X
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
|
|
THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
For the fiscal year ended
December 31, 2018
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
|
|
THE SECURITIES EXCHANGE ACT OF 1934
|
|
Exact name of registrants as specified in
|
|
Commission
|
their charters, address of principal executive
|
IRS Employer
|
File Number
|
offices, zip code and telephone number
|
Identification Number
|
1-14465
|
IDACORP, Inc.
|
82-0505802
|
1-3198
|
Idaho Power Company
|
82-0130980
|
|
1221 W. Idaho Street
|
|
|
Boise, ID 83702-5627
|
|
|
(208) 388-2200
|
|
|
||
State of incorporation: Idaho
|
||
|
||
|
Name of exchange on
|
|
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
|
which registered
|
|
IDACORP, Inc.: Common Stock, without par value
|
New York
|
|
|
Stock Exchange
|
|
|
||
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
|
||
Idaho Power Company: Preferred Stock
|
IDACORP, Inc.
|
Yes
|
(X)
|
No
|
( )
|
Idaho Power Company
|
Yes
|
( )
|
No
|
(X)
|
IDACORP, Inc.
|
Yes
|
( )
|
No
|
(X)
|
Idaho Power Company
|
Yes
|
( )
|
No
|
(X)
|
IDACORP, Inc.
|
Yes
|
(X)
|
No
|
( )
|
Idaho Power Company
|
Yes
|
(X)
|
No
|
( )
|
IDACORP, Inc.
|
Yes
|
( )
|
No
|
(X)
|
Idaho Power Company
|
Yes
|
( )
|
No
|
(X)
|
IDACORP, Inc.:
|
|
$
|
4,611,144,658
|
|
|
Idaho Power Company:
|
|
None
|
Number of shares of common stock outstanding as of February 15, 2019:
|
|
IDACORP, Inc.:
|
50,383,366
|
Idaho Power Company:
|
39,150,812, all held by IDACORP, Inc.
|
Documents Incorporated by Reference:
|
|
|
|
Part III, Items 10 - 14
|
Portions of IDACORP, Inc.’s definitive proxy statement to be filed pursuant to Regulation 14A for the 2019 annual meeting of shareholders.
|
|
TABLE OF CONTENTS
|
||
|
|
|
|
|
Page
|
|
|
|
Commonly Used Terms
|
||
Cautionary Note Regarding Forward-Looking Statements
|
||
|
|
|
Part I
|
|
|
|
|
|
Item 1
|
Business
|
|
|
Executive Officers of the Registrants
|
|
Item 1A
|
Risk Factors
|
|
Item 1B
|
Unresolved Staff Comments
|
|
Item 2
|
Properties
|
|
Item 3
|
Legal Proceedings
|
|
Item 4
|
Mine Safety Disclosures
|
|
|
|
|
Part II
|
|
|
|
|
|
Item 5
|
Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
|
|
Item 6
|
Selected Financial Data
|
|
Item 7
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 7A
|
Quantitative and Qualitative Disclosures About Market Risk
|
|
Item 8
|
Financial Statements and Supplementary Data
|
|
Item 9
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
|
Item 9A
|
Controls and Procedures
|
|
Item 9B
|
Other Information
|
|
|
|
|
Part III
|
|
|
|
|
|
Item 10
|
Directors, Executive Officers and Corporate Governance*
|
|
Item 11
|
Executive Compensation*
|
|
Item 12
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters*
|
|
Item 13
|
Certain Relationships and Related Transactions, and Director Independence*
|
|
Item 14
|
Principal Accountant Fees and Services*
|
|
|
|
|
Part IV
|
|
|
|
|
|
Item 15
|
Exhibits and Financial Statement Schedules
|
|
Item 16
|
Form 10-K Summary
|
|
|
|
|
Signatures
|
||
|
|
|
* Except as indicated in Items 10, 12, and 14, IDACORP, Inc. information is incorporated by reference to IDACORP, Inc.'s definitive proxy statement for the 2019 annual meeting of shareholders.
|
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
|
|
LTICP
|
-
|
IDACORP 2000 Long-Term Incentive and Compensation Plan
|
AFUDC
|
-
|
Allowance for Funds Used During Construction
|
|
MATS
|
-
|
Mercury and Air Toxics Standards
|
AOCI
|
-
|
Accumulated Other Comprehensive Income
|
|
MD&A
|
-
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
APCU
|
-
|
Annual Power Cost Update
|
|
MMBtu
|
-
|
Million British Thermal Units
|
ASU
|
-
|
Accounting Standards Update
|
|
MW
|
-
|
Megawatt
|
BCC
|
-
|
Bridger Coal Company, a joint venture of IERCo
|
|
MWh
|
-
|
Megawatt-hour
|
BLM
|
-
|
U.S. Bureau of Land Management
|
|
NAAQS
|
-
|
National Ambient Air Quality Standards
|
CAA
|
-
|
Clean Air Act
|
|
NEPA
|
-
|
National Environmental Policy Act
|
CO
2
|
-
|
Carbon Dioxide
|
|
NMFS
|
-
|
National Marine Fisheries Service
|
CWA
|
-
|
Clean Water Act
|
|
NOAA Fisheries
|
-
|
National Oceanic and Atmospheric Administration's National Marine Fisheries Service
|
EIS
|
-
|
Environmental Impact Statement
|
|
NO
2
|
-
|
Nitrogen Dioxide
|
EPA
|
-
|
U.S. Environmental Protection Agency
|
|
NO
x
|
-
|
Nitrogen Oxide
|
ESA
|
-
|
Endangered Species Act
|
|
O&M
|
-
|
Operations and Maintenance
|
FASB
|
-
|
Financial Accounting Standards Board
|
|
OATT
|
-
|
Open Access Transmission Tariff
|
FCA
|
-
|
Idaho Fixed Cost Adjustment
|
|
OPUC
|
-
|
Public Utility Commission of Oregon
|
FERC
|
-
|
Federal Energy Regulatory Commission
|
|
PCA
|
-
|
Idaho-jurisdiction Power Cost Adjustment
|
FPA
|
-
|
Federal Power Act
|
|
PCAM
|
-
|
Oregon Power Cost Adjustment Mechanism
|
GAAP
|
-
|
Generally Accepted Accounting Principles
|
|
PEIS
|
-
|
Programmatic Environmental Impact Statement
|
GHG
|
-
|
Greenhouse Gas
|
|
PURPA
|
-
|
Public Utility Regulatory Policies Act of 1978
|
HCC
|
-
|
Hells Canyon Complex
|
|
REC
|
-
|
Renewable Energy Certificate
|
IDACORP
|
-
|
IDACORP, Inc., an Idaho Corporation
|
|
RH BART
|
-
|
Regional haze - best available retrofit technology
|
Idaho Power
|
-
|
Idaho Power Company, an Idaho Corporation
|
|
RPS
|
-
|
Renewable Portfolio Standard
|
Idaho ROE
|
-
|
Idaho-jurisdiction return on year-end equity
|
|
SEC
|
-
|
U.S. Securities and Exchange Commission
|
Ida-West
|
-
|
Ida-West Energy Company, a subsidiary of IDACORP, Inc.
|
|
SCR
|
-
|
Selective catalytic reduction equipment
|
IERCo
|
-
|
Idaho Energy Resources Co., a subsidiary of Idaho Power Company
|
|
SMSP
|
-
|
Security Plan for Senior Management Employees
|
IFS
|
-
|
IDACORP Financial Services, Inc., a subsidiary of IDACORP, Inc.
|
|
SO
2
|
-
|
Sulfur Dioxide
|
IPUC
|
-
|
Idaho Public Utilities Commission
|
|
USFWS
|
-
|
U.S. Fish and Wildlife Service
|
IRP
|
-
|
Integrated Resource Plan
|
|
Valmy Plant
|
-
|
North Valmy coal-fired power plant
|
IRS
|
-
|
U.S. Internal Revenue Service
|
|
Western EIM
|
-
|
Energy imbalance market implemented in the western United States
|
kW
|
-
|
Kilowatt
|
|
WPSC
|
-
|
Wyoming Public Service Commission
|
kWh
|
-
|
Kilowatt-hour
|
|
WDEQ
|
-
|
Wyoming Department of Environmental Quality
|
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
|
•
|
the effect of decisions by the Idaho and Oregon public utilities commissions and the Federal Energy Regulatory Commission that impact Idaho Power's ability to recover costs and earn a return on investment;
|
•
|
the expense and risks associated with capital expenditures for utility infrastructure, and the timing and availability of cost recovery for such expenditures through customer rates, including the potential for the write-down or write-off of expenditures if not deemed prudent by regulators;
|
•
|
changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area, the loss or change in the business of significant customers, or the addition of new 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, interest rates, regulatory authorized returns on equity, supply costs, population growth or decline in Idaho Power's service area, changes in customer demand for electricity, revenue from sales of excess power, credit quality of counterparties and suppliers, and the collection of receivables;
|
•
|
unseasonable or severe weather conditions, wildfires, drought, and other natural phenomena and natural disasters, including conditions and events associated with climate change, which affect customer demand, hydroelectric generation levels, repair costs, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers;
|
•
|
advancement of self-generation, energy storage, and energy efficiency technologies that may affect Idaho Power's sale or delivery of electric power or introduce new cyber security risks;
|
•
|
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;
|
•
|
adoption of, changes in, and costs of compliance with laws, regulations, and policies relating to the environment, natural resources, and threatened and endangered species, and the ability to recover associated increased costs through rates;
|
•
|
variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydroelectric facilities;
|
•
|
the ability to acquire fuel, power, and transmission capacity under reasonable terms, particularly in the event of unanticipated power demands, lack of physical availability, transportation constraints, or a credit downgrade;
|
•
|
accidents, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, and mechanical breakdowns that may occur while operating and maintaining Idaho Power assets, which can cause unplanned outages, reduce generating output, damage the companies’ assets, operations, or reputation, subject the companies to third-party claims for property damage, personal injury, or loss of life, or result in the imposition of civil, criminal, and regulatory fines and penalties for which the companies may have inadequate insurance coverage;
|
•
|
the increased purchased power 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 systems may constrain resources or cause Idaho Power to incur repair costs and purchase replacement power at increased costs;
|
•
|
the ability to obtain debt and equity financing or refinance existing debt when necessary and on favorable terms, which can be affected by factors such as credit ratings, volatility or disruptions in the financial markets, interest rate fluctuations, decisions by the Idaho or Oregon public utility commissions, and the companies' past or projected financial performance;
|
•
|
reductions in credit ratings, which could adversely impact access to debt and equity markets, increase borrowing costs, and 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 and the companies' cash flows;
|
•
|
the ability to continue to pay dividends based on financial performance and in light of contractual covenants and restrictions and regulatory limitations;
|
•
|
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 attract and 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 resulting operational changes through insurance or rates, or from third parties;
|
•
|
the companies' failure to secure data or to comply with privacy laws or regulations, security breaches, or the disruption or damage to the companies' business, operations, or reputation resulting from cyber-attacks and related litigation or penalties, terrorist incidents or the threat of terrorist incidents, or other malicious acts, 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.
|
Focus Areas
|
|
Initiatives
|
Grow to Enhance Financial Strength
|
|
- Execute on Business Development Initiatives
- Find New Revenue Opportunities
- Promote and Engage in Beneficial Electrification
|
Improve the Core Business
|
|
- Implement/Utilize Value-Added Analytics and Machine Learning
- Upgrade Infrastructure for Growth, Technology Changes, Renewable Energy Integration, and Flexibility
- Evaluate and Control Expenditures and Continue Efficient Operations
- Use Technology to Enhance the Grid, System Reliability, and Safety
- Implement Rate Structures that are Fair and Reasonable to All Customers
- Leverage Technology and Turn Disruptive Threats into Opportunities
|
Enhance Idaho Power's Brand
|
|
- Enhance Idaho Power's Customers' Experience and Interactions
- Continue Environmental Stewardship and Emission Reductions
- Continue Constructive Regulatory Relationships and a Regulatory Compliance Mindset
- Communicate Idaho Power's Story
|
Focus on Safety & Employee Engagement
|
|
- Continue Idaho Power's Strong Focus on Safety and Reducing Injuries
- Execute on Employee Engagement and Leadership Development Initiatives
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Retail revenues (thousands of dollars):
|
|
|
|
|
|
|
|
|
|
|||
Residential (includes $34,625, $17,320, and $29,170, respectively, related to the FCA
(1)
)
|
|
$
|
530,527
|
|
|
$
|
552,333
|
|
|
$
|
514,954
|
|
Commercial (includes $1,299, $876, and $1,087, respectively, related to the FCA
(1)
)
|
|
310,299
|
|
|
319,195
|
|
|
302,650
|
|
|||
Industrial
|
|
190,130
|
|
|
195,124
|
|
|
182,590
|
|
|||
Irrigation
|
|
158,001
|
|
|
150,030
|
|
|
156,505
|
|
|||
Provision for sharing
|
|
(5,025
|
)
|
|
—
|
|
|
—
|
|
|||
Deferred revenue related to HCC relicensing AFUDC
(2)
|
|
(8,780
|
)
|
|
(10,706
|
)
|
|
(10,706
|
)
|
|||
Total retail revenues
|
|
1,175,152
|
|
|
1,205,976
|
|
|
1,145,993
|
|
|||
Wholesale energy sales
|
|
52,845
|
|
|
24,790
|
|
|
11,900
|
|
|||
Transmission wheeling revenues
|
|
59,094
|
|
|
43,970
|
|
|
32,496
|
|
|||
Energy efficiency program revenues
|
|
35,703
|
|
|
39,241
|
|
|
33,754
|
|
|||
Other revenues
|
|
43,788
|
|
|
30,916
|
|
|
35,210
|
|
|||
Total electric utility operating revenues
|
|
$
|
1,366,582
|
|
|
$
|
1,344,893
|
|
|
$
|
1,259,353
|
|
Energy sales (thousands of Megawatt-hour (MWh)):
|
|
|
|
|
|
|
|
|
|
|||
Residential
|
|
5,135
|
|
|
5,355
|
|
|
5,004
|
|
|||
Commercial
|
|
4,105
|
|
|
4,099
|
|
|
3,999
|
|
|||
Industrial
|
|
3,371
|
|
|
3,346
|
|
|
3,243
|
|
|||
Irrigation
|
|
1,976
|
|
|
1,771
|
|
|
1,950
|
|
|||
Total retail energy sales
|
|
14,587
|
|
|
14,571
|
|
|
14,196
|
|
|||
Wholesale energy sales
|
|
2,246
|
|
|
1,934
|
|
|
742
|
|
|||
Bundled energy sales
|
|
617
|
|
|
202
|
|
|
444
|
|
|||
Total energy
|
|
17,450
|
|
|
16,707
|
|
|
15,382
|
|
|||
|
(1)
|
The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers as disclosed in Note 4 – “Revenues” to the consolidated financial statements included in this report.
|
(2)
|
As part of its January 30, 2009, general rate case order, the IPUC is allowing Idaho Power to recover a portion of the allowance for funds used during construction (AFUDC) on construction work in progress related to the Hells Canyon Complex (HCC) relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service. Idaho Power is collecting
$8.8 million
annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. Prior to the May 2018 Idaho Tax Reform Settlement Stipulation, described in
Note 3 – “Regulatory Matters” to the consolidated financial statements included in this report,
Idaho Power was collecting
$10.7 million
annually.
|
|
|
Power Supply
|
|
Percent of Total Generation
|
||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(thousands of MWh)
|
|
|
|
|||||||||||||
Hydroelectric plants
|
|
8,682
|
|
|
8,900
|
|
|
6,408
|
|
|
65
|
%
|
|
65
|
%
|
|
53
|
%
|
Coal-fired plants
|
|
3,274
|
|
|
3,284
|
|
|
4,045
|
|
|
24
|
%
|
|
24
|
%
|
|
33
|
%
|
Natural gas-fired plants
|
|
1,408
|
|
|
1,504
|
|
|
1,722
|
|
|
11
|
%
|
|
11
|
%
|
|
14
|
%
|
Total system generation
|
|
13,364
|
|
|
13,688
|
|
|
12,175
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased power - cogeneration and small power production
|
|
3,045
|
|
|
2,800
|
|
|
2,314
|
|
|
|
|
|
|
|
|
|
|
Purchased power - other
|
|
2,386
|
|
|
1,442
|
|
|
2,023
|
|
|
|
|
|
|
|
|
|
|
Total purchased power
|
|
5,431
|
|
|
4,242
|
|
|
4,337
|
|
|
|
|
|
|
|
|
|
|
Total power supply
|
|
18,795
|
|
|
17,930
|
|
|
16,512
|
|
|
|
|
|
|
|
|
|
|
•
|
Jim Bridger, located in Wyoming, in which Idaho Power has a one-third interest;
|
•
|
North Valmy, located in Nevada, in which Idaho Power has a 50 percent interest; and
|
•
|
Boardman, located in Oregon, in which Idaho Power has a 10 percent interest.
|
•
|
Telocaset Wind Power Partners, LLC - for 101 MW (nameplate generation) from the Elkhorn Valley wind project located in eastern Oregon. The contract term ends in 2027.
|
•
|
USG Oregon LLC - for 22 MW (estimated average annual output) from the Neal Hot Springs Unit #1 geothermal power plant located near Vale, Oregon. The contract term ends in 2037.
|
•
|
Clatskanie People's Utility - for up to 18 MW of generation from the Arrowrock hydroelectric project in southern Idaho in exchange for energy from Idaho Power's system or power purchased at the Mid-Columbia trading hub. The contract term ends in 2020. Idaho Power has the right to renew the agreement for an additional five-year term.
|
•
|
Raft River Energy I, LLC - for up to 13 MW (estimated average annual output) from its Raft River Geothermal Power Plant Unit #1 located in southern Idaho. The contract term ends in 2033.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
PURPA contracts expense (in thousands)
|
|
$
|
189,722
|
|
|
$
|
169,788
|
|
|
$
|
153,665
|
|
MWh purchased under PURPA contracts (in thousands)
|
|
3,045
|
|
|
2,800
|
|
|
2,314
|
|
|||
Average cost per MWh from PURPA contracts
|
|
$
|
62.31
|
|
|
$
|
60.64
|
|
|
$
|
66.41
|
|
•
|
Idaho Power is required to purchase all of the output delivered from the contracted qualifying facilities located inside its service area, subject to some exceptions such as adverse impacts on system reliability.
|
•
|
Idaho Power is required to purchase the output of projects located outside its service area if it has the ability to receive power at the qualifying facility’s requested point of delivery on Idaho Power's system.
|
•
|
The IPUC jurisdictional portion of the costs associated with PURPA contracts is fully recovered through base rates and the Idaho-jurisdiction power cost adjustment (PCA) mechanism, and the OPUC jurisdictional portion is recovered through base rates and an Oregon power cost recovery mechanism. Thus, the primary impact of high power purchase costs under PURPA contracts is on customer rates.
|
•
|
OPUC jurisdictional regulations have generally provided for PURPA standard contract terms of up to 20 years.
|
•
|
The IPUC requires Idaho Power to pay "published avoided cost" rates for all wind and solar projects that are smaller than 100 kilowatts (kW) and all other types of projects that are smaller than 10 average MWs. For PURPA qualifying facilities that exceed these size limitations, Idaho Power is required to negotiate an applicable price (premised on avoided costs) based upon IPUC regulations.
|
•
|
The IPUC issued an order in August 2015 that revised the standard PURPA power purchase contract term for new contracts to a 2-year term from the previously required 20-year term for qualifying facilities that exceed the size limitations for published avoided costs.
|
•
|
The OPUC requires that Idaho Power pay the published avoided costs for solar PURPA qualifying facilities with a nameplate rating of 3 MW or less and all other types of projects with a nameplate rating of 10 MW or less. Idaho Power is required to negotiate an applicable price (premised on avoided costs) for all other qualifying facilities based upon OPUC regulations.
|
•
|
identify sufficient resources to reliably serve the growing demand for energy within Idaho Power's service area throughout the 20-year planning period;
|
•
|
ensure the selected resource portfolio balances cost, risk, and environmental concerns;
|
•
|
give equal and balanced treatment to both supply-side resources and demand-side measures; and
|
•
|
involve the public in the planning process in a meaningful way.
|
|
|
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)
|
2019 IRP (preliminary)
|
|
1.3%
|
1.4%
|
|
1.0%
|
1.2%
|
2017 IRP
|
|
1.1%
|
1.6%
|
|
0.9%
|
1.4%
|
2015 IRP
|
|
1.1%
|
1.5%
|
|
1.1%
|
1.4%
|
•
|
financial incentives for irrigation customers for either improving the energy efficiency of an irrigation system or installing new energy efficient systems;
|
•
|
energy efficiency for new and existing homes including electric heating, ventilation and cooling equipment, as well as energy efficient building techniques, air duct sealing, and energy efficient lighting;
|
•
|
incentives to industrial and commercial customers for acquiring energy efficient equipment, and using energy efficiency techniques for operational and management processes;
|
•
|
demand response programs to reduce peak summer demand through the voluntary cycling of central air conditioners for residential customers, interruption of irrigation pumps, and reduction of commercial and industrial demand through actions taken by business owners and operators; and
|
•
|
membership in the Northwest Energy Efficiency Alliance, which supports market transformation efforts across the region.
|
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
Cumulative Emissions Intensity 2010-2018
|
|
869
|
|
896
|
|
934
|
|
944
|
|
945
|
|
929
|
|
867
|
|
864
|
|
1,066
|
Annual Average Emissions Intensity
|
|
647
|
|
632
|
|
858
|
|
944
|
|
1,015
|
|
1,129
|
|
874
|
|
681
|
|
1,066
|
|
|
2019
|
|
2020-2021
|
||||
Capital expenditures:
|
|
|
|
|
||||
License compliance and relicensing efforts at hydroelectric facilities
|
|
$
|
12
|
|
|
$
|
35
|
|
Investments in equipment and facilities at thermal plants
|
|
4
|
|
|
22
|
|
||
Total capital expenditures
|
|
$
|
16
|
|
|
$
|
57
|
|
Operating expenses:
|
|
|
|
|
||||
Operating costs for environmental facilities - hydroelectric
|
|
$
|
21
|
|
|
$
|
42
|
|
Operating costs for environmental facilities - thermal
|
|
12
|
|
|
23
|
|
||
Total operations and maintenance
|
|
$
|
33
|
|
|
$
|
65
|
|
•
|
President and Chief Executive Officer of IDACORP, Inc., May 2014 - present
|
•
|
President and Chief Executive Officer of Idaho Power Company, January 2014 - present
|
•
|
President and Chief Financial Officer of Idaho Power Company, January 2012 - December 2013
|
•
|
Executive Vice President, Administrative Services and Chief Financial Officer of IDACORP, Inc., October 2009 - April 2014
|
•
|
Member of the Boards of Directors of IDACORP, Inc. and Idaho Power Company since September 2013
|
•
|
Senior Vice President and General Counsel of IDACORP, Inc. and Idaho Power Company, February 2017 - present
|
•
|
Vice President and General Counsel of IDACORP, Inc. and Idaho Power Company, April 2016 - February 2017
|
•
|
In-house legal counsel of IDACORP, Inc. and Idaho Power Company, April 2010 - March 2016
|
•
|
Vice President of Corporate Services and Chief Information Officer of Idaho Power Company, June 2018 - present
|
•
|
Vice President of Information Technology and Chief Information Officer of Idaho Power Company, January 2016 - June 2018
|
•
|
Vice President of Technology Operations of Verizon Digital Media Services, Inc. (a digital media content delivery network company), January 2014 - January 2016
|
•
|
Vice President of Technology Operations of Edgecast Networks, Inc. (acquired by Verizon Digital Media Services, Inc. in 2014), January 2012 - January 2014
|
•
|
Senior Vice President and Chief Operating Officer of Idaho Power Company, April 2016 - present
|
•
|
Senior Vice President of Operations of Idaho Power Company, January 2016 - March 2016
|
•
|
Senior Vice President - Power Supply of Idaho Power Company, October 2009 - December 2015
|
•
|
Senior Vice President - Chief Financial Officer, and Treasurer of IDACORP, Inc., May 2014 - present
|
•
|
Senior Vice President - Chief Financial Officer, and Treasurer of Idaho Power Company, January 2014 - present
|
•
|
Senior Vice President - Finance and Treasurer of Idaho Power Company, January 2012 - December 2013
|
•
|
Vice President - Finance and Treasurer of IDACORP, Inc., June 2010 - April 2014
|
•
|
Senior Vice President of Public Affairs of IDACORP, Inc. and Idaho Power Company, April 2016 - present
|
•
|
Vice President of Public Affairs of IDACORP, Inc. and Idaho Power Company, October 2008 - March 2016
|
•
|
Vice President of Power Supply of Idaho Power Company, January 2016 - present
|
•
|
Director of Load Serving Operations of Idaho Power Company, September 2012 - December 2015
|
•
|
Vice President, Controller and Chief Accounting Officer of IDACORP, Inc. and Idaho Power Company, January 2014 - present
|
•
|
Corporate Controller and Chief Accounting Officer of IDACORP, Inc. and Idaho Power Company, May 2010 - December 2013
|
•
|
Vice President of Transmission & Distribution Engineering and Construction and Chief Safety Officer, April 2016 - present
|
•
|
Vice President of Customer Operations of Idaho Power Company, January 2016 - March 2016
|
•
|
Senior Vice President of Customer Operations of Idaho Power Company, April 2015 - December 2015
|
•
|
Vice President of Idaho Power Company, January 2014 - April 2015
|
•
|
Vice President of Delivery Engineering and Construction of Idaho Power Company, May 2012 - December 2013
|
•
|
Vice President of Customer Operations and Business Development of Idaho Power Company, March 2017 - present
|
•
|
General Manager of Customer Operations, Engineering and Construction, January 2014 - February 2017
|
•
|
In-house legal counsel of Idaho Power Company, November 2010 - January 2014
|
•
|
the ability to timely obtain labor or materials at reasonable costs;
|
•
|
defaults by suppliers and contractors;
|
•
|
equipment, engineering, and design failures;
|
•
|
unexpected environmental and geological problems;
|
•
|
the effects of adverse weather conditions;
|
•
|
availability of financing;
|
•
|
load forecasts;
|
•
|
the ability to obtain and comply with permits and land use rights, and environmental constraints; and
|
•
|
delays and costs associated with disputes and litigation with third parties.
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
||||||||||||
IDACORP
|
|
$
|
100.00
|
|
|
$
|
131.78
|
|
|
$
|
139.49
|
|
|
$
|
169.92
|
|
|
$
|
197.83
|
|
|
$
|
206.86
|
|
S&P 500
|
|
100.00
|
|
|
113.68
|
|
|
115.25
|
|
|
129.02
|
|
|
157.17
|
|
|
150.27
|
|
||||||
EEI Electric Utilities Index
|
|
100.00
|
|
|
128.91
|
|
|
123.88
|
|
|
145.48
|
|
|
162.53
|
|
|
168.49
|
|
•
|
IDACORP achieved net income growth for an eleventh consecutive year;
|
•
|
IDACORP provided a 14 percent cumulative annual total shareholder return over the past three years, including share price appreciation and dividends paid, ranking in the 63rd percentile among peer companies in the Edison Electric Institute (EEI) Electric Utilities Index;
|
•
|
IDACORP received its second EEI Electric Utilities Index award in the past three years, for the best total shareholder return performance among small cap utilities (market capitalization of less than $5 billion) over the past five years, measured as of September 30, 2018;
|
•
|
IDACORP increased its quarterly common stock dividend from $0.59 per share to $0.63 per share, as a part of a 110 percent increase in quarterly dividends approved over the last seven years under the company's objective to pay dividends at the upper end of the range of 50 percent to 60 percent of sustainable earnings;
|
•
|
Idaho Power's customer count grew
2.3 percent
in
2018
;
|
•
|
Idaho Power ranked second in J.D. Power's Electric Utility Residential Customer Satisfaction Study in its West Region Midsize segment for the second year in a row;
|
•
|
Idaho Power reached milestones on key transmission projects as the U.S. Forest Service issued a record of decision on the siting of the Boardman-to-Hemingway 500-kV project and the U.S. Bureau of Land Management (BLM) issued a record of decision for the remaining transmission line segments of the Gateway West 500-kV transmission project;
|
•
|
Idaho Power achieved its carbon dioxide (CO
2
) emissions intensity reduction goal; and
|
•
|
Idaho Power reached several constructive regulatory settlements that were approved by the IPUC and OPUC related to recent income tax reform, the indefinite extension, with modifications, of the current earnings support and revenue sharing mechanism, the prudence of certain Hells Canyon Complex (HCC) relicensing costs, and the treatment of costs incurred to join the energy imbalance market implemented in the western United States (Western EIM).
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Idaho Power net income
|
|
$
|
222,334
|
|
|
$
|
206,347
|
|
|
$
|
189,242
|
|
Net income attributable to IDACORP, Inc.
|
|
$
|
226,801
|
|
|
$
|
212,419
|
|
|
$
|
198,288
|
|
Average outstanding shares – diluted (000’s)
|
|
50,510
|
|
|
50,424
|
|
|
50,373
|
|
|||
IDACORP, Inc. earnings per diluted share
|
|
$
|
4.49
|
|
|
$
|
4.21
|
|
|
$
|
3.94
|
|
Net income attributable to IDACORP, Inc. - December 31, 2017
|
|
|
|
$
|
212.4
|
|
|
Increase (decrease) in Idaho Power net income:
|
|
|
|
|
|
||
Customer growth, net of associated power supply costs and power cost adjustment mechanisms
|
|
10.3
|
|
|
|
|
|
Usage per retail customer, net of associated power supply costs and power cost adjustment mechanisms
|
|
(9.4
|
)
|
|
|
|
|
Idaho fixed cost adjustment (FCA) revenues
|
|
17.7
|
|
|
|
||
Retail revenues per MWh, net of associated power supply costs and power cost adjustment mechanisms
|
|
(26.9
|
)
|
|
|
||
Transmission wheeling and other revenues
|
|
16.1
|
|
|
|
||
Non-cash amortization of regulatory deferrals (related to tax reform)
|
|
(4.0
|
)
|
|
|
||
Other operations and maintenance (O&M) expenses (excluding non-cash amortization of regulatory deferrals)
|
|
(13.8
|
)
|
|
|
||
Other changes in operating revenues and expenses, net
|
|
(3.6
|
)
|
|
|
||
Decrease in Idaho Power operating income prior to sharing mechanism
|
|
(13.6
|
)
|
|
|
||
Decrease in revenues as a result of sharing mechanism
|
|
(5.0
|
)
|
|
|
||
Decrease in Idaho Power operating income
|
|
(18.6
|
)
|
|
|
||
Earnings of unconsolidated equity-method investments
|
|
1.4
|
|
|
|
||
Non-operating income and expenses, net
|
|
0.3
|
|
|
|
||
Decrease in income tax expense from remeasurement of deferred taxes and make-whole premium for early bond redemption
|
|
9.0
|
|
|
|
||
Income tax expense (excluding remeasurement of deferred taxes and make-whole premium for early bond redemption)
|
|
23.9
|
|
|
|
||
Total increase in Idaho Power net income
|
|
|
|
16.0
|
|
||
Other IDACORP changes (net of tax)
|
|
|
|
(1.6
|
)
|
||
Net income attributable to IDACORP, Inc. - December 31, 2018
|
|
|
|
$
|
226.8
|
|
•
|
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. Idaho Power focuses on timely recovery of its costs through filings with its regulators, working to put in place innovative regulatory mechanisms, and on the prudent management of expenses and investments. Idaho Power has regulatory settlement stipulations in Idaho that include provisions for the accelerated amortization of certain tax credits to help achieve a minimum 9.5 percent (9.4 percent after 2019) return on year-end equity in the Idaho jurisdiction (Idaho ROE). The settlement stipulations also provide for the potential sharing between Idaho Power and customers of Idaho-jurisdictional earnings in excess of specified levels of Idaho ROE. The settlement stipulations provide for modifications of certain terms and the indefinite extension of the mechanism beyond the original termination date of December 31, 2019. The specific terms of these settlement stipulations are described in "Regulatory Matters" in this MD&A and in Note 3 - "Regulatory Matters" to the consolidated financial statements included in this report. During
|
•
|
Income Tax Reform:
In December 2017, the Tax Cuts and Jobs Act was signed into law, which lowered the corporate federal income tax rate from 35 percent to 21 percent and modified or eliminated certain federal income tax deductions for corporations (Tax Cuts and Jobs Act). The majority of the changes, including the rate reduction, became effective on January 1, 2018. In March 2018, Idaho House Bill 463 was signed into law reducing the Idaho state corporate income tax rate from 7.4 percent to 6.925 percent. In May 2018, the IPUC
issued an order approving
a settlement stipulation related to these changes in income taxes (May 2018 Idaho Tax Reform Settlement Stipulation). Beginning June 1, 2018, the settlement stipulation provided an annual (a) $18.7 million reduction to Idaho customer base rates and (b) $7.4 million for the amortization of regulatory deferrals that would otherwise be a future liability recoverable from Idaho customers. Additionally, a one-time
benefit
of a $7.8 million rate reduction is being provided to Idaho customers throu
gh the PCA mech
anism during the period from June 2018 through May 2019, for the income tax reform benefits accrued from January 2018 to May 2018 and for amounts included in Idaho Power's transmission revenues. The May 2018 Idaho Tax Reform Settlement Stipulation was designed to return to Idaho customers their share of the estimated annual pro forma tax expense reductions resulting from income tax reform, based on the full-year 2017 as required by the IPUC. Idaho Power's financial results from 2018 forward will be affected by any differences between annual income tax expense and the pro forma 2017 income tax expense used in the settlement until incorporated into a future rate proceeding or rate case. Refer to "Regulatory Matters" in this MD&A for more information on the related regulatory proceedings.
|
•
|
Economic Conditions and Loads:
Economic conditions impact consumer demand for energy, revenues, collectability of accounts, the volume of wholesale energy sales, and the need to construct and improve infrastructure, purchase power, and implement programs to meet customer load demands. In recent years, Idaho Power has seen growth in the number of customers in its service area. In
2018
, Idaho Power's customer count grew by
2.3 percent
, and employment in Idaho Power's service area grew by approximately 2.2 percent based on Idaho Department of Labor preliminary December
2018
data. Idaho Power expects its number of customers to continue to increase in the foreseeable future. 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.
|
•
|
Weather Conditions:
Weather and agricultural growing conditions have a significant impact on Idaho Power's energy sales. Relatively low and high temperatures result in greater energy use for heating and cooling, respectively. During the agricultural growing season, which in large part occurs during the second and third quarters, irrigation customers use electricity to operate irrigation pumps, and weather conditions can impact the timing and extent of use of those pumps. Idaho Power also has tiered rates and seasonal rates, which contribute to increased revenues during higher-load periods, most notably during the third quarter of each year, when overall customer demand is highest. Much of the adverse or favorable impact of weather on sales of energy to Idaho residential and small commercial customers is mitigated through the FCA mechanism, which is described in Note 3 - "Regulatory Matters" to the consolidated financial statements in this report.
|
•
|
Rate Base Growth and Infrastructure Investment:
As noted above, the rates established by the IPUC and OPUC are determined with the intent 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 and certain other assets, 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
|
•
|
Mitigation of Impact of Fuel and Purchased Power Expense:
In addition to hydroelectric generation, Idaho Power relies heavily on natural gas and coal to fuel its generation facilities and power purchases in the wholesale markets. Fuel costs are impacted by electricity sales volumes, the terms and conditions of contracts for fuel, Idaho Power's generation capacity, the availability of hydroelectric generation resources, transmission capacity, energy market prices, and Idaho Power's hedging program for managing fuel costs. Recently, low natural gas prices have made operation of Idaho Power's natural gas power plants more economical, resulting in increased operation of those plants and decreased operation of coal-fired plants. Purchased power costs are impacted by the terms and conditions 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.
|
•
|
Regulatory and Environmental Compliance Costs:
Idaho Power is subject to extensive federal and state laws, policies, and regulations, as well as regulatory actions and audits by agencies and quasi-governmental agencies, including the FERC, the North American Electric Reliability Corporation, and Western Electricity Coordinating Council. Compliance with these requirements directly influences Idaho Power's operating environment and affects Idaho Power's operating costs. Recently, energy industry regulators have issued substantial penalties for utilities alleged to have violated reliability and critical infrastructure protection requirements. Moreover, environmental laws and regulations, in particular, may increase the cost of operating generation plants, including Idaho Power's coal-fired plants, and constructing new facilities, require that Idaho Power install additional pollution control devices at existing generating plants, or require that Idaho Power cease operating certain generation plants. Idaho Power expects to spend a considerable amount on environmental compliance and controls in the next decade, and due to economic factors in part associated with the costs of compliance with environmental regulation, has accelerated the retirement dates of certain of its coal-fired power plants.
|
•
|
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 are expected to continue to be substantial. Idaho Power cannot currently determine the terms of, and costs associated with, any resulting long-term license.
|
|
|
Year Ended December 31,
|
|||||||
|
|
2018
|
|
2017
|
|
2016
|
|||
Retail energy sales
|
|
14,587
|
|
|
14,571
|
|
|
14,196
|
|
Wholesale energy sales
|
|
2,246
|
|
|
1,934
|
|
|
742
|
|
Bundled energy sales
|
|
617
|
|
|
202
|
|
|
444
|
|
Total energy sales
|
|
17,450
|
|
|
16,707
|
|
|
15,382
|
|
Hydroelectric generation
|
|
8,682
|
|
|
8,900
|
|
|
6,408
|
|
Coal generation
|
|
3,274
|
|
|
3,284
|
|
|
4,045
|
|
Natural gas and other generation
|
|
1,408
|
|
|
1,504
|
|
|
1,722
|
|
Total system generation
|
|
13,364
|
|
|
13,688
|
|
|
12,175
|
|
Purchased power
|
|
5,431
|
|
|
4,242
|
|
|
4,337
|
|
Line losses
|
|
(1,345
|
)
|
|
(1,223
|
)
|
|
(1,130
|
)
|
Total energy supply
|
|
17,450
|
|
|
16,707
|
|
|
15,382
|
|
|
|
Year Ended December 31,
|
|
|
||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
Normal
(2)
|
||||
Heating degree-days
(1)
|
|
4,984
|
|
|
5,655
|
|
|
4,807
|
|
|
5,514
|
|
Cooling degree-days
(1)
|
|
1,116
|
|
|
1,341
|
|
|
1,001
|
|
|
942
|
|
Precipitation (inches)
|
|
10.6
|
|
|
15.4
|
|
|
8.7
|
|
|
11.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Retail revenues:
|
|
|
|
|
|
|
|
|
||||
Residential (includes $34,625, $17,320, and $29,170, respectively, related to the FCA
(1)
)
|
|
$
|
530,527
|
|
|
$
|
552,333
|
|
|
$
|
514,954
|
|
Commercial (includes $1,299, $876, and $1,087, respectively, related to the FCA
(1)
)
|
|
310,299
|
|
|
319,195
|
|
|
302,650
|
|
|||
Industrial
|
|
190,130
|
|
|
195,124
|
|
|
182,590
|
|
|||
Irrigation
|
|
158,001
|
|
|
150,030
|
|
|
156,505
|
|
|||
Provision for sharing
|
|
(5,025
|
)
|
|
—
|
|
|
—
|
|
|||
Deferred revenue related to HCC relicensing AFUDC
(2)
|
|
(8,780
|
)
|
|
(10,706
|
)
|
|
(10,706
|
)
|
|||
Total retail revenues
|
|
$
|
1,175,152
|
|
|
$
|
1,205,976
|
|
|
$
|
1,145,993
|
|
Volume of Sales (MWh)
|
|
|
|
|
|
|
|
|
||||
Residential
|
|
5,135
|
|
|
5,355
|
|
|
5,004
|
|
|||
Commercial
|
|
4,105
|
|
|
4,099
|
|
|
3,999
|
|
|||
Industrial
|
|
3,371
|
|
|
3,346
|
|
|
3,243
|
|
|||
Irrigation
|
|
1,976
|
|
|
1,771
|
|
|
1,950
|
|
|||
Total retail MWh sales
|
|
14,587
|
|
|
14,571
|
|
|
14,196
|
|
|||
Number of retail customers at year-end
|
|
|
|
|
|
|
|
|
||||
Residential
|
|
464,670
|
|
|
453,605
|
|
|
444,431
|
|
|||
Commercial
|
|
71,680
|
|
|
70,411
|
|
|
69,344
|
|
|||
Industrial
|
|
120
|
|
|
119
|
|
|
121
|
|
|||
Irrigation
|
|
21,175
|
|
|
20,932
|
|
|
20,638
|
|
|||
Total customers
|
|
557,645
|
|
|
545,067
|
|
|
534,534
|
|
|||
|
|
|
|
|
|
|
•
|
Rates
: Rate changes decreased retail revenues by $39.0 million in 2018 compared with 2017. As a direct result of settlement stipulations approved by the IPUC and OPUC during the second quarter of 2018 relating to income tax reform described further in "Regulatory Matters" in this MD&A, Idaho Power's revenues decreased approximately $22 million in 2018 compared with 2017. The timing of the revenue reductions may not align with decreases in income tax expense in any given period due to the method and timing of customer rate reductions provided for in the settlement stipulations, the nature and timing of income tax accruals, discrete items, and other items discussed in this MD&A. The rates include collection of amounts related to the PCA mechanism, which decreased revenues by $15.4 million in 2018 compared with 2017. The collection of amounts related to the PCA mechanism in rates has no effect on operating income as a corresponding amount is recorded as expense in the same period it is collected through rates.
|
•
|
Customers
: Customer growth of
2.3 percent
increased retail revenues by $13.5 million in 2018 compared with 2017.
|
•
|
Usage
: Lower usage (on a per customer basis), primarily by residential customers, decreased retail revenues by $18.0 million during 2018 compared with 2017. Decreased usage was primarily the result of more mild temperatures in Idaho Power's service area during 2018 compared with 2017, which led to decreased usage by residential customers for heating and cooling. For 2018, a 6 percent decrease in usage per residential customer compared with 2017 was partially offset by a 9 percent increase in usage per irrigation customer. Precipitation in Idaho Power's service area during 2018 was significantly less than 2017, which led to increased usage by irrigation customers.
|
•
|
Idaho FCA Revenue
: The FCA mechanism, applicable to Idaho residential and small commercial customers, adjusts revenue each year to accrue, or defer, the difference between the authorized fixed-cost recovery amount per customer and the actual fixed costs per customer recovered by Idaho Power through volume-based rates during the year. Lower usage (on a per customer basis) by residential and small general service customers during 2018 increased the amount of FCA revenue accrued by $17.7 million compared with 2017.
|
•
|
Sharing
: During 2018, Idaho Power recorded $5.0 million as a provision against current revenues to be refunded to customers through a future rate reduction. If approved, the rate reduction would be included in PCA rates beginning in June 2019. Idaho Power did not record any provision for sharing in 2017. This revenue sharing arrangement, which requires Idaho Power to share with Idaho customers a portion of Idaho-jurisdiction earnings exceeding a 10.0 percent Idaho ROE, is related to the October 2014 Idaho Earnings Support and Sharing Settlement Stipulation. The October 2014 Idaho Earnings Support and Sharing Settlement Stipulation is described further in "Regulatory Matters" in this MD&A and in Note 3 - "Regulatory Matters" to the consolidated financial statements included in this report.
|
•
|
Rates
: Rate changes, including the revenue accruals provided for in the Valmy settlement stipulation, increased retail revenues by $39.8 million for 2017 compared with 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 retail revenues collections and retail revenues accruals for 2017 compared with 2016. Colder winter temperatures in early 2017 and warmer summer temperatures during the third quarter of 2017 resulted in residential sales making up a larger portion of the sales mix and led to a greater proportion of residential sales in higher rate categories in Idaho Power's tiered rate structure in 2017 compared with 2016.
|
•
|
Customers
: Customer growth of 2.0 percent increased retail revenues by $12.1 million in 2017 compared with 2016.
|
•
|
Usage
: Higher usage (on a per customer basis), primarily by residential, industrial, and commercial customers increased retail revenues by $20.1 million in 2017 compared with 2016. Increased usage was primarily the result of warmer summer temperatures and colder winter temperatures in Idaho Power's service area, which increased usage by residential customers for cooling and heating. Cooling degree days and heating degree days were significantly higher in 2017 compared with 2016. These increases in usage were partially offset by an 11 percent decrease in usage per irrigation customer due to increased precipitation in Idaho Power's service area during 2017 compared with 2016,
|
•
|
Idaho FCA Revenue
: The FCA mechanism, applicable to Idaho residential and small commercial customers, adjusts revenue each year to accrue, or defer, the difference between the authorized fixed-cost recovery amount per customer and the actual fixed costs per customer recovered by Idaho Power through volume-based rates during the year. Higher usage (on a per customer basis) by residential and small general service customers during 2017 decreased the amount of FCA revenue accrued by $12.1 million compared with 2016. Idaho Power accrued $18.2 million of FCA revenue in 2017 compared with $30.3 million of FCA revenue in 2016.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Wholesale energy revenues
|
|
$
|
52,845
|
|
|
$
|
24,790
|
|
|
$
|
11,900
|
|
Wholesale MWh sold
|
|
2,246
|
|
|
1,934
|
|
|
742
|
|
|||
Wholesale energy revenues per MWh
|
|
$
|
23.53
|
|
|
$
|
12.82
|
|
|
$
|
16.04
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Expense
|
|
|
|
|
|
|
||||||
PURPA contracts
|
|
$
|
189,722
|
|
|
$
|
169,788
|
|
|
$
|
153,665
|
|
Other purchased power (including wheeling)
|
|
104,092
|
|
|
79,162
|
|
|
92,099
|
|
|||
Total purchased power expense
|
|
$
|
293,814
|
|
|
$
|
248,950
|
|
|
$
|
245,764
|
|
MWh purchased
|
|
|
|
|
|
|
||||||
PURPA contracts
|
|
3,045
|
|
|
2,800
|
|
|
2,314
|
|
|||
Other purchased power
|
|
2,386
|
|
|
1,442
|
|
|
2,023
|
|
|||
Total MWh purchased
|
|
5,431
|
|
|
4,242
|
|
|
4,337
|
|
|||
Cost per MWh from PURPA contracts
|
|
$
|
62.31
|
|
|
$
|
60.64
|
|
|
$
|
66.41
|
|
Cost per MWh from other sources
|
|
$
|
43.63
|
|
|
$
|
54.90
|
|
|
$
|
45.53
|
|
Weighted average - all sources
|
|
$
|
54.10
|
|
|
$
|
58.69
|
|
|
$
|
56.67
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Expense
|
|
|
|
|
|
|
|
|
||||
Coal
|
|
$
|
115,524
|
|
|
$
|
107,894
|
|
|
$
|
137,689
|
|
Natural gas
(1)
|
|
17,674
|
|
|
37,935
|
|
|
41,802
|
|
|||
Total fuel expense
|
|
$
|
133,198
|
|
|
$
|
145,829
|
|
|
$
|
179,491
|
|
MWh generated
|
|
|
|
|
|
|
|
|
||||
Coal
|
|
3,274
|
|
|
3,284
|
|
|
4,045
|
|
|||
Natural gas
(1)
|
|
1,408
|
|
|
1,504
|
|
|
1,722
|
|
|||
Total MWh generated
|
|
4,682
|
|
|
4,788
|
|
|
5,767
|
|
|||
Cost per MWh - Coal
|
|
$
|
35.29
|
|
|
$
|
32.85
|
|
|
$
|
34.04
|
|
Cost per MWh - Natural gas
|
|
$
|
12.55
|
|
|
$
|
25.22
|
|
|
$
|
24.28
|
|
Weighted average, all sources
|
|
$
|
28.45
|
|
|
$
|
30.46
|
|
|
$
|
31.12
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Power supply cost accrual (deferral)
|
|
$
|
41,535
|
|
|
$
|
14,658
|
|
|
$
|
(43,841
|
)
|
Amortization of prior year authorized balances
|
|
571
|
|
|
37,366
|
|
|
38,511
|
|
|||
Total power cost adjustment expense
|
|
$
|
42,106
|
|
|
$
|
52,024
|
|
|
$
|
(5,330
|
)
|
•
|
their respective
$100 million
and
$300 million
revolving credit facilities;
|
•
|
IDACORP's shelf registration statement filed with the SEC on May 20, 2016, which may be used for the issuance of debt securities and common stock;
|
•
|
Idaho Power's shelf registration statement filed with the SEC on May 20, 2016, which may be used for the issuance of first mortgage bonds and debt securities;
$280 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%
|
•
|
a
$14 million
increase and
$16 million
increase in IDACORP and Idaho Power net income, respectively;
|
•
|
changes in regulatory assets and liabilities, mostly related to the relative amounts of power supply and fixed costs accrued or deferred and refunded or collected under Idaho rate mechanisms,
decreased
operating cash inflows by
$9 million
;
|
•
|
changes in deferred taxes and in taxes accrued and receivable combined to decrease cash flows by
$22 million
and increase cash flows by
$28 million
at IDACORP and Idaho Power, respectively;
|
•
|
Idaho Power received
$29 million
of distributions from IERCo's investment in BCC for 2018, compared with
$23 million
in 2017. Changes in distributions from year to year are primarily driven by changes in the timing of cash needs associated with BCC; and
|
•
|
changes in working capital balances due primarily to timing, including fluctuations in accounts receivable, other current assets, accounts payable, and other current liabilities, as follows:
|
◦
|
timing of collections of accounts receivable balances increased operating cash flows by $6 million for Idaho Power. IDACORP collected an $8 million receivable in 2017 from a legal settlement, offsetting the increase in 2018;
|
◦
|
the changes in other current assets increased cash flows by $10 million, which was primarily due to a decrease in fuel stock as an increase in coal-fired generation in the fourth quarter of 2018 compared with 2017 decreased the related coal inventory; and
|
◦
|
timing of accounts payable payments increased operating cash flows by $47 million for IDACORP and decreased operating cash flows by $64 million for Idaho Power (the difference relates to the timing of estimated income tax payments from Idaho Power to IDACORP).
|
•
|
a $15 million increase and $17 million increase in IDACORP and Idaho Power net income, respectively, which includes a $19 million increase in non-cash depreciation and amortization at both companies;
|
•
|
changes in regulatory assets and liabilities, mostly related to the relative amounts of power supply and fixed costs deferred and collected under the Idaho rate mechanisms, increased operating cash inflows by $63 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 that will be collected in future periods;
|
•
|
changes in deferred taxes and in taxes accrued and receivable combined to increase cash flows by $1 million and decrease cash flows by $23 million at IDACORP and Idaho Power, respectively;
|
•
|
changes in working capital balances due primarily to timing, including fluctuations in accounts receivable, other current assets, and accounts payable, as follows:
|
◦
|
timing of collections of accounts receivable balances increased operating cash flows by $7 million for IDACORP and decreased operating cash flows by $6 million for Idaho Power. IDACORP collected an $8 million receivable in 2017 from a legal settlement;
|
◦
|
the changes in other current assets increased cash flows by $14 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; and
|
◦
|
timing of accounts payable payments decreased operating cash flows by $31 million for IDACORP and increased operating cash flows by $25 million for Idaho Power (the difference relates to a $55 million payable from Idaho Power to IDACORP relating to estimated income tax payments).
|
•
|
on March 16, 2018, Idaho Power issued $220 million in principal amount of 4.20% first mortgage bonds Series K, maturing March 1, 2048;
|
•
|
on April 17, 2018, Idaho Power redeemed, prior to maturity, $130 million of its 4.50% first mortgage bonds, Series H, due March 1, 2020, and paid a related make-whole premium of $4.6 million;
|
•
|
on March 10, 2016, Idaho Power issued $120 million in principal amount of 4.05% first mortgage bonds, Series J, maturing on March 1, 2046;
|
•
|
on April 11, 2016, Idaho Power redeemed, prior to maturity, $100 million in principal amount of 6.15% first mortgage bonds, Series H, due April 1, 2019, and paid a related make-whole premium of $14 million;
|
•
|
IDACORP and Idaho Power paid dividends of approximately
$121 million
,
$113 million
, and
$105 million
in
2018
,
2017
, and
2016
, respectively;
|
•
|
IDACORP's net change in commercial paper borrowings used cash of
$22 million
and provided cash of
$2 million
in
2017
and
2016
, respectively; and
|
•
|
Idaho Power borrowed
$22 million
in commercial paper in December 2016, which was paid off in January of 2017.
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
|
IDACORP
(2)
|
|
Idaho Power
|
|
IDACORP
(2)
|
|
Idaho Power
|
||||||||
Revolving credit facility
|
|
$
|
100,000
|
|
|
$
|
300,000
|
|
|
$
|
100,000
|
|
|
$
|
300,000
|
|
Commercial paper outstanding
|
|
—
|
|
|
—
|
|
|
—
|
|
|
-
|
|
||||
Identified for other use
(1)
|
|
—
|
|
|
(24,245
|
)
|
|
—
|
|
|
(24,245
|
)
|
||||
Net balance available
|
|
$
|
100,000
|
|
|
$
|
275,755
|
|
|
$
|
100,000
|
|
|
$
|
275,755
|
|
(1) Port of Morrow and American Falls bonds that Idaho Power could be required to purchase prior to maturity under the optional or mandatory purchase provisions of the bonds, if the remarketing agent for the bonds were unable to sell the bonds to third parties.
|
||||||||||||||||
(2) Holding company only.
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
|
IDACORP
(1)
|
|
Idaho Power
|
|
IDACORP
(1)
|
|
Idaho Power
|
||||||||
Commercial paper:
|
|
|
|
|
|
|
|
|
||||||||
Year end:
|
|
|
|
|
|
|
|
|
||||||||
Amount outstanding
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Weighted average interest rate
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
||||
Daily average amount outstanding during the year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
588
|
|
|
$
|
839
|
|
Weighted average interest rate during the year
|
|
—
|
%
|
|
—
|
%
|
|
1.42
|
%
|
|
1.12
|
%
|
||||
Maximum month-end balance
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,425
|
|
|
$
|
—
|
|
(1) Holding company only.
|
|
|
IDACORP
|
|
Idaho Power
|
Moody's Investors Service:
|
|
|
|
|
Rating Outlook
|
|
Stable
|
|
Stable
|
Long-Term Issuer Rating
|
|
Baa1
|
|
A3
|
First Mortgage Bonds
|
|
None
|
|
A1
|
Senior Secured Debt
|
|
None
|
|
A1
|
Commercial Paper
|
|
P-2
|
|
P-2
|
Standard & Poor's Rating Services:
|
|
|
|
|
Corporate Credit Rating
|
|
BBB
|
|
BBB
|
Rating Outlook
|
|
Stable
|
|
Stable
|
Short-Term Rating
|
|
A-2
|
|
A-2
|
Senior Secured Debt
|
|
None
|
|
A-
|
|
|
2019
|
|
2020
|
|
2021-2023
|
|||
Expected capital expenditures (excluding AFUDC)
|
|
$
|
280-290
|
|
$
|
285-300
|
|
$
|
875-925
|
•
|
$35-$65 million per year for construction and replacement of transmission lines and stations other than the Boardman-to-Hemingway and Gateway West projects;
|
•
|
$85-$105 million per year for construction and replacement of distribution lines and stations, including replacement of underground distribution cables;
|
•
|
$20-$40 million per year for ongoing improvements and replacements at coal- and natural gas-fired plants;
|
•
|
$50-$70 million per year for hydroelectric plant improvement programs, including relicensing costs; and
|
•
|
$40-$60 million per year for general plant improvements, such as land and buildings, vehicles, information technology, and communication equipment.
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
|
Total
|
|
2019
|
|
2020-2021
|
|
2022-2023
|
|
Thereafter
|
||||||||||
|
|
(millions of dollars)
|
||||||||||||||||||
Long-term debt
(1)
|
|
$
|
1,855
|
|
|
$
|
—
|
|
|
$
|
100
|
|
|
$
|
150
|
|
|
$
|
1,605
|
|
Future interest payments
(2)
|
|
1,565
|
|
|
85
|
|
|
166
|
|
|
159
|
|
|
1,155
|
|
|||||
Purchase obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Maintenance and service agreements
(3)
|
|
131
|
|
|
34
|
|
|
26
|
|
|
16
|
|
|
55
|
|
|||||
FERC and other industry-related fees
(3)
|
|
128
|
|
|
14
|
|
|
25
|
|
|
25
|
|
|
64
|
|
|||||
Cogeneration and small power production
|
|
4,042
|
|
|
239
|
|
|
490
|
|
|
508
|
|
|
2,805
|
|
|||||
Fuel supply agreements
|
|
201
|
|
|
43
|
|
|
57
|
|
|
17
|
|
|
84
|
|
|||||
Other
(3)(4)
|
|
51
|
|
|
3
|
|
|
8
|
|
|
8
|
|
|
32
|
|
|||||
Pension and postretirement benefit plans
(5)
|
|
326
|
|
|
11
|
|
|
110
|
|
|
153
|
|
|
52
|
|
|||||
Other long-term liabilities - IDACORP only
(3)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Total
|
|
$
|
8,301
|
|
|
$
|
429
|
|
|
$
|
982
|
|
|
$
|
1,036
|
|
|
$
|
5,854
|
|
(1) For additional information, see Note 5 – “Long-Term Debt” to the consolidated financial statements included in this report.
|
||||||||||||||||||||
(2) Future interest payments are calculated based on the assumption that all debt is outstanding until maturity. For debt instruments with variable rates, interest is calculated for all future periods using the rates in effect at December 31, 2018.
|
||||||||||||||||||||
(3) Approximately $20 million of the amounts in maintenance and service agreements, $71 million of the amounts in FERC and other industry-related fees, $29 million of the amounts in other purchase obligations, and $2 million of the amounts in IDACORP only other long-term liabilities are contracts that do not specify terms related to expiration. As these contracts are presumed to continue indefinitely, ten years of information, estimated based on current contract terms, has been included in the table for presentation purposes.
|
||||||||||||||||||||
(4) Other purchase obligations include right-of-way easements and the joint-operating agreement payments.
|
||||||||||||||||||||
(5) Idaho Power estimates pension contributions based on actuarial data. As of the date of this report, Idaho Power cannot estimate pension contributions beyond 2023 with any level of precision, and amounts through 2023 are estimates only and are subject to change. For more information on pension and postretirement plans, refer to Note 12 – "Benefit Plans" to the consolidated financial statements included in this report.
|
Description
|
|
Effective Date
|
|
Estimated Annualized Rate Impact (millions)
(1)
|
|||
May 2018 Idaho Tax Reform Settlement Stipulation - Idaho base rates
|
|
6/1/2018
|
|
|
$
|
(19
|
)
|
May 2018 Idaho Tax Reform Settlement Stipulation - Idaho PCA
(2)
|
|
6/1/2018
|
|
|
(8
|
)
|
|
2018 Idaho PCA
|
|
6/1/2018
|
|
|
(23
|
)
|
|
2018 Idaho FCA
|
|
6/1/2018
|
|
|
(19
|
)
|
|
Oregon Tax Reform Settlement Stipulation
|
|
6/1/2018
|
|
|
(1
|
)
|
|
Oregon Valmy Plant Accelerated Depreciation Settlement Stipulation
|
|
6/1/2018
|
|
|
2
|
|
|
Oregon Valmy Plant Settlement Stipulation
|
|
7/1/2017
|
|
|
1
|
|
|
Idaho Valmy Plant Settlement Stipulation
|
|
6/1/2017
|
|
|
13
|
|
|
2017 Idaho PCA
(3)
|
|
6/1/2017
|
|
|
11
|
|
|
2017 Idaho FCA
|
|
6/1/2017
|
|
|
7
|
|
|
2016 Idaho PCA
(4)
|
|
6/1/2016
|
|
|
17
|
|
|
2016 Idaho FCA
|
|
6/1/2016
|
|
|
11
|
|
|
|
|
|
|
|
|
||
(1) The annual amount collected or refunded in rates is typically not recovered or refunded on a linear basis (i.e., 1/12th per month), and is instead recovered or refunded in proportion to retail sales volumes. The rate changes for the Idaho PCA and FCA are applicable only for one-year periods.
|
|||||||
(2) 2018 Idaho PCA rates include $7.8 million decrease for the income tax benefits accrued from January 1 to May 31, 2018, and the income tax benefits related to Idaho Power's OATT rate. See "Income Tax Reform - Regulatory Treatment" below for more information.
|
|||||||
(3) 2017 Idaho PCA rates reflect the application of $13.0 million of surplus Idaho energy efficiency rider funds.
|
|||||||
(4) 2016 Idaho PCA rates reflect the application of (a) a customer rate credit of $3.2 million for sharing of revenues with customers for the year 2015 under the terms of an October 2014 settlement stipulation and (b) $4.0 million of surplus Idaho energy efficiency rider funds.
|
|
|
Idaho
|
|
Oregon
|
|
Total
|
||||||
Balance at December 31, 2016
|
|
$
|
53.5
|
|
|
$
|
0.4
|
|
|
$
|
53.9
|
|
Current period net power supply costs accrued
|
|
(14.7
|
)
|
|
—
|
|
|
(14.7
|
)
|
|||
Energy efficiency rider funds transferred to Idaho PCA mechanism
|
|
(13.0
|
)
|
|
—
|
|
|
(13.0
|
)
|
|||
Prior amounts recovered through rates
|
|
(26.1
|
)
|
|
(0.5
|
)
|
|
(26.6
|
)
|
|||
Sulfur Dioxide (SO
2
) allowance and renewable energy certificate (REC) sales
|
|
(2.1
|
)
|
|
(0.1
|
)
|
|
(2.2
|
)
|
|||
Interest and other
|
|
0.2
|
|
|
0.1
|
|
|
0.3
|
|
|||
Balance at December 31, 2017
|
|
(2.2
|
)
|
|
(0.1
|
)
|
|
(2.3
|
)
|
|||
Current period net power supply costs accrued
|
|
(41.5
|
)
|
|
—
|
|
|
(41.5
|
)
|
|||
Tax reform revenue accrual to be refunded through Idaho PCA, net of amounts refunded
|
|
(1.9
|
)
|
|
—
|
|
|
(1.9
|
)
|
|||
Western EIM cost recovery to be collected through Idaho PCA
|
|
2.2
|
|
|
—
|
|
|
2.2
|
|
|||
Prior amounts refunded through rates
|
|
4.2
|
|
|
—
|
|
|
4.2
|
|
|||
SO
2
allowance and REC sales
|
|
(2.6
|
)
|
|
(0.1
|
)
|
|
(2.7
|
)
|
|||
Interest and other
|
|
(0.3
|
)
|
|
—
|
|
|
(0.3
|
)
|
|||
Balance at December 31, 2018
|
|
$
|
(42.1
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(42.3
|
)
|
|
Resource Type
|
|
Total On-line (MW)
|
|
Under Contract but not yet On-line (MW)
|
|
Total Projects under Contract (MW)
|
|||
PURPA:
|
|
|
|
|
|
|
|||
Wind
|
|
627
|
|
|
—
|
|
|
627
|
|
Solar
|
|
290
|
|
|
27
|
|
|
317
|
|
Hydroelectric
|
|
146
|
|
|
2
|
|
|
148
|
|
Other
|
|
56
|
|
|
—
|
|
|
56
|
|
Total PURPA
|
|
1,119
|
|
|
29
|
|
|
1,148
|
|
Non-PURPA:
|
|
|
|
|
|
|
|||
Wind
|
|
101
|
|
|
—
|
|
|
101
|
|
Geothermal
|
|
35
|
|
|
—
|
|
|
35
|
|
Total non-PURPA
|
|
136
|
|
|
—
|
|
|
136
|
|
•
|
increase the operating costs of generating plants;
|
•
|
increase the construction costs and lead time for new facilities;
|
•
|
require the modification of existing generating plants, which could result in additional costs;
|
•
|
require the curtailment or shut-down of existing generating plants; or
|
•
|
reduce the output from current generating facilities.
|
•
|
changes in temperature and precipitation could affect customer demand and energy loads;
|
•
|
extreme weather events, wildfires, drought, and other natural phenomena and natural disasters could increase service interruptions, outages, maintenance costs, system damage, liability, and the need for additional backup systems, and can affect the supply of, and demand for, electricity and natural gas, which may impact the price of those and other commodities;
|
•
|
changes in the amount and timing of snowpack and stream flows could affect hydroelectric generation;
|
•
|
legislative and/or regulatory developments related to climate change could affect plants and operations, including restrictions on the construction of new generation resources, the expansion of existing resources, or the operation of generation resources; and
|
•
|
consumer preference for, and resource planning decisions requiring, renewable or low GHG-emitting sources of energy could impact usage of existing generation sources and require significant investment in new generation and transmission infrastructure.
|
•
|
NO
2
:
In 2010, the EPA adopted a new NAAQS for NO
2
at a level of 100 parts per billion averaged over a 1-hour
|
•
|
SO
2
:
In 2010, the EPA adopted a new NAAQS for SO
2
at a level of 75 parts per billion averaged over a one-hour period. In 2011, the states of Idaho, Nevada, Oregon, and Wyoming sent letters to the EPA recommending that all counties in these states be classified as "unclassifiable" under the new one-hour SO
2
NAAQS because of a lack of definitive monitoring and modeling data. In February 2013, the EPA issued letters to the states of Idaho and Oregon, finding that the most recent air quality data for those states showed no violations of the 2010 SO
2
standard. Since January 2018, the EPA has finalized designations of “unclassifiable/attainment” for SO
2
for all areas in which Idaho Power owns or has an interest in a natural gas or coal-fired power plant.
|
•
|
Ozone
: In late 2014, the EPA issued a proposed rule that would update the ozone standard under the CAA, from 75 parts per billion over an eight-hour period to 65 to 70 parts per billion over an eight-hour period. In October 2015, the EPA issued a final rule lowering the national ozone standard under the CAA to 70 parts per billion. The EPA stated that the vast majority of U.S. counties will meet the standards by 2025 with federal and state rules and programs now in place or underway. Since January 2018, the EPA has finalized designations for all of the counties in which Idaho Power owns or has an interest in a natural gas or coal-fired power plant and determined that they meet the standard.
|
|
|
Discount rate
|
|
Rate of return
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
(millions of dollars)
|
||||||||||||||
Effect of 0.5% rate increase on net periodic benefit cost
|
|
$
|
(7.0
|
)
|
|
$
|
(7.9
|
)
|
|
$
|
(3.5
|
)
|
|
$
|
(3.7
|
)
|
Effect of 0.5% rate decrease on net periodic benefit cost
|
|
7.8
|
|
|
8.8
|
|
|
3.4
|
|
|
3.6
|
|
Consolidated Financial Statements
|
Page
|
|
|
IDACORP, Inc.:
|
|
Consolidated Statements of Income
|
|
Consolidated Statements of Comprehensive Income
|
|
Consolidated Balance Sheets
|
|
Consolidated Statements of Cash Flows
|
|
Consolidated Statements of Equity
|
|
|
|
Idaho Power Company:
|
|
Consolidated Statements of Income
|
|
Consolidated Statements of Comprehensive Income
|
|
Consolidated Balance Sheets
|
|
Consolidated Statements of Cash Flows
|
|
Consolidated Statements of Retained Earnings
|
|
|
|
Notes to the Consolidated Financial Statements
|
|
Reports of Independent Registered Public Accounting Firm
|
|
|
|
Supplemental Financial Information and Financial Statement Schedules
|
|
|
|
Supplemental Financial Information (unaudited)
|
|
Financial Statement Schedules:
|
|
IDACORP, Inc. - Schedule I - Condensed Financial Information of Registrant
|
|
IDACORP, Inc. - Schedule II - Consolidated Valuation and Qualifying Accounts
|
|
Idaho Power Company - Schedule II - Consolidated Valuation and Qualifying Accounts
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(thousands of dollars except for per share amounts)
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
||||||
Electric utility revenues
|
|
$
|
1,366,582
|
|
|
$
|
1,344,893
|
|
|
$
|
1,259,353
|
|
Other
|
|
4,170
|
|
|
4,593
|
|
|
2,667
|
|
|||
Total operating revenues
|
|
1,370,752
|
|
|
1,349,486
|
|
|
1,262,020
|
|
|||
|
|
|
|
|
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
||||||
Electric utility:
|
|
|
|
|
|
|
||||||
Purchased power
|
|
293,814
|
|
|
248,950
|
|
|
245,764
|
|
|||
Fuel expense
|
|
133,198
|
|
|
145,829
|
|
|
179,491
|
|
|||
Power cost adjustment
|
|
42,106
|
|
|
52,024
|
|
|
(5,330
|
)
|
|||
Other operations and maintenance
|
|
364,456
|
|
|
346,695
|
|
|
349,290
|
|
|||
Energy efficiency programs
|
|
35,703
|
|
|
39,241
|
|
|
33,754
|
|
|||
Depreciation
|
|
165,190
|
|
|
162,091
|
|
|
143,661
|
|
|||
Taxes other than income taxes
|
|
34,792
|
|
|
34,089
|
|
|
32,823
|
|
|||
Total electric utility expenses
|
|
1,069,259
|
|
|
1,028,919
|
|
|
979,453
|
|
|||
Other
|
|
4,571
|
|
|
5,022
|
|
|
(1,015
|
)
|
|||
Total operating expenses
|
|
1,073,830
|
|
|
1,033,941
|
|
|
978,438
|
|
|||
Operating Income
|
|
296,922
|
|
|
315,545
|
|
|
283,582
|
|
|||
Allowance for Equity Funds Used During Construction
|
|
24,353
|
|
|
20,784
|
|
|
22,031
|
|
|||
Earnings of Unconsolidated Equity-Method Investments
|
|
12,449
|
|
|
11,374
|
|
|
12,871
|
|
|||
Other Expense, Net
|
|
(2,867
|
)
|
|
(2,109
|
)
|
|
(1,932
|
)
|
|||
Interest Expense:
|
|
|
|
|
|
|
||||||
Interest on long-term debt
|
|
84,408
|
|
|
81,198
|
|
|
81,956
|
|
|||
Other interest
|
|
11,691
|
|
|
11,242
|
|
|
10,273
|
|
|||
Allowance for borrowed funds used during construction
|
|
(10,151
|
)
|
|
(8,694
|
)
|
|
(10,194
|
)
|
|||
Total interest expense, net
|
|
85,948
|
|
|
83,746
|
|
|
82,035
|
|
|||
Income Before Income Taxes
|
|
244,909
|
|
|
261,848
|
|
|
234,517
|
|
|||
Income Tax Expense
|
|
17,386
|
|
|
48,660
|
|
|
36,429
|
|
|||
Net Income
|
|
227,523
|
|
|
213,188
|
|
|
198,088
|
|
|||
Adjustment for (income) loss attributable to noncontrolling interests
|
|
(722
|
)
|
|
(769
|
)
|
|
200
|
|
|||
Net Income Attributable to IDACORP, Inc.
|
|
$
|
226,801
|
|
|
$
|
212,419
|
|
|
$
|
198,288
|
|
Weighted Average Common Shares Outstanding - Basic (000’s)
|
|
50,432
|
|
|
50,361
|
|
|
50,298
|
|
|||
Weighted Average Common Shares Outstanding - Diluted (000’s)
|
|
50,510
|
|
|
50,424
|
|
|
50,373
|
|
|||
Earnings Per Share of Common Stock:
|
|
|
|
|
|
|
||||||
Earnings Attributable to IDACORP, Inc. - Basic
|
|
$
|
4.50
|
|
|
$
|
4.22
|
|
|
$
|
3.94
|
|
Earnings Attributable to IDACORP, Inc. - Diluted
|
|
$
|
4.49
|
|
|
$
|
4.21
|
|
|
$
|
3.94
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(thousands of dollars)
|
||||||||||
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
227,523
|
|
|
$
|
213,188
|
|
|
$
|
198,088
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
||||||
Unfunded pension liability adjustment, net of tax
of $2,815, $(1,555), and $253
|
|
8,120
|
|
|
(5,990
|
)
|
|
394
|
|
|||
Total Comprehensive Income
|
|
235,643
|
|
|
207,198
|
|
|
198,482
|
|
|||
Comprehensive (income) loss attributable to noncontrolling interests
|
|
(722
|
)
|
|
(769
|
)
|
|
200
|
|
|||
Comprehensive Income Attributable to IDACORP, Inc.
|
|
$
|
234,921
|
|
|
$
|
206,429
|
|
|
$
|
198,682
|
|
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
(in thousands)
|
||||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
267,492
|
|
|
$
|
76,649
|
|
Receivables:
|
|
|
|
|
||||
Customer (net of allowance of $1,725 and $2,013, respectively)
|
|
77,178
|
|
|
75,249
|
|
||
Other (net of allowance of $264 and $180, respectively)
|
|
7,476
|
|
|
30,438
|
|
||
Income taxes receivable
|
|
4,356
|
|
|
8,147
|
|
||
Accrued unbilled revenues
|
|
69,318
|
|
|
75,120
|
|
||
Materials and supplies (at average cost)
|
|
54,987
|
|
|
55,745
|
|
||
Fuel stock (at average cost)
|
|
47,979
|
|
|
56,638
|
|
||
Prepayments
|
|
16,492
|
|
|
16,984
|
|
||
Current regulatory assets
|
|
48,707
|
|
|
48,613
|
|
||
Other
|
|
3,655
|
|
|
18
|
|
||
Total current assets
|
|
597,640
|
|
|
443,601
|
|
||
|
|
|
|
|
||||
Investments
|
|
101,178
|
|
|
115,698
|
|
||
|
|
|
|
|
||||
Property, Plant and Equipment:
|
|
|
|
|
||||
Utility plant in service
|
|
6,103,856
|
|
|
5,906,162
|
|
||
Accumulated provision for depreciation
|
|
(2,210,781
|
)
|
|
(2,098,274
|
)
|
||
Utility plant in service - net
|
|
3,893,075
|
|
|
3,807,888
|
|
||
Construction work in progress
|
|
480,259
|
|
|
452,424
|
|
||
Utility plant held for future use
|
|
4,751
|
|
|
8,075
|
|
||
Other property, net of accumulated depreciation
|
|
17,650
|
|
|
15,488
|
|
||
Property, plant and equipment - net
|
|
4,395,735
|
|
|
4,283,875
|
|
||
|
|
|
|
|
||||
Other Assets:
|
|
|
|
|
||||
Company-owned life insurance
|
|
59,852
|
|
|
59,323
|
|
||
Regulatory assets
|
|
1,165,467
|
|
|
1,083,483
|
|
||
Other
|
|
62,882
|
|
|
59,425
|
|
||
Total other assets
|
|
1,288,201
|
|
|
1,202,231
|
|
||
|
|
|
|
|
||||
Total
|
|
$
|
6,382,754
|
|
|
$
|
6,045,405
|
|
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
(in thousands)
|
||||||
Liabilities and Equity
|
|
|
|
|
||||
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
110,824
|
|
|
$
|
90,277
|
|
Taxes accrued
|
|
12,009
|
|
|
11,075
|
|
||
Interest accrued
|
|
23,622
|
|
|
22,379
|
|
||
Accrued compensation
|
|
55,121
|
|
|
47,018
|
|
||
Current regulatory liabilities
|
|
25,883
|
|
|
1,404
|
|
||
Advances from customers
|
|
20,037
|
|
|
18,414
|
|
||
Other
|
|
11,096
|
|
|
10,182
|
|
||
Total current liabilities
|
|
258,592
|
|
|
200,749
|
|
||
|
|
|
|
|
||||
Other Liabilities:
|
|
|
|
|
||||
Deferred income taxes
|
|
699,878
|
|
|
660,940
|
|
||
Regulatory liabilities
|
|
738,994
|
|
|
698,044
|
|
||
Pension and other postretirement benefits
|
|
431,475
|
|
|
438,869
|
|
||
Other
|
|
43,216
|
|
|
44,566
|
|
||
Total other liabilities
|
|
1,913,563
|
|
|
1,842,419
|
|
||
|
|
|
|
|
||||
Long-Term Debt
|
|
1,834,788
|
|
|
1,746,123
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Equity:
|
|
|
|
|
||||
IDACORP, Inc. shareholders’ equity:
|
|
|
|
|
||||
Common stock, no par value (120,000 shares authorized; shares issued 50,420)
|
|
863,593
|
|
|
857,207
|
|
||
Retained earnings
|
|
1,531,543
|
|
|
1,426,528
|
|
||
Accumulated other comprehensive loss
|
|
(22,844
|
)
|
|
(30,964
|
)
|
||
Treasury stock (27 and 28 shares at cost, respectively)
|
|
(1,932
|
)
|
|
(1,386
|
)
|
||
Total IDACORP, Inc. shareholders’ equity
|
|
2,370,360
|
|
|
2,251,385
|
|
||
Noncontrolling interests
|
|
5,451
|
|
|
4,729
|
|
||
Total equity
|
|
2,375,811
|
|
|
2,256,114
|
|
||
|
|
|
|
|
||||
Total
|
|
$
|
6,382,754
|
|
|
$
|
6,045,405
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these statements.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Operating Activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
227,523
|
|
|
$
|
213,188
|
|
|
$
|
198,088
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
169,120
|
|
|
165,933
|
|
|
147,294
|
|
|||
Deferred income taxes and investment tax credits
|
|
11,292
|
|
|
33,245
|
|
|
35,732
|
|
|||
Changes in regulatory assets and liabilities
|
|
48,392
|
|
|
57,131
|
|
|
(5,650
|
)
|
|||
Pension and postretirement benefit plan expense
|
|
32,256
|
|
|
28,911
|
|
|
29,581
|
|
|||
Contributions to pension and postretirement benefit plans
|
|
(45,899
|
)
|
|
(46,589
|
)
|
|
(45,301
|
)
|
|||
Earnings of unconsolidated equity-method investments
|
|
(12,449
|
)
|
|
(11,374
|
)
|
|
(12,871
|
)
|
|||
Distributions from unconsolidated equity-method investments
|
|
31,115
|
|
|
24,975
|
|
|
25,641
|
|
|||
Allowance for equity funds used during construction
|
|
(24,353
|
)
|
|
(20,784
|
)
|
|
(22,031
|
)
|
|||
Gain on sale of investments and assets
|
|
(155
|
)
|
|
(131
|
)
|
|
(103
|
)
|
|||
Other non-cash adjustments to net income, net
|
|
9,152
|
|
|
8,454
|
|
|
5,108
|
|
|||
Change in:
|
|
|
|
|
|
|
|
|
||||
Accounts receivable
|
|
729
|
|
|
1,045
|
|
|
(6,315
|
)
|
|||
Accounts payable and other accrued liabilities
|
|
29,666
|
|
|
(17,208
|
)
|
|
13,300
|
|
|||
Taxes accrued/receivable
|
|
4,725
|
|
|
4,361
|
|
|
662
|
|
|||
Other current assets
|
|
12,707
|
|
|
2,814
|
|
|
(10,887
|
)
|
|||
Other current liabilities
|
|
6,848
|
|
|
1,017
|
|
|
(3,283
|
)
|
|||
Other assets
|
|
(7,488
|
)
|
|
(8,734
|
)
|
|
(3,764
|
)
|
|||
Other liabilities
|
|
(1,555
|
)
|
|
(1,093
|
)
|
|
(1,006
|
)
|
|||
Net cash provided by operating activities
|
|
491,626
|
|
|
435,161
|
|
|
344,195
|
|
|||
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Additions to property, plant and equipment
|
|
(277,853
|
)
|
|
(285,488
|
)
|
|
(296,950
|
)
|
|||
Payments received from transmission project joint funding partners
|
|
21,587
|
|
|
6,074
|
|
|
7,586
|
|
|||
Purchase of available-for-sale securities
|
|
(11,390
|
)
|
|
(11,356
|
)
|
|
(14,917
|
)
|
|||
Proceeds from sale of available-for-sale securities
|
|
5,007
|
|
|
4,989
|
|
|
15,693
|
|
|||
Purchase of life insurance investment
|
|
—
|
|
|
—
|
|
|
(10,000
|
)
|
|||
Other
|
|
4,472
|
|
|
5,340
|
|
|
4,655
|
|
|||
Net cash used in investing activities
|
|
(258,177
|
)
|
|
(280,441
|
)
|
|
(293,933
|
)
|
|||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Issuance of long-term debt
|
|
220,000
|
|
|
—
|
|
|
120,000
|
|
|||
Retirement of long-term debt
|
|
(130,000
|
)
|
|
(1,064
|
)
|
|
(101,064
|
)
|
|||
Dividends on common stock
|
|
(121,421
|
)
|
|
(113,127
|
)
|
|
(104,984
|
)
|
|||
Net change in short-term borrowings
|
|
—
|
|
|
(21,800
|
)
|
|
1,800
|
|
|||
Acquisition of treasury stock
|
|
(3,614
|
)
|
|
(3,212
|
)
|
|
(3,329
|
)
|
|||
Make-whole premium on retirement of long-term debt
|
|
(4,607
|
)
|
|
—
|
|
|
(13,895
|
)
|
|||
Other
|
|
(2,964
|
)
|
|
(348
|
)
|
|
(2,112
|
)
|
|||
Net cash used in financing activities
|
|
(42,606
|
)
|
|
(139,551
|
)
|
|
(103,584
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
190,843
|
|
|
15,169
|
|
|
(53,322
|
)
|
|||
Cash and cash equivalents at beginning of the year
|
|
76,649
|
|
|
61,480
|
|
|
114,802
|
|
|||
Cash and cash equivalents at end of the year
|
|
$
|
267,492
|
|
|
$
|
76,649
|
|
|
$
|
61,480
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|||
Cash paid during the year for:
|
|
|
|
|
|
|
||||||
Income taxes
|
|
$
|
5,272
|
|
|
$
|
14,742
|
|
|
$
|
3,302
|
|
Interest (net of amount capitalized)
|
|
$
|
80,951
|
|
|
$
|
80,004
|
|
|
$
|
78,334
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
||||||
Additions to property, plant and equipment in accounts payable
|
|
$
|
29,528
|
|
|
$
|
33,220
|
|
|
$
|
34,603
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Common Stock:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
$
|
857,207
|
|
|
$
|
851,833
|
|
|
$
|
849,112
|
|
Cumulative effect of change in accounting principle
|
|
—
|
|
|
—
|
|
|
234
|
|
|||
Share-based compensation expense
|
|
9,362
|
|
|
7,384
|
|
|
5,561
|
|
|||
Treasury shares issued
|
|
(3,068
|
)
|
|
(2,069
|
)
|
|
(3,143
|
)
|
|||
Other
|
|
92
|
|
|
59
|
|
|
69
|
|
|||
Balance at end of year
|
|
863,593
|
|
|
857,207
|
|
|
851,833
|
|
|||
|
|
|
|
|
|
|
||||||
Retained Earnings:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
1,426,528
|
|
|
1,323,198
|
|
|
1,230,105
|
|
|||
Cumulative effect of change in accounting principle
|
|
—
|
|
|
4,092
|
|
|
(234
|
)
|
|||
Net income attributable to IDACORP, Inc.
|
|
226,801
|
|
|
212,419
|
|
|
198,288
|
|
|||
Common stock dividends ($2.40, $2.24, and $2.08 per share, respectively)
|
|
(121,786
|
)
|
|
(113,181
|
)
|
|
(104,961
|
)
|
|||
Balance at end of year
|
|
1,531,543
|
|
|
1,426,528
|
|
|
1,323,198
|
|
|||
|
|
|
|
|
|
|
||||||
Accumulated Other Comprehensive (Loss) Income:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
(30,964
|
)
|
|
(20,882
|
)
|
|
(21,276
|
)
|
|||
Cumulative effect of change in accounting principle
|
|
—
|
|
|
(4,092
|
)
|
|
—
|
|
|||
Unfunded pension liability adjustment (net of tax)
|
|
8,120
|
|
|
(5,990
|
)
|
|
394
|
|
|||
Balance at end of year
|
|
(22,844
|
)
|
|
(30,964
|
)
|
|
(20,882
|
)
|
|||
|
|
|
|
|
|
|
||||||
Treasury Stock:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
(1,386
|
)
|
|
(243
|
)
|
|
(57
|
)
|
|||
Issued
|
|
3,068
|
|
|
2,069
|
|
|
3,143
|
|
|||
Acquired
|
|
(3,614
|
)
|
|
(3,212
|
)
|
|
(3,329
|
)
|
|||
Balance at end of year
|
|
(1,932
|
)
|
|
(1,386
|
)
|
|
(243
|
)
|
|||
|
|
|
|
|
|
|
||||||
Total IDACORP, Inc. shareholders’ equity at end of year
|
|
2,370,360
|
|
|
2,251,385
|
|
|
2,153,906
|
|
|||
|
|
|
|
|
|
|
||||||
Noncontrolling Interests:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
4,729
|
|
|
3,960
|
|
|
4,160
|
|
|||
Net income (loss) attributable to noncontrolling interests
|
|
722
|
|
|
769
|
|
|
(200
|
)
|
|||
Balance at end of year
|
|
5,451
|
|
|
4,729
|
|
|
3,960
|
|
|||
|
|
|
|
|
|
|
||||||
Total equity at end of year
|
|
$
|
2,375,811
|
|
|
$
|
2,256,114
|
|
|
$
|
2,157,866
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(thousands of dollars)
|
||||||||||
|
|
|
|
|
|
|
||||||
Operating Revenues
|
|
$
|
1,366,582
|
|
|
$
|
1,344,893
|
|
|
$
|
1,259,353
|
|
|
|
|
|
|
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
||||||
Operation:
|
|
|
|
|
|
|
||||||
Purchased power
|
|
293,814
|
|
|
248,950
|
|
|
245,764
|
|
|||
Fuel expense
|
|
133,198
|
|
|
145,829
|
|
|
179,491
|
|
|||
Power cost adjustment
|
|
42,106
|
|
|
52,024
|
|
|
(5,330
|
)
|
|||
Other operations and maintenance
|
|
364,456
|
|
|
346,695
|
|
|
349,290
|
|
|||
Energy efficiency programs
|
|
35,703
|
|
|
39,241
|
|
|
33,754
|
|
|||
Depreciation
|
|
165,190
|
|
|
162,091
|
|
|
143,661
|
|
|||
Taxes other than income taxes
|
|
34,792
|
|
|
34,089
|
|
|
32,823
|
|
|||
Total operating expenses
|
|
1,069,259
|
|
|
1,028,919
|
|
|
979,453
|
|
|||
|
|
|
|
|
|
|
||||||
Income from Operations
|
|
297,323
|
|
|
315,974
|
|
|
279,900
|
|
|||
|
|
|
|
|
|
|
||||||
Other Income (Expense):
|
|
|
|
|
|
|
||||||
Allowance for equity funds used during construction
|
|
24,353
|
|
|
20,784
|
|
|
22,031
|
|
|||
Earnings of unconsolidated equity-method investments
|
|
10,712
|
|
|
9,267
|
|
|
10,855
|
|
|||
Other expense, net
|
|
(5,851
|
)
|
|
(4,756
|
)
|
|
(4,547
|
)
|
|||
Total other income
|
|
29,214
|
|
|
25,295
|
|
|
28,339
|
|
|||
|
|
|
|
|
|
|
||||||
Interest Charges:
|
|
|
|
|
|
|
||||||
Interest on long-term debt
|
|
84,408
|
|
|
81,198
|
|
|
81,956
|
|
|||
Other interest
|
|
11,634
|
|
|
11,156
|
|
|
10,050
|
|
|||
Allowance for borrowed funds used during construction
|
|
(10,151
|
)
|
|
(8,694
|
)
|
|
(10,194
|
)
|
|||
Total interest charges
|
|
85,891
|
|
|
83,660
|
|
|
81,812
|
|
|||
|
|
|
|
|
|
|
||||||
Income Before Income Taxes
|
|
240,646
|
|
|
257,609
|
|
|
226,427
|
|
|||
|
|
|
|
|
|
|
||||||
Income Tax Expense
|
|
18,312
|
|
|
51,262
|
|
|
37,185
|
|
|||
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
222,334
|
|
|
$
|
206,347
|
|
|
$
|
189,242
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(thousands of dollars)
|
||||||||||
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
222,334
|
|
|
$
|
206,347
|
|
|
$
|
189,242
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
||||||
Unfunded pension liability adjustment, net of tax
of $2,815, $(1,555), and $253 |
|
8,120
|
|
|
(5,990
|
)
|
|
394
|
|
|||
Total Comprehensive Income
|
|
$
|
230,454
|
|
|
$
|
200,357
|
|
|
$
|
189,636
|
|
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
(in thousands)
|
||||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Electric Plant:
|
|
|
|
|
||||
In service (at original cost)
|
|
$
|
6,103,856
|
|
|
$
|
5,906,162
|
|
Accumulated provision for depreciation
|
|
(2,210,781
|
)
|
|
(2,098,274
|
)
|
||
In service - net
|
|
3,893,075
|
|
|
3,807,888
|
|
||
Construction work in progress
|
|
480,259
|
|
|
452,424
|
|
||
Held for future use
|
|
4,751
|
|
|
8,075
|
|
||
Electric plant - net
|
|
4,378,085
|
|
|
4,268,387
|
|
||
|
|
|
|
|
||||
Investments and Other Property
|
|
90,019
|
|
|
99,904
|
|
||
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
165,460
|
|
|
44,646
|
|
||
Receivables:
|
|
|
|
|
||||
Customer (net of allowance of $1,725 and $2,013, respectively)
|
|
77,178
|
|
|
75,249
|
|
||
Other (net of allowance of $264 and $180, respectively)
|
|
7,206
|
|
|
30,274
|
|
||
Income taxes receivable
|
|
11,829
|
|
|
26,492
|
|
||
Accrued unbilled revenues
|
|
69,318
|
|
|
75,120
|
|
||
Materials and supplies (at average cost)
|
|
54,987
|
|
|
55,745
|
|
||
Fuel stock (at average cost)
|
|
47,979
|
|
|
56,638
|
|
||
Prepayments
|
|
16,374
|
|
|
16,866
|
|
||
Current regulatory assets
|
|
48,707
|
|
|
48,613
|
|
||
Other
|
|
3,655
|
|
|
18
|
|
||
Total current assets
|
|
502,693
|
|
|
429,661
|
|
||
|
|
|
|
|
||||
Deferred Debits:
|
|
|
|
|
||||
Company-owned life insurance
|
|
59,852
|
|
|
59,323
|
|
||
Regulatory assets
|
|
1,165,467
|
|
|
1,083,483
|
|
||
Other
|
|
58,284
|
|
|
54,677
|
|
||
Total deferred debits
|
|
1,283,603
|
|
|
1,197,483
|
|
||
|
|
|
|
|
||||
Total
|
|
$
|
6,254,400
|
|
|
$
|
5,995,435
|
|
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
(in thousands)
|
||||||
Capitalization and Liabilities
|
|
|
|
|
||||
|
|
|
|
|
||||
Capitalization:
|
|
|
|
|
||||
Common stock equity:
|
|
|
|
|
||||
Common stock, $2.50 par value (50,000 shares authorized; 39,151 shares outstanding)
|
|
$
|
97,877
|
|
|
$
|
97,877
|
|
Premium on capital stock
|
|
712,258
|
|
|
712,258
|
|
||
Capital stock expense
|
|
(2,097
|
)
|
|
(2,097
|
)
|
||
Retained earnings
|
|
1,409,245
|
|
|
1,308,702
|
|
||
Accumulated other comprehensive loss
|
|
(22,844
|
)
|
|
(30,964
|
)
|
||
Total common stock equity
|
|
2,194,439
|
|
|
2,085,776
|
|
||
Long-term debt
|
|
1,834,788
|
|
|
1,746,123
|
|
||
Total capitalization
|
|
4,029,227
|
|
|
3,831,899
|
|
||
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
110,597
|
|
|
89,978
|
|
||
Accounts payable to affiliates
|
|
2,088
|
|
|
57,562
|
|
||
Taxes accrued
|
|
11,750
|
|
|
10,904
|
|
||
Interest accrued
|
|
23,622
|
|
|
22,379
|
|
||
Accrued compensation
|
|
54,910
|
|
|
46,832
|
|
||
Current regulatory liabilities
|
|
25,883
|
|
|
1,404
|
|
||
Advances from customers
|
|
20,037
|
|
|
18,414
|
|
||
Other
|
|
10,198
|
|
|
9,556
|
|
||
Total current liabilities
|
|
259,085
|
|
|
257,029
|
|
||
|
|
|
|
|
||||
Deferred Credits:
|
|
|
|
|
||||
Deferred income taxes
|
|
753,239
|
|
|
725,942
|
|
||
Regulatory liabilities
|
|
738,994
|
|
|
698,044
|
|
||
Pension and other postretirement benefits
|
|
431,475
|
|
|
438,869
|
|
||
Other
|
|
42,380
|
|
|
43,652
|
|
||
Total deferred credits
|
|
1,966,088
|
|
|
1,906,507
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Total
|
|
$
|
6,254,400
|
|
|
$
|
5,995,435
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these statements.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Operating Activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
222,334
|
|
|
$
|
206,347
|
|
|
$
|
189,242
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization
|
|
168,519
|
|
|
165,337
|
|
|
146,694
|
|
|||
Deferred income taxes and investment tax credits
|
|
(2,272
|
)
|
|
(10,875
|
)
|
|
25,780
|
|
|||
Changes in regulatory assets and liabilities
|
|
48,392
|
|
|
57,131
|
|
|
(5,651
|
)
|
|||
Pension and postretirement benefit plan expense
|
|
32,240
|
|
|
28,894
|
|
|
29,597
|
|
|||
Contributions to pension and postretirement benefit plans
|
|
(45,883
|
)
|
|
(46,573
|
)
|
|
(45,317
|
)
|
|||
Earnings of unconsolidated equity-method investments
|
|
(10,712
|
)
|
|
(9,267
|
)
|
|
(10,855
|
)
|
|||
Distributions from unconsolidated equity-method investments
|
|
29,400
|
|
|
23,000
|
|
|
23,716
|
|
|||
Allowance for equity funds used during construction
|
|
(24,353
|
)
|
|
(20,784
|
)
|
|
(22,031
|
)
|
|||
Gain on sale of investments and assets
|
|
(155
|
)
|
|
(131
|
)
|
|
(103
|
)
|
|||
Other non-cash adjustments to net income, net
|
|
(210
|
)
|
|
1,069
|
|
|
(454
|
)
|
|||
Change in:
|
|
|
|
|
|
|
|
|
||||
Accounts receivable
|
|
633
|
|
|
(5,282
|
)
|
|
(54
|
)
|
|||
Accounts payable
|
|
(25,532
|
)
|
|
38,111
|
|
|
13,308
|
|
|||
Taxes accrued/receivable
|
|
15,509
|
|
|
(3,601
|
)
|
|
(17,299
|
)
|
|||
Other current assets
|
|
12,707
|
|
|
2,812
|
|
|
(10,902
|
)
|
|||
Other current liabilities
|
|
6,822
|
|
|
996
|
|
|
(3,322
|
)
|
|||
Other assets
|
|
(7,488
|
)
|
|
(8,734
|
)
|
|
(3,764
|
)
|
|||
Other liabilities
|
|
(1,476
|
)
|
|
(967
|
)
|
|
(829
|
)
|
|||
Net cash provided by operating activities
|
|
418,475
|
|
|
417,483
|
|
|
307,756
|
|
|||
Investing Activities:
|
|
|
|
|
|
|
|
|
||||
Additions to utility plant
|
|
(277,823
|
)
|
|
(285,471
|
)
|
|
(296,948
|
)
|
|||
Payments received from transmission project joint funding partners
|
|
21,587
|
|
|
6,074
|
|
|
7,586
|
|
|||
Purchase of available-for-sale securities
|
|
(11,390
|
)
|
|
(11,356
|
)
|
|
(14,917
|
)
|
|||
Proceeds from the sale of available-for-sale securities
|
|
5,007
|
|
|
4,989
|
|
|
15,693
|
|
|||
Purchase of life insurance investment
|
|
—
|
|
|
—
|
|
|
(10,000
|
)
|
|||
Other
|
|
4,320
|
|
|
5,176
|
|
|
4,511
|
|
|||
Net cash used in investing activities
|
|
(258,299
|
)
|
|
(280,588
|
)
|
|
(294,075
|
)
|
|||
Financing Activities:
|
|
|
|
|
|
|
|
|
||||
Issuance of long-term debt
|
|
220,000
|
|
|
—
|
|
|
120,000
|
|
|||
Retirement of long-term debt
|
|
(130,000
|
)
|
|
(1,064
|
)
|
|
(101,064
|
)
|
|||
Dividends on common stock
|
|
(121,791
|
)
|
|
(113,284
|
)
|
|
(105,121
|
)
|
|||
Net change in short term borrowings
|
|
—
|
|
|
(21,800
|
)
|
|
21,800
|
|
|||
Make-whole premium on retirement of long-term debt
|
|
(4,607
|
)
|
|
—
|
|
|
(13,895
|
)
|
|||
Other
|
|
(2,964
|
)
|
|
(241
|
)
|
|
(2,017
|
)
|
|||
Net cash used in financing activities
|
|
(39,362
|
)
|
|
(136,389
|
)
|
|
(80,297
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
120,814
|
|
|
506
|
|
|
(66,616
|
)
|
|||
Cash and cash equivalents at beginning of the year
|
|
44,646
|
|
|
44,140
|
|
|
110,756
|
|
|||
Cash and cash equivalents at end of the year
|
|
$
|
165,460
|
|
|
$
|
44,646
|
|
|
$
|
44,140
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
|
|
||||
Cash paid to IDACORP related to income taxes
|
|
$
|
63,914
|
|
|
$
|
12,444
|
|
|
$
|
29,341
|
|
Cash paid for interest (net of amount capitalized)
|
|
$
|
80,894
|
|
|
$
|
79,918
|
|
|
$
|
78,111
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
||||||
Additions to property, plant and equipment in accounts payable
|
|
$
|
29,528
|
|
|
$
|
33,220
|
|
|
$
|
34,603
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(thousands of dollars)
|
||||||||||
|
|
|
|
|
|
|
||||||
Retained Earnings, Beginning of Year
|
|
$
|
1,308,702
|
|
|
$
|
1,211,547
|
|
|
$
|
1,127,426
|
|
Net Income
|
|
222,334
|
|
|
206,347
|
|
|
189,242
|
|
|||
Dividends on Common Stock
|
|
(121,791
|
)
|
|
(113,284
|
)
|
|
(105,121
|
)
|
|||
Cumulative Effect of Change in Accounting Principle
|
|
—
|
|
|
4,092
|
|
|
—
|
|
|||
Retained Earnings, End of Year
|
|
$
|
1,409,245
|
|
|
$
|
1,308,702
|
|
|
$
|
1,211,547
|
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
|
|
(thousands of dollars)
|
||||||||||||||||||||||
Federal income tax expense at statutory rate
|
|
$
|
51,279
|
|
|
$
|
91,378
|
|
|
$
|
82,151
|
|
|
$
|
50,536
|
|
|
$
|
90,163
|
|
|
$
|
79,250
|
|
Change in taxes resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AFUDC
|
|
(7,246
|
)
|
|
(10,318
|
)
|
|
(11,278
|
)
|
|
(7,246
|
)
|
|
(10,318
|
)
|
|
(11,278
|
)
|
||||||
Capitalized interest
|
|
928
|
|
|
1,513
|
|
|
2,000
|
|
|
928
|
|
|
1,513
|
|
|
2,000
|
|
||||||
Investment tax credits
|
|
(2,929
|
)
|
|
(3,081
|
)
|
|
(2,922
|
)
|
|
(2,929
|
)
|
|
(3,081
|
)
|
|
(2,922
|
)
|
||||||
Removal costs
|
|
(3,471
|
)
|
|
(6,280
|
)
|
|
(5,559
|
)
|
|
(3,471
|
)
|
|
(6,280
|
)
|
|
(5,559
|
)
|
||||||
Capitalized overhead costs
|
|
(6,720
|
)
|
|
(11,200
|
)
|
|
(10,500
|
)
|
|
(6,720
|
)
|
|
(11,200
|
)
|
|
(10,500
|
)
|
||||||
Capitalized repair costs
|
|
(17,850
|
)
|
|
(28,700
|
)
|
|
(28,000
|
)
|
|
(17,850
|
)
|
|
(28,700
|
)
|
|
(28,000
|
)
|
||||||
Bond redemption costs
|
|
(1,029
|
)
|
|
—
|
|
|
(4,997
|
)
|
|
(1,029
|
)
|
|
—
|
|
|
(4,997
|
)
|
||||||
Remeasurement of deferred taxes
|
|
(5,411
|
)
|
|
1,690
|
|
|
—
|
|
|
(5,664
|
)
|
|
1,970
|
|
|
—
|
|
||||||
State income taxes, net of federal benefit
|
|
8,512
|
|
|
8,153
|
|
|
5,071
|
|
|
8,532
|
|
|
8,108
|
|
|
4,880
|
|
||||||
Depreciation
|
|
13,110
|
|
|
18,953
|
|
|
18,673
|
|
|
13,110
|
|
|
18,953
|
|
|
18,673
|
|
||||||
Excess deferred income tax reversal
|
|
(7,289
|
)
|
|
—
|
|
|
—
|
|
|
(7,289
|
)
|
|
—
|
|
|
—
|
|
||||||
Share-based compensation
|
|
(894
|
)
|
|
(1,508
|
)
|
|
(1,614
|
)
|
|
(883
|
)
|
|
(1,483
|
)
|
|
(1,583
|
)
|
||||||
Income tax return adjustments
|
|
(5,076
|
)
|
|
(3,710
|
)
|
|
(3,539
|
)
|
|
(4,968
|
)
|
|
(3,601
|
)
|
|
(3,669
|
)
|
||||||
Affordable housing tax credits
|
|
(2,560
|
)
|
|
(2,559
|
)
|
|
(2,579
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Affordable housing investment distributions
|
|
(267
|
)
|
|
(1,124
|
)
|
|
(1,717
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Affordable housing investment amortization
|
|
1,519
|
|
|
1,271
|
|
|
1,380
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other, net
|
|
2,780
|
|
|
(5,818
|
)
|
|
(141
|
)
|
|
3,255
|
|
|
(4,782
|
)
|
|
890
|
|
||||||
Total income tax expense
|
|
$
|
17,386
|
|
|
$
|
48,660
|
|
|
$
|
36,429
|
|
|
$
|
18,312
|
|
|
$
|
51,262
|
|
|
$
|
37,185
|
|
Effective tax rate
|
|
7.1%
|
|
18.6%
|
|
15.5%
|
|
7.6%
|
|
19.9%
|
|
16.4%
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
|
|
(thousands of dollars)
|
||||||||||||||||||||||
Income taxes current:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal
|
|
$
|
5,390
|
|
|
$
|
11,726
|
|
|
$
|
1,181
|
|
|
$
|
24,919
|
|
|
$
|
51,575
|
|
|
$
|
7,639
|
|
State
|
|
3,328
|
|
|
5,418
|
|
|
2,158
|
|
|
(2,049
|
)
|
|
10,562
|
|
|
3,766
|
|
||||||
Total
|
|
8,718
|
|
|
17,144
|
|
|
3,339
|
|
|
22,870
|
|
|
62,137
|
|
|
11,405
|
|
||||||
Income taxes deferred:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal
|
|
1,649
|
|
|
24,018
|
|
|
33,205
|
|
|
(15,388
|
)
|
|
(13,002
|
)
|
|
27,506
|
|
||||||
State
|
|
30
|
|
|
(154
|
)
|
|
100
|
|
|
5,425
|
|
|
(5,298
|
)
|
|
(2,031
|
)
|
||||||
Total
|
|
1,679
|
|
|
23,864
|
|
|
33,305
|
|
|
(9,963
|
)
|
|
(18,300
|
)
|
|
25,475
|
|
||||||
Investment tax credits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deferred
|
|
8,334
|
|
|
10,506
|
|
|
3,227
|
|
|
8,334
|
|
|
10,506
|
|
|
3,227
|
|
||||||
Restored
|
|
(2,929
|
)
|
|
(3,081
|
)
|
|
(2,922
|
)
|
|
(2,929
|
)
|
|
(3,081
|
)
|
|
(2,922
|
)
|
||||||
Total
|
|
5,405
|
|
|
7,425
|
|
|
305
|
|
|
5,405
|
|
|
7,425
|
|
|
305
|
|
||||||
Affordable housing investments
|
|
1,584
|
|
|
227
|
|
|
(520
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total income tax expense
|
|
$
|
17,386
|
|
|
$
|
48,660
|
|
|
$
|
36,429
|
|
|
$
|
18,312
|
|
|
$
|
51,262
|
|
|
$
|
37,185
|
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
(thousands of dollars)
|
||||||||||||||
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regulatory liabilities
|
|
$
|
98,042
|
|
|
$
|
98,744
|
|
|
$
|
98,042
|
|
|
$
|
98,744
|
|
Deferred compensation
|
|
21,871
|
|
|
21,066
|
|
|
21,826
|
|
|
21,025
|
|
||||
Deferred revenue
|
|
35,137
|
|
|
31,086
|
|
|
35,137
|
|
|
31,086
|
|
||||
Tax credits
|
|
100,041
|
|
|
109,673
|
|
|
44,532
|
|
|
44,106
|
|
||||
Partnership investments
|
|
4,200
|
|
|
3,540
|
|
|
1,086
|
|
|
—
|
|
||||
Retirement benefits
|
|
91,867
|
|
|
94,493
|
|
|
91,867
|
|
|
94,493
|
|
||||
Other
|
|
9,299
|
|
|
8,636
|
|
|
9,121
|
|
|
8,435
|
|
||||
Total
|
|
360,457
|
|
|
367,238
|
|
|
301,611
|
|
|
297,889
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Property, plant and equipment
|
|
294,471
|
|
|
306,002
|
|
|
294,471
|
|
|
306,002
|
|
||||
Regulatory assets
|
|
614,144
|
|
|
584,329
|
|
|
614,144
|
|
|
584,329
|
|
||||
Fixed cost adjustment
|
|
10,940
|
|
|
8,016
|
|
|
10,940
|
|
|
8,016
|
|
||||
Partnership investments
|
|
3,875
|
|
|
5,182
|
|
|
—
|
|
|
980
|
|
||||
Retirement benefits
|
|
108,440
|
|
|
103,407
|
|
|
108,440
|
|
|
103,407
|
|
||||
Other
|
|
28,465
|
|
|
21,242
|
|
|
26,855
|
|
|
21,097
|
|
||||
Total
|
|
1,060,335
|
|
|
1,028,178
|
|
|
1,054,850
|
|
|
1,023,831
|
|
||||
Net deferred tax liabilities
|
|
$
|
699,878
|
|
|
$
|
660,940
|
|
|
$
|
753,239
|
|
|
$
|
725,942
|
|
|
|
|
|
As of December 31, 2018
|
|
|
|
|
||||||||||
|
|
Remaining
Amortization Period |
|
Earning a Return
(1)
|
|
Not Earning a Return
|
|
Total as of December 31,
|
||||||||||
Description
|
|
|
|
|
2018
|
|
2017
|
|||||||||||
Regulatory Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income taxes
(2)
|
|
|
|
$
|
—
|
|
|
$
|
614,144
|
|
|
$
|
614,144
|
|
|
$
|
584,329
|
|
Unfunded postretirement benefits
(3)
|
|
|
|
—
|
|
|
278,674
|
|
|
278,674
|
|
|
280,166
|
|
||||
Pension expense deferrals
|
|
|
|
126,811
|
|
|
21,025
|
|
|
147,836
|
|
|
127,721
|
|
||||
Energy efficiency program costs
(4)
|
|
|
|
1,398
|
|
|
—
|
|
|
1,398
|
|
|
6,273
|
|
||||
Power supply costs
(5)
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,137
|
|
||||
Fixed cost adjustment
(5)
|
|
2019-2020
|
|
34,502
|
|
|
8,001
|
|
|
42,503
|
|
|
30,856
|
|
||||
Valmy Plant settlements
(5)
|
|
2019-2028
|
|
77,512
|
|
|
—
|
|
|
77,512
|
|
|
44,633
|
|
||||
Asset retirement obligations
(6)
|
|
|
|
—
|
|
|
17,655
|
|
|
17,655
|
|
|
15,767
|
|
||||
Long-term service agreement
|
|
2019-2043
|
|
16,095
|
|
|
10,653
|
|
|
26,748
|
|
|
27,907
|
|
||||
Other
|
|
2019-2055
|
|
720
|
|
|
6,984
|
|
|
7,704
|
|
|
11,307
|
|
||||
Total
|
|
|
|
$
|
257,038
|
|
|
$
|
957,136
|
|
|
$
|
1,214,174
|
|
|
$
|
1,132,096
|
|
Regulatory Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income taxes
(7)
|
|
|
|
$
|
—
|
|
|
$
|
98,042
|
|
|
$
|
98,042
|
|
|
$
|
98,744
|
|
Depreciation-related excess deferred income taxes
(8)
|
|
|
|
190,062
|
|
|
—
|
|
|
190,062
|
|
|
193,991
|
|
||||
Removal costs
(6)
|
|
|
|
—
|
|
|
183,798
|
|
|
183,798
|
|
|
184,993
|
|
||||
Investment tax credits
|
|
|
|
—
|
|
|
92,790
|
|
|
92,790
|
|
|
87,385
|
|
||||
Deferred revenue-AFUDC
(9)
|
|
|
|
95,660
|
|
|
39,486
|
|
|
135,146
|
|
|
119,666
|
|
||||
Energy efficiency program costs
(4)
|
|
|
|
5,259
|
|
|
—
|
|
|
5,259
|
|
|
408
|
|
||||
Power supply costs
(5)
|
|
2019-2020
|
|
35,815
|
|
|
6,507
|
|
|
42,322
|
|
|
5,443
|
|
||||
Settlement agreement sharing mechanism
(5)
|
|
2019-2020
|
|
5,025
|
|
|
—
|
|
|
5,025
|
|
|
—
|
|
||||
Mark-to-market assets
(10)
|
|
|
|
—
|
|
|
3,700
|
|
|
3,700
|
|
|
22
|
|
||||
Other
|
|
|
|
2,419
|
|
|
6,314
|
|
|
8,733
|
|
|
8,796
|
|
||||
Total
|
|
|
|
$
|
334,240
|
|
|
$
|
430,637
|
|
|
$
|
764,877
|
|
|
$
|
699,448
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
a cost or benefit sharing ratio that allocates the deviations in net power supply expenses between customers (
95 percent
) and shareholders (
5 percent
), with the exceptions of expenses associated with PURPA power purchases and demand response incentive payments, which are allocated
100 percent
to customers; and
|
•
|
a sales-based adjustment intended to ensure that power supply expense recovery resulting solely from sales changes does not distort the results of the mechanism.
|
Effective Date
|
|
$ Change (millions)
|
|
Notes
|
||
June 1, 2018
|
|
$
|
(30.4
|
)
|
|
The $30.4 million total decrease in PCA rates includes a $7.8 million one-time benefit for income tax benefits accrued from January 1 to May 31, 2018, and the income taxes related to Idaho Power's open access transmission tariff (OATT) rate. See "Income Tax Reform - Regulatory Treatment" below for more information.
|
June 1, 2017
|
|
$
|
10.6
|
|
|
The net increase in PCA rates included an offsetting $13.0 million reduction for the refund of previously collected Idaho energy efficiency rider funds.
|
June 1, 2016
|
|
$
|
17.3
|
|
|
The net increase in PCA rates included the application of (a) a customer rate credit of $3.2 million for sharing of revenues with customers for the year 2015 under the terms of the October 2014 settlement stipulation, and (b) $4.0 million of surplus Idaho energy efficiency rider funds.
|
October 2014 Idaho Earnings Support and Sharing Settlement Stipulation
(Effective through December 31, 2019) |
|
May 2018 Idaho Tax Reform Settlement Stipulation
(Effective beginning January 1, 2020, with no defined end date) |
If Idaho Power's actual annual 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 the $45 million of ADITC are completely amortized, the revenue sharing provisions below would no longer be applicable.
|
|
If Idaho Power's actual annual Idaho ROE in any year is less than 9.4 percent, then Idaho Power may amortize up to $25 million of additional ADITC to help achieve a 9.4 percent Idaho ROE for that year, so long as the cumulative amount of ADITC used does not exceed $45 million (Idaho Power will have available and may continue to use any unused portion of the $45 million of additional ADITC from the October 2014 Idaho Earnings Support and Sharing Settlement Stipulation); however, Idaho Power may seek approval from the IPUC to replenish the total amount of ADITC it is permitted to amortize. If there are no remaining amounts of ADITC authorized to be amortized, the revenue sharing provisions below would not be applicable until ADITC is replenished.
|
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 10.0 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 80 percent to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's PCA, and 20 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 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 55 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 20 percent to Idaho Power.
|
In the event the IPUC approves a change to Idaho Power's allowed annual Idaho ROE as part of a general rate case proceeding before December 31, 2019, the Idaho ROE thresholds will be adjusted on a prospective basis as follows: (a) the Idaho ROE under which Idaho Power will be permitted to amortize an additional amount of ADITC will be set at 95 percent of the newly authorized Idaho ROE, (b) sharing with customers on an 75 percent basis as a customer rate reduction will begin at the newly authorized Idaho ROE, and (c) sharing with customers on a 75 percent basis but allocated 50 percent to a rate reduction, and 25 percent to a pension expense deferral regulatory asset, will begin at 105 percent of the newly authorized Idaho ROE.
|
|
In the event the IPUC approves a change to Idaho Power's allowed annual Idaho ROE as part of a general rate case proceeding effective on or after January 1, 2020, the Idaho ROE thresholds will be adjusted on a prospective basis as follows: (a) the Idaho ROE under which Idaho Power will be permitted to amortize an additional amount of ADITC will be set at 95 percent of the newly authorized Idaho ROE, (b) sharing with customers on an 80 percent basis as a customer rate reduction will begin at the newly authorized Idaho ROE, and (c) sharing with customers on an 80 percent basis but allocated 55 percent to a rate reduction, and 25 percent to a pension expense deferral regulatory asset, will begin at 105 percent of the newly authorized Idaho ROE.
|
FCA Year
|
|
Period Rates in Effect
|
|
Annual Amount
(in millions) |
2017
|
|
June 1, 2018-May 31, 2019
|
|
$15.6
|
2016
|
|
June 1, 2017-May 31, 2018
|
|
$35.0
|
2015
|
|
June 1, 2016-May 31, 2017
|
|
$28.1
|
Applicable Period
|
|
OATT Rate (per kW-year)
|
||
October 1, 2018 to September 30, 2019
|
|
$
|
31.25
|
|
October 1, 2017 to September 30, 2018
|
|
$
|
34.90
|
|
October 1, 2016 to September 30, 2017
|
|
$
|
25.52
|
|
October 1, 2015 to September 30, 2016
|
|
$
|
23.43
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Electric utility operating revenues:
|
|
|
|
|
|
|
||||||
Revenue from contracts with customers
|
|
$
|
1,312,112
|
|
|
$
|
1,320,004
|
|
|
$
|
1,216,796
|
|
Alternative revenue programs and other revenues
|
|
54,470
|
|
|
24,889
|
|
|
42,557
|
|
|||
Total electric utility operating revenues
|
|
$
|
1,366,582
|
|
|
$
|
1,344,893
|
|
|
$
|
1,259,353
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues from contracts with customers:
|
|
|
|
|
|
|
||||||
Retail revenues:
|
|
|
|
|
|
|
||||||
Residential (includes $34,625, $17,320 and $29,170, respectively, related to the FCA
(1)
)
|
|
$
|
530,527
|
|
|
$
|
552,333
|
|
|
$
|
514,954
|
|
Commercial
(includes $1,299, $876 and $1,087, respectively, related to the FCA
(1)
)
|
|
310,299
|
|
|
319,195
|
|
|
302,650
|
|
|||
Industrial
|
|
190,130
|
|
|
195,124
|
|
|
182,590
|
|
|||
Irrigation
|
|
158,001
|
|
|
150,030
|
|
|
156,505
|
|
|||
Provision for sharing
|
|
(5,025
|
)
|
|
—
|
|
|
—
|
|
|||
Deferred revenue related to HCC relicensing AFUDC
(2)
|
|
(8,780
|
)
|
|
(10,706
|
)
|
|
(10,706
|
)
|
|||
Total retail revenues
|
|
1,175,152
|
|
|
1,205,976
|
|
|
1,145,993
|
|
|||
Less: FCA mechanism revenues
(1)
|
|
(35,924
|
)
|
|
(18,196
|
)
|
|
(30,257
|
)
|
|||
Wholesale energy sales
|
|
52,845
|
|
|
24,790
|
|
|
11,900
|
|
|||
Transmission wheeling revenues
|
|
59,094
|
|
|
43,970
|
|
|
32,496
|
|
|||
Energy efficiency program revenues
|
|
35,703
|
|
|
39,241
|
|
|
33,754
|
|
|||
Other revenues from contracts with customers
|
|
25,242
|
|
|
24,223
|
|
|
22,910
|
|
|||
Total revenues from contracts with customers
|
|
$
|
1,312,112
|
|
|
$
|
1,320,004
|
|
|
$
|
1,216,796
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Alternative revenue programs and other revenues:
|
|
|
|
|
|
|
||||||
FCA mechanism revenues
|
|
$
|
35,924
|
|
|
18,196
|
|
|
$
|
30,257
|
|
|
Derivative revenues
|
|
18,546
|
|
|
6,693
|
|
|
12,300
|
|
|||
Total alternative revenue programs and other revenues
|
|
$
|
54,470
|
|
|
$
|
24,889
|
|
|
$
|
42,557
|
|
|
|
2018
|
|
2017
|
||||
First mortgage bonds:
|
|
|
|
|
||||
4.50% Series due 2020
|
|
$
|
—
|
|
|
$
|
130,000
|
|
3.40% Series due 2020
|
|
100,000
|
|
|
100,000
|
|
||
2.95% Series due 2022
|
|
75,000
|
|
|
75,000
|
|
||
2.50% Series due 2023
|
|
75,000
|
|
|
75,000
|
|
||
6.00% Series due 2032
|
|
100,000
|
|
|
100,000
|
|
||
5.50% Series due 2033
|
|
70,000
|
|
|
70,000
|
|
||
5.50% Series due 2034
|
|
50,000
|
|
|
50,000
|
|
||
5.875% Series due 2034
|
|
55,000
|
|
|
55,000
|
|
||
5.30% Series due 2035
|
|
60,000
|
|
|
60,000
|
|
||
6.30% Series due 2037
|
|
140,000
|
|
|
140,000
|
|
||
6.25% Series due 2037
|
|
100,000
|
|
|
100,000
|
|
||
4.85% Series due 2040
|
|
100,000
|
|
|
100,000
|
|
||
4.30% Series due 2042
|
|
75,000
|
|
|
75,000
|
|
||
4.00% Series due 2043
|
|
75,000
|
|
|
75,000
|
|
||
3.65% Series due 2045
|
|
250,000
|
|
|
250,000
|
|
||
4.05% Series due 2046
|
|
120,000
|
|
|
120,000
|
|
||
4.20% Series due 2048
|
|
220,000
|
|
|
—
|
|
||
Total first mortgage bonds
|
|
1,665,000
|
|
|
1,575,000
|
|
||
Pollution control revenue bonds:
|
|
|
|
|
||||
5.15% Series due 2024
(1)
|
|
49,800
|
|
|
49,800
|
|
||
5.25% Series due 2026
(1)
|
|
116,300
|
|
|
116,300
|
|
||
Variable Rate Series 2000 due 2027
|
|
4,360
|
|
|
4,360
|
|
||
Total pollution control revenue bonds
|
|
170,460
|
|
|
170,460
|
|
||
American Falls bond guarantee
|
|
19,885
|
|
|
19,885
|
|
||
Unamortized issuance costs and discounts
|
|
(20,557
|
)
|
|
(19,222
|
)
|
||
Total IDACORP and Idaho Power outstanding debt
(2)
|
|
1,834,788
|
|
|
1,746,123
|
|
||
Current maturities of long-term debt
|
|
—
|
|
|
—
|
|
||
Total long-term debt
|
|
$
|
1,834,788
|
|
|
$
|
1,746,123
|
|
|
|
|
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
||||||||||||
|
$
|
—
|
|
|
$
|
100,000
|
|
|
$
|
—
|
|
|
$
|
75,000
|
|
|
$
|
75,000
|
|
|
$
|
1,605,345
|
|
|
|
IDACORP
|
|
Idaho Power
|
|
Total
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Commercial paper balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
At the end of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average during the year
|
|
$
|
—
|
|
|
$
|
588
|
|
|
$
|
—
|
|
|
$
|
839
|
|
|
$
|
—
|
|
|
$
|
1,427
|
|
Weighted-average interest rate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
At the end of the year
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
|
Shares issued
|
|
Shares reserved
|
||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
December 31, 2018
|
||||
Balance at beginning of year
|
|
50,420,017
|
|
|
50,420,017
|
|
|
50,352,051
|
|
|
|
|
Continuous equity program (inactive)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,000,000
|
|
Dividend reinvestment and stock purchase plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,576,723
|
|
Employee savings plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,567,954
|
|
Long-term incentive and compensation plan
(1)
|
|
—
|
|
|
—
|
|
|
67,966
|
|
|
1,302,869
|
|
Balance at end of year
|
|
50,420,017
|
|
|
50,420,017
|
|
|
50,420,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||
|
|
Number of
Shares/Units |
|
Weighted-Average
Grant Date Fair Value |
|
Number of
Shares/Units |
|
Weighted-Average
Grant Date Fair Value |
||||||
Nonvested shares/units at January 1, 2018
|
|
201,078
|
|
|
$
|
72.37
|
|
|
199,652
|
|
|
$
|
72.39
|
|
Shares/units granted
|
|
106,992
|
|
|
79.28
|
|
|
106,402
|
|
|
79.29
|
|
||
Shares/units forfeited
|
|
(5,179
|
)
|
|
85.07
|
|
|
(5,179
|
)
|
|
85.07
|
|
||
Shares/units vested
|
|
(96,856
|
)
|
|
60.30
|
|
|
(96,016
|
)
|
|
60.31
|
|
||
Nonvested shares/units at December 31, 2018
|
|
206,035
|
|
|
$
|
81.31
|
|
|
204,859
|
|
|
$
|
81.31
|
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Compensation cost
|
|
$
|
9,362
|
|
|
$
|
7,384
|
|
|
$
|
5,561
|
|
|
$
|
9,276
|
|
|
$
|
7,304
|
|
|
$
|
5,494
|
|
Income tax benefit
(1)
|
|
2,410
|
|
|
2,887
|
|
|
2,174
|
|
|
2,388
|
|
|
2,856
|
|
|
2,148
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|||
Net income attributable to IDACORP, Inc.
|
|
$
|
226,801
|
|
|
$
|
212,419
|
|
|
$
|
198,288
|
|
Denominator:
|
|
|
|
|
|
|
|
|
||||
Weighted-average common shares outstanding - basic
|
|
50,432
|
|
|
50,361
|
|
|
50,298
|
|
|||
Effect of dilutive securities
|
|
78
|
|
|
63
|
|
|
75
|
|
|||
Weighted-average common shares outstanding - diluted
|
|
50,510
|
|
|
50,424
|
|
|
50,373
|
|
|||
Basic earnings per share
|
|
$
|
4.50
|
|
|
$
|
4.22
|
|
|
$
|
3.94
|
|
Diluted earnings per share
|
|
$
|
4.49
|
|
|
$
|
4.21
|
|
|
$
|
3.94
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
||||||||||||
Cogeneration and power production
|
|
$
|
238,748
|
|
|
$
|
242,206
|
|
|
$
|
248,258
|
|
|
$
|
251,216
|
|
|
$
|
256,403
|
|
|
$
|
2,805,159
|
|
Fuel
|
|
43,163
|
|
|
29,121
|
|
|
28,010
|
|
|
8,389
|
|
|
8,379
|
|
|
84,182
|
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
||||||||||||
Joint-operating agreement payments
(1)
|
|
$
|
2,902
|
|
|
$
|
2,902
|
|
|
$
|
2,902
|
|
|
$
|
2,902
|
|
|
$
|
2,902
|
|
|
$
|
14,512
|
|
Easements and other payments
|
|
240
|
|
|
1,321
|
|
|
1,321
|
|
|
1,331
|
|
|
1,328
|
|
|
16,831
|
|
||||||
Maintenance and service agreements
(1)
|
|
34,089
|
|
|
15,694
|
|
|
10,739
|
|
|
11,713
|
|
|
4,140
|
|
|
54,927
|
|
||||||
FERC and other industry-related fees
(1)
|
|
14,277
|
|
|
12,714
|
|
|
12,714
|
|
|
12,714
|
|
|
12,714
|
|
|
63,568
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Plan
|
|
SMSP
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
||||||||||||||
Change in projected benefit obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Benefit obligation at January 1
|
|
$
|
999,344
|
|
|
$
|
895,060
|
|
|
$
|
110,303
|
|
|
$
|
99,570
|
|
Service cost
|
|
37,836
|
|
|
33,742
|
|
|
(316
|
)
|
|
759
|
|
||||
Interest cost
|
|
38,833
|
|
|
38,957
|
|
|
4,248
|
|
|
4,315
|
|
||||
Actuarial (gain) loss
|
|
(84,758
|
)
|
|
67,758
|
|
|
(7,050
|
)
|
|
10,635
|
|
||||
Benefits paid
|
|
(39,398
|
)
|
|
(36,173
|
)
|
|
(4,867
|
)
|
|
(4,976
|
)
|
||||
Projected benefit obligation at December 31
|
|
951,857
|
|
|
999,344
|
|
|
102,318
|
|
|
110,303
|
|
||||
Change in plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fair value at January 1
|
|
697,683
|
|
|
607,568
|
|
|
—
|
|
|
—
|
|
||||
Actual (loss) return on plan assets
|
|
(47,681
|
)
|
|
86,288
|
|
|
—
|
|
|
—
|
|
||||
Employer contributions
|
|
40,000
|
|
|
40,000
|
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
|
(39,398
|
)
|
|
(36,173
|
)
|
|
—
|
|
|
—
|
|
||||
Fair value at December 31
|
|
650,604
|
|
|
697,683
|
|
|
—
|
|
|
—
|
|
||||
Funded status at end of year
|
|
$
|
(301,253
|
)
|
|
$
|
(301,661
|
)
|
|
$
|
(102,318
|
)
|
|
$
|
(110,303
|
)
|
Amounts recognized in the statement of financial position consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other current liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(5,158
|
)
|
|
$
|
(5,010
|
)
|
Noncurrent liabilities
|
|
(301,253
|
)
|
|
(301,661
|
)
|
|
(97,160
|
)
|
|
(105,293
|
)
|
||||
Net amount recognized
|
|
$
|
(301,253
|
)
|
|
$
|
(301,661
|
)
|
|
$
|
(102,318
|
)
|
|
$
|
(110,303
|
)
|
Amounts recognized in accumulated other comprehensive income consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss
|
|
$
|
278,720
|
|
|
$
|
277,052
|
|
|
$
|
30,496
|
|
|
$
|
41,333
|
|
Prior service cost
|
|
62
|
|
|
68
|
|
|
399
|
|
|
498
|
|
||||
Subtotal
|
|
278,782
|
|
|
277,120
|
|
|
30,895
|
|
|
41,831
|
|
||||
Less amount recorded as regulatory asset
|
|
(278,782
|
)
|
|
(277,120
|
)
|
|
—
|
|
|
—
|
|
||||
Net amount recognized in accumulated other comprehensive income
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,895
|
|
|
$
|
41,831
|
|
Accumulated benefit obligation
|
|
$
|
814,549
|
|
|
$
|
850,763
|
|
|
$
|
94,630
|
|
|
$
|
100,222
|
|
|
|
Pension Plan
|
|
SMSP
|
||||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Service cost
|
|
$
|
37,836
|
|
|
$
|
33,742
|
|
|
$
|
32,019
|
|
|
$
|
(316
|
)
|
|
$
|
759
|
|
|
$
|
1,228
|
|
Interest cost
|
|
38,833
|
|
|
38,957
|
|
|
37,813
|
|
|
4,248
|
|
|
4,315
|
|
|
4,275
|
|
||||||
Expected return on assets
|
|
(52,302
|
)
|
|
(45,138
|
)
|
|
(42,081
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of net loss
|
|
13,558
|
|
|
13,190
|
|
|
13,331
|
|
|
3,788
|
|
|
2,963
|
|
|
3,532
|
|
||||||
Amortization of prior service cost
|
|
6
|
|
|
28
|
|
|
59
|
|
|
98
|
|
|
127
|
|
|
168
|
|
||||||
Net periodic pension cost
|
|
37,931
|
|
|
40,779
|
|
|
41,141
|
|
|
7,818
|
|
|
8,164
|
|
|
9,203
|
|
||||||
Regulatory deferral of net periodic benefit cost
(1)
|
|
(36,153
|
)
|
|
(38,699
|
)
|
|
(39,335
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Previously deferred pension cost recognized
(1)
|
|
17,154
|
|
|
17,154
|
|
|
17,154
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost recognized for financial reporting
(1)(2)
|
|
$
|
18,932
|
|
|
$
|
19,234
|
|
|
$
|
18,960
|
|
|
$
|
7,818
|
|
|
$
|
8,164
|
|
|
$
|
9,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Plan
|
|
SMSP
|
||||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Actuarial (loss) gain during the year
|
|
$
|
(15,226
|
)
|
|
$
|
(26,608
|
)
|
|
$
|
(23,753
|
)
|
|
$
|
7,049
|
|
|
$
|
(10,635
|
)
|
|
$
|
(2,933
|
)
|
Plan amendment service cost
|
|
—
|
|
|
—
|
|
|
(81
|
)
|
|
—
|
|
|
—
|
|
|
(120
|
)
|
||||||
Reclassification adjustments for:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amortization of net loss
|
|
13,558
|
|
|
13,190
|
|
|
13,331
|
|
|
3,788
|
|
|
2,963
|
|
|
3,532
|
|
||||||
Amortization of prior service cost
|
|
6
|
|
|
28
|
|
|
59
|
|
|
98
|
|
|
127
|
|
|
168
|
|
||||||
Adjustment for deferred tax effects
|
|
428
|
|
|
1,744
|
|
|
4,083
|
|
|
(2,815
|
)
|
|
1,555
|
|
|
(253
|
)
|
||||||
Adjustment due to the effects of regulation
|
|
1,234
|
|
|
11,646
|
|
|
6,361
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive income recognized related to pension benefit plans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,120
|
|
|
$
|
(5,990
|
)
|
|
$
|
394
|
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2023-2028
|
||||||||||||
Pension Plan
|
|
$
|
38,177
|
|
|
$
|
40,287
|
|
|
$
|
42,403
|
|
|
$
|
44,489
|
|
|
$
|
46,671
|
|
|
$
|
264,707
|
|
SMSP
|
|
5,266
|
|
|
5,716
|
|
|
5,901
|
|
|
6,071
|
|
|
6,431
|
|
|
31,867
|
|
|
|
2018
|
|
2017
|
||||
Change in accumulated benefit obligation:
|
|
|
|
|
|
|
||
Benefit obligation at January 1
|
|
$
|
70,051
|
|
|
$
|
63,876
|
|
Service cost
|
|
1,051
|
|
|
973
|
|
||
Interest cost
|
|
2,643
|
|
|
2,783
|
|
||
Actuarial (gain) loss
|
|
(2,688
|
)
|
|
5,769
|
|
||
Benefits paid
(1)
|
|
(4,604
|
)
|
|
(3,562
|
)
|
||
Plan amendments
|
|
—
|
|
|
212
|
|
||
Benefit obligation at December 31
|
|
66,453
|
|
|
70,051
|
|
||
Change in plan assets:
|
|
|
|
|
|
|
||
Fair value of plan assets at January 1
|
|
38,294
|
|
|
34,999
|
|
||
Actual (loss) return on plan assets
|
|
(1,330
|
)
|
|
5,112
|
|
||
Employer contributions
(1)
|
|
1,031
|
|
|
1,745
|
|
||
Benefits paid
(1)
|
|
(4,604
|
)
|
|
(3,562
|
)
|
||
Fair value of plan assets at December 31
|
|
33,391
|
|
|
38,294
|
|
||
Funded status at end of year (included in noncurrent liabilities)
|
|
$
|
(33,062
|
)
|
|
$
|
(31,757
|
)
|
|
|
|
|
|
|
|
2018
|
|
2017
|
||||
Net (loss) gain
|
|
$
|
(330
|
)
|
|
$
|
2,777
|
|
Prior service cost
|
|
222
|
|
|
269
|
|
||
Subtotal
|
|
(108
|
)
|
|
3,046
|
|
||
Less amount recognized in regulatory assets
|
|
108
|
|
|
(3,046
|
)
|
||
Net amount recognized in accumulated other comprehensive income
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Service cost
|
|
$
|
1,051
|
|
|
$
|
973
|
|
|
$
|
1,116
|
|
Interest cost
|
|
2,643
|
|
|
2,783
|
|
|
2,766
|
|
|||
Expected return on plan assets
|
|
(2,467
|
)
|
|
(2,307
|
)
|
|
(2,474
|
)
|
|||
Immediate recognition of loss from temporary deviation
(1)
|
|
4,216
|
|
|
—
|
|
|
—
|
|
|||
Amortization of prior service cost
|
|
47
|
|
|
47
|
|
|
26
|
|
|||
Net periodic postretirement benefit cost
|
|
$
|
5,490
|
|
|
$
|
1,496
|
|
|
$
|
1,434
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Actuarial loss during the year
|
|
$
|
(1,109
|
)
|
|
$
|
(2,964
|
)
|
|
$
|
(1,600
|
)
|
Prior service cost arising during the year
|
|
—
|
|
|
(212
|
)
|
|
—
|
|
|||
Reclassification adjustments for:
|
|
|
|
|
|
|
||||||
Immediate recognition of loss from temporary deviation
(1)
|
|
4,216
|
|
|
—
|
|
|
—
|
|
|||
Reclassification adjustments for amortization of prior service cost
|
|
47
|
|
|
47
|
|
|
26
|
|
|||
Adjustment for deferred tax effects
|
|
270
|
|
|
807
|
|
|
615
|
|
|||
Adjustment due to the effects of regulation
|
|
(3,424
|
)
|
|
2,322
|
|
|
959
|
|
|||
Other comprehensive income related to postretirement benefit plans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2023-2027
|
||||||||||||
Expected benefit payments
|
|
$
|
5,438
|
|
|
$
|
5,051
|
|
|
$
|
4,894
|
|
|
$
|
4,732
|
|
|
$
|
4,549
|
|
|
$
|
20,080
|
|
|
|
Pension Plan
|
|
SMSP
|
|
Postretirement
Benefits
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||
Discount rate
|
|
4.55
|
%
|
|
3.95
|
%
|
|
4.60
|
%
|
|
3.95
|
%
|
|
4.60
|
%
|
|
3.95
|
%
|
Rate of compensation increase
(1)
|
|
4.25
|
%
|
|
4.17
|
%
|
|
4.75
|
%
|
|
4.75
|
%
|
|
—
|
|
|
—
|
|
Medical trend rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.3
|
%
|
|
6.8
|
%
|
Dental trend rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.0
|
%
|
|
4.0
|
%
|
Measurement date
|
|
12/31/2018
|
|
|
12/31/2017
|
|
|
12/31/2018
|
|
|
12/31/2017
|
|
|
12/31/2018
|
|
|
12/31/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Plan
|
|
SMSP
|
|
Postretirement
Benefits
|
|||||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
|||||||||
Discount rate
|
|
3.95
|
%
|
|
4.45
|
%
|
|
4.60
|
%
|
|
3.95
|
%
|
|
4.45
|
%
|
|
4.60
|
%
|
|
3.95
|
%
|
|
4.45
|
%
|
|
4.60
|
%
|
Expected long-term rate of return on assets
|
|
7.50
|
%
|
|
7.50
|
%
|
|
7.50
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.75
|
%
|
|
6.75
|
%
|
|
7.25
|
%
|
Rate of compensation increase
|
|
4.25
|
%
|
|
4.17
|
%
|
|
4.11
|
%
|
|
4.75
|
%
|
|
4.75
|
%
|
|
4.50
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
Medical trend rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.3
|
%
|
|
6.8
|
%
|
|
8.3
|
%
|
Dental trend rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.0
|
%
|
|
4.0
|
%
|
|
5.0
|
%
|
|
|
One-Percentage-Point
|
||||||
|
|
Increase
|
|
Decrease
|
||||
Effect on total of cost components
|
|
$
|
339
|
|
|
$
|
(247
|
)
|
Effect on accumulated postretirement benefit obligation
|
|
3,222
|
|
|
(2,483
|
)
|
Asset Class
|
|
Target
Allocation
|
|
Actual
Allocation
December 31, 2018
|
||
Debt securities
|
|
24
|
%
|
|
26
|
%
|
Equity securities
|
|
56
|
%
|
|
56
|
%
|
Real estate
|
|
7
|
%
|
|
6
|
%
|
Other plan assets
|
|
13
|
%
|
|
12
|
%
|
Total
|
|
100
|
%
|
|
100
|
%
|
•
|
determine if the investments have the potential to earn the rate of return assumed in the actuarial liability calculations;
|
•
|
match the cash flow needs of the plan. Idaho Power sets bond allocations sufficient to cover approximately five years of benefit payments and cash allocations sufficient to cover the current year benefit payments. Idaho Power then utilizes growth instruments (equities, real estate, venture capital) to fund the longer-term liabilities of the plan; and
|
•
|
maintain a prudent risk profile consistent with ERISA fiduciary standards.
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets at December 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
9,717
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,717
|
|
Short-term bonds
|
|
20,644
|
|
|
—
|
|
|
—
|
|
|
20,644
|
|
||||
Intermediate bonds
|
|
20,595
|
|
|
87,646
|
|
|
—
|
|
|
108,241
|
|
||||
Long-term bonds
|
|
—
|
|
|
40,857
|
|
|
—
|
|
|
40,857
|
|
||||
Equity Securities: Large-Cap
|
|
71,176
|
|
|
—
|
|
|
—
|
|
|
71,176
|
|
||||
Equity Securities: Mid-Cap
|
|
71,419
|
|
|
—
|
|
|
—
|
|
|
71,419
|
|
||||
Equity Securities: Small-Cap
|
|
53,401
|
|
|
—
|
|
|
—
|
|
|
53,401
|
|
||||
Equity Securities: Micro-Cap
|
|
30,387
|
|
|
—
|
|
|
—
|
|
|
30,387
|
|
||||
Equity Securities: International
|
|
7,104
|
|
|
—
|
|
|
—
|
|
|
7,104
|
|
||||
Equity Securities: Emerging Markets
|
|
6,519
|
|
|
—
|
|
|
—
|
|
|
6,519
|
|
||||
Plan assets measured at NAV (not subject to hierarchy disclosure)
|
|
|
|
|
|
|
|
|
||||||||
Equity Securities: Global and International
|
|
|
|
|
|
|
|
|
|
|
95,653
|
|
||||
Equity Securities: Emerging Markets
|
|
|
|
|
|
|
|
|
|
|
29,757
|
|
||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
39,846
|
|
||||
Private market investments
|
|
|
|
|
|
|
|
|
|
|
35,041
|
|
||||
Commodities fund
|
|
|
|
|
|
|
|
|
|
|
30,842
|
|
||||
Total
|
|
$
|
290,962
|
|
|
$
|
128,503
|
|
|
$
|
—
|
|
|
$
|
650,604
|
|
Postretirement plan assets
(1)
|
|
$
|
758
|
|
|
$
|
32,633
|
|
|
$
|
—
|
|
|
$
|
33,391
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets at December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
20,852
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20,852
|
|
Short-term bonds
|
|
20,475
|
|
|
—
|
|
|
—
|
|
|
20,475
|
|
||||
Intermediate bonds
|
|
20,699
|
|
|
82,923
|
|
|
—
|
|
|
103,622
|
|
||||
Long-term bonds
|
|
—
|
|
|
40,707
|
|
|
—
|
|
|
40,707
|
|
||||
Equity Securities: Large-Cap
|
|
95,179
|
|
|
—
|
|
|
—
|
|
|
95,179
|
|
||||
Equity Securities: Mid-Cap
|
|
81,127
|
|
|
—
|
|
|
—
|
|
|
81,127
|
|
||||
Equity Securities: Small-Cap
|
|
62,502
|
|
|
—
|
|
|
—
|
|
|
62,502
|
|
||||
Equity Securities: Micro-Cap
|
|
32,753
|
|
|
—
|
|
|
—
|
|
|
32,753
|
|
||||
Equity Securities: International
|
|
6,774
|
|
|
—
|
|
|
—
|
|
|
6,774
|
|
||||
Equity Securities: Emerging Markets
|
|
8,785
|
|
|
—
|
|
|
—
|
|
|
8,785
|
|
||||
Plan assets measured at NAV (not subject to hierarchy disclosure)
|
|
|
|
|
|
|
|
|
||||||||
Equity Securities: International
|
|
|
|
|
|
|
|
|
|
|
83,589
|
|
||||
Equity Securities: Emerging Markets
|
|
|
|
|
|
|
|
|
|
|
36,255
|
|
||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
38,435
|
|
||||
Private market investments
|
|
|
|
|
|
|
|
|
|
|
31,618
|
|
||||
Commodities fund
|
|
|
|
|
|
|
|
|
|
35,010
|
|
|||||
Total
|
|
$
|
349,146
|
|
|
$
|
123,630
|
|
|
$
|
—
|
|
|
$
|
697,683
|
|
Postretirement plan assets
(1)
|
|
$
|
567
|
|
|
$
|
37,727
|
|
|
$
|
—
|
|
|
$
|
38,294
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
||||||||||
|
|
Balance
|
|
Avg Rate
|
|
Balance
|
|
Avg Rate
|
||||||
Production
|
|
$
|
2,654,201
|
|
|
3.10
|
%
|
|
$
|
2,598,940
|
|
|
3.07
|
%
|
Transmission
|
|
1,201,092
|
|
|
1.89
|
%
|
|
1,163,240
|
|
|
1.94
|
%
|
||
Distribution
|
|
1,792,284
|
|
|
2.24
|
%
|
|
1,710,126
|
|
|
2.44
|
%
|
||
General and Other
|
|
456,279
|
|
|
6.40
|
%
|
|
433,856
|
|
|
6.01
|
%
|
||
Total in service
|
|
6,103,856
|
|
|
2.84
|
%
|
|
5,906,162
|
|
|
2.87
|
%
|
||
Accumulated provision for depreciation
|
|
(2,210,781
|
)
|
|
|
|
|
(2,098,274
|
)
|
|
|
|
||
In service - net
|
|
$
|
3,893,075
|
|
|
|
|
|
$
|
3,807,888
|
|
|
|
|
Name of Plant
|
|
Location
|
|
Utility Plant in Service
|
|
Construction
Work in Progress
|
|
Accumulated
Provision for Depreciation
|
|
Ownership %
|
|
MW
(1)
|
||||||
Jim Bridger units 1-4
|
|
Rock Springs, WY
|
|
$
|
733,451
|
|
|
$
|
5,141
|
|
|
$
|
334,731
|
|
|
33
|
|
771
|
Boardman
|
|
Boardman, OR
|
|
82,459
|
|
|
4
|
|
|
74,748
|
|
|
10
|
|
64
|
|||
Valmy units 1 and 2
|
|
Winnemucca, NV
|
|
410,947
|
|
|
248
|
|
|
279,643
|
|
|
50
|
|
284
|
|||
|
|
|
2018
|
|
2017
|
||||
Balance at beginning of year
|
|
$
|
26,415
|
|
|
$
|
26,257
|
|
Accretion expense
|
|
1,055
|
|
|
1,015
|
|
||
Revisions in estimated cash flows
|
|
(751
|
)
|
|
(791
|
)
|
||
Liability incurred
|
|
129
|
|
|
—
|
|
||
Liability settled
|
|
(56
|
)
|
|
(66
|
)
|
||
Balance at end of year
|
|
$
|
26,792
|
|
|
$
|
26,415
|
|
|
|
2018
|
|
2017
|
||||
Idaho Power investments:
|
|
|
|
|
|
|
||
Bridger Coal Company (equity method investment)
|
|
$
|
49,878
|
|
|
$
|
68,566
|
|
Exchange traded short-term bond funds and cash equivalents
|
|
36,471
|
|
|
30,249
|
|
||
Executive deferred compensation plan investments
|
|
17
|
|
|
17
|
|
||
Total Idaho Power investments
|
|
86,366
|
|
|
98,832
|
|
||
Investments in affordable housing (IDACORP Financial Services)
|
|
3,446
|
|
|
5,521
|
|
||
Ida-West joint ventures (equity method investments)
|
|
11,366
|
|
|
11,345
|
|
||
Total IDACORP investments
|
|
$
|
101,178
|
|
|
$
|
115,698
|
|
|
|
2018
|
|
2017
|
|
2016
|
||||||||
Bridger Coal Company (Idaho Power)
|
|
$
|
10,712
|
|
|
$
|
9,267
|
|
|
$
|
10,855
|
|
||
Ida-West joint ventures
|
|
1,737
|
|
|
2,107
|
|
|
2,016
|
|
|||||
Total
|
|
$
|
12,449
|
|
|
$
|
11,374
|
|
|
$
|
12,871
|
|
|
|
2018
|
|
2017
|
|
2016
|
||||||||
Proceeds from sales
|
|
$
|
5,007
|
|
|
$
|
4,989
|
|
|
$
|
15,693
|
|
||
Gross realized gains from sales
|
|
—
|
|
|
—
|
|
|
54
|
|
|
|
Location of Realized Gain/(Loss) on Derivatives Recognized in Income
|
|
Gain/(Loss) on Derivatives Recognized in Income
(1)
|
||||||||||
|
|
|
2018
|
|
2017
|
|
2016
|
|||||||
Financial swaps
|
|
Operating revenues
|
|
$
|
1,316
|
|
|
$
|
902
|
|
|
$
|
1,405
|
|
Financial swaps
|
|
Purchased power
|
|
7,828
|
|
|
166
|
|
|
586
|
|
|||
Financial swaps
|
|
Fuel expense
|
|
22,563
|
|
|
701
|
|
|
(1,947
|
)
|
|||
Financial swaps
|
|
Other operations and maintenance
|
|
118
|
|
|
(84
|
)
|
|
(161
|
)
|
|||
Forward contracts
|
|
Operating revenues
|
|
41
|
|
|
55
|
|
|
(54
|
)
|
|||
Forward contracts
|
|
Purchased power
|
|
(54
|
)
|
|
(69
|
)
|
|
86
|
|
|||
Forward contracts
|
|
Fuel expense
|
|
(186
|
)
|
|
4
|
|
|
139
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||||||
|
|
Balance Sheet Location
|
|
Gross Fair Value
|
|
Amounts Offset
|
|
Net Assets
|
|
Gross Fair Value
|
|
Amounts Offset
|
|
Net Liabilities
|
||||||||||||
|
|
|
|
|||||||||||||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial swaps
|
|
Other current assets
|
|
$
|
4,639
|
|
|
$
|
(984
|
)
|
(1)
|
$
|
3,655
|
|
|
$
|
938
|
|
|
$
|
(938
|
)
|
|
$
|
—
|
|
Financial swaps
|
|
Other current liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
806
|
|
|
—
|
|
|
806
|
|
||||||
Forward contracts
|
|
Other current liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
104
|
|
|
—
|
|
|
104
|
|
||||||
Long-term:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Financial swaps
|
|
Other liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
64
|
|
||||||
Total
|
|
|
|
$
|
4,639
|
|
|
$
|
(984
|
)
|
|
$
|
3,655
|
|
|
$
|
1,912
|
|
|
$
|
(938
|
)
|
|
$
|
974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial swaps
|
|
Other current assets
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Financial swaps
|
|
Other current liabilities
|
|
553
|
|
|
(553
|
)
|
|
—
|
|
|
1,971
|
|
|
(748
|
)
|
(2)
|
1,223
|
|
||||||
Forward contracts
|
|
Other current liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||
Long-term:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial swaps
|
|
Other assets
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
|
|
$
|
575
|
|
|
$
|
(553
|
)
|
|
$
|
22
|
|
|
$
|
1,973
|
|
|
$
|
(748
|
)
|
|
$
|
1,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
||||
Commodity
|
|
Units
|
|
2018
|
|
2017
|
||
Electricity purchases
|
|
MWh
|
|
52
|
|
|
312
|
|
Electricity sales
|
|
MWh
|
|
39
|
|
|
224
|
|
Natural gas purchases
|
|
MMBtu
|
|
7,514
|
|
|
7,028
|
|
Natural gas sales
|
|
MMBtu
|
|
446
|
|
|
140
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds and commercial paper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
IDACORP
(1)
|
|
$
|
97,833
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
97,833
|
|
|
$
|
28,038
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,038
|
|
Idaho Power
|
|
79,228
|
|
|
—
|
|
|
—
|
|
|
79,228
|
|
|
10,260
|
|
|
—
|
|
|
—
|
|
|
10,260
|
|
||||||||
Derivatives
|
|
3,655
|
|
|
—
|
|
|
—
|
|
|
3,655
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
22
|
|
||||||||
Equity securities
|
|
36,488
|
|
|
—
|
|
|
—
|
|
|
36,488
|
|
|
30,266
|
|
|
—
|
|
|
—
|
|
|
30,266
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivatives
|
|
$
|
870
|
|
|
$
|
104
|
|
|
$
|
—
|
|
|
$
|
974
|
|
|
$
|
1,223
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
1,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
|
Carrying Amount
|
|
Estimated Fair Value
|
|
Carrying Amount
|
|
Estimated Fair Value
|
||||||||
|
|
(thousands of dollars)
|
||||||||||||||
IDACORP
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Notes receivable
(1)
|
|
$
|
3,804
|
|
|
$
|
3,804
|
|
|
$
|
3,804
|
|
|
$
|
3,804
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt
(1)
|
|
1,834,788
|
|
|
1,942,773
|
|
|
1,746,123
|
|
|
1,915,459
|
|
||||
Idaho Power
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt
(1)
|
|
$
|
1,834,788
|
|
|
$
|
1,942,773
|
|
|
$
|
1,746,123
|
|
|
$
|
1,915,459
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility
Operations
|
|
All
Other
|
|
Eliminations
|
|
Consolidated
Total
|
||||||||
2018
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
1,366,582
|
|
|
$
|
4,170
|
|
|
$
|
—
|
|
|
$
|
1,370,752
|
|
Operating income
|
|
295,256
|
|
|
1,666
|
|
|
—
|
|
|
296,922
|
|
||||
Other income, net
|
|
11,646
|
|
|
(1
|
)
|
|
—
|
|
|
11,645
|
|
||||
Interest income
|
|
8,923
|
|
|
1,573
|
|
|
(655
|
)
|
|
9,841
|
|
||||
Equity-method income
|
|
10,712
|
|
|
1,737
|
|
|
—
|
|
|
12,449
|
|
||||
Interest expense
|
|
85,891
|
|
|
712
|
|
|
(655
|
)
|
|
85,948
|
|
||||
Income before income taxes
|
|
240,646
|
|
|
4,263
|
|
|
—
|
|
|
244,909
|
|
||||
Income tax expense (benefit)
|
|
18,312
|
|
|
(926
|
)
|
|
—
|
|
|
17,386
|
|
||||
Income attributable to IDACORP, Inc.
|
|
222,334
|
|
|
4,467
|
|
|
—
|
|
|
226,801
|
|
||||
Total assets
|
|
6,254,400
|
|
|
163,540
|
|
|
(35,186
|
)
|
|
6,382,754
|
|
||||
Expenditures for long-lived assets
|
|
277,823
|
|
|
30
|
|
|
—
|
|
|
277,853
|
|
|
|
Utility
Operations
|
|
All
Other
|
|
Eliminations
|
|
Consolidated
Total
|
||||||||
2017
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
1,344,893
|
|
|
$
|
4,593
|
|
|
$
|
—
|
|
|
$
|
1,349,486
|
|
Operating income
|
|
313,602
|
|
|
1,943
|
|
|
—
|
|
|
315,545
|
|
||||
Other income, net
|
|
12,356
|
|
|
191
|
|
|
—
|
|
|
12,547
|
|
||||
Interest income
|
|
6,044
|
|
|
295
|
|
|
(211
|
)
|
|
6,128
|
|
||||
Equity-method income
|
|
9,267
|
|
|
2,107
|
|
|
—
|
|
|
11,374
|
|
||||
Interest expense
|
|
83,660
|
|
|
297
|
|
|
(211
|
)
|
|
83,746
|
|
||||
Income before income taxes
|
|
257,609
|
|
|
4,239
|
|
|
—
|
|
|
261,848
|
|
||||
Income tax expense (benefit)
|
|
51,262
|
|
|
(2,602
|
)
|
|
—
|
|
|
48,660
|
|
||||
Income attributable to IDACORP, Inc.
|
|
206,347
|
|
|
6,072
|
|
|
—
|
|
|
212,419
|
|
||||
Total assets
|
|
5,995,435
|
|
|
143,696
|
|
|
(93,726
|
)
|
|
6,045,405
|
|
||||
Expenditures for long-lived assets
|
|
285,471
|
|
|
17
|
|
|
—
|
|
|
285,488
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
2016
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
1,259,353
|
|
|
$
|
2,667
|
|
|
$
|
—
|
|
|
$
|
1,262,020
|
|
Operating income
|
|
277,297
|
|
|
6,285
|
|
|
—
|
|
|
283,582
|
|
||||
Other income, net
|
|
15,852
|
|
|
6
|
|
|
—
|
|
|
15,858
|
|
||||
Interest income
|
|
4,235
|
|
|
127
|
|
|
(121
|
)
|
|
4,241
|
|
||||
Equity-method income
|
|
10,855
|
|
|
2,016
|
|
|
—
|
|
|
12,871
|
|
||||
Interest expense
|
|
81,812
|
|
|
344
|
|
|
(121
|
)
|
|
82,035
|
|
||||
Income before income taxes
|
|
226,427
|
|
|
8,090
|
|
|
—
|
|
|
234,517
|
|
||||
Income tax expense (benefit)
|
|
37,185
|
|
|
(756
|
)
|
|
—
|
|
|
36,429
|
|
||||
Income attributable to IDACORP, Inc.
|
|
189,242
|
|
|
9,046
|
|
|
—
|
|
|
198,288
|
|
||||
Total assets
|
|
6,236,744
|
|
|
73,137
|
|
|
(19,984
|
)
|
|
6,289,897
|
|
||||
Expenditures for long-lived assets
|
|
296,948
|
|
|
2
|
|
|
—
|
|
|
296,950
|
|
IDACORP
|
|
2018
|
|
2017
|
|
2016
|
||||||
Interest and dividend income, net
|
|
$
|
5,605
|
|
|
$
|
3,872
|
|
|
$
|
4,466
|
|
Carrying charges on regulatory assets
|
|
4,075
|
|
|
2,310
|
|
|
2,082
|
|
|||
Pension and postretirement non-service costs
(1)
|
|
(15,781
|
)
|
|
(11,194
|
)
|
|
(11,806
|
)
|
|||
Income from life insurance investments
|
|
2,779
|
|
|
2,090
|
|
|
2,588
|
|
|||
Other income
|
|
455
|
|
|
813
|
|
|
738
|
|
|||
Total other expense, net
|
|
$
|
(2,867
|
)
|
|
$
|
(2,109
|
)
|
|
$
|
(1,932
|
)
|
|
|
|
|
|
|
|
||||||
Idaho Power
|
|
|
|
|
|
|
||||||
Interest and dividend income, net
|
|
$
|
4,688
|
|
|
$
|
3,787
|
|
|
$
|
4,460
|
|
Carrying charges on regulatory assets
|
|
4,075
|
|
|
2,310
|
|
|
2,082
|
|
|||
Pension and postretirement non-service costs
(1)
|
|
(15,781
|
)
|
|
(11,194
|
)
|
|
(11,806
|
)
|
|||
Income from life insurance investments
|
|
2,779
|
|
|
2,090
|
|
|
2,588
|
|
|||
Other expense
|
|
(1,612
|
)
|
|
(1,749
|
)
|
|
(1,871
|
)
|
|||
Total other expense, net
|
|
$
|
(5,851
|
)
|
|
$
|
(4,756
|
)
|
|
$
|
(4,547
|
)
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Defined benefit pension items
|
|
|
|
|
|
|
||||||
Balance at beginning of period
|
|
$
|
(30,964
|
)
|
|
$
|
(20,882
|
)
|
|
$
|
(21,276
|
)
|
Other comprehensive income before reclassifications
|
|
5,234
|
|
|
(7,872
|
)
|
|
(1,859
|
)
|
|||
Amounts reclassified out of AOCI to net income
|
|
2,886
|
|
|
1,882
|
|
|
2,253
|
|
|||
Net current-period other comprehensive income
|
|
8,120
|
|
|
(5,990
|
)
|
|
394
|
|
|||
Cumulative effect of change in accounting principle
(1)
|
|
—
|
|
|
(4,092
|
)
|
|
—
|
|
|||
Balance at end of period
|
|
$
|
(22,844
|
)
|
|
$
|
(30,964
|
)
|
|
$
|
(20,882
|
)
|
|
|
|
|
|
|
|
|
|
Amount Reclassified from AOCI
|
||||||||||
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Amortization of defined benefit pension items
(1)
|
|
|
|
|
|
|
||||||
Prior service cost
|
|
$
|
98
|
|
|
$
|
127
|
|
|
$
|
168
|
|
Net loss
|
|
3,788
|
|
|
2,963
|
|
|
3,532
|
|
|||
Total before tax
|
|
3,886
|
|
|
3,090
|
|
|
3,700
|
|
|||
Tax benefit
(2)
|
|
(1,000
|
)
|
|
(1,208
|
)
|
|
(1,447
|
)
|
|||
Net of tax
|
|
2,886
|
|
|
1,882
|
|
|
2,253
|
|
|||
Total reclassification for the period
|
|
$
|
2,886
|
|
|
$
|
1,882
|
|
|
$
|
2,253
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
||||||||||||||
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
IDACORP, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2018
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
310,107
|
|
|
$
|
339,952
|
|
|
$
|
408,801
|
|
|
$
|
311,892
|
|
Operating income
|
|
50,589
|
|
|
82,835
|
|
|
115,233
|
|
|
48,265
|
|
||||
Net income
|
|
36,111
|
|
|
62,593
|
|
|
102,591
|
|
|
26,228
|
|
||||
Net income attributable to IDACORP, Inc.
|
|
36,142
|
|
|
62,288
|
|
|
102,231
|
|
|
26,140
|
|
||||
Basic earnings per share
|
|
$
|
0.72
|
|
|
$
|
1.24
|
|
|
$
|
2.03
|
|
|
$
|
0.52
|
|
Diluted earnings per share
|
|
$
|
0.72
|
|
|
$
|
1.23
|
|
|
$
|
2.02
|
|
|
$
|
0.52
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues
|
|
$
|
302,544
|
|
|
$
|
333,006
|
|
|
$
|
408,324
|
|
|
$
|
305,612
|
|
Operating income
(1)
|
|
53,627
|
|
|
81,907
|
|
|
123,707
|
|
|
56,304
|
|
||||
Net income
|
|
33,006
|
|
|
50,096
|
|
|
91,076
|
|
|
39,010
|
|
||||
Net income attributable to IDACORP, Inc.
|
|
33,102
|
|
|
49,831
|
|
|
90,634
|
|
|
38,852
|
|
||||
Basic earnings per share
|
|
$
|
0.66
|
|
|
$
|
0.99
|
|
|
$
|
1.80
|
|
|
$
|
0.77
|
|
Diluted earnings per share
|
|
$
|
0.66
|
|
|
$
|
0.99
|
|
|
$
|
1.80
|
|
|
$
|
0.77
|
|
Idaho Power Company
|
|
|
|
|
|
|
|
|
||||||||
2018
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
309,461
|
|
|
$
|
338,699
|
|
|
$
|
407,355
|
|
|
$
|
311,067
|
|
Income from operations
|
|
51,120
|
|
|
82,659
|
|
|
114,963
|
|
|
48,581
|
|
||||
Net income
|
|
35,857
|
|
|
60,637
|
|
|
100,194
|
|
|
25,646
|
|
||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues
|
|
$
|
301,964
|
|
|
$
|
331,768
|
|
|
$
|
406,655
|
|
|
$
|
304,506
|
|
Income from operations
(1)
|
|
54,350
|
|
|
81,777
|
|
|
123,293
|
|
|
56,554
|
|
||||
Net income
|
|
32,482
|
|
|
48,381
|
|
|
88,329
|
|
|
37,155
|
|
•
|
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;
|
•
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the company are being made only in accordance with the authorizations of management and directors of the company; and
|
•
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.
|
•
|
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;
|
•
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the company are being made only in accordance with the authorizations of management and directors of the company; and
|
•
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.
|
Plan Category
|
|
(a)
Number of securities to be issued upon exercise
of outstanding options, warrants and rights
|
|
(b)
Weighted-average
exercise price of
outstanding options, warrants and rights
|
|
(c)
Number of securities remaining available for future issuance under equity compensation
plans (excluding securities reflected in column (a))
|
|
||||
Equity compensation plans approved by shareholders
|
|
139,353
|
|
(1)
|
$
|
—
|
|
(2)
|
720,408
|
|
(3)
|
Equity compensation plans not approved by shareholders
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
Total
|
|
139,353
|
|
|
$
|
—
|
|
|
720,408
|
|
|
|
|||||||||||
(1) Represents shares subject to outstanding time-based restricted stock units and performance-based restricted stock units (at target).
|
|||||||||||
(2) Time-based restricted stock units and performance-based restricted stock units have no exercise price.
|
|||||||||||
(3) Shares under the LTICP may be issued in connection with stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares, or other equity-based awards. The number of shares listed in this column excludes (i) issued but unvested performance-based restricted shares and (ii) issued but unvested time-based restricted shares, in both cases as of December 31, 2018.
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
2
|
S-4
|
333-48031
|
A
|
3/16/1998
|
|
|
3.1
|
Restated Articles of Incorporation of Idaho Power Company as filed with the Secretary of State of Idaho on June 30, 1989
|
S-3 Post-Effective Amend. No. 2
|
33-00440*
|
4(a)(xiii)
|
6/30/1989
|
|
3.2
|
Statement of Resolution Establishing Terms of Flexible Auction Series A, Serial Preferred Stock, Without Par Value (cumulative stated value of $100,000 per share) of Idaho Power Company, as filed with the Secretary of State of Idaho on November 5, 1991
|
S-3
|
33-65720*
|
4(a)(ii)
|
7/7/1993
|
|
3.3
|
Statement of Resolution Establishing Terms of 7.07% Serial Preferred Stock, Without Par Value (cumulative stated value of $100 per share) of Idaho Power Company, as filed with the Secretary of State of Idaho on June 30, 1993
|
S-3
|
33-65720*
|
4(a)(iii)
|
7/7/1993
|
|
3.4
|
S-8 Post-Effective Amend. No. 1
|
33-56071-99
|
3(d)
|
10/1/1998
|
|
|
3.5
|
10-Q
|
1-3198
|
3(a)(iii)
|
8/4/2000
|
|
|
3.6
|
8-K
|
1-3198
|
3.3
|
1/26/2005
|
|
|
3.7
|
8-K
|
1-3198
|
3.3
|
11/19/2007
|
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
10.5
|
Contract to Implement, dated October 25, 1984, between the State of Idaho and Idaho Power Company, relating to the agreement filed as Exhibit 10.3
|
S-3
|
33-65720*
|
10(h)(ii)
|
7/7/1993
|
|
10.6
|
10-Q
|
1-14465*
|
10.58
|
5/7/2009
|
|
|
10.7
|
Agreement Regarding the Ownership, Construction, Operation and Maintenance of the Milner Hydroelectric Project (FERC No. 2899), dated January 22, 1990, between Idaho Power Company and the Twin Falls Canal Company and the Northside Canal Company Limited
|
S-3
|
33-65720*
|
10(m)
|
7/7/1993
|
|
10.8
|
8-K
|
1-14465, 1-3198
|
10.1
|
11/9/2015
|
|
|
10.9
|
8-K
|
1-14465, 1-3198
|
10.2
|
11/9/2015
|
|
|
10.10
|
10-K
|
1-14465, 1-3198
|
10.20
|
2/23/2017
|
|
|
10.11
|
10-K
|
1-14465, 1-3198
|
10.21
|
2/23/2017
|
|
|
10.12
|
10-K
|
1-14465, 1-3198
|
10.12
|
2/22/2018
|
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
10.13
|
10-K
|
1-14465, 1-3198
|
10.13
|
2/22/2018
|
|
|
10.14
|
8-K
|
1-3198
|
10.1
|
10/10/2006
|
|
|
10.15
|
Guaranty Agreement, dated February 10, 1992, between Idaho Power Company and New York Life Insurance Company, as Note Purchaser, relating to $11,700,000 Guaranteed Notes due 2017 of Milner Dam Inc.
|
S-3
|
33-65720*
|
10(m)(i)
|
7/7/1993
|
|
10.16
|
10-Q
|
1-3198
|
10(c)
|
8/4/2000
|
|
|
10.17
1
|
10-K
|
1-14465, 1-3198
|
10.15
|
2/26/2009
|
|
|
10.18
1
|
10-Q
|
1-14465, 1-3198
|
10.62
|
11/1/2012
|
|
|
10.19
1
|
10-K
|
1-14465, 1-3198
|
10.31
|
2/23/2017
|
|
|
10.20
1
|
10-Q
|
1-14465, 1-3198
|
10.1
|
8/3/2017
|
|
|
10.21
1
|
10-Q
|
1-14465, 1-3198
|
10(h)(viii)
|
11/2/2006
|
|
|
10.22
1
|
10-K
|
1-14465, 1-3198
|
10.22
|
2/22/2018
|
|
|
10.23
1
|
10-Q
|
1-14465, 1-3198
|
10(h)(xix)
|
11/2/2006
|
|
|
10.24
1
|
10-Q
|
1-14465, 1-3198
|
10(h)(xx)
|
11/2/2006
|
|
|
10.25
1
|
10-K
|
1-14465, 1-3198
|
10.24
|
2/26/2009
|
|
|
10.26
1
|
10-K
|
1-14465, 1-3198
|
10.25
|
2/26/2009
|
|
|
10.27
1
|
8-K
|
1-14465, 1-3198
|
10.1
|
3/24/2010
|
|
|
10.28
1
|
|
|
|
|
X
|
|
10.29
1
|
10-K
|
1-14465, 1-3198
|
10.41
|
2/23/2017
|
|
|
10.30
1
|
|
|
|
|
X
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
10.31
1
|
|
|
|
|
X
|
|
10.32
1
|
|
|
|
|
X
|
|
10.33
1
|
10-K
|
1-14465, 1-3198
|
10.42
|
2/23/2017
|
|
|
10.34
1
|
10-K
|
1-14465, 1-3198
|
10.43
|
2/23/2017
|
|
|
10.35
1
|
10-K
|
1-14465, 1-3198
|
10.44
|
2/23/2017
|
|
|
10.36
1
|
|
|
|
|
X
|
|
10.37
1
|
10-K
|
1-14465, 1-3198
|
10.32
|
2/26/2009
|
|
|
10.38
1
|
|
|
|
|
X
|
|
10.39
1
|
10-K
|
1-14465, 1-3198
|
10.46
|
2/26/2009
|
|
|
10.40
1
|
10-K
|
1-14465, 1-3198
|
10.47
|
2/26/2009
|
|
|
10.41
1
|
10-K
|
1-14465, 1-3198
|
10.48
|
2/26/2009
|
|
|
10.42
1
|
10-K
|
1-14465, 1-3198
|
10.49
|
2/26/2009
|
|
|
10.43
1
|
10-K
|
1-14465, 1-3198
|
10.50
|
2/26/2009
|
|
|
10.44
1
|
10-K
|
1-14465, 1-3198
|
10.51
|
2/26/2009
|
|
|
10.45
1
|
10-K
|
1-14465, 1-3198
|
10.52
|
2/26/2009
|
|
|
10.46
1
|
10-K
|
1-14465, 1-3198
|
10.53
|
2/26/2009
|
|
|
10.47
1
|
10-K
|
1-14465, 1-3198
|
10.59
|
2/18/2016
|
|
|
10.48
1
|
10-K
|
1-14465, 1-3198
|
10.61
|
2/23/2017
|
|
|
10.49
1
|
10-Q
|
1-14465, 1-3198
|
10.1
|
11/2/2017
|
|
|
10.50
1
|
10-Q
|
1-14465, 1-3198
|
10.4
|
5/3/2018
|
|
|
21.1
|
|
|
|
|
X
|
|
23.1
|
|
|
|
|
X
|
|
23.2
|
|
|
|
|
X
|
|
31.1
|
|
|
|
|
X
|
|
31.2
|
|
|
|
|
X
|
|
31.3
|
|
|
|
|
X
|
|
31.4
|
|
|
|
|
X
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Income:
|
|
|
|
|
|
|
|
|
||||
Equity in income of subsidiaries
|
|
$
|
226,567
|
|
|
$
|
211,974
|
|
|
$
|
198,061
|
|
Investment income
|
|
865
|
|
|
26
|
|
|
3
|
|
|||
Total income
|
|
227,432
|
|
|
212,000
|
|
|
198,064
|
|
|||
Expenses:
|
|
|
|
|
|
|
|
|
|
|||
Operating expenses
|
|
668
|
|
|
708
|
|
|
716
|
|
|||
Interest expense
|
|
713
|
|
|
294
|
|
|
333
|
|
|||
Other expenses
|
|
—
|
|
|
30
|
|
|
45
|
|
|||
Total expenses
|
|
1,381
|
|
|
1,032
|
|
|
1,094
|
|
|||
Income Before Income Taxes
|
|
226,051
|
|
|
210,968
|
|
|
196,970
|
|
|||
Income Tax Benefit
|
|
(750
|
)
|
|
(1,451
|
)
|
|
(1,318
|
)
|
|||
Net Income Attributable to IDACORP, Inc.
|
|
226,801
|
|
|
212,419
|
|
|
198,288
|
|
|||
Other comprehensive income (loss)
|
|
8,120
|
|
|
(5,990
|
)
|
|
394
|
|
|||
Comprehensive Income Attributable to IDACORP, Inc.
|
|
$
|
234,921
|
|
|
$
|
206,429
|
|
|
$
|
198,682
|
|
|
|
|
|
|
|
|
||||||
The accompanying note is an integral part of these statements.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|||
Net cash provided by operating activities
|
|
$
|
197,185
|
|
|
$
|
113,849
|
|
|
$
|
139,077
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Net cash provided by (used in) investing activities
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Dividends on common stock
|
|
(121,421
|
)
|
|
(113,127
|
)
|
|
(104,985
|
)
|
|||
Decrease in short-term borrowings
|
|
—
|
|
|
—
|
|
|
(20,000
|
)
|
|||
Change in intercompany notes payable
|
|
(2,867
|
)
|
|
17,097
|
|
|
2,421
|
|
|||
Other
|
|
(3,614
|
)
|
|
(3,321
|
)
|
|
(3,422
|
)
|
|||
Net cash used in financing activities
|
|
(127,902
|
)
|
|
(99,351
|
)
|
|
(125,986
|
)
|
|||
Net increase in cash and cash equivalents
|
|
69,283
|
|
|
14,498
|
|
|
13,091
|
|
|||
Cash and cash equivalents at beginning of year
|
|
29,617
|
|
|
15,119
|
|
|
2,028
|
|
|||
Cash and cash equivalents at end of year
|
|
$
|
98,900
|
|
|
$
|
29,617
|
|
|
$
|
15,119
|
|
|
|
|
|
|
|
|
||||||
The accompanying note is an integral part of these statements.
|
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Assets
|
|
(thousands of dollars)
|
||||||
Current Assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
98,900
|
|
|
$
|
29,617
|
|
Receivables
|
|
2,046
|
|
|
52,359
|
|
||
Other
|
|
98
|
|
|
98
|
|
||
Total current assets
|
|
101,044
|
|
|
82,074
|
|
||
Investment in subsidiaries
|
|
2,294,464
|
|
|
2,189,017
|
|
||
Other Assets:
|
|
|
|
|
|
|||
Deferred income taxes
|
|
17,593
|
|
|
34,040
|
|
||
Other
|
|
277
|
|
|
374
|
|
||
Total other assets
|
|
17,870
|
|
|
34,414
|
|
||
Total assets
|
|
$
|
2,413,378
|
|
|
$
|
2,305,505
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|||
Current Liabilities:
|
|
|
|
|
|
|||
Accounts payable
|
|
$
|
—
|
|
|
$
|
17
|
|
Taxes accrued
|
|
8,354
|
|
|
17,423
|
|
||
Other
|
|
899
|
|
|
626
|
|
||
Total current liabilities
|
|
9,253
|
|
|
18,066
|
|
||
Other Liabilities:
|
|
|
|
|
|
|||
Intercompany notes payable
|
|
32,929
|
|
|
35,140
|
|
||
Other
|
|
836
|
|
|
914
|
|
||
Total other liabilities
|
|
33,765
|
|
|
36,054
|
|
||
IDACORP, Inc. Shareholders’ Equity
|
|
2,370,360
|
|
|
2,251,385
|
|
||
Total Liabilities and Shareholders' Equity
|
|
$
|
2,413,378
|
|
|
$
|
2,305,505
|
|
The accompanying note is an integral part of these statements.
|
|
|
|
|
Additions
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Charged
|
|
|
|
|
||||||||||
|
|
Balance at
|
|
Charged
|
|
(Credited)
|
|
|
|
Balance at
|
||||||||||
|
|
Beginning
|
|
to
|
|
to Other
|
|
|
|
End
|
||||||||||
Classification
|
|
of Year
|
|
Income
|
|
Accounts
|
|
Deductions
(1)
|
|
of Year
|
||||||||||
|
|
(thousands of dollars)
|
||||||||||||||||||
2018:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserves deducted from applicable assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserve for uncollectible accounts
|
|
$
|
2,193
|
|
|
$
|
3,363
|
|
|
$
|
392
|
|
|
$
|
3,959
|
|
|
$
|
1,989
|
|
Reserve for uncollectible notes
|
|
402
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
402
|
|
|||||
Other Reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Injuries and damages
|
|
1,469
|
|
|
855
|
|
|
—
|
|
|
447
|
|
|
1,877
|
|
|||||
2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserves deducted from applicable assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for uncollectible accounts
|
|
$
|
1,132
|
|
|
$
|
5,753
|
|
|
$
|
324
|
|
|
$
|
5,016
|
|
|
$
|
2,193
|
|
Reserve for uncollectible notes
|
|
402
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
402
|
|
|||||
Other Reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Injuries and damages
|
|
1,792
|
|
|
687
|
|
|
—
|
|
|
1,010
|
|
|
1,469
|
|
|||||
2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reserves deducted from applicable assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for uncollectible accounts
|
|
$
|
1,355
|
|
|
$
|
3,917
|
|
|
$
|
263
|
|
|
$
|
4,403
|
|
|
$
|
1,132
|
|
Reserve for uncollectible notes
|
|
552
|
|
|
—
|
|
|
—
|
|
|
150
|
|
|
402
|
|
|||||
Other Reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Injuries and damages
|
|
1,874
|
|
|
848
|
|
|
—
|
|
|
930
|
|
|
1,792
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Charged
|
|
|
|
|
||||||||||
|
|
Balance at
|
|
Charged
|
|
(Credited)
|
|
|
|
Balance at
|
||||||||||
|
|
Beginning
|
|
to
|
|
to Other
|
|
|
|
End
|
||||||||||
Classification
|
|
of Year
|
|
Income
|
|
Accounts
|
|
Deductions
(1)
|
|
of Year
|
||||||||||
|
|
(thousands of dollars)
|
||||||||||||||||||
2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserves deducted from applicable assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserve for uncollectible accounts
|
|
$
|
2,193
|
|
|
$
|
3,363
|
|
|
$
|
392
|
|
|
$
|
3,959
|
|
|
$
|
1,989
|
|
Other Reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Injuries and damages
|
|
1,469
|
|
|
855
|
|
|
—
|
|
|
447
|
|
|
1,877
|
|
|||||
2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserves deducted from applicable assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for uncollectible accounts
|
|
$
|
1,132
|
|
|
$
|
5,753
|
|
|
$
|
324
|
|
|
$
|
5,016
|
|
|
$
|
2,193
|
|
Other Reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Injuries and damages
|
|
1,792
|
|
|
687
|
|
|
—
|
|
|
1,010
|
|
|
1,469
|
|
|||||
2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserves deducted from applicable assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for uncollectible accounts
|
|
$
|
1,355
|
|
|
$
|
3,917
|
|
|
$
|
263
|
|
|
$
|
4,403
|
|
|
$
|
1,132
|
|
Other Reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Injuries and damages
|
|
1,874
|
|
|
848
|
|
|
—
|
|
|
930
|
|
|
1,792
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
February 21, 2019
|
|
IDACORP, INC.
|
||
Date
|
|
|
||
|
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
|
|
Darrel T. Anderson
|
|
|
|
|
President and Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|||
|
|
|
|
|
|||
/s/ Robert A. Tinstman
|
|
Chairman of the Board
|
|
February 21, 2019
|
|||
Robert A. Tinstman
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Darrel T. Anderson
|
|
(Principal Executive Officer)
|
|
February 21, 2019
|
|||
Darrel T. Anderson
|
|
|
|
|
|||
President and Chief Executive Officer and Director
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Steven R. Keen
|
|
(Principal Financial Officer)
|
|
February 21, 2019
|
|||
Steven R. Keen
|
|
|
|
|
|||
Senior Vice President, Chief Financial
|
|
|
|
|
|||
Officer, and Treasurer
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Kenneth W. Petersen
|
|
|
(Principal Accounting Officer)
|
|
February 21, 2019
|
||
Kenneth W. Petersen
|
|
|
|
|
|
|
|
Vice President, Controller, and Chief Accounting Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Thomas Carlile
|
|
Director
|
|
February 21, 2019
|
|||
Thomas Carlile
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Richard J. Dahl
|
|
Director
|
|
February 21, 2019
|
|||
Richard J. Dahl
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Annette G. Elg
|
|
Director
|
|
February 21, 2019
|
|||
Annette G. Elg
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Ronald W. Jibson
|
|
Director
|
|
February 21, 2019
|
|||
Ronald W. Jibson
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Judith A. Johansen
|
|
Director
|
|
February 21, 2019
|
|||
Judith A. Johansen
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Dennis L. Johnson
|
|
Director
|
|
February 21, 2019
|
|||
Dennis L. Johnson
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Christine King
|
|
Director
|
|
February 21, 2019
|
|||
Christine King
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Richard J. Navarro
|
|
Director
|
|
February 21, 2019
|
|||
Richard J. Navarro
|
|
|
|
|
|||
|
|
|
|
|
February 21, 2019
|
|
Idaho Power Company
|
||
Date
|
|
|
||
|
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
|
|
Darrel T. Anderson
|
|
|
|
|
President and Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|||
|
|
|
|
|
|||
/s/ Robert A. Tinstman
|
|
Chairman of the Board
|
|
February 21, 2019
|
|||
Robert A. Tinstman
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Darrel T. Anderson
|
|
(Principal Executive Officer)
|
|
February 21, 2019
|
|||
Darrel T. Anderson
|
|
|
|
|
|||
President and Chief Executive Officer and Director
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Steven R. Keen
|
|
(Principal Financial Officer)
|
|
February 21, 2019
|
|||
Steven R. Keen
|
|
|
|
|
|||
Senior Vice President, Chief Financial
|
|
|
|
|
|||
Officer, and Treasurer
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Kenneth W. Petersen
|
|
|
(Principal Accounting Officer)
|
|
February 21, 2019
|
||
Kenneth W. Petersen
|
|
|
|
|
|
|
|
Vice President, Controller, and Chief Accounting Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Thomas Carlile
|
|
Director
|
|
February 21, 2019
|
|||
Thomas Carlile
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Richard J. Dahl
|
|
Director
|
|
February 21, 2019
|
|||
Richard J. Dahl
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Annette G. Elg
|
|
Director
|
|
February 21, 2019
|
|||
Annette G. Elg
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Ronald W. Jibson
|
|
Director
|
|
February 21, 2019
|
|||
Ronald W. Jibson
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Judith A. Johansen
|
|
Director
|
|
February 21, 2019
|
|||
Judith A. Johansen
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Dennis L. Johnson
|
|
Director
|
|
February 21, 2019
|
|||
Dennis L. Johnson
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Christine King
|
|
Director
|
|
February 21, 2019
|
|||
Christine King
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Richard J. Navarro
|
|
Director
|
|
February 21, 2019
|
|||
Richard J. Navarro
|
|
|
|
|
|||
|
|
|
|
|
Name
|
|
Title
|
|
Date of Agreement
|
Darrel T. Anderson
|
|
President and Chief Executive Officer of IDACORP, Inc. and Idaho Power Company
|
|
12/23/2008
|
Brian R. Buckham*
|
|
Senior Vice President and General Counsel of IDACORP, Inc. and Idaho Power Company
|
|
4/4/2016
|
Jeff Glenn*
|
|
Vice President of Corporate Services and Chief Information Officer of Idaho Power Company
|
|
2/4/2016
|
Lisa A. Grow
|
|
Senior Vice President and Chief Operating Officer of Idaho Power Company
|
|
12/12/2008
|
Steven R. Keen
|
|
Senior Vice President, Chief Financial Officer, and Treasurer of IDACORP, Inc. and Idaho Power Company
|
|
12/30/2008
|
Jeffrey L. Malmen
|
|
Senior Vice President of Public Affairs of IDACORP, Inc. and Idaho Power Company
|
|
12/8/2008
|
Tessia Park*
|
|
Vice President of Power Supply of Idaho Power Company
|
|
1/5/2016
|
Kenneth W. Petersen*
|
|
Vice President, Controller, and Chief Accounting Officer of IDACORP, Inc. and Idaho Power Company
|
|
5/20/2010
|
N. Vern Porter*
|
|
Vice President of Transmission & Distribution Engineering and Construction and Chief Safety Officer of Idaho Power Company
|
|
3/18/2010
|
Adam Richins*
|
|
Vice President of Customer Operations and Business Development of Idaho Power Company
|
|
2/8/2017
|
Date of Grant:
|
____________, 20__
|
Number of RSUs:
|
[[SHARESGRANTED]]
|
Restricted Period:
|
__/__/20__ through __/__/20__
|
Vesting Schedule:
|
All of the RSUs subject to this Award shall vest on __/__/20__ if the Participant remains employed through the Restricted Period.
|
A.
|
Forfeiture Restrictions
. Except as provided otherwise in Section 2 of this Annex A, if the Participant's employment is terminated during the Restricted Period, the RSUs subject to this Award shall be forfeited as of the date of termination.
|
B.
|
Transfer Restrictions
. The RSUs may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated.
|
Date of Grant:
|
_____________, 20__
|
Number of Performance Units
(the “Target Award”):
|
[[SHARESGRANTED]]
|
Maximum Number of Additional
Performance Units:
|
[[SHARESGRANTED]]
|
Performance Period:
|
__________, 20__ through _________, 20__
|
Performance Goal:
|
IDACORP total shareholder return (“TSR”) relative to the Peer Group defined in Annex A for the Performance Period
|
Vesting Date:
|
To the extent the Performance Goal is met or exceeded, vesting of earned Performance Units subject to the Award (if any) shall occur upon completion of the Performance Period, with settlement as soon as administratively practicable in the calendar year following the Performance Period, but no later than March 15 (the “Settlement Date”).
|
Dividend Equivalents:
|
Dividend equivalents are accrued during the Performance Period and through the Settlement Date, and paid as soon as administratively practicable, but no later than March 15 of the calendar year following the Performance Period, with respect to Performance Units subject to the Target Award that are earned and any additional Performance Units that are earned.
|
1.
|
Performance Goal and Determination of Number of Performance Units Earned
.
|
Percentile Rank
|
Payout Percentage
(% of Target Award)
|
90
th
(“maximum”) or higher
|
200%
|
55
th
(“target”)
|
100%
|
30
th
(“threshold”)
|
45%
|
Less than 30
th
|
0%
|
r =
|
the numeric rank of the Company’s TSR relative to the Peer Group, where the highest return in the group is ranked number 1.
|
A.
|
Forfeiture Restrictions
. Except as provided otherwise in Section 6 hereof, if the Participant’s employment is terminated during the Performance Period, Performance Units shall be forfeited as of the date of termination.
|
B.
|
Transfer Restrictions
. Performance Units may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated prior to the Settlement Date.
|
Date of Grant:
|
_____________, 20__
|
Number of Performance Units
(the “Target Award”):
|
[[SHARESGRANTED]]
|
Maximum Number of Additional
Performance Units:
|
[[SHARESGRANTED]]
|
Performance Period:
|
_________, 20__ through ___________, 20__
|
Performance Goal:
|
Cumulative diluted earnings per share (“CEPS”) for the Performance Period, as reported on the Company’s audited financial statements
|
Vesting Date:
|
To the extent the Performance Goal is met or exceeded, vesting of earned Performance Units subject to the Award (if any) shall occur upon completion of the Performance Period, with settlement as soon as administratively practicable in the calendar year following the Performance Period, but no later than March 15 (the “Settlement Date”).
|
Dividend Equivalents:
|
Dividend equivalents are accrued during the Performance Period and through the Settlement Date, and paid as soon as administratively practicable, but no later than March 15 of the calendar year following the Performance Period, with respect to Performance Units subject to the Target Award that are earned and any additional Performance Units that are earned.
|
1.
|
Performance Goal and Determination of Number of Performance Units Earned
.
|
CEPS for
Performance Period
|
Payout Percentage
(% of Target Award)
|
$13.25 (“maximum”) or higher
|
200%
|
$12.50 (“target”)
|
100%
|
$11.75 (“threshold”)
|
45%
|
Less than $11.75
|
0%
|
A.
|
Forfeiture Restrictions
. Except as provided otherwise in Section 6 hereof, if the Participant’s employment is terminated during the Performance Period, Performance Units shall be forfeited as of the date of termination.
|
B.
|
Transfer Restrictions
. Performance Units may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated prior to the Settlement Date.
|
•
|
attract, retain and motivate key employees;
|
•
|
relate compensation to performance and financial results; and
|
•
|
provide a portion of compensation in a variable rather than a fixed form.
|
(a)
|
if the Participant is party to an employment or change in control agreement that includes a definition of "Cause," the term "Cause" as defined in such agreement or
|
(b)
|
if the Participant is not a party to an employment or change in control agreement that includes a definition of "Cause," a Participant's (i) willful and repeated refusal or failure to perform duties; (ii) willful or intentional act that has injured (or could reasonably be expected to injure) the reputation or business of the Company or a Subsidiary in any material respects; (iii) continued or repeated absence, unless due to serious injury or illness; (iv) conviction of (or pleading nolo contendere to) a felony; (v) commission of an act of fraud, embezzlement, theft or gross misconduct against the Company or a Subsidiary, (vi) violation of a material policy of the Company or a Subsidiary or (vii) other action or inaction that the Company deems to constitute "Cause" for purposes of the Plan.
|
a)
|
any Person, excluding (i) the Company or any Subsidiary, (ii) a corporation or other entity owned, directly or indirectly, by the stockholders of the Company immediately prior to the transaction in substantially the same proportions as their ownership of stock of the Company, (iii) an employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary or (iv) an underwriter temporarily holding securities pursuant to an offering of such securities ("Change in Control Person") is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 20% or more of the combined voting power of the then outstanding voting securities eligible to vote generally in the election of directors of the Company; provided, however, that no Change in Control will be deemed to have occurred as a result of a change in ownership percentage resulting solely from an acquisition of securities by the Company;
|
b)
|
consummation of a merger, consolidation, reorganization or share exchange, or sale of all or substantially all of the assets, of the Company or Idaho Power Company (a "Qualifying Transaction"), unless, immediately following such Qualifying Transaction, all of the following have occurred: (i) all or substantially all of the beneficial owners of the Company immediately prior to such Qualifying Transaction beneficially own in substantially the same proportions, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation or other entity resulting from such Qualifying Transaction (including, without limitation, a corporation or other entity which, as a result of such transaction, owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) (as the case may be, the "Successor Entity"), (ii) no Change in Control Person is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 20% or more of the combined voting power of the then outstanding voting securities eligible to vote generally in the election of directors of the Successor Entity and (iii) at least a majority of the members of the board of directors of the Successor Entity are Incumbent Directors;
|
c)
|
a complete liquidation or dissolution of the Company or Idaho Power Company or
|
d)
|
within a 24-month period, individuals who were directors of the Board immediately before such period ("Incumbent Directors") cease to constitute at least a majority of the directors of the Board; provided, however, that any director who was not a director of the Board at the beginning of such period shall be deemed to be an Incumbent Director if the election or nomination for election of such director was approved by the vote of at least two-thirds of the directors of the Board then still in office (i) who were in office at the beginning of the 24-month period or (ii) whose election or nomination for election was so approved, in each case, unless such individual was elected or nominated as a result of an actual or threatened election contest or as a result of an actual or threatened solicitation of proxies or consents by or on behalf of any Change in Control Person other than the Board.
|
(a)
|
any corporation more than fifty (50%) percent of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by the Company or one or more of its Subsidiaries or by the Company and one or more of its Subsidiaries or
|
(b)
|
any partnership, limited liability company, association, joint venture or similar business organization more than fifty (50%) percent of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled.
|
(a)
|
If a Participant's employment is terminated for any reason other than Retirement, death or Disability, except as provided in Section 9 herein and unless otherwise determined by the Committee, (i) with respect to the Participant's Award relating to the Plan Year in which the employment termination occurs, such Award will be cancelled and the Participant will not be
|
(b)
|
Except as otherwise provided in Section 9 herein, if a Participant's employment is terminated due to Retirement, death or Disability, (i) with respect to the Participant's Award relating to the Plan Year in which the employment termination occurs, (A) suchAward shall remain in effect, (B) the amount payable to the Participant (if any) shall be determined by multiplying (I) the amount that would have been paid if the Participant had remained employed through the payment date, determined in accordance with Section 7 hereof based on actual performance through the end of the Plan Year, by (II) a fraction, the numerator of which equals the number of days the employee worked in the Plan Year in which the termination of employment occurs and the denominator of which is 365 and (C) any amount payable to the Participant shall be paid pursuant to Section 7 hereof at the same time such amount(s) would have been paid had the Participant remained employed through the payment date and (ii) with respect to the Participant's Award relating to the prior Plan Year (if such Award was either not yet approved or approved but not yet paid as of the date of employment termination), (A) such Award shall remain in effect, (B) the amount payable to the Participant (if any) shall be determined in accordance with Section 7 hereof based on actual performance through the end of the Plan Year to which the Award relates and (C) any amount payable to the Participant shall be paid pursuant to Section 7 hereof at the same time such amount would have been paid had the Participant remained employed through the payment date.
|
(c)
|
No Award shall be paid to a Participant whose employment is terminated for Cause.
|
(d)
|
For purposes of the Plan, (i) transfer of employment of a Participant between the Company and any one of its Subsidiaries (or between Subsidiaries) and transfer of employment to a Successor Entity or other successor of the Company or a Subsidiary shall not be deemed a termination of employment unless so determined by the Committee and (ii) if a Participant is employed by the Company and a Subsidiary or more than one Subsidiary, a Participant shall not be deemed to have terminated employment unless the Participant's employment with each such entity terminates.
|
9.
|
CHANGE IN CONTROL
|
(a)
|
If a Change in Control involving a Successor Entity occurs, the Pre-Change in Control Board may require that the Successor Entity (i) assume or otherwise continue all or any part of the Awards that are outstanding at the time of the Change in Control or (ii) substitute outstanding Awards with awards that are no less favorable to Participants (as determined in the sole discretion of the Pre-Change in Control Board).
|
(b)
|
If a Successor Entity refuses to assume or continue such Awards or to provide substitute awards that are deemed acceptable by the Pre-Change in Control Board or if a Change in Control not involving a Successor Entity occurs and the Pre-Change in Control Board determines that the Change in Control would adversely affect outstanding Awards, the Pre-Change in Control Board, in its sole discretion, may (i) with respect to outstanding Awards that relate to the Plan Year in which the Change in Control occurs, deem all or a portion of the outstanding Awards vested (at target or another level determined by the Pre-Change in Control Board), (ii) with respect to outstanding Awards that relate to the prior Plan Year and that were either not yet approved or approved but not yet paid as of the date of the Change in Control, provide for the accelerated vesting of the outstanding Awards (at target or another level determined by the Pre-Change in Control Board) or (iii) take such other action with respect to outstanding Awards, which action need not be consistent among Participants, as it deems appropriate (including taking no action).
|
(c)
|
The Pre-Change in Control Board may make or cause to be made such changes to Performance Goals and other terms of Awards as it may deem appropriate to reflect or adjust for changes resulting from a Change in Control.
|
(d)
|
If a Participant's employment is terminated for any reason other than Cause during the Coverage Period, (i) with respect to outstanding Awards that relate to the Plan Year in which the Change in Control occurs, the Participant shall be vested in either (A) a prorated Award determined by multiplying the Participant's Target Award Amount (or another amount determined by the Pre-Change in Control Board) by a fraction, the numerator of which equals the number of days the Participant worked in the Plan Year in which the termination of employment occurs and the denominator of which is 365 or (B) if so determined by the Pre-Change in Control Board, a full Award in an amount determined by the Pre-Change in Control Board and (ii) with respect to outstanding Awards that relate to the prior Plan Year and that were either not yet approved or approved but not yet paid as of the date of the Change in Control, the Pre-Change in Control Board, in its sole discretion, may provide for the accelerated vesting of outstanding Awards (at target or another level determined by the Pre-Change in Control Board).
|
(e)
|
Any Award vested pursuant to this Section 9 shall be paid on the date selected by the Pre-Change in Control Board, provided that such date shall in no event be later than the earlier of (i) the date such payment would have been made in the ordinary course and (ii) 2½ months following the event triggering the payment (
i.e.
, the Change in Control or termination of employment).
|
(f)
|
Notwithstanding anything to the contrary contained in the Plan, no payment or distribution under the Plan or pursuant to an Award that (i) is determined by the Company to be deferred compensation subject to Section 409A of the Code and (ii) would be distributed because of a Change in Control shall be so distributed because of the Change in Control pursuant to this Section 9 unless the distribution qualifies under Section 409A(a)(2)(A)(v) of the Code as a distribution upon a change in ownership or effective control or a change in the ownership of a substantial portion of assets or otherwise qualifies as a permissible distribution under Section 409A of the Code. To the extent an amount would have been distributed because of a Change in Control pursuant to this Section 9, but the distribution is prohibited by the prior sentence, the Award shall nevertheless vest pursuant to subsection (b) of this Section 9 as of
|
(a)
|
Gender and Number
. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine, the plural shall include the singular and the singular shall include the plural.
|
(b)
|
Severability
. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.
|
(c)
|
Governing Law
. To the extent not preempted by Federal law, the Plan shall be construed in accordance with, and governed by, the laws of the State of Idaho without regard to any conflicts of law or choice of law rule or principle that might otherwise reference construction or interpretation of the Plan to the substantive law of another jurisdiction.
|
(d)
|
Headings
. The headings of sections are included solely for convenience of reference. If there is any conflict between such headings and the text of the Plan, the text shall control.
|
Form of Fee
|
|
Amount
|
||
Base Board Annual Retainer
|
|
$
|
75,000
|
|
|
|
|
||
Base Committee Annual Retainers
|
|
|
||
Audit Committee
|
|
12,000
|
|
|
Compensation Committee
|
|
6,000
|
|
|
Corporate Governance and Nominating Committee
|
|
6,000
|
|
|
Executive Committee
|
|
3,000
|
|
|
|
|
|
||
Additional Chair Annual Retainers
|
|
|
||
Chairperson of the Board of Directors
|
|
100,000
|
|
|
Chair of the Audit Committee
|
|
12,500
|
|
|
Chair of the Compensation Committee
|
|
10,000
|
|
|
Chair of the Corporate Governance and Nominating Committee
|
|
8,000
|
|
|
|
|
|
||
Annual Stock Awards
|
|
105,000
|
|
|
|
|
|
||
|
|
|
||
|
(1)
|
Idaho Power Company, an Idaho corporation
|
(2)
|
Idaho Energy Resources Co., a Wyoming corporation (a subsidiary of Idaho Power Company)
|
(3)
|
Ida-West Energy Company, an Idaho corporation
|
(4)
|
IDACORP Financial Services, Inc., an Idaho corporation
|
1.
|
I have reviewed this
Annual Report on Form 10-K
of IDACORP, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2019
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this
Annual Report on Form 10-K
of IDACORP, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2019
|
By:
|
/s/ Steven R. Keen
|
|
|
|
Steven R. Keen
|
|
|
|
Senior Vice President, Chief Financial Officer, and Treasurer
|
1.
|
I have reviewed this
Annual Report on Form 10-K
of Idaho Power Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2019
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this
Annual Report on Form 10-K
of Idaho Power Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2019
|
By:
|
/s/ Steven R. Keen
|
|
|
|
Steven R. Keen
|
|
|
|
Senior Vice President, Chief Financial Officer, and Treasurer
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Darrel T. Anderson
|
Darrel T. Anderson
|
President and Chief Executive Officer
|
February 21, 2019
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Steven R. Keen
|
Steven R. Keen
|
Senior Vice President, Chief Financial Officer, and Treasurer
|
February 21, 2019
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Darrel T. Anderson
|
Darrel T. Anderson
|
President and Chief Executive Officer
|
February 21, 2019
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Steven R. Keen
|
Steven R. Keen
|
Senior Vice President, Chief Financial Officer, and Treasurer
|
February 21, 2019
|