X
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
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THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended
December 31, 2016
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
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THE SECURITIES EXCHANGE ACT OF 1934
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Exact name of registrants as specified in
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Commission
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their charters, address of principal executive
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IRS Employer
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File Number
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offices, zip code and telephone number
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Identification Number
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1-14465
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IDACORP, Inc.
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82-0505802
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1-3198
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Idaho Power Company
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82-0130980
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1221 W. Idaho Street
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Boise, ID 83702-5627
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(208) 388-2200
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State of incorporation: Idaho
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Name of exchange on
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SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
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which registered
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IDACORP, Inc.: Common Stock, without par value
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New York
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Stock Exchange
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SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
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||
Idaho Power Company: Preferred Stock
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IDACORP, Inc.
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Yes
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(X)
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No
|
( )
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Idaho Power Company
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Yes
|
( )
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No
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(X)
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IDACORP, Inc.
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Yes
|
( )
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No
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(X)
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Idaho Power Company
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Yes
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( )
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No
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(X)
|
IDACORP, Inc.
|
Yes
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(X)
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No
|
( )
|
Idaho Power Company
|
Yes
|
(X)
|
No
|
( )
|
IDACORP, Inc.:
|
||||||||
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Large accelerated filer
|
(X)
|
Accelerated filer
|
( )
|
Non-accelerated filer
|
( )
|
Smaller reporting company
|
( )
|
|
||||||||
Idaho Power Company:
|
||||||||
|
Large accelerated filer
|
( )
|
Accelerated filer
|
( )
|
Non-accelerated filer
|
(X)
|
Smaller reporting company
|
( )
|
IDACORP, Inc.
|
Yes
|
( )
|
No
|
(X)
|
Idaho Power Company
|
Yes
|
( )
|
No
|
(X)
|
IDACORP, Inc.:
|
|
$
|
4,052,238,968
|
|
|
Idaho Power Company:
|
|
None
|
Number of shares of common stock outstanding as of February 17, 2017:
|
|
IDACORP, Inc.:
|
50,396,773
|
Idaho Power Company:
|
39,150,812, all held by IDACORP, Inc.
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Documents Incorporated by Reference:
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Part III, Items 10 - 14
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Portions of IDACORP, Inc.’s definitive proxy statement to be filed pursuant to Regulation 14A for the 2017 annual meeting of shareholders.
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TABLE OF CONTENTS
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Page
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Commonly Used Terms
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||
Cautionary Note Regarding Forward-Looking Statements
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||
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Part I
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Item 1
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Business
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Executive Officers of the Registrants
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Item 1A
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Risk Factors
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Item 1B
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Unresolved Staff Comments
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Item 2
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Properties
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Item 3
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Legal Proceedings
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Item 4
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Mine Safety Disclosures
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Part II
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Item 5
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Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
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Item 6
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Selected Financial Data
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Item 7
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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Item 7A
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Quantitative and Qualitative Disclosures About Market Risk
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Item 8
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Financial Statements and Supplementary Data
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Item 9
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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Item 9A
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Controls and Procedures
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Item 9B
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Other Information
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Part III
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Item 10
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Directors, Executive Officers and Corporate Governance*
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Item 11
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Executive Compensation*
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Item 12
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters*
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Item 13
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Certain Relationships and Related Transactions, and Director Independence*
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Item 14
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Principal Accountant Fees and Services*
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Part IV
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Item 15
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Exhibits and Financial Statement Schedules
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Signatures
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||
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* Except as indicated in Items 10, 12, and 14, IDACORP, Inc. information is incorporated by reference to IDACORP, Inc.'s definitive proxy statement for the 2017 annual meeting of shareholders.
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COMMONLY USED TERMS
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||||||
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The following select abbreviations, terms, or acronyms are commonly used or found in multiple locations in this report:
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ADITC
|
-
|
Accumulated Deferred Investment Tax Credits
|
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IPUC
|
-
|
Idaho Public Utilities Commission
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AFUDC
|
-
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Allowance for Funds Used During Construction
|
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IRP
|
-
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Integrated Resource Plan
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APCU
|
-
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Annual Power Cost Update
|
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IRS
|
-
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U.S. Internal Revenue Service
|
BCC
|
-
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Bridger Coal Company, a joint venture of IERCo
|
|
kW
|
-
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Kilowatt
|
BLM
|
-
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U.S. Bureau of Land Management
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MATS
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-
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Mercury and Air Toxics Standards
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CAA
|
-
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Clean Air Act
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MD&A
|
-
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
CO
2
|
-
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Carbon Dioxide
|
|
MW
|
-
|
Megawatt
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CSPP
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|
Cogeneration and Small Power Production
|
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MWh
|
-
|
Megawatt-hour
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CWA
|
-
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Clean Water Act
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NAAQS
|
-
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National Ambient Air Quality Standards
|
EIS
|
-
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Environmental Impact Statement
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NMFS
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-
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National Marine Fisheries Service
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EPA
|
-
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U.S. Environmental Protection Agency
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NOx
|
-
|
Nitrogen Oxide
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EPS
|
-
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Earnings Per Share
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O&M
|
-
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Operations and Maintenance
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ESA
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-
|
Endangered Species Act
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|
OATT
|
-
|
Open Access Transmission Tariff
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FCA
|
-
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Idaho Fixed Cost Adjustment
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|
OPUC
|
-
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Public Utility Commission of Oregon
|
FERC
|
-
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Federal Energy Regulatory Commission
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PCA
|
-
|
Idaho Power Cost Adjustment
|
FPA
|
-
|
Federal Power Act
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PCAM
|
-
|
Oregon Power Cost Adjustment Mechanism
|
GAAP
|
-
|
Generally Accepted Accounting Principles
|
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PURPA
|
-
|
Public Utility Regulatory Policies Act of 1978
|
GHG
|
-
|
Greenhouse Gas
|
|
REC
|
-
|
Renewable Energy Certificate
|
HCC
|
-
|
Hells Canyon Complex
|
|
RPS
|
-
|
Renewable Portfolio Standard
|
Ida-West
|
-
|
Ida-West Energy Company, a subsidiary of IDACORP, Inc.
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|
SEC
|
-
|
U.S. Securities and Exchange Commission
|
Idaho ROE
|
-
|
Idaho-jurisdiction return on year-end equity
|
|
SMSP
|
-
|
Security Plan for Senior Management Employees
|
IERCo
|
-
|
Idaho Energy Resources Co., a subsidiary of Idaho Power Company
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SO2
|
-
|
Sulfur Dioxide
|
IESCo
|
-
|
IDACORP Energy Services Co., a subsidiary of IDACORP, Inc.
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|
USFWS
|
-
|
U.S. Fish and Wildlife Service
|
IFS
|
-
|
IDACORP Financial Services, Inc., a subsidiary of IDACORP, Inc.
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|
|
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|
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;
|
•
|
the expense and risks associated with capital expenditures for infrastructure, and the timing and availability of cost recovery for such expenditures;
|
•
|
changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area and the loss or change in the business of significant customers, and their associated impacts on loads and load growth, and the availability of regulatory mechanisms that allow for timely cost recovery in the event of those changes;
|
•
|
the impacts of economic conditions, including inflation, the potential for changes in customer demand for electricity, revenue from sales of excess power, financial soundness of counterparties and suppliers, and the collection 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 or sale of electric power;
|
•
|
administration of reliability, security, and other requirements for system infrastructure required by the Federal Energy Regulatory Commission and other regulatory authorities, which could result in penalties and increase costs;
|
•
|
adoption of, changes in, and costs of compliance with laws, regulations, and policies relating to the environment, natural resources, and threatened and endangered species, and the ability to recover associated increased costs through rates;
|
•
|
variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydroelectric facilities;
|
•
|
the ability to acquire fuel, power, and transmission capacity under reasonable terms, particularly in the event of unanticipated power demands, lack of physical availability, transportation constraints, or a credit downgrade;
|
•
|
accidents, fires (either at or caused by Idaho Power facilities), explosions, and mechanical breakdowns that may occur while operating and maintaining Idaho Power assets, 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, and regulatory fines and penalties;
|
•
|
the increased costs and operational challenges associated with purchasing and integrating intermittent renewable energy sources into Idaho Power's resource portfolio;
|
•
|
disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission system may cause Idaho Power to incur repair costs and purchase replacement power at increased costs;
|
•
|
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, increase costs of borrowing, and would require the posting of additional collateral to counterparties pursuant to credit and contractual arrangements;
|
•
|
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;
|
•
|
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, regulations and orders, 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 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 U.S. Securities and Exchange Commission or New York Stock Exchange requirements, or new interpretations of existing requirements.
|
•
|
Responsible Planning
: Idaho Power’s planning process is intended to ensure adequate generation, transmission, and distribution resources to meet anticipated population growth and increasing electricity demand. This planning process integrates Idaho Power’s regulatory strategy and financial planning, including the consideration of regional economic development in the communities Idaho Power serves.
|
•
|
Responsible Development and Protection of Resources
: Idaho Power’s business strategy includes the development and protection of generation, transmission, distribution, and associated infrastructure, and stewardship of the natural resources upon which Idaho Power and the communities it serves depend. Additionally, the strategy considers workforce planning and employee development and retention related to these strategic elements.
|
•
|
Responsible Energy Use
: Idaho Power's business strategy includes energy efficiency and demand response programs and preparation for potential carbon and renewable portfolio standards legislation. The strategy also includes targeted reductions relating to carbon emission intensity and public reporting of these reductions, as well as operating Idaho Power's system in a manner that extracts additional value through changes in fuel mix and generation.
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|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
General business revenues (thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|||
Residential
|
|
$
|
514,954
|
|
|
$
|
512,068
|
|
|
$
|
500,195
|
|
Commercial
|
|
302,650
|
|
|
306,178
|
|
|
299,462
|
|
|||
Industrial
|
|
182,590
|
|
|
182,254
|
|
|
182,675
|
|
|||
Irrigation
|
|
156,505
|
|
|
164,403
|
|
|
158,654
|
|
|||
Provision for rate refund for sharing mechanism
|
|
—
|
|
|
(3,159
|
)
|
|
(7,999
|
)
|
|||
Deferred revenue related to Hells Canyon Complex relicensing AFUDC
|
|
(10,706
|
)
|
|
(10,706
|
)
|
|
(10,706
|
)
|
|||
Total general business revenues
|
|
1,145,993
|
|
|
1,151,038
|
|
|
1,122,281
|
|
|||
Off-system sales
|
|
25,205
|
|
|
30,887
|
|
|
77,165
|
|
|||
Other
|
|
88,155
|
|
|
85,580
|
|
|
79,205
|
|
|||
Total revenues
|
|
$
|
1,259,353
|
|
|
$
|
1,267,505
|
|
|
$
|
1,278,651
|
|
Energy sales (thousands of MWh)
|
|
|
|
|
|
|
|
|
|
|||
Residential
|
|
5,004
|
|
|
4,977
|
|
|
4,965
|
|
|||
Commercial
|
|
3,999
|
|
|
4,045
|
|
|
3,944
|
|
|||
Industrial
|
|
3,243
|
|
|
3,196
|
|
|
3,217
|
|
|||
Irrigation
|
|
1,950
|
|
|
2,047
|
|
|
1,966
|
|
|||
Total general business
|
|
14,196
|
|
|
14,265
|
|
|
14,092
|
|
|||
Off-system sales
|
|
1,186
|
|
|
1,254
|
|
|
2,220
|
|
|||
Total
|
|
15,382
|
|
|
15,519
|
|
|
16,312
|
|
|
|
MWh
|
|
Percent of Total Generation
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
(thousands of MWh)
|
|
|
|
|||||||||||||
Hydroelectric plants
|
|
6,408
|
|
|
5,910
|
|
|
6,170
|
|
|
53
|
%
|
|
47
|
%
|
|
47
|
%
|
Coal-fired plants
|
|
4,045
|
|
|
4,676
|
|
|
5,851
|
|
|
33
|
%
|
|
37
|
%
|
|
44
|
%
|
Natural gas-fired plants
|
|
1,722
|
|
|
2,076
|
|
|
1,175
|
|
|
14
|
%
|
|
16
|
%
|
|
9
|
%
|
Total system generation
|
|
12,175
|
|
|
12,662
|
|
|
13,196
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased power - cogeneration and small power production
|
|
2,314
|
|
|
2,008
|
|
|
2,286
|
|
|
|
|
|
|
|
|
|
|
Purchased power - other
|
|
2,023
|
|
|
1,784
|
|
|
1,867
|
|
|
|
|
|
|
|
|
|
|
Total purchased power
|
|
4,337
|
|
|
3,792
|
|
|
4,153
|
|
|
|
|
|
|
|
|
|
|
Total power supply
|
|
16,512
|
|
|
16,454
|
|
|
17,349
|
|
|
|
|
|
|
|
|
|
|
•
|
Jim Bridger, located in Wyoming, in which Idaho Power has a one-third interest;
|
•
|
North Valmy, located in Nevada, in which Idaho Power has a 50 percent interest; and
|
•
|
Boardman, located in Oregon, in which Idaho Power has a 10 percent interest.
|
•
|
Telocaset Wind Power Partners, LLC - for 101 MW (nameplate generation) from its Elkhorn Valley wind project located in eastern Oregon. The contract term is through 2027.
|
•
|
USG Oregon LLC - for 22 MW (estimated average annual output) from the Neal Hot Springs #1 geothermal power plant located near Vale, Oregon. The contract term is through 2037.
|
•
|
Clatskanie People's Utility - for the exchange of up to 18 MW of energy from the Arrowrock hydroelectric project in southern Idaho in exchange for energy from Idaho Power's system or power purchased at the Mid-Columbia trading hub. The contract term continues through 2020. Idaho Power has the right to renew the agreement for an additional five-year term.
|
•
|
Raft River Energy I, LLC - for up to 13 MW (nameplate generation) from its Raft River Geothermal Power Plant Unit #1 located in southern Idaho. The contract term is through 2033.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
PURPA contract expense (in thousands)
|
|
$
|
153,665
|
|
|
$
|
131,340
|
|
|
$
|
144,617
|
|
MWh purchased under PURPA contracts (in thousands)
|
|
2,314
|
|
|
2,008
|
|
|
2,286
|
|
|||
Average cost per MWh from PURPA contracts
|
|
$
|
66.41
|
|
|
$
|
65.41
|
|
|
$
|
63.26
|
|
•
|
Idaho Power is required to purchase all of the output from the facilities located inside its service area, subject to some exceptions such as adverse impacts on system reliability.
|
•
|
Idaho Power is required to purchase the output of projects located outside its service area if it has the ability to receive power at the facility’s requested point of delivery on Idaho Power's system.
|
•
|
The IPUC jurisdictional portion of the costs associated with PURPA contracts is fully recovered through base rates and the Idaho PCA mechanism, and the OPUC jurisdictional portion is recovered through base rates and an Oregon power cost recovery mechanism. Thus, the primary impact of high power purchase costs under PURPA contracts is on customer rates.
|
•
|
The IPUC issued an order in August 2015 that revised the standard PURPA power purchase contract term for new contracts to 2 years from the previously required 20-year term.
|
•
|
OPUC jurisdictional regulations have generally provided for PURPA standard contract terms of up to 20 years.
|
•
|
The IPUC requires Idaho Power to pay "published avoided cost" rates for all wind and solar projects that are smaller than 100 kilowatts (kW) and all other types of projects that are smaller than 10 average MWs. For PURPA qualifying facilities that exceed these size limitations, Idaho Power is required to negotiate an applicable price (premised on avoided costs) based upon IPUC regulations.
|
•
|
The OPUC requires that Idaho Power pay the published avoided costs for solar PURPA qualifying facilities with a nameplate rating of 3 MW or less and all other types of projects with a nameplate rating of 10 MW or less. Idaho Power is required to negotiate an applicable price (premised on avoided costs) for all other qualifying facilities based upon OPUC regulations.
|
•
|
identify sufficient resources to reliably serve the growing demand for energy within Idaho Power's service area throughout the 20-year planning period;
|
•
|
ensure the selected resource portfolio balances cost, risk, and environmental concerns;
|
•
|
give equal and balanced treatment to both supply-side resources and demand-side measures; and
|
•
|
involve the public in the planning process in a meaningful way.
|
|
|
Forecast for 2016-2021 Period
|
|
20-Year Forecast
|
||
|
|
Annual Growth Rate: Retail Sales
(Billed MWh)
|
Annual Growth Rate: Annual Peak
(Peak Demand)
|
|
Annual Growth Rate: Retail Sales
(Billed MWh)
|
Annual Growth Rate: Annual Peak
(Peak Demand)
|
2017 IRP
|
|
1.3%
|
1.4%
|
|
1.0%
|
1.4%
|
2015 IRP
|
|
1.1%
|
1.6%
|
|
1.2%
|
1.5%
|
2013 IRP
|
|
1.2%
|
1.6%
|
|
1.1%
|
1.4%
|
•
|
financial incentives for irrigation customers for either improving the energy efficiency of an irrigation system or installing new energy efficient systems;
|
•
|
energy efficiency for new and existing homes including heating, ventilation and cooling equipment, energy efficient building techniques, air duct sealing, and energy efficient lighting;
|
•
|
incentives to industrial and commercial customers for acquiring energy efficient equipment, and using energy efficiency techniques for operational and management processes;
|
•
|
demand response programs to reduce peak summer demand through the voluntary cycling of central air conditioners for residential customers, interruption of irrigation pumps, and reduction of commercial and industrial demand through actions taken by business owners and operators; and
|
•
|
membership in the Northwest Energy Efficiency Alliance, which supports market transformation efforts across the region.
|
|
|
2017
|
|
2018 - 2019
|
||||
Capital expenditures:
|
|
|
|
|
||||
License compliance and relicensing efforts at hydroelectric facilities
|
|
$
|
21
|
|
|
$
|
27
|
|
Investments in equipment and facilities at thermal plants
|
|
5
|
|
|
15
|
|
||
Total capital expenditures
|
|
$
|
26
|
|
|
$
|
42
|
|
Operating expenses:
|
|
|
|
|
||||
Operating costs for environmental facilities - hydroelectric
|
|
$
|
20
|
|
|
$
|
41
|
|
Operating costs for environmental facilities - thermal
|
|
12
|
|
|
32
|
|
||
Total operations and maintenance
|
|
$
|
32
|
|
|
$
|
73
|
|
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
Emissions Intensity (lbs CO
2
/MWh)
|
|
677
|
|
871
|
|
1,135
|
|
1,019
|
|
952
|
•
|
President and Chief Executive Officer of IDACORP, Inc., May 2014 - present
|
•
|
President and Chief Executive Officer of Idaho Power Company, January 2014 - present
|
•
|
President and Chief Financial Officer of Idaho Power Company, January 2012 - December 2013
|
•
|
Executive Vice President, Administrative Services and Chief Financial Officer of IDACORP, Inc., October 2009 - April 2014
|
•
|
Executive Vice President, Administrative Services and Chief Financial Officer of Idaho Power Company, October 2009 - December 2011
|
•
|
Member of the Boards of Directors of IDACORP, Inc. and Idaho Power Company since September 2013
|
•
|
Vice President and General Counsel of IDACORP, Inc. and Idaho Power Company, April 2016 - present
|
•
|
In-house legal counsel of IDACORP, Inc. and Idaho Power Company, April 2010 - March 2016
|
•
|
Senior Vice President of Operations of Idaho Power Company, January 2016 - present
|
•
|
Senior Vice President - Power Supply of Idaho Power Company, October 2009 - December 2015
|
•
|
Senior Vice President - Chief Financial Officer, and Treasurer of IDACORP, Inc., May 2014 - present
|
•
|
Senior Vice President - Chief Financial Officer, and Treasurer of Idaho Power Company, January 2014 - present
|
•
|
Vice President - Finance and Treasurer of IDACORP, Inc., June 2010 - April 2014
|
•
|
Senior Vice President - Finance and Treasurer of Idaho Power Company, January 2012 - December 2013
|
•
|
Senior Vice President of Administrative Services and Chief Human Resources Officer of Idaho Power Company, April 2016 - present
|
•
|
Senior Vice President of Administrative Services and Chief Information Officer of Idaho Power Company, January 2016 - March 2016
|
•
|
Vice President and Chief Information Officer of Idaho Power Company, October 2013 - December 2015
|
•
|
Director of Human Resources of Idaho Power Company, July 2009 - September 2013
|
•
|
Senior Vice President of Public Affairs of IDACORP, Inc. and Idaho Power Company, April 2016 - present
|
•
|
Vice President of Public Affairs of IDACORP, Inc. and Idaho Power Company, October 2008 - March 2016
|
•
|
Vice President of Power Supply of Idaho Power Company, January 2016 - present
|
•
|
Director of Load Serving Operations of Idaho Power Company, September 2012 - December 2015
|
•
|
Operating Projects Manager of Idaho Power Company, January 2011 - September 2012
|
•
|
Vice President, Controller and Chief Accounting Officer of IDACORP, Inc. and Idaho Power Company, January 2014 - present
|
•
|
Corporate Controller and Chief Accounting Officer of IDACORP, Inc. and Idaho Power Company, May 2010 - December 2013
|
•
|
Vice President of Customer Operations of Idaho Power Company, January 2016 - present
|
•
|
Senior Vice President of Customer Operations of Idaho Power Company, April 2015 - December 2015
|
•
|
Vice President of Idaho Power Company, January 2014 - April 2015
|
•
|
Vice President of Delivery Engineering and Construction of Idaho Power Company, May 2012 - December 2013
|
•
|
Vice President of Delivery Engineering and Operations of Idaho Power Company, October 2009 - May 2012
|
•
|
the ability to timely obtain labor or materials at reasonable costs;
|
•
|
defaults by contractors;
|
•
|
equipment, engineering, and design failures;
|
•
|
unexpected environmental and geological problems;
|
•
|
the effects of adverse weather conditions;
|
•
|
availability of financing;
|
•
|
the ability to obtain and comply with permits and land use rights, and environmental constraints; and
|
•
|
delays and costs associated with disputes and litigation with third parties.
|
|
|
2016
|
|
2015
|
||||||||||||||||||||
Quarter
|
|
High
|
|
Low
|
|
Dividends paid per share
|
|
High
|
|
Low
|
|
Dividends paid per share
|
||||||||||||
1st
|
|
$
|
74.96
|
|
|
$
|
65.03
|
|
|
$
|
0.51
|
|
|
$
|
70.48
|
|
|
$
|
59.21
|
|
|
$
|
0.47
|
|
2nd
|
|
81.36
|
|
|
69.83
|
|
|
0.51
|
|
|
64.22
|
|
|
55.40
|
|
|
0.47
|
|
||||||
3rd
|
|
83.40
|
|
|
75.14
|
|
|
0.51
|
|
|
64.94
|
|
|
55.96
|
|
|
0.47
|
|
||||||
4th
|
|
81.81
|
|
|
72.93
|
|
|
0.55
|
|
|
70.33
|
|
|
63.38
|
|
|
0.51
|
|
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
||||||||||||
IDACORP
|
|
$
|
100.00
|
|
|
$
|
105.67
|
|
|
$
|
130.51
|
|
|
$
|
171.81
|
|
|
$
|
182.01
|
|
|
$
|
221.73
|
|
S&P 500
|
|
100.00
|
|
|
115.98
|
|
|
153.51
|
|
|
174.47
|
|
|
176.88
|
|
|
197.98
|
|
||||||
EEI Electric Utilities Index
|
|
100.00
|
|
|
102.09
|
|
|
115.37
|
|
|
148.72
|
|
|
142.92
|
|
|
167.84
|
|
•
|
IDACORP achieved net income growth for a ninth consecutive year;
|
•
|
IDACORP provided a 19 percent cumulative total shareholder return over the past three years, including share price appreciation and dividends paid, ranking in the 88th percentile among peers;
|
•
|
increased IDACORP's quarterly common stock dividend from $0.51 per share to $0.55 per share;
|
•
|
produced the best year of performance for Idaho Power's electric system reliability since formal measurement began in 2006;
|
•
|
executed on business optimization initiatives, focusing on improving operations and controlling expenditures;
|
•
|
made continued progress toward the permitting of the Boardman-to-Hemingway and Gateway West 500-kV transmission projects;
|
•
|
achieved Idaho Power's CO
2
emissions intensity reduction goal;
|
•
|
earned the highest rolling 12-month customer relationship index score (Idaho Power's internal measure of customer satisfaction) ever recorded by the company; and
|
•
|
Idaho Power tied for 5th place in the annual "Best Energy Companies" rankings published by
Public Utilities Fortnightly
.
|
•
|
continue to execute on the three core focuses for 2017—improving Idaho Power's core business, growing revenues, and enhancing the brand and positioning the company for the future;
|
•
|
continue to enhance and promote Idaho Power’s safety culture;
|
•
|
grow financial strength by supporting business development in Idaho Power's service area while actively managing costs;
|
•
|
continue upward progress within IDACORP’s target dividend payout ratio range;
|
•
|
pursue responsible investments that address customer growth while improving reliability, enhancing Idaho Power customers’ experience, increasing shareholder value, and managing carbon impacts; and
|
•
|
integrate new renewable generation resources into Idaho Power’s grid and continue progress toward participation in the Western EIM, anticipated to begin in the spring of 2018, which is expected to capture intra-hour market opportunities to help achieve greater reliability and improve system dispatch.
|
•
|
Regulation of Rates and Cost Recovery:
The price that Idaho Power is authorized to charge for its electric and transmission service is a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition. Those rates are established by state regulatory commissions and the FERC, and are intended to allow Idaho Power an opportunity to recover its expenses and earn a reasonable return on investment. Because of the significant impact of ratemaking decisions, and in pursuit of its goal of advancing a purposeful regulatory strategy, Idaho Power focuses on timely recovery of its costs through filings with the company's regulators, working to put in place innovative regulatory mechanisms, and on the prudent management of expenses and investments. Idaho Power has a regulatory settlement stipulation in Idaho that includes provisions for the accelerated amortization of certain tax credits to help achieve a minimum 9.5 percent return on year-end equity in the Idaho jurisdiction (Idaho ROE). During 2017, Idaho Power will continue to assess the need to file a general rate case to reset base rates.
|
•
|
Economic Conditions and Loads:
Economic conditions impact consumer demand for electricity and revenues, collectability of accounts, the volume of off-system sales, and the need to construct and improve infrastructure, purchase power, and implement programs to meet customer load demands. In recent years, Idaho Power has seen growth in the number of customers in its service area—in 2016, its customer count grew by 1.8 percent—and in employment in Idaho Power's service area, which grew by approximately 3.5 percent in 2016 based on Idaho Department of Labor preliminary December 2016 data. Idaho Power expects its number of customers to continue to
|
|
|
Forecast for 2016-2021 Period
|
|
20-Year Forecast
|
||
|
|
Annual Growth Rate: Retail Sales
(Billed MWh)
|
Annual Growth Rate: Annual Peak
(Peak Demand)
|
|
Annual Growth Rate: Retail Sales
(Billed MWh)
|
Annual Growth Rate: Annual Peak
(Peak Demand)
|
2017 IRP
|
|
1.3%
|
1.4%
|
|
1.0%
|
1.4%
|
2015 IRP
|
|
1.1%
|
1.6%
|
|
1.2%
|
1.5%
|
2013 IRP
|
|
1.2%
|
1.6%
|
|
1.1%
|
1.4%
|
•
|
Rate Base Growth and Infrastructure Investment:
As noted above, the rates established by the IPUC and OPUC are determined so as to provide an opportunity for Idaho Power to recover authorized operating expenses and earn a reasonable return on “rate base.” Rate base is generally determined by reference to the original cost (net of accumulated depreciation) of utility plant in service, subject to various adjustments for deferred taxes and other items. Over time, rate base is increased by additions to utility plant in service and reduced by depreciation and retirement of utility plant and write-offs as authorized by the IPUC and OPUC. In recent years, Idaho Power has been pursuing significant enhancements to its utility infrastructure, including major ongoing transmission projects such as the Boardman-to-Hemingway and Gateway West projects, in an effort to ensure an adequate supply of electricity, to provide service to new customers, and to maintain system reliability. Idaho Power's existing hydroelectric and thermal generation facilities also require continuing upgrades and component replacement, and the company is undertaking a significant relicensing effort for the Hells Canyon Complex (HCC), its largest hydroelectric generation resource. Idaho Power expects to include completed capital projects in its next general rate case or, in circumstances where appropriate, a single-issue rate case for individual projects with a significant capital cost. Depending on the outcome of the regulatory process and items such as the rate of return authorized by the IPUC and OPUC, this growth in rate base has the potential to increase Idaho Power's revenues and earnings.
|
•
|
Weather Conditions:
Weather and agricultural growing conditions have a significant impact on Idaho Power's energy sales. Relatively low and high temperatures result in greater energy use for heating and cooling, respectively. During the agricultural growing season, which in large part occurs during the second and third quarters, irrigation customers use electricity to operate irrigation pumps, and weather conditions can impact the timing and extent of use of those pumps. Idaho Power also has tiered rates and seasonal rates, which contribute to increased revenues during higher-load periods, most notably during the third quarter of each year when overall customer demand is highest. Much of the adverse or favorable impact of weather on sales of energy to residential and small commercial customers is mitigated through the Idaho FCA mechanism.
|
•
|
Mitigation of Impact of Fuel and Purchased Power Expense:
In addition to hydroelectric generation, Idaho Power relies significantly on coal and natural gas to fuel its generation facilities and power purchases in the wholesale markets. Fuel costs are impacted by electricity sales volumes, the terms of contracts for fuel, Idaho Power's generation capacity, the availability of hydroelectric generation resources, transmission capacity, energy market prices, and Idaho Power's hedging program for managing fuel costs. Recently, low natural gas prices have made operation of Idaho Power's natural gas power plants more economical, resulting in increased operation of those plants and decreased operation of coal-fired plants. Purchased power costs are impacted by the terms of contracts for purchased power, the rate of expansion of alternative energy generation sources such as wind or solar energy, and wholesale energy market
|
•
|
Changes in legislation, regulation, and government policy as a result of the 2016 U.S. presidential and congressional elections:
The recent presidential and congressional elections in the United States could result in significant changes in, and uncertainty with respect to, legislation, regulation, and government policy. While it is uncertain whether and when any such changes will occur, they could significantly impact IDACORP’s and Idaho Power’s businesses and the electric utility industry. Specific legislative and regulatory proposals discussed during and after the election that could have a material impact on IDACORP and Idaho Power include, but are not limited to, reform of the federal tax code; infrastructure renewal programs; and modifications to public company reporting requirements and environmental regulation.
|
•
|
Regulatory and Environmental Compliance Costs:
Idaho Power is subject to extensive federal and state laws, policies, and regulations, as well as regulatory actions and audits by agencies and quasi-governmental agencies, including the FERC and the North American Electric Reliability Corporation. Compliance with these requirements directly influences Idaho Power's operating environment and affects Idaho Power's operating costs. Environmental laws and regulations, in particular, may increase the cost of operating generation plants and constructing new facilities, require that Idaho Power install additional pollution control devices at existing generating plants, or require that Idaho Power cease operating certain generation plants. For instance, the Boardman coal-fired power plant, in which Idaho Power owns a 10-percent interest, is scheduled to cease coal-fired operations by the end of 2020, a decision driven in large part by the substantial cost of environmental controls required by existing regulations. Similarly, Idaho Power is assessing the early closure of the North Valmy coal-fired power plant, of which Idaho Power owns a 50-percent interest, and in October and November 2016 filed applications with the IPUC and OPUC, respectively, requesting accelerated depreciation of the facility. Idaho Power expects to spend a considerable amount on environmental compliance and controls in the next decade.
|
•
|
Water Management and Relicensing of the Hells Canyon Hydroelectric Project:
Because of Idaho Power's reliance on stream flow in the Snake River and its tributaries, Idaho Power participates in numerous proceedings and venues that may affect its water rights, seeking to preserve the long-term availability of its rights for its hydroelectric projects. Also, Idaho Power is involved in renewing its long-term federal license for the HCC, its largest hydroelectric generation source. Given the number of parties and issues involved, Idaho Power's relicensing costs have been and will continue to be substantial. Idaho Power cannot currently determine the terms of, and costs associated with, any resulting long-term license.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Idaho Power net income
|
|
$
|
189,242
|
|
|
$
|
190,983
|
|
|
$
|
189,387
|
|
Net income attributable to IDACORP, Inc.
|
|
$
|
198,288
|
|
|
$
|
194,679
|
|
|
$
|
193,480
|
|
Average outstanding shares – diluted (000’s)
|
|
50,373
|
|
|
50,292
|
|
|
50,199
|
|
|||
IDACORP, Inc. earnings per diluted share
|
|
$
|
3.94
|
|
|
$
|
3.87
|
|
|
$
|
3.85
|
|
Net income attributable to IDACORP, Inc. - December 31, 2015
|
|
|
|
$
|
194.7
|
|
|
Change in Idaho Power net income:
|
|
|
|
|
|
||
Customer growth, net of associated power supply costs
|
|
11.2
|
|
|
|
|
|
Usage per customer, net of associated power supply costs
|
|
(14.7
|
)
|
|
|
|
|
Other operating and maintenance expenses
|
|
(9.7
|
)
|
|
|
||
Depreciation expense
|
|
(5.6
|
)
|
|
|
||
Other changes in operating revenues and expenses, net
|
|
(1.5
|
)
|
|
|
||
Change in Idaho Power operating income prior to sharing mechanisms
|
|
(20.3
|
)
|
|
|
||
Change in operating income as a result of sharing mechanisms
|
|
3.2
|
|
|
|
||
Change in Idaho Power operating income
|
|
(17.1
|
)
|
|
|
||
Non-operating income and expenses
|
|
4.4
|
|
|
|
||
Income tax expense
|
|
11.0
|
|
|
|
||
Total decrease in Idaho Power net income
|
|
|
|
(1.7
|
)
|
||
IESCo income from legal settlement (net of tax)
|
|
|
|
3.7
|
|
||
Other changes (net of tax)
|
|
|
|
1.6
|
|
||
Net income attributable to IDACORP, Inc. - December 31, 2016
|
|
|
|
$
|
198.3
|
|
|
|
Year Ended December 31,
|
|||||||
|
|
2016
|
|
2015
|
|
2014
|
|||
General business sales
|
|
14,196
|
|
|
14,265
|
|
|
14,092
|
|
Off-system sales
|
|
1,186
|
|
|
1,254
|
|
|
2,220
|
|
Total energy sales
|
|
15,382
|
|
|
15,519
|
|
|
16,312
|
|
Hydroelectric generation
|
|
6,408
|
|
|
5,910
|
|
|
6,170
|
|
Coal generation
|
|
4,045
|
|
|
4,676
|
|
|
5,851
|
|
Natural gas and other generation
|
|
1,722
|
|
|
2,076
|
|
|
1,175
|
|
Total system generation
|
|
12,175
|
|
|
12,662
|
|
|
13,196
|
|
Purchased power
|
|
4,337
|
|
|
3,792
|
|
|
4,153
|
|
Line losses
|
|
(1,130
|
)
|
|
(935
|
)
|
|
(1,037
|
)
|
Total energy supply
|
|
15,382
|
|
|
15,519
|
|
|
16,312
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Revenue
|
|
|
|
|
|
|
|
|
||||
Residential
|
|
$
|
514,954
|
|
|
$
|
512,068
|
|
|
$
|
500,195
|
|
Commercial
|
|
302,650
|
|
|
306,178
|
|
|
299,462
|
|
|||
Industrial
|
|
182,590
|
|
|
182,254
|
|
|
182,675
|
|
|||
Irrigation
|
|
156,505
|
|
|
164,403
|
|
|
158,654
|
|
|||
Total
|
|
1,156,699
|
|
|
1,164,903
|
|
|
1,140,986
|
|
|||
Provision for sharing
|
|
—
|
|
|
(3,159
|
)
|
|
(7,999
|
)
|
|||
Deferred revenue related to HCC relicensing AFUDC
(1)
|
|
(10,706
|
)
|
|
(10,706
|
)
|
|
(10,706
|
)
|
|||
Total general business revenues
|
|
$
|
1,145,993
|
|
|
$
|
1,151,038
|
|
|
$
|
1,122,281
|
|
Volume of Sales (MWh)
|
|
|
|
|
|
|
|
|
||||
Residential
|
|
5,004
|
|
|
4,977
|
|
|
4,965
|
|
|||
Commercial
|
|
3,999
|
|
|
4,045
|
|
|
3,944
|
|
|||
Industrial
|
|
3,243
|
|
|
3,196
|
|
|
3,217
|
|
|||
Irrigation
|
|
1,950
|
|
|
2,047
|
|
|
1,966
|
|
|||
Total MWh sales
|
|
14,196
|
|
|
14,265
|
|
|
14,092
|
|
|||
Number of customers at year-end
|
|
|
|
|
|
|
|
|
||||
Residential
|
|
444,431
|
|
|
436,102
|
|
|
428,294
|
|
|||
Commercial
|
|
69,344
|
|
|
68,352
|
|
|
67,522
|
|
|||
Industrial
|
|
121
|
|
|
118
|
|
|
121
|
|
|||
Irrigation
|
|
20,638
|
|
|
20,293
|
|
|
19,826
|
|
|||
Total customers
|
|
534,534
|
|
|
524,865
|
|
|
515,763
|
|
|
|
Year Ended December 31,
|
|
|
||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
Normal
(2)
|
||||
Heating degree-days
(1)
|
|
4,807
|
|
|
4,694
|
|
|
4,976
|
|
|
5,514
|
|
Cooling degree-days
(1)
|
|
1,001
|
|
|
1,280
|
|
|
1,129
|
|
|
942
|
|
•
|
Rates
: Rate changes decreased general business revenue by $3.9 million for 2016 compared with 2015, primarily due to a decrease in the recovery of power cost adjustment amounts in 2016. The recovery of power cost adjustment amounts in rates has no effect on operating income as it is amortized into expense in the same period it is recovered through rates.
|
•
|
Customers
: Customer growth of 1.8 percent increased general business revenue by $15.6 million in 2016 compared with 2015.
|
•
|
Usage
: Lower usage (on a per customer basis), primarily by irrigation, commercial, and residential customers, decreased general business revenue by $21.3 million in 2016 compared with 2015. Winter temperatures in 2016 were slightly colder than 2015, but milder summer temperatures in 2016 compared with 2015 led to lower sales volumes. Also, a shorter irrigation season due to a later start in 2016 compared with 2015 resulted in lower usage per irrigation customer in 2016 than during 2015. Greater customer participation in energy efficiency programs also contributed to lower usage during 2016 compared with 2015.
|
•
|
Sharing
: Idaho Power's sharing mechanism is associated with an Idaho regulatory settlement agreement that provides for the sharing with customers of a portion of Idaho-jurisdiction earnings exceeding a 10.0 percent Idaho ROE. The impact of this mechanism is partially recorded as a reduction to general business revenue. During 2015, Idaho Power recorded a total of $3.2 million as a provision against current revenue related to the sharing mechanism. In 2016, no such sharing provision was recorded as Idaho Power's Idaho ROE did not exceed 10.0 percent.
|
•
|
Idaho FCA Revenue
: Partially offsetting lower usage per customer, the Idaho FCA mechanism increased revenues by $1.4 million in 2016 compared with 2015. Idaho Power accrued $30.3 million of Idaho FCA revenues in 2016, compared with $28.9 million in 2015.
|
•
|
Rates
: Two rate changes impacted general business revenue—an Idaho PCA rate increase effective June 1, 2014, and Idaho PCA rate decrease effective June 1, 2015, both described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in this report. Overall, rate changes combined to decrease general business revenue by $2.2 million in 2015.
|
•
|
Customers
: Customer growth of 1.8 percent increased general business revenue by $14.1 million.
|
•
|
Usage
: Lower usage per customer in 2015, primarily driven by the impact of more moderate winter weather on residential customer usage, as well as energy efficiency, decreased general business revenue by $0.7 million. Residential usage per customer was 1.4 percent lower in 2015.
|
•
|
Sharing
: Revenue sharing of $3.2 million and $8.0 million were recorded in 2015 and 2014, respectively. This sharing resulted in a net increase to general business revenue of $4.8 million in 2015 compared with 2014.
|
•
|
Idaho FCA Revenue
: FCA mechanism revenues increased $12.7 million compared with 2014, including the impacts of weather and of modifications made to the mechanism by the IPUC effective January 1, 2015. Idaho Power accrued $28.9 million of Idaho FCA revenues in 2015, compared with $16.2 million in 2014. The modifications to the FCA mechanism are described in more detail in "Regulatory Matters" in this MD&A and in Note 3 - "Regulatory Matters" to the consolidated financial statements included in this report.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Transmission services and other
|
|
$
|
54,401
|
|
|
$
|
55,048
|
|
|
$
|
52,051
|
|
Energy efficiency
|
|
33,754
|
|
|
30,532
|
|
|
27,154
|
|
|||
Total other revenues
|
|
$
|
88,155
|
|
|
$
|
85,580
|
|
|
$
|
79,205
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Expense
|
|
|
|
|
|
|
||||||
PURPA contracts
|
|
$
|
153,665
|
|
|
$
|
131,340
|
|
|
$
|
144,617
|
|
Other purchased power (including wheeling)
|
|
85,040
|
|
|
88,430
|
|
|
92,071
|
|
|||
Demand response incentive payments
|
|
7,059
|
|
|
6,701
|
|
|
7,940
|
|
|||
Total purchased power expense
|
|
$
|
245,764
|
|
|
$
|
226,471
|
|
|
$
|
244,628
|
|
MWh purchased
|
|
|
|
|
|
|
||||||
PURPA contracts
|
|
2,314
|
|
|
2,008
|
|
|
2,286
|
|
|||
Other purchased power
|
|
2,023
|
|
|
1,784
|
|
|
1,867
|
|
|||
Total MWh purchased
|
|
4,337
|
|
|
3,792
|
|
|
4,153
|
|
|||
Cost per MWh from PURPA contracts
|
|
$
|
66.41
|
|
|
$
|
65.41
|
|
|
$
|
63.26
|
|
Cost per MWh from other purchased power
|
|
$
|
42.04
|
|
|
$
|
49.57
|
|
|
$
|
49.31
|
|
Weighted average - all sources (excluding demand response incentive payments)
|
|
$
|
55.04
|
|
|
$
|
57.96
|
|
|
$
|
56.99
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Expense
|
|
|
|
|
|
|
|
|
||||
Coal
(1)
|
|
$
|
137,689
|
|
|
$
|
131,286
|
|
|
$
|
156,172
|
|
Natural gas
(2)
|
|
41,802
|
|
|
54,945
|
|
|
45,069
|
|
|||
Total fuel expense
|
|
$
|
179,491
|
|
|
$
|
186,231
|
|
|
$
|
201,241
|
|
MWh generated
|
|
|
|
|
|
|
|
|
||||
Coal
(1)
|
|
4,045
|
|
|
4,676
|
|
|
5,851
|
|
|||
Natural gas
(2)
|
|
1,722
|
|
|
2,076
|
|
|
1,175
|
|
|||
Total MWh generated
|
|
5,767
|
|
|
6,752
|
|
|
7,026
|
|
|||
Cost per MWh - Coal
|
|
$
|
34.04
|
|
|
$
|
28.08
|
|
|
$
|
26.69
|
|
Cost per MWh - Natural gas
|
|
24.28
|
|
|
26.47
|
|
|
38.36
|
|
|||
Weighted average, all sources
|
|
$
|
31.12
|
|
|
$
|
27.58
|
|
|
$
|
28.64
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Idaho power supply cost deferrals
|
|
$
|
(43,841
|
)
|
|
$
|
(35,802
|
)
|
|
$
|
(48,104
|
)
|
Amortization of prior year authorized balances
|
|
38,511
|
|
|
52,568
|
|
|
70,339
|
|
|||
Total power cost adjustment expense
|
|
$
|
(5,330
|
)
|
|
$
|
16,766
|
|
|
$
|
22,235
|
|
•
|
labor-related expenses increased $6.5 million, or 3 percent, in 2016 due to normal escalations in labor and benefits costs and higher variable employee costs;
|
•
|
scheduled maintenance at the Langley Gulch natural gas-fired generation plant increased O&M expenses $1.6 million; and
|
•
|
a $1.1 million increase primarily related to transmission agreements entered into in October 2015, which also resulted in a corresponding increase in other revenue.
|
•
|
$16.7 million was recorded as additional pension expense in 2014 related to a December 2011 Idaho regulatory settlement agreement, which required sharing with Idaho customers of a portion of earnings in excess of a 10.0 percent Idaho ROE (thereby reducing customers' future pension obligations). There were no additional expenses related to the settlement agreement in 2015;
|
•
|
excluding the additional 2014 pension expense, labor-related expenses increased $2.1 million, or 1.1 percent, in 2015 due to normal escalations in labor and benefits costs; and
|
•
|
hydroelectric generation expenses increased $2.0 million, primarily due to increased repair costs and purchased services.
|
•
|
their respective
$100 million
and
$300 million
revolving credit facilities;
|
•
|
IDACORP's shelf registration statement filed with the SEC on May 20, 2016, which may be used for the issuance of debt securities and common stock;
|
•
|
Idaho Power's shelf registration statement filed with the SEC on May 20, 2016, which may be used for the issuance of first mortgage bonds and debt securities;
$500 million
is available for issuance 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
|
|
45%
|
|
47%
|
Equity
|
|
55%
|
|
53%
|
•
|
changes in regulatory assets and liabilities, mostly related to the relative amounts of power supply and fixed costs deferred and collected under the Idaho rate mechanisms,
decreased
operating cash inflows by
$19 million
;
|
•
|
changes in deferred taxes and in taxes accrued and receivable combined to decrease cash flows by
$3 million
and
$34 million
at IDACORP and Idaho Power, respectively;
|
•
|
Idaho Power received
$24 million
of distributions from IERCo's investment in BCC for
2016
, compared with
$11 million
in
2015
. Changes in distributions from year to year are primarily driven by changes in the timing of cash needs associated with BCC; and
|
•
|
comparative changes in working capital and other assets and liabilities increased cash flows by $7 million in 2016 compared with 2015, primarily related to changes in accounts payable due to timing of payments.
|
•
|
changes in regulatory assets and liabilities, mostly related to the relative amounts of power supply and fixed costs deferred and collected under the Idaho rate mechanisms, decreased operating cash inflows by $18 million;
|
•
|
Idaho Power made $39 million of cash contributions to its defined benefit pension plan in 2015, compared with $30 million of cash contributions during 2014;
|
•
|
changes in deferred taxes and in taxes accrued and receivable combined to increase cash flows by $34 million and $50 million at IDACORP and Idaho Power, respectively; and
|
•
|
comparative changes in working capital balances due primarily to timing—principally related to a smaller decrease in accounts receivable in 2015 compared to the decrease in accounts receivable in 2014. Changes in accounts receivable balances reduced operating cash flows $16 million and $18 million for IDACORP and Idaho Power, respectively.
|
•
|
on March 10, 2016, Idaho Power issued $120 million in principal amount of 4.05% first mortgage bonds Series J, maturing March 1, 2046;
|
•
|
on April 11, 2016, Idaho Power redeemed, prior to maturity, $100 million of its 6.15% first mortgage bonds, Series H, due April 1, 2019, and paid a related make-whole premium of $14 million;
|
•
|
on March 6, 2015, Idaho Power issued $250 million in principal amount of 3.65% first mortgage bonds, Series J, maturing on March 1, 2045;
|
•
|
on April 23, 2015, Idaho Power redeemed, prior to maturity, $120 million in principal amount of 6.025% first mortgage bonds, medium-term notes due July 2018, and paid a related make-whole premium of $18 million;
|
•
|
IDACORP and Idaho Power paid dividends of approximately
$105 million
,
$97 million
, and
$88 million
in
2016
,
2015
, and
2014
, respectively;
|
•
|
IDACORP's net change in commercial paper borrowings provided cash of
$2 million
in
2016
and used cash of
$11 million
and
$23 million
in
2015
and
2014
, respectively; and
|
•
|
Idaho Power borrowed
$22 million
in commercial paper in December 2016.
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
|
IDACORP
(2)
|
|
Idaho Power
|
|
IDACORP
(2)
|
|
Idaho Power
|
||||||||
Revolving credit facility
|
|
$
|
100,000
|
|
|
$
|
300,000
|
|
|
$
|
100,000
|
|
|
$
|
300,000
|
|
Commercial paper outstanding
|
|
—
|
|
|
(21,800
|
)
|
|
(20,000
|
)
|
|
—
|
|
||||
Identified for other use
(1)
|
|
—
|
|
|
(24,245
|
)
|
|
—
|
|
|
(24,245
|
)
|
||||
Net balance available
|
|
$
|
100,000
|
|
|
$
|
253,955
|
|
|
$
|
80,000
|
|
|
$
|
275,755
|
|
(1)
Port of Morrow and American Falls bonds that Idaho Power could be required to purchase prior to maturity under the optional or mandatory purchase provisions of the bonds, if the remarketing agent for the bonds were unable to sell the bonds to third parties.
|
||||||||||||||||
(2)
Holding company only.
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
|
IDACORP
(1)
|
|
Idaho Power
|
|
IDACORP
(1)
|
|
Idaho Power
|
||||||||
Commercial paper:
|
|
|
|
|
|
|
|
|
||||||||
Year end:
|
|
|
|
|
|
|
|
|
||||||||
Amount outstanding
|
|
$
|
—
|
|
|
$
|
21,800
|
|
|
$
|
20,000
|
|
|
$
|
—
|
|
Weighted average interest rate
|
|
—
|
%
|
|
1.13
|
%
|
|
0.88
|
%
|
|
—
|
%
|
||||
Daily average amount outstanding during the year
|
|
$
|
15,692
|
|
|
$
|
438
|
|
|
$
|
22,054
|
|
|
$
|
—
|
|
Weighted average interest rate during the year
|
|
0.82
|
%
|
|
1.13
|
%
|
|
0.53
|
%
|
|
—
|
%
|
||||
Maximum month-end balance
|
|
$
|
23,900
|
|
|
$
|
21,800
|
|
|
$
|
43,400
|
|
|
$
|
—
|
|
(1)
Holding company only.
|
|
|
|
|
|
|
|
|
|
|
IDACORP
|
|
Idaho Power
|
Moody's Investors Service:
|
|
|
|
|
Rating Outlook
|
|
Stable
|
|
Stable
|
Long-Term Issuer Rating
|
|
Baa1
|
|
A3
|
First Mortgage Bonds
|
|
None
|
|
A1
|
Senior Secured Debt
|
|
None
|
|
A1
|
Commercial Paper
|
|
P-2
|
|
P-2
|
Standard & Poor's Rating Services:
|
|
|
|
|
Corporate Credit Rating
|
|
BBB
|
|
BBB
|
Rating Outlook
|
|
Stable
|
|
Stable
|
Short-Term Rating
|
|
A-2
|
|
A-2
|
|
|
2017
|
|
2018
|
|
2019-2021
|
|||
Expected capital expenditures (excluding AFUDC)
|
|
$
|
290-300
|
|
$
|
285-295
|
|
$
|
900-950
|
•
|
$35-$65 million per year for transmission system projects other than the Boardman-to-Hemingway and Gateway West projects;
|
•
|
$75-$95 million per year for construction and replacement of distribution lines and stations, including replacement of underground distribution cables;
|
•
|
$25-$45 million per year for ongoing improvements and replacements at coal- and natural gas-fired plants;
|
•
|
$45-$65 million per year for hydroelectric plant improvement programs, including relicensing and mitigation costs; and
|
•
|
$45-$65 million per year for general plant improvements, such as land and buildings, vehicles, information technology, and communication equipment.
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
|
Total
|
|
2017
|
|
2018-2019
|
|
2020-2021
|
|
Thereafter
|
||||||||||
|
|
(millions of dollars)
|
||||||||||||||||||
Long-term debt
(1)
|
|
$
|
1,766
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
230
|
|
|
$
|
1,535
|
|
Future interest payments
(2)
|
|
1,464
|
|
|
82
|
|
|
163
|
|
|
151
|
|
|
1,068
|
|
|||||
Operating leases
(3)
|
|
48
|
|
|
3
|
|
|
8
|
|
|
8
|
|
|
29
|
|
|||||
Purchase obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cogeneration and small power production
(4)
|
|
4,309
|
|
|
229
|
|
|
465
|
|
|
465
|
|
|
3,150
|
|
|||||
Fuel supply agreements
|
|
206
|
|
|
57
|
|
|
31
|
|
|
17
|
|
|
101
|
|
|||||
Other
(4)
|
|
181
|
|
|
39
|
|
|
40
|
|
|
22
|
|
|
80
|
|
|||||
Pension and postretirement benefit plans
(5)
|
|
246
|
|
|
8
|
|
|
78
|
|
|
115
|
|
|
45
|
|
|||||
Other long-term liabilities
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
8,221
|
|
|
$
|
420
|
|
|
$
|
785
|
|
|
$
|
1,008
|
|
|
$
|
6,008
|
|
(1)
For additional information, see Note 4 – “Long-Term Debt” to the consolidated financial statements included in this report.
|
||||||||||||||||||||
(2)
Future interest payments are calculated based on the assumption that all debt is outstanding until maturity. For debt instruments with variable rates, interest is calculated for all future periods using the rates in effect at December 31, 2016.
|
||||||||||||||||||||
(3)
The operating leases include right-of-way easements. Approximately $13 million of the obligations included have contracts that do not specify terms related to expiration. As these contracts are presumed to continue indefinitely, ten years of information, estimated based on current contract terms, has been included in the table for presentation purposes.
|
||||||||||||||||||||
(4)
Approximately $6 million of the amounts in cogeneration and small power production and $23 million of the amounts in other purchase obligations are contracts that do not specify terms related to expiration. As these contracts are presumed to continue indefinitely, ten years of information, estimated based on current contract terms, has been included in the table for presentation purposes. Other purchase obligations also includes Idaho Power's estimated proportionate funding obligation for goods and services under non-fuel purchase agreements at its jointly-owned generation facilities. In some instances, Idaho Power is not a direct party to an underlying purchase agreement, but is obligated under the instruments governing the joint ventures to reimburse the co-owner for payments the co-owner makes pursuant to the purchase agreement. Those estimated amounts have been included in the table above.
|
||||||||||||||||||||
(5)
Idaho Power estimates pension contributions based on actuarial data. As of the date of this report, Idaho Power cannot estimate pension contributions beyond 2021 with any level of precision, and amounts through 2021 are estimates only and are subject to change. For more information on pension and postretirement plans, refer to Note 11 – "Benefit Plans" to the consolidated financial statements included in this report.
|
Year
|
|
Recorded as Refunds to Customers
|
|
Recorded as a Pre-tax Charge to Pension Expense
|
2016
|
|
$—
|
|
$—
|
2015
|
|
$3.2
|
|
$—
|
2014
|
|
$8.0
|
|
$16.7
|
2013
|
|
$7.6
|
|
$16.5
|
2012
|
|
$7.2
|
|
$14.6
|
Resource Type
|
|
Total On-line (MW)
|
|
Began operating during 2016 (MW)
|
|
Under Contract but not yet On-line (MW)
|
|
Total Projects under Contract (MW)
|
CSPP:
|
|
|
|
|
|
|
|
|
Wind
|
|
577
|
|
—
|
|
50
|
|
627
|
Solar
|
|
170
|
|
170
|
|
129
|
|
299
|
Hydroelectric
|
|
148
|
|
1
|
|
8
|
|
156
|
Other
|
|
50
|
|
—
|
|
—
|
|
50
|
Total CSPP
|
|
945
|
|
171
|
|
187
|
|
1,132
|
Non-CSPP:
|
|
|
|
|
|
|
|
|
Wind
|
|
101
|
|
—
|
|
—
|
|
101
|
Geothermal
|
|
35
|
|
—
|
|
—
|
|
35
|
Total non-CSPP
|
|
136
|
|
—
|
|
—
|
|
136
|
•
|
increase the operating costs of generating plants;
|
•
|
increase the construction costs and lead time for new facilities;
|
•
|
require the modification of existing generating 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.
|
•
|
changes in temperature and precipitation could affect customer demand and energy loads;
|
•
|
extreme weather events could increase service interruptions, outages, maintenance costs, and the need for additional backup systems, and can affect the supply of, and demand for, electricity and natural gas, which may impact the price of those and other commodities;
|
•
|
changes in the amount and timing of snowpack and stream flows could adversely affect hydroelectric generation;
|
•
|
legislative and/or regulatory developments related to climate change could affect plants and operations, including restrictions on the construction of new generation resources, the expansion of existing resources, or the operation of generation resources; and
|
•
|
consumer preference for, and resource planning decisions requiring, renewable or low GHG-emitting sources of energy could impact usage of existing generation sources and require significant investment in new generation and transmission infrastructure.
|
•
|
NO
x
:
In 2010, the EPA adopted a new NAAQS for NO
x
at a level of 100 parts per billion averaged over a 1-hour period. In connection with the new NAAQS, in February 2012 the EPA issued a final rule designating all of the counties in Idaho, Nevada, Oregon, and Wyoming where Idaho Power owns or has an interest in a natural gas or coal-fired power plant as “unclassifiable/attainment” for NO
x
. The EPA indicated it would review the designations after 2015, when three years of air quality monitoring data are available, and may formally designate the counties as attainment or non-attainment for NO
x
. A designation of non-attainment may increase the likelihood that Idaho Power would be required to install costly pollution control technology at one or more of its plants.
|
•
|
SO
2
:
In 2010, the EPA adopted a new NAAQS for SO
2
at a level of 75 parts per billion averaged over a one-hour period. In 2011, the states of Idaho, Nevada, Oregon, and Wyoming sent letters to the EPA recommending that all counties in these states be classified as "unclassifiable" under the new one-hour SO
2
NAAQS because of a lack of definitive monitoring and modeling data. In February 2013, the EPA issued letters to the states of Idaho and Oregon, finding that the most recent air quality data for those states showed no violations of the 2010 SO
2
standard. As a result, the EPA is waiting to propose designation actions for those states, and is likely to proceed with designation actions once additional data is gathered. Idaho Power expects that designations for Nevada and Wyoming will also be addressed in a separate future action.
|
•
|
Ozone
: In late 2014, the EPA issued a proposed rule that would update the ozone standard under the CAA, from 75 parts per billion over an eight-hour period to 65 to 70 parts per billion over an eight-hour period. On October 1, 2015, the EPA issued a final rule lowering the national ozone standard under the CAA to 70 parts per billion. The EPA stated that the vast majority of U.S. counties will meet the standards by 2025 with federal and state rules and programs now in place or underway. The EPA's plan provides for finalizing non-attainment designations in 2017, and it plans to propose rules and guidance over the next year to help states with potential non-attainment areas implement the revised standards. Non-attainment areas will have until 2020 to late 2037 to meet the new standard, with attainment dates varying based on the ozone level in the area. Due to high levels of background ozone, which can be caused by factors such as elevation, vegetation, wildfire, and international transport, attainment in areas within the Intermountain West may be difficult, and the formulation of state implementation plans to bring an area into compliance with the new standard may be challenging due to the existence of ozone caused by factors outside of local control. If the EPA were to make non-attainment determinations in areas where Idaho Power owns or co-owns power plants, or proposes to construct power plants, the state implementation plan for those areas could result in changes to the nature and frequency of operation of existing generation plants and make more difficult or costly the construction of new power generation plants. Idaho Power will seek to work with state regulators on implementation plans for any non-attainment areas, in an effort to reduce the potential adverse impact on Idaho Power's operation of its existing power generation plants and construction of future facilities.
|
|
|
Discount rate
|
|
Rate of return
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(millions of dollars)
|
||||||||||||||
Effect of 0.5% rate increase on net periodic benefit cost
|
|
$
|
(7.2
|
)
|
|
$
|
(6.9
|
)
|
|
$
|
(3.2
|
)
|
|
$
|
(2.9
|
)
|
Effect of 0.5% rate decrease on net periodic benefit cost
|
|
7.9
|
|
|
7.6
|
|
|
3.2
|
|
|
2.9
|
|
Consolidated Financial Statements
|
Page
|
|
|
IDACORP, Inc.:
|
|
Consolidated Statements of Income
|
|
Consolidated Statements of Comprehensive Income
|
|
Consolidated Balance Sheets
|
|
Consolidated Statements of Cash Flows
|
|
Consolidated Statements of Equity
|
|
|
|
Idaho Power Company:
|
|
Consolidated Statements of Income
|
|
Consolidated Statements of Comprehensive Income
|
|
Consolidated Balance Sheets
|
|
Consolidated Statements of Cash Flows
|
|
Consolidated Statements of Retained Earnings
|
|
|
|
Notes to the Consolidated Financial Statements
|
|
Reports of Independent Registered Public Accounting Firm
|
|
|
|
Supplemental Financial Information and Financial Statement Schedules
|
|
|
|
Supplemental Financial Information (unaudited)
|
|
Financial Statement Schedules
|
|
IDACORP, Inc. - Schedule I - Condensed Financial Information of Registrant
|
|
IDACORP, Inc. - Schedule II - Consolidated Valuation and Qualifying Accounts
|
|
Idaho Power Company - Schedule II - Consolidated Valuation and Qualifying Accounts
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
(thousands of dollars except for per share amounts)
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
||||||
Electric utility:
|
|
|
|
|
|
|
||||||
General business
|
|
$
|
1,145,993
|
|
|
$
|
1,151,038
|
|
|
$
|
1,122,281
|
|
Off-system sales
|
|
25,205
|
|
|
30,887
|
|
|
77,165
|
|
|||
Other revenues
|
|
88,155
|
|
|
85,580
|
|
|
79,205
|
|
|||
Total electric utility revenues
|
|
1,259,353
|
|
|
1,267,505
|
|
|
1,278,651
|
|
|||
Other
|
|
2,667
|
|
|
2,784
|
|
|
3,873
|
|
|||
Total operating revenues
|
|
1,262,020
|
|
|
1,270,289
|
|
|
1,282,524
|
|
|||
|
|
|
|
|
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
||||||
Electric utility:
|
|
|
|
|
|
|
||||||
Purchased power
|
|
245,764
|
|
|
226,470
|
|
|
244,628
|
|
|||
Fuel expense
|
|
179,491
|
|
|
186,231
|
|
|
201,241
|
|
|||
Power cost adjustment
|
|
(5,330
|
)
|
|
16,766
|
|
|
22,235
|
|
|||
Other operations and maintenance
|
|
351,893
|
|
|
342,146
|
|
|
354,567
|
|
|||
Energy efficiency programs
|
|
33,754
|
|
|
30,532
|
|
|
27,154
|
|
|||
Depreciation
|
|
143,661
|
|
|
138,110
|
|
|
132,987
|
|
|||
Taxes other than income taxes
|
|
32,823
|
|
|
32,808
|
|
|
31,748
|
|
|||
Total electric utility expenses
|
|
982,056
|
|
|
973,063
|
|
|
1,014,560
|
|
|||
Other
|
|
8,188
|
|
|
15,129
|
|
|
14,268
|
|
|||
Total operating expenses
|
|
990,244
|
|
|
988,192
|
|
|
1,028,828
|
|
|||
Operating Income
|
|
271,776
|
|
|
282,097
|
|
|
253,696
|
|
|||
Allowance for Equity Funds Used During Construction
|
|
22,031
|
|
|
21,785
|
|
|
17,931
|
|
|||
Earnings of Unconsolidated Equity-Method Investments
|
|
12,871
|
|
|
11,128
|
|
|
12,372
|
|
|||
Other Income, Net
|
|
9,874
|
|
|
7,159
|
|
|
6,328
|
|
|||
Interest Expense:
|
|
|
|
|
|
|
||||||
Interest on long-term debt
|
|
81,956
|
|
|
83,056
|
|
|
80,562
|
|
|||
Other interest
|
|
10,273
|
|
|
8,922
|
|
|
7,703
|
|
|||
Allowance for borrowed funds used during construction
|
|
(10,194
|
)
|
|
(10,044
|
)
|
|
(8,464
|
)
|
|||
Total interest expense, net
|
|
82,035
|
|
|
81,934
|
|
|
79,801
|
|
|||
Income Before Income Taxes
|
|
234,517
|
|
|
240,235
|
|
|
210,526
|
|
|||
Income Tax Expense
|
|
36,429
|
|
|
45,760
|
|
|
16,772
|
|
|||
Net Income
|
|
198,088
|
|
|
194,475
|
|
|
193,754
|
|
|||
Adjustment for loss (income) attributable to noncontrolling interests
|
|
200
|
|
|
204
|
|
|
(274
|
)
|
|||
Net Income Attributable to IDACORP, Inc.
|
|
$
|
198,288
|
|
|
$
|
194,679
|
|
|
$
|
193,480
|
|
Weighted Average Common Shares Outstanding - Basic (000’s)
|
|
50,298
|
|
|
50,220
|
|
|
50,131
|
|
|||
Weighted Average Common Shares Outstanding - Diluted (000’s)
|
|
50,373
|
|
|
50,292
|
|
|
50,199
|
|
|||
Earnings Per Share of Common Stock:
|
|
|
|
|
|
|
||||||
Earnings Attributable to IDACORP, Inc. - Basic
|
|
$
|
3.94
|
|
|
$
|
3.88
|
|
|
$
|
3.86
|
|
Earnings Attributable to IDACORP, Inc. - Diluted
|
|
$
|
3.94
|
|
|
$
|
3.87
|
|
|
$
|
3.85
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
(thousands of dollars)
|
||||||||||
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
198,088
|
|
|
$
|
194,475
|
|
|
$
|
193,754
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
||||||
Unfunded pension liability adjustment, net of tax
of $253, $1,851, and $(4,881)
|
|
394
|
|
|
2,882
|
|
|
(7,605
|
)
|
|||
Total Comprehensive Income
|
|
198,482
|
|
|
197,357
|
|
|
186,149
|
|
|||
Comprehensive loss (income) attributable to noncontrolling interests
|
|
200
|
|
|
204
|
|
|
(274
|
)
|
|||
Comprehensive Income Attributable to IDACORP, Inc.
|
|
$
|
198,682
|
|
|
$
|
197,561
|
|
|
$
|
185,875
|
|
|
|
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(thousands of dollars)
|
||||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
61,480
|
|
|
$
|
114,802
|
|
Receivables:
|
|
|
|
|
||||
Customer (net of allowance of $968 and $1,196, respectively)
|
|
71,557
|
|
|
73,505
|
|
||
Other (net of allowance of $164 and $159, respectively)
|
|
15,280
|
|
|
8,642
|
|
||
Income taxes receivable
|
|
12,781
|
|
|
13,058
|
|
||
Accrued unbilled revenues
|
|
80,738
|
|
|
65,805
|
|
||
Materials and supplies (at average cost)
|
|
57,858
|
|
|
56,924
|
|
||
Fuel stock (at average cost)
|
|
53,698
|
|
|
61,818
|
|
||
Prepayments
|
|
18,389
|
|
|
17,979
|
|
||
Current regulatory assets
|
|
62,570
|
|
|
49,215
|
|
||
Other
|
|
5,961
|
|
|
288
|
|
||
Total current assets
|
|
440,312
|
|
|
462,036
|
|
||
|
|
|
|
|
||||
Investments
|
|
125,164
|
|
|
140,743
|
|
||
|
|
|
|
|
||||
Property, Plant and Equipment:
|
|
|
|
|
||||
Utility plant in service
|
|
5,732,044
|
|
|
5,485,464
|
|
||
Accumulated provision for depreciation
|
|
(1,988,477
|
)
|
|
(1,913,927
|
)
|
||
Utility plant in service - net
|
|
3,743,567
|
|
|
3,571,537
|
|
||
Construction work in progress
|
|
405,069
|
|
|
396,931
|
|
||
Utility plant held for future use
|
|
7,441
|
|
|
7,090
|
|
||
Other property, net of accumulated depreciation
|
|
15,922
|
|
|
16,855
|
|
||
Property, plant and equipment - net
|
|
4,171,999
|
|
|
3,992,413
|
|
||
|
|
|
|
|
||||
Other Assets:
|
|
|
|
|
||||
American Falls and Milner water rights
|
|
9,487
|
|
|
11,592
|
|
||
Company-owned life insurance
|
|
57,553
|
|
|
48,566
|
|
||
Regulatory assets
|
|
1,409,329
|
|
|
1,305,210
|
|
||
Long-term receivables (net of allowance of $402 and $552, respectively)
|
|
23,482
|
|
|
22,538
|
|
||
Other
|
|
52,571
|
|
|
40,216
|
|
||
Total other assets
|
|
1,552,422
|
|
|
1,428,122
|
|
||
|
|
|
|
|
||||
Total
|
|
$
|
6,289,897
|
|
|
$
|
6,023,314
|
|
|
|
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(thousands of dollars)
|
||||||
Liabilities and Equity
|
|
|
|
|
||||
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
1,064
|
|
|
$
|
1,064
|
|
Notes payable
|
|
21,800
|
|
|
20,000
|
|
||
Accounts payable
|
|
106,194
|
|
|
95,526
|
|
||
Taxes accrued
|
|
11,348
|
|
|
10,762
|
|
||
Interest accrued
|
|
22,377
|
|
|
22,292
|
|
||
Accrued compensation
|
|
45,787
|
|
|
42,961
|
|
||
Current regulatory liabilities
|
|
9,944
|
|
|
2,217
|
|
||
Advances from customers
|
|
21,438
|
|
|
31,214
|
|
||
Other
|
|
9,763
|
|
|
16,270
|
|
||
Total current liabilities
|
|
249,715
|
|
|
242,306
|
|
||
|
|
|
|
|
||||
Other Liabilities:
|
|
|
|
|
||||
Deferred income taxes
|
|
1,244,250
|
|
|
1,137,375
|
|
||
Regulatory liabilities
|
|
436,845
|
|
|
416,282
|
|
||
Pension and other postretirement benefits
|
|
411,523
|
|
|
394,030
|
|
||
Other
|
|
45,084
|
|
|
45,867
|
|
||
Total other liabilities
|
|
2,137,702
|
|
|
1,993,554
|
|
||
|
|
|
|
|
||||
Long-Term Debt
|
|
1,744,614
|
|
|
1,725,410
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Equity:
|
|
|
|
|
||||
IDACORP, Inc. shareholders’ equity:
|
|
|
|
|
||||
Common stock, no par value (shares authorized 120,000,000;
50,420,017 and 50,352,051 shares issued, respectively)
|
|
851,833
|
|
|
849,112
|
|
||
Retained earnings
|
|
1,323,198
|
|
|
1,230,105
|
|
||
Accumulated other comprehensive loss
|
|
(20,882
|
)
|
|
(21,276
|
)
|
||
Treasury stock (23,244 and 11,221 shares at cost, respectively)
|
|
(243
|
)
|
|
(57
|
)
|
||
Total IDACORP, Inc. shareholders’ equity
|
|
2,153,906
|
|
|
2,057,884
|
|
||
Noncontrolling interests
|
|
3,960
|
|
|
4,160
|
|
||
Total equity
|
|
2,157,866
|
|
|
2,062,044
|
|
||
|
|
|
|
|
||||
Total
|
|
$
|
6,289,897
|
|
|
$
|
6,023,314
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these statements.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Operating Activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
198,088
|
|
|
$
|
194,475
|
|
|
$
|
193,754
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
147,294
|
|
|
142,581
|
|
|
137,088
|
|
|||
Deferred income taxes and investment tax credits
|
|
35,732
|
|
|
38,645
|
|
|
19,163
|
|
|||
Changes in regulatory assets and liabilities
|
|
(5,650
|
)
|
|
13,699
|
|
|
32,135
|
|
|||
Pension and postretirement benefit plan expense
|
|
29,581
|
|
|
30,207
|
|
|
44,627
|
|
|||
Contributions to pension and postretirement benefit plans
|
|
(45,301
|
)
|
|
(42,843
|
)
|
|
(33,720
|
)
|
|||
Earnings of unconsolidated equity-method investments
|
|
(12,871
|
)
|
|
(11,128
|
)
|
|
(12,372
|
)
|
|||
Distributions from unconsolidated equity-method investments
|
|
25,641
|
|
|
12,458
|
|
|
5,261
|
|
|||
Allowance for equity funds used during construction
|
|
(22,031
|
)
|
|
(21,785
|
)
|
|
(17,931
|
)
|
|||
Gain on sale of investments and assets
|
|
(103
|
)
|
|
(97
|
)
|
|
(193
|
)
|
|||
Other non-cash adjustments to net income, net
|
|
5,108
|
|
|
2,788
|
|
|
5,085
|
|
|||
Change in:
|
|
|
|
|
|
|
|
|
||||
Accounts receivable
|
|
(2,671
|
)
|
|
4,740
|
|
|
20,433
|
|
|||
Accounts payable and other accrued liabilities
|
|
13,300
|
|
|
2,440
|
|
|
6,359
|
|
|||
Taxes accrued/receivable
|
|
662
|
|
|
818
|
|
|
(13,631
|
)
|
|||
Other current assets
|
|
(10,887
|
)
|
|
(14,861
|
)
|
|
(13,124
|
)
|
|||
Other current liabilities
|
|
(3,283
|
)
|
|
403
|
|
|
1,771
|
|
|||
Other assets
|
|
(3,897
|
)
|
|
3,021
|
|
|
(3,655
|
)
|
|||
Other liabilities
|
|
(1,006
|
)
|
|
(2,367
|
)
|
|
(6,707
|
)
|
|||
Net cash provided by operating activities
|
|
347,706
|
|
|
353,194
|
|
|
364,343
|
|
|||
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Additions to property, plant and equipment
|
|
(296,950
|
)
|
|
(294,021
|
)
|
|
(274,094
|
)
|
|||
Payments received from transmission project joint funding partners
|
|
7,586
|
|
|
11,377
|
|
|
—
|
|
|||
Purchase of available-for-sale securities
|
|
(14,917
|
)
|
|
(14,106
|
)
|
|
(8,000
|
)
|
|||
Proceeds from sale of available-for-sale securities
|
|
15,693
|
|
|
34,243
|
|
|
—
|
|
|||
Purchase of life insurance investment
|
|
(10,000
|
)
|
|
(30,000
|
)
|
|
—
|
|
|||
Other
|
|
1,144
|
|
|
801
|
|
|
9,674
|
|
|||
Net cash used in investing activities
|
|
(297,444
|
)
|
|
(291,706
|
)
|
|
(272,420
|
)
|
|||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Issuance of long-term debt
|
|
120,000
|
|
|
250,000
|
|
|
—
|
|
|||
Retirement of long-term debt
|
|
(101,064
|
)
|
|
(121,064
|
)
|
|
(1,064
|
)
|
|||
Dividends on common stock
|
|
(104,984
|
)
|
|
(96,810
|
)
|
|
(88,489
|
)
|
|||
Net change in short-term borrowings
|
|
1,800
|
|
|
(11,300
|
)
|
|
(23,450
|
)
|
|||
Acquisition of treasury stock
|
|
(3,329
|
)
|
|
(3,277
|
)
|
|
(2,737
|
)
|
|||
Make-whole premium on retirement of long-term debt
|
|
(13,895
|
)
|
|
(17,872
|
)
|
|
—
|
|
|||
Other
|
|
(2,112
|
)
|
|
(3,171
|
)
|
|
2,463
|
|
|||
Net cash used in financing activities
|
|
(103,584
|
)
|
|
(3,494
|
)
|
|
(113,277
|
)
|
|||
Net (decrease) increase in cash and cash equivalents
|
|
(53,322
|
)
|
|
57,994
|
|
|
(21,354
|
)
|
|||
Cash and cash equivalents at beginning of the year
|
|
114,802
|
|
|
56,808
|
|
|
78,162
|
|
|||
Cash and cash equivalents at end of the year
|
|
$
|
61,480
|
|
|
$
|
114,802
|
|
|
$
|
56,808
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|||
Cash paid during the year for:
|
|
|
|
|
|
|
||||||
Income taxes
|
|
$
|
3,302
|
|
|
$
|
8,857
|
|
|
$
|
11,364
|
|
Interest (net of amount capitalized)
|
|
$
|
78,334
|
|
|
$
|
79,442
|
|
|
$
|
77,295
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
||||||
Additions to property, plant and equipment in accounts payable
|
|
$
|
34,603
|
|
|
$
|
23,840
|
|
|
$
|
28,438
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Common Stock:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
$
|
849,112
|
|
|
$
|
845,402
|
|
|
$
|
839,750
|
|
Cumulative effect of change in accounting principle
|
|
234
|
|
|
—
|
|
|
—
|
|
|||
Issued
|
|
—
|
|
|
—
|
|
|
195
|
|
|||
Other
|
|
2,487
|
|
|
3,710
|
|
|
5,457
|
|
|||
Balance at end of year
|
|
851,833
|
|
|
849,112
|
|
|
845,402
|
|
|||
|
|
|
|
|
|
|
||||||
Retained Earnings:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
1,230,105
|
|
|
1,132,237
|
|
|
1,027,461
|
|
|||
Cumulative effect of change in accounting principle
|
|
(234
|
)
|
|
—
|
|
|
—
|
|
|||
Net income attributable to IDACORP, Inc.
|
|
198,288
|
|
|
194,679
|
|
|
193,480
|
|
|||
Common stock dividends ($2.08, $1.92, and $1.76 per share, respectively)
|
|
(104,961
|
)
|
|
(96,811
|
)
|
|
(88,704
|
)
|
|||
Balance at end of year
|
|
1,323,198
|
|
|
1,230,105
|
|
|
1,132,237
|
|
|||
|
|
|
|
|
|
|
||||||
Accumulated Other Comprehensive (Loss) Income:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
(21,276
|
)
|
|
(24,158
|
)
|
|
(16,553
|
)
|
|||
Unfunded pension liability adjustment (net of tax)
|
|
394
|
|
|
2,882
|
|
|
(7,605
|
)
|
|||
Balance at end of year
|
|
(20,882
|
)
|
|
(21,276
|
)
|
|
(24,158
|
)
|
|||
|
|
|
|
|
|
|
||||||
Treasury Stock:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
(57
|
)
|
|
(280
|
)
|
|
(8
|
)
|
|||
Issued
|
|
3,143
|
|
|
3,500
|
|
|
2,465
|
|
|||
Acquired
|
|
(3,329
|
)
|
|
(3,277
|
)
|
|
(2,737
|
)
|
|||
Balance at end of year
|
|
(243
|
)
|
|
(57
|
)
|
|
(280
|
)
|
|||
|
|
|
|
|
|
|
||||||
Total IDACORP, Inc. shareholders’ equity at end of year
|
|
2,153,906
|
|
|
2,057,884
|
|
|
1,953,201
|
|
|||
|
|
|
|
|
|
|
||||||
Noncontrolling Interests:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
4,160
|
|
|
4,364
|
|
|
4,090
|
|
|||
Net (loss) income attributable to noncontrolling interests
|
|
(200
|
)
|
|
(204
|
)
|
|
274
|
|
|||
Balance at end of year
|
|
3,960
|
|
|
4,160
|
|
|
4,364
|
|
|||
|
|
|
|
|
|
|
||||||
Total equity at end of year
|
|
$
|
2,157,866
|
|
|
$
|
2,062,044
|
|
|
$
|
1,957,565
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
||||||
General business
|
|
$
|
1,145,993
|
|
|
$
|
1,151,038
|
|
|
$
|
1,122,281
|
|
Off-system sales
|
|
25,205
|
|
|
30,887
|
|
|
77,165
|
|
|||
Other revenues
|
|
88,155
|
|
|
85,580
|
|
|
79,205
|
|
|||
Total operating revenues
|
|
1,259,353
|
|
|
1,267,505
|
|
|
1,278,651
|
|
|||
|
|
|
|
|
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
||||||
Operation:
|
|
|
|
|
|
|
||||||
Purchased power
|
|
245,764
|
|
|
226,470
|
|
|
244,628
|
|
|||
Fuel expense
|
|
179,491
|
|
|
186,231
|
|
|
201,241
|
|
|||
Power cost adjustment
|
|
(5,330
|
)
|
|
16,766
|
|
|
22,235
|
|
|||
Other operations and maintenance
|
|
351,893
|
|
|
342,146
|
|
|
354,567
|
|
|||
Energy efficiency programs
|
|
33,754
|
|
|
30,532
|
|
|
27,154
|
|
|||
Depreciation
|
|
143,661
|
|
|
138,110
|
|
|
132,987
|
|
|||
Taxes other than income taxes
|
|
32,823
|
|
|
32,808
|
|
|
31,748
|
|
|||
Total operating expenses
|
|
982,056
|
|
|
973,063
|
|
|
1,014,560
|
|
|||
|
|
|
|
|
|
|
||||||
Income from Operations
|
|
277,297
|
|
|
294,442
|
|
|
264,091
|
|
|||
|
|
|
|
|
|
|
||||||
Other Income (Expense):
|
|
|
|
|
|
|
||||||
Allowance for equity funds used during construction
|
|
22,031
|
|
|
21,785
|
|
|
17,931
|
|
|||
Earnings of unconsolidated equity-method investments
|
|
10,855
|
|
|
9,773
|
|
|
10,814
|
|
|||
Other expense, net
|
|
(1,944
|
)
|
|
(5,071
|
)
|
|
(4,363
|
)
|
|||
Total other income
|
|
30,942
|
|
|
26,487
|
|
|
24,382
|
|
|||
|
|
|
|
|
|
|
||||||
Interest Charges:
|
|
|
|
|
|
|
||||||
Interest on long-term debt
|
|
81,956
|
|
|
83,056
|
|
|
80,562
|
|
|||
Other interest
|
|
10,050
|
|
|
8,706
|
|
|
7,472
|
|
|||
Allowance for borrowed funds used during construction
|
|
(10,194
|
)
|
|
(10,044
|
)
|
|
(8,464
|
)
|
|||
Total interest charges
|
|
81,812
|
|
|
81,718
|
|
|
79,570
|
|
|||
|
|
|
|
|
|
|
||||||
Income Before Income Taxes
|
|
226,427
|
|
|
239,211
|
|
|
208,903
|
|
|||
|
|
|
|
|
|
|
||||||
Income Tax Expense
|
|
37,185
|
|
|
48,228
|
|
|
19,516
|
|
|||
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
189,242
|
|
|
$
|
190,983
|
|
|
$
|
189,387
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
(thousands of dollars)
|
||||||||||
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
189,242
|
|
|
$
|
190,983
|
|
|
$
|
189,387
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
||||||
Unfunded pension liability adjustment, net of tax
of $253, $1,851, and $(4,881) |
|
394
|
|
|
2,882
|
|
|
(7,605
|
)
|
|||
Total Comprehensive Income
|
|
$
|
189,636
|
|
|
$
|
193,865
|
|
|
$
|
181,782
|
|
|
|
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(thousands of dollars)
|
||||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Electric Plant:
|
|
|
|
|
||||
In service (at original cost)
|
|
$
|
5,732,044
|
|
|
$
|
5,485,464
|
|
Accumulated provision for depreciation
|
|
(1,988,477
|
)
|
|
(1,913,927
|
)
|
||
In service - net
|
|
3,743,567
|
|
|
3,571,537
|
|
||
Construction work in progress
|
|
405,069
|
|
|
396,931
|
|
||
Held for future use
|
|
7,441
|
|
|
7,090
|
|
||
Electric plant - net
|
|
4,156,077
|
|
|
3,975,558
|
|
||
|
|
|
|
|
||||
Investments and Other Property
|
|
107,379
|
|
|
121,267
|
|
||
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
44,140
|
|
|
110,756
|
|
||
Receivables:
|
|
|
|
|
||||
Customer (net of allowance of $968 and $1,196, respectively)
|
|
71,557
|
|
|
73,505
|
|
||
Other (net of allowance of $164 and $159, respectively)
|
|
7,555
|
|
|
8,520
|
|
||
Income taxes receivable
|
|
23,334
|
|
|
5,432
|
|
||
Accrued unbilled revenues
|
|
80,738
|
|
|
65,805
|
|
||
Materials and supplies (at average cost)
|
|
57,858
|
|
|
56,924
|
|
||
Fuel stock (at average cost)
|
|
53,698
|
|
|
61,818
|
|
||
Prepayments
|
|
18,270
|
|
|
17,846
|
|
||
Current regulatory assets
|
|
62,570
|
|
|
49,215
|
|
||
Other
|
|
5,962
|
|
|
288
|
|
||
Total current assets
|
|
425,682
|
|
|
450,109
|
|
||
|
|
|
|
|
||||
Deferred Debits:
|
|
|
|
|
||||
American Falls and Milner water rights
|
|
9,487
|
|
|
11,592
|
|
||
Company-owned life insurance
|
|
57,553
|
|
|
48,566
|
|
||
Regulatory assets
|
|
1,409,329
|
|
|
1,305,210
|
|
||
Other
|
|
71,237
|
|
|
56,533
|
|
||
Total deferred debits
|
|
1,547,606
|
|
|
1,421,901
|
|
||
|
|
|
|
|
||||
Total
|
|
$
|
6,236,744
|
|
|
$
|
5,968,835
|
|
|
|
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(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
|
|
1,211,547
|
|
|
1,127,426
|
|
||
Accumulated other comprehensive loss
|
|
(20,882
|
)
|
|
(21,276
|
)
|
||
Total common stock equity
|
|
1,998,703
|
|
|
1,914,188
|
|
||
Long-term debt
|
|
1,744,614
|
|
|
1,725,410
|
|
||
Total capitalization
|
|
3,743,317
|
|
|
3,639,598
|
|
||
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
1,064
|
|
|
1,064
|
|
||
Notes payable
|
|
21,800
|
|
|
—
|
|
||
Accounts payable
|
|
105,846
|
|
|
94,970
|
|
||
Accounts payable to related parties
|
|
1,056
|
|
|
1,059
|
|
||
Taxes accrued
|
|
11,348
|
|
|
10,745
|
|
||
Interest accrued
|
|
22,377
|
|
|
22,292
|
|
||
Accrued compensation
|
|
45,622
|
|
|
42,835
|
|
||
Current regulatory liabilities
|
|
9,944
|
|
|
2,217
|
|
||
Advances from customers
|
|
21,438
|
|
|
31,214
|
|
||
Other
|
|
9,103
|
|
|
15,506
|
|
||
Total current liabilities
|
|
249,598
|
|
|
221,902
|
|
||
|
|
|
|
|
||||
Deferred Credits:
|
|
|
|
|
||||
Deferred income taxes
|
|
1,351,415
|
|
|
1,252,371
|
|
||
Regulatory liabilities
|
|
436,845
|
|
|
416,282
|
|
||
Pension and other postretirement benefits
|
|
411,523
|
|
|
394,030
|
|
||
Other
|
|
44,046
|
|
|
44,652
|
|
||
Total deferred credits
|
|
2,243,829
|
|
|
2,107,335
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Total
|
|
$
|
6,236,744
|
|
|
$
|
5,968,835
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these statements.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Operating Activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
189,242
|
|
|
$
|
190,983
|
|
|
$
|
189,387
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
146,694
|
|
|
141,972
|
|
|
136,496
|
|
|||
Deferred income taxes and investment tax credits
|
|
25,780
|
|
|
25,702
|
|
|
15,454
|
|
|||
Changes in regulatory assets and liabilities
|
|
(5,651
|
)
|
|
13,699
|
|
|
32,135
|
|
|||
Pension and postretirement benefit plan expense
|
|
29,597
|
|
|
30,185
|
|
|
44,579
|
|
|||
Contributions to pension and postretirement benefit plans
|
|
(45,317
|
)
|
|
(42,821
|
)
|
|
(33,672
|
)
|
|||
Earnings of unconsolidated equity-method investments
|
|
(10,855
|
)
|
|
(9,773
|
)
|
|
(10,814
|
)
|
|||
Distributions from unconsolidated equity-method investments
|
|
23,716
|
|
|
10,833
|
|
|
3,586
|
|
|||
Allowance for equity funds used during construction
|
|
(22,031
|
)
|
|
(21,785
|
)
|
|
(17,931
|
)
|
|||
Gain on sale of investments and assets
|
|
(103
|
)
|
|
(97
|
)
|
|
(186
|
)
|
|||
Other non-cash adjustments to net income, net
|
|
(454
|
)
|
|
(687
|
)
|
|
2,087
|
|
|||
Change in:
|
|
|
|
|
|
|
|
|
||||
Accounts receivable
|
|
3,590
|
|
|
1,998
|
|
|
20,072
|
|
|||
Accounts payable
|
|
13,308
|
|
|
2,646
|
|
|
6,183
|
|
|||
Taxes accrued/receivable
|
|
(17,299
|
)
|
|
17,179
|
|
|
(22,911
|
)
|
|||
Other current assets
|
|
(10,902
|
)
|
|
(14,849
|
)
|
|
(13,137
|
)
|
|||
Other current liabilities
|
|
(3,322
|
)
|
|
443
|
|
|
1,776
|
|
|||
Other assets
|
|
(3,897
|
)
|
|
3,021
|
|
|
(3,655
|
)
|
|||
Other liabilities
|
|
(829
|
)
|
|
(2,222
|
)
|
|
(6,238
|
)
|
|||
Net cash provided by operating activities
|
|
311,267
|
|
|
346,427
|
|
|
343,211
|
|
|||
Investing Activities:
|
|
|
|
|
|
|
|
|
||||
Additions to utility plant
|
|
(296,948
|
)
|
|
(293,968
|
)
|
|
(273,911
|
)
|
|||
Payments received from transmission project joint funding partners
|
|
7,586
|
|
|
11,377
|
|
|
—
|
|
|||
Purchase of available-for-sale securities
|
|
(14,917
|
)
|
|
(14,106
|
)
|
|
(8,000
|
)
|
|||
Proceeds from the sale of available-for-sale securities
|
|
15,693
|
|
|
34,243
|
|
|
—
|
|
|||
Purchase of life insurance investment
|
|
(10,000
|
)
|
|
(30,000
|
)
|
|
—
|
|
|||
Other
|
|
1,000
|
|
|
706
|
|
|
8,508
|
|
|||
Net cash used in investing activities
|
|
(297,586
|
)
|
|
(291,748
|
)
|
|
(273,403
|
)
|
|||
Financing Activities:
|
|
|
|
|
|
|
|
|
||||
Issuance of long-term debt
|
|
120,000
|
|
|
250,000
|
|
|
—
|
|
|||
Retirement of long-term debt
|
|
(101,064
|
)
|
|
(121,064
|
)
|
|
(1,064
|
)
|
|||
Dividends on common stock
|
|
(105,121
|
)
|
|
(96,907
|
)
|
|
(88,584
|
)
|
|||
Net change in short term borrowings
|
|
21,800
|
|
|
—
|
|
|
—
|
|
|||
Make-whole premium on retirement of long-term debt
|
|
(13,895
|
)
|
|
(17,872
|
)
|
|
—
|
|
|||
Other
|
|
(2,017
|
)
|
|
(4,775
|
)
|
|
—
|
|
|||
Net cash (used in) provided by financing activities
|
|
(80,297
|
)
|
|
9,382
|
|
|
(89,648
|
)
|
|||
Net (decrease) increase in cash and cash equivalents
|
|
(66,616
|
)
|
|
64,061
|
|
|
(19,840
|
)
|
|||
Cash and cash equivalents at beginning of the year
|
|
110,756
|
|
|
46,695
|
|
|
66,535
|
|
|||
Cash and cash equivalents at end of the year
|
|
$
|
44,140
|
|
|
$
|
110,756
|
|
|
$
|
46,695
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
|
|
||||
Cash paid during the year for:
|
|
|
|
|
|
|
|
|
||||
Income taxes
|
|
$
|
29,341
|
|
|
$
|
7,487
|
|
|
$
|
26,116
|
|
Interest (net of amount capitalized)
|
|
$
|
78,111
|
|
|
$
|
79,226
|
|
|
$
|
77,063
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
||||||
Additions to property, plant and equipment in accounts payable
|
|
$
|
34,603
|
|
|
$
|
23,840
|
|
|
$
|
28,438
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
(thousands of dollars)
|
||||||||||
|
|
|
|
|
|
|
||||||
Retained Earnings, Beginning of Year
|
|
$
|
1,127,426
|
|
|
$
|
1,033,350
|
|
|
$
|
932,547
|
|
Net Income
|
|
189,242
|
|
|
190,983
|
|
|
189,387
|
|
|||
Dividends on Common Stock
|
|
(105,121
|
)
|
|
(96,907
|
)
|
|
(88,584
|
)
|
|||
Retained Earnings, End of Year
|
|
$
|
1,211,547
|
|
|
$
|
1,127,426
|
|
|
$
|
1,033,350
|
|
•
|
energy efficiency riders to fund energy efficiency program expenditures. Expenditures funded through the riders are reported as an operating expense with an equal amount of revenues recorded in other revenues;
|
•
|
a fixed cost adjustment mechanism that results in recording additional or reduced revenue based on the allowed and actual fixed costs recovered through current rates;
|
•
|
a sharing mechanism providing for refunds to customers for earnings above stated returns on equity in Idaho;
|
•
|
franchise fees and similar taxes related to energy consumption. None of these collections are reported on the income statement; and
|
•
|
collection in base rates of a portion of the allowance for funds used during construction (AFUDC) related to its Hells Canyon Complex (HCC) relicensing project. Cash collected under this ratemaking mechanism is not recorded as revenue but is instead deferred as a regulatory liability.
|
•
|
Excess or deficit income tax benefits on share-based transactions are recorded as income tax expense rather than in additional-paid-in-capital.
|
•
|
Previously recorded forfeiture estimates of approximately
$0.2 million
are reported as a decrease to beginning retained earnings. IDACORP made an accounting policy election to account for share-based award forfeitures as they occur, rather than making an estimate of future forfeitures.
|
•
|
In the statement of cash flows, excess tax benefits on share-based payments are presented in operating activities in the same manner as other cash flows related to income taxes. Previously, these cash flows were presented in financing activities. Prior periods were not restated for this change.
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||||||||
|
|
(thousands of dollars)
|
||||||||||||||||||||||
Federal income tax expense at 35% statutory rate
|
|
$
|
82,151
|
|
|
$
|
84,154
|
|
|
$
|
73,588
|
|
|
$
|
79,250
|
|
|
$
|
83,724
|
|
|
$
|
73,116
|
|
Change in taxes resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AFUDC
|
|
(11,278
|
)
|
|
(11,140
|
)
|
|
(9,238
|
)
|
|
(11,278
|
)
|
|
(11,140
|
)
|
|
(9,238
|
)
|
||||||
Capitalized interest
|
|
2,000
|
|
|
2,693
|
|
|
2,278
|
|
|
2,000
|
|
|
2,693
|
|
|
2,278
|
|
||||||
Investment tax credits
|
|
(2,922
|
)
|
|
(2,963
|
)
|
|
(3,002
|
)
|
|
(2,922
|
)
|
|
(2,963
|
)
|
|
(3,002
|
)
|
||||||
Removal costs
|
|
(5,559
|
)
|
|
(4,807
|
)
|
|
(3,656
|
)
|
|
(5,559
|
)
|
|
(4,807
|
)
|
|
(3,656
|
)
|
||||||
Capitalized overhead costs
|
|
(10,500
|
)
|
|
(8,750
|
)
|
|
(8,750
|
)
|
|
(10,500
|
)
|
|
(8,750
|
)
|
|
(8,750
|
)
|
||||||
Capitalized repair costs
|
|
(28,000
|
)
|
|
(28,700
|
)
|
|
(26,250
|
)
|
|
(28,000
|
)
|
|
(28,700
|
)
|
|
(26,250
|
)
|
||||||
Bond redemption costs
|
|
(4,997
|
)
|
|
(6,459
|
)
|
|
—
|
|
|
(4,997
|
)
|
|
(6,459
|
)
|
|
—
|
|
||||||
Tax method change – capitalized repairs
(1)
|
|
—
|
|
|
—
|
|
|
(24,516
|
)
|
|
—
|
|
|
—
|
|
|
(24,516
|
)
|
||||||
State income taxes, net of federal benefit
|
|
5,071
|
|
|
7,343
|
|
|
4,680
|
|
|
4,880
|
|
|
7,503
|
|
|
5,334
|
|
||||||
Depreciation
|
|
18,673
|
|
|
17,149
|
|
|
16,040
|
|
|
18,673
|
|
|
17,149
|
|
|
16,040
|
|
||||||
Share-based compensation
|
|
(1,614
|
)
|
|
—
|
|
|
—
|
|
|
(1,583
|
)
|
|
—
|
|
|
—
|
|
||||||
Affordable housing tax credits
|
|
(2,579
|
)
|
|
(3,258
|
)
|
|
(5,189
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Affordable housing investment distributions
|
|
(1,717
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Affordable housing investment amortization
|
|
1,380
|
|
|
1,519
|
|
|
2,757
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other, net
|
|
(3,680
|
)
|
|
(1,021
|
)
|
|
(1,970
|
)
|
|
(2,779
|
)
|
|
(22
|
)
|
|
(1,840
|
)
|
||||||
Total income tax expense
|
|
$
|
36,429
|
|
|
$
|
45,760
|
|
|
$
|
16,772
|
|
|
$
|
37,185
|
|
|
$
|
48,228
|
|
|
$
|
19,516
|
|
Effective tax rate
|
|
15.5%
|
|
19.0%
|
|
8.0%
|
|
16.4%
|
|
20.2%
|
|
9.3%
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||||||||
|
|
(thousands of dollars)
|
||||||||||||||||||||||
Income taxes current:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal
|
|
$
|
1,181
|
|
|
$
|
4,831
|
|
|
$
|
(4,926
|
)
|
|
$
|
7,639
|
|
|
$
|
16,470
|
|
|
$
|
(2,805
|
)
|
State
|
|
2,158
|
|
|
2,704
|
|
|
3,516
|
|
|
3,766
|
|
|
6,056
|
|
|
6,867
|
|
||||||
Total
|
|
3,339
|
|
|
7,535
|
|
|
(1,410
|
)
|
|
11,405
|
|
|
22,526
|
|
|
4,062
|
|
||||||
Income taxes deferred:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal
|
|
33,205
|
|
|
34,770
|
|
|
17,159
|
|
|
27,506
|
|
|
27,696
|
|
|
21,833
|
|
||||||
State
|
|
100
|
|
|
626
|
|
|
(3,260
|
)
|
|
(2,031
|
)
|
|
(2,486
|
)
|
|
(6,421
|
)
|
||||||
Total
|
|
33,305
|
|
|
35,396
|
|
|
13,899
|
|
|
25,475
|
|
|
25,210
|
|
|
15,412
|
|
||||||
Investment tax credits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deferred
|
|
3,227
|
|
|
3,455
|
|
|
3,044
|
|
|
3,227
|
|
|
3,455
|
|
|
3,044
|
|
||||||
Restored
|
|
(2,922
|
)
|
|
(2,963
|
)
|
|
(3,002
|
)
|
|
(2,922
|
)
|
|
(2,963
|
)
|
|
(3,002
|
)
|
||||||
Total
|
|
305
|
|
|
492
|
|
|
42
|
|
|
305
|
|
|
492
|
|
|
42
|
|
||||||
Affordable housing investments
|
|
(520
|
)
|
|
2,337
|
|
|
4,241
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total income tax expense
|
|
$
|
36,429
|
|
|
$
|
45,760
|
|
|
$
|
16,772
|
|
|
$
|
37,185
|
|
|
$
|
48,228
|
|
|
$
|
19,516
|
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
(thousands of dollars)
|
||||||||||||||
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regulatory liabilities
|
|
$
|
51,326
|
|
|
$
|
51,131
|
|
|
$
|
51,326
|
|
|
$
|
51,131
|
|
Deferred compensation
|
|
29,490
|
|
|
27,573
|
|
|
29,424
|
|
|
27,489
|
|
||||
Deferred revenue
|
|
40,354
|
|
|
34,282
|
|
|
40,354
|
|
|
34,282
|
|
||||
Tax credits
|
|
142,627
|
|
|
147,299
|
|
|
33,589
|
|
|
30,307
|
|
||||
Partnership investments
|
|
6,543
|
|
|
7,220
|
|
|
—
|
|
|
—
|
|
||||
Retirement benefits
|
|
132,362
|
|
|
126,885
|
|
|
132,362
|
|
|
126,885
|
|
||||
Other
|
|
11,401
|
|
|
11,245
|
|
|
11,069
|
|
|
10,745
|
|
||||
Total
|
|
414,103
|
|
|
405,635
|
|
|
298,124
|
|
|
280,839
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Property, plant and equipment
|
|
500,987
|
|
|
474,879
|
|
|
500,987
|
|
|
474,879
|
|
||||
Regulatory assets
|
|
948,540
|
|
|
875,028
|
|
|
948,540
|
|
|
875,028
|
|
||||
Power cost adjustments
|
|
21,077
|
|
|
18,489
|
|
|
21,077
|
|
|
18,489
|
|
||||
Fixed cost adjustment
|
|
17,376
|
|
|
14,395
|
|
|
17,376
|
|
|
14,395
|
|
||||
Partnership investments
|
|
12,371
|
|
|
16,925
|
|
|
5,554
|
|
|
9,829
|
|
||||
Retirement benefits
|
|
140,083
|
|
|
126,090
|
|
|
140,083
|
|
|
126,090
|
|
||||
Other
|
|
17,919
|
|
|
17,205
|
|
|
15,922
|
|
|
14,500
|
|
||||
Total
|
|
1,658,353
|
|
|
1,543,011
|
|
|
1,649,539
|
|
|
1,533,210
|
|
||||
Net deferred tax liabilities
|
|
$
|
1,244,250
|
|
|
$
|
1,137,376
|
|
|
$
|
1,351,415
|
|
|
$
|
1,252,371
|
|
|
|
|
|
As of December 31, 2016
|
|
|
|
|
||||||||||
|
|
Remaining
Amortization Period |
|
Earning a Return
(1)
|
|
Not Earning a Return
|
|
Total as of December 31,
|
||||||||||
Description
|
|
|
|
|
2016
|
|
2015
|
|||||||||||
Regulatory Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income taxes
|
|
|
|
$
|
—
|
|
|
$
|
948,540
|
|
|
$
|
948,540
|
|
|
$
|
875,027
|
|
Unfunded postretirement benefits
(2)
|
|
|
|
—
|
|
|
263,779
|
|
|
263,779
|
|
|
251,762
|
|
||||
Pension expense deferrals
|
|
|
|
83,057
|
|
|
22,295
|
|
|
105,352
|
|
|
85,790
|
|
||||
Energy efficiency program costs
(3)
|
|
|
|
5,552
|
|
|
—
|
|
|
5,552
|
|
|
4,482
|
|
||||
Power supply costs
(4)
|
|
2017-2018
|
|
53,870
|
|
|
—
|
|
|
53,870
|
|
|
47,220
|
|
||||
Fixed cost adjustment
(4)
|
|
2017-2018
|
|
44,445
|
|
|
—
|
|
|
44,445
|
|
|
36,820
|
|
||||
Asset retirement obligations
(5)
|
|
|
|
—
|
|
|
14,154
|
|
|
14,154
|
|
|
14,410
|
|
||||
Mark-to-market liabilities
(6)
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,973
|
|
||||
Long-term service agreement
(7)
|
|
2043
|
|
17,879
|
|
|
11,202
|
|
|
29,081
|
|
|
30,225
|
|
||||
Other
|
|
2017-2054
|
|
2,541
|
|
|
4,585
|
|
|
7,126
|
|
|
3,716
|
|
||||
Total
|
|
|
|
$
|
207,344
|
|
|
$
|
1,264,555
|
|
|
$
|
1,471,899
|
|
|
$
|
1,354,425
|
|
Regulatory Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income taxes
|
|
|
|
$
|
—
|
|
|
$
|
51,326
|
|
|
$
|
51,326
|
|
|
$
|
51,131
|
|
Removal costs
(5)
|
|
|
|
—
|
|
|
186,609
|
|
|
186,609
|
|
|
183,505
|
|
||||
Investment tax credits
|
|
|
|
—
|
|
|
79,960
|
|
|
79,960
|
|
|
79,655
|
|
||||
Deferred revenue-AFUDC
(8)
|
|
|
|
70,178
|
|
|
33,041
|
|
|
103,219
|
|
|
87,690
|
|
||||
Energy efficiency program costs
(3)
|
|
|
|
10,730
|
|
|
—
|
|
|
10,730
|
|
|
6,554
|
|
||||
Settlement agreement sharing mechanism
(4)
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,159
|
|
||||
Mark-to-market assets
(6)
|
|
|
|
—
|
|
|
7,831
|
|
|
7,831
|
|
|
405
|
|
||||
Other
|
|
|
|
5,598
|
|
|
1,516
|
|
|
7,114
|
|
|
6,399
|
|
||||
Total
|
|
|
|
$
|
86,506
|
|
|
$
|
360,283
|
|
|
$
|
446,789
|
|
|
$
|
418,498
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
a cost or benefit sharing ratio that allocates the deviations in net power supply expenses between customers (
95 percent
) and shareholders (
5 percent
), with the exceptions of expenses associated with PURPA power purchases and demand response incentive payments, which are allocated
100 percent
to customers; and
|
•
|
a sales-based adjustment intended to ensure that power supply expense recovery resulting solely from sales changes does not distort the results of the mechanism.
|
Effective Date
|
|
$ Change (millions)
|
|
Notes
|
||
June 1, 2016
|
|
$
|
17.3
|
|
|
The net increase in PCA rates included the application of (a) a customer rate credit of $3.2 million for sharing of revenues with customers for the year 2015 under the terms of the October 2014 settlement stipulation, and (b) $4.0 million reduction due to the transfer of Idaho energy efficiency rider funds.
|
June 1, 2015
|
|
$
|
(11.6
|
)
|
|
The net decrease in PCA rates included the application of (a) a customer rate credit of $8.0 million for sharing of revenues with customers for the year 2014 under the terms of the December 2011 settlement stipulation, and (b) $4.0 million of surplus Idaho energy efficiency rider funds.
|
June 1, 2014
|
|
$
|
(88.2
|
)
|
|
2014 PCA rates are net of (a) $20.0 million of surplus Idaho energy efficiency rider funds, and (b) $7.6 million of customer revenue sharing under a regulatory settlement stipulation. In addition, on June 1, 2014, there was an increase in base net power supply costs that shifted $99.3 million in power supply expenses from recovery via the PCA mechanism to recovery via base rates. The shifting of base net power supply costs is discussed in more detail below.
|
Year and Mechanism
|
|
APCU or PCAM Adjustment
|
2016 PCAM
|
|
Actual net power supply costs were within the deadband, resulting in no deferral.
|
2016 APCU
|
|
A rate increase of $0.2 million annually took effect June 1, 2016.
|
2015 PCAM
|
|
Actual net power supply costs were within the deadband, resulting in no deferral.
|
2015 APCU
|
|
A rate decrease of $0.7 million annually took effect June 1, 2015.
|
2014 PCAM
|
|
Actual net power supply costs were within the deadband, resulting in no deferral.
|
2014 APCU
|
|
A rate increase of $0.4 million annually took effect June 1, 2014.
|
•
|
If Idaho Power's actual Idaho-jurisdiction return on year-end equity (Idaho ROE) for 2012, 2013, or 2014 was less than
9.5 percent
, then Idaho Power could amortize up to a total of
$45 million
of additional accumulated deferred investment tax credits (ADITC) to help achieve a minimum
9.5 percent
Idaho ROE in the applicable year.
|
•
|
If Idaho Power's actual Idaho ROE for 2012, 2013, or 2014 exceeded
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 mechanism adjustment.
|
•
|
If Idaho Power's actual Idaho ROE for 2012, 2013, or 2014 exceeded
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
75 percent
to Idaho Power's Idaho customers as a reduction to the pension regulatory asset 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 over the 2015 through 2019 period.
|
•
|
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 PCA 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 PCA,
25 percent
to Idaho Power's Idaho customers in the form of a reduction to the pension expense deferral regulatory asset (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 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.
|
Year
|
|
Recorded as Refunds to Customers
|
|
Recorded as a Pre-tax Charge to Pension Expense
|
2016
|
|
$—
|
|
$—
|
2015
|
|
$3.2
|
|
$—
|
2014
|
|
$8.0
|
|
$16.7
|
FCA Year
|
|
Period Rates in Effect
|
|
Annual Amount
(in millions) |
2015
|
|
June 1, 2016-May 31, 2017
|
|
$28.1
|
2014
|
|
June 1, 2015-May 31, 2016
|
|
$16.9
|
2013
|
|
June 1, 2014-May 31, 2015
|
|
$14.9
|
Applicable Period
|
|
OATT Rate (per kW-year)
|
||
October 1, 2016 to September 30, 2017
|
|
$
|
25.52
|
|
October 1, 2015 to September 30, 2016
|
|
$
|
23.43
|
|
October 1, 2014 to September 30, 2015
|
|
$
|
22.48
|
|
October 1, 2013 to September 30, 2014
|
|
$
|
22.80
|
|
|
|
2016
|
|
2015
|
||||
First mortgage bonds:
|
|
|
|
|
||||
6.15% Series due 2019
|
|
$
|
—
|
|
|
$
|
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
|
|
|
75,000
|
|
||
2.50% Series due 2023
|
|
75,000
|
|
|
75,000
|
|
||
6.00% 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
|
|
|
75,000
|
|
||
4.00% Series due 2043
|
|
75,000
|
|
|
75,000
|
|
||
3.65% Series due 2045
|
|
250,000
|
|
|
250,000
|
|
||
4.05% Series due 2046
|
|
120,000
|
|
|
—
|
|
||
Total first mortgage bonds
|
|
1,575,000
|
|
|
1,555,000
|
|
||
Pollution control revenue bonds:
|
|
|
|
|
||||
5.15% Series due 2024
(1)
|
|
49,800
|
|
|
49,800
|
|
||
5.25% Series due 2026
(1)
|
|
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
|
|
1,064
|
|
|
2,127
|
|
||
Unamortized issuance costs and discounts
|
|
(20,731
|
)
|
|
(20,998
|
)
|
||
Total IDACORP and Idaho Power outstanding debt
(2)
|
|
1,745,678
|
|
|
1,726,474
|
|
||
Current maturities of long-term debt
|
|
(1,064
|
)
|
|
(1,064
|
)
|
||
Total long-term debt
|
|
$
|
1,744,614
|
|
|
$
|
1,725,410
|
|
|
|
|
|
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
||||||||||||
|
$
|
1,064
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
230,000
|
|
|
$
|
—
|
|
|
$
|
1,535,345
|
|
|
|
IDACORP
|
|
Idaho Power
|
|
Total
|
||||||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||
Commercial paper balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
At the end of year
|
|
$
|
—
|
|
|
$
|
20,000
|
|
|
$
|
21,800
|
|
|
$
|
—
|
|
|
$
|
21,800
|
|
|
$
|
20,000
|
|
Average during the year
|
|
$
|
15,692
|
|
|
$
|
22,054
|
|
|
$
|
438
|
|
|
$
|
—
|
|
|
$
|
16,130
|
|
|
$
|
22,054
|
|
Weighted-average interest rate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
At the end of the year
|
|
—
|
%
|
|
0.88
|
%
|
|
1.13
|
%
|
|
—
|
%
|
|
1.13
|
%
|
|
0.88
|
%
|
|
|
Shares issued
|
|
Shares reserved
|
||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
December 31, 2016
|
||||
Balance at beginning of year
|
|
50,352,051
|
|
|
50,308,702
|
|
|
50,233,463
|
|
|
|
|
Continuous equity program (inactive)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,000,000
|
|
Dividend reinvestment and stock purchase plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,576,723
|
|
Employee savings plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,567,954
|
|
Long-term incentive and compensation plan
|
|
67,966
|
|
|
43,349
|
|
|
75,239
|
|
|
1,311,147
|
|
Restricted stock plan
(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
256,154
|
|
Balance at end of year
|
|
50,420,017
|
|
|
50,352,051
|
|
|
50,308,702
|
|
|
|
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||
|
|
Number of
Shares |
|
Weighted-Average
Grant Date Fair Value |
|
Number of
Shares |
|
Weighted-Average
Grant Date Fair Value |
||||||
Nonvested shares at January 1, 2016
|
|
230,820
|
|
|
$
|
52.41
|
|
|
228,790
|
|
|
$
|
52.44
|
|
Shares granted
|
|
114,486
|
|
|
64.13
|
|
|
113,708
|
|
|
64.18
|
|
||
Shares forfeited
|
|
(24,699
|
)
|
|
65.75
|
|
|
(24,699
|
)
|
|
65.75
|
|
||
Shares vested
|
|
(119,542
|
)
|
|
44.30
|
|
|
(118,273
|
)
|
|
44.32
|
|
||
Nonvested shares at December 31, 2016
|
|
201,065
|
|
|
$
|
61.49
|
|
|
199,526
|
|
|
$
|
61.51
|
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||||||||
Compensation cost
|
|
$
|
5,561
|
|
|
$
|
5,299
|
|
|
$
|
5,609
|
|
|
$
|
5,494
|
|
|
$
|
5,221
|
|
|
$
|
5,458
|
|
Income tax benefit
|
|
2,174
|
|
|
2,072
|
|
|
2,193
|
|
|
2,148
|
|
|
2,042
|
|
|
2,134
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|||
Net income attributable to IDACORP, Inc.
|
|
$
|
198,288
|
|
|
$
|
194,679
|
|
|
$
|
193,480
|
|
Denominator:
|
|
|
|
|
|
|
|
|
||||
Weighted-average common shares outstanding - basic
|
|
50,298
|
|
|
50,220
|
|
|
50,131
|
|
|||
Effect of dilutive securities
|
|
75
|
|
|
72
|
|
|
68
|
|
|||
Weighted-average common shares outstanding - diluted
|
|
50,373
|
|
|
50,292
|
|
|
50,199
|
|
|||
Basic earnings per share
|
|
$
|
3.94
|
|
|
$
|
3.88
|
|
|
$
|
3.86
|
|
Diluted earnings per share
|
|
$
|
3.94
|
|
|
$
|
3.87
|
|
|
$
|
3.85
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
||||||||||||
Cogeneration and power production
|
|
$
|
228,545
|
|
|
$
|
235,366
|
|
|
$
|
229,450
|
|
|
$
|
229,473
|
|
|
$
|
235,922
|
|
|
$
|
3,150,212
|
|
Fuel
|
|
56,534
|
|
|
22,070
|
|
|
8,948
|
|
|
8,433
|
|
|
8,399
|
|
|
100,978
|
|
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
||||||||||||
Operating leases
|
|
$
|
3,339
|
|
|
$
|
4,171
|
|
|
$
|
4,237
|
|
|
$
|
4,076
|
|
|
$
|
4,038
|
|
|
$
|
29,218
|
|
Equipment, maintenance, and service agreements
|
|
26,884
|
|
|
12,435
|
|
|
6,185
|
|
|
6,871
|
|
|
3,421
|
|
|
51,085
|
|
||||||
FERC and other industry-related fees
|
|
12,508
|
|
|
12,444
|
|
|
8,434
|
|
|
5,744
|
|
|
5,744
|
|
|
28,720
|
|
|
|
Pension Plan
|
|
SMSP
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
||||||||||||||
Change in projected benefit obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Benefit obligation at January 1
|
|
$
|
835,523
|
|
|
$
|
844,812
|
|
|
$
|
95,389
|
|
|
$
|
94,410
|
|
Service cost
|
|
32,019
|
|
|
33,164
|
|
|
1,228
|
|
|
1,689
|
|
||||
Interest cost
|
|
37,813
|
|
|
35,171
|
|
|
4,275
|
|
|
3,868
|
|
||||
Actuarial loss (gain)
|
|
22,640
|
|
|
(47,952
|
)
|
|
2,933
|
|
|
(352
|
)
|
||||
Plan amendment
|
|
81
|
|
|
—
|
|
|
120
|
|
|
—
|
|
||||
Benefits paid
|
|
(33,016
|
)
|
|
(29,672
|
)
|
|
(4,375
|
)
|
|
(4,226
|
)
|
||||
Projected benefit obligation at December 31
|
|
895,060
|
|
|
835,523
|
|
|
99,570
|
|
|
95,389
|
|
||||
Change in plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fair value at January 1
|
|
559,616
|
|
|
559,719
|
|
|
—
|
|
|
—
|
|
||||
Actual return on plan assets
|
|
40,968
|
|
|
(9,431
|
)
|
|
—
|
|
|
—
|
|
||||
Employer contributions
|
|
40,000
|
|
|
39,000
|
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
|
(33,016
|
)
|
|
(29,672
|
)
|
|
—
|
|
|
—
|
|
||||
Fair value at December 31
|
|
607,568
|
|
|
559,616
|
|
|
—
|
|
|
—
|
|
||||
Funded status at end of year
|
|
$
|
(287,492
|
)
|
|
$
|
(275,907
|
)
|
|
$
|
(99,570
|
)
|
|
$
|
(95,389
|
)
|
Amounts recognized in the statement of financial position consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other current liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(4,733
|
)
|
|
$
|
(4,423
|
)
|
Noncurrent liabilities
|
|
(287,492
|
)
|
|
(275,907
|
)
|
|
(94,837
|
)
|
|
(90,966
|
)
|
||||
Net amount recognized
|
|
$
|
(287,492
|
)
|
|
$
|
(275,907
|
)
|
|
$
|
(99,570
|
)
|
|
$
|
(95,389
|
)
|
Amounts recognized in accumulated other comprehensive income consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss
|
|
$
|
263,634
|
|
|
$
|
253,212
|
|
|
$
|
33,660
|
|
|
$
|
34,260
|
|
Prior service cost
|
|
96
|
|
|
74
|
|
|
625
|
|
|
673
|
|
||||
Subtotal
|
|
263,730
|
|
|
253,286
|
|
|
34,285
|
|
|
34,933
|
|
||||
Less amount recorded as regulatory asset
|
|
(263,730
|
)
|
|
(253,286
|
)
|
|
—
|
|
|
—
|
|
||||
Net amount recognized in accumulated other comprehensive income
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
34,285
|
|
|
$
|
34,933
|
|
Accumulated benefit obligation
|
|
$
|
766,367
|
|
|
$
|
714,994
|
|
|
$
|
91,146
|
|
|
$
|
86,838
|
|
|
|
Pension Plan
|
|
SMSP
|
||||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||||||||
Service cost
|
|
$
|
32,019
|
|
|
$
|
33,164
|
|
|
$
|
25,292
|
|
|
$
|
1,228
|
|
|
$
|
1,689
|
|
|
$
|
1,645
|
|
Interest cost
|
|
37,813
|
|
|
35,171
|
|
|
35,415
|
|
|
4,275
|
|
|
3,868
|
|
|
3,856
|
|
||||||
Expected return on assets
|
|
(42,081
|
)
|
|
(42,310
|
)
|
|
(42,289
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of net loss
|
|
13,331
|
|
|
13,927
|
|
|
3,911
|
|
|
3,532
|
|
|
4,195
|
|
|
2,618
|
|
||||||
Amortization of prior service cost
|
|
59
|
|
|
221
|
|
|
347
|
|
|
168
|
|
|
185
|
|
|
220
|
|
||||||
Net periodic pension cost
|
|
41,141
|
|
|
40,173
|
|
|
22,676
|
|
|
9,203
|
|
|
9,937
|
|
|
8,339
|
|
||||||
Adjustments due to the effects of regulation
(1)
|
|
(22,181
|
)
|
|
(21,173
|
)
|
|
12,124
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost recognized for financial reporting
|
|
$
|
18,960
|
|
|
$
|
19,000
|
|
|
$
|
34,800
|
|
|
$
|
9,203
|
|
|
$
|
9,937
|
|
|
$
|
8,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Plan
|
|
SMSP
|
||||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||||||||
Actuarial (loss) gain during the year
|
|
$
|
(23,753
|
)
|
|
$
|
(3,790
|
)
|
|
$
|
(146,674
|
)
|
|
$
|
(2,933
|
)
|
|
$
|
353
|
|
|
$
|
(15,324
|
)
|
Reclassification adjustments for:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amortization of net loss
|
|
13,331
|
|
|
13,927
|
|
|
3,911
|
|
|
3,532
|
|
|
4,195
|
|
|
2,618
|
|
||||||
Plan amendment service cost
|
|
(81
|
)
|
|
—
|
|
|
—
|
|
|
(120
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service cost
|
|
59
|
|
|
221
|
|
|
347
|
|
|
168
|
|
|
185
|
|
|
220
|
|
||||||
Adjustment for deferred tax effects
|
|
4,083
|
|
|
(4,050
|
)
|
|
55,678
|
|
|
(253
|
)
|
|
(1,851
|
)
|
|
4,881
|
|
||||||
Adjustment due to the effects of regulation
|
|
6,361
|
|
|
(6,308
|
)
|
|
86,738
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive income recognized related to pension benefit plans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
394
|
|
|
$
|
2,882
|
|
|
$
|
(7,605
|
)
|
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022-2026
|
||||||||||||
Pension Plan
|
|
$
|
32,592
|
|
|
$
|
34,957
|
|
|
$
|
37,375
|
|
|
$
|
39,938
|
|
|
$
|
42,477
|
|
|
$
|
248,151
|
|
SMSP
|
|
4,829
|
|
|
4,630
|
|
|
4,594
|
|
|
5,199
|
|
|
4,843
|
|
|
26,976
|
|
|
|
2016
|
|
2015
|
||||
Change in accumulated benefit obligation:
|
|
|
|
|
|
|
||
Benefit obligation at January 1
|
|
$
|
62,393
|
|
|
$
|
65,999
|
|
Service cost
|
|
1,116
|
|
|
1,235
|
|
||
Interest cost
|
|
2,766
|
|
|
2,678
|
|
||
Actuarial loss (gain)
|
|
1,550
|
|
|
(5,008
|
)
|
||
Benefits paid
(1)
|
|
(3,949
|
)
|
|
(2,511
|
)
|
||
Benefit obligation at December 31
|
|
63,876
|
|
|
62,393
|
|
||
Change in plan assets:
|
|
|
|
|
|
|
||
Fair value of plan assets at January 1
|
|
35,566
|
|
|
38,375
|
|
||
Actual return on plan assets
|
|
2,425
|
|
|
85
|
|
||
Employer contributions
(1)
|
|
957
|
|
|
(383
|
)
|
||
Benefits paid
(1)
|
|
(3,949
|
)
|
|
(2,511
|
)
|
||
Fair value of plan assets at December 31
|
|
34,999
|
|
|
35,566
|
|
||
Funded status at end of year (included in noncurrent liabilities)
|
|
$
|
(28,877
|
)
|
|
$
|
(26,827
|
)
|
|
|
|
|
|
|
|
2016
|
|
2015
|
||||
Net gain
|
|
$
|
(55
|
)
|
|
$
|
(1,654
|
)
|
Prior service cost
|
|
104
|
|
|
130
|
|
||
Subtotal
|
|
49
|
|
|
(1,524
|
)
|
||
Less amount recognized in regulatory assets
|
|
(49
|
)
|
|
1,524
|
|
||
Net amount recognized in accumulated other comprehensive income
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Service cost
|
|
1,116
|
|
|
$
|
1,235
|
|
|
$
|
1,011
|
|
|
Interest cost
|
|
2,766
|
|
|
2,678
|
|
|
2,841
|
|
|||
Expected return on plan assets
|
|
(2,474
|
)
|
|
(2,680
|
)
|
|
(2,595
|
)
|
|||
Amortization of prior service cost
|
|
26
|
|
|
15
|
|
|
183
|
|
|||
Net periodic postretirement benefit cost
|
|
$
|
1,434
|
|
|
$
|
1,248
|
|
|
$
|
1,440
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Actuarial (loss) gain during the year
|
|
$
|
(1,600
|
)
|
|
$
|
2,413
|
|
|
$
|
(5,733
|
)
|
Reclassification adjustments for amortization of prior service cost
|
|
26
|
|
|
15
|
|
|
183
|
|
|||
Adjustment for deferred tax effects
|
|
615
|
|
|
(949
|
)
|
|
2,170
|
|
|||
Adjustment due to the effects of regulation
|
|
959
|
|
|
(1,479
|
)
|
|
3,380
|
|
|||
Other comprehensive income related to postretirement benefit plans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022-2026
|
||||||||||||
Expected benefit payments
|
|
$
|
3,980
|
|
|
$
|
4,040
|
|
|
$
|
4,070
|
|
|
$
|
4,100
|
|
|
$
|
4,120
|
|
|
$
|
20,620
|
|
Expected Medicare Part D subsidy receipts
|
|
370
|
|
|
410
|
|
|
450
|
|
|
480
|
|
|
520
|
|
|
3,240
|
|
|
|
Pension Plan
|
|
SMSP
|
|
Postretirement
Benefits
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||
Discount rate
|
|
4.45
|
%
|
|
4.60
|
%
|
|
4.45
|
%
|
|
4.60
|
%
|
|
4.45
|
%
|
|
4.60
|
%
|
Rate of compensation increase
(1)
|
|
4.11
|
%
|
|
4.11
|
%
|
|
4.75
|
%
|
|
4.50
|
%
|
|
—
|
|
|
—
|
|
Medical trend rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.3
|
%
|
|
9.7
|
%
|
Dental trend rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.0
|
%
|
|
5.0
|
%
|
Measurement date
|
|
12/31/2016
|
|
|
12/31/2015
|
|
|
12/31/2016
|
|
|
12/31/2015
|
|
|
12/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Plan
|
|
SMSP
|
|
Postretirement
Benefits
|
|||||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
|||||||||
Discount rate
|
|
4.60
|
%
|
|
4.25
|
%
|
|
5.20
|
%
|
|
4.60
|
%
|
|
4.20
|
%
|
|
5.10
|
%
|
|
4.60
|
%
|
|
4.20
|
%
|
|
5.15
|
%
|
Expected long-term rate of return on assets
|
|
7.50
|
%
|
|
7.50
|
%
|
|
7.75
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.25
|
%
|
|
7.25
|
%
|
|
7.25
|
%
|
Rate of compensation increase
|
|
4.11
|
%
|
|
4.11
|
%
|
|
4.30
|
%
|
|
4.50
|
%
|
|
4.50
|
%
|
|
4.50
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Medical trend rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.3
|
%
|
|
9.7
|
%
|
|
6.4
|
%
|
Dental trend rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.0
|
%
|
|
5.0
|
%
|
|
5.0
|
%
|
|
|
One-Percentage-Point
|
||||||
|
|
Increase
|
|
Decrease
|
||||
Effect on total of cost components
|
|
$
|
382
|
|
|
$
|
(280
|
)
|
Effect on accumulated postretirement benefit obligation
|
|
3,687
|
|
|
(2,841
|
)
|
Asset Class
|
|
Target
Allocation
|
|
Actual
Allocation
December 31, 2016
|
||
Debt securities
|
|
24
|
%
|
|
22
|
%
|
Equity securities
|
|
54
|
%
|
|
56
|
%
|
Real estate
|
|
6
|
%
|
|
7
|
%
|
Other plan assets
|
|
16
|
%
|
|
15
|
%
|
Total
|
|
100
|
%
|
|
100
|
%
|
•
|
determine if the investments have the potential to earn the rate of return assumed in the actuarial liability calculations;
|
•
|
match the cash flow needs of the plan. Idaho Power sets bond allocations sufficient to cover at least five years of benefit payments and cash allocations sufficient to cover the current year benefit payments. Idaho Power then utilizes growth instruments (equities, real estate, venture capital) to fund the longer-term liabilities of the plan; and
|
•
|
maintain a prudent risk profile consistent with ERISA fiduciary standards.
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets at December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
28,632
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,632
|
|
Short-term bonds
|
|
11,198
|
|
|
—
|
|
|
—
|
|
|
11,198
|
|
||||
Intermediate bonds
|
|
11,904
|
|
|
88,734
|
|
|
—
|
|
|
100,638
|
|
||||
Long-term bonds
|
|
—
|
|
|
20,573
|
|
|
—
|
|
|
20,573
|
|
||||
Equity Securities: Large-Cap
|
|
80,582
|
|
|
—
|
|
|
—
|
|
|
80,582
|
|
||||
Equity Securities: Mid-Cap
|
|
68,634
|
|
|
—
|
|
|
—
|
|
|
68,634
|
|
||||
Equity Securities: Small-Cap
|
|
53,766
|
|
|
—
|
|
|
—
|
|
|
53,766
|
|
||||
Equity Securities: Micro-Cap
|
|
29,671
|
|
|
—
|
|
|
—
|
|
|
29,671
|
|
||||
Equity Securities: International
|
|
7,782
|
|
|
—
|
|
|
—
|
|
|
7,782
|
|
||||
Equity Securities: Emerging Markets
|
|
9,204
|
|
|
—
|
|
|
—
|
|
|
9,204
|
|
||||
Plan assets measured at NAV (not subject to hierarchy disclosure)
|
|
|
|
|
|
|
|
|
||||||||
Equity Securities: International
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64,930
|
|
||||
Equity Securities: Emerging Markets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,443
|
|
||||
Real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41,907
|
|
||||
Private market investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,713
|
|
||||
Commodities fund
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,895
|
|
||||
Total
|
|
$
|
301,373
|
|
|
$
|
109,307
|
|
|
$
|
—
|
|
|
$
|
607,568
|
|
Postretirement plan assets
(1)
|
|
$
|
28
|
|
|
$
|
34,971
|
|
|
$
|
—
|
|
|
$
|
34,999
|
|
|
|
|
|
|
|
|
|
|
Assets at December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
10,519
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,519
|
|
Short-term bonds
|
|
11,023
|
|
|
—
|
|
|
—
|
|
|
11,023
|
|
||||
Intermediate bonds
|
|
11,499
|
|
|
92,742
|
|
|
—
|
|
|
104,241
|
|
||||
Long-term bonds
|
|
—
|
|
|
21,747
|
|
|
—
|
|
|
21,747
|
|
||||
Equity Securities: Large-Cap
|
|
73,489
|
|
|
—
|
|
|
—
|
|
|
73,489
|
|
||||
Equity Securities: Mid-Cap
|
|
64,397
|
|
|
—
|
|
|
—
|
|
|
64,397
|
|
||||
Equity Securities: Small-Cap
|
|
47,777
|
|
|
—
|
|
|
—
|
|
|
47,777
|
|
||||
Equity Securities: Micro-Cap
|
|
22,186
|
|
|
—
|
|
|
—
|
|
|
22,186
|
|
||||
Equity Securities: International
|
|
7,698
|
|
|
—
|
|
|
—
|
|
|
7,698
|
|
||||
Equity Securities: Emerging Markets
|
|
9,679
|
|
|
—
|
|
|
—
|
|
|
9,679
|
|
||||
Plan assets measured at NAV (not subject to hierarchy disclosure)
|
|
|
|
|
|
|
|
|
||||||||
Equity Securities: International
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,787
|
|
||||
Equity Securities: Emerging Markets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,167
|
|
||||
Real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39,035
|
|
||||
Private market investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,316
|
|
||||
Commodities fund
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,555
|
|
||||
Total
|
|
$
|
258,267
|
|
|
$
|
114,489
|
|
|
$
|
—
|
|
|
$
|
559,616
|
|
Postretirement plan assets
(1)
|
|
$
|
16
|
|
|
$
|
35,550
|
|
|
$
|
—
|
|
|
$
|
35,566
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
||||||||||
|
|
Balance
|
|
Avg Rate
|
|
Balance
|
|
Avg Rate
|
||||||
Production
|
|
$
|
2,551,823
|
|
|
2.40
|
%
|
|
$
|
2,422,175
|
|
|
2.46
|
%
|
Transmission
|
|
1,120,903
|
|
|
2.02
|
%
|
|
1,077,065
|
|
|
2.01
|
%
|
||
Distribution
|
|
1,637,131
|
|
|
2.72
|
%
|
|
1,578,445
|
|
|
2.72
|
%
|
||
General and Other
|
|
422,187
|
|
|
5.49
|
%
|
|
407,779
|
|
|
5.62
|
%
|
||
Total in service
|
|
5,732,044
|
|
|
2.64
|
%
|
|
5,485,464
|
|
|
2.68
|
%
|
||
Accumulated provision for depreciation
|
|
(1,988,477
|
)
|
|
|
|
|
(1,913,927
|
)
|
|
|
|
||
In service - net
|
|
$
|
3,743,567
|
|
|
|
|
|
$
|
3,571,537
|
|
|
|
|
Name of Plant
|
|
Location
|
|
Utility Plant in Service
|
|
Construction
Work in Progress
|
|
Accumulated
Provision for Depreciation
|
|
Ownership %
|
|
MW
(1)
|
||||||
Jim Bridger Units 1-4
|
|
Rock Springs, WY
|
|
$
|
710,910
|
|
|
$
|
5,972
|
|
|
$
|
302,291
|
|
|
33
|
|
771
|
Boardman
|
|
Boardman, OR
|
|
82,419
|
|
|
34
|
|
|
67,568
|
|
|
10
|
|
64
|
|||
Valmy Units 1 and 2
|
|
Winnemucca, NV
|
|
410,390
|
|
|
1,373
|
|
|
189,557
|
|
|
50
|
|
284
|
|||
|
|
|
2016
|
|
2015
|
||||
Balance at beginning of year
|
|
$
|
26,153
|
|
|
$
|
21,930
|
|
Accretion expense
|
|
1,031
|
|
|
993
|
|
||
Revisions in estimated cash flows
|
|
1,759
|
|
|
5,043
|
|
||
Liability settled
|
|
(2,686
|
)
|
|
(1,813
|
)
|
||
Balance at end of year
|
|
$
|
26,257
|
|
|
$
|
26,153
|
|
|
|
2016
|
|
2015
|
||||
Idaho Power investments:
|
|
|
|
|
|
|
||
Bridger Coal Company (equity method investment)
|
|
$
|
82,299
|
|
|
$
|
95,159
|
|
Exchange traded short-term bond funds and cash equivalents
|
|
23,908
|
|
|
24,459
|
|
||
Executive deferred compensation plan investments
|
|
111
|
|
|
102
|
|
||
Total Idaho Power investments
|
|
106,318
|
|
|
119,720
|
|
||
Investments in affordable housing (IDACORP Financial Services)
|
|
7,643
|
|
|
9,909
|
|
||
Ida-West joint ventures (equity method investments)
|
|
11,213
|
|
|
11,123
|
|
||
Total IDACORP investments
|
|
$
|
125,174
|
|
|
$
|
140,752
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||||
Bridger Coal Company (Idaho Power)
|
|
$
|
10,855
|
|
|
$
|
9,773
|
|
|
$
|
10,814
|
|
||
Ida-West joint ventures
|
|
2,016
|
|
|
1,355
|
|
|
1,614
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
(56
|
)
|
|||||
Total
|
|
$
|
12,871
|
|
|
$
|
11,128
|
|
|
$
|
12,372
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||||
Proceeds from sales
|
|
$
|
15,693
|
|
|
$
|
34,243
|
|
|
$
|
—
|
|
||
Gross realized gains from sales
|
|
54
|
|
|
—
|
|
|
—
|
|
|||||
Gross realized losses from sales
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Location of Realized Gain/(Loss) on Derivatives Recognized in Income
|
|
Gain/(Loss) on Derivatives Recognized in Income
(1)
|
||||||||||
|
|
|
2016
|
|
2015
|
|
2014
|
|||||||
Financial swaps
|
|
Off-system sales
|
|
$
|
1,405
|
|
|
$
|
2,882
|
|
|
$
|
(4,119
|
)
|
Financial swaps
|
|
Purchased power
|
|
586
|
|
|
748
|
|
|
(1,416
|
)
|
|||
Financial swaps
|
|
Fuel expense
|
|
(1,947
|
)
|
|
(6,045
|
)
|
|
3,862
|
|
|||
Financial swaps
|
|
Other operations and maintenance
|
|
(161
|
)
|
|
(50
|
)
|
|
(158
|
)
|
|||
Forward contracts
|
|
Off-system sales
|
|
—
|
|
|
—
|
|
|
277
|
|
|||
Forward contracts
|
|
Purchased power
|
|
31
|
|
|
(6
|
)
|
|
(279
|
)
|
|||
Forward contracts
|
|
Fuel expense
|
|
139
|
|
|
54
|
|
|
94
|
|
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||||||
|
|
Balance Sheet Location
|
|
Gross Fair Value
|
|
Amounts Offset
|
|
Net Assets
|
|
Gross Fair Value
|
|
Amounts Offset
|
|
Net Liabilities
|
||||||||||||
|
|
|
|
|||||||||||||||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial swaps
|
|
Other current assets
|
|
$
|
8,134
|
|
|
$
|
(2,183
|
)
|
(1)
|
$
|
5,951
|
|
|
$
|
302
|
|
|
$
|
(302
|
)
|
|
$
|
—
|
|
Total
|
|
|
|
$
|
8,134
|
|
|
$
|
(2,183
|
)
|
|
$
|
5,951
|
|
|
$
|
302
|
|
|
$
|
(302
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial swaps
|
|
Other current assets
|
|
$
|
999
|
|
|
$
|
(785
|
)
|
|
$
|
214
|
|
|
$
|
785
|
|
|
$
|
(785
|
)
|
|
$
|
—
|
|
Financial swaps
|
|
Other current liabilities
|
|
177
|
|
|
(177
|
)
|
|
—
|
|
|
5,146
|
|
|
(177
|
)
|
|
4,969
|
|
||||||
Forward contracts
|
|
Other current assets
|
|
64
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forward contracts
|
|
Other current liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||||
Long-term:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial swaps
|
|
Other assets
|
|
148
|
|
|
(22
|
)
|
|
126
|
|
|
22
|
|
|
(22
|
)
|
|
—
|
|
||||||
Total
|
|
|
|
$
|
1,388
|
|
|
$
|
(984
|
)
|
|
$
|
404
|
|
|
$
|
5,956
|
|
|
$
|
(984
|
)
|
|
$
|
4,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
||||
Commodity
|
|
Units
|
|
2016
|
|
2015
|
||
Electricity purchases
|
|
MWh
|
|
217
|
|
|
357
|
|
Electricity sales
|
|
MWh
|
|
135
|
|
|
120
|
|
Natural gas purchases
|
|
MMBtu
|
|
6,604
|
|
|
11,597
|
|
Natural gas sales
|
|
MMBtu
|
|
70
|
|
|
78
|
|
Diesel purchases
|
|
Gallons
|
|
1,188
|
|
|
1,068
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
IDACORP
|
|
$
|
15,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,000
|
|
|
$
|
1,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,000
|
|
Idaho Power
|
|
29,967
|
|
|
—
|
|
|
—
|
|
|
29,967
|
|
|
10,000
|
|
|
—
|
|
|
—
|
|
|
10,000
|
|
||||||||
Derivatives
|
|
5,951
|
|
|
—
|
|
|
—
|
|
|
5,951
|
|
|
340
|
|
|
64
|
|
|
—
|
|
|
404
|
|
||||||||
Trading securities: Equity securities
|
|
111
|
|
|
—
|
|
|
—
|
|
|
111
|
|
|
102
|
|
|
—
|
|
|
—
|
|
|
102
|
|
||||||||
Available-for-sale securities: Equity securities
|
|
23,908
|
|
|
—
|
|
|
—
|
|
|
23,908
|
|
|
24,459
|
|
|
—
|
|
|
—
|
|
|
24,459
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivatives
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
286
|
|
|
$
|
4,686
|
|
|
$
|
—
|
|
|
$
|
4,972
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
|
Carrying Amount
|
|
Estimated Fair Value
|
|
Carrying Amount
|
|
Estimated Fair Value
|
||||||||
|
|
(thousands of dollars)
|
||||||||||||||
IDACORP
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Notes receivable
(1)
|
|
$
|
3,804
|
|
|
$
|
3,804
|
|
|
$
|
3,804
|
|
|
$
|
3,804
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt
(1)
|
|
1,745,678
|
|
|
1,858,666
|
|
|
1,726,474
|
|
|
1,813,243
|
|
||||
Idaho Power
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt
(1)
|
|
$
|
1,745,678
|
|
|
$
|
1,858,666
|
|
|
$
|
1,726,474
|
|
|
$
|
1,813,243
|
|
|
|
Utility
Operations
|
|
All
Other
|
|
Eliminations
|
|
Consolidated
Total
|
||||||||
2016
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
1,259,353
|
|
|
$
|
2,667
|
|
|
$
|
—
|
|
|
$
|
1,262,020
|
|
Operating income
|
|
265,491
|
|
|
6,285
|
|
|
—
|
|
|
271,776
|
|
||||
Other income
|
|
27,658
|
|
|
6
|
|
|
—
|
|
|
27,664
|
|
||||
Interest income
|
|
4,235
|
|
|
127
|
|
|
(121
|
)
|
|
4,241
|
|
||||
Equity-method income
|
|
10,855
|
|
|
2,016
|
|
|
—
|
|
|
12,871
|
|
||||
Interest expense
|
|
81,812
|
|
|
344
|
|
|
(121
|
)
|
|
82,035
|
|
||||
Income before income taxes
|
|
226,427
|
|
|
8,090
|
|
|
—
|
|
|
234,517
|
|
||||
Income tax expense (benefit)
|
|
37,185
|
|
|
(756
|
)
|
|
—
|
|
|
36,429
|
|
||||
Income attributable to IDACORP, Inc.
|
|
189,242
|
|
|
9,046
|
|
|
—
|
|
|
198,288
|
|
||||
Total assets
|
|
6,236,744
|
|
|
73,137
|
|
|
(19,984
|
)
|
|
6,289,897
|
|
||||
Expenditures for long-lived assets
|
|
296,948
|
|
|
2
|
|
|
—
|
|
|
296,950
|
|
2015
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
1,267,505
|
|
|
$
|
2,784
|
|
|
$
|
—
|
|
|
$
|
1,270,289
|
|
Operating income
|
|
282,252
|
|
|
(155
|
)
|
|
—
|
|
|
282,097
|
|
||||
Other income
|
|
25,868
|
|
|
37
|
|
|
—
|
|
|
25,905
|
|
||||
Interest income
|
|
3,037
|
|
|
64
|
|
|
(62
|
)
|
|
3,039
|
|
||||
Equity-method income
|
|
9,773
|
|
|
1,355
|
|
|
—
|
|
|
11,128
|
|
||||
Interest expense
|
|
81,718
|
|
|
278
|
|
|
(62
|
)
|
|
81,934
|
|
||||
Income before income taxes
|
|
239,211
|
|
|
1,024
|
|
|
—
|
|
|
240,235
|
|
||||
Income tax expense (benefit)
|
|
48,228
|
|
|
(2,468
|
)
|
|
—
|
|
|
45,760
|
|
||||
Income attributable to IDACORP, Inc.
|
|
190,983
|
|
|
3,696
|
|
|
—
|
|
|
194,679
|
|
||||
Total assets
|
|
5,968,835
|
|
|
71,704
|
|
|
(17,225
|
)
|
|
6,023,314
|
|
||||
Expenditures for long-lived assets
|
|
293,969
|
|
|
52
|
|
|
—
|
|
|
294,021
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
2014
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
1,278,651
|
|
|
$
|
3,873
|
|
|
$
|
—
|
|
|
$
|
1,282,524
|
|
Operating income
|
|
253,437
|
|
|
259
|
|
|
—
|
|
|
253,696
|
|
||||
Other income
|
|
21,517
|
|
|
37
|
|
|
—
|
|
|
21,554
|
|
||||
Interest income
|
|
2,705
|
|
|
34
|
|
|
(34
|
)
|
|
2,705
|
|
||||
Equity-method income
|
|
10,814
|
|
|
1,558
|
|
|
—
|
|
|
12,372
|
|
||||
Interest expense
|
|
79,570
|
|
|
265
|
|
|
(34
|
)
|
|
79,801
|
|
||||
Income before income taxes
|
|
208,903
|
|
|
1,623
|
|
|
—
|
|
|
210,526
|
|
||||
Income tax expense (benefit)
|
|
19,516
|
|
|
(2,744
|
)
|
|
—
|
|
|
16,772
|
|
||||
Income attributable to IDACORP, Inc.
|
|
189,387
|
|
|
4,093
|
|
|
—
|
|
|
193,480
|
|
||||
Total assets
|
|
5,604,506
|
|
|
109,044
|
|
|
(12,513
|
)
|
|
5,701,037
|
|
||||
Expenditures for long-lived assets
|
|
273,911
|
|
|
183
|
|
|
—
|
|
|
274,094
|
|
IDACORP - Other income, net
|
|
2016
|
|
2015
|
|
2014
|
||||||
Investment income, net
|
|
$
|
4,466
|
|
|
$
|
2,890
|
|
|
$
|
2,655
|
|
Carrying charges on regulatory assets
|
|
2,082
|
|
|
1,774
|
|
|
1,949
|
|
|||
Other income
|
|
767
|
|
|
777
|
|
|
588
|
|
|||
Life insurance proceeds, net of premiums
|
|
2,588
|
|
|
1,739
|
|
|
1,164
|
|
|||
Other expense
|
|
(29
|
)
|
|
(21
|
)
|
|
(28
|
)
|
|||
Total
|
|
$
|
9,874
|
|
|
$
|
7,159
|
|
|
$
|
6,328
|
|
Idaho Power - Other expense, net
|
|
|
|
|
|
|
||||||
Investment income, net
|
|
$
|
4,460
|
|
|
$
|
2,889
|
|
|
$
|
2,655
|
|
Carrying charges on regulatory assets
|
|
2,082
|
|
|
1,774
|
|
|
1,949
|
|
|||
Other income
|
|
761
|
|
|
739
|
|
|
551
|
|
|||
SMSP expense
|
|
(9,203
|
)
|
|
(9,937
|
)
|
|
(8,339
|
)
|
|||
Life insurance proceeds, net of premiums
|
|
2,588
|
|
|
1,739
|
|
|
1,164
|
|
|||
Other expense
|
|
(2,632
|
)
|
|
(2,275
|
)
|
|
(2,343
|
)
|
|||
Total
|
|
$
|
(1,944
|
)
|
|
$
|
(5,071
|
)
|
|
$
|
(4,363
|
)
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Defined benefit pension items
|
|
|
|
|
|
|
||||||
Balance at beginning of period
|
|
$
|
(21,276
|
)
|
|
$
|
(24,158
|
)
|
|
$
|
(16,553
|
)
|
Other comprehensive income before reclassifications
|
|
(1,859
|
)
|
|
214
|
|
|
(9,333
|
)
|
|||
Amounts reclassified out of AOCI
|
|
2,253
|
|
|
2,668
|
|
|
1,728
|
|
|||
Net current-period other comprehensive income
|
|
394
|
|
|
2,882
|
|
|
(7,605
|
)
|
|||
Balance at end of period
|
|
$
|
(20,882
|
)
|
|
$
|
(21,276
|
)
|
|
$
|
(24,158
|
)
|
|
|
|
|
|
|
|
|
|
Amount Reclassified from AOCI
|
||||||||||
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Amortization of defined benefit pension items
(1)
|
|
|
|
|
|
|
||||||
Prior service cost
|
|
$
|
168
|
|
|
$
|
185
|
|
|
$
|
220
|
|
Net loss
|
|
3,532
|
|
|
4,195
|
|
|
2,618
|
|
|||
Total before tax
|
|
3,700
|
|
|
4,380
|
|
|
2,838
|
|
|||
Tax benefit
(2)
|
|
(1,447
|
)
|
|
(1,712
|
)
|
|
(1,110
|
)
|
|||
Net of tax
|
|
2,253
|
|
|
2,668
|
|
|
1,728
|
|
|||
Total reclassification for the period
|
|
$
|
2,253
|
|
|
$
|
2,668
|
|
|
$
|
1,728
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
||||||||||||||
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
IDACORP, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2016
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
280,956
|
|
|
$
|
315,436
|
|
|
$
|
372,045
|
|
|
$
|
293,583
|
|
Operating income
|
|
43,818
|
|
|
76,953
|
|
|
97,928
|
|
|
53,077
|
|
||||
Net income
|
|
25,530
|
|
|
56,386
|
|
|
83,017
|
|
|
33,155
|
|
||||
Net income attributable to IDACORP, Inc.
|
|
25,729
|
|
|
56,246
|
|
|
83,100
|
|
|
33,213
|
|
||||
Basic earnings per share
|
|
$
|
0.51
|
|
|
$
|
1.12
|
|
|
$
|
1.65
|
|
|
$
|
0.66
|
|
Diluted earnings per share
|
|
$
|
0.51
|
|
|
$
|
1.12
|
|
|
$
|
1.65
|
|
|
$
|
0.66
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues
|
|
$
|
279,395
|
|
|
$
|
336,328
|
|
|
$
|
369,165
|
|
|
$
|
285,401
|
|
Operating income
|
|
42,904
|
|
|
85,976
|
|
|
104,664
|
|
|
48,552
|
|
||||
Net income
|
|
23,344
|
|
|
66,190
|
|
|
73,267
|
|
|
31,673
|
|
||||
Net income attributable to IDACORP, Inc.
|
|
23,430
|
|
|
66,080
|
|
|
73,336
|
|
|
31,832
|
|
||||
Basic earnings per share
|
|
$
|
0.47
|
|
|
$
|
1.32
|
|
|
$
|
1.46
|
|
|
$
|
0.63
|
|
Diluted earnings per share
|
|
$
|
0.47
|
|
|
$
|
1.31
|
|
|
$
|
1.46
|
|
|
$
|
0.63
|
|
Idaho Power Company
|
|
|
|
|
|
|
|
|
||||||||
2016
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
280,566
|
|
|
$
|
314,411
|
|
|
$
|
371,474
|
|
|
$
|
292,902
|
|
Income from operations
|
|
47,124
|
|
|
79,409
|
|
|
100,928
|
|
|
49,836
|
|
||||
Net income
|
|
25,534
|
|
|
54,807
|
|
|
80,029
|
|
|
28,872
|
|
||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues
|
|
$
|
278,774
|
|
|
$
|
335,321
|
|
|
$
|
368,517
|
|
|
$
|
284,893
|
|
Income from operations
|
|
46,159
|
|
|
88,836
|
|
|
107,614
|
|
|
51,833
|
|
||||
Net income
|
|
23,462
|
|
|
64,340
|
|
|
71,727
|
|
|
31,455
|
|
•
|
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;
|
•
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the company are being made only in accordance with the authorizations of management and directors of the company; and
|
•
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.
|
•
|
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;
|
•
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the company are being made only in accordance with the authorizations of management and directors of the company; and
|
•
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.
|
Plan Category
|
|
(a)
Number of securities to be issued upon exercise
of outstanding options, warrants and rights
|
|
(b)
Weighted-average
exercise price of
outstanding options, warrants and rights
|
|
(c)
Number of securities remaining available for future issuance under equity compensation
plans (excluding securities reflected in column (a))
|
|
||||
Equity compensation plans approved by shareholders
(1)
|
|
—
|
|
|
$
|
—
|
|
|
950,577
|
|
(2)
|
Equity compensation plans not approved by shareholders
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
Total
|
|
—
|
|
|
$
|
—
|
|
|
950,577
|
|
|
|
|
|
|
|
|
|
|
||||
(1)
Consists of the RSP (terminated as of February 9, 2017) and the LTICP.
|
|||||||||||
(2)
934,781 shares under the LTICP may be issued in connection with stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares, or other equity-based awards as of December 31, 2016. As of December 31, 2016, 15,796 shares remained available for future issuance under the RSP prior to termination of the plan. The number of shares listed in this column excludes (i) issued but unvested performance-based restricted shares, and (ii) issued but unvested time-based restricted shares, in both cases issued pursuant to the LTICP and unvested as of December 31, 2016.
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
2
|
Agreement and Plan of Exchange between IDACORP, Inc. and Idaho Power Company, dated as of February 2, 1998
|
S-4
|
333-48031
|
A
|
3/16/1998
|
|
3.1
|
Restated Articles of Incorporation of Idaho Power Company as filed with the Secretary of State of Idaho on June 30, 1989
|
S-3 Post-Effective Amend. No. 2
|
33-00440
|
4(a)(xiii)
|
6/30/1989
|
|
3.2
|
Statement of Resolution Establishing Terms of Flexible Auction Series A, Serial Preferred Stock, Without Par Value (cumulative stated value of $100,000 per share) of Idaho Power Company, as filed with the Secretary of State of Idaho on November 5, 1991
|
S-3
|
33-65720
|
4(a)(ii)
|
7/7/1993
|
|
3.3
|
Statement of Resolution Establishing Terms of 7.07% Serial Preferred Stock, Without Par Value (cumulative stated value of $100 per share) of Idaho Power Company, as filed with the Secretary of State of Idaho on June 30, 1993
|
S-3
|
33-65720
|
4(a)(iii)
|
7/7/1993
|
|
3.4
|
Articles of Share Exchange, as filed with the Secretary of State of Idaho on September 29, 1998
|
S-8 Post-Effective Amend. No. 1
|
33-56071-99
|
3(d)
|
10/1/1998
|
|
3.5
|
Articles of Amendment to Restated Articles of Incorporation of Idaho Power Company, as filed with the Secretary of State of Idaho on June 15, 2000
|
10-Q
|
1-3198
|
3(a)(iii)
|
8/4/2000
|
|
3.6
|
Articles of Amendment to Restated Articles of Incorporation of Idaho Power Company, as filed with the Secretary of State of Idaho on January 21, 2005
|
8-K
|
1-3198
|
3.3
|
1/26/2005
|
|
3.7
|
Articles of Amendment to Restated Articles of Incorporation of Idaho Power Company, as amended, as filed with the Secretary of State of Idaho on November 19, 2007
|
8-K
|
1-3198
|
3.3
|
11/19/2007
|
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
10.6
|
Amendment, dated September 30, 1977, relating to the agreement filed as Exhibit 10.4
|
S-7
|
2-62034
|
5(t)
|
6/30/1978
|
|
10.7
|
Amendment, dated October 31, 1977, relating to the agreement filed as Exhibit 10.4
|
S-7
|
2-62034
|
5(u)
|
6/30/1978
|
|
10.8
|
Amendment, dated January 23, 1978, relating to the agreement filed as Exhibit 10.4
|
S-7
|
2-62034
|
5(v)
|
6/30/1978
|
|
10.9
|
Amendment, dated February 15, 1978, relating to the agreement filed as Exhibit 10.4
|
S-7
|
2-62034
|
5(w)
|
6/30/1978
|
|
10.10
|
Amendment, dated September 1, 1979, relating to the agreement filed as Exhibit 10.4
|
S-7
|
2-68574
|
5(x)
|
7/23/1980
|
|
10.11
|
Participation Agreement, dated September 1, 1979, relating to the sale and leaseback of coal handling facilities at the Number One Boardman Station on Carty Reservoir
|
S-7
|
2-68574
|
5(z)
|
7/23/1980
|
|
10.12
|
Agreements for the Operation, Construction and Ownership of the North Valmy Power Plant Project, dated December 12, 1978, between Sierra Pacific Power Company and Idaho Power Company
|
S-7
|
2-64910
|
5(y)
|
6/29/1979
|
|
10.13
|
Framework Agreement, dated October 1, 1984, between the State of Idaho and Idaho Power Company relating to Idaho Power Company's Swan Falls and Snake River water rights
|
S-3
|
33-65720
|
10(h)
|
7/7/1993
|
|
10.14
|
Agreement, dated October 25, 1984, between the State of Idaho and Idaho Power Company, relating to the agreement filed as Exhibit 10.13
|
S-3
|
33-65720
|
10(h)(i)
|
7/7/1993
|
|
10.15
|
Contract to Implement, dated October 25, 1984, between the State of Idaho and Idaho Power Company, relating to the agreement filed as Exhibit 10.13
|
S-3
|
33-65720
|
10(h)(ii)
|
7/7/1993
|
|
10.16
|
Settlement Agreement, dated March 25, 2009, between the State of Idaho and Idaho Power Company relating to the agreement filed as Exhibit 10.13
|
10-Q
|
1-14465
|
10.58
|
5/7/2009
|
|
10.17
|
Agreement Regarding the Ownership, Construction, Operation and Maintenance of the Milner Hydroelectric Project (FERC No. 2899), dated January 22, 1990, between Idaho Power Company and the Twin Falls Canal Company and the Northside Canal Company Limited
|
S-3
|
33-65720
|
10(m)
|
7/7/1993
|
|
10.18
|
Credit Agreement, dated November 6, 2015, among IDACORP, Inc., Wells Fargo Bank, National Association, as administrative agent, swingline lender, and LC issuer, JPMorgan Chase Bank, N.A., as syndication agent and LC issuer, KeyBank National Association and MUFG Union Bank, N.A., as documentation agents and LC Issuers, and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Keybanc Capital Markets Inc., and MUFG Union Bank, N.A. as joint lead arrangers and joint book runners, and the other lenders named therein
|
8-K
|
1-14465, 1-3198
|
10.1
|
11/9/2015
|
|
10.19
|
Credit Agreement, dated November 6, 2015, among Idaho Power Company, Wells Fargo Bank, National Association, as administrative agent, swingline lender, and LC issuer, JPMorgan Chase Bank, N.A., as syndication agent and LC issuer, KeyBank National Association and MUFG Union Bank, N.A., as documentation agents and LC Issuers, and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Keybanc Capital Markets, Inc., and MUFG Union Bank, N.A. as joint lead arrangers and joint book runners, and the other lenders named therein
|
8-K
|
1-14465, 1-3198
|
10.2
|
11/9/2015
|
|
10.20
|
Letter Agreement, effective as of November 7, 2016, among IDACORP, Inc., Wells Fargo Bank, National Association, as administrative agent, swingline lender, and LC issuer, JPMorgan Chase Bank, N.A., as syndication agent and LC issuer, KeyBank National Association and MUFG Union Bank, N.A., as documentation agents and LC Issuers, and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Keybanc Capital Markets Inc., and MUFG Union Bank, N.A. as joint lead arrangers and joint book runners, and the other lenders named therein, extending term of Credit Agreement
|
|
|
|
|
X
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
10.21
|
Letter Agreement, effective as of November 7, 2016, among Idaho Power Company, Wells Fargo Bank, National Association, as administrative agent, swingline lender, and LC issuer, JPMorgan Chase Bank, N.A., as syndication agent and LC issuer, KeyBank National Association and MUFG Union Bank, N.A., as documentation agents and LC Issuers, and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Keybanc Capital Markets, Inc., and MUFG Union Bank, N.A. as joint lead arrangers and joint book runners, and the other lenders named therein, extending term of Credit Agreement
|
|
|
|
|
X
|
10.22
|
Loan Agreement, dated October 1, 2006, between Sweetwater County, Wyoming and Idaho Power Company
|
8-K
|
1-3198
|
10.1
|
10/10/2006
|
|
10.23
|
Guaranty Agreement, dated February 10, 1992, between Idaho Power Company and New York Life Insurance Company, as Note Purchaser, relating to $11,700,000 Guaranteed Notes due 2017 of Milner Dam Inc.
|
S-3
|
33-65720
|
10(m)(i)
|
7/7/1993
|
|
10.24
|
Guaranty Agreement, dated April 11, 2000, between Idaho Power Company and Bank One Trust Company, N.A., as Trustee, relating to $19,885,000 American Falls Replacement Dam Refinancing Bonds of the American Falls Reservoir District, Idaho
|
10-Q
|
1-3198
|
10(c)
|
8/4/2000
|
|
10.25
|
Guaranty Agreement, dated as of August 30, 1974, between Idaho Power Company and Pacific Power & Light Company
|
S-7
|
2-62034
|
5(r)
|
6/30/1978
|
|
10.26
1
|
Idaho Power Company Security Plan for Senior Management Employees I, amended and restated effective December 31, 2004, and as further amended November 20, 2008
|
10-K
|
1-14465, 1-3198
|
10.15
|
2/26/2009
|
|
10.27
1
|
Amendment, dated September 19, 2012, to the Idaho Power Company Security Plan for Senior Management Employees I
|
10-Q
|
1-14465, 1-3198
|
10.62
|
11/1/2012
|
|
10.28
1
|
Idaho Power Company Security Plan for Senior Management Employees II, effective January 1, 2005, as amended and restated November 30, 2011 (superseded by Exhibit 10.31 effective February 9, 2017)
|
10-K
|
1-14465, 1-3198
|
10.21
|
2/22/2012
|
|
10.29
1
|
Amendment, dated September 19, 2012, to the Idaho Power Company Security Plan for Senior Management Employees II (superseded by Exhibit 10.31 effective February 9, 2017)
|
10-Q
|
1-14465, 1-3198
|
10.63
|
11/1/2012
|
|
10.30
1
|
Amendment, dated January 16, 2014, to the Idaho Power Company Security Plan for Senior Management Employees II (superseded by Exhibit 10.31 effective February 9, 2017)
|
10-K
|
1-14465, 1-3198
|
10.26
|
2/20/2014
|
|
10.31
1
|
Idaho Power Company Security Plan for Senior Management Employees II, as amended and restated February 9, 2017
|
|
|
|
|
X
|
10.32
1
|
IDACORP, Inc. Restricted Stock Plan, as amended and restated September 20, 2007 (terminated February 9, 2017)
|
10-Q
|
1-14465, 1-3198
|
10(h)(iii)
|
10/31/2007
|
|
10.33
1
|
Idaho Power Company Security Plan for Board of Directors - a non-qualified deferred compensation plan, as amended and restated effective July 20, 2006
|
10-Q
|
1-14465, 1-3198
|
10(h)(viii)
|
11/2/2006
|
|
10.34
1
|
IDACORP, Inc. Non-Employee Directors Stock Compensation Plan, as amended November 19, 2015
|
10-K
|
1-14465, 1-3198
|
10.34
|
2/18/2016
|
|
10.35
1
|
Form of Officer Indemnification Agreement between IDACORP, Inc. and Officers of IDACORP, Inc. and Idaho Power Company, as amended July 20, 2006
|
10-Q
|
1-14465, 1-3198
|
10(h)(xix)
|
11/2/2006
|
|
10.36
1
|
Form of Director Indemnification Agreement between IDACORP, Inc. and Directors of IDACORP, Inc., as amended July 20, 2006
|
10-Q
|
1-14465, 1-3198
|
10(h)(xx)
|
11/2/2006
|
|
10.37
1
|
Form of Amended and Restated Change in Control Agreement between IDACORP, Inc. and Officers of IDACORP and Idaho Power Company (senior vice president and higher), approved November 20, 2008
|
10-K
|
1-14465, 1-3198
|
10.24
|
2/26/2009
|
|
10.38
1
|
Form of Amended and Restated Change in Control Agreement between IDACORP, Inc. and Officers of IDACORP and Idaho Power Company (below senior vice president), approved November 20, 2008
|
10-K
|
1-14465, 1-3198
|
10.25
|
2/26/2009
|
|
10.39
1
|
Form of Amended and Restated Change in Control Agreement between IDACORP, Inc. and Officers of IDACORP, Inc. and Idaho Power Company, approved March 17, 2010
|
8-K
|
1-14465, 1-3198
|
10.1
|
3/24/2010
|
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
10.40
1
|
IDACORP, Inc. and/or Idaho Power Company Executive Officers with Amended and Restated Change in Control Agreements chart, as of February 8, 2017
|
|
|
|
|
X
|
10.41
1
|
IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan, as amended and restated February 9, 2017
|
|
|
|
|
X
|
10.42
1
|
IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan - Form of Restricted Unit Award Agreement (Time Vesting)
|
|
|
|
|
X
|
10.43
1
|
IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan - Form of Performance Unit Award Agreement (Performance with Total Shareholder Return Goal)
|
|
|
|
|
X
|
10.44
1
|
IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan - Form of Performance Unit Award Agreement (Performance with Cumulative Earnings Per Share Goal)
|
|
|
|
|
X
|
10.45
1
|
IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan - Form of Restricted Stock Award Agreement (Time Vesting) (For 2015 and 2016 Outstanding Awards)
|
10-K
|
1-14465, 1-3198
|
10.43
|
2/19/2015
|
|
10.46
1
|
IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan - Form of Performance Share Award Agreement (Performance with Two Goals) (For 2015 and 2016 Outstanding Awards)
|
10-K
|
1-14465, 1-3198
|
10.44
|
2/19/2015
|
|
10.47
1
|
IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan - Form of Restricted Stock Award Agreement (Time Vesting) (For 2014 and Prior Outstanding Awards)
|
10-Q
|
1-14465, 1-3198
|
10(h)(xvii)
|
11/2/2006
|
|
10.48
1
|
IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan - Form of Performance Share Award Agreement (Performance with Two Goals) (For 2014 and Prior Outstanding Awards)
|
10-Q
|
1-14465, 1-3198
|
10.69
|
5/5/2011
|
|
10.49
1
|
IDACORP, Inc. Executive Incentive Plan, as amended and restated February 11, 2016
|
10-K
|
1-14465, 1-3198
|
10.47
|
2/18/2016
|
|
10.50
1
|
Idaho Power Company Executive Deferred Compensation Plan, effective November 15, 2000, as amended November 20, 2008
|
10-K
|
1-14465, 1-3198
|
10.32
|
2/26/2009
|
|
10.51
1
|
IDACORP, Inc. and Idaho Power Company Compensation for Non-Employee Directors of the Board of Directors, effective January 1, 2017
|
|
|
|
|
X
|
10.52
1
|
Form of IDACORP, Inc. Director Deferred Compensation Agreement, as amended November 20, 2008
|
10-K
|
1-14465, 1-3198
|
10.46
|
2/26/2009
|
|
10.53
1
|
Form of Letter Agreement to Amend Outstanding IDACORP, Inc. Director Deferred Compensation Agreement (November 16, 2008)
|
10-K
|
1-14465, 1-3198
|
10.47
|
2/26/2009
|
|
10.54
1
|
Form of Amendment to IDACORP, Inc. Director Deferred Compensation Agreement, as amended November 20, 2008
|
10-K
|
1-14465, 1-3198
|
10.48
|
2/26/2009
|
|
10.55
1
|
Form of Termination of IDACORP, Inc. Director Deferred Compensation Agreement, as amended November 20, 2008
|
10-K
|
1-14465, 1-3198
|
10.49
|
2/26/2009
|
|
10.56
1
|
Form of Idaho Power Company Director Deferred Compensation Agreement, as amended November 20, 2008
|
10-K
|
1-14465, 1-3198
|
10.50
|
2/26/2009
|
|
10.57
1
|
Form of Letter Agreement to Amend Outstanding Idaho Power Company Director Deferred Compensation Agreement (November 16, 2008)
|
10-K
|
1-14465, 1-3198
|
10.51
|
2/26/2009
|
|
10.58
1
|
Form of Amendment to Idaho Power Company Director Deferred Compensation Agreement, as amended November 20, 2008
|
10-K
|
1-14465, 1-3198
|
10.52
|
2/26/2009
|
|
10.59
1
|
Form of Termination of Idaho Power Company Director Deferred Compensation Agreement, as amended November 20, 2008
|
10-K
|
1-14465, 1-3198
|
10.53
|
2/26/2009
|
|
10.60
1
|
Idaho Power Company Restated Employee Savings Plan, as restated as of January 1, 2016
|
10-K
|
1-14465, 1-3198
|
10.59
|
2/18/2016
|
|
10.61
1
|
Amendment, dated effective December 1, 2016, to the Idaho Power Company Restated Employee Savings Plan, as restated as of January 1, 2016
|
|
|
|
|
X
|
12.1
|
IDACORP, Inc. Computation of Ratio of Earnings to Fixed Charges and Supplemental Ratio of Earnings to Fixed Charges
|
|
|
|
|
X
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Income:
|
|
|
|
|
|
|
|
|
||||
Equity in income of subsidiaries
|
|
$
|
198,061
|
|
|
$
|
194,426
|
|
|
$
|
193,707
|
|
Investment income
|
|
3
|
|
|
1
|
|
|
—
|
|
|||
Total income
|
|
198,064
|
|
|
194,427
|
|
|
193,707
|
|
|||
Expenses:
|
|
|
|
|
|
|
|
|
|
|||
Operating expenses
|
|
716
|
|
|
831
|
|
|
1,376
|
|
|||
Interest expense
|
|
333
|
|
|
276
|
|
|
261
|
|
|||
Other expenses
|
|
45
|
|
|
45
|
|
|
45
|
|
|||
Total expenses
|
|
1,094
|
|
|
1,152
|
|
|
1,682
|
|
|||
Income from Before Income Taxes
|
|
196,970
|
|
|
193,275
|
|
|
192,025
|
|
|||
Income Tax Benefit
|
|
(1,318
|
)
|
|
(1,404
|
)
|
|
(1,455
|
)
|
|||
Net Income Attributable to IDACORP, Inc.
|
|
198,288
|
|
|
194,679
|
|
|
193,480
|
|
|||
Other comprehensive income (loss)
|
|
394
|
|
|
2,882
|
|
|
(7,605
|
)
|
|||
Comprehensive Income Attributable to IDACORP, Inc.
|
|
$
|
198,682
|
|
|
$
|
197,561
|
|
|
$
|
185,875
|
|
|
|
|
|
|
|
|
||||||
The accompanying note is an integral part of these statements.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|||
Net cash provided by operating activities
|
|
$
|
139,077
|
|
|
$
|
100,465
|
|
|
$
|
109,289
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Net cash provided by (used in) investing activities
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Dividends on common stock
|
|
(104,985
|
)
|
|
(96,810
|
)
|
|
(88,489
|
)
|
|||
(Decrease) increase in short-term borrowings
|
|
(20,000
|
)
|
|
(11,300
|
)
|
|
(23,450
|
)
|
|||
Change in intercompany notes payable
|
|
2,421
|
|
|
5,572
|
|
|
(198
|
)
|
|||
Other
|
|
(3,422
|
)
|
|
(1,675
|
)
|
|
(274
|
)
|
|||
Net cash used in financing activities
|
|
(125,986
|
)
|
|
(104,213
|
)
|
|
(112,411
|
)
|
|||
Net (decrease) increase in cash and cash equivalents
|
|
13,091
|
|
|
(3,748
|
)
|
|
(3,122
|
)
|
|||
Cash and cash equivalents at beginning of year
|
|
2,028
|
|
|
5,776
|
|
|
8,898
|
|
|||
Cash and cash equivalents at end of year
|
|
$
|
15,119
|
|
|
$
|
2,028
|
|
|
$
|
5,776
|
|
|
|
|
|
|
|
|
||||||
The accompanying note is an integral part of these statements.
|
|
|
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Assets
|
|
(thousands of dollars)
|
||||||
Current Assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
15,119
|
|
|
$
|
2,028
|
|
Receivables
|
|
1,065
|
|
|
946
|
|
||
Income taxes receivable
|
|
—
|
|
|
7,241
|
|
||
Other
|
|
101
|
|
|
119
|
|
||
Total current assets
|
|
16,285
|
|
|
10,334
|
|
||
Investment in subsidiaries
|
|
2,098,818
|
|
|
2,007,984
|
|
||
Other Assets:
|
|
|
|
|
|
|||
Deferred income taxes
|
|
66,411
|
|
|
76,410
|
|
||
Other
|
|
385
|
|
|
402
|
|
||
Total other assets
|
|
66,796
|
|
|
76,812
|
|
||
Total assets
|
|
$
|
2,181,899
|
|
|
$
|
2,095,130
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|||
Current Liabilities:
|
|
|
|
|
|
|||
Notes payable
|
|
$
|
—
|
|
|
$
|
20,000
|
|
Accounts payable
|
|
6
|
|
|
13
|
|
||
Taxes accrued
|
|
8,476
|
|
|
—
|
|
||
Other
|
|
660
|
|
|
765
|
|
||
Total current liabilities
|
|
9,142
|
|
|
20,778
|
|
||
Other Liabilities:
|
|
|
|
|
|
|||
Intercompany notes payable
|
|
17,834
|
|
|
15,292
|
|
||
Other
|
|
1,017
|
|
|
1,175
|
|
||
Total other liabilities
|
|
18,851
|
|
|
16,467
|
|
||
IDACORP, Inc. Shareholders’ Equity
|
|
2,153,906
|
|
|
2,057,885
|
|
||
Total Liabilities and Shareholders' Equity
|
|
$
|
2,181,899
|
|
|
$
|
2,095,130
|
|
The accompanying note is an integral part of these statements.
|
Column A
|
|
Column B
|
|
Column C
|
|
Column D
|
|
Column E
|
||||||||||||
|
|
|
|
Additions
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Charged
|
|
|
|
|
||||||||||
|
|
Balance at
|
|
Charged
|
|
(Credited)
|
|
|
|
Balance at
|
||||||||||
|
|
Beginning
|
|
to
|
|
to Other
|
|
|
|
End
|
||||||||||
Classification
|
|
of Year
|
|
Income
|
|
Accounts
|
|
Deductions
(1)
|
|
of Year
|
||||||||||
|
|
(thousands of dollars)
|
||||||||||||||||||
2016:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserves deducted from applicable assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserve for uncollectible accounts
|
|
$
|
1,355
|
|
|
$
|
3,917
|
|
|
$
|
263
|
|
|
$
|
4,403
|
|
|
$
|
1,132
|
|
Reserve for uncollectible notes
|
|
552
|
|
|
—
|
|
|
—
|
|
|
150
|
|
|
402
|
|
|||||
Other Reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Injuries and damages
|
|
1,874
|
|
|
848
|
|
|
—
|
|
|
930
|
|
|
1,792
|
|
|||||
2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserves deducted from applicable assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for uncollectible accounts
|
|
$
|
2,104
|
|
|
$
|
3,327
|
|
|
$
|
819
|
|
|
$
|
4,895
|
|
|
$
|
1,355
|
|
Reserve for uncollectible notes
|
|
552
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
552
|
|
|||||
Other Reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Injuries and damages
|
|
1,995
|
|
|
890
|
|
|
—
|
|
|
1,011
|
|
|
1,874
|
|
|||||
2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reserves deducted from applicable assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for uncollectible accounts
|
|
$
|
2,502
|
|
|
$
|
6,756
|
|
|
$
|
198
|
|
|
$
|
7,352
|
|
|
$
|
2,104
|
|
Reserve for uncollectible notes
|
|
885
|
|
|
(333
|
)
|
|
—
|
|
|
—
|
|
|
552
|
|
|||||
Other Reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rate refunds
|
|
398
|
|
|
(398
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Injuries and damages
|
|
1,671
|
|
|
461
|
|
|
—
|
|
|
137
|
|
|
1,995
|
|
Column A
|
|
Column B
|
|
Column C
|
|
Column D
|
|
Column E
|
||||||||||||
|
|
|
|
Additions
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Charged
|
|
|
|
|
||||||||||
|
|
Balance at
|
|
Charged
|
|
(Credited)
|
|
|
|
Balance at
|
||||||||||
|
|
Beginning
|
|
to
|
|
to Other
|
|
|
|
End
|
||||||||||
Classification
|
|
of Year
|
|
Income
|
|
Accounts
|
|
Deductions
(1)
|
|
of Year
|
||||||||||
|
|
(thousands of dollars)
|
||||||||||||||||||
2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserves deducted from applicable assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserve for uncollectible accounts
|
|
$
|
1,355
|
|
|
$
|
3,917
|
|
|
$
|
263
|
|
|
$
|
4,403
|
|
|
$
|
1,132
|
|
Other Reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Injuries and damages
|
|
1,874
|
|
|
848
|
|
|
—
|
|
|
930
|
|
|
1,792
|
|
|||||
2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserves deducted from applicable assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for uncollectible accounts
|
|
$
|
2,104
|
|
|
$
|
3,327
|
|
|
$
|
819
|
|
|
$
|
4,895
|
|
|
$
|
1,355
|
|
Other Reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Injuries and damages
|
|
1,995
|
|
|
890
|
|
|
—
|
|
|
1,011
|
|
|
1,874
|
|
|||||
2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserves deducted from applicable assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for uncollectible accounts
|
|
$
|
2,502
|
|
|
$
|
6,756
|
|
|
$
|
198
|
|
|
$
|
7,352
|
|
|
$
|
2,104
|
|
Other Reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rate refunds
|
|
398
|
|
|
(398
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Injuries and damages
|
|
1,671
|
|
|
461
|
|
|
—
|
|
|
137
|
|
|
1,995
|
|
February 23, 2017
|
|
IDACORP, INC.
|
||
Date
|
|
|
||
|
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
|
|
Darrel T. Anderson
|
|
|
|
|
President and Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|||
|
|
|
|
|
|||
/s/ Robert A. Tinstman
|
|
Chairman of the Board
|
|
February 23, 2017
|
|||
Robert A. Tinstman
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Darrel T. Anderson
|
|
(Principal Executive Officer)
|
|
February 23, 2017
|
|||
Darrel T. Anderson
|
|
|
|
|
|||
President and Chief Executive Officer and Director
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Steven R. Keen
|
|
(Principal Financial Officer)
|
|
February 23, 2017
|
|||
Steven R. Keen
|
|
|
|
|
|||
Senior Vice President, Chief Financial
|
|
|
|
|
|||
Officer, and Treasurer
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Kenneth W. Petersen
|
|
|
(Principal Accounting Officer)
|
|
February 23, 2017
|
||
Kenneth W. Petersen
|
|
|
|
|
|
|
|
Vice President, Controller, and Chief Accounting Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Thomas Carlile
|
|
Director
|
|
February 23, 2017
|
|||
Thomas Carlile
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Richard J. Dahl
|
|
Director
|
|
February 23, 2017
|
|||
Richard J. Dahl
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Annette G. Elg
|
|
Director
|
|
February 23, 2017
|
|||
Annette G. Elg
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Ronald W. Jibson
|
|
Director
|
|
February 23, 2017
|
|||
Ronald W. Jibson
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Judith A. Johansen
|
|
Director
|
|
February 23, 2017
|
|||
Judith A. Johansen
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Dennis L. Johnson
|
|
Director
|
|
February 23, 2017
|
|||
Dennis L. Johnson
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ J. LaMont Keen
|
|
Director
|
|
February 23, 2017
|
|||
J. LaMont Keen
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Christine King
|
|
Director
|
|
February 23, 2017
|
|||
Christine King
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Richard J. Navarro
|
|
Director
|
|
February 23, 2017
|
|||
Richard J. Navarro
|
|
|
|
|
|||
|
|
|
|
|
February 23, 2017
|
|
Idaho Power Company
|
||
Date
|
|
|
||
|
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
|
|
Darrel T. Anderson
|
|
|
|
|
President and Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|||
|
|
|
|
|
|||
/s/ Robert A. Tinstman
|
|
Chairman of the Board
|
|
February 23, 2017
|
|||
Robert A. Tinstman
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Darrel T. Anderson
|
|
(Principal Executive Officer)
|
|
February 23, 2017
|
|||
Darrel T. Anderson
|
|
|
|
|
|||
President and Chief Executive Officer and Director
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Steven R. Keen
|
|
(Principal Financial Officer)
|
|
February 23, 2017
|
|||
Steven R. Keen
|
|
|
|
|
|||
Senior Vice President, Chief Financial
|
|
|
|
|
|||
Officer, and Treasurer
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Kenneth W. Petersen
|
|
|
(Principal Accounting Officer)
|
|
February 23, 2017
|
||
Kenneth W. Petersen
|
|
|
|
|
|
|
|
Vice President, Controller, and Chief Accounting Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Thomas Carlile
|
|
Director
|
|
February 23, 2017
|
|||
Thomas Carlile
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Richard J. Dahl
|
|
Director
|
|
February 23, 2017
|
|||
Richard J. Dahl
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Annette G. Elg
|
|
Director
|
|
February 23, 2017
|
|||
Annette G. Elg
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Ronald W. Jibson
|
|
Director
|
|
February 23, 2017
|
|||
Ronald W. Jibson
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Judith A. Johansen
|
|
Director
|
|
February 23, 2017
|
|||
Judith A. Johansen
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Dennis L. Johnson
|
|
Director
|
|
February 23, 2017
|
|||
Dennis L. Johnson
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ J. LaMont Keen
|
|
Director
|
|
February 23, 2017
|
|||
J. LaMont Keen
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Christine King
|
|
Director
|
|
February 23, 2017
|
|||
Christine King
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Richard J. Navarro
|
|
Director
|
|
February 23, 2017
|
|||
Richard J. Navarro
|
|
|
|
|
|||
|
|
|
|
|
To:
|
Idaho Power Company/IDACORP, Inc. Bank Group
|
|
|
From:
|
Wells Fargo Bank, National Association, as Administrative Agent
|
Re:
|
(i) Idaho Power Company $300 Million Credit Agreement dated as of November 6, 2015 (the “
Idaho Power Credit Agreement
”) and (ii) IDACORP, Inc. $100 Million Credit Agreement dated as of November 6, 2015 (the “
IDACORP, Inc. Credit Agreement
” and together with the Idaho Power Credit Agreement, the “
Credit Agreements
”)
|
___
ü
_
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
___
ü
_
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
X
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
X
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
To:
|
Idaho Power Company/IDACORP, Inc. Bank Group
|
|
|
From:
|
Wells Fargo Bank, National Association, as Administrative Agent
|
Re:
|
(i) Idaho Power Company $300 Million Credit Agreement dated as of November 6, 2015 (the “
Idaho Power Credit Agreement
”) and (ii) IDACORP, Inc. $100 Million Credit Agreement dated as of November 6, 2015 (the “
IDACORP, Inc. Credit Agreement
” and together with the Idaho Power Credit Agreement, the “
Credit Agreements
”)
|
___
ü
_
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
___
ü
_
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
X
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
X
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the Idaho Power Credit Agreement to November 5, 2021.
|
___X_
|
CONSENTS to the extension of the Facility Termination Date under the IDACORP, Inc. Credit Agreement to November 5, 2021.
|
ARTICLE I
|
PURPOSE; EFFECTIVE DATE ......................................................................................................1
|
ARTICLE II
|
DEFINITIONS......................................................................................................................................1
|
2.1
|
Actuarial Equivalent..............................................................................................................................2
|
2.2
|
Administrative Committee.....................................................................................................................2
|
2.3
|
Administrator.........................................................................................................................................2
|
2.4
|
Affiliate..................................................................................................................................................2
|
2.5
|
Beneficiary.............................................................................................................................................2
|
2.6
|
Board.....................................................................................................................................................2
|
2.7
|
Change in Control...................................................................................................................................2
|
2.8
|
Change in Control Period........................................................................................................................3
|
2.9
|
Code.......................................................................................................................................................3
|
2.10
|
Company................................................................................................................................................3
|
2.11
|
Compensation Committee......................................................................................................................3
|
2.12
|
Compensation........................................................................................................................................3
|
2.13
|
Disability................................................................................................................................................4
|
2.14
|
Early Retirement Date............................................................................................................................4
|
2.15
|
Employer................................................................................................................................................4
|
2.16
|
Final Average Monthly Compensation...................................................................................................4
|
2.17
|
Normal Retirement Date.........................................................................................................................4
|
2.18
|
Participant..............................................................................................................................................4
|
2.20
|
Retirement.............................................................................................................................................4
|
2.21
|
Retirement Plan ..................................................................................................................................4
|
2.22
|
Security Plan Retirement Benefit............................................................................................................4
|
2.23
|
Separation from Service ....................................................................................................................4
|
2.24
|
Target Retirement Percentage.................................................................................................................4
|
2.25
|
Termination Date....................................................................................................................................5
|
2.26
|
Years of Participation.............................................................................................................................5
|
ARTICLE III
|
PARTICIPATION AND VESTING........................................................................................................5
|
3.1
|
Eligibility...............................................................................................................................................5
|
3.2
|
Vesting of Benefits.................................................................................................................................6
|
3.3
|
Change in Employment Status................................................................................................................6
|
3.4
|
Non-Participating Affiliate.....................................................................................................................6
|
ARTICLE IV
|
SURVIVOR BENEFITS........................................................................................................................6
|
4.1
|
Pre-termination Survivor Benefit...........................................................................................................6
|
4.2
|
Post-termination Survivor Benefit..........................................................................................................7
|
4.3
|
Method of Payment................................................................................................................................7
|
4.4
|
Effect of Payment...................................................................................................................................9
|
4.5
|
Appendix A - Example Calculations.......................................................................................................9
|
ARTICLE V
|
SECURITY PLAN RETIREMENT BENEFITS....................................................................................9
|
5.1
|
Normal Retirement Benefit....................................................................................................................9
|
5.2
|
Early Retirement Benefit......................................................................................................................10
|
5.3
|
Early Retirement Factor ..................................................................................................................10
|
5.4
|
Early Termination Benefits...................................................................................................................11
|
5.5
|
Separation from Service After Change in Control.................................................................................11
|
5.6
|
Form of Payment..................................................................................................................................12
|
5.7
|
Code Section 162(m) Delay..................................................................................................................12
|
5.8
|
Payment to Specified Employees..........................................................................................................13
|
ARTICLE VI
|
OTHER RETIREMENT PROVISIONS..............................................................................................13
|
6.1
|
Disability..............................................................................................................................................13
|
6.2
|
Withholding Payroll Taxes...................................................................................................................13
|
6.3
|
Payment to Guardian\Conservator........................................................................................................13
|
ARTICLE VII
|
ADMINISTRATION...........................................................................................................................13
|
7.1
|
Administrative Committee Duties........................................................................................................13
|
7.2
|
Indemnity of Administrative Committee..............................................................................................14
|
ARTICLE VIII
|
CLAIMS PROCEDURE......................................................................................................................14
|
8.1
|
Claim...................................................................................................................................................14
|
8.2
|
Denial of Claim....................................................................................................................................14
|
8.3
|
Review of Claim...................................................................................................................................14
|
ARTICLE IX
|
TERMINATION, SUSPENSION OR AMENDMENT........................................................................15
|
9.1
|
Termination, Suspension or Amendment of Plan..................................................................................15
|
9.2
|
Change in Control.................................................................................................................................15
|
ARTICLE X
|
MISCELLANEOUS............................................................................................................................15
|
10.1
|
Unfunded Plan.....................................................................................................................................15
|
10.2
|
Unsecured General Creditor.................................................................................................................15
|
10.3
|
Trust Fund............................................................................................................................................16
|
10.4
|
Nonassignability.................................................................................................................................. 16
|
10.5
|
Not a Contract of Employment..............................................................................................................16
|
10.6
|
Governing Law.....................................................................................................................................16
|
10.7
|
Validity.................................................................................................................................................16
|
10.8
|
Notice..................................................................................................................................................16
|
10.9
|
Successors............................................................................................................................................16
|
52
|
52%
|
51
|
47%
|
50
|
42%
|
49
|
38%
|
48
|
34%
|
Idaho Power Company
|
|
|
|
|||||
SMSP II Section 4.1 and 4.2.1 Survivor Benefit Examples
|
|
|
|
|||||
|
EXAMPLE 1
|
EXAMPLE 2
|
EXAMPLE 3
|
EXAMPLE 4
|
||||
|
Participant not eligible
|
|
Participant eligible for
|
|
|
|
||
|
for Early Retirement,
|
|
Early Retirement,
|
|
Participant not eligible
|
|
Participant eligible
|
|
|
Non-spouse
|
|
Non-spouse
|
|
for Early Retirement,
|
|
for Early Retirement,
|
|
|
beneficiary or Spouse
|
|
beneficiary or Spouse
|
|
Spouse is 11 years
|
|
Spouse is 20 years
|
|
|
is no more than 10
|
|
is no more than 10
|
|
younger
|
|
younger
|
|
|
years younger
|
|
years younger
|
|
|
|
||
Participant Age:
|
45
|
|
60
|
|
45
|
|
55
|
|
Spouse Age:
|
42
|
|
56
|
|
34
|
|
35
|
|
Years of Participation
|
15
|
|
20
|
|
25
|
|
30
|
|
Years of Participation at NRD (age 62)
|
32
|
|
22
|
|
42
|
|
37
|
|
1. Annual Accrued Benefit:
|
|
|
|
|
||||
A. Qualified Plan
|
$30,000.00
|
$70,000.00
|
$50,000.00
|
$60,000.00
|
||||
B. Security Plan I
|
$0.00
|
$0.00
|
$0.00
|
$0.00
|
||||
C. Security Plan II Accrued Benefit at Date of Death
|
$190,000.00
|
$400,000.00
|
$310,000.00
|
$420,000.00
|
||||
D. Total Accrued Pension Benefits at Date of Death
|
$220,000.00
|
$470,000.00
|
$360,000.00
|
$480,000.00
|
||||
E. Security Plan II Accrued Benefit Assuming Service to Age 62 *
|
$219,000.00
|
$410,000.00
|
$310,000.00
|
$420,000.00
|
||||
F. Total Accrued Pension Benefits with SMSP II Using Service to Age 62 (1.A + 1.B + 1.E)
|
$249,000.00
|
$480,000.00
|
$360,000.00
|
$480,000.00
|
||||
2. Section 4.1.1 Pre-termination Survivor Benefit
|
|
|
|
|||||
A. Gross SMSP Accrued Benefit Before Offsets (1 .F)
|
$249,000.00
|
$480,000.00
|
$360,000.00
|
$480,000.00
|
||||
B. 2/3 Gross SMSP Accrued Benefit Before Offsets
|
$166,000.00
|
$320,000.00
|
$240,000.00
|
$320,000.00
|
||||
C. 100% J&S Factor (no reduction unless spouse is more than 10 years younger)
|
1.00000
|
|
1.00000
|
|
0.98987
|
|
0.89873
|
|
D. 1/2 Qualified Accrued Benefit (l.A divided by 2)
|
$15,000.00
|
$35,000.00
|
$25,000.00
|
$30,000.00
|
||||
E. SMSP I Death Benefit
|
$0.00
|
$0.00
|
$0.00
|
$0.00
|
||||
F. SMSP II 4.1.1 Survivor Benefit (2.B multiplied by 2.C, minus 2.D, minus 2.E) **
|
$151,000.00
|
$285,000.00
|
$212,568.80
|
$257,593.60
|
A.
|
Gross SMSP Accrued Benefit Before Offsets (1.D)
|
N/A
|
$470,000.00
|
N/A
|
$480,000.00
|
B.
|
Early Retirement Factor (ERF)
|
N/A
|
0.92000
|
N/A
|
0.67000
|
C.
|
100% J&S Factor
(reduced from 0.79 if spouse is more than 10 years younger)
|
N/A
|
0.79000
|
N/A
|
0.71000
|
D.
|
1/2 Qualified Accrued Benefit(1.A divided by 2)
|
N/A
|
$35,000.00
|
N/A
|
$30,000.00
|
E.
|
SMSP I Death Benefit
|
N/A
|
$0.00
|
N/A
|
$0.00
|
F.
|
SMSP II 4.1.2 Survivor Benefit
multiplied by 3.B multiplied by 3.C, minus 3.D, minus 3.E)
|
N/A
|
$306,596.00
|
N/A
|
$198,336.00
|
Name
|
|
Title
|
|
Date of Agreement
|
Darrel T. Anderson
|
|
President and Chief Executive Officer of IDACORP, Inc. and Idaho Power Company
|
|
12/23/2008
|
Brian R. Buckham*
|
|
Vice President and General Counsel of IDACORP, Inc. and Idaho Power Company
|
|
4/4/2016
|
Lisa A. Grow
|
|
Senior Vice President of Operations of Idaho Power Company
|
|
12/12/2008
|
Steven R. Keen
|
|
Senior Vice President, Chief Financial Officer, and Treasurer of IDACORP, Inc. and Idaho Power Company
|
|
12/30/2008
|
Lonnie Krawl*
|
|
Senior Vice President of Administrative Services and Chief Human Resources Officer of Idaho Power Company
|
|
9/30/2013
|
Jeffrey L. Malmen*
|
|
Senior Vice President of Public Affairs of IDACORP, Inc. and Idaho Power Company
|
|
12/8/2008
|
Tessia Park*
|
|
Vice President of Power Supply of Idaho Power Company
|
|
1/5/2016
|
Kenneth W. Petersen*
|
|
Vice President, Controller, and Chief Accounting Officer of IDACORP, Inc. and Idaho Power Company
|
|
5/20/2010
|
N. Vern Porter*
|
|
Vice President of Customer Operations of Idaho Power Company
|
|
3/18/2010
|
Adam Richins*
|
|
General Manager of Customer Operations, Engineering & Construction of Idaho Power Company (Vice President of Customer Operations and Business Development of Idaho Power Company effective March 1, 2017)
|
|
2/8/2017
|
Date of Grant:
|
___________ , 20__
|
Number of RSUs:
|
[[SHARESGRANTED]]
|
Restricted Period:
|
__/__/20__ through __/__/20__
|
Vesting Schedule:
|
All of the RSUs subject to this Award shall vest on __/__/20__ if the Participant remains employed through the Restricted Period.
|
A.
|
Forfeiture Restrictions
. Except as provided otherwise in Section 2 of this Annex A, if the Participant's employment is terminated during the Restricted Period, the RSUs subject to this Award shall be forfeited as of the date of termination.
|
B.
|
Transfer Restrictions
. The RSUs may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated.
|
Date of Grant:
|
_____________, 20__
|
Number of Performance Units
(the “Target Award”):
|
[[SHARESGRANTED]]
|
Maximum Number of Additional
Performance Units:
|
[[SHARESGRANTED]]
|
Performance Period:
|
__________, 20__ through ___________, 20__
|
Performance Goal:
|
IDACORP total shareholder return (“TSR”) relative to the Peer Group defined in Annex A for the Performance Period
|
Vesting Date:
|
To the extent the Performance Goal is met or exceeded, vesting of earned Performance Units subject to the Award (if any) shall occur upon completion of the Performance Period, with settlement as soon as administratively practicable in the calendar year following the Performance Period, but no later than March 15.
|
Dividend Equivalents:
|
Dividend equivalents are accrued throughout the Performance Period and paid as soon as administratively practicable, but no later than March 15 of the calendar year following the Performance Period, with respect to Performance Units subject to the Target Award that are earned and any additional Performance Units that are earned.
|
1.
|
Performance Goal and Determination of Number of Performance Units Earned
.
|
Percentile Rank
|
Payout Percentage
(% of Target Award)
|
__ (“maximum”) or higher
|
___%
|
__ (“target”)
|
___%
|
__ (“threshold”)
|
___%
|
Less than __
|
___%
|
r =
|
the numeric rank of the Company’s TSR relative to the Peer Group, where the highest return in the group is ranked number 1.
|
A.
|
Forfeiture Restrictions
. Except as provided otherwise in Section 6 hereof, if the Participant’s employment is terminated during the Performance Period, Performance Units shall be forfeited as of the date of termination.
|
B.
|
Transfer Restrictions
. Performance Units may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated during the Performance Period.
|
Date of Grant:
|
______________, 20__
|
Number of Performance Units
(the “Target Award”):
|
[[SHARESGRANTED]]
|
Maximum Number of Additional
Performance Units:
|
[[SHARESGRANTED]]
|
Performance Period:
|
_________, 20__ through _________, 20__
|
Performance Goal:
|
Cumulative diluted earnings per share (“CEPS”) for the Performance Period, as reported on the Company’s audited financial statements
|
Vesting Date:
|
To the extent the Performance Goal is met or exceeded, vesting of earned Performance Units subject to the Award (if any) shall occur upon completion of the Performance Period, with settlement as soon as administratively practicable in the calendar year following the Performance Period, but no later than March 15.
|
Dividend Equivalents:
|
Dividend equivalents are accrued throughout the Performance Period and paid as soon as administratively practicable, but no later than March 15 of the calendar year following the Performance Period, with respect to Performance Units subject to the Target Award that are earned and any additional Performance Units that are earned.
|
2.
|
Performance Goal and Determination of Number of Performance Units Earned
.
|
CEPS for
Performance Period
|
Payout Percentage
(% of Target Award)
|
$___.__ (“maximum”) or higher
|
___%
|
$___.__ (“target”)
|
___%
|
$___.__ (“threshold”)
|
___%
|
Less than $___.__
|
___%
|
A.
|
Forfeiture Restrictions
. Except as provided otherwise in Section 6 hereof, if the Participant’s employment is terminated during the Performance Period, Performance Units shall be forfeited as of the date of termination.
|
B.
|
Transfer Restrictions
. Performance Units may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated during the Performance Period.
|
Form of Fee
|
|
Amount
|
||
Base Board Annual Retainer
|
|
$
|
65,000
|
|
|
|
|
||
Base Committee Annual Retainers
(1)
|
|
|
||
Audit Committee
|
|
12,000
|
|
|
Compensation Committee
|
|
6,000
|
|
|
Corporate Governance and Nominating Committee
|
|
6,000
|
|
|
Executive Committee
|
|
3,000
|
|
|
|
|
|
||
Additional Chair Annual Retainers
|
|
|
||
Chairperson of the Board of Directors
|
|
100,000
|
|
|
Chair of the Audit Committee
|
|
12,500
|
|
|
Chair of the Compensation Committee
|
|
10,000
|
|
|
Chair of the Corporate Governance and Nominating Committee
|
|
7,500
|
|
|
|
|
|
||
Annual Stock Awards
|
|
100,000
|
|
|
|
|
|
||
|
|
|
||
(1) The Chairperson of the Board of Directors does not receive base committee retainers.
|
1.
|
I have reviewed this
Annual Report on Form 10-K
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:
|
February 23, 2017
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this
Annual Report on Form 10-K
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:
|
February 23, 2017
|
By:
|
/s/ Steven R. Keen
|
|
|
|
Steven R. Keen
|
|
|
|
Senior Vice President, Chief Financial Officer, and Treasurer
|
1.
|
I have reviewed this
Annual Report on Form 10-K
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:
|
February 23, 2017
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this
Annual Report on Form 10-K
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:
|
February 23, 2017
|
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
|
February 23, 2017
|
(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
|
February 23, 2017
|
(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
|
February 23, 2017
|
(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
|
February 23, 2017
|