X
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
|
||
|
EXCHANGE ACT OF 1934
|
|
||
|
For the quarterly period ended June 30, 2017
|
|
||
|
OR
|
|
||
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
|
||
|
EXCHANGE ACT OF 1934
|
|
||
|
For the transition period from __________ to __________
|
|
||
|
Exact name of registrants as specified
|
I.R.S. Employer
|
||
Commission File
|
in their charters, address of principal
|
Identification
|
||
Number
|
executive offices, zip code and telephone number
|
Number
|
||
1-14465
|
IDACORP, Inc.
|
82-0505802
|
||
1-3198
|
Idaho Power Company
|
82-0130980
|
||
|
1221 W. Idaho Street
|
|
|
|
|
Boise, Idaho 83702-5627
|
|
|
|
|
(208) 388-2200
|
|
|
|
|
State of Incorporation: Idaho
|
|
|
|
|
None
|
|
|
|
Former name, former address and former fiscal year, if changed since last report.
|
TABLE OF CONTENTS
|
||||
|
Page
|
|||
Commonly Used Terms
|
||||
Cautionary Note Regarding Forward-Looking Statements
|
||||
|
|
|||
Part I. Financial Information
|
|
|||
|
|
|
||
|
Item 1. Financial Statements (unaudited)
|
|
||
|
|
IDACORP, Inc.:
|
|
|
|
|
|
Condensed Consolidated Statements of Income
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income
|
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
Condensed Consolidated Statements of Equity
|
|
|
|
Idaho Power Company:
|
|
|
|
|
|
Condensed Consolidated Statements of Income
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income
|
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
|
|
|
|
Notes to Condensed Consolidated Financial Statements
|
||
|
|
Reports of Independent Registered Public Accounting Firm
|
||
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|||
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
|||
|
Item 4. Controls and Procedures
|
|||
|
|
|
|
|
Part II. Other Information
|
|
|||
|
|
|
||
|
Item 1. Legal Proceedings
|
|||
|
Item 1A. Risk Factors
|
|||
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
|||
|
Item 3. Defaults Upon Senior Securities
|
|||
|
Item 4. Mine Safety Disclosures
|
|||
|
Item 5. Other Information
|
|||
|
Item 6. Exhibits
|
|||
|
|
|
||
Signatures
|
||||
|
|
|||
Exhibit Index
|
COMMONLY USED TERMS
|
||
|
||
The following select abbreviations, terms, or acronyms are commonly used or found in multiple locations in this report:
|
||
|
|
|
ADITC
|
-
|
Accumulated Deferred Investment Tax Credits
|
AFUDC
|
-
|
Allowance for Funds Used During Construction
|
AOCI
|
-
|
Accumulated Other Comprehensive Income
|
ASU
|
-
|
Accounting Standards Update
|
BCC
|
-
|
Bridger Coal Company, a joint venture of IERCo
|
BLM
|
-
|
U.S. Bureau of Land Management
|
CPP
|
-
|
Clean Power Plan
|
CWA
|
|
Clean Water Act
|
EIS
|
-
|
Environmental Impact Statement
|
EPA
|
-
|
U.S. Environmental Protection Agency
|
ESA
|
-
|
Endangered Species Act
|
FASB
|
-
|
Financial Accounting Standards Board
|
FCA
|
-
|
Fixed Cost Adjustment
|
FERC
|
-
|
Federal Energy Regulatory Commission
|
FIP
|
-
|
Federal Implementation Plan
|
GHG NSPS
|
-
|
Greenhouse Gas New Source Performance Standards
|
HCC
|
-
|
Hells Canyon Complex
|
IDACORP
|
-
|
IDACORP, Inc., an Idaho corporation
|
IBLA
|
-
|
U.S. Department of Interior Board of Land Appeals
|
ICE
|
-
|
Intercontinental Exchange
|
Idaho Power
|
-
|
Idaho Power Company, an Idaho corporation
|
Idaho ROE
|
-
|
Idaho-jurisdiction return on year-end equity
|
Ida-West
|
-
|
Ida-West Energy, a subsidiary of IDACORP, Inc.
|
IERCo
|
-
|
Idaho Energy Resources Co., a subsidiary of Idaho Power Company
|
IESCo
|
-
|
IDACORP Energy Services Co., a subsidiary of IDACORP, Inc.
|
IFS
|
-
|
IDACORP Financial Services, a subsidiary of IDACORP, Inc.
|
IPUC
|
-
|
Idaho Public Utilities Commission
|
IRP
|
-
|
Integrated Resource Plan
|
MD&A
|
-
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
MW
|
-
|
Megawatt
|
MWh
|
-
|
Megawatt-hour
|
NYMEX
|
-
|
New York Mercantile Exchange
|
O&M
|
-
|
Operations and Maintenance
|
OATT
|
-
|
Open Access Transmission Tariff
|
OPUC
|
-
|
Public Utility Commission of Oregon
|
PCA
|
-
|
Idaho Power Cost Adjustment
|
PURPA
|
-
|
Public Utility Regulatory Policies Act of 1978
|
SCR
|
-
|
Selective Catalytic Reduction
|
SEC
|
-
|
U.S. Securities and Exchange Commission
|
SMSP
|
-
|
Security Plan for Senior Management Employees
|
WPSC
|
-
|
Wyoming Public Service Commission
|
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
|
•
|
the effect of decisions by the Idaho and Oregon public utilities commissions, the Federal Energy Regulatory Commission, and other regulators that impact Idaho Power's ability to recover costs and earn a return, including the impact of settlement stipulations;
|
•
|
the expense and risks associated with capital expenditures for infrastructure, and the timing and availability of cost recovery for such expenditures through customer rates;
|
•
|
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 through customer rates 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 self-generation or energy efficiency technologies that reduce Idaho Power's sale of electric power;
|
•
|
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 resulting 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's facilities), explosions, and mechanical breakdowns that may occur while operating and maintaining Idaho Power's 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 power purchased 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 or 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,
|
•
|
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.
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(in thousands, except per share amounts)
|
||||||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Electric utility:
|
|
|
|
|
|
|
|
|
||||||||
General business
|
|
$
|
295,001
|
|
|
$
|
290,281
|
|
|
$
|
565,233
|
|
|
$
|
543,662
|
|
Off-system sales
|
|
8,100
|
|
|
1,238
|
|
|
18,900
|
|
|
10,389
|
|
||||
Other revenues
|
|
28,667
|
|
|
22,892
|
|
|
49,599
|
|
|
40,926
|
|
||||
Total electric utility revenues
|
|
331,768
|
|
|
314,411
|
|
|
633,732
|
|
|
594,977
|
|
||||
Other
|
|
1,238
|
|
|
1,025
|
|
|
1,818
|
|
|
1,415
|
|
||||
Total operating revenues
|
|
333,006
|
|
|
315,436
|
|
|
635,550
|
|
|
596,392
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
||||||||
Electric utility:
|
|
|
|
|
|
|
|
|
||||||||
Purchased power
|
|
61,506
|
|
|
48,111
|
|
|
110,622
|
|
|
96,226
|
|
||||
Fuel expense
|
|
20,416
|
|
|
29,968
|
|
|
56,668
|
|
|
65,732
|
|
||||
Power cost adjustment
|
|
16,742
|
|
|
16,903
|
|
|
40,229
|
|
|
30,256
|
|
||||
Other operations and maintenance
|
|
87,485
|
|
|
87,120
|
|
|
175,247
|
|
|
172,723
|
|
||||
Energy efficiency programs
|
|
10,515
|
|
|
8,903
|
|
|
16,843
|
|
|
15,154
|
|
||||
Depreciation
|
|
45,240
|
|
|
35,794
|
|
|
82,002
|
|
|
71,411
|
|
||||
Taxes other than income taxes
|
|
8,843
|
|
|
8,203
|
|
|
17,521
|
|
|
16,941
|
|
||||
Total electric utility expenses
|
|
250,747
|
|
|
235,002
|
|
|
499,132
|
|
|
468,443
|
|
||||
Other
|
|
3,149
|
|
|
3,481
|
|
|
6,493
|
|
|
7,178
|
|
||||
Total operating expenses
|
|
253,896
|
|
|
238,483
|
|
|
505,625
|
|
|
475,621
|
|
||||
Operating Income
|
|
79,110
|
|
|
76,953
|
|
|
129,925
|
|
|
120,771
|
|
||||
Allowance for Equity Funds Used During Construction
|
|
5,611
|
|
|
5,238
|
|
|
10,843
|
|
|
10,223
|
|
||||
Earnings of Unconsolidated Equity-Method Investments
|
|
592
|
|
|
1,367
|
|
|
2,037
|
|
|
1,325
|
|
||||
Other Income, Net
|
|
2,371
|
|
|
2,189
|
|
|
4,768
|
|
|
4,394
|
|
||||
Interest Expense:
|
|
|
|
|
|
|
|
|
||||||||
Interest on long-term debt
|
|
20,300
|
|
|
20,466
|
|
|
40,597
|
|
|
41,364
|
|
||||
Other interest
|
|
2,756
|
|
|
2,567
|
|
|
5,471
|
|
|
4,982
|
|
||||
Allowance for borrowed funds used during construction
|
|
(2,408
|
)
|
|
(2,393
|
)
|
|
(4,720
|
)
|
|
(4,637
|
)
|
||||
Total interest expense, net
|
|
20,648
|
|
|
20,640
|
|
|
41,348
|
|
|
41,709
|
|
||||
Income Before Income Taxes
|
|
67,036
|
|
|
65,107
|
|
|
106,225
|
|
|
95,004
|
|
||||
Income Tax Expense
|
|
16,940
|
|
|
8,721
|
|
|
23,124
|
|
|
13,088
|
|
||||
Net Income
|
|
50,096
|
|
|
56,386
|
|
|
83,101
|
|
|
81,916
|
|
||||
Adjustment for (income) loss attributable to noncontrolling interests
|
|
(265
|
)
|
|
(140
|
)
|
|
(168
|
)
|
|
59
|
|
||||
Net Income Attributable to IDACORP, Inc.
|
|
$
|
49,831
|
|
|
$
|
56,246
|
|
|
$
|
82,933
|
|
|
$
|
81,975
|
|
Weighted Average Common Shares Outstanding - Basic
|
|
50,363
|
|
|
50,302
|
|
|
50,361
|
|
|
50,300
|
|
||||
Weighted Average Common Shares Outstanding - Diluted
|
|
50,407
|
|
|
50,355
|
|
|
50,402
|
|
|
50,345
|
|
||||
Earnings Per Share of Common Stock:
|
|
|
|
|
|
|
|
|
||||||||
Earnings Attributable to IDACORP, Inc. - Basic
|
|
$
|
0.99
|
|
|
$
|
1.12
|
|
|
$
|
1.65
|
|
|
$
|
1.63
|
|
Earnings Attributable to IDACORP, Inc. - Diluted
|
|
$
|
0.99
|
|
|
$
|
1.12
|
|
|
$
|
1.65
|
|
|
$
|
1.63
|
|
Dividends Declared Per Share of Common Stock
|
|
$
|
0.55
|
|
|
$
|
0.51
|
|
|
$
|
1.10
|
|
|
$
|
1.02
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net Income
|
|
$
|
50,096
|
|
|
$
|
56,386
|
|
|
$
|
83,101
|
|
|
$
|
81,916
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
|
|
||||||||
Unfunded pension liability adjustment, net of tax
of $302, $362, $604 and $723
|
|
470
|
|
|
563
|
|
|
941
|
|
|
1,127
|
|
||||
Total Comprehensive Income
|
|
50,566
|
|
|
56,949
|
|
|
84,042
|
|
|
83,043
|
|
||||
Comprehensive (income) loss attributable to noncontrolling interests
|
|
(265
|
)
|
|
(140
|
)
|
|
(168
|
)
|
|
59
|
|
||||
Comprehensive Income Attributable to IDACORP, Inc.
|
|
$
|
50,301
|
|
|
$
|
56,809
|
|
|
$
|
83,874
|
|
|
$
|
83,102
|
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
(in thousands)
|
||||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
32,629
|
|
|
$
|
61,480
|
|
Receivables:
|
|
|
|
|
||||
Customer (net of allowance of $1,119 and $968, respectively)
|
|
85,771
|
|
|
71,557
|
|
||
Other (net of allowance of $143 and $164, respectively)
|
|
4,922
|
|
|
15,280
|
|
||
Taxes receivable
|
|
3,333
|
|
|
12,781
|
|
||
Accrued unbilled revenues
|
|
86,532
|
|
|
80,738
|
|
||
Materials and supplies (at average cost)
|
|
58,899
|
|
|
57,858
|
|
||
Fuel stock (at average cost)
|
|
63,657
|
|
|
53,698
|
|
||
Prepayments
|
|
15,733
|
|
|
18,389
|
|
||
Current regulatory assets
|
|
68,301
|
|
|
62,570
|
|
||
Other
|
|
301
|
|
|
5,961
|
|
||
Total current assets
|
|
420,078
|
|
|
440,312
|
|
||
Investments
|
|
118,877
|
|
|
125,164
|
|
||
Property, Plant and Equipment:
|
|
|
|
|
||||
Utility plant in service
|
|
5,822,388
|
|
|
5,732,044
|
|
||
Accumulated provision for depreciation
|
|
(2,059,377
|
)
|
|
(1,988,477
|
)
|
||
Utility plant in service - net
|
|
3,763,011
|
|
|
3,743,567
|
|
||
Construction work in progress
|
|
427,290
|
|
|
405,069
|
|
||
Utility plant held for future use
|
|
7,511
|
|
|
7,441
|
|
||
Other property, net of accumulated depreciation
|
|
15,710
|
|
|
15,922
|
|
||
Property, plant and equipment - net
|
|
4,213,522
|
|
|
4,171,999
|
|
||
Other Assets:
|
|
|
|
|
||||
American Falls and Milner water rights
|
|
7,902
|
|
|
9,487
|
|
||
Company-owned life insurance
|
|
58,448
|
|
|
57,553
|
|
||
Regulatory assets
|
|
1,380,764
|
|
|
1,409,329
|
|
||
Long-term receivables (net of allowance of $402)
|
|
25,632
|
|
|
23,482
|
|
||
Other
|
|
52,176
|
|
|
52,571
|
|
||
Total other assets
|
|
1,524,922
|
|
|
1,552,422
|
|
||
Total
|
|
$
|
6,277,399
|
|
|
$
|
6,289,897
|
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
(in thousands)
|
||||||
Liabilities and Equity
|
|
|
|
|
||||
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
$
|
1,064
|
|
Notes payable
|
|
550
|
|
|
21,800
|
|
||
Accounts payable
|
|
76,595
|
|
|
106,194
|
|
||
Taxes accrued
|
|
19,973
|
|
|
11,348
|
|
||
Interest accrued
|
|
22,377
|
|
|
22,377
|
|
||
Accrued compensation
|
|
33,062
|
|
|
45,787
|
|
||
Current regulatory liabilities
|
|
2,081
|
|
|
9,944
|
|
||
Advances from customers
|
|
24,217
|
|
|
21,438
|
|
||
Other
|
|
11,815
|
|
|
9,763
|
|
||
Total current liabilities
|
|
190,670
|
|
|
249,715
|
|
||
Other Liabilities:
|
|
|
|
|
||||
Deferred income taxes
|
|
1,250,653
|
|
|
1,244,250
|
|
||
Regulatory liabilities
|
|
434,888
|
|
|
436,845
|
|
||
Pension and other postretirement benefits
|
|
424,329
|
|
|
411,523
|
|
||
Other
|
|
44,520
|
|
|
45,084
|
|
||
Total other liabilities
|
|
2,154,390
|
|
|
2,137,702
|
|
||
Long-Term Debt
|
|
1,745,368
|
|
|
1,744,614
|
|
||
Commitments and Contingencies
|
|
|
|
|
||||
Equity:
|
|
|
|
|
||||
IDACORP, Inc. shareholders’ equity:
|
|
|
|
|
||||
Common stock, no par value (120,000,000 shares authorized; 50,420,017 shares issued)
|
|
853,604
|
|
|
851,833
|
|
||
Retained earnings
|
|
1,350,537
|
|
|
1,323,198
|
|
||
Accumulated other comprehensive loss
|
|
(19,941
|
)
|
|
(20,882
|
)
|
||
Treasury stock (26,433 and 23,244 shares at cost, respectively)
|
|
(1,357
|
)
|
|
(243
|
)
|
||
Total IDACORP, Inc. shareholders’ equity
|
|
2,182,843
|
|
|
2,153,906
|
|
||
Noncontrolling interests
|
|
4,128
|
|
|
3,960
|
|
||
Total equity
|
|
2,186,971
|
|
|
2,157,866
|
|
||
Total
|
|
$
|
6,277,399
|
|
|
$
|
6,289,897
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these statements.
|
|
|
Six months ended
June 30, |
||||||
|
|
2017
|
|
2016
|
||||
|
|
(in thousands)
|
||||||
Operating Activities:
|
|
|
|
|
||||
Net income
|
|
$
|
83,101
|
|
|
$
|
81,916
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
83,912
|
|
|
73,183
|
|
||
Deferred income taxes and investment tax credits
|
|
6,828
|
|
|
12,373
|
|
||
Changes in regulatory assets and liabilities
|
|
37,736
|
|
|
24,126
|
|
||
Pension and postretirement benefit plan expense
|
|
14,513
|
|
|
14,784
|
|
||
Contributions to pension and postretirement benefit plans
|
|
(3,920
|
)
|
|
(13,415
|
)
|
||
Earnings of unconsolidated equity-method investments
|
|
(2,037
|
)
|
|
(1,325
|
)
|
||
Distributions from unconsolidated equity-method investments
|
|
8,100
|
|
|
—
|
|
||
Allowance for equity funds used during construction
|
|
(10,843
|
)
|
|
(10,223
|
)
|
||
Other non-cash adjustments to net income, net
|
|
3,741
|
|
|
2,096
|
|
||
Change in:
|
|
|
|
|
|
|
||
Accounts receivable
|
|
(2,758
|
)
|
|
404
|
|
||
Accounts payable and other accrued liabilities
|
|
(30,677
|
)
|
|
(14,711
|
)
|
||
Taxes accrued/receivable
|
|
18,073
|
|
|
2,620
|
|
||
Other current assets
|
|
(16,951
|
)
|
|
(34,964
|
)
|
||
Other current liabilities
|
|
6,948
|
|
|
4,817
|
|
||
Other assets
|
|
(3,692
|
)
|
|
(2,334
|
)
|
||
Other liabilities
|
|
(430
|
)
|
|
(1,458
|
)
|
||
Net cash provided by operating activities
|
|
191,644
|
|
|
137,889
|
|
||
Investing Activities:
|
|
|
|
|
|
|
||
Additions to property, plant and equipment
|
|
(146,341
|
)
|
|
(117,160
|
)
|
||
Payments received from transmission project joint funding partners
|
|
5,787
|
|
|
5,301
|
|
||
Proceeds from the sale of emission allowances and renewable energy certificates
|
|
1,839
|
|
|
846
|
|
||
Investments in unconsolidated affiliates
|
|
—
|
|
|
(4,386
|
)
|
||
Purchase of available-for-sale securities
|
|
(3,165
|
)
|
|
(1,209
|
)
|
||
Proceeds from the sale of available-for-sale securities
|
|
2,428
|
|
|
2,181
|
|
||
Other
|
|
212
|
|
|
(36
|
)
|
||
Net cash used in investing activities
|
|
(139,240
|
)
|
|
(114,463
|
)
|
||
Financing Activities:
|
|
|
|
|
|
|
||
Issuance of long-term debt
|
|
—
|
|
|
120,000
|
|
||
Retirement of long-term debt
|
|
(1,064
|
)
|
|
(101,064
|
)
|
||
Dividends on common stock
|
|
(55,763
|
)
|
|
(51,719
|
)
|
||
Net change in short-term borrowings
|
|
(21,250
|
)
|
|
3,900
|
|
||
Acquisition of treasury stock
|
|
(3,174
|
)
|
|
(3,275
|
)
|
||
Make-whole premium on retirement of long-term debt
|
|
—
|
|
|
(13,895
|
)
|
||
Other
|
|
(4
|
)
|
|
(1,617
|
)
|
||
Net cash used in financing activities
|
|
(81,255
|
)
|
|
(47,670
|
)
|
||
Net decrease in cash and cash equivalents
|
|
(28,851
|
)
|
|
(24,244
|
)
|
||
Cash and cash equivalents at beginning of the period
|
|
61,480
|
|
|
114,802
|
|
||
Cash and cash equivalents at end of the period
|
|
$
|
32,629
|
|
|
$
|
90,558
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
||
Cash paid during the period for:
|
|
|
|
|
|
|||
Income taxes
|
|
$
|
1,202
|
|
|
$
|
562
|
|
Interest (net of amount capitalized)
|
|
$
|
39,481
|
|
|
$
|
39,993
|
|
Non-cash investing activities:
|
|
|
|
|
||||
Additions to property, plant and equipment in accounts payable
|
|
$
|
21,410
|
|
|
$
|
19,700
|
|
|
|
Six months ended
June 30, |
||||||
|
|
2017
|
|
2016
|
||||
|
|
(in thousands)
|
||||||
Common Stock
|
|
|
|
|
||||
Balance at beginning of period
|
|
$
|
851,833
|
|
|
$
|
849,112
|
|
Cumulative effect of change in accounting principle
|
|
—
|
|
|
234
|
|
||
Other
|
|
1,771
|
|
|
263
|
|
||
Balance at end of period
|
|
853,604
|
|
|
849,609
|
|
||
Retained Earnings
|
|
|
|
|
||||
Balance at beginning of period
|
|
1,323,198
|
|
|
1,230,105
|
|
||
Cumulative effect of change in accounting principle
|
|
—
|
|
|
(234
|
)
|
||
Net income attributable to IDACORP, Inc.
|
|
82,933
|
|
|
81,975
|
|
||
Common stock dividends ($1.10 and $1.02 per share)
|
|
(55,594
|
)
|
|
(51,477
|
)
|
||
Balance at end of period
|
|
1,350,537
|
|
|
1,260,369
|
|
||
Accumulated Other Comprehensive (Loss) Income
|
|
|
|
|
||||
Balance at beginning of period
|
|
(20,882
|
)
|
|
(21,276
|
)
|
||
Unfunded pension liability adjustment (net of tax)
|
|
941
|
|
|
1,127
|
|
||
Balance at end of period
|
|
(19,941
|
)
|
|
(20,149
|
)
|
||
Treasury Stock
|
|
|
|
|
||||
Balance at beginning of period
|
|
(243
|
)
|
|
(57
|
)
|
||
Issued
|
|
2,060
|
|
|
3,143
|
|
||
Acquired
|
|
(3,174
|
)
|
|
(3,275
|
)
|
||
Balance at end of period
|
|
(1,357
|
)
|
|
(189
|
)
|
||
Total IDACORP, Inc. shareholders’ equity at end of period
|
|
2,182,843
|
|
|
2,089,640
|
|
||
Noncontrolling Interests
|
|
|
|
|
||||
Balance at beginning of period
|
|
3,960
|
|
|
4,160
|
|
||
Net income (loss) attributable to noncontrolling interests
|
|
168
|
|
|
(59
|
)
|
||
Balance at end of period
|
|
4,128
|
|
|
4,101
|
|
||
Total equity at end of period
|
|
$
|
2,186,971
|
|
|
$
|
2,093,741
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(in thousands)
|
||||||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
||||||||
General business
|
|
$
|
295,001
|
|
|
$
|
290,281
|
|
|
$
|
565,233
|
|
|
$
|
543,662
|
|
Off-system sales
|
|
8,100
|
|
|
1,238
|
|
|
18,900
|
|
|
10,389
|
|
||||
Other revenues
|
|
28,667
|
|
|
22,892
|
|
|
49,599
|
|
|
40,926
|
|
||||
Total operating revenues
|
|
331,768
|
|
|
314,411
|
|
|
633,732
|
|
|
594,977
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
||||||||
Operation:
|
|
|
|
|
|
|
|
|
||||||||
Purchased power
|
|
61,506
|
|
|
48,111
|
|
|
110,622
|
|
|
96,226
|
|
||||
Fuel expense
|
|
20,416
|
|
|
29,968
|
|
|
56,668
|
|
|
65,732
|
|
||||
Power cost adjustment
|
|
16,742
|
|
|
16,903
|
|
|
40,229
|
|
|
30,256
|
|
||||
Other operations and maintenance
|
|
87,485
|
|
|
87,120
|
|
|
175,247
|
|
|
172,723
|
|
||||
Energy efficiency programs
|
|
10,515
|
|
|
8,903
|
|
|
16,843
|
|
|
15,154
|
|
||||
Depreciation
|
|
45,240
|
|
|
35,794
|
|
|
82,002
|
|
|
71,411
|
|
||||
Taxes other than income taxes
|
|
8,843
|
|
|
8,203
|
|
|
17,521
|
|
|
16,941
|
|
||||
Total operating expenses
|
|
250,747
|
|
|
235,002
|
|
|
499,132
|
|
|
468,443
|
|
||||
Income from Operations
|
|
81,021
|
|
|
79,409
|
|
|
134,600
|
|
|
126,534
|
|
||||
Other Income (Expense):
|
|
|
|
|
|
|
|
|
||||||||
Allowance for equity funds used during construction
|
|
5,611
|
|
|
5,238
|
|
|
10,843
|
|
|
10,223
|
|
||||
Earnings (losses) of unconsolidated equity-method investments
|
|
(337
|
)
|
|
501
|
|
|
917
|
|
|
407
|
|
||||
Other expense, net
|
|
(244
|
)
|
|
(707
|
)
|
|
(770
|
)
|
|
(1,518
|
)
|
||||
Total other income
|
|
5,030
|
|
|
5,032
|
|
|
10,990
|
|
|
9,112
|
|
||||
Interest Charges:
|
|
|
|
|
|
|
|
|
||||||||
Interest on long-term debt
|
|
20,300
|
|
|
20,466
|
|
|
40,597
|
|
|
41,364
|
|
||||
Other interest
|
|
2,740
|
|
|
2,502
|
|
|
5,438
|
|
|
4,851
|
|
||||
Allowance for borrowed funds used during construction
|
|
(2,408
|
)
|
|
(2,393
|
)
|
|
(4,720
|
)
|
|
(4,637
|
)
|
||||
Total interest charges
|
|
20,632
|
|
|
20,575
|
|
|
41,315
|
|
|
41,578
|
|
||||
Income Before Income Taxes
|
|
65,419
|
|
|
63,866
|
|
|
104,275
|
|
|
94,068
|
|
||||
Income Tax Expense
|
|
17,038
|
|
|
9,059
|
|
|
23,412
|
|
|
13,727
|
|
||||
Net Income
|
|
$
|
48,381
|
|
|
$
|
54,807
|
|
|
$
|
80,863
|
|
|
$
|
80,341
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net Income
|
|
$
|
48,381
|
|
|
$
|
54,807
|
|
|
$
|
80,863
|
|
|
$
|
80,341
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
|
|
||||||||
Unfunded pension liability adjustment, net of tax
of $302, $362, $604 and $723 |
|
470
|
|
|
563
|
|
|
941
|
|
|
1,127
|
|
||||
Total Comprehensive Income
|
|
$
|
48,851
|
|
|
$
|
55,370
|
|
|
$
|
81,804
|
|
|
$
|
81,468
|
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
(in thousands)
|
||||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Electric Plant:
|
|
|
|
|
||||
In service (at original cost)
|
|
$
|
5,822,388
|
|
|
$
|
5,732,044
|
|
Accumulated provision for depreciation
|
|
(2,059,377
|
)
|
|
(1,988,477
|
)
|
||
In service - net
|
|
3,763,011
|
|
|
3,743,567
|
|
||
Construction work in progress
|
|
427,290
|
|
|
405,069
|
|
||
Held for future use
|
|
7,511
|
|
|
7,441
|
|
||
Electric plant - net
|
|
4,197,812
|
|
|
4,156,077
|
|
||
Investments and Other Property
|
|
101,002
|
|
|
107,379
|
|
||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
30,427
|
|
|
44,140
|
|
||
Receivables:
|
|
|
|
|
||||
Customer (net of allowance of $1,119 and $968, respectively)
|
|
85,771
|
|
|
71,557
|
|
||
Other (net of allowance of $143 and $164, respectively)
|
|
4,798
|
|
|
7,555
|
|
||
Taxes receivable
|
|
11,668
|
|
|
23,334
|
|
||
Accrued unbilled revenues
|
|
86,532
|
|
|
80,738
|
|
||
Materials and supplies (at average cost)
|
|
58,899
|
|
|
57,858
|
|
||
Fuel stock (at average cost)
|
|
63,657
|
|
|
53,698
|
|
||
Prepayments
|
|
15,608
|
|
|
18,270
|
|
||
Current regulatory assets
|
|
68,301
|
|
|
62,570
|
|
||
Other
|
|
299
|
|
|
5,962
|
|
||
Total current assets
|
|
425,960
|
|
|
425,682
|
|
||
Deferred Debits:
|
|
|
|
|
||||
American Falls and Milner water rights
|
|
7,902
|
|
|
9,487
|
|
||
Company-owned life insurance
|
|
58,448
|
|
|
57,553
|
|
||
Regulatory assets
|
|
1,380,764
|
|
|
1,409,329
|
|
||
Other
|
|
73,070
|
|
|
71,237
|
|
||
Total deferred debits
|
|
1,520,184
|
|
|
1,547,606
|
|
||
Total
|
|
$
|
6,244,958
|
|
|
$
|
6,236,744
|
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
(in thousands)
|
||||||
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
|
|
1,236,716
|
|
|
1,211,547
|
|
||
Accumulated other comprehensive loss
|
|
(19,941
|
)
|
|
(20,882
|
)
|
||
Total common stock equity
|
|
2,024,813
|
|
|
1,998,703
|
|
||
Long-term debt
|
|
1,745,368
|
|
|
1,744,614
|
|
||
Total capitalization
|
|
3,770,181
|
|
|
3,743,317
|
|
||
Current Liabilities:
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
—
|
|
|
1,064
|
|
||
Notes payable
|
|
—
|
|
|
21,800
|
|
||
Accounts payable
|
|
76,486
|
|
|
105,846
|
|
||
Accounts payable to affiliates
|
|
30,949
|
|
|
1,056
|
|
||
Taxes accrued
|
|
13,360
|
|
|
11,348
|
|
||
Interest accrued
|
|
22,377
|
|
|
22,377
|
|
||
Accrued compensation
|
|
32,923
|
|
|
45,622
|
|
||
Current regulatory liabilities
|
|
2,081
|
|
|
9,944
|
|
||
Advances from customers
|
|
24,217
|
|
|
21,438
|
|
||
Other
|
|
11,367
|
|
|
9,103
|
|
||
Total current liabilities
|
|
213,760
|
|
|
249,598
|
|
||
Deferred Credits:
|
|
|
|
|
||||
Deferred income taxes
|
|
1,358,163
|
|
|
1,351,415
|
|
||
Regulatory liabilities
|
|
434,888
|
|
|
436,845
|
|
||
Pension and other postretirement benefits
|
|
424,329
|
|
|
411,523
|
|
||
Other
|
|
43,637
|
|
|
44,046
|
|
||
Total deferred credits
|
|
2,261,017
|
|
|
2,243,829
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Total
|
|
$
|
6,244,958
|
|
|
$
|
6,236,744
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these statements.
|
|
|
Six months ended
June 30, |
||||||
|
|
2017
|
|
2016
|
||||
|
|
(in thousands)
|
||||||
Operating Activities:
|
|
|
|
|
||||
Net income
|
|
$
|
80,863
|
|
|
$
|
80,341
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
83,611
|
|
|
72,878
|
|
||
Deferred income taxes and investment tax credits
|
|
6,144
|
|
|
11,724
|
|
||
Changes in regulatory assets and liabilities
|
|
37,736
|
|
|
24,126
|
|
||
Pension and postretirement benefit plan expense
|
|
14,513
|
|
|
14,784
|
|
||
Contributions to pension and postretirement benefit plans
|
|
(3,920
|
)
|
|
(13,415
|
)
|
||
Earnings of unconsolidated equity-method investments
|
|
(917
|
)
|
|
(407
|
)
|
||
Distributions from unconsolidated equity-method investments
|
|
8,100
|
|
|
—
|
|
||
Allowance for equity funds used during construction
|
|
(10,843
|
)
|
|
(10,223
|
)
|
||
Other non-cash adjustments to net income, net
|
|
(47
|
)
|
|
(1,268
|
)
|
||
Change in:
|
|
|
|
|
|
|
||
Accounts receivable
|
|
(9,798
|
)
|
|
836
|
|
||
Accounts payable
|
|
(1,109
|
)
|
|
(14,681
|
)
|
||
Taxes accrued/receivable
|
|
13,679
|
|
|
8,120
|
|
||
Other current assets
|
|
(16,945
|
)
|
|
(34,962
|
)
|
||
Other current liabilities
|
|
6,974
|
|
|
4,832
|
|
||
Other assets
|
|
(3,693
|
)
|
|
(2,334
|
)
|
||
Other liabilities
|
|
(275
|
)
|
|
(1,245
|
)
|
||
Net cash provided by operating activities
|
|
204,073
|
|
|
139,106
|
|
||
Investing Activities:
|
|
|
|
|
|
|
||
Additions to utility plant
|
|
(146,328
|
)
|
|
(117,159
|
)
|
||
Payments received from transmission project joint funding partners
|
|
5,787
|
|
|
5,301
|
|
||
Proceeds from the sale of emission allowances and renewable energy certificates
|
|
1,839
|
|
|
846
|
|
||
Investments in unconsolidated affiliates
|
|
—
|
|
|
(4,386
|
)
|
||
Purchase of available-for-sale securities
|
|
(3,165
|
)
|
|
(1,209
|
)
|
||
Proceeds from the sale of available-for-sale securities
|
|
2,428
|
|
|
2,181
|
|
||
Other
|
|
212
|
|
|
(101
|
)
|
||
Net cash used in investing activities
|
|
(139,227
|
)
|
|
(114,527
|
)
|
||
Financing Activities:
|
|
|
|
|
|
|
||
Issuance of long-term debt
|
|
—
|
|
|
120,000
|
|
||
Retirement of long-term debt
|
|
(1,064
|
)
|
|
(101,064
|
)
|
||
Dividends on common stock
|
|
(55,695
|
)
|
|
(51,628
|
)
|
||
Net change in short term borrowings
|
|
(21,800
|
)
|
|
—
|
|
||
Make-whole premium on retirement of long-term debt
|
|
—
|
|
|
(13,895
|
)
|
||
Other
|
|
—
|
|
|
(1,616
|
)
|
||
Net cash used in financing activities
|
|
(78,559
|
)
|
|
(48,203
|
)
|
||
Net decrease in cash and cash equivalents
|
|
(13,713
|
)
|
|
(23,624
|
)
|
||
Cash and cash equivalents at beginning of the period
|
|
44,140
|
|
|
110,756
|
|
||
Cash and cash equivalents at end of the period
|
|
$
|
30,427
|
|
|
$
|
87,132
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
||
Cash received from IDACORP related to income taxes
|
|
$
|
22,861
|
|
|
$
|
4,217
|
|
Cash paid for interest (net of amount capitalized)
|
|
$
|
39,447
|
|
|
$
|
39,856
|
|
Non-cash investing activities:
|
|
|
|
|
||||
Additions to property, plant and equipment in accounts payable
|
|
$
|
21,410
|
|
|
$
|
19,700
|
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Income tax at statutory rates (federal and state)
|
|
$
|
41,468
|
|
|
$
|
37,170
|
|
|
$
|
40,772
|
|
|
$
|
36,781
|
|
Additional accumulated deferred investment tax credits (ADITC) amortization
|
|
—
|
|
|
(500
|
)
|
|
—
|
|
|
(500
|
)
|
||||
First mortgage bond redemption costs
|
|
—
|
|
|
(5,579
|
)
|
|
—
|
|
|
(5,579
|
)
|
||||
Share-based compensation
|
|
(1,559
|
)
|
|
(1,622
|
)
|
|
(1,530
|
)
|
|
(1,587
|
)
|
||||
Other
(1)
|
|
(16,785
|
)
|
|
(16,381
|
)
|
|
(15,830
|
)
|
|
(15,388
|
)
|
||||
Income tax expense
|
|
$
|
23,124
|
|
|
$
|
13,088
|
|
|
$
|
23,412
|
|
|
$
|
13,727
|
|
Effective tax rate
|
|
21.8
|
%
|
|
13.8
|
%
|
|
22.5
|
%
|
|
14.6
|
%
|
•
|
If Idaho Power's annual return on year-end equity in the Idaho jurisdiction (Idaho ROE) in any year is less than
9.5 percent
, then Idaho Power may record additional ADITC amortization up to
$25 million
to help achieve a
9.5 percent
Idaho ROE for that year, and may record additional ADITC amortization up to a total of
$45 million
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 regulatory asset balancing account (to reduce the amount to be collected in the future from Idaho customers), and
25 percent
to Idaho Power.
|
•
|
If the full
$45 million
of additional ADITC amortization contemplated by the settlement stipulation has been recorded 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, prorated for intra-year rate changes.
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
|
IDACORP
|
|
Idaho Power
|
|
Total
|
|
IDACORP
|
|
Idaho Power
|
|
Total
|
||||||||||||
Commercial paper outstanding
|
|
$
|
550
|
|
|
$
|
—
|
|
|
$
|
550
|
|
|
$
|
—
|
|
|
$
|
21,800
|
|
|
$
|
21,800
|
|
Weighted-average annual interest rate
|
|
1.52
|
%
|
|
—
|
%
|
|
1.52
|
%
|
|
—
|
%
|
|
1.13
|
%
|
|
1.13
|
%
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to IDACORP, Inc.
|
|
$
|
49,831
|
|
|
$
|
56,246
|
|
|
$
|
82,933
|
|
|
$
|
81,975
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted-average common shares outstanding - basic
|
|
50,363
|
|
|
50,302
|
|
|
50,361
|
|
|
50,300
|
|
||||
Effect of dilutive securities
|
|
44
|
|
|
53
|
|
|
41
|
|
|
45
|
|
||||
Weighted-average common shares outstanding - diluted
|
|
50,407
|
|
|
50,355
|
|
|
50,402
|
|
|
50,345
|
|
||||
Basic earnings per share
|
|
$
|
0.99
|
|
|
$
|
1.12
|
|
|
$
|
1.65
|
|
|
$
|
1.63
|
|
Diluted earnings per share
|
|
$
|
0.99
|
|
|
$
|
1.12
|
|
|
$
|
1.65
|
|
|
$
|
1.63
|
|
|
|
Pension Plan
|
|
SMSP
|
|
Postretirement
Benefits |
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
Service cost
|
|
$
|
8,245
|
|
|
$
|
7,893
|
|
|
$
|
190
|
|
|
$
|
307
|
|
|
$
|
197
|
|
|
$
|
265
|
|
Interest cost
|
|
9,716
|
|
|
9,484
|
|
|
1,079
|
|
|
1,068
|
|
|
702
|
|
|
687
|
|
||||||
Expected return on plan assets
|
|
(11,181
|
)
|
|
(10,871
|
)
|
|
—
|
|
|
—
|
|
|
(584
|
)
|
|
(617
|
)
|
||||||
Amortization of prior service cost
|
|
7
|
|
|
16
|
|
|
32
|
|
|
42
|
|
|
17
|
|
|
6
|
|
||||||
Amortization of net loss
|
|
3,212
|
|
|
3,282
|
|
|
740
|
|
|
883
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost
|
|
9,999
|
|
|
9,804
|
|
|
2,041
|
|
|
2,300
|
|
|
332
|
|
|
341
|
|
||||||
Regulatory deferral of net periodic benefit cost
(1)
|
|
(9,488
|
)
|
|
(9,375
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Previously deferred pension costs recognized
(1)
|
|
4,289
|
|
|
4,289
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost recognized for financial reporting
(1)
|
|
$
|
4,800
|
|
|
$
|
4,718
|
|
|
$
|
2,041
|
|
|
$
|
2,300
|
|
|
$
|
332
|
|
|
$
|
341
|
|
|
|
Pension Plan
|
|
SMSP
|
|
Postretirement
Benefits |
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
Service cost
|
|
$
|
16,871
|
|
|
$
|
16,010
|
|
|
$
|
380
|
|
|
$
|
614
|
|
|
$
|
486
|
|
|
$
|
558
|
|
Interest cost
|
|
19,479
|
|
|
18,907
|
|
|
2,157
|
|
|
2,137
|
|
|
1,392
|
|
|
1,383
|
|
||||||
Expected return on plan assets
|
|
(22,569
|
)
|
|
(21,041
|
)
|
|
—
|
|
|
—
|
|
|
(1,154
|
)
|
|
(1,237
|
)
|
||||||
Amortization of prior service cost
|
|
14
|
|
|
29
|
|
|
64
|
|
|
84
|
|
|
24
|
|
|
13
|
|
||||||
Amortization of net loss
|
|
6,595
|
|
|
6,666
|
|
|
1,481
|
|
|
1,766
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost
|
|
20,390
|
|
|
20,571
|
|
|
4,082
|
|
|
4,601
|
|
|
748
|
|
|
717
|
|
||||||
Regulatory deferral of net periodic benefit cost
(1)
|
|
(19,284
|
)
|
|
(19,682
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Previously deferred pension costs recognized
(1)
|
|
8,577
|
|
|
8,577
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost recognized for financial reporting
(1)
|
|
$
|
9,683
|
|
|
$
|
9,466
|
|
|
$
|
4,082
|
|
|
$
|
4,601
|
|
|
$
|
748
|
|
|
$
|
717
|
|
|
|
|
|
Gain/(Loss) on Derivatives Recognized in Income
(1)
|
||||||||||||||
|
|
Location of Realized Gain/(Loss) on Derivatives Recognized in Income
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||
Financial swaps
|
|
Off-system sales
|
|
$
|
(305
|
)
|
|
$
|
(51
|
)
|
|
$
|
1,173
|
|
|
$
|
1,395
|
|
Financial swaps
|
|
Purchased power
|
|
(287
|
)
|
|
164
|
|
|
(735
|
)
|
|
151
|
|
||||
Financial swaps
|
|
Fuel expense
|
|
(4
|
)
|
|
373
|
|
|
666
|
|
|
(2,442
|
)
|
||||
Financial swaps
|
|
Other operations and maintenance
|
|
(55
|
)
|
|
(35
|
)
|
|
(81
|
)
|
|
(150
|
)
|
||||
Forward contracts
|
|
Purchased power
|
|
(8
|
)
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
||||
Forward contracts
|
|
Fuel expense
|
|
3
|
|
|
93
|
|
|
3
|
|
|
89
|
|
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||||||
|
|
Balance Sheet Location
|
|
Gross Fair Value
|
|
Amounts Offset
|
|
Net Assets
|
|
Gross Fair Value
|
|
Amounts Offset
|
|
Net Liabilities
|
||||||||||||
|
|
|
|
|||||||||||||||||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Financial swaps
|
|
Other current assets
|
|
$
|
446
|
|
|
$
|
(145
|
)
|
|
$
|
301
|
|
|
$
|
145
|
|
|
$
|
(145
|
)
|
|
$
|
—
|
|
Financial swaps
|
|
Other current liabilities
|
|
399
|
|
|
(399
|
)
|
|
—
|
|
|
1,023
|
|
|
(506
|
)
|
(1)
|
517
|
|
||||||
Long-term:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Financial swaps
|
|
Other assets
|
|
67
|
|
|
(38
|
)
|
|
29
|
|
|
38
|
|
|
(38
|
)
|
|
—
|
|
||||||
Financial swaps
|
|
Other liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121
|
|
|
—
|
|
|
121
|
|
||||||
Total
|
|
|
|
$
|
912
|
|
|
$
|
(582
|
)
|
|
$
|
330
|
|
|
$
|
1,327
|
|
|
$
|
(689
|
)
|
|
$
|
638
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Financial swaps
|
|
Other current assets
|
|
$
|
8,134
|
|
|
$
|
(2,183
|
)
|
(2)
|
$
|
5,951
|
|
|
$
|
302
|
|
|
$
|
(302
|
)
|
|
$
|
—
|
|
Total
|
|
|
|
$
|
8,134
|
|
|
$
|
(2,183
|
)
|
|
$
|
5,951
|
|
|
$
|
302
|
|
|
$
|
(302
|
)
|
|
$
|
—
|
|
|
|
|
|
June 30,
|
||||
Commodity
|
|
Units
|
|
2017
|
|
2016
|
||
Electricity purchases
|
|
MWh
|
|
194
|
|
|
443
|
|
Electricity sales
|
|
MWh
|
|
38
|
|
|
—
|
|
Natural gas purchases
|
|
MMBtu
|
|
10,297
|
|
|
13,580
|
|
Natural gas sales
|
|
MMBtu
|
|
75
|
|
|
—
|
|
Diesel purchases
|
|
Gallons
|
|
605
|
|
|
532
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
IDACORP
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,000
|
|
Idaho Power
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,967
|
|
|
—
|
|
|
—
|
|
|
29,967
|
|
||||||||
Derivatives
|
|
330
|
|
|
—
|
|
|
—
|
|
|
330
|
|
|
5,951
|
|
|
—
|
|
|
—
|
|
|
5,951
|
|
||||||||
Trading securities: Equity securities
|
|
104
|
|
|
—
|
|
|
—
|
|
|
104
|
|
|
111
|
|
|
—
|
|
|
—
|
|
|
111
|
|
||||||||
Available-for-sale securities: Equity securities
|
|
24,710
|
|
|
—
|
|
|
—
|
|
|
24,710
|
|
|
23,908
|
|
|
—
|
|
|
—
|
|
|
23,908
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivatives
|
|
638
|
|
|
—
|
|
|
—
|
|
|
638
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
|
Carrying Amount
|
|
Estimated Fair Value
|
|
Carrying Amount
|
|
Estimated Fair Value
|
||||||||
IDACORP
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Notes receivable
(1)
|
|
$
|
3,804
|
|
|
$
|
3,804
|
|
|
$
|
3,804
|
|
|
$
|
3,804
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt
(1)
|
|
1,745,368
|
|
|
1,902,610
|
|
|
1,745,678
|
|
|
1,858,666
|
|
||||
Idaho Power
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt
(1)
|
|
1,745,368
|
|
|
1,902,610
|
|
|
1,745,678
|
|
|
1,858,666
|
|
|
|
Utility
Operations
|
|
All
Other
|
|
Eliminations
|
|
Consolidated
Total
|
||||||||
Three months ended June 30, 2017:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
331,768
|
|
|
$
|
1,238
|
|
|
$
|
—
|
|
|
$
|
333,006
|
|
Net income attributable to IDACORP, Inc.
|
|
48,381
|
|
|
1,450
|
|
|
—
|
|
|
49,831
|
|
||||
Total assets as of June 30, 2017
|
|
6,244,958
|
|
|
85,565
|
|
|
(53,124
|
)
|
|
6,277,399
|
|
||||
Three months ended June 30, 2016:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
314,411
|
|
|
$
|
1,025
|
|
|
$
|
—
|
|
|
$
|
315,436
|
|
Net income attributable to IDACORP, Inc.
|
|
54,807
|
|
|
1,439
|
|
|
—
|
|
|
56,246
|
|
||||
Six months ended June 30, 2017:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
633,732
|
|
|
$
|
1,818
|
|
|
$
|
—
|
|
|
$
|
635,550
|
|
Net income attributable to IDACORP, Inc.
|
|
80,863
|
|
|
2,070
|
|
|
—
|
|
|
82,933
|
|
||||
Six months ended June 30, 2016:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
594,977
|
|
|
$
|
1,415
|
|
|
$
|
—
|
|
|
$
|
596,392
|
|
Net income attributable to IDACORP, Inc.
|
|
80,341
|
|
|
1,634
|
|
|
—
|
|
|
81,975
|
|
|
|
Defined Benefit Pension Items
|
||||||||||||||
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance at beginning of period
|
|
$
|
(20,411
|
)
|
|
$
|
(20,712
|
)
|
|
$
|
(20,882
|
)
|
|
$
|
(21,276
|
)
|
Amounts reclassified out of AOCI
|
|
470
|
|
|
563
|
|
|
941
|
|
|
1,127
|
|
||||
Balance at end of period
|
|
$
|
(19,941
|
)
|
|
$
|
(20,149
|
)
|
|
$
|
(19,941
|
)
|
|
$
|
(20,149
|
)
|
|
|
Amount Reclassified from AOCI
|
||||||||||||||
Details About AOCI
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Amortization of defined benefit pension items
(1)
|
|
|
|
|
|
|
|
|
||||||||
Prior service cost
|
|
$
|
32
|
|
|
$
|
42
|
|
|
$
|
64
|
|
|
$
|
84
|
|
Net loss
|
|
740
|
|
|
883
|
|
|
1,481
|
|
|
1,766
|
|
||||
Total before tax
|
|
772
|
|
|
925
|
|
|
1,545
|
|
|
1,850
|
|
||||
Tax benefit
(2)
|
|
(302
|
)
|
|
(362
|
)
|
|
(604
|
)
|
|
(723
|
)
|
||||
Net of tax
|
|
470
|
|
|
563
|
|
|
941
|
|
|
1,127
|
|
||||
Total reclassification for the period
|
|
$
|
470
|
|
|
$
|
563
|
|
|
$
|
941
|
|
|
$
|
1,127
|
|
•
|
Idaho Power continues to expect positive customer growth in its service area, and continues to participate in and support state and local economic development initiatives aimed at responsible and sustainable growth. During the
first six months
of
2017
, Idaho Power's customer count grew by approximately 4,500 customers, and for the twelve months ended
June 30, 2017
, the customer growth rate was
1.8 percent
. On July 7, 2017, Idaho Power recorded a new record system peak as total demand of 3,422 MW exceeded the previous record peak demand of 3,407 MW set on July 2, 2013.
|
•
|
Idaho Power expects substantial capital investments, with expected total capital expenditures of approximately $1.5 billion over the five-year period from
2017
(including the expenditures incurred so far in
2017
) through 2021.
|
•
|
Idaho Power continues to execute on three core focuses for 2017 - improving Idaho Power's core business, growing revenues, and positioning the company for the future through enhancing its brand.
|
•
|
Idaho Power continues to focus on timely recovery of costs and earning a reasonable return on investment, including working to evaluate and ensure that its rate design and regulatory mechanisms properly reflect the cost to provide electric service.
|
•
|
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 additional amortization of accumulated deferred investment tax credits (ADITC) to help achieve a minimum 9.5 percent return on year-end equity in the Idaho jurisdiction (Idaho ROE). Idaho Power continues to assess the need to file and the timing of a general rate case in Idaho and Oregon to change 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. Over the 12 months ended
June 30, 2017
, customer count grew by
1.8 percent
. Idaho Power expects its number of customers to continue to increase in the foreseeable future. Employment in Idaho Power's service area grew by approximately 2.2 percent over the last twelve months, based on Idaho Department of Labor preliminary June 2017 data. Idaho Power has in recent years supported State of Idaho-coordinated efforts to promote economic development with an emphasis on attracting industrial and commercial customers to its service area.
|
|
|
5-Year Forecast
|
|
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
|
|
1.1%
|
1.6%
|
|
0.9%
|
1.4%
|
2015 IRP
|
|
1.1%
|
1.5%
|
|
1.1%
|
1.4%
|
2013 IRP
|
|
1.2%
|
1.5%
|
|
1%
|
1.3%
|
•
|
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 factors 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. Idaho Power’s 2017 IRP identifies its preferred resource portfolio and action plan. The IRP provides for the completion of the Boardman-to-Hemingway transmission
|
•
|
Weather Conditions:
Weather and agricultural growing conditions have a significant impact on Idaho Power's energy sales and the seasonality of those 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 fixed cost adjustment (FCA) mechanism. Temperatures in Idaho Power's service area were above normal in the second quarter of 2017, but significantly cooler than second quarter 2016 temperatures. Precipitation was 31 percent above normal and 139 percent higher than the second quarter of 2016. These conditions decreased sales volumes on a per-customer basis in the second quarter of 2017 compared to the second quarter of 2016, primarily to irrigation customers.
|
•
|
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. Over the past few years, 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. Idaho Power plans to end its participation in the operation of the North Valmy coal-fired power plant (Valmy Plant), of which Idaho Power owns a 50-percent interest, by the end of 2025 and in the second quarter of 2017 the IPUC and OPUC approved settlement stipulations providing for accelerated depreciation and cost recovery of the facility. Idaho Power also intends to cease coal-fired operations at the Boardman coal-fired plant, of which Idaho Power owns a 10-percent interest, by December 2020. 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 prices. The Idaho and Oregon power cost adjustment mechanisms mitigate in large part the potential adverse impacts of fluctuations in power supply costs to Idaho Power.
|
•
|
Changes in legislation, regulation, and government policy as a result of the new federal administration:
The federal administration's proposed changes with respect to legislation, regulation, and government policy could significantly impact IDACORP’s and Idaho Power’s businesses and the electric utility industry. Specific legislative and regulatory proposals discussed before and after the 2016 presidential and congressional elections 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, modifications to public company reporting requirements, and environmental regulation. During the first half of 2017, the new federal administration issued executive orders directed at changing or eliminating federal regulations that may affect Idaho Power's operations and environmental-related expenses, as described in "Environmental Matters" in this MD&A.
|
•
|
Regulatory and Environmental Compliance Costs and Plant Economics:
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, may require that Idaho Power install additional pollution control devices at existing
|
•
|
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. As of the date of this report, Idaho Power cannot determine the ultimate terms of, and costs associated with, any resulting long-term license.
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Idaho Power net income
|
|
$
|
48,381
|
|
|
$
|
54,807
|
|
|
$
|
80,863
|
|
|
$
|
80,341
|
|
Net income attributable to IDACORP, Inc.
|
|
$
|
49,831
|
|
|
$
|
56,246
|
|
|
$
|
82,933
|
|
|
$
|
81,975
|
|
Average outstanding shares – diluted
|
|
50,407
|
|
|
50,355
|
|
|
50,402
|
|
|
50,345
|
|
||||
IDACORP, Inc. earnings per diluted share
|
|
$
|
0.99
|
|
|
$
|
1.12
|
|
|
$
|
1.65
|
|
|
$
|
1.63
|
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||
Net income attributable to IDACORP, Inc. - June 30, 2016
|
|
|
|
$
|
56.2
|
|
|
|
|
$
|
82.0
|
|
||
Increase (decrease) in Idaho Power net income:
|
|
|
|
|
|
|
|
|
|
|||||
Customer growth, net of associated power supply costs and power cost adjustment mechanism impacts
|
|
2.0
|
|
|
|
|
|
4.7
|
|
|
|
|||
Usage per customer, net of associated power supply costs and power cost adjustment mechanism impacts
|
|
(9.9
|
)
|
|
|
|
0.1
|
|
|
|
||||
FCA revenues
|
|
(0.2
|
)
|
|
|
|
(6.2
|
)
|
|
|
||||
Increase in revenues per MWh, net of associated power supply costs and power cost adjustment mechanism impacts
|
|
15.5
|
|
|
|
|
15.6
|
|
|
|
||||
Third-party use of electric property, wheeling, and other revenue
|
|
4.2
|
|
|
|
|
7.0
|
|
|
|
||||
Other operating and maintenance expenses
|
|
(0.4
|
)
|
|
|
|
(2.5
|
)
|
|
|
||||
Depreciation expense
|
|
(9.4
|
)
|
|
|
|
(10.6
|
)
|
|
|
||||
Other changes in operating revenues and expenses, net
|
|
(0.2
|
)
|
|
|
|
—
|
|
|
|
||||
Increase in Idaho Power operating income
|
|
1.6
|
|
|
|
|
8.1
|
|
|
|
||||
Earnings of unconsolidated equity-method investments
|
|
(0.8
|
)
|
|
|
|
0.5
|
|
|
|
||||
Non-operating income and expenses
|
|
0.8
|
|
|
|
|
1.6
|
|
|
|
||||
Additional ADITC amortization
|
|
(1.9
|
)
|
|
|
|
(0.5
|
)
|
|
|
||||
Income tax expense (excluding additional ADITC amortization)
|
|
(6.1
|
)
|
|
|
|
(9.2
|
)
|
|
|
||||
Total increase (decrease) in Idaho Power net income
|
|
|
|
(6.4
|
)
|
|
|
|
0.5
|
|
||||
Other changes (net of tax)
|
|
|
|
—
|
|
|
|
|
0.4
|
|
||||
Net income attributable to IDACORP, Inc. - June 30, 2017
|
|
|
|
$
|
49.8
|
|
|
|
|
$
|
82.9
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
General business sales
|
|
3,464
|
|
|
3,611
|
|
|
6,872
|
|
|
6,776
|
|
Off-system sales
|
|
836
|
|
|
107
|
|
|
1,590
|
|
|
613
|
|
Total energy sales
|
|
4,300
|
|
|
3,718
|
|
|
8,462
|
|
|
7,389
|
|
Hydroelectric generation
|
|
2,815
|
|
|
2,013
|
|
|
5,177
|
|
|
3,859
|
|
Coal generation
|
|
505
|
|
|
699
|
|
|
1,342
|
|
|
1,474
|
|
Natural gas and other generation
|
|
68
|
|
|
328
|
|
|
399
|
|
|
845
|
|
Total system generation
|
|
3,388
|
|
|
3,040
|
|
|
6,918
|
|
|
6,178
|
|
Purchased power
|
|
1,246
|
|
|
972
|
|
|
2,154
|
|
|
1,787
|
|
Line losses
|
|
(334
|
)
|
|
(294
|
)
|
|
(610
|
)
|
|
(576
|
)
|
Total energy supply
|
|
4,300
|
|
|
3,718
|
|
|
8,462
|
|
|
7,389
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
|
$
|
112,534
|
|
|
$
|
104,427
|
|
|
$
|
264,689
|
|
|
$
|
245,540
|
|
Commercial
|
|
78,982
|
|
|
75,129
|
|
|
153,260
|
|
|
146,379
|
|
||||
Industrial
|
|
49,766
|
|
|
44,941
|
|
|
95,224
|
|
|
87,638
|
|
||||
Irrigation
|
|
56,068
|
|
|
68,134
|
|
|
56,993
|
|
|
69,037
|
|
||||
Total
|
|
297,350
|
|
|
292,631
|
|
|
570,166
|
|
|
548,594
|
|
||||
Deferred revenue related to HCC relicensing AFUDC
(1)
|
|
(2,349
|
)
|
|
(2,350
|
)
|
|
(4,933
|
)
|
|
(4,932
|
)
|
||||
Total general business revenues
|
|
$
|
295,001
|
|
|
$
|
290,281
|
|
|
$
|
565,233
|
|
|
$
|
543,662
|
|
Volume of Sales (MWh)
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
|
1,057
|
|
|
1,030
|
|
|
2,597
|
|
|
2,418
|
|
||||
Commercial
|
|
952
|
|
|
974
|
|
|
1,980
|
|
|
1,950
|
|
||||
Industrial
|
|
811
|
|
|
789
|
|
|
1,641
|
|
|
1,581
|
|
||||
Irrigation
|
|
644
|
|
|
818
|
|
|
654
|
|
|
827
|
|
||||
Total MWh sales
|
|
3,464
|
|
|
3,611
|
|
|
6,872
|
|
|
6,776
|
|
||||
Number of customers at period end
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
|
448,159
|
|
|
439,924
|
|
|
|
|
|
||||||
Commercial
|
|
69,818
|
|
|
68,881
|
|
|
|
|
|
||||||
Industrial
|
|
121
|
|
|
122
|
|
|
|
|
|
||||||
Irrigation
|
|
20,886
|
|
|
20,602
|
|
|
|
|
|
||||||
Total customers
|
|
538,984
|
|
|
529,529
|
|
|
|
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||||
|
|
2017
|
|
2016
|
|
Normal
|
|
2017
|
|
2016
|
|
Normal
(2)
|
||||||
Heating degree-days
(1)
|
|
720
|
|
|
429
|
|
|
719
|
|
|
3,311
|
|
|
2,618
|
|
|
3,199
|
|
Cooling degree-days
(1)
|
|
233
|
|
|
278
|
|
|
183
|
|
|
233
|
|
|
278
|
|
|
183
|
|
•
|
Rates
: Rate changes increased general business revenue by $18.1 million and $20.5 million for the three and six months ended June 30, 2017, respectively, compared with the same periods in 2016. In the second quarter of 2017, the IPUC and OPUC each approved settlement stipulations related to Idaho Power’s plan to end its participation in coal-fired operations at the Valmy Plant by the end of 2025, which increased general business revenue collections and general business revenue accruals for the three and six months ended June 30, 2017, compared with the same periods in 2016. Customer rates also include collection or refund of the prior-year power cost adjustment deferral/accrual. The accrual decreased revenue $0.1 million in the second quarter of 2017, but the deferral increased revenue $1.4 million in the first six months of 2017 compared with the same periods in 2016. The collection or refund of the prior-year power cost adjustment 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 increased general business revenue by $2.6 million and $6.7 million, respectively, compared with the
second
quarter and first six months of 2016. Total customers increased
1.8 percent
during the twelve months ended
June 30, 2017
.
|
•
|
Usage
: Lower usage (on a per customer basis), primarily by irrigation customers, decreased general business revenue by $15.8 million for the second quarter of 2017 when compared with the second quarter of 2016. Decreased usage was primarily the result of higher precipitation in the Idaho Power service area during the second quarter of 2017 compared to the second quarter of 2016, which reduced usage by irrigation customers. For the six months ended June 30, 2017, a 22 percent decrease in usage per irrigation customer was more than offset by a 5 percent increase in usage per residential customer and a 4 percent increase per industrial customer, compared with the same period in 2016, resulting in a general business revenue increase of $0.6 million.
|
•
|
FCA Revenue
: The Idaho FCA mechanism decreased revenues by $0.2 million and $6.2 million for the second quarter and first six months of 2017, respectively, compared with the same periods in 2016. Idaho Power accrued $3.5 million and $8.8 million of FCA revenue in the second quarter and first six months of 2017, respectively, compared with $3.7 million and $15.0 million, respectively, in the same 2016 periods.
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenue
|
|
$
|
8,100
|
|
|
$
|
1,238
|
|
|
$
|
18,900
|
|
|
$
|
10,389
|
|
MWh sold
|
|
836
|
|
|
107
|
|
|
1,590
|
|
|
613
|
|
||||
Revenue per MWh
|
|
$
|
9.69
|
|
|
$
|
11.57
|
|
|
$
|
11.89
|
|
|
$
|
16.95
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Transmission services and other
|
|
$
|
18,152
|
|
|
$
|
13,989
|
|
|
$
|
32,756
|
|
|
$
|
25,772
|
|
Energy efficiency
|
|
10,515
|
|
|
8,903
|
|
|
16,843
|
|
|
15,154
|
|
||||
Total other revenues
|
|
$
|
28,667
|
|
|
$
|
22,892
|
|
|
$
|
49,599
|
|
|
$
|
40,926
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Expense
|
|
|
|
|
|
|
|
|
||||||||
PURPA contracts
|
|
$
|
46,397
|
|
|
$
|
34,690
|
|
|
$
|
77,237
|
|
|
$
|
68,945
|
|
Other purchased power (including wheeling)
|
|
15,109
|
|
|
13,421
|
|
|
33,385
|
|
|
27,281
|
|
||||
Total purchased power expense
|
|
$
|
61,506
|
|
|
$
|
48,111
|
|
|
$
|
110,622
|
|
|
$
|
96,226
|
|
MWh purchased
|
|
|
|
|
|
|
|
|
||||||||
PURPA contracts
|
|
916
|
|
|
612
|
|
|
1,435
|
|
|
1,166
|
|
||||
Other purchased power
|
|
330
|
|
|
360
|
|
|
719
|
|
|
621
|
|
||||
Total MWh purchased
|
|
1,246
|
|
|
972
|
|
|
2,154
|
|
|
1,787
|
|
||||
Cost per MWh from PURPA contracts
|
|
$
|
50.65
|
|
|
$
|
56.68
|
|
|
$
|
53.82
|
|
|
$
|
59.13
|
|
Cost per MWh from other sources
|
|
$
|
45.78
|
|
|
$
|
37.28
|
|
|
$
|
46.43
|
|
|
$
|
43.93
|
|
Weighted average - all sources
|
|
$
|
49.36
|
|
|
$
|
49.50
|
|
|
$
|
51.36
|
|
|
$
|
53.85
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Expense
|
|
|
|
|
|
|
|
|
|
|
||||||
Coal
|
|
$
|
16,638
|
|
|
$
|
23,284
|
|
|
$
|
44,494
|
|
|
$
|
46,949
|
|
Natural gas
(1)
|
|
3,778
|
|
|
6,684
|
|
|
12,174
|
|
|
18,783
|
|
||||
Total fuel expense
|
|
$
|
20,416
|
|
|
$
|
29,968
|
|
|
$
|
56,668
|
|
|
$
|
65,732
|
|
MWh generated
|
|
|
|
|
|
|
|
|
|
|
||||||
Coal
|
|
505
|
|
|
699
|
|
|
1,342
|
|
|
1,474
|
|
||||
Natural gas
(1)
|
|
68
|
|
|
328
|
|
|
399
|
|
|
845
|
|
||||
Total MWh generated
|
|
573
|
|
|
1,027
|
|
|
1,741
|
|
|
2,319
|
|
||||
Cost per MWh - Coal
|
|
$
|
32.95
|
|
|
$
|
33.31
|
|
|
$
|
33.15
|
|
|
$
|
31.85
|
|
Cost per MWh - Natural gas
|
|
$
|
55.56
|
|
|
$
|
20.38
|
|
|
$
|
30.51
|
|
|
$
|
22.23
|
|
Weighted average, all sources
|
|
$
|
35.63
|
|
|
$
|
29.18
|
|
|
$
|
32.55
|
|
|
$
|
28.34
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Idaho power supply cost accrual
|
|
$
|
7,981
|
|
|
$
|
7,303
|
|
|
21,844
|
|
|
12,597
|
|
||
Amortization of prior year authorized balances
|
|
8,761
|
|
|
9,600
|
|
|
18,385
|
|
|
17,659
|
|
||||
Total power cost adjustment expense
|
|
$
|
16,742
|
|
|
$
|
16,903
|
|
|
$
|
40,229
|
|
|
$
|
30,256
|
|
•
|
their respective $100 million and $300 million revolving credit facilities;
|
•
|
IDACORP's shelf registration statement filed with the U.S. Securities and Exchange Commission (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
|
|
44%
|
|
46%
|
Equity
|
|
56%
|
|
54%
|
•
|
Changes in regulatory assets and liabilities
increase
d operating cash flows by
$14 million
. The increase is mostly related to the relative amounts of power supply and fixed costs deferred and collected under the Idaho power cost adjustment and FCA mechanisms, partially offset by revenues accrued in excess of collections from the Valmy Plant settlement stipulation, which will be collected in future periods;
|
•
|
Idaho Power made
$4 million
of benefit plan contributions during the
first six months
of 2017, while it made contributions of
$13 million
for the same period in 2016;
|
•
|
Idaho Power received an
$8 million
distribution from IERCo's investment in BCC for the first six months of 2017, as compared to
no
distribution for the first six months of 2016. Changes in distributions from period to period are primarily driven by changes in the timing of cash needs associated with BCC;
|
•
|
A
$6 million
decrease
from changes in deferred taxes and investment tax credits for both companies was more than offset by a
$15 million
increase from changes in taxes receivable for IDACORP and a
$6 million
increase
from changes in taxes accrued for Idaho Power, combining to increase operating cash flows by
$10 million
for IDACORP; and
|
•
|
Changes in working capital balances due primarily to timing, including fluctuations in accounts receivable, other current assets, and other current liabilities, as follows:
|
◦
|
timing of collections of accounts receivable balances
decreased
operating cash flows by
$3 million
for IDACORP and
decreased
operating cash flows by
$11 million
for Idaho Power. IDACORP's decrease is less than Idaho Power's decrease because IDACORP collected a $7.6 million receivable in the first quarter of 2017 from a legal settlement;
|
◦
|
the changes in other current assets
increased
cash flows by
$18 million
, which was primarily due to fluctuations in the balance in accrued unbilled revenues as energy sales near the end of the respective periods were impacted by weather;
|
◦
|
timing of account payable payments
decreased
operating cash flows by
$16 million
for IDACORP and increased operating cash flows by
$14 million
for Idaho Power (the difference relates to a $29.3 million payable to IDACORP relating to estimated income tax payments); and
|
◦
|
other current liabilities, which include non-incentive accrued compensation, customer deposits, accrued interest, and other miscellaneous liabilities, increased more during the
first six months
of 2017 compared to the first six months of 2016, and
increased
cash flows by
$2 million
during the first six months of 2017 compared to the first six months of 2016.
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
|
IDACORP
(2)
|
|
Idaho Power
|
|
IDACORP
(2)
|
|
Idaho Power
|
||||||||
Revolving credit facility
|
|
$
|
100,000
|
|
|
$
|
300,000
|
|
|
$
|
100,000
|
|
|
$
|
300,000
|
|
Commercial paper outstanding
|
|
(550
|
)
|
|
—
|
|
|
—
|
|
|
(21,800
|
)
|
||||
Identified for other use
(1)
|
|
—
|
|
|
(24,245
|
)
|
|
—
|
|
|
(24,245
|
)
|
||||
Net balance available
|
|
$
|
99,450
|
|
|
$
|
275,755
|
|
|
$
|
100,000
|
|
|
$
|
253,955
|
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
|
June 30, 2017
|
|
June 30, 2017
|
||||||||||||
|
|
IDACORP
(1)
|
|
Idaho Power
|
|
IDACORP
(1)
|
|
Idaho Power
|
||||||||
Commercial paper:
|
|
|
|
|
|
|
|
|
||||||||
Period end:
|
|
|
|
|
|
|
|
|
||||||||
Amount outstanding
|
|
$
|
550
|
|
|
$
|
—
|
|
|
$
|
550
|
|
|
$
|
—
|
|
Weighted average interest rate
|
|
1.52
|
%
|
|
—
|
%
|
|
1.52
|
%
|
|
—
|
%
|
||||
Daily average amount outstanding during the period
|
|
$
|
133
|
|
|
$
|
—
|
|
|
$
|
306
|
|
|
$
|
1,692
|
|
Weighted average interest rate during the period
|
|
1.42
|
%
|
|
—
|
%
|
|
1.08
|
%
|
|
1.12
|
%
|
||||
Maximum month-end balance
|
|
$
|
550
|
|
|
$
|
—
|
|
|
$
|
550
|
|
|
$
|
—
|
|
|
|
2017
|
|
2018
|
|
2019-2021
|
Expected capital expenditures (excluding AFUDC)
|
|
$290-300
|
|
$285-295
|
|
$900-950
|
Description
|
|
Status
|
|
Estimated Rate Impact
(1)
|
|
Notes
|
Power Cost Adjustment Mechanism - Idaho
|
|
New PCA rate became effective June 1, 2017
|
|
$10.6 million PCA increase for the period from June 1, 2017 to May 31, 2018
|
|
The potential revenue impact of rate increases and decreases associated with the Idaho PCA mechanism is largely offset by associated increases and decreases in actual power supply costs and amortization of deferred power supply costs.
|
Fixed Cost Adjustment Mechanism - Idaho
|
|
New FCA rate became effective June 1, 2017
|
|
$6.9 million FCA increase for the period from June 1, 2017 to May 31, 2018
|
|
The FCA is designed to remove Idaho Power’s financial disincentive to invest in energy efficiency programs by partially separating (or decoupling) the recovery of fixed costs from the volumetric kilowatt-hour charge and instead linking it to a set amount per customer.
|
Valmy Plant Accelerated Depreciable Life - Idaho
|
|
New retail rates became effective June 1, 2017
|
|
$13.3 million increase in Idaho jurisdictional revenue requirement
|
|
The increase allows Idaho Power to recover costs associated with its plan to end its participation in coal-fired operations at the Valmy Plant by the end of 2025.
|
Depreciation Study - Idaho
|
|
New depreciation rates became effective June 1, 2017
|
|
No change in retail rates
|
|
The change in depreciation rates resulted in no associated change in retail rates.
|
|
|
Idaho
|
|
Oregon
(1)
|
|
Total
|
||||||
Balance at December 31, 2016
|
|
$
|
53,442
|
|
|
$
|
428
|
|
|
$
|
53,870
|
|
Current period net power supply costs accrued
|
|
(21,844
|
)
|
|
—
|
|
|
(21,844
|
)
|
|||
Prior amounts recovered through rates
|
|
(17,871
|
)
|
|
(514
|
)
|
|
(18,385
|
)
|
|||
Revenue sharing
|
|
1,184
|
|
|
|
|
1,184
|
|
||||
Prior energy efficiency funds refunded through rates
|
|
2,712
|
|
|
—
|
|
|
2,712
|
|
|||
SO
2
allowance and renewable energy certificate sales
|
|
(1,678
|
)
|
|
(45
|
)
|
|
(1,723
|
)
|
|||
Energy efficiency rider funds transferred to Idaho PCA mechanism
|
|
(13,000
|
)
|
|
—
|
|
|
(13,000
|
)
|
|||
Interest and other
|
|
188
|
|
|
39
|
|
|
227
|
|
|||
Balance at June 30, 2017
|
|
$
|
3,133
|
|
|
$
|
(92
|
)
|
|
$
|
3,041
|
|
Resource Type
|
|
Total On-line (MW)
|
|
Under Contract but not yet On-line (MW)
|
|
Total Projects under Contract (MW)
|
|
Began Operating During 2017 (MW)
|
PURPA:
|
|
|
|
|
|
|
|
|
Wind
|
|
627
|
|
—
|
|
627
|
|
50
|
Solar
|
|
290
|
|
24
|
|
314
|
|
120
|
Hydroelectric
|
|
147
|
|
8
|
|
155
|
|
—
|
Other
|
|
50
|
|
5
|
|
55
|
|
—
|
Total
|
|
1,114
|
|
37
|
|
1,151
|
|
170
|
Non-PURPA:
|
|
|
|
|
|
|
|
|
Wind
|
|
101
|
|
—
|
|
101
|
|
—
|
Geothermal
|
|
35
|
|
—
|
|
35
|
|
—
|
Total
|
|
136
|
|
—
|
|
136
|
|
—
|
•
|
increase the operating costs of generating plants;
|
•
|
increase the construction costs and lead time for new facilities;
|
•
|
require the modification of existing generation plants, which could result in additional costs;
|
•
|
require the curtailment or shut-down of existing generating plants; or
|
•
|
reduce the output from current generating facilities.
|
Period
|
(a)
Total Number of Shares Purchased
(1)
|
(b)
Average Price Paid per Share
|
(c)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
(d)
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
|
|||||
April 1, 2017 - April 30, 2017
|
—
|
|
$
|
—
|
|
—
|
|
—
|
|
May 1, 2017 - May 31, 2017
|
—
|
|
—
|
|
—
|
|
—
|
|
|
June 1, 2017 - June 30, 2017
|
115
|
|
85.35
|
|
—
|
|
—
|
|
|
Total
|
115
|
|
$
|
85.35
|
|
—
|
|
—
|
|
|
|
IDACORP, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
August 3, 2017
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
Date:
|
August 3, 2017
|
By:
|
/s/ Steven R. Keen
|
|
|
|
Steven R. Keen
|
|
|
|
Senior Vice President, Chief Financial
|
|
|
|
Officer, and Treasurer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDAHO POWER COMPANY
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
August 3, 2017
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
Date:
|
August 3, 2017
|
By:
|
/s/ Steven R. Keen
|
|
|
|
Steven R. Keen
|
|
|
|
Senior Vice President, Chief Financial
|
|
|
|
Officer, and Treasurer
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
|
|
|
|
|
|
|
10.1
1
|
|
|
|
|
X
|
|
12.1
|
|
|
|
|
X
|
|
12.2
|
|
|
|
|
X
|
|
15.1
|
|
|
|
|
X
|
|
15.2
|
|
|
|
|
X
|
|
31.1
|
|
|
|
|
X
|
|
31.2
|
|
|
|
|
X
|
|
31.3
|
|
|
|
|
X
|
|
31.4
|
|
|
|
|
X
|
|
32.1
|
|
|
|
|
X
|
|
32.2
|
|
|
|
|
X
|
|
32.3
|
|
|
|
|
X
|
|
32.4
|
|
|
|
|
X
|
|
95.1
|
|
|
|
|
X
|
|
101.INS
|
XBRL Instance Document
|
|
|
|
|
X
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
X
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
X
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
X
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
X
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
X
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of IDACORP, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
August 3, 2017
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of IDACORP, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
August 3, 2017
|
By:
|
/s/ Steven R. Keen
|
|
|
|
Steven R. Keen
|
|
|
|
Senior Vice President, Chief Financial Officer, and Treasurer
|
|
|
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Idaho Power Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
August 3, 2017
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Idaho Power Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
August 3, 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
|
August 3, 2017
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(1)
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The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Steven R. Keen
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Steven R. Keen
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Senior Vice President, Chief Financial Officer, and Treasurer
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August 3, 2017
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(1)
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The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Darrel T. Anderson
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Darrel T. Anderson
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President and Chief Executive Officer
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August 3, 2017
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(1)
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The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Steven R. Keen
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Steven R. Keen
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Senior Vice President, Chief Financial Officer, and Treasurer
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August 3, 2017
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