.
|
IERCo
|
-
|
Idaho Energy Resources Co., a subsidiary of Idaho Power Company
|
IESCo
|
-
|
IDACORP Energy Services Co., a subsidiary of IDACORP, Inc.
|
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
|
NO
x
|
-
|
Nitrogen Oxide
|
O&M
|
-
|
Operations and Maintenance
|
OATT
|
-
|
Open Access Transmission Tariff
|
OPUC
|
-
|
Public Utility Commission of Oregon
|
PCA
|
-
|
Power Cost Adjustment
|
PURPA
|
-
|
Public Utility Regulatory Policies Act of 1978
|
REC
|
-
|
Renewable Energy Certificate
|
SCR
|
-
|
Selective Catalytic Reduction
|
SEC
|
-
|
U.S. Securities and Exchange Commission
|
SMSP
|
-
|
Security Plan for Senior Management Employees
|
SO
2
|
-
|
Sulfur Dioxide
|
SRBA
|
-
|
Snake River Basin Adjudication
|
WPSC
|
-
|
Wyoming Public Service Commission
|
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
|
•
|
the effect of decisions by the Idaho and Oregon public utilities commissions, the Federal Energy Regulatory Commission, and other regulators that impact Idaho Power's ability to recover costs and earn a return;
|
•
|
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 availability and use of demand-side management programs, and their associated impacts on loads and load growth;
|
•
|
the impacts of changes in economic conditions, including the potential for changes in customer demand for electricity, revenue from sales of excess power, financial soundness of counterparties and suppliers, and collections of receivables;
|
•
|
unseasonable or severe weather conditions, wildfires, drought, and other natural phenomena and natural disasters, which affect customer demand, hydroelectric generation levels, repair costs, and the availability and cost of fuel for generation plants or purchased power to serve customers;
|
•
|
advancement of technologies that reduce loads or reduce the need for Idaho Power's generation of electric power;
|
•
|
adoption of, changes in, and costs of compliance with, laws, regulations, and policies relating to the environment, natural resources, and endangered species, and the ability to recover those costs through rates;
|
•
|
the ability to obtain debt and equity financing or refinance existing debt when necessary and on favorable terms, which can be affected by factors such as credit ratings, volatility in the financial markets, interest rate fluctuations, decisions by the Idaho or Oregon public utility commissions, and the companies' past or projected financial performance;
|
•
|
reductions in credit ratings, which could adversely impact access to capital markets and would require the posting of additional collateral to counterparties pursuant to credit and contractual arrangements;
|
•
|
variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River basin, which impact the amount of generation from Idaho Power's hydroelectric facilities;
|
•
|
the ability to purchase fuel and power on favorable payment terms and prices, particularly in the event of unanticipated power demands, lack of physical availability, transportation constraints, or a credit downgrade;
|
•
|
accidents, fires, explosions, and mechanical breakdowns that may occur while operating and maintaining an electric system, which can cause unplanned outages, reduce generating output, damage the companies’ assets, operations, or reputation, subject the companies to third-party claims for property damage, personal injury, or loss of life, or result in the imposition of civil, criminal, or regulatory fines or penalties;
|
•
|
the ability to buy and sell power, transmission capacity, and fuel in the markets;
|
•
|
the ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk, and the failure of any such risk management and hedging strategies to work as intended;
|
•
|
administration of Federal Energy Regulatory Commission and other mandatory reliability, security, and other requirements for system infrastructure, which could result in penalties and increase costs;
|
•
|
disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission system;
|
•
|
the increased costs and operational challenges associated with purchasing and integrating intermittent renewable energy sources into Idaho Power's resource portfolio;
|
•
|
changes in actuarial assumptions, changes in interest rates, and the return on plan assets for pension and other post-retirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities;
|
•
|
the ability to continue to pay dividends based on financial performance, and in light of contractual covenants and restrictions and regulatory limitations;
|
•
|
changes in tax laws or related regulations or new interpretations of applicable laws by federal, state, or local taxing jurisdictions, the availability of tax credits, and the tax rates payable by IDACORP shareholders on common stock dividends;
|
•
|
employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies' workforce, the impact of an aging workforce and retirements, the cost and ability to retain skilled workers, and the ability to adjust the labor cost structure when necessary;
|
•
|
failure to comply with state and federal laws, policies, and regulations, including new interpretations and enforcement initiatives by regulatory and oversight bodies, which may result in penalties and fines and increase the cost of compliance, the nature and extent of investigations and audits, and the cost of remediation;
|
•
|
the inability to obtain or cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydroelectric facilities;
|
•
|
the cost and outcome of litigation, dispute resolution, and regulatory proceedings, and the ability to recover those costs or the costs of operational changes through insurance or rates, or from third parties;
|
•
|
the failure of information systems or the failure to secure information system data, failure to comply with privacy laws, security breaches, or the direct or indirect effect on the companies' business or operations resulting from cyber attacks, terrorist incidents or the threat of terrorist incidents, and acts of war;
|
•
|
unusual or unanticipated changes in normal business operations, including unusual maintenance or repairs, or the failure to successfully implement new technology solutions; and
|
•
|
adoption of or changes in accounting policies and principles, changes in accounting estimates, and new 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, |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
(thousands of dollars, except for per share amounts)
|
||||||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Electric utility:
|
|
|
|
|
|
|
|
|
||||||||
General business
|
|
$
|
347,838
|
|
|
$
|
349,428
|
|
|
$
|
874,817
|
|
|
$
|
846,079
|
|
Off-system sales
|
|
15,449
|
|
|
11,169
|
|
|
56,390
|
|
|
31,597
|
|
||||
Other revenues
|
|
17,424
|
|
|
19,707
|
|
|
58,479
|
|
|
69,853
|
|
||||
Total electric utility revenues
|
|
380,711
|
|
|
380,304
|
|
|
989,686
|
|
|
947,529
|
|
||||
Other
|
|
1,490
|
|
|
803
|
|
|
3,017
|
|
|
2,455
|
|
||||
Total operating revenues
|
|
382,201
|
|
|
381,107
|
|
|
992,703
|
|
|
949,984
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
||||||||
Electric utility:
|
|
|
|
|
|
|
|
|
||||||||
Purchased power
|
|
75,058
|
|
|
74,088
|
|
|
181,291
|
|
|
166,097
|
|
||||
Fuel expense
|
|
67,088
|
|
|
64,858
|
|
|
156,859
|
|
|
155,901
|
|
||||
Power cost adjustment
|
|
(668
|
)
|
|
(6,960
|
)
|
|
23,496
|
|
|
(34,969
|
)
|
||||
Other operations and maintenance
|
|
84,236
|
|
|
84,471
|
|
|
252,208
|
|
|
247,409
|
|
||||
Energy efficiency programs
|
|
5,537
|
|
|
6,077
|
|
|
17,881
|
|
|
30,279
|
|
||||
Depreciation
|
|
33,476
|
|
|
32,538
|
|
|
99,304
|
|
|
96,680
|
|
||||
Taxes other than income taxes
|
|
8,340
|
|
|
7,017
|
|
|
24,685
|
|
|
23,243
|
|
||||
Total electric utility expenses
|
|
273,067
|
|
|
262,089
|
|
|
755,724
|
|
|
684,640
|
|
||||
Other
|
|
3,412
|
|
|
3,459
|
|
|
10,869
|
|
|
10,945
|
|
||||
Total operating expenses
|
|
276,479
|
|
|
265,548
|
|
|
766,593
|
|
|
695,585
|
|
||||
Operating Income
|
|
105,722
|
|
|
115,559
|
|
|
226,110
|
|
|
254,399
|
|
||||
Allowance for Equity Funds Used During Construction
|
|
4,645
|
|
|
3,734
|
|
|
13,182
|
|
|
10,876
|
|
||||
Earnings of Unconsolidated Equity-Method Investments
|
|
6,414
|
|
|
6,261
|
|
|
8,908
|
|
|
9,402
|
|
||||
Other Income, Net
|
|
1,193
|
|
|
1,567
|
|
|
4,733
|
|
|
3,982
|
|
||||
Interest Expense:
|
|
|
|
|
|
|
|
|
||||||||
Interest on long-term debt
|
|
20,141
|
|
|
20,887
|
|
|
60,423
|
|
|
61,349
|
|
||||
Other interest
|
|
1,908
|
|
|
1,812
|
|
|
5,714
|
|
|
5,296
|
|
||||
Allowance for borrowed funds used during construction
|
|
(2,178
|
)
|
|
(1,904
|
)
|
|
(6,287
|
)
|
|
(5,711
|
)
|
||||
Total interest expense, net
|
|
19,871
|
|
|
20,795
|
|
|
59,850
|
|
|
60,934
|
|
||||
Income Before Income Taxes
|
|
98,103
|
|
|
106,326
|
|
|
193,083
|
|
|
217,725
|
|
||||
Income Tax Expense
|
|
10,869
|
|
|
33,222
|
|
|
33,968
|
|
|
62,941
|
|
||||
Net Income
|
|
87,234
|
|
|
73,104
|
|
|
159,115
|
|
|
154,784
|
|
||||
Adjustment for (income) loss attributable to noncontrolling interests
|
|
(345
|
)
|
|
15
|
|
|
(283
|
)
|
|
31
|
|
||||
Net Income Attributable to IDACORP, Inc.
|
|
$
|
86,889
|
|
|
$
|
73,119
|
|
|
$
|
158,832
|
|
|
$
|
154,815
|
|
Weighted Average Common Shares Outstanding - Basic (000’s)
|
|
50,129
|
|
|
50,056
|
|
|
50,131
|
|
|
50,051
|
|
||||
Weighted Average Common Shares Outstanding - Diluted (000’s)
|
|
50,220
|
|
|
50,153
|
|
|
50,184
|
|
|
50,109
|
|
||||
Earnings Per Share of Common Stock:
|
|
|
|
|
|
|
|
|
||||||||
Earnings Attributable to IDACORP, Inc. - Basic
|
|
$
|
1.73
|
|
|
$
|
1.46
|
|
|
$
|
3.17
|
|
|
$
|
3.09
|
|
Earnings Attributable to IDACORP, Inc. - Diluted
|
|
$
|
1.73
|
|
|
$
|
1.46
|
|
|
$
|
3.16
|
|
|
$
|
3.09
|
|
Dividends Declared Per Share of Common Stock
|
|
$
|
0.43
|
|
|
$
|
0.38
|
|
|
$
|
1.29
|
|
|
$
|
1.14
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
(thousands of dollars)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net Income
|
|
$
|
87,234
|
|
|
$
|
73,104
|
|
|
$
|
159,115
|
|
|
$
|
154,784
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
|
|
||||||||
Net unrealized holding gains arising during the period,
net of tax of $0, $541, $0 and $1,466
|
|
—
|
|
|
843
|
|
|
—
|
|
|
2,283
|
|
||||
Unfunded pension liability adjustment, net of tax
of $277, $298, $832 and $894
|
|
432
|
|
|
464
|
|
|
1,296
|
|
|
1,394
|
|
||||
Total Comprehensive Income
|
|
87,666
|
|
|
74,411
|
|
|
160,411
|
|
|
158,461
|
|
||||
Comprehensive (income) loss attributable to noncontrolling interests
|
|
(345
|
)
|
|
15
|
|
|
(283
|
)
|
|
31
|
|
||||
Comprehensive Income Attributable to IDACORP, Inc.
|
|
$
|
87,321
|
|
|
$
|
74,426
|
|
|
$
|
160,128
|
|
|
$
|
158,492
|
|
|
|
September 30,
2014 |
|
December 31,
2013 |
||||
|
|
(thousands of dollars)
|
||||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
111,038
|
|
|
$
|
78,162
|
|
Receivables:
|
|
|
|
|
||||
Customer (net of allowance of $2,229 and $2,349, respectively)
|
|
93,272
|
|
|
97,873
|
|
||
Other (net of allowance of $158 and $153, respectively)
|
|
16,808
|
|
|
15,274
|
|
||
Taxes receivable
|
|
—
|
|
|
156
|
|
||
Accrued unbilled revenues
|
|
55,273
|
|
|
63,507
|
|
||
Materials and supplies (at average cost)
|
|
56,023
|
|
|
53,643
|
|
||
Fuel stock (at average cost)
|
|
44,733
|
|
|
41,546
|
|
||
Prepayments
|
|
12,954
|
|
|
15,338
|
|
||
Deferred income taxes
|
|
32,638
|
|
|
46,874
|
|
||
Current regulatory assets
|
|
50,995
|
|
|
61,837
|
|
||
Other
|
|
1,472
|
|
|
2,401
|
|
||
Total current assets
|
|
475,206
|
|
|
476,611
|
|
||
Investments
|
|
155,028
|
|
|
159,072
|
|
||
Property, Plant and Equipment:
|
|
|
|
|
||||
Utility plant in service
|
|
5,194,535
|
|
|
5,080,402
|
|
||
Accumulated provision for depreciation
|
|
(1,823,870
|
)
|
|
(1,766,680
|
)
|
||
Utility plant in service - net
|
|
3,370,665
|
|
|
3,313,722
|
|
||
Construction work in progress
|
|
383,667
|
|
|
327,000
|
|
||
Utility plant held for future use
|
|
7,090
|
|
|
7,090
|
|
||
Other property, net of accumulated depreciation
|
|
17,332
|
|
|
17,229
|
|
||
Property, plant and equipment - net
|
|
3,778,754
|
|
|
3,665,041
|
|
||
Other Assets:
|
|
|
|
|
||||
American Falls and Milner water rights
|
|
13,958
|
|
|
15,803
|
|
||
Company-owned life insurance
|
|
23,774
|
|
|
22,037
|
|
||
Regulatory assets
|
|
1,003,099
|
|
|
978,234
|
|
||
Long-term receivables (net of allowance of $885)
|
|
6,041
|
|
|
4,811
|
|
||
Other
|
|
42,417
|
|
|
42,954
|
|
||
Total other assets
|
|
1,089,289
|
|
|
1,063,839
|
|
||
Total
|
|
$
|
5,498,277
|
|
|
$
|
5,364,563
|
|
|
|
September 30,
2014 |
|
December 31,
2013 |
||||
|
|
(thousands of dollars)
|
||||||
Liabilities and Equity
|
|
|
|
|
||||
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
1,064
|
|
|
$
|
1,064
|
|
Notes payable
|
|
31,800
|
|
|
54,750
|
|
||
Accounts payable
|
|
82,901
|
|
|
91,519
|
|
||
Taxes accrued
|
|
26,232
|
|
|
13,302
|
|
||
Interest accrued
|
|
24,885
|
|
|
22,764
|
|
||
Accrued compensation
|
|
40,101
|
|
|
38,510
|
|
||
Current regulatory liabilities
|
|
7,588
|
|
|
10,684
|
|
||
Other
|
|
25,132
|
|
|
17,779
|
|
||
Total current liabilities
|
|
239,703
|
|
|
250,372
|
|
||
Other Liabilities:
|
|
|
|
|
||||
Deferred income taxes
|
|
1,030,076
|
|
|
969,593
|
|
||
Regulatory liabilities
|
|
385,055
|
|
|
375,873
|
|
||
Pension and other postretirement benefits
|
|
230,385
|
|
|
244,627
|
|
||
Other
|
|
45,292
|
|
|
54,100
|
|
||
Total other liabilities
|
|
1,690,808
|
|
|
1,644,193
|
|
||
Long-Term Debt
|
|
1,614,377
|
|
|
1,615,258
|
|
||
Commitments and Contingencies
|
|
|
|
|
||||
Equity:
|
|
|
|
|
||||
IDACORP, Inc. shareholders’ equity:
|
|
|
|
|
||||
Common stock, no par value (shares authorized 120,000,000;
50,307,512 and 50,233,463 shares issued, respectively)
|
|
843,163
|
|
|
839,750
|
|
||
Retained earnings
|
|
1,121,390
|
|
|
1,027,461
|
|
||
Accumulated other comprehensive loss
|
|
(15,257
|
)
|
|
(16,553
|
)
|
||
Treasury stock (38,764 and 718 shares at cost, respectively)
|
|
(280
|
)
|
|
(8
|
)
|
||
Total IDACORP, Inc. shareholders’ equity
|
|
1,949,016
|
|
|
1,850,650
|
|
||
Noncontrolling interests
|
|
4,373
|
|
|
4,090
|
|
||
Total equity
|
|
1,953,389
|
|
|
1,854,740
|
|
||
Total
|
|
$
|
5,498,277
|
|
|
$
|
5,364,563
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these statements.
|
|
|
Nine months ended
September 30, |
||||||
|
|
2014
|
|
2013
|
||||
|
|
(thousands of dollars)
|
||||||
Operating Activities:
|
|
|
|
|
||||
Net income
|
|
$
|
159,115
|
|
|
$
|
154,784
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
102,366
|
|
|
99,534
|
|
||
Deferred income taxes and investment tax credits
|
|
25,355
|
|
|
46,891
|
|
||
Changes in regulatory assets and liabilities
|
|
36,595
|
|
|
(20,765
|
)
|
||
Pension and postretirement benefit plan expense
|
|
20,927
|
|
|
22,026
|
|
||
Contributions to pension and postretirement benefit plans
|
|
(32,533
|
)
|
|
(32,573
|
)
|
||
Earnings of unconsolidated equity-method investments
|
|
(8,908
|
)
|
|
(9,402
|
)
|
||
Distributions from unconsolidated equity-method investments
|
|
5,820
|
|
|
14,218
|
|
||
Allowance for equity funds used during construction
|
|
(13,182
|
)
|
|
(10,876
|
)
|
||
Other non-cash adjustments to net income, net
|
|
4,417
|
|
|
2,308
|
|
||
Change in:
|
|
|
|
|
|
|
||
Accounts receivable
|
|
4,372
|
|
|
(38,553
|
)
|
||
Accounts payable and other accrued liabilities
|
|
(3,359
|
)
|
|
(4,505
|
)
|
||
Taxes accrued/receivable
|
|
14,066
|
|
|
24,621
|
|
||
Other current assets
|
|
2,089
|
|
|
4,749
|
|
||
Other current liabilities
|
|
7,258
|
|
|
5,253
|
|
||
Other assets
|
|
(2,970
|
)
|
|
(1,253
|
)
|
||
Other liabilities
|
|
(5,601
|
)
|
|
(8,811
|
)
|
||
Net cash provided by operating activities
|
|
315,827
|
|
|
247,646
|
|
||
Investing Activities:
|
|
|
|
|
|
|
||
Additions to property, plant and equipment
|
|
(200,928
|
)
|
|
(165,550
|
)
|
||
Proceeds from the sale of emission allowances and RECs
|
|
2,923
|
|
|
498
|
|
||
Distributions from affordable housing investments
|
|
1,048
|
|
|
1,697
|
|
||
Other
|
|
4,335
|
|
|
3,366
|
|
||
Net cash used in investing activities
|
|
(192,622
|
)
|
|
(159,989
|
)
|
||
Financing Activities:
|
|
|
|
|
|
|
||
Issuance of long-term debt
|
|
—
|
|
|
150,000
|
|
||
Retirement of long-term debt
|
|
(1,064
|
)
|
|
(1,064
|
)
|
||
Dividends on common stock
|
|
(64,958
|
)
|
|
(57,323
|
)
|
||
Net change in short-term borrowings
|
|
(22,950
|
)
|
|
(16,700
|
)
|
||
Issuance of common stock
|
|
160
|
|
|
255
|
|
||
Acquisition of treasury stock
|
|
(2,737
|
)
|
|
(2,124
|
)
|
||
Other
|
|
1,220
|
|
|
(358
|
)
|
||
Net cash (used in) provided by financing activities
|
|
(90,329
|
)
|
|
72,686
|
|
||
Net increase in cash and cash equivalents
|
|
32,876
|
|
|
160,343
|
|
||
Cash and cash equivalents at beginning of the period
|
|
78,162
|
|
|
26,527
|
|
||
Cash and cash equivalents at end of the period
|
|
$
|
111,038
|
|
|
$
|
186,870
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
||
Cash paid during the period for:
|
|
|
|
|
|
|||
Income taxes
|
|
$
|
4,686
|
|
|
$
|
60
|
|
Interest (net of amount capitalized)
|
|
$
|
55,743
|
|
|
$
|
54,907
|
|
Non-cash investing activities:
|
|
|
|
|
||||
Additions to property, plant and equipment in accounts payable
|
|
$
|
19,375
|
|
|
$
|
22,480
|
|
|
|
Nine months ended
September 30, |
||||||
|
|
2014
|
|
2013
|
||||
|
|
(thousands of dollars)
|
||||||
Common Stock
|
|
|
|
|
||||
Balance at beginning of period
|
|
$
|
839,750
|
|
|
$
|
834,922
|
|
Issued
|
|
160
|
|
|
255
|
|
||
Other
|
|
3,253
|
|
|
3,398
|
|
||
Balance at end of period
|
|
843,163
|
|
|
838,575
|
|
||
Retained Earnings
|
|
|
|
|
||||
Balance at beginning of period
|
|
1,027,461
|
|
|
923,981
|
|
||
Net income attributable to IDACORP, Inc.
|
|
158,832
|
|
|
154,815
|
|
||
Common stock dividends ($1.29 and $1.14 per share)
|
|
(64,903
|
)
|
|
(57,292
|
)
|
||
Balance at end of period
|
|
1,121,390
|
|
|
1,021,504
|
|
||
Accumulated Other Comprehensive (Loss) Income
|
|
|
|
|
||||
Balance at beginning of period
|
|
(16,553
|
)
|
|
(17,116
|
)
|
||
Unrealized gain on securities (net of tax)
|
|
—
|
|
|
2,283
|
|
||
Unfunded pension liability adjustment (net of tax)
|
|
1,296
|
|
|
1,394
|
|
||
Balance at end of period
|
|
(15,257
|
)
|
|
(13,439
|
)
|
||
Treasury Stock
|
|
|
|
|
||||
Balance at beginning of period
|
|
(8
|
)
|
|
(21
|
)
|
||
Issued
|
|
2,465
|
|
|
2,132
|
|
||
Acquired
|
|
(2,737
|
)
|
|
(2,124
|
)
|
||
Balance at end of period
|
|
(280
|
)
|
|
(13
|
)
|
||
Total IDACORP, Inc. shareholders’ equity at end of period
|
|
1,949,016
|
|
|
1,846,627
|
|
||
Noncontrolling Interests
|
|
|
|
|
||||
Balance at beginning of period
|
|
4,090
|
|
|
4,213
|
|
||
Net loss attributable to noncontrolling interests
|
|
283
|
|
|
(31
|
)
|
||
Balance at end of period
|
|
4,373
|
|
|
4,182
|
|
||
Total equity at end of period
|
|
$
|
1,953,389
|
|
|
$
|
1,850,809
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
(thousands of dollars)
|
||||||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
||||||||
General business
|
|
$
|
347,838
|
|
|
$
|
349,428
|
|
|
$
|
874,817
|
|
|
$
|
846,079
|
|
Off-system sales
|
|
15,449
|
|
|
11,169
|
|
|
56,390
|
|
|
31,597
|
|
||||
Other revenues
|
|
17,424
|
|
|
19,707
|
|
|
58,479
|
|
|
69,853
|
|
||||
Total operating revenues
|
|
380,711
|
|
|
380,304
|
|
|
989,686
|
|
|
947,529
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
||||||||
Operation:
|
|
|
|
|
|
|
|
|
||||||||
Purchased power
|
|
75,058
|
|
|
74,088
|
|
|
181,291
|
|
|
166,097
|
|
||||
Fuel expense
|
|
67,088
|
|
|
64,858
|
|
|
156,859
|
|
|
155,901
|
|
||||
Power cost adjustment
|
|
(668
|
)
|
|
(6,960
|
)
|
|
23,496
|
|
|
(34,969
|
)
|
||||
Other operations and maintenance
|
|
84,236
|
|
|
84,471
|
|
|
252,208
|
|
|
247,409
|
|
||||
Energy efficiency programs
|
|
5,537
|
|
|
6,077
|
|
|
17,881
|
|
|
30,279
|
|
||||
Depreciation
|
|
33,476
|
|
|
32,538
|
|
|
99,304
|
|
|
96,680
|
|
||||
Taxes other than income taxes
|
|
8,340
|
|
|
7,017
|
|
|
24,685
|
|
|
23,243
|
|
||||
Total operating expenses
|
|
273,067
|
|
|
262,089
|
|
|
755,724
|
|
|
684,640
|
|
||||
Income from Operations
|
|
107,644
|
|
|
118,215
|
|
|
233,962
|
|
|
262,889
|
|
||||
Other Income (Expense):
|
|
|
|
|
|
|
|
|
||||||||
Allowance for equity funds used during construction
|
|
4,645
|
|
|
3,734
|
|
|
13,182
|
|
|
10,876
|
|
||||
Earnings of unconsolidated equity-method investments
|
|
5,180
|
|
|
5,102
|
|
|
7,148
|
|
|
7,358
|
|
||||
Other expense, net
|
|
(1,538
|
)
|
|
(1,077
|
)
|
|
(3,556
|
)
|
|
(4,450
|
)
|
||||
Total other income
|
|
8,287
|
|
|
7,759
|
|
|
16,774
|
|
|
13,784
|
|
||||
Interest Charges:
|
|
|
|
|
|
|
|
|
||||||||
Interest on long-term debt
|
|
20,141
|
|
|
20,887
|
|
|
60,423
|
|
|
61,349
|
|
||||
Other interest
|
|
1,859
|
|
|
1,724
|
|
|
5,547
|
|
|
5,009
|
|
||||
Allowance for borrowed funds used during construction
|
|
(2,178
|
)
|
|
(1,904
|
)
|
|
(6,287
|
)
|
|
(5,711
|
)
|
||||
Total interest charges
|
|
19,822
|
|
|
20,707
|
|
|
59,683
|
|
|
60,647
|
|
||||
Income Before Income Taxes
|
|
96,109
|
|
|
105,267
|
|
|
191,053
|
|
|
216,026
|
|
||||
Income Tax Expense
|
|
11,509
|
|
|
34,965
|
|
|
35,899
|
|
|
66,695
|
|
||||
Net Income
|
|
$
|
84,600
|
|
|
$
|
70,302
|
|
|
$
|
155,154
|
|
|
$
|
149,331
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
(thousands of dollars)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net Income
|
|
$
|
84,600
|
|
|
$
|
70,302
|
|
|
$
|
155,154
|
|
|
$
|
149,331
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
|
|
||||||||
Net unrealized holding gains arising during the period,
net of tax of $0, $541, $0 and $1,466 |
|
—
|
|
|
843
|
|
|
—
|
|
|
2,283
|
|
||||
Unfunded pension liability adjustment, net of tax
of $277, $298, $832 and $894 |
|
432
|
|
|
464
|
|
|
1,296
|
|
|
1,394
|
|
||||
Total Comprehensive Income
|
|
$
|
85,032
|
|
|
$
|
71,609
|
|
|
$
|
156,450
|
|
|
$
|
153,008
|
|
|
|
September 30,
2014 |
|
December 31,
2013 |
||||
|
|
(thousands of dollars)
|
||||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Electric Plant:
|
|
|
|
|
||||
In service (at original cost)
|
|
$
|
5,194,535
|
|
|
$
|
5,080,402
|
|
Accumulated provision for depreciation
|
|
(1,823,870
|
)
|
|
(1,766,680
|
)
|
||
In service - net
|
|
3,370,665
|
|
|
3,313,722
|
|
||
Construction work in progress
|
|
383,667
|
|
|
327,000
|
|
||
Held for future use
|
|
7,090
|
|
|
7,090
|
|
||
Electric plant - net
|
|
3,761,422
|
|
|
3,647,812
|
|
||
Investments and Other Property
|
|
130,437
|
|
|
131,520
|
|
||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
102,900
|
|
|
66,535
|
|
||
Receivables:
|
|
|
|
|
||||
Customer (net of allowance of $2,229 and $2,349, respectively)
|
|
93,272
|
|
|
97,873
|
|
||
Other (net of allowance of $158 and $153, respectively)
|
|
16,674
|
|
|
14,290
|
|
||
Accrued unbilled revenues
|
|
55,273
|
|
|
63,507
|
|
||
Materials and supplies (at average cost)
|
|
56,023
|
|
|
53,643
|
|
||
Fuel stock (at average cost)
|
|
44,733
|
|
|
41,546
|
|
||
Prepayments
|
|
12,840
|
|
|
15,204
|
|
||
Deferred income taxes
|
|
—
|
|
|
12,386
|
|
||
Current regulatory assets
|
|
50,995
|
|
|
61,837
|
|
||
Other
|
|
1,473
|
|
|
2,401
|
|
||
Total current assets
|
|
434,183
|
|
|
429,222
|
|
||
Deferred Debits:
|
|
|
|
|
||||
American Falls and Milner water rights
|
|
13,958
|
|
|
15,803
|
|
||
Company-owned life insurance
|
|
23,774
|
|
|
22,037
|
|
||
Regulatory assets
|
|
1,003,099
|
|
|
978,234
|
|
||
Other
|
|
42,590
|
|
|
41,783
|
|
||
Total deferred debits
|
|
1,083,421
|
|
|
1,057,857
|
|
||
Total
|
|
$
|
5,409,463
|
|
|
$
|
5,266,411
|
|
|
|
September 30,
2014 |
|
December 31,
2013 |
||||
|
|
(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
|
|
712,258
|
|
|
712,258
|
|
||
Capital stock expense
|
|
(2,097
|
)
|
|
(2,097
|
)
|
||
Retained earnings
|
|
1,022,744
|
|
|
932,547
|
|
||
Accumulated other comprehensive loss
|
|
(15,257
|
)
|
|
(16,553
|
)
|
||
Total common stock equity
|
|
1,815,525
|
|
|
1,724,032
|
|
||
Long-term debt
|
|
1,614,377
|
|
|
1,615,258
|
|
||
Total capitalization
|
|
3,429,902
|
|
|
3,339,290
|
|
||
Current Liabilities:
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
1,064
|
|
|
1,064
|
|
||
Accounts payable
|
|
82,170
|
|
|
90,529
|
|
||
Accounts payable to affiliates
|
|
1,791
|
|
|
1,158
|
|
||
Taxes accrued
|
|
25,006
|
|
|
14,031
|
|
||
Interest accrued
|
|
24,885
|
|
|
22,764
|
|
||
Accrued compensation
|
|
39,926
|
|
|
38,297
|
|
||
Current regulatory liabilities
|
|
7,588
|
|
|
10,684
|
|
||
Other
|
|
25,275
|
|
|
17,095
|
|
||
Total current liabilities
|
|
207,705
|
|
|
195,622
|
|
||
Deferred Credits:
|
|
|
|
|
||||
Deferred income taxes
|
|
1,112,463
|
|
|
1,058,734
|
|
||
Regulatory liabilities
|
|
385,055
|
|
|
375,873
|
|
||
Pension and other postretirement benefits
|
|
230,385
|
|
|
244,627
|
|
||
Other
|
|
43,953
|
|
|
52,265
|
|
||
Total deferred credits
|
|
1,771,856
|
|
|
1,731,499
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Total
|
|
$
|
5,409,463
|
|
|
$
|
5,266,411
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these statements.
|
|
|
Nine months ended
September 30, |
||||||
|
|
2014
|
|
2013
|
||||
|
|
(thousands of dollars)
|
||||||
Operating Activities:
|
|
|
|
|
||||
Net income
|
|
$
|
155,154
|
|
|
$
|
149,331
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
101,925
|
|
|
99,035
|
|
||
Deferred income taxes and investment tax credits
|
|
14,087
|
|
|
44,772
|
|
||
Changes in regulatory assets and liabilities
|
|
36,595
|
|
|
(20,765
|
)
|
||
Pension and postretirement benefit plan expense
|
|
20,903
|
|
|
21,988
|
|
||
Contributions to pension and postretirement benefit plans
|
|
(32,509
|
)
|
|
(32,535
|
)
|
||
Earnings of unconsolidated equity-method investments
|
|
(7,148
|
)
|
|
(7,358
|
)
|
||
Distributions from unconsolidated equity-method investments
|
|
4,970
|
|
|
12,543
|
|
||
Allowance for equity funds used during construction
|
|
(13,182
|
)
|
|
(10,876
|
)
|
||
Other non-cash adjustments to net income, net
|
|
1,188
|
|
|
457
|
|
||
Change in:
|
|
|
|
|
|
|
||
Accounts receivable
|
|
3,818
|
|
|
(40,465
|
)
|
||
Accounts payable
|
|
(3,336
|
)
|
|
(4,372
|
)
|
||
Taxes accrued/receivable
|
|
12,160
|
|
|
21,769
|
|
||
Other current assets
|
|
2,069
|
|
|
4,744
|
|
||
Other current liabilities
|
|
7,288
|
|
|
5,185
|
|
||
Other assets
|
|
(2,970
|
)
|
|
(1,253
|
)
|
||
Other liabilities
|
|
(5,106
|
)
|
|
(8,509
|
)
|
||
Net cash provided by operating activities
|
|
295,906
|
|
|
233,691
|
|
||
Investing Activities:
|
|
|
|
|
|
|
||
Additions to utility plant
|
|
(200,778
|
)
|
|
(165,550
|
)
|
||
Proceeds from the sale of emission allowances and RECs
|
|
2,923
|
|
|
498
|
|
||
Other
|
|
4,335
|
|
|
3,371
|
|
||
Net cash used in investing activities
|
|
(193,520
|
)
|
|
(161,681
|
)
|
||
Financing Activities:
|
|
|
|
|
|
|
||
Issuance of long-term debt
|
|
—
|
|
|
150,000
|
|
||
Retirement of long-term debt
|
|
(1,064
|
)
|
|
(1,064
|
)
|
||
Dividends on common stock
|
|
(64,957
|
)
|
|
(57,313
|
)
|
||
Other
|
|
—
|
|
|
(2,112
|
)
|
||
Net cash (used in) provided by financing activities
|
|
(66,021
|
)
|
|
89,511
|
|
||
Net increase in cash and cash equivalents
|
|
36,365
|
|
|
161,521
|
|
||
Cash and cash equivalents at beginning of the period
|
|
66,535
|
|
|
17,251
|
|
||
Cash and cash equivalents at end of the period
|
|
$
|
102,900
|
|
|
$
|
178,772
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
||
Cash paid during the period for:
|
|
|
|
|
|
|
||
Income taxes
|
|
$
|
19,793
|
|
|
$
|
8,760
|
|
Interest (net of amount capitalized)
|
|
$
|
55,576
|
|
|
$
|
54,619
|
|
Non-cash investing activities:
|
|
|
|
|
||||
Additions to property, plant and equipment in accounts payable
|
|
$
|
19,375
|
|
|
$
|
22,480
|
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Nine months ended September 30,
|
|
|
|
|
|
|
|
|
||||||||
Income tax at statutory rates (federal and state)
|
|
$
|
75,385
|
|
|
$
|
85,143
|
|
|
$
|
74,702
|
|
|
$
|
84,466
|
|
Capitalized repairs deduction
(1)
|
|
(19,061
|
)
|
|
(16,129
|
)
|
|
(19,061
|
)
|
|
(16,129
|
)
|
||||
Accounting method changes
|
|
(11,075
|
)
|
|
4,583
|
|
|
(11,075
|
)
|
|
4,583
|
|
||||
Affordable housing tax credits
|
|
(3,792
|
)
|
|
(4,152
|
)
|
|
—
|
|
|
—
|
|
||||
Affordable housing investment amortization, net of statutory taxes
|
|
2,041
|
|
|
739
|
|
|
—
|
|
|
—
|
|
||||
Other
(2)
|
|
(9,530
|
)
|
|
(7,243
|
)
|
|
(8,667
|
)
|
|
(6,225
|
)
|
||||
Income tax expense
|
|
$
|
33,968
|
|
|
$
|
62,941
|
|
|
$
|
35,899
|
|
|
$
|
66,695
|
|
Effective tax rate
|
|
17.6
|
%
|
|
28.9
|
%
|
|
18.8
|
%
|
|
30.9
|
%
|
•
|
If Idaho Power's actual Idaho-jurisdiction return on year-end equity (Idaho ROE) for 2012, 2013, or 2014 is less than
9.5 percent
, then Idaho Power may amortize additional accumulated deferred investment tax credits (ADITC) to help
|
•
|
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 power cost adjustment (PCA).
|
•
|
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
75 percent
to Idaho Power's Idaho customers through a reduction to the pension regulatory asset balancing account and
25 percent
to Idaho Power.
|
•
|
If Idaho Power's annual Idaho ROE in any year is less than
9.5 percent
, then Idaho Power may amortize up to
$25 million
of additional ADITC to help achieve a
9.5 percent
Idaho ROE for that year, and may amortize up to a total of
$45 million
of additional ADITC (less any amount of additional ADITC amortized in 2014 under the December 2011 settlement stipulation).
|
•
|
If Idaho Power's annual Idaho ROE in any year exceeds
10.0 percent
, the amount of earnings exceeding a
10.0 percent
Idaho ROE and up to and including a
10.5 percent
Idaho ROE will be allocated
75 percent
to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's power cost adjustment and
25 percent
to Idaho Power.
|
•
|
If Idaho Power's annual Idaho ROE in any year exceeds
10.5 percent
, the amount of earnings exceeding a
10.5 percent
Idaho ROE will be allocated
50 percent
to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's power cost adjustment,
25 percent
to Idaho Power's Idaho customers in the form of a reduction to the pension regulatory asset balancing account (to reduce the amount to be collected in the future from Idaho customers), and
25 percent
to Idaho Power.
|
•
|
If the full
$45 million
of additional ADITC contemplated by the settlement stipulation has been amortized (including any additional ADITCs amortized in 2014) the sharing provisions would terminate.
|
•
|
In the event the IPUC approves a change to Idaho Power's Idaho-jurisdictional allowed return on equity as part of a general rate case proceeding seeking a rate change effective prior to January 1, 2020, the Idaho ROE thresholds (
9.5 percent
,
10.0 percent
, and
10.5 percent
) will be adjusted prospectively, under the same methodology used for the December 2011 settlement stipulation.
|
|
|
September 30, 2014
|
|
December 31, 2013
|
||||||||||||||||||||
|
|
Idaho Power
|
|
IDACORP
|
|
Total
|
|
Idaho Power
|
|
IDACORP
|
|
Total
|
||||||||||||
Commercial paper outstanding
|
|
$
|
—
|
|
|
$
|
31,800
|
|
|
$
|
31,800
|
|
|
$
|
—
|
|
|
$
|
54,750
|
|
|
$
|
54,750
|
|
Weighted-average annual interest rate
|
|
—
|
%
|
|
0.31
|
%
|
|
0.31
|
%
|
|
—
|
%
|
|
0.34
|
%
|
|
0.34
|
%
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to IDACORP, Inc.
|
|
$
|
86,889
|
|
|
$
|
73,119
|
|
|
$
|
158,832
|
|
|
$
|
154,815
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted-average common shares outstanding - basic
|
|
50,129
|
|
|
50,056
|
|
|
50,131
|
|
|
50,051
|
|
||||
Effect of dilutive securities
|
|
91
|
|
|
97
|
|
|
53
|
|
|
58
|
|
||||
Weighted-average common shares outstanding - diluted
|
|
50,220
|
|
|
50,153
|
|
|
50,184
|
|
|
50,109
|
|
||||
Basic earnings per share
|
|
$
|
1.73
|
|
|
$
|
1.46
|
|
|
$
|
3.17
|
|
|
$
|
3.09
|
|
Diluted earnings per share
|
|
$
|
1.73
|
|
|
$
|
1.46
|
|
|
$
|
3.16
|
|
|
$
|
3.09
|
|
|
|
Pension Plan
|
|
SMSP
|
|
Postretirement
Benefits
|
||||||||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||||||
Service cost
|
|
$
|
6,323
|
|
|
$
|
7,839
|
|
|
$
|
411
|
|
|
$
|
544
|
|
|
$
|
252
|
|
|
$
|
328
|
|
Interest cost
|
|
8,853
|
|
|
7,958
|
|
|
964
|
|
|
816
|
|
|
711
|
|
|
659
|
|
||||||
Expected return on plan assets
|
|
(10,561
|
)
|
|
(9,053
|
)
|
|
—
|
|
|
—
|
|
|
(648
|
)
|
|
(582
|
)
|
||||||
Amortization of prior service cost
|
|
86
|
|
|
86
|
|
|
55
|
|
|
53
|
|
|
45
|
|
|
(57
|
)
|
||||||
Amortization of net loss
|
|
978
|
|
|
4,280
|
|
|
654
|
|
|
709
|
|
|
—
|
|
|
25
|
|
||||||
Net periodic benefit cost
|
|
5,679
|
|
|
11,110
|
|
|
2,084
|
|
|
2,122
|
|
|
360
|
|
|
373
|
|
||||||
Adjustments due to the effects of regulation
(1)
|
|
(1,140
|
)
|
|
(6,274
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost recognized for financial reporting
(1)
|
|
$
|
4,539
|
|
|
$
|
4,836
|
|
|
$
|
2,084
|
|
|
$
|
2,122
|
|
|
$
|
360
|
|
|
$
|
373
|
|
|
|
Pension Plan
|
|
SMSP
|
|
Postretirement
Benefits
|
||||||||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||||||
Service cost
|
|
$
|
18,969
|
|
|
$
|
23,517
|
|
|
$
|
1,234
|
|
|
$
|
1,634
|
|
|
$
|
758
|
|
|
$
|
986
|
|
Interest cost
|
|
26,561
|
|
|
23,873
|
|
|
2,892
|
|
|
2,444
|
|
|
2,131
|
|
|
1,975
|
|
||||||
Expected return on plan assets
|
|
(31,717
|
)
|
|
(26,816
|
)
|
|
—
|
|
|
—
|
|
|
(1,946
|
)
|
|
(1,746
|
)
|
||||||
Amortization of prior service cost
|
|
260
|
|
|
260
|
|
|
165
|
|
|
159
|
|
|
137
|
|
|
(172
|
)
|
||||||
Amortization of net loss
|
|
2,933
|
|
|
12,839
|
|
|
1,963
|
|
|
2,129
|
|
|
—
|
|
|
74
|
|
||||||
Net periodic benefit cost
|
|
17,006
|
|
|
33,673
|
|
|
6,254
|
|
|
6,366
|
|
|
1,080
|
|
|
1,117
|
|
||||||
Adjustments due to the effects of regulation
(1)
|
|
(3,437
|
)
|
|
(19,168
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost recognized for financial reporting
(1)
|
|
$
|
13,569
|
|
|
$
|
14,505
|
|
|
$
|
6,254
|
|
|
$
|
6,366
|
|
|
$
|
1,080
|
|
|
$
|
1,117
|
|
|
|
September 30, 2014
|
|
December 31, 2013
|
||||||||||||||||||||
|
|
Gross
Unrealized
Gain
|
|
Gross
Unrealized
Loss
|
|
Fair
Value
|
|
Gross
Unrealized
Gain
|
|
Gross
Unrealized
Loss
|
|
Fair
Value
|
||||||||||||
Available-for-sale securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37,606
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41,119
|
|
|
|
|
|
Gain/(Loss) on Derivatives Recognized in Income
(1)
|
||||||||||||||
|
|
Location of Realized Gain/(Loss) on Derivatives Recognized in Income
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
|
|
|||||||||||||||
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|||||||||
Financial swaps
|
|
Off-system sales
|
|
$
|
517
|
|
|
$
|
(98
|
)
|
|
$
|
(6,026
|
)
|
|
$
|
224
|
|
Financial swaps
|
|
Purchased power
|
|
(2,265
|
)
|
|
496
|
|
|
(785
|
)
|
|
510
|
|
||||
Financial swaps
|
|
Fuel expense
|
|
239
|
|
|
(705
|
)
|
|
3,907
|
|
|
444
|
|
||||
Financial swaps
|
|
Other operations and maintenance
|
|
(34
|
)
|
|
12
|
|
|
(44
|
)
|
|
27
|
|
||||
Forward contracts
|
|
Off-system sales
|
|
112
|
|
|
135
|
|
|
164
|
|
|
135
|
|
||||
Forward contracts
|
|
Purchased power
|
|
(113
|
)
|
|
(138
|
)
|
|
(163
|
)
|
|
(138
|
)
|
||||
Forward contracts
|
|
Fuel expense
|
|
53
|
|
|
52
|
|
|
101
|
|
|
131
|
|
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||||||
|
|
Balance Sheet Location
|
|
Gross Fair Value
|
|
Amounts Offset
|
|
Net Assets
|
|
Gross Fair Value
|
|
Amounts Offset
|
|
Net Liabilities
|
||||||||||||
|
|
|
|
|||||||||||||||||||||||
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial swaps
|
|
Other current assets
|
|
$
|
1,418
|
|
|
$
|
(154
|
)
|
|
$
|
1,264
|
|
|
$
|
154
|
|
|
$
|
(154
|
)
|
|
$
|
—
|
|
Financial swaps
|
|
Other current liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
689
|
|
|
—
|
|
|
689
|
|
||||||
Forward contracts
|
|
Other current assets
|
|
176
|
|
|
—
|
|
|
176
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forward contracts
|
|
Other current liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
115
|
|
|
—
|
|
|
115
|
|
||||||
Long-term:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Forward contracts
|
|
Other assets
|
|
63
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
|
|
$
|
1,657
|
|
|
$
|
(154
|
)
|
|
$
|
1,503
|
|
|
$
|
958
|
|
|
$
|
(154
|
)
|
|
$
|
804
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Financial swaps
|
|
Other current assets
|
|
$
|
1,451
|
|
|
$
|
(175
|
)
|
|
$
|
1,276
|
|
|
$
|
175
|
|
|
$
|
(175
|
)
|
|
$
|
—
|
|
Financial swaps
|
|
Other current liabilities
|
|
373
|
|
|
(373
|
)
|
|
—
|
|
|
1,975
|
|
|
(1,429
|
)
|
(1)
|
546
|
|
||||||
Forward contracts
|
|
Other current assets
|
|
109
|
|
|
—
|
|
|
109
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forward contracts
|
|
Other current liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
26
|
|
||||||
Long-term:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial swaps
|
|
Other assets
|
|
189
|
|
|
(28
|
)
|
|
161
|
|
|
28
|
|
|
(28
|
)
|
|
—
|
|
||||||
Forward contracts
|
|
Other assets
|
|
126
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
|
|
$
|
2,248
|
|
|
$
|
(576
|
)
|
|
$
|
1,672
|
|
|
$
|
2,204
|
|
|
$
|
(1,632
|
)
|
|
$
|
572
|
|
|
|
|
|
September 30,
|
||
Commodity
|
|
Units
|
|
2014
|
|
2013
|
Electricity purchases
|
|
MWh
|
|
227
|
|
382
|
Electricity sales
|
|
MWh
|
|
391
|
|
1,064
|
Natural gas purchases
|
|
MMBtu
|
|
5,455
|
|
11,929
|
Natural gas sales
|
|
MMBtu
|
|
1,137
|
|
1,153
|
Diesel purchases
|
|
Gallons
|
|
222
|
|
1,113
|
|
|
September 30, 2014
|
|
December 31, 2013
|
||||||||||||||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivatives
|
|
$
|
995
|
|
|
$
|
508
|
|
|
$
|
—
|
|
|
$
|
1,503
|
|
|
$
|
1,437
|
|
|
$
|
235
|
|
|
$
|
—
|
|
|
$
|
1,672
|
|
Money market funds
|
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
||||||||
Trading securities: Equity securities
|
|
139
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
1,153
|
|
|
—
|
|
|
—
|
|
|
1,153
|
|
||||||||
Available-for-sale securities: Equity securities
|
|
37,606
|
|
|
—
|
|
|
—
|
|
|
37,606
|
|
|
41,119
|
|
|
—
|
|
|
—
|
|
|
41,119
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivatives
|
|
$
|
78
|
|
|
$
|
726
|
|
|
$
|
—
|
|
|
$
|
804
|
|
|
$
|
546
|
|
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
572
|
|
|
|
September 30, 2014
|
|
December 31, 2013
|
||||||||||||
|
|
Carrying Amount
|
|
Estimated Fair Value
|
|
Carrying Amount
|
|
Estimated Fair Value
|
||||||||
IDACORP
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Notes receivable
(1)
|
|
$
|
3,472
|
|
|
$
|
3,472
|
|
|
$
|
3,472
|
|
|
$
|
3,472
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt
(1)
|
|
1,615,441
|
|
|
1,672,271
|
|
|
1,616,322
|
|
|
1,600,248
|
|
||||
Idaho Power
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt
(1)
|
|
$
|
1,615,441
|
|
|
$
|
1,672,271
|
|
|
$
|
1,616,322
|
|
|
$
|
1,600,248
|
|
|
|
Utility
Operations
|
|
All
Other
|
|
Eliminations
|
|
Consolidated
Total
|
||||||||
Three months ended September 30, 2014:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
380,711
|
|
|
$
|
1,490
|
|
|
$
|
—
|
|
|
$
|
382,201
|
|
Net income attributable to IDACORP, Inc.
|
|
84,600
|
|
|
2,289
|
|
|
—
|
|
|
86,889
|
|
||||
Total assets as of September 30, 2014
|
|
5,408,736
|
|
|
102,904
|
|
|
(13,363
|
)
|
|
5,498,277
|
|
||||
Three months ended September 30, 2013:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
380,304
|
|
|
$
|
803
|
|
|
$
|
—
|
|
|
$
|
381,107
|
|
Net income attributable to IDACORP, Inc.
|
|
70,302
|
|
|
2,817
|
|
|
—
|
|
|
73,119
|
|
||||
Nine months ended September 30, 2014:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
989,686
|
|
|
$
|
3,017
|
|
|
$
|
—
|
|
|
$
|
992,703
|
|
Net income attributable to IDACORP, Inc.
|
|
155,154
|
|
|
3,678
|
|
|
—
|
|
|
158,832
|
|
||||
Nine months ended September 30, 2013:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
947,529
|
|
|
$
|
2,455
|
|
|
$
|
—
|
|
|
$
|
949,984
|
|
Net income attributable to IDACORP, Inc.
|
|
149,331
|
|
|
5,484
|
|
|
—
|
|
|
154,815
|
|
|
|
Amount Reclassified from AOCI
|
||||||||||||||
Details About AOCI
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Amortization of defined benefit pension items
(1)
|
|
|
|
|
|
|
|
|
||||||||
Prior service cost
|
|
$
|
55
|
|
|
$
|
53
|
|
|
$
|
165
|
|
|
$
|
159
|
|
Net loss
|
|
654
|
|
|
709
|
|
|
1,963
|
|
|
2,129
|
|
||||
Total before tax
|
|
709
|
|
|
762
|
|
|
2,128
|
|
|
2,288
|
|
||||
Tax benefit
(2)
|
|
(277
|
)
|
|
(298
|
)
|
|
(832
|
)
|
|
(894
|
)
|
||||
Net of tax
|
|
432
|
|
|
464
|
|
|
1,296
|
|
|
1,394
|
|
||||
Total reclassification for the period
|
|
$
|
432
|
|
|
$
|
464
|
|
|
$
|
1,296
|
|
|
$
|
1,394
|
|
|
|
Unrealized Gains and Losses on Available-for-Sale Securities
|
|
Defined Benefit Pension Items
|
|
Total
|
||||||
Three months ended September 30, 2014:
|
|
|
|
|
|
|
||||||
Balance at beginning of period
|
|
$
|
—
|
|
|
$
|
(15,689
|
)
|
|
$
|
(15,689
|
)
|
Other comprehensive income before reclassifications
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Amounts reclassified out of AOCI
|
|
—
|
|
|
432
|
|
|
432
|
|
|||
Net current-period other comprehensive income
|
|
—
|
|
|
432
|
|
|
432
|
|
|||
Balance at end of period
|
|
$
|
—
|
|
|
$
|
(15,257
|
)
|
|
$
|
(15,257
|
)
|
Nine months ended September 30, 2014:
|
|
|
|
|
|
|
||||||
Balance at beginning of period
|
|
$
|
—
|
|
|
$
|
(16,553
|
)
|
|
$
|
(16,553
|
)
|
Other comprehensive income before reclassifications
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Amounts reclassified out of AOCI
|
|
—
|
|
|
1,296
|
|
|
1,296
|
|
|||
Net current-period other comprehensive income
|
|
—
|
|
|
1,296
|
|
|
1,296
|
|
|||
Balance at end of period
|
|
$
|
—
|
|
|
$
|
(15,257
|
)
|
|
$
|
(15,257
|
)
|
Three months ended September 30, 2013:
|
|
|
|
|
|
|
||||||
Balance at beginning of period
|
|
$
|
5,576
|
|
|
$
|
(20,322
|
)
|
|
$
|
(14,746
|
)
|
Other comprehensive income before reclassifications
|
|
843
|
|
|
—
|
|
|
843
|
|
|||
Amounts reclassified out of AOCI
|
|
—
|
|
|
464
|
|
|
464
|
|
|||
Net current-period other comprehensive income
|
|
843
|
|
|
464
|
|
|
1,307
|
|
|||
Balance at end of period
|
|
$
|
6,419
|
|
|
$
|
(19,858
|
)
|
|
$
|
(13,439
|
)
|
Nine months ended September 30, 2013:
|
|
|
|
|
|
|
||||||
Balance at beginning of period
|
|
$
|
4,136
|
|
|
$
|
(21,252
|
)
|
|
$
|
(17,116
|
)
|
Other comprehensive income before reclassifications
|
|
2,283
|
|
|
—
|
|
|
2,283
|
|
|||
Amounts reclassified out of AOCI
|
|
—
|
|
|
1,394
|
|
|
1,394
|
|
|||
Net current-period other comprehensive income
|
|
2,283
|
|
|
1,394
|
|
|
3,677
|
|
|||
Balance at end of period
|
|
$
|
6,419
|
|
|
$
|
(19,858
|
)
|
|
$
|
(13,439
|
)
|
•
|
Idaho Power continues to expect positive customer growth in its service area, and continues to support economic development initiatives aimed at sustainable levels of growth. During the first nine months of 2014, Idaho Power's customer count grew by 5,114 customers. For the twelve months ended September 30, 2014, the customer growth rate was 1.4 percent.
|
•
|
Idaho Power continues to expect sizable capital investment, with capital expenditures estimated to range from $1.47 billion to $1.56 billion during the five-year period from 2014 to 2018, including amounts spent to-date in 2014.
|
•
|
Idaho Power continues to focus on optimization efforts targeting opportunities to manage operating and maintenance (O&M) expenses.
|
•
|
IDACORP remains focused on the previously established long-term target dividend payout ratio of between 50 and 60 percent of sustainable IDACORP earnings. IDACORP's board of directors approves the dividend amount quarterly and periodically assesses the potential for changes in the dividend amount. Most recently, in September 2014 IDACORP's board of directors approved a 9.3 percent increase in the regular quarterly cash dividend, to $0.47 per share.
|
•
|
According to preliminary Idaho Department of Labor data for September 2014, total employment in the service area was 458,059, compared to 450,682 in September 2013. The unemployment rate for the service area was 3.8 percent. By comparison, the September 2014 U.S. unemployment rate was 5.9 percent, according to U.S. Department of Labor data.
|
•
|
Moody's Analytics forecasts, as of September 2014, 2.0 percent and 3.2 percent growth in gross area product for the service area for 2014 and 2015, respectively.
|
•
|
Residential customer growth for the twelve months ended September 30, 2014 was 1.4 percent.
|
•
|
A number of businesses have recently constructed, or are in the process of constructing, sizable facilities in Idaho Power's service area, including office and manufacturing complexes, particularly in the food processing industry.
|
|
|
2013 IRP
|
|
2015 IRP
|
Average annual load growth rate
|
|
1.1%
|
|
1.2%
|
Summer peak load growth rate
|
|
1.4%
|
|
1.5%
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Idaho Power net income
|
|
$
|
84,600
|
|
|
$
|
70,302
|
|
|
$
|
155,154
|
|
|
$
|
149,331
|
|
Net income attributable to IDACORP, Inc.
|
|
$
|
86,889
|
|
|
$
|
73,119
|
|
|
$
|
158,832
|
|
|
$
|
154,815
|
|
Average outstanding shares – diluted (000’s)
|
|
50,220
|
|
|
50,153
|
|
|
50,184
|
|
|
50,109
|
|
||||
IDACORP, Inc. earnings per diluted share
|
|
$
|
1.73
|
|
|
$
|
1.46
|
|
|
$
|
3.16
|
|
|
$
|
3.09
|
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||
Net income attributable to IDACORP, Inc. - September 30, 2013 (as previously reported)
|
|
|
|
$
|
71.8
|
|
|
|
|
$
|
150.8
|
|
||
Accounting method change for affordable housing investment amortization
|
|
|
|
1.3
|
|
|
|
|
4.0
|
|
||||
Net income attributable to IDACORP, Inc. - September 30, 2013 (as reported under new method)
|
|
|
|
$
|
73.1
|
|
|
|
|
$
|
154.8
|
|
||
Change in Idaho Power net income:
|
|
|
|
|
|
|
|
|
|
|||||
Decreased sales volumes attributable to usage per customer, net of associated power supply costs and PCA mechanism impacts
|
|
(8.3
|
)
|
|
|
|
|
(29.7
|
)
|
|
|
|||
Increased sales volumes attributable to customer growth, net of associated power supply costs and PCA mechanism impacts
|
|
3.0
|
|
|
|
|
7.3
|
|
|
|
||||
Increased payroll and benefits expenses
|
|
(1.8
|
)
|
|
|
|
(4.1
|
)
|
|
|
||||
Increased depreciation, property tax, and other (net)
|
|
(2.0
|
)
|
|
|
|
(3.7
|
)
|
|
|
||||
(Increased) decreased revenue sharing
|
|
(1.5
|
)
|
|
|
|
1.3
|
|
|
|
||||
Decrease in Idaho Power operating income
|
|
(10.6
|
)
|
|
|
|
(28.9
|
)
|
|
|
||||
Changes in other non-operating income and expenses
|
|
1.4
|
|
|
|
|
3.9
|
|
|
|
||||
Decreased income taxes due to tax method changes
|
|
15.7
|
|
|
|
|
15.7
|
|
|
|
||||
Decreased other income tax expense
|
|
7.8
|
|
|
|
|
15.1
|
|
|
|
||||
Total increase in Idaho Power net income
|
|
|
|
14.3
|
|
|
|
|
5.8
|
|
||||
Other changes (net of tax)
|
|
|
|
(0.5
|
)
|
|
|
|
(1.8
|
)
|
||||
Net income attributable to IDACORP, Inc. - September 30, 2014
|
|
|
|
$
|
86.9
|
|
|
|
|
$
|
158.8
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||
|
|
2014
|
|
2013
|
|
Change
|
|
2014
|
|
2013
|
|
Change
|
||||||||||||
Provision against current revenue as a result of sharing
|
|
$
|
(4.9
|
)
|
|
$
|
(3.4
|
)
|
|
$
|
(1.5
|
)
|
|
$
|
(4.9
|
)
|
|
$
|
(6.2
|
)
|
|
$
|
1.3
|
|
|
|
2014 Estimates
|
||
|
|
Current
(1)
|
|
Previous
(2)
|
Idaho Power Operating & Maintenance Expense
|
|
No Change
|
|
$335-$345
|
Idaho Power Additional Amortization of ADITC
|
|
No Change
|
|
$0
|
Idaho Power Capital Expenditures, excluding AFUDC
|
|
No Change
|
|
$280-$295
|
Idaho Power Hydroelectric Generation (MWh)
(3)
|
|
5.9-6.4
|
|
5.5-6.5
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
General business sales
|
|
4,166
|
|
|
4,342
|
|
|
10,930
|
|
|
11,340
|
|
Off-system sales
|
|
434
|
|
|
306
|
|
|
1,611
|
|
|
1,008
|
|
Total energy sales
|
|
4,600
|
|
|
4,648
|
|
|
12,541
|
|
|
12,348
|
|
Hydroelectric generation
|
|
1,490
|
|
|
1,356
|
|
|
4,824
|
|
|
4,365
|
|
Coal generation
|
|
1,750
|
|
|
1,692
|
|
|
4,380
|
|
|
4,665
|
|
Natural gas and other generation
|
|
579
|
|
|
684
|
|
|
1,019
|
|
|
1,176
|
|
Total system generation
|
|
3,819
|
|
|
3,732
|
|
|
10,223
|
|
|
10,206
|
|
Purchased power
|
|
1,051
|
|
|
1,229
|
|
|
3,158
|
|
|
3,030
|
|
Line losses
|
|
(270
|
)
|
|
(313
|
)
|
|
(840
|
)
|
|
(888
|
)
|
Total energy supply
|
|
4,600
|
|
|
4,648
|
|
|
12,541
|
|
|
12,348
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
|
$
|
134,336
|
|
|
$
|
137,862
|
|
|
$
|
370,967
|
|
|
$
|
374,287
|
|
Commercial
|
|
85,146
|
|
|
80,926
|
|
|
226,556
|
|
|
209,558
|
|
||||
Industrial
|
|
50,345
|
|
|
48,165
|
|
|
137,363
|
|
|
123,234
|
|
||||
Irrigation
|
|
86,343
|
|
|
89,307
|
|
|
153,196
|
|
|
153,636
|
|
||||
Total
|
|
356,170
|
|
|
356,260
|
|
|
888,082
|
|
|
860,715
|
|
||||
Provision for sharing
|
|
(4,900
|
)
|
|
(3,400
|
)
|
|
(4,900
|
)
|
|
(6,200
|
)
|
||||
Deferred revenue related to HCC relicensing AFUDC
(1)
|
|
(3,432
|
)
|
|
(3,432
|
)
|
|
(8,365
|
)
|
|
(8,436
|
)
|
||||
Total general business revenues
|
|
$
|
347,838
|
|
|
$
|
349,428
|
|
|
$
|
874,817
|
|
|
$
|
846,079
|
|
Volume of Sales (MWh)
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
|
1,260
|
|
|
1,328
|
|
|
3,681
|
|
|
3,952
|
|
||||
Commercial
|
|
1,053
|
|
|
1,049
|
|
|
2,962
|
|
|
2,984
|
|
||||
Industrial
|
|
819
|
|
|
813
|
|
|
2,402
|
|
|
2,384
|
|
||||
Irrigation
|
|
1,034
|
|
|
1,152
|
|
|
1,885
|
|
|
2,020
|
|
||||
Total MWh sales
|
|
4,166
|
|
|
4,342
|
|
|
10,930
|
|
|
11,340
|
|
||||
Number of customers at period end
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
|
426,288
|
|
|
420,240
|
|
|
|
|
|
||||||
Commercial
|
|
67,319
|
|
|
66,575
|
|
|
|
|
|
||||||
Industrial
|
|
117
|
|
|
116
|
|
|
|
|
|
||||||
Irrigation
|
|
19,825
|
|
|
19,397
|
|
|
|
|
|
||||||
Total customers
|
|
513,549
|
|
|
506,328
|
|
|
|
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||||
|
|
2014
|
|
2013
|
|
Normal
|
|
2014
|
|
2013
|
|
Normal
|
||||||
Heating degree-days
(1)
|
|
56
|
|
|
91
|
|
|
121
|
|
|
3,043
|
|
|
3,565
|
|
|
3,320
|
|
Cooling degree-days
(1)
|
|
983
|
|
|
1,082
|
|
|
751
|
|
|
1,119
|
|
|
1,320
|
|
|
934
|
|
•
|
Rates
: Rate changes combined to increase general business revenue by $10.2 million in the third quarter and $58.2 million in the first nine months of 2014 compared with the same periods in 2013. The revenue impact of the rate changes was partially offset by associated changes in operating expenses - Idaho PCA amortization expense increased $6.0 million for the quarter and $38.3 million for the first nine months of 2014 compared with the same periods in 2013 due to the changes in the corresponding Idaho PCA true-up rate in the comparative periods.
|
•
|
Customers
: Customer growth increased general business revenue by $4.1 million and $9.5 million, respectively, when compared with the third quarter and first nine months of 2013. Total customers increased 1.4 percent during the twelve months ended September 30, 2014.
|
•
|
Usage
: Lower usage (on a per customer basis), primarily by residential, irrigation, and commercial customers, decreased general business revenue for the quarter and the first nine months of 2014 by a respective $14.4 million and $40.3 million when compared with the same periods in 2013. For the quarter and first nine months of 2014, residential usage per customer decreased 7 percent and 8 percent, respectively, as a result of milder temperatures during 2014 (and hence less electricity demand for heating and cooling). Heavy precipitation and related flooding in an agricultural region of Idaho Power's service territory during part of the third quarter of 2014 led to a respective 12 percent and 9 percent decline in irrigation usage per customer during the quarter and first nine months of 2014 compared with the same periods in the prior year.
|
•
|
Sharing
: $1.5 million of the decrease in revenue for the quarter and $1.3 million of the increase in revenue for the first nine months of 2014 resulted from the revenue sharing mechanism in place in both years. The revenue sharing mechanism is associated with the December 2011 Idaho regulatory settlement stipulation that provides for the sharing of Idaho-jurisdiction earnings exceeding a 10 percent Idaho ROE. The impact of this mechanism is recorded as a reduction to general business revenue. For both the three and nine months ended September 30, 2014, $4.9 million of sharing was recorded, reflecting the amount to be refunded to customers. For the three and nine months ended September 30, 2013, $3.4 million and $6.2 million of sharing were recorded, respectively.
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Revenue
|
|
$
|
15,449
|
|
|
$
|
11,169
|
|
|
$
|
56,390
|
|
|
$
|
31,597
|
|
MWh sold
|
|
434
|
|
|
306
|
|
|
1,611
|
|
|
1,008
|
|
||||
Revenue per MWh
|
|
$
|
35.60
|
|
|
$
|
36.50
|
|
|
$
|
35.00
|
|
|
$
|
31.35
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Transmission services and other
|
|
$
|
11,887
|
|
|
$
|
13,630
|
|
|
$
|
40,598
|
|
|
$
|
39,574
|
|
Energy efficiency
|
|
5,537
|
|
|
6,077
|
|
|
17,881
|
|
|
30,279
|
|
||||
Total other revenues
|
|
$
|
17,424
|
|
|
$
|
19,707
|
|
|
$
|
58,479
|
|
|
$
|
69,853
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Expense
|
|
|
|
|
|
|
|
|
||||||||
PURPA contracts
|
|
$
|
37,827
|
|
|
$
|
36,848
|
|
|
$
|
104,443
|
|
|
$
|
100,937
|
|
Other purchased power (including wheeling)
|
|
30,001
|
|
|
33,924
|
|
|
69,009
|
|
|
60,965
|
|
||||
Demand response incentive payments
|
|
7,230
|
|
|
3,316
|
|
|
7,839
|
|
|
4,195
|
|
||||
Total purchased power expense
|
|
$
|
75,058
|
|
|
$
|
74,088
|
|
|
$
|
181,291
|
|
|
$
|
166,097
|
|
MWh purchased
|
|
|
|
|
|
|
|
|
||||||||
PURPA contracts
|
|
544
|
|
|
528
|
|
|
1,721
|
|
|
1,680
|
|
||||
Other purchased power
|
|
507
|
|
|
701
|
|
|
1,437
|
|
|
1,350
|
|
||||
Total MWh purchased
|
|
1,051
|
|
|
1,229
|
|
|
3,158
|
|
|
3,030
|
|
||||
Cost per MWh from PURPA contracts
|
|
$
|
69.53
|
|
|
$
|
69.79
|
|
|
$
|
60.69
|
|
|
$
|
60.08
|
|
Cost per MWh from other sources
|
|
$
|
59.17
|
|
|
$
|
48.39
|
|
|
$
|
48.02
|
|
|
$
|
45.16
|
|
Weighted average - all sources
|
|
$
|
64.54
|
|
|
$
|
57.59
|
|
|
$
|
54.92
|
|
|
$
|
53.43
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Expense
|
|
|
|
|
|
|
|
|
|
|
||||||
Coal
|
|
$
|
48,215
|
|
|
$
|
43,765
|
|
|
$
|
119,461
|
|
|
$
|
116,281
|
|
Natural gas and other thermal
|
|
18,873
|
|
|
21,093
|
|
|
37,398
|
|
|
39,620
|
|
||||
Total fuel expense
|
|
$
|
67,088
|
|
|
$
|
64,858
|
|
|
$
|
156,859
|
|
|
$
|
155,901
|
|
MWh generated
|
|
|
|
|
|
|
|
|
|
|
||||||
Coal
|
|
1,750
|
|
|
1,692
|
|
|
4,380
|
|
|
4,665
|
|
||||
Natural gas and other thermal
|
|
579
|
|
|
684
|
|
|
1,019
|
|
|
1,176
|
|
||||
Total MWh generated
|
|
2,329
|
|
|
2,376
|
|
|
5,399
|
|
|
5,841
|
|
||||
Cost per MWh - Coal
|
|
$
|
27.55
|
|
|
$
|
25.87
|
|
|
$
|
27.27
|
|
|
$
|
24.93
|
|
Cost per MWh - Natural gas and other thermal
|
|
$
|
32.60
|
|
|
$
|
30.84
|
|
|
$
|
36.70
|
|
|
$
|
33.69
|
|
Weighted average, all sources
|
|
$
|
28.81
|
|
|
$
|
27.30
|
|
|
$
|
29.05
|
|
|
$
|
26.69
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Idaho power supply cost deferral
|
|
$
|
(24,015
|
)
|
|
$
|
(24,313
|
)
|
|
$
|
(29,170
|
)
|
|
$
|
(49,414
|
)
|
Amortization of prior year authorized balances
|
|
23,347
|
|
|
17,353
|
|
|
52,666
|
|
|
14,445
|
|
||||
Total power cost adjustment expense
|
|
$
|
(668
|
)
|
|
$
|
(6,960
|
)
|
|
$
|
23,496
|
|
|
$
|
(34,969
|
)
|
•
|
their respective $125 million and $300 million revolving credit facilities;
|
•
|
IDACORP's shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) on May 22, 2013, which may be used for the issuance of debt securities and common stock, including up to 3 million shares of IDACORP common stock available for issuance under IDACORP's sales agency agreement executed in July 2013;
|
•
|
Idaho Power's shelf registration statement, filed with the SEC jointly with IDACORP on May 22, 2013, which may be used for the issuance of first mortgage bonds and debt securities; $500 million is available for issuance under a selling agency agreement executed in July 2013 and pursuant to state regulatory authority; and
|
•
|
IDACORP's and Idaho Power's issuance of commercial paper, which may be issued up to an amount equal to the available credit capacity under their respective credit facilities.
|
|
|
IDACORP
|
|
Idaho Power
|
Debt
|
|
46%
|
|
47%
|
Equity
|
|
54%
|
|
53%
|
•
|
changes in regulatory assets and liabilities, mostly related to the relative amounts of power supply costs deferred and collected under the Idaho PCA mechanism, increased operating cash flows by $57 million; and
|
•
|
changes in working capital balances due primarily to timing, including fluctuations in other accounts receivable, as there was a slight decrease in accounts receivable in the first nine months of 2014 compared to the increase experienced during the first nine months of 2013.
|
•
|
IDACORP and Idaho Power paid cash dividends of approximately
$65 million
; and
|
•
|
IDACORP had a net reduction of commercial paper borrowings of
$23 million
.
|
|
|
September 30, 2014
|
|
December 31, 2013
|
||||||||||||
|
|
IDACORP
(2)
|
|
Idaho Power
|
|
IDACORP
(2)
|
|
Idaho Power
|
||||||||
Revolving credit facility
|
|
$
|
125,000
|
|
|
$
|
300,000
|
|
|
$
|
125,000
|
|
|
$
|
300,000
|
|
Commercial paper outstanding
|
|
(31,800
|
)
|
|
—
|
|
|
(54,750
|
)
|
|
—
|
|
||||
Identified for other use
(1)
|
|
—
|
|
|
(24,245
|
)
|
|
—
|
|
|
(24,245
|
)
|
||||
Net balance available
|
|
$
|
93,200
|
|
|
$
|
275,755
|
|
|
$
|
70,250
|
|
|
$
|
275,755
|
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
September 30, 2014
|
|
September 30, 2014
|
||||||||||||
|
|
IDACORP
(1)
|
|
Idaho Power
|
|
IDACORP
(1)
|
|
Idaho Power
|
||||||||
Commercial paper:
|
|
|
|
|
|
|
|
|
||||||||
Period end:
|
|
|
|
|
|
|
|
|
||||||||
Amount outstanding
|
|
$
|
31,800
|
|
|
$
|
—
|
|
|
$
|
31,800
|
|
|
$
|
—
|
|
Weighted average interest rate
|
|
0.31
|
%
|
|
—
|
%
|
|
0.31
|
%
|
|
—
|
%
|
||||
Daily average amount outstanding during the period
|
|
$
|
33,503
|
|
|
$
|
—
|
|
|
$
|
40,832
|
|
|
$
|
—
|
|
Weighted average interest rate during the period
|
|
0.31
|
%
|
|
—
|
%
|
|
0.31
|
%
|
|
—
|
%
|
||||
Maximum month-end balance
|
|
$
|
33,900
|
|
|
$
|
—
|
|
|
$
|
47,300
|
|
|
$
|
—
|
|
|
|
2014
|
|
2015
|
|
2016-2018
|
Ongoing capital expenditures (excluding item listed below in this table)
|
|
$235-245
|
|
$275-290
|
|
$855-900
|
Jim Bridger plant selective catalytic reduction (SCR) equipment
|
|
45-50
|
|
40-45
|
|
20-25
|
Total
|
|
$280-295
|
|
$315-335
|
|
$875-925
|
Description
|
|
Status
|
|
Estimated Rate Impact
(1)
|
|
Notes
|
Power Cost Adjustment Mechanism - Idaho Filing
|
|
Approved by the IPUC on May 30, 2014
|
|
$11.1 million net PCA rate increase for the period from June 1, 2014 to May 31, 2015
|
|
The potential earnings impact of rate increases and decreases associated with the Idaho PCA mechanism is largely offset by associated increases and decreases in actual power supply costs and amortization of deferred power supply costs under the Idaho PCA mechanism.
|
Net Power Supply Expense Recovery - Idaho Filing
|
|
Approved by the IPUC on March 21, 2014
|
|
No net impact on revenues - resulted in the reallocation of costs collected via the Idaho PCA to Idaho base rates, effective June 1, 2014
|
|
Idaho Power requested an increase of approximately $106 million on a total-system basis in the normalized or “base level” power supply expense to be used to update base rates and in the determination of the PCA rate.
|
Fixed Cost Adjustment - Idaho Filing
|
|
Approved by the IPUC on May 30, 2014
|
|
$6.0 million increase in the FCA for the period from June 1, 2014 to May 31, 2015
|
|
The FCA is designed to remove Idaho Power’s financial disincentive to invest in energy efficiency programs by partially separating (or decoupling) the recovery of fixed costs from the volumetric kilowatt-hour charge and linking it instead to a set amount per customer. As described in Note 3 - "Regulatory Matters" to the condensed consolidated financial statements included in this report, a docket is currently open at the IPUC to review whether the FCA is effectively removing Idaho Power's disincentive to aggressively pursue energy efficiency programs.
|
ADITC/Revenue Sharing Settlement Stipulation Extension - Idaho Filing
|
|
Approved by the IPUC on October 9, 2014
|
|
The potential rate impact depends on Idaho Power's Idaho ROE. See the discussion below of the terms of the settlement stipulation.
|
|
The terms of the settlement stipulation approved by the IPUC are described below.
|
|
|
2013
|
|
2012
|
||||
Additional pension expense funded through sharing
|
|
$
|
16.5
|
|
|
$
|
14.6
|
|
Provision against current revenue as a result of sharing
|
|
7.6
|
|
|
7.2
|
|
||
Total
|
|
$
|
24.1
|
|
|
$
|
21.8
|
|
|
|
Idaho
|
|
Oregon
(1)
|
|
Total
|
||||||
Balance at December 31, 2013
|
|
$
|
84,843
|
|
|
$
|
6,611
|
|
|
$
|
91,454
|
|
Current period net power supply costs deferred
|
|
29,170
|
|
|
—
|
|
|
29,170
|
|
|||
Prior amounts recovered through rates
|
|
(37,499
|
)
|
|
(1,654
|
)
|
|
(39,153
|
)
|
|||
SO
2
allowance and renewable energy certificate (REC) sales
|
|
(2,655
|
)
|
|
(117
|
)
|
|
(2,772
|
)
|
|||
Revenue sharing and energy efficiency rider funds
|
|
(27,624
|
)
|
|
—
|
|
|
(27,624
|
)
|
|||
Interest and other
|
|
465
|
|
|
308
|
|
|
773
|
|
|||
Balance at September 30, 2014
|
|
$
|
46,700
|
|
|
$
|
5,148
|
|
|
$
|
51,848
|
|
Status
|
|
Number of CSPP Contracts
|
|
Nameplate Capacity (MW)
|
On-line as of September 30, 2014
|
|
104
|
|
781
|
Contracted and projected to come on-line by June 1, 2017
|
|
18
|
|
240
|
•
|
increase the operating costs of generating plants;
|
•
|
increase the construction costs and lead time for new facilities;
|
•
|
require the modification of existing generation plants, which could result in additional costs;
|
•
|
require the curtailment or shut-down of existing generating plants; or
|
•
|
reduce the output from current generating facilities.
|
1.
|
Reducing the carbon intensity of generation at individual affected EGUs through heat rate improvements.
|
2.
|
Reducing emissions from the most carbon-intensive affected EGUs in the amount that results from substituting generation at those EGUs with generation from less carbon-intensive affected EGUs.
|
3.
|
Reducing emissions from affected EGUs in the amount that results from substituting generation at those EGUs with expanded low- or zero-carbon generation.
|
4.
|
Reducing emissions from affected EGUs in the amount that results from the use of demand-side energy efficiency that reduces the amount of generation required.
|
•
|
Information on derivative and other transactions that the nominee has entered into (or that have been entered into on the nominee’s behalf) with the intent of (or which have the effect of) creating or mitigating loss, managing risk or benefit of share price changes, or increasing or decreasing the voting power of the nominee with respect to IDACORP’s securities;
|
•
|
Information on arrangements pursuant to which the nominee was nominated; and
|
•
|
A questionnaire (similar to IDACORP’s annual directors’ and officers’ questionnaire) completed and signed by the nominee and accompanied by a written representation by the nominee concerning (i) the absence of certain voting commitments, derivative securities transactions that have not been disclosed to IDACORP, and compensation or indemnification arrangements that have not been disclosed to IDACORP, and (ii) the nominee’s compliance with applicable laws, stock exchange requirements, and applicable IDACORP policies.
|
•
|
The name and address of the shareholder and its affiliates and its associates on whose behalf the nomination is made;
|
•
|
A description of any material interest in the business to be proposed;
|
•
|
A description of derivative and other transactions that have been entered into with the intent of (or which have the effect of) creating or mitigating loss, managing risk or benefit of share price changes, or increasing or decreasing the voting power of the shareholder or affiliates and associates with respect to IDACORP’s securities;
|
•
|
The information that would be required in a proxy statement under the Exchange Act if the business were being proposed by the IDACORP Board of Directors;
|
•
|
A statement as to whether such shareholder or affiliate or associate intends (or is part of a group that intends) to deliver a proxy statement or form of proxy to certain IDACORP shareholders; and
|
•
|
A consent to IDACORP’s public disclosure of the information furnished.
|
|
|
IDACORP, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
October 30, 2014
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
Date:
|
October 30, 2014
|
By:
|
/s/ Steven R. Keen
|
|
|
|
Steven R. Keen
|
|
|
|
Senior Vice President, Chief Financial
|
|
|
|
Officer, and Treasurer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDAHO POWER COMPANY
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
October 30, 2014
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
Date:
|
October 30, 2014
|
By:
|
/s/ Steven R. Keen
|
|
|
|
Steven R. Keen
|
|
|
|
Senior Vice President, Chief Financial
|
|
|
|
Officer, and Treasurer
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
|
|
|
|
|
|
|
3.15
|
Amended and Restated Bylaws of IDACORP, Inc., adopted October 29, 2014 and presently in effect
|
|
|
|
|
X
|
3.16
|
Amended and Restated Bylaws of IDACORP, Inc., adopted October 29, 2014, marked to show amendments effective October 29, 2014
|
|
|
|
|
X
|
10.66
|
Joint Ownership and Operating Agreement, dated October 24, 2014, between Idaho Power and PacifiCorp (related to certain transmission system assets)
|
8-K
|
1-14465; 1-3198
|
10.1
|
10/24/2014
|
|
12.1
|
IDACORP, Inc. Computation of Ratio of Earnings to Fixed Charges and Supplemental Ratio of Earnings to Fixed Charges
|
|
|
|
|
X
|
12.2
|
Idaho Power Company Computation of Ratio of Earnings to Fixed Charges and Supplemental Ratio of Earnings to Fixed Charges
|
|
|
|
|
X
|
15.1
|
Letter Re: Unaudited Interim Financial Information
|
|
|
|
|
X
|
31.1
|
Certification of IDACORP, Inc. Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
31.2
|
Certification of IDACORP, Inc. Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
31.3
|
Certification of Idaho Power Company Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
31.4
|
Certification of Idaho Power Company Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
32.1
|
Certification of IDACORP, Inc. Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
32.2
|
Certification of IDACORP, Inc. Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
32.3
|
Certification of Idaho Power Company Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
32.4
|
Certification of Idaho Power Company Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
95.1
|
Mine Safety Disclosures
|
|
|
|
|
X
|
101.INS
|
XBRL Instance Document
|
|
|
|
|
X
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
X
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
X
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
X
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
X
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
X
|
|
|
|
|
|
|
|
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:
|
October 30, 2014
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
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:
|
October 30, 2014
|
By:
|
/s/ Steven R. Keen
|
|
|
|
Steven R. Keen
|
|
|
|
Senior Vice President, Chief Financial Officer, and Treasurer
|
|
|
|
|
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:
|
October 30, 2014
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
President and 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:
|
October 30, 2014
|
By:
|
/s/ Steven R. Keen
|
|
|
|
Steven R. Keen
|
|
|
|
Senior Vice President, Chief Financial Officer, and Treasurer
|
|
|
|
|
(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/ Darrel T. Anderson
|
Darrel T. Anderson
|
President and Chief Executive Officer
|
October 30, 2014
|
(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/ Steven R. Keen
|
Steven R. Keen
|
Senior Vice President, Chief Financial Officer, and Treasurer
|
October 30, 2014
|
(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/ Darrel T. Anderson
|
Darrel T. Anderson
|
President and Chief Executive Officer
|
October 30, 2014
|
(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/ Steven R. Keen
|
Steven R. Keen
|
Senior Vice President, Chief Financial Officer, and Treasurer
|
October 30, 2014
|