☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
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THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2019
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
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THE SECURITIES EXCHANGE ACT OF 1934
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Exact name of registrants as specified in
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IRS Employer
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Commission
File Number
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their charters, address of principal executive
offices, zip code and telephone number
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Identification Number
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||
1-14465
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IDACORP, Inc.
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82-0505802
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1-3198
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Idaho Power Company
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82-0130980
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1221 W. Idaho Street
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Boise,
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ID
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83702-5627
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(208)
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388-2200
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||||
State of incorporation:
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Idaho
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, without par value
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IDA
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New York Stock Exchange
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Idaho Power Company:
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Preferred Stock
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IDACORP, Inc.
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Yes
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☒
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No
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☐
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Idaho Power Company
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Yes
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☐
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No
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☒
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IDACORP, Inc.
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Yes
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☐
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No
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☒
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Idaho Power Company
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Yes
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☐
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No
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☒
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IDACORP, Inc.
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Yes
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☒
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No
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☐
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Idaho Power Company
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Yes
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☒
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No
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☐
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IDACORP, Inc.
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Yes
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☐
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No
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☒
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Idaho Power Company
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Yes
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☐
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No
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☒
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IDACORP, Inc.:
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$
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5,017,481,695
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|
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Idaho Power Company:
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None
|
Number of shares of common stock outstanding as of February 14, 2020:
|
||
IDACORP, Inc.:
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50,409,901
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Idaho Power Company:
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39,150,812
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, all held by IDACORP, Inc.
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Documents Incorporated by Reference:
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Part III, Items 10 - 14
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Portions of IDACORP, Inc.’s definitive proxy statement to be filed pursuant to Regulation 14A for the 2020 annual meeting of shareholders.
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TABLE OF CONTENTS
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Page
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Commonly Used Terms
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||
Cautionary Note Regarding Forward-Looking Statements
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Part I
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Item 1
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Business
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Information about our Executive Officers
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Item 1A
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Risk Factors
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Item 1B
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Unresolved Staff Comments
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Item 2
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Properties
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Item 3
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Legal Proceedings
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Item 4
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Mine Safety Disclosures
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Part II
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Item 5
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Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
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Item 6
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Selected Financial Data
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Item 7
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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Item 7A
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Quantitative and Qualitative Disclosures About Market Risk
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Item 8
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Financial Statements and Supplementary Data
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Item 9
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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Item 9A
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Controls and Procedures
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Item 9B
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Other Information
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Part III
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Item 10
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Directors, Executive Officers and Corporate Governance*
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Item 11
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Executive Compensation*
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Item 12
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters*
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Item 13
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Certain Relationships and Related Transactions, and Director Independence*
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Item 14
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Principal Accountant Fees and Services*
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Part IV
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Item 15
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Exhibits and Financial Statement Schedules
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Item 16
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Form 10-K Summary
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Signatures
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* Except as indicated in Items 10, 12, and 14, IDACORP, Inc. information is incorporated by reference to IDACORP, Inc.'s definitive proxy statement for the 2020 annual meeting of shareholders.
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COMMONLY USED TERMS
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||||||
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The following select abbreviations, terms, or acronyms are commonly used or found in multiple locations in this report:
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2019 Annual Report
|
-
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IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2019
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kWh
|
-
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Kilowatt-hour
|
ADITC
|
-
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Accumulated Deferred Investment Tax Credits
|
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LTICP
|
-
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IDACORP 2000 Long-Term Incentive and Compensation Plan
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AFUDC
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-
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Allowance for Funds Used During Construction
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MATS
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-
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Mercury and Air Toxics Standards
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AOCI
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-
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Accumulated Other Comprehensive Income
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MD&A
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-
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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APCU
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-
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Annual Power Cost Update
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MMBtu
|
-
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Million British Thermal Units
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ASU
|
-
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Accounting Standards Update
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MW
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-
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Megawatt
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BCC
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-
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Bridger Coal Company, a joint venture of IERCo
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MWh
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-
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Megawatt-hour
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BLM
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-
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U.S. Bureau of Land Management
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NAAQS
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-
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National Ambient Air Quality Standards
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CAA
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-
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Clean Air Act
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NEPA
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-
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National Environmental Policy Act
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CO2
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-
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Carbon Dioxide
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NMFS
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-
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National Marine Fisheries Service
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CWA
|
-
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Clean Water Act
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NOAA Fisheries
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-
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National Oceanic and Atmospheric Administration's National Marine Fisheries Service
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EIS
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-
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Environmental Impact Statement
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NO2
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-
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Nitrogen Dioxide
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EPA
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-
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U.S. Environmental Protection Agency
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NOx
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-
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Nitrogen Oxide
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ESA
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-
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Endangered Species Act
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O&M
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-
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Operations and Maintenance
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FASB
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-
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Financial Accounting Standards Board
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OATT
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-
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Open Access Transmission Tariff
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FCA
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-
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Idaho Fixed Cost Adjustment
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OPUC
|
-
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Public Utility Commission of Oregon
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FERC
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-
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Federal Energy Regulatory Commission
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PCA
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-
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Idaho-jurisdiction Power Cost Adjustment
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FPA
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-
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Federal Power Act
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PCAM
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-
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Oregon Power Cost Adjustment Mechanism
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GAAP
|
-
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Generally Accepted Accounting Principles
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PEIS
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-
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Programmatic Environmental Impact Statement
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GHG
|
-
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Greenhouse Gas
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PURPA
|
-
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Public Utility Regulatory Policies Act of 1978
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HCC
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-
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Hells Canyon Complex
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REC
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-
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Renewable Energy Certificate
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IDACORP
|
-
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IDACORP, Inc., an Idaho Corporation
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RH BART
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-
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Regional haze - best available retrofit technology
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Idaho Power
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-
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Idaho Power Company, an Idaho Corporation
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RPS
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-
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Renewable Portfolio Standard
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Idaho ROE
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-
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Idaho-jurisdiction return on year-end equity
|
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SEC
|
-
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U.S. Securities and Exchange Commission
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Ida-West
|
-
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Ida-West Energy Company, a subsidiary of IDACORP, Inc.
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SCR
|
-
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Selective catalytic reduction equipment
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IERCo
|
-
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Idaho Energy Resources Co., a subsidiary of Idaho Power Company
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SMSP
|
-
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Security Plan for Senior Management Employees
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IFS
|
-
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IDACORP Financial Services, Inc., a subsidiary of IDACORP, Inc.
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SO2
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-
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Sulfur Dioxide
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IPUC
|
-
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Idaho Public Utilities Commission
|
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USFWS
|
-
|
U.S. Fish and Wildlife Service
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IRP
|
-
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Integrated Resource Plan
|
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Western EIM
|
-
|
Energy imbalance market implemented in the western United States
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IRS
|
-
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U.S. Internal Revenue Service
|
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WDEQ
|
-
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Wyoming Department of Environmental Quality
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Jim Bridger plant
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|
Jim Bridger generating plant
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WPSC
|
-
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Wyoming Public Service Commission
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kW
|
-
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Kilowatt
|
|
|
|
|
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;
|
•
|
changes to or the elimination of Idaho Power's cost recovery mechanisms;
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•
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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;
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•
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abnormal or severe weather conditions, including conditions and events associated with climate change, wildfires, drought, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation levels, repair costs, service interruptions, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers;
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•
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advancement of self-generation, energy storage, and energy efficiency, alternative energy sources, and other technologies that may affect Idaho Power's sale or delivery of electric power or introduce operational or cyber-security vulnerability to the power grid;
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•
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acts or threats of terrorist incidents, other malicious acts, acts of war, cyber-attacks, 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 such events and related litigation or penalties;
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•
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the expense and risks associated with capital expenditures for, and the permitting and construction of, utility infrastructure that Idaho Power may be unable or unwilling to complete or may not be deemed prudent by regulators;
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•
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unusual or unanticipated changes in normal business operations, including unusual maintenance or repairs, or the failure to successfully implement new technology solutions;
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•
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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 hydropower facilities;
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•
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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, climate change, or a credit downgrade;
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•
|
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;
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•
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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 company assets, operations, or reputation, subject Idaho Power 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 Idaho Power 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;
|
•
|
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;
|
•
|
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;
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•
|
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;
|
•
|
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 hydropower facilities;
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•
|
failure to comply with mandatory reliability and security requirements, which may result in penalties, reputational harm, and operational changes;
|
•
|
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 impacts of economic conditions, including inflation, interest rates, 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;
|
•
|
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;
|
•
|
changes in the method for determining LIBOR and the potential replacement of LIBOR and the impact on interest rates for IDACORP's and Idaho Power's credit facilities;
|
•
|
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 assumptions underlying the coal mine reclamation obligations at Bridger Coal Company and related funding requirements;
|
•
|
the ability to continue to pay dividends based on financial performance and in light of credit rating considerations, contractual covenants and restrictions, and regulatory limitations;
|
•
|
Idaho Power's concentration in one industry and one region and the lack of diversification, regional economic condition and regional legislation and regulation;
|
•
|
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 third-party vendors, and the ability to adjust the labor cost structure when necessary; 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.
|
Cornerstones
|
|
Initiatives
|
Grow Financial Strength
|
|
- Pursue New Investment and Revenue Opportunities
- Promote and Engage in Beneficial Electrification
- Maintain Shareholder Confidence
- Continue Focus on Productive Regulatory Outcomes
|
Improve the Core Business
|
|
- Evaluate and Control Expenditures and Continue Efficient Operations
- Evaluate and Deploy Transformative Technology Solutions
- Continue Progress on Key Transmission Projects
- Continue Progress on Hydropower Relicensing Projects
- Continue Development of Regional Markets
|
Enhance Idaho Power's Brand
|
|
- Enhance Idaho Power's Customers' Experience and Interactions
- Communicate Progress Toward Environmental and Community Goals
- Share Idaho Power's Story
|
Keep Employees Safe and Engaged
|
|
- Continue Idaho Power's Strong Focus on Safety
- Facilitate Progress on Employee Engagement
- Evolve Workforce Development Strategy and Programs
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Retail revenues (thousands of dollars):
|
|
|
|
|
|
|
|
|
|
|||
Residential (includes $35,587, $34,625 and $17,320, respectively, related to the FCA(1))
|
|
$
|
526,966
|
|
|
$
|
530,527
|
|
|
$
|
552,333
|
|
Commercial (includes $1,336, $1,299, and $876, respectively, related to the FCA(1))
|
|
295,203
|
|
|
310,299
|
|
|
319,195
|
|
|||
Industrial
|
|
181,372
|
|
|
190,130
|
|
|
195,124
|
|
|||
Irrigation
|
|
135,850
|
|
|
158,001
|
|
|
150,030
|
|
|||
Provision for sharing
|
|
—
|
|
|
(5,025
|
)
|
|
—
|
|
|||
Deferred revenue related to HCC relicensing AFUDC(2)
|
|
(8,780
|
)
|
|
(8,780
|
)
|
|
(10,706
|
)
|
|||
Total retail revenues
|
|
1,130,611
|
|
|
1,175,152
|
|
|
1,205,976
|
|
|||
Wholesale energy sales
|
|
71,198
|
|
|
52,845
|
|
|
24,790
|
|
|||
Transmission wheeling-related revenues
|
|
53,828
|
|
|
59,094
|
|
|
43,970
|
|
|||
Energy efficiency program revenues
|
|
40,128
|
|
|
35,703
|
|
|
39,241
|
|
|||
Other revenues
|
|
47,175
|
|
|
43,788
|
|
|
30,916
|
|
|||
Total electric utility operating revenues
|
|
$
|
1,342,940
|
|
|
$
|
1,366,582
|
|
|
$
|
1,344,893
|
|
Energy sales (thousands of Megawatt-hour (MWh)):
|
|
|
|
|
|
|
|
|
|
|||
Residential
|
|
5,273
|
|
|
5,135
|
|
|
5,355
|
|
|||
Commercial
|
|
4,092
|
|
|
4,105
|
|
|
4,099
|
|
|||
Industrial
|
|
3,412
|
|
|
3,371
|
|
|
3,346
|
|
|||
Irrigation
|
|
1,760
|
|
|
1,976
|
|
|
1,771
|
|
|||
Total retail energy sales
|
|
14,537
|
|
|
14,587
|
|
|
14,571
|
|
|||
Wholesale energy sales
|
|
2,171
|
|
|
2,246
|
|
|
1,934
|
|
|||
Bundled energy sales
|
|
680
|
|
|
617
|
|
|
202
|
|
|||
Total energy
|
|
17,388
|
|
|
17,450
|
|
|
16,707
|
|
|||
|
(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)
|
The IPUC allows 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
|
||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(thousands of MWh)
|
|
|
|
|||||||||||||
Hydropower plants
|
|
8,294
|
|
|
8,682
|
|
|
8,900
|
|
|
62
|
%
|
|
65
|
%
|
|
65
|
%
|
Coal-fired plants
|
|
3,012
|
|
|
3,274
|
|
|
3,284
|
|
|
22
|
%
|
|
24
|
%
|
|
24
|
%
|
Natural gas-fired plants
|
|
2,114
|
|
|
1,408
|
|
|
1,504
|
|
|
16
|
%
|
|
11
|
%
|
|
11
|
%
|
Total system generation
|
|
13,420
|
|
|
13,364
|
|
|
13,688
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased power - cogeneration and small power production
|
|
2,983
|
|
|
3,045
|
|
|
2,800
|
|
|
|
|
|
|
|
|
|
|
Purchased power - other
|
|
2,217
|
|
|
2,386
|
|
|
1,442
|
|
|
|
|
|
|
|
|
|
|
Total purchased power
|
|
5,200
|
|
|
5,431
|
|
|
4,242
|
|
|
|
|
|
|
|
|
|
|
Total power supply
|
|
18,620
|
|
|
18,795
|
|
|
17,930
|
|
|
|
|
|
|
|
|
|
|
•
|
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 hydropower 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.
|
•
|
Jackpot Holdings LLC - a 20-year power purchase agreement to purchase the output from a planned 120-MW solar facility, with an expected in-service date in 2022. The agreement was approved by the IPUC in December 2019 and is, as of the date of this report, pending approval by the OPUC.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
PURPA contracts expense (in thousands)
|
|
$
|
187,344
|
|
|
$
|
189,722
|
|
|
$
|
169,788
|
|
MWh purchased under PURPA contracts (in thousands)
|
|
2,983
|
|
|
3,045
|
|
|
2,800
|
|
|||
Average cost per MWh from PURPA contracts
|
|
$
|
62.80
|
|
|
$
|
62.31
|
|
|
$
|
60.64
|
|
•
|
Idaho Power is required to purchase all of the output delivered from the contracted qualifying facilities, subject to some exceptions such as adverse impacts on system reliability.
|
•
|
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 adjustment 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
|
•
|
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 using an avoided cost methodology based on 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 supply-side, demand-side, and transmission resources; and
|
•
|
involve the public in the planning process in a meaningful way.
|
|
|
5-Year Forecasted Annual Growth Rate
|
|
20-Year Forecasted Annual Growth Rate
|
||
|
|
Retail Sales
(Billed MWh)
|
Annual Peak
(Peak Demand)
|
|
Retail Sales
(Billed MWh)
|
Annual Peak
(Peak Demand)
|
2019 IRP
|
|
1.3%
|
1.4%
|
|
1.0%
|
1.2%
|
2017 IRP
|
|
1.1%
|
1.6%
|
|
0.9%
|
1.4%
|
2015 IRP
|
|
1.5%
|
1.8%
|
|
1.2%
|
1.5%
|
•
|
financial incentives for irrigation customers for either improving the energy efficiency of an irrigation system or installing new energy efficient systems;
|
•
|
energy efficiency programs 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
|
•
|
participation in the Northwest Energy Efficiency Alliance, which supports market transformation efforts across the region.
|
•
|
establishing responsible management goals to related to the companies’ impact on the environment, such as
|
◦
|
the "Clean Today, Cleaner Tomorrow.®" goal to provide Idaho Power's customers with 100-percent clean energy by 2045,
|
◦
|
the sustainability benefits from the Boardman-to-Hemingway transmission project, which includes integrating renewable energy generation and deferring the need for development of additional fossil-fueled resources,
|
◦
|
continuing various environmental stewardship programs along the Snake River, including fish habitat preservation and restoration,
|
◦
|
wildfire mitigation planning and actions, and
|
◦
|
wildlife habitat, archaeological and cultural resource, and raptor protection stewardships.
|
•
|
operational excellence in providing reliable, fair priced, and clean energy,
|
•
|
engaging and empowering Idaho Power’s workforce (including succession planning at all levels, employee development, retirement planning education, and providing competitive pension benefits),
|
•
|
promoting a culture of safety and inclusiveness for all employees, and
|
•
|
building strong community partnerships for healthy economic development in Idaho Power’s service area.
|
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
Cumulative Emissions Intensity 2010-2019
|
|
848
|
|
870
|
|
896
|
|
934
|
|
944
|
|
945
|
|
929
|
|
867
|
|
864
|
|
1,066
|
Annual Average Emissions Intensity
|
|
646
|
|
656
|
|
632
|
|
858
|
|
944
|
|
1,015
|
|
1,129
|
|
874
|
|
681
|
|
1,066
|
|
|
2020
|
|
2021-2022
|
||||
Capital expenditures:
|
|
|
|
|
||||
License compliance and relicensing efforts at hydropower facilities
|
|
$
|
30
|
|
|
$
|
46
|
|
Investments in equipment and facilities at thermal plants
|
|
8
|
|
|
15
|
|
||
Total capital expenditures
|
|
$
|
38
|
|
|
$
|
61
|
|
Operating expenses:
|
|
|
|
|
||||
Operating costs for environmental facilities - hydropower
|
|
$
|
21
|
|
|
$
|
41
|
|
Operating costs for environmental facilities - thermal
|
|
11
|
|
|
22
|
|
||
Total operations and maintenance
|
|
$
|
32
|
|
|
$
|
63
|
|
•
|
Vice President of Transmission & Distribution, Engineering and Construction, October 2019 - present
|
•
|
Regional Manager for the Southeast Region of Idaho Power Company, January 2018 - October 2019
|
•
|
Transmission & Distribution Projects Senior Manager of Idaho Power Company, January 2015 - December 2017
|
•
|
Chief Executive Officer of Idaho Power Company, January 2014 - present
|
•
|
President and Chief Executive Officer of IDACORP, Inc., May 2014 - present
|
•
|
President and Chief Executive Officer of Idaho Power Company, January 2014 - September 2019
|
•
|
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 Human Resources of Idaho Power Company, October 2019 - present
|
•
|
Director of Human Resources of Idaho Power Company, May 2014 - October 2019
|
•
|
President of Idaho Power Company, October 2019 - present
|
•
|
Senior Vice President and Chief Operating Officer of Idaho Power Company, April 2016 - October 2019
|
•
|
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
|
•
|
Vice President of Customer Operations and Chief Safety Officer of Idaho Power Company, October 2019 - present
|
•
|
Customer Service Senior Manager of Idaho Power Company, February 2018 - October 2019
|
•
|
Regional Manager of Southern Region of Idaho Power Company, May 2014 - February 2018
|
•
|
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 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
|
•
|
Senior Vice President and Chief Operating Officer of Idaho Power Company, October 2019 - present
|
•
|
Vice President of Customer Operations and Business Development of Idaho Power Company, March 2017 - October 2019
|
•
|
General Manager of Customer Operations, Engineering and Construction, January 2014 - February 2017
|
•
|
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.
|
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
||||||||||||
IDACORP
|
|
$
|
100.00
|
|
|
$
|
105.85
|
|
|
$
|
128.94
|
|
|
$
|
150.12
|
|
|
$
|
156.97
|
|
|
$
|
184.73
|
|
S&P 500
|
|
100.00
|
|
|
101.37
|
|
|
113.49
|
|
|
138.25
|
|
|
132.18
|
|
|
173.79
|
|
||||||
EEI Electric Utilities Index
|
|
100.00
|
|
|
96.10
|
|
|
112.86
|
|
|
126.08
|
|
|
130.71
|
|
|
164.42
|
|
•
|
IDACORP achieved net income growth for a twelfth consecutive year;
|
•
|
IDACORP provided a 13 percent cumulative annual total shareholder return over the past three years, including share price appreciation and dividends paid;
|
•
|
Idaho Power's customer count grew 2.5 percent in 2019;
|
•
|
Idaho Power achieved its lowest ever recorded employee safety incident rate, which was significantly below the national average and the average of peer utilities of similar size;
|
•
|
Idaho Power reached its highest ever recorded residential customer satisfaction score, the highest of any investor-owned utility in the nation, as rated by an independent third party;
|
•
|
Idaho Power continued its strong performance in system reliability, slightly behind 2018's record reliability score;
|
•
|
IDACORP increased its quarterly common stock dividend from $0.63 per share to $0.67 per share, as a part of a 123 percent increase in quarterly dividends approved over the last eight years;
|
•
|
IDACORP adopted a new dividend policy that provides for a target long-term dividend payout ratio of between 60 percent and 70 percent of sustainable IDACORP earnings, an increase from the previous policy adopted in 2011 that targeted a dividend payout ratio of between 50 percent to 60 percent of sustainable earnings;
|
•
|
Idaho Power reached an agreement with NV Energy, approved by the IPUC and OPUC, that facilitates the planned end of Idaho Power's participation in coal-fired operations at units 1 and 2 of its jointly-owned North Valmy coal-fired power plant in 2019 and 2025, respectively. As planned, Idaho Power ended its participation in unit 1 of the North Valmy plant in December 2019;
|
•
|
Idaho Power announced its "Clean Today, Cleaner Tomorrow.®" goal to provide its customers with 100-percent clean energy by 2045; and
|
•
|
Idaho Power beat its carbon dioxide (CO2) emissions intensity goal, with an average reduction of 29 percent since 2010.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Idaho Power net income
|
|
$
|
224,437
|
|
|
$
|
222,334
|
|
|
$
|
206,347
|
|
Net income attributable to IDACORP, Inc.
|
|
$
|
232,854
|
|
|
$
|
226,801
|
|
|
$
|
212,419
|
|
Average outstanding shares – diluted (000’s)
|
|
50,537
|
|
|
50,510
|
|
|
50,424
|
|
|||
IDACORP, Inc. earnings per diluted share
|
|
$
|
4.61
|
|
|
$
|
4.49
|
|
|
$
|
4.21
|
|
Net income attributable to IDACORP, Inc. - December 31, 2018
|
|
|
|
$
|
226.8
|
|
|
Increase (decrease) in Idaho Power net income:
|
|
|
|
|
|||
Customer growth, net of associated power supply costs and power cost adjustment mechanisms
|
|
18.8
|
|
|
|
||
Usage per retail customer, net of associated power supply costs and power cost adjustment mechanisms
|
|
(21.4
|
)
|
|
|
||
Idaho fixed cost adjustment (FCA) revenues
|
|
1.0
|
|
|
|
||
Retail revenues per MWh, net of associated power supply costs and power cost adjustment mechanisms
|
|
(2.8
|
)
|
|
|
||
Transmission wheeling-related revenues
|
|
(5.3
|
)
|
|
|
||
Other operations and maintenance (O&M) expenses
|
|
8.7
|
|
|
|
||
Other changes in operating revenues and expenses, net
|
|
(1.7
|
)
|
|
|
||
Prior year provision for sharing with customers
|
|
5.0
|
|
|
|
||
Increase in Idaho Power operating income
|
|
2.3
|
|
|
|
||
Non-operating income and expenses, net
|
|
9.9
|
|
|
|
||
Income tax expense
|
|
(10.1
|
)
|
|
|
||
Total increase in Idaho Power net income
|
|
|
|
2.1
|
|
||
Other IDACORP changes (net of tax)
|
|
|
|
4.0
|
|
||
Net income attributable to IDACORP, Inc. - December 31, 2019
|
|
|
|
$
|
232.9
|
|
•
|
Regulation of Rates and Cost Recovery: The prices that Idaho Power is authorized to charge for its electric and transmission services are 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 prudently managing 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 its Idaho customers of Idaho-jurisdictional earnings in excess of 10.0 percent 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 2020, Idaho Power will
|
•
|
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 and purchase power. In recent years, Idaho Power has seen growth in the number of customers in its service area. In 2019, Idaho Power's customer count grew by 2.5 percent. Idaho Power expects its number of customers to continue to increase in the foreseeable future. Employment in Idaho Power's service area grew by approximately 3.2 percent based on Idaho Department of Labor preliminary December 2019 data. Idaho Power continues to support 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 depreciation 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 Power has been pursuing significant enhancements to its utility infrastructure in an effort to maintain system reliability, ensure an adequate supply of electricity, and to provide service to new customers, including major ongoing transmission projects such as the Boardman-to-Hemingway and Gateway West projects. Idaho Power's existing hydropower and thermal generation facilities also require continuing upgrades and equipment replacement, and the company is undertaking a significant relicensing effort for the Hells Canyon Complex (HCC), its largest hydropower generation resource. Idaho Power intends to pursue timely inclusion of any significant completed capital projects into rate base as part of a future general rate case or other appropriate regulatory proceeding.
|
•
|
Mitigation of Impact of Fuel and Purchased Power Expense: In addition to hydropower 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 hydropower generation resources, transmission capacity, energy market prices, and Idaho Power's hedging program for managing fuel costs. 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 to Idaho Power of fluctuations in power supply costs.
|
•
|
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,
|
•
|
Water Management and Relicensing of the Hells Canyon Hydropower 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 hydropower projects. Also, Idaho Power is involved in renewing its long-term federal license for the HCC, its largest hydropower 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,
|
||||
|
|
2019
|
|
2018
|
||
Retail energy sales
|
|
14,537
|
|
|
14,587
|
|
Wholesale energy sales
|
|
2,171
|
|
|
2,246
|
|
Bundled energy sales
|
|
680
|
|
|
617
|
|
Total energy sales
|
|
17,388
|
|
|
17,450
|
|
Hydropower generation
|
|
8,294
|
|
|
8,682
|
|
Coal generation
|
|
3,012
|
|
|
3,274
|
|
Natural gas and other generation
|
|
2,114
|
|
|
1,408
|
|
Total system generation
|
|
13,420
|
|
|
13,364
|
|
Purchased power
|
|
5,200
|
|
|
5,431
|
|
Line losses
|
|
(1,232
|
)
|
|
(1,345
|
)
|
Total energy supply
|
|
17,388
|
|
|
17,450
|
|
|
|
Year Ended December 31,
|
|
|
|||||
|
|
2019
|
|
2018
|
|
Normal(2)
|
|||
Heating degree-days(1)
|
|
5,314
|
|
|
4,984
|
|
|
5,514
|
|
Cooling degree-days(1)
|
|
1,020
|
|
|
1,116
|
|
|
942
|
|
Precipitation (inches)
|
|
14.5
|
|
|
10.6
|
|
|
11.3
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|||||||
|
|
2019
|
|
2018
|
|
||||
Retail revenues:
|
|
|
|
|
|
|
|
||
Residential (includes $35,587 and $34,625, respectively, related to the FCA(1))
|
|
$
|
526,966
|
|
|
$
|
530,527
|
|
|
Commercial (includes $1,336 and $1,299, respectively, related to the FCA(1))
|
|
295,203
|
|
|
310,299
|
|
|
||
Industrial
|
|
181,372
|
|
|
190,130
|
|
|
||
Irrigation
|
|
135,850
|
|
|
158,001
|
|
|
||
Provision for sharing
|
|
—
|
|
|
(5,025
|
)
|
|
||
Deferred revenue related to HCC relicensing AFUDC(2)
|
|
(8,780
|
)
|
|
(8,780
|
)
|
|
||
Total retail revenues
|
|
$
|
1,130,611
|
|
|
$
|
1,175,152
|
|
|
Volume of Sales (MWh)
|
|
|
|
|
|
|
|
||
Residential
|
|
5,273
|
|
|
5,135
|
|
|
||
Commercial
|
|
4,092
|
|
|
4,105
|
|
|
||
Industrial
|
|
3,412
|
|
|
3,371
|
|
|
||
Irrigation
|
|
1,760
|
|
|
1,976
|
|
|
||
Total retail MWh sales
|
|
14,537
|
|
|
14,587
|
|
|
||
Number of retail customers at year-end
|
|
|
|
|
|
|
|
||
Residential
|
|
477,404
|
|
|
464,670
|
|
|
||
Commercial
|
|
72,855
|
|
|
71,680
|
|
|
||
Industrial
|
|
131
|
|
|
120
|
|
|
||
Irrigation
|
|
21,387
|
|
|
21,175
|
|
|
||
Total customers
|
|
571,777
|
|
|
557,645
|
|
|
||
|
|
|
|
|
|
•
|
Rates: Customer rates, excluding collections of amounts related to the power cost adjustment mechanism, decreased retail revenues by $3.8 million in 2019 compared with 2018. The 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 reduced revenues in 2019 more significantly than in 2018. Customer rates also include the return to customers of amounts related to the PCA mechanism, which decreased revenues by $42.8 million in 2019 compared with 2018. The return to customers of amounts related to the PCA mechanism in rates does not have a significant effect on operating income as a corresponding amount is recorded as a reduction of expense in the same period it is returned through rates.
|
•
|
Customers: Customer growth of 2.5 percent increased retail revenues by $27.0 million in 2019 compared with 2018.
|
•
|
Usage: Lower usage (on a per customer basis), primarily by irrigation customers, decreased retail revenues by $30.9 million during 2019 compared with 2018. Greater precipitation and more moderate spring and summer temperatures in Idaho Power's service area led agricultural irrigation customers to use 12 percent less energy per customer to operate irrigation pumps during 2019. To a lesser extent, sales volumes on a per-customer basis were negatively affected by lower per-customer commercial and industrial sales.
|
•
|
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 2019 increased the amount of FCA revenue accrued by $1.0 million compared with 2018.
|
•
|
Sharing: In 2019, Idaho Power recorded no provision against current revenue for sharing with customers, as its full-year return on year-end equity in the Idaho jurisdiction (Idaho ROE) was between 9.5 percent and 10.0 percent. In 2018, Idaho Power recorded a $5.0 million provision against current revenue for sharing with customers as Idaho ROE was above 10.0 percent. 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.
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Wholesale energy revenues
|
|
$
|
71,198
|
|
|
$
|
52,845
|
|
Wholesale MWh sold
|
|
2,171
|
|
|
2,246
|
|
||
Wholesale energy revenues per MWh
|
|
$
|
32.80
|
|
|
$
|
23.53
|
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Expense
|
|
|
|
|
||||
PURPA contracts
|
|
$
|
187,344
|
|
|
$
|
189,722
|
|
Other purchased power (including wheeling)
|
|
97,922
|
|
|
104,092
|
|
||
Total purchased power expense
|
|
$
|
285,266
|
|
|
$
|
293,814
|
|
MWh purchased
|
|
|
|
|
||||
PURPA contracts
|
|
2,983
|
|
|
3,045
|
|
||
Other purchased power
|
|
2,217
|
|
|
2,386
|
|
||
Total MWh purchased
|
|
5,200
|
|
|
5,431
|
|
||
Cost per MWh from PURPA contracts
|
|
$
|
62.80
|
|
|
$
|
62.31
|
|
Cost per MWh from other sources
|
|
$
|
44.17
|
|
|
$
|
43.63
|
|
Weighted average - all sources
|
|
$
|
54.86
|
|
|
$
|
54.10
|
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Expense
|
|
|
|
|
|
|
||
Coal
|
|
$
|
105,257
|
|
|
$
|
115,524
|
|
Natural gas(1)
|
|
51,615
|
|
|
17,674
|
|
||
Total fuel expense
|
|
$
|
156,872
|
|
|
$
|
133,198
|
|
MWh generated
|
|
|
|
|
|
|
||
Coal
|
|
3,012
|
|
|
3,274
|
|
||
Natural gas(1)
|
|
2,114
|
|
|
1,408
|
|
||
Total MWh generated
|
|
5,126
|
|
|
4,682
|
|
||
Cost per MWh - Coal
|
|
$
|
34.95
|
|
|
$
|
35.29
|
|
Cost per MWh - Natural gas
|
|
$
|
24.42
|
|
|
$
|
12.55
|
|
Weighted average, all sources
|
|
$
|
30.60
|
|
|
$
|
28.45
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Power supply cost accrual
|
|
$
|
49,234
|
|
|
$
|
41,535
|
|
Amortization of prior year authorized balances
|
|
(47,187
|
)
|
|
571
|
|
||
Total power cost adjustment expense
|
|
$
|
2,047
|
|
|
$
|
42,106
|
|
•
|
their respective $100 million and $300 million revolving credit facilities;
|
•
|
IDACORP's shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) on May 17, 2019, 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 17, 2019, which may be used for the issuance of first mortgage bonds and debt securities; $500 million is available for issuance pursuant to state regulatory authority; and
|
•
|
IDACORP's and Idaho Power's issuance of commercial paper, which may be issued up to an amount equal to the available credit capacity under their respective credit facilities.
|
|
|
IDACORP
|
|
Idaho Power
|
Debt
|
|
43%
|
|
45%
|
Equity
|
|
57%
|
|
55%
|
•
|
a $6 million increase and $2 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 cost adjustment amounts accrued or deferred and refunded or collected under Idaho rate mechanisms, decreased operating cash inflows by $53 million;
|
•
|
Idaho Power received $19 million of distributions from IERCo's investment in BCC for 2019, compared with $29 million in 2018; changes in distributions from year to year are primarily driven by changes in the timing of cash needs associated with BCC;
|
•
|
changes in deferred taxes and in taxes accrued and receivable combined to increase cash flows by $7 million and $4 million at IDACORP and Idaho Power, respectively; and
|
•
|
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 decreased operating cash flows by $7 million and $5 million for IDACORP and Idaho Power, respectively;
|
◦
|
the changes in other current assets decreased cash flows by $20 million, which was primarily due to the timing of purchases and consumption of coal at Idaho Power's jointly-owned coal-fired generating plants; and
|
◦
|
timing of accounts payable payments decreased operating cash flows by $39 million for IDACORP and increased operating cash flows by $16 million for Idaho Power (the difference relates to the timing of estimated income tax payments from Idaho Power to IDACORP).
|
•
|
in August 2019, Idaho Power purchased and remarketed two of its outstanding series of pollution control tax-exempt bonds, one in the aggregate principal amount of $49.8 million issued in 2003 by Humboldt County, Nevada and due in 2024, and the other in the aggregate principal amount of $116.3 million issued in 2006 by Sweetwater County, Wyoming and due in 2026. The bonds were remarketed with substantially the same terms, but with lower term interest rates. The term interest rate of the series due in 2024 decreased from 5.15 percent to 1.45 percent and the term interest rate of the series due in 2026 decreased from 5.25 percent to 1.70 percent. Idaho Power expects the lower interest rates to reduce interest expense by approximately $5.6 million annually for the next five years and $3.9 million annually thereafter for the final two years of the longer-lived bonds;
|
•
|
in March 2018, Idaho Power issued $220 million in principal amount of 4.20% first mortgage bonds Series K, maturing March 1, 2048;
|
•
|
in April 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;
|
•
|
IDACORP and Idaho Power paid dividends of approximately $130 million and $121 million in 2019 and 2018, respectively.
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
|
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.
|
|
|
|
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-
|
|
|
2020
|
|
2021
|
|
2022-2024
|
|||
Expected capital expenditures (excluding AFUDC)
|
|
$
|
300-310
|
|
$
|
305-315
|
|
$
|
1,000-1,050
|
•
|
$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-$125 million per year for construction and replacement of distribution lines and stations, including replacement of underground distribution cables;
|
•
|
$15-$35 million per year for ongoing improvements and replacements at thermal plants;
|
•
|
$60-$95 million per year for hydropower 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
|
|
2020
|
|
2021-2022
|
|
2023-2024
|
|
Thereafter
|
||||||||||
|
|
(millions of dollars)
|
||||||||||||||||||
Long-term debt(1)
|
|
$
|
1,856
|
|
|
$
|
100
|
|
|
$
|
75
|
|
|
$
|
125
|
|
|
$
|
1,556
|
|
Future interest payments(2)
|
|
1,441
|
|
|
79
|
|
|
150
|
|
|
144
|
|
|
1,068
|
|
|||||
Purchase obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Maintenance and service agreements(3)
|
|
148
|
|
|
48
|
|
|
30
|
|
|
14
|
|
|
56
|
|
|||||
FERC and other industry-related fees(3)
|
|
132
|
|
|
14
|
|
|
27
|
|
|
26
|
|
|
65
|
|
|||||
Cogeneration and small power production
|
|
4,010
|
|
|
242
|
|
|
500
|
|
|
529
|
|
|
2,739
|
|
|||||
Fuel supply agreements
|
|
192
|
|
|
56
|
|
|
44
|
|
|
17
|
|
|
75
|
|
|||||
Other(3)(4)
|
|
48
|
|
|
3
|
|
|
8
|
|
|
7
|
|
|
30
|
|
|||||
Pension and postretirement benefit plans(5)
|
|
323
|
|
|
26
|
|
|
117
|
|
|
128
|
|
|
52
|
|
|||||
Other long-term liabilities - IDACORP only(3)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Total(6)
|
|
$
|
8,152
|
|
|
$
|
568
|
|
|
$
|
951
|
|
|
$
|
990
|
|
|
$
|
5,643
|
|
(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, 2019.
|
||||||||||||||||||||
(3) Approximately $48 million of the amounts in maintenance and service agreements, $131 million of the amounts in FERC and other industry-related fees, $27 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 2024 with any level of precision, and amounts through 2024 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.
|
||||||||||||||||||||
(6) Asset retirement obligations of $28.2 million are not included in the table as the settlement of these liabilities cannot be determined with certainty, however we believe these liabilities will be settled in more than five years. For more information on asset retirement obligations, refer to Note 14 – "Asset Retirement Obligations (ARO)" to the consolidated financial statements included in this report.
|
Description
|
|
Effective Date
|
|
Estimated Annualized Rate Impact (millions)(1)
|
|||
Oregon North Valmy plant Exit Framework Settlement Stipulation
|
|
1/1/2020
|
|
|
$
|
(3
|
)
|
Idaho North Valmy plant Exit Framework Settlement Stipulation
|
|
6/1/2019
|
|
|
1
|
|
|
2019 Idaho PCA(2)
|
|
6/1/2019
|
|
|
(50
|
)
|
|
2019 Idaho FCA
|
|
6/1/2019
|
|
|
19
|
|
|
May 2018 Idaho Tax Reform Settlement Stipulation - Idaho base rates
|
|
6/1/2018
|
|
|
(19
|
)
|
|
May 2018 Idaho Tax Reform Settlement Stipulation - Idaho PCA(3)
|
|
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 North Valmy plant Accelerated Depreciation Settlement Stipulation
|
|
6/1/2018
|
|
|
2
|
|
|
|
|
|
|
|
|
||
(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) 2019 Idaho PCA rates include a $5.0 million credit to customers for sharing of 2018 earnings under the IPUC order approving the extension, with modifications, of the terms of the December 2011 Idaho settlement stipulation for the period from 2015 through 2019 (October 2014 Idaho Earnings Support and Sharing Settlement Stipulation) and a $2.7 million credit for income tax reform benefits related to Idaho Power's OATT rate under a May 2018 Idaho tax reform settlement stipulation as described below in this MD&A.
|
|||||||
(3) 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 as described below in this MD&A.
|
|
|
Idaho
|
|
Oregon
|
|
Total
|
||||||
Balance at December 31, 2018
|
|
(42.1
|
)
|
|
(0.2
|
)
|
|
(42.3
|
)
|
|||
Current period net power supply costs accrued
|
|
(49.2
|
)
|
|
—
|
|
|
(49.2
|
)
|
|||
Revenue sharing
|
|
(5.0
|
)
|
|
—
|
|
|
(5.0
|
)
|
|||
Western EIM cost recovery to be collected through Idaho PCA
|
|
3.2
|
|
|
—
|
|
|
3.2
|
|
|||
Prior amounts refunded through rates
|
|
51.4
|
|
|
0.1
|
|
|
51.5
|
|
|||
SO2 allowance and REC sales
|
|
(5.0
|
)
|
|
(0.2
|
)
|
|
(5.2
|
)
|
|||
Interest and other
|
|
(1.5
|
)
|
|
—
|
|
|
(1.5
|
)
|
|||
Balance at December 31, 2019
|
|
$
|
(48.2
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(48.5
|
)
|
|
Resource Type
|
|
On-line megawatts (MW)
|
|
Under Contract but not yet On-line (MW)
|
|
Total Projects under Contract (MW)
|
|||
PURPA:
|
|
|
|
|
|
|
|||
Wind
|
|
627
|
|
|
—
|
|
|
627
|
|
Solar
|
|
310
|
|
|
9
|
|
|
319
|
|
Hydropower
|
|
147
|
|
|
2
|
|
|
149
|
|
Other
|
|
52
|
|
|
—
|
|
|
52
|
|
Total PURPA
|
|
1,136
|
|
|
11
|
|
|
1,147
|
|
Non-PURPA:
|
|
|
|
|
|
|
|||
Wind
|
|
101
|
|
|
—
|
|
|
101
|
|
Geothermal
|
|
35
|
|
|
—
|
|
|
35
|
|
Solar
|
|
—
|
|
|
120
|
|
|
120
|
|
Total non-PURPA
|
|
136
|
|
|
120
|
|
|
256
|
|
•
|
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, personal property damage, personal injuries and loss of life, legal 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 hydropower 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 greenhouse gas (GHG)-emitting sources of energy could impact usage of existing generation sources and require significant investment in new generation and transmission infrastructure.
|
•
|
NO2: In 2010, the EPA adopted a new NAAQS for NO2 at a level of 100 parts per billion averaged over a one-hour period. In connection with the new NAAQS, in February 2012 the EPA issued a final rule designating all of the counties in Idaho, Nevada, Oregon, and Wyoming where Idaho Power owns or has an interest in a natural gas or coal-fired power plant as “unclassifiable/attainment” for NO2.
|
•
|
SO2: In 2010, the EPA adopted a new NAAQS for SO2 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 SO2 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 SO2 standard. Since January 2018, the EPA has finalized designations of “unclassifiable/attainment” for SO2 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
|
||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
|
|
(millions of dollars)
|
||||||||||||||
Effect of 0.5% rate increase on net periodic benefit cost
|
|
$
|
(8.7
|
)
|
|
$
|
(7.0
|
)
|
|
$
|
(4.0
|
)
|
|
$
|
(3.5
|
)
|
Effect of 0.5% rate decrease on net periodic benefit cost
|
|
9.7
|
|
|
7.8
|
|
|
4.0
|
|
|
3.4
|
|
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. and Idaho Power Company - Schedule II - Consolidated Valuation and Qualifying Accounts
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(thousands of dollars except for per share amounts)
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
||||||
Electric utility revenues
|
|
$
|
1,342,940
|
|
|
$
|
1,366,582
|
|
|
$
|
1,344,893
|
|
Other
|
|
3,443
|
|
|
4,170
|
|
|
4,593
|
|
|||
Total operating revenues
|
|
1,346,383
|
|
|
1,370,752
|
|
|
1,349,486
|
|
|||
|
|
|
|
|
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
||||||
Electric utility:
|
|
|
|
|
|
|
||||||
Purchased power
|
|
285,266
|
|
|
293,814
|
|
|
248,950
|
|
|||
Fuel expense
|
|
156,872
|
|
|
133,198
|
|
|
145,829
|
|
|||
Power cost adjustment
|
|
2,047
|
|
|
42,106
|
|
|
52,024
|
|
|||
Other operations and maintenance
|
|
355,770
|
|
|
364,456
|
|
|
346,695
|
|
|||
Energy efficiency programs
|
|
40,128
|
|
|
35,703
|
|
|
39,241
|
|
|||
Depreciation
|
|
169,210
|
|
|
165,190
|
|
|
162,091
|
|
|||
Taxes other than income taxes
|
|
34,044
|
|
|
34,792
|
|
|
34,089
|
|
|||
Total electric utility expenses
|
|
1,043,337
|
|
|
1,069,259
|
|
|
1,028,919
|
|
|||
Other
|
|
4,720
|
|
|
4,571
|
|
|
5,022
|
|
|||
Total operating expenses
|
|
1,048,057
|
|
|
1,073,830
|
|
|
1,033,941
|
|
|||
Operating Income
|
|
298,326
|
|
|
296,922
|
|
|
315,545
|
|
|||
Allowance for Equity Funds Used During Construction
|
|
27,112
|
|
|
24,353
|
|
|
20,784
|
|
|||
Earnings of Unconsolidated Equity-Method Investments
|
|
12,370
|
|
|
12,449
|
|
|
11,374
|
|
|||
Other Income (Expense), Net
|
|
6,502
|
|
|
(2,867
|
)
|
|
(2,109
|
)
|
|||
Interest Expense:
|
|
|
|
|
|
|
||||||
Interest on long-term debt
|
|
82,457
|
|
|
84,408
|
|
|
81,198
|
|
|||
Other interest
|
|
14,721
|
|
|
11,691
|
|
|
11,242
|
|
|||
Allowance for borrowed funds used during construction
|
|
(10,703
|
)
|
|
(10,151
|
)
|
|
(8,694
|
)
|
|||
Total interest expense, net
|
|
86,475
|
|
|
85,948
|
|
|
83,746
|
|
|||
Income Before Income Taxes
|
|
257,835
|
|
|
244,909
|
|
|
261,848
|
|
|||
Income Tax Expense
|
|
24,507
|
|
|
17,386
|
|
|
48,660
|
|
|||
Net Income
|
|
233,328
|
|
|
227,523
|
|
|
213,188
|
|
|||
Adjustment for income attributable to noncontrolling interests
|
|
(474
|
)
|
|
(722
|
)
|
|
(769
|
)
|
|||
Net Income Attributable to IDACORP, Inc.
|
|
$
|
232,854
|
|
|
$
|
226,801
|
|
|
$
|
212,419
|
|
Weighted Average Common Shares Outstanding - Basic (000’s)
|
|
50,502
|
|
|
50,432
|
|
|
50,361
|
|
|||
Weighted Average Common Shares Outstanding - Diluted (000’s)
|
|
50,537
|
|
|
50,510
|
|
|
50,424
|
|
|||
Earnings Per Share of Common Stock:
|
|
|
|
|
|
|
||||||
Earnings Attributable to IDACORP, Inc. - Basic
|
|
$
|
4.61
|
|
|
$
|
4.50
|
|
|
$
|
4.22
|
|
Earnings Attributable to IDACORP, Inc. - Diluted
|
|
$
|
4.61
|
|
|
$
|
4.49
|
|
|
$
|
4.21
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(thousands of dollars)
|
||||||||||
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
233,328
|
|
|
$
|
227,523
|
|
|
$
|
213,188
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
||||||
Unfunded pension liability adjustment, net of tax
of $(4,658), $2,815, and $(1,555)
|
|
(13,440
|
)
|
|
8,120
|
|
|
(5,990
|
)
|
|||
Total Comprehensive Income
|
|
219,888
|
|
|
235,643
|
|
|
207,198
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
|
(474
|
)
|
|
(722
|
)
|
|
(769
|
)
|
|||
Comprehensive Income Attributable to IDACORP, Inc.
|
|
$
|
219,414
|
|
|
$
|
234,921
|
|
|
$
|
206,429
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
(in thousands)
|
||||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
217,254
|
|
|
$
|
267,492
|
|
Receivables:
|
|
|
|
|
||||
Customer (net of allowance of $1,401 and $1,725, respectively)
|
|
72,675
|
|
|
77,178
|
|
||
Other (net of allowance of $343 and $264, respectively)
|
|
18,789
|
|
|
7,476
|
|
||
Income taxes receivable
|
|
3,106
|
|
|
4,356
|
|
||
Accrued unbilled revenues
|
|
64,545
|
|
|
69,318
|
|
||
Materials and supplies (at average cost)
|
|
56,660
|
|
|
54,987
|
|
||
Fuel stock (at average cost)
|
|
57,448
|
|
|
47,979
|
|
||
Prepayments
|
|
17,638
|
|
|
16,492
|
|
||
Current regulatory assets
|
|
56,626
|
|
|
48,707
|
|
||
Other
|
|
405
|
|
|
3,655
|
|
||
Total current assets
|
|
565,146
|
|
|
597,640
|
|
||
|
|
|
|
|
||||
Investments
|
|
98,218
|
|
|
101,178
|
|
||
|
|
|
|
|
||||
Property, Plant and Equipment:
|
|
|
|
|
||||
Utility plant in service
|
|
6,113,567
|
|
|
6,103,856
|
|
||
Accumulated provision for depreciation
|
|
(2,155,783
|
)
|
|
(2,210,781
|
)
|
||
Utility plant in service - net
|
|
3,957,784
|
|
|
3,893,075
|
|
||
Construction work in progress
|
|
552,499
|
|
|
480,259
|
|
||
Utility plant held for future use
|
|
3,872
|
|
|
4,751
|
|
||
Other property, net of accumulated depreciation
|
|
17,299
|
|
|
17,650
|
|
||
Property, plant and equipment - net
|
|
4,531,454
|
|
|
4,395,735
|
|
||
|
|
|
|
|
||||
Other Assets:
|
|
|
|
|
||||
Company-owned life insurance
|
|
58,922
|
|
|
59,852
|
|
||
Regulatory assets
|
|
1,326,433
|
|
|
1,165,467
|
|
||
Other
|
|
61,028
|
|
|
62,882
|
|
||
Total other assets
|
|
1,446,383
|
|
|
1,288,201
|
|
||
|
|
|
|
|
||||
Total
|
|
$
|
6,641,201
|
|
|
$
|
6,382,754
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
(in thousands)
|
||||||
Liabilities and Equity
|
|
|
|
|
||||
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
100,000
|
|
|
$
|
—
|
|
Accounts payable
|
|
110,745
|
|
|
110,824
|
|
||
Taxes accrued
|
|
11,501
|
|
|
12,009
|
|
||
Interest accrued
|
|
20,999
|
|
|
23,622
|
|
||
Accrued compensation
|
|
52,550
|
|
|
55,121
|
|
||
Current regulatory liabilities
|
|
33,987
|
|
|
25,883
|
|
||
Advances from customers
|
|
28,452
|
|
|
20,037
|
|
||
Other
|
|
16,625
|
|
|
11,096
|
|
||
Total current liabilities
|
|
374,859
|
|
|
258,592
|
|
||
|
|
|
|
|
||||
Other Liabilities:
|
|
|
|
|
||||
Deferred income taxes
|
|
746,231
|
|
|
699,878
|
|
||
Regulatory liabilities
|
|
748,198
|
|
|
738,994
|
|
||
Pension and other postretirement benefits
|
|
519,570
|
|
|
431,475
|
|
||
Other
|
|
45,131
|
|
|
43,216
|
|
||
Total other liabilities
|
|
2,059,130
|
|
|
1,913,563
|
|
||
|
|
|
|
|
||||
Long-Term Debt
|
|
1,736,659
|
|
|
1,834,788
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Equity:
|
|
|
|
|
||||
IDACORP, Inc. shareholders’ equity:
|
|
|
|
|
||||
Common stock, no par value (120,000 shares authorized; shares issued 50,420)
|
|
868,307
|
|
|
863,593
|
|
||
Retained earnings
|
|
1,634,525
|
|
|
1,531,543
|
|
||
Accumulated other comprehensive loss
|
|
(36,284
|
)
|
|
(22,844
|
)
|
||
Treasury stock (22 and 27 shares at cost, respectively)
|
|
(1,920
|
)
|
|
(1,932
|
)
|
||
Total IDACORP, Inc. shareholders’ equity
|
|
2,464,628
|
|
|
2,370,360
|
|
||
Noncontrolling interests
|
|
5,925
|
|
|
5,451
|
|
||
Total equity
|
|
2,470,553
|
|
|
2,375,811
|
|
||
|
|
|
|
|
||||
Total
|
|
$
|
6,641,201
|
|
|
$
|
6,382,754
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these statements.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Operating Activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
233,328
|
|
|
$
|
227,523
|
|
|
$
|
213,188
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
173,800
|
|
|
169,120
|
|
|
165,933
|
|
|||
Deferred income taxes and investment tax credits
|
|
22,389
|
|
|
11,292
|
|
|
33,245
|
|
|||
Changes in regulatory assets and liabilities
|
|
(4,310
|
)
|
|
48,392
|
|
|
57,131
|
|
|||
Pension and postretirement benefit plan expense
|
|
27,804
|
|
|
32,256
|
|
|
28,911
|
|
|||
Contributions to pension and postretirement benefit plans
|
|
(48,525
|
)
|
|
(45,899
|
)
|
|
(46,589
|
)
|
|||
Earnings of equity-method investments
|
|
(12,370
|
)
|
|
(12,449
|
)
|
|
(11,374
|
)
|
|||
Distributions from equity-method investments
|
|
21,800
|
|
|
31,115
|
|
|
24,975
|
|
|||
Allowance for equity funds used during construction
|
|
(27,112
|
)
|
|
(24,353
|
)
|
|
(20,784
|
)
|
|||
Gain on sale of investments and assets
|
|
(285
|
)
|
|
(155
|
)
|
|
(131
|
)
|
|||
Other non-cash adjustments to net income, net
|
|
8,325
|
|
|
9,152
|
|
|
8,454
|
|
|||
Change in:
|
|
|
|
|
|
|
|
|
||||
Accounts receivable
|
|
(5,996
|
)
|
|
729
|
|
|
1,045
|
|
|||
Accounts payable and other accrued liabilities
|
|
(9,526
|
)
|
|
29,666
|
|
|
(17,208
|
)
|
|||
Taxes accrued/receivable
|
|
742
|
|
|
4,725
|
|
|
4,361
|
|
|||
Other current assets
|
|
(8,820
|
)
|
|
12,707
|
|
|
2,814
|
|
|||
Other current liabilities
|
|
(799
|
)
|
|
6,848
|
|
|
1,017
|
|
|||
Other assets
|
|
(4,375
|
)
|
|
(7,488
|
)
|
|
(8,734
|
)
|
|||
Other liabilities
|
|
555
|
|
|
(1,555
|
)
|
|
(1,093
|
)
|
|||
Net cash provided by operating activities
|
|
366,625
|
|
|
491,626
|
|
|
435,161
|
|
|||
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Additions to property, plant and equipment
|
|
(278,705
|
)
|
|
(277,853
|
)
|
|
(285,488
|
)
|
|||
Payments received from transmission project joint funding partners
|
|
2,442
|
|
|
21,587
|
|
|
6,074
|
|
|||
Purchase of equity securities
|
|
(10,896
|
)
|
|
(11,390
|
)
|
|
(11,356
|
)
|
|||
Proceeds from sale of equity securities
|
|
5,080
|
|
|
5,007
|
|
|
4,989
|
|
|||
Other
|
|
1,587
|
|
|
4,472
|
|
|
5,340
|
|
|||
Net cash used in investing activities
|
|
(280,492
|
)
|
|
(258,177
|
)
|
|
(280,441
|
)
|
|||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Issuance of long-term debt
|
|
166,100
|
|
|
220,000
|
|
|
—
|
|
|||
Retirement of long-term debt
|
|
(166,100
|
)
|
|
(130,000
|
)
|
|
(1,064
|
)
|
|||
Dividends on common stock
|
|
(129,677
|
)
|
|
(121,421
|
)
|
|
(113,127
|
)
|
|||
Net change in short-term borrowings
|
|
—
|
|
|
—
|
|
|
(21,800
|
)
|
|||
Acquisition of treasury stock
|
|
(4,160
|
)
|
|
(3,614
|
)
|
|
(3,212
|
)
|
|||
Make-whole premium on retirement of long-term debt
|
|
—
|
|
|
(4,607
|
)
|
|
—
|
|
|||
Debt issuance costs and other
|
|
(2,534
|
)
|
|
(2,964
|
)
|
|
(348
|
)
|
|||
Net cash used in financing activities
|
|
(136,371
|
)
|
|
(42,606
|
)
|
|
(139,551
|
)
|
|||
Net (decrease) increase in cash and cash equivalents
|
|
(50,238
|
)
|
|
190,843
|
|
|
15,169
|
|
|||
Cash and cash equivalents at beginning of the year
|
|
267,492
|
|
|
76,649
|
|
|
61,480
|
|
|||
Cash and cash equivalents at end of the year
|
|
$
|
217,254
|
|
|
$
|
267,492
|
|
|
$
|
76,649
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|||
Cash paid during the year for:
|
|
|
|
|
|
|
||||||
Income taxes
|
|
$
|
14,055
|
|
|
$
|
5,272
|
|
|
$
|
14,742
|
|
Interest (net of amount capitalized)
|
|
$
|
85,260
|
|
|
$
|
80,951
|
|
|
$
|
80,004
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
||||||
Additions to property, plant and equipment in accounts payable
|
|
$
|
38,815
|
|
|
$
|
29,528
|
|
|
$
|
33,220
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Common Stock:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
$
|
863,593
|
|
|
$
|
857,207
|
|
|
$
|
851,833
|
|
Share-based compensation expense
|
|
8,788
|
|
|
9,362
|
|
|
7,384
|
|
|||
Treasury shares issued
|
|
(4,172
|
)
|
|
(3,068
|
)
|
|
(2,069
|
)
|
|||
Other
|
|
98
|
|
|
92
|
|
|
59
|
|
|||
Balance at end of year
|
|
868,307
|
|
|
863,593
|
|
|
857,207
|
|
|||
|
|
|
|
|
|
|
||||||
Retained Earnings:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
1,531,543
|
|
|
1,426,528
|
|
|
1,323,198
|
|
|||
Cumulative effect of change in accounting principle
|
|
—
|
|
|
—
|
|
|
4,092
|
|
|||
Net income attributable to IDACORP, Inc.
|
|
232,854
|
|
|
226,801
|
|
|
212,419
|
|
|||
Common stock dividends ($2.56, $2.40, and $2.24 per share, respectively)
|
|
(129,872
|
)
|
|
(121,786
|
)
|
|
(113,181
|
)
|
|||
Balance at end of year
|
|
1,634,525
|
|
|
1,531,543
|
|
|
1,426,528
|
|
|||
|
|
|
|
|
|
|
||||||
Accumulated Other Comprehensive (Loss) Income:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
(22,844
|
)
|
|
(30,964
|
)
|
|
(20,882
|
)
|
|||
Cumulative effect of change in accounting principle
|
|
—
|
|
|
—
|
|
|
(4,092
|
)
|
|||
Unfunded pension liability adjustment (net of tax)
|
|
(13,440
|
)
|
|
8,120
|
|
|
(5,990
|
)
|
|||
Balance at end of year
|
|
(36,284
|
)
|
|
(22,844
|
)
|
|
(30,964
|
)
|
|||
|
|
|
|
|
|
|
||||||
Treasury Stock:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
(1,932
|
)
|
|
(1,386
|
)
|
|
(243
|
)
|
|||
Issued
|
|
4,172
|
|
|
3,068
|
|
|
2,069
|
|
|||
Acquired
|
|
(4,160
|
)
|
|
(3,614
|
)
|
|
(3,212
|
)
|
|||
Balance at end of year
|
|
(1,920
|
)
|
|
(1,932
|
)
|
|
(1,386
|
)
|
|||
|
|
|
|
|
|
|
||||||
Total IDACORP, Inc. shareholders’ equity at end of year
|
|
2,464,628
|
|
|
2,370,360
|
|
|
2,251,385
|
|
|||
|
|
|
|
|
|
|
||||||
Noncontrolling Interests:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
5,451
|
|
|
4,729
|
|
|
3,960
|
|
|||
Net income attributable to noncontrolling interests
|
|
474
|
|
|
722
|
|
|
769
|
|
|||
Balance at end of year
|
|
5,925
|
|
|
5,451
|
|
|
4,729
|
|
|||
|
|
|
|
|
|
|
||||||
Total equity at end of year
|
|
$
|
2,470,553
|
|
|
$
|
2,375,811
|
|
|
$
|
2,256,114
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(thousands of dollars)
|
||||||||||
|
|
|
|
|
|
|
||||||
Operating Revenues
|
|
$
|
1,342,940
|
|
|
$
|
1,366,582
|
|
|
$
|
1,344,893
|
|
|
|
|
|
|
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
||||||
Operation:
|
|
|
|
|
|
|
||||||
Purchased power
|
|
285,266
|
|
|
293,814
|
|
|
248,950
|
|
|||
Fuel expense
|
|
156,872
|
|
|
133,198
|
|
|
145,829
|
|
|||
Power cost adjustment
|
|
2,047
|
|
|
42,106
|
|
|
52,024
|
|
|||
Other operations and maintenance
|
|
355,770
|
|
|
364,456
|
|
|
346,695
|
|
|||
Energy efficiency programs
|
|
40,128
|
|
|
35,703
|
|
|
39,241
|
|
|||
Depreciation
|
|
169,210
|
|
|
165,190
|
|
|
162,091
|
|
|||
Taxes other than income taxes
|
|
34,044
|
|
|
34,792
|
|
|
34,089
|
|
|||
Total operating expenses
|
|
1,043,337
|
|
|
1,069,259
|
|
|
1,028,919
|
|
|||
|
|
|
|
|
|
|
||||||
Income from Operations
|
|
299,603
|
|
|
297,323
|
|
|
315,974
|
|
|||
|
|
|
|
|
|
|
||||||
Other Income (Expense):
|
|
|
|
|
|
|
||||||
Allowance for equity funds used during construction
|
|
27,112
|
|
|
24,353
|
|
|
20,784
|
|
|||
Earnings of unconsolidated equity-method investments
|
|
10,285
|
|
|
10,712
|
|
|
9,267
|
|
|||
Other income (expense), net
|
|
2,266
|
|
|
(5,851
|
)
|
|
(4,756
|
)
|
|||
Total other income
|
|
39,663
|
|
|
29,214
|
|
|
25,295
|
|
|||
|
|
|
|
|
|
|
||||||
Interest Charges:
|
|
|
|
|
|
|
||||||
Interest on long-term debt
|
|
82,457
|
|
|
84,408
|
|
|
81,198
|
|
|||
Other interest
|
|
14,658
|
|
|
11,634
|
|
|
11,156
|
|
|||
Allowance for borrowed funds used during construction
|
|
(10,703
|
)
|
|
(10,151
|
)
|
|
(8,694
|
)
|
|||
Total interest charges
|
|
86,412
|
|
|
85,891
|
|
|
83,660
|
|
|||
|
|
|
|
|
|
|
||||||
Income Before Income Taxes
|
|
252,854
|
|
|
240,646
|
|
|
257,609
|
|
|||
|
|
|
|
|
|
|
||||||
Income Tax Expense
|
|
28,417
|
|
|
18,312
|
|
|
51,262
|
|
|||
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
224,437
|
|
|
$
|
222,334
|
|
|
$
|
206,347
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(thousands of dollars)
|
||||||||||
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
224,437
|
|
|
$
|
222,334
|
|
|
$
|
206,347
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
||||||
Unfunded pension liability adjustment, net of tax
of $(4,658), $2,815, and $(1,555) |
|
(13,440
|
)
|
|
8,120
|
|
|
(5,990
|
)
|
|||
Total Comprehensive Income
|
|
$
|
210,997
|
|
|
$
|
230,454
|
|
|
$
|
200,357
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
(in thousands)
|
||||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Electric Plant:
|
|
|
|
|
||||
In service (at original cost)
|
|
$
|
6,113,567
|
|
|
$
|
6,103,856
|
|
Accumulated provision for depreciation
|
|
(2,155,783
|
)
|
|
(2,210,781
|
)
|
||
In service - net
|
|
3,957,784
|
|
|
3,893,075
|
|
||
Construction work in progress
|
|
552,499
|
|
|
480,259
|
|
||
Held for future use
|
|
3,872
|
|
|
4,751
|
|
||
Electric plant - net
|
|
4,514,155
|
|
|
4,378,085
|
|
||
|
|
|
|
|
||||
Investments and Other Property
|
|
87,104
|
|
|
90,019
|
|
||
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
98,950
|
|
|
165,460
|
|
||
Receivables:
|
|
|
|
|
||||
Customer (net of allowance of $1,401 and $1,725, respectively)
|
|
72,675
|
|
|
77,178
|
|
||
Other (net of allowance of $343 and $264, respectively)
|
|
17,107
|
|
|
7,206
|
|
||
Income taxes receivable
|
|
9,279
|
|
|
11,829
|
|
||
Accrued unbilled revenues
|
|
64,545
|
|
|
69,318
|
|
||
Materials and supplies (at average cost)
|
|
56,660
|
|
|
54,987
|
|
||
Fuel stock (at average cost)
|
|
57,448
|
|
|
47,979
|
|
||
Prepayments
|
|
17,520
|
|
|
16,374
|
|
||
Current regulatory assets
|
|
56,626
|
|
|
48,707
|
|
||
Other
|
|
405
|
|
|
3,655
|
|
||
Total current assets
|
|
451,215
|
|
|
502,693
|
|
||
|
|
|
|
|
||||
Deferred Debits:
|
|
|
|
|
||||
Company-owned life insurance
|
|
58,922
|
|
|
59,852
|
|
||
Regulatory assets
|
|
1,326,433
|
|
|
1,165,467
|
|
||
Other
|
|
56,330
|
|
|
58,284
|
|
||
Total deferred debits
|
|
1,441,685
|
|
|
1,283,603
|
|
||
|
|
|
|
|
||||
Total
|
|
$
|
6,494,159
|
|
|
$
|
6,254,400
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
(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
|
|
1,503,805
|
|
|
1,409,245
|
|
||
Accumulated other comprehensive loss
|
|
(36,284
|
)
|
|
(22,844
|
)
|
||
Total common stock equity
|
|
2,275,559
|
|
|
2,194,439
|
|
||
Long-term debt
|
|
1,736,659
|
|
|
1,834,788
|
|
||
Total capitalization
|
|
4,012,218
|
|
|
4,029,227
|
|
||
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
100,000
|
|
|
—
|
|
||
Accounts payable
|
|
110,581
|
|
|
110,597
|
|
||
Accounts payable to affiliates
|
|
2,053
|
|
|
2,088
|
|
||
Taxes accrued
|
|
11,481
|
|
|
11,750
|
|
||
Interest accrued
|
|
20,999
|
|
|
23,622
|
|
||
Accrued compensation
|
|
52,267
|
|
|
54,910
|
|
||
Current regulatory liabilities
|
|
33,987
|
|
|
25,883
|
|
||
Advances from customers
|
|
28,452
|
|
|
20,037
|
|
||
Other
|
|
15,629
|
|
|
10,198
|
|
||
Total current liabilities
|
|
375,449
|
|
|
259,085
|
|
||
|
|
|
|
|
||||
Deferred Credits:
|
|
|
|
|
||||
Deferred income taxes
|
|
794,402
|
|
|
753,239
|
|
||
Regulatory liabilities
|
|
748,198
|
|
|
738,994
|
|
||
Pension and other postretirement benefits
|
|
519,570
|
|
|
431,475
|
|
||
Other
|
|
44,322
|
|
|
42,380
|
|
||
Total deferred credits
|
|
2,106,492
|
|
|
1,966,088
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Total
|
|
$
|
6,494,159
|
|
|
$
|
6,254,400
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these statements.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Operating Activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
224,437
|
|
|
$
|
222,334
|
|
|
$
|
206,347
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization
|
|
173,205
|
|
|
168,519
|
|
|
165,337
|
|
|||
Deferred income taxes and investment tax credits
|
|
14,889
|
|
|
(2,272
|
)
|
|
(10,875
|
)
|
|||
Changes in regulatory assets and liabilities
|
|
(4,310
|
)
|
|
48,392
|
|
|
57,131
|
|
|||
Pension and postretirement benefit plan expense
|
|
27,788
|
|
|
32,240
|
|
|
28,894
|
|
|||
Contributions to pension and postretirement benefit plans
|
|
(48,509
|
)
|
|
(45,883
|
)
|
|
(46,573
|
)
|
|||
Earnings of equity-method investments
|
|
(10,285
|
)
|
|
(10,712
|
)
|
|
(9,267
|
)
|
|||
Distributions from equity-method investments
|
|
19,450
|
|
|
29,400
|
|
|
23,000
|
|
|||
Allowance for equity funds used during construction
|
|
(27,112
|
)
|
|
(24,353
|
)
|
|
(20,784
|
)
|
|||
Gain on sale of investments and assets
|
|
(285
|
)
|
|
(155
|
)
|
|
(131
|
)
|
|||
Other non-cash adjustments to net income, net
|
|
(463
|
)
|
|
(210
|
)
|
|
1,069
|
|
|||
Change in:
|
|
|
|
|
|
|
|
|
||||
Accounts receivable
|
|
(4,724
|
)
|
|
633
|
|
|
(5,282
|
)
|
|||
Accounts payable
|
|
(9,463
|
)
|
|
(25,532
|
)
|
|
38,111
|
|
|||
Taxes accrued/receivable
|
|
2,281
|
|
|
15,509
|
|
|
(3,601
|
)
|
|||
Other current assets
|
|
(8,821
|
)
|
|
12,707
|
|
|
2,812
|
|
|||
Other current liabilities
|
|
(870
|
)
|
|
6,822
|
|
|
996
|
|
|||
Other assets
|
|
(4,280
|
)
|
|
(7,488
|
)
|
|
(8,734
|
)
|
|||
Other liabilities
|
|
584
|
|
|
(1,476
|
)
|
|
(967
|
)
|
|||
Net cash provided by operating activities
|
|
343,512
|
|
|
418,475
|
|
|
417,483
|
|
|||
Investing Activities:
|
|
|
|
|
|
|
|
|
||||
Additions to utility plant
|
|
(278,707
|
)
|
|
(277,823
|
)
|
|
(285,471
|
)
|
|||
Payments received from transmission project joint funding partners
|
|
2,442
|
|
|
21,587
|
|
|
6,074
|
|
|||
Purchase of equity securities
|
|
(10,896
|
)
|
|
(11,390
|
)
|
|
(11,356
|
)
|
|||
Proceeds from the sale of equity securities
|
|
5,080
|
|
|
5,007
|
|
|
4,989
|
|
|||
Other
|
|
4,117
|
|
|
4,320
|
|
|
5,176
|
|
|||
Net cash used in investing activities
|
|
(277,964
|
)
|
|
(258,299
|
)
|
|
(280,588
|
)
|
|||
Financing Activities:
|
|
|
|
|
|
|
|
|
||||
Issuance of long-term debt
|
|
166,100
|
|
|
220,000
|
|
|
—
|
|
|||
Retirement of long-term debt
|
|
(166,100
|
)
|
|
(130,000
|
)
|
|
(1,064
|
)
|
|||
Dividends on common stock
|
|
(129,877
|
)
|
|
(121,791
|
)
|
|
(113,284
|
)
|
|||
Net change in short term borrowings
|
|
—
|
|
|
—
|
|
|
(21,800
|
)
|
|||
Make-whole premium on retirement of long-term debt
|
|
—
|
|
|
(4,607
|
)
|
|
—
|
|
|||
Debt issuance costs
|
|
(2,181
|
)
|
|
(2,964
|
)
|
|
(241
|
)
|
|||
Net cash used in financing activities
|
|
(132,058
|
)
|
|
(39,362
|
)
|
|
(136,389
|
)
|
|||
Net (decrease) increase in cash and cash equivalents
|
|
(66,510
|
)
|
|
120,814
|
|
|
506
|
|
|||
Cash and cash equivalents at beginning of the year
|
|
165,460
|
|
|
44,646
|
|
|
44,140
|
|
|||
Cash and cash equivalents at end of the year
|
|
$
|
98,950
|
|
|
$
|
165,460
|
|
|
$
|
44,646
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
|
|
||||
Cash paid to IDACORP related to income taxes
|
|
$
|
19,856
|
|
|
$
|
63,914
|
|
|
$
|
12,444
|
|
Cash paid for interest (net of amount capitalized)
|
|
$
|
85,198
|
|
|
$
|
80,894
|
|
|
$
|
79,918
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
||||||
Additions to property, plant and equipment in accounts payable
|
|
$
|
38,815
|
|
|
$
|
29,528
|
|
|
$
|
33,220
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(thousands of dollars)
|
||||||||||
|
|
|
|
|
|
|
||||||
Retained Earnings, Beginning of Year
|
|
$
|
1,409,245
|
|
|
$
|
1,308,702
|
|
|
$
|
1,211,547
|
|
Net Income
|
|
224,437
|
|
|
222,334
|
|
|
206,347
|
|
|||
Dividends on Common Stock
|
|
(129,877
|
)
|
|
(121,791
|
)
|
|
(113,284
|
)
|
|||
Cumulative Effect of Change in Accounting Principle
|
|
—
|
|
|
—
|
|
|
4,092
|
|
|||
Retained Earnings, End of Year
|
|
$
|
1,503,805
|
|
|
$
|
1,409,245
|
|
|
$
|
1,308,702
|
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
|
|
(thousands of dollars)
|
||||||||||||||||||||||
Federal income tax expense at statutory rate
|
|
$
|
54,046
|
|
|
$
|
51,279
|
|
|
$
|
91,378
|
|
|
$
|
53,099
|
|
|
$
|
50,536
|
|
|
$
|
90,163
|
|
Change in taxes resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AFUDC
|
|
(7,941
|
)
|
|
(7,246
|
)
|
|
(10,318
|
)
|
|
(7,941
|
)
|
|
(7,246
|
)
|
|
(10,318
|
)
|
||||||
Capitalized interest
|
|
976
|
|
|
928
|
|
|
1,513
|
|
|
976
|
|
|
928
|
|
|
1,513
|
|
||||||
Investment tax credits
|
|
(6,252
|
)
|
|
(2,929
|
)
|
|
(3,081
|
)
|
|
(6,252
|
)
|
|
(2,929
|
)
|
|
(3,081
|
)
|
||||||
Removal costs
|
|
(3,139
|
)
|
|
(3,471
|
)
|
|
(6,280
|
)
|
|
(3,139
|
)
|
|
(3,471
|
)
|
|
(6,280
|
)
|
||||||
Capitalized overhead costs
|
|
(7,140
|
)
|
|
(6,720
|
)
|
|
(11,200
|
)
|
|
(7,140
|
)
|
|
(6,720
|
)
|
|
(11,200
|
)
|
||||||
Capitalized repair costs
|
|
(18,480
|
)
|
|
(17,850
|
)
|
|
(28,700
|
)
|
|
(18,480
|
)
|
|
(17,850
|
)
|
|
(28,700
|
)
|
||||||
Bond redemption costs
|
|
—
|
|
|
(1,029
|
)
|
|
—
|
|
|
—
|
|
|
(1,029
|
)
|
|
—
|
|
||||||
Remeasurement of deferred taxes
|
|
—
|
|
|
(5,411
|
)
|
|
1,690
|
|
|
—
|
|
|
(5,664
|
)
|
|
1,970
|
|
||||||
State income taxes, net of federal benefit
|
|
8,627
|
|
|
8,512
|
|
|
8,153
|
|
|
8,401
|
|
|
8,532
|
|
|
8,108
|
|
||||||
Depreciation
|
|
14,641
|
|
|
13,110
|
|
|
18,953
|
|
|
14,641
|
|
|
13,110
|
|
|
18,953
|
|
||||||
Excess deferred income tax reversal
|
|
(6,181
|
)
|
|
(7,289
|
)
|
|
—
|
|
|
(6,181
|
)
|
|
(7,289
|
)
|
|
—
|
|
||||||
Income tax return adjustments
|
|
745
|
|
|
(5,076
|
)
|
|
(3,710
|
)
|
|
993
|
|
|
(4,968
|
)
|
|
(3,601
|
)
|
||||||
Affordable housing tax credits
|
|
(2,874
|
)
|
|
(2,560
|
)
|
|
(2,559
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Affordable housing investment distributions
|
|
(3,232
|
)
|
|
(267
|
)
|
|
(1,124
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Affordable housing investment amortization
|
|
1,825
|
|
|
1,519
|
|
|
1,271
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other, net
|
|
(1,114
|
)
|
|
1,886
|
|
|
(7,326
|
)
|
|
(560
|
)
|
|
2,372
|
|
|
(6,265
|
)
|
||||||
Total income tax expense
|
|
$
|
24,507
|
|
|
$
|
17,386
|
|
|
$
|
48,660
|
|
|
$
|
28,417
|
|
|
$
|
18,312
|
|
|
$
|
51,262
|
|
Effective tax rate
|
|
9.5%
|
|
7.1%
|
|
18.6%
|
|
11.2%
|
|
7.6%
|
|
19.9%
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
|
|
(thousands of dollars)
|
||||||||||||||||||||||
Income taxes current:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal
|
|
$
|
8,830
|
|
|
$
|
5,390
|
|
|
$
|
11,726
|
|
|
$
|
25,338
|
|
|
$
|
24,919
|
|
|
$
|
51,575
|
|
State
|
|
4,865
|
|
|
3,328
|
|
|
5,418
|
|
|
(4,392
|
)
|
|
(2,049
|
)
|
|
10,562
|
|
||||||
Total
|
|
13,695
|
|
|
8,718
|
|
|
17,144
|
|
|
20,946
|
|
|
22,870
|
|
|
62,137
|
|
||||||
Income taxes deferred:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal
|
|
9,486
|
|
|
1,649
|
|
|
24,018
|
|
|
(4,599
|
)
|
|
(15,388
|
)
|
|
(13,002
|
)
|
||||||
State
|
|
1,159
|
|
|
30
|
|
|
(154
|
)
|
|
10,054
|
|
|
5,425
|
|
|
(5,298
|
)
|
||||||
Total
|
|
10,645
|
|
|
1,679
|
|
|
23,864
|
|
|
5,455
|
|
|
(9,963
|
)
|
|
(18,300
|
)
|
||||||
Investment tax credits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deferred
|
|
8,268
|
|
|
8,334
|
|
|
10,506
|
|
|
8,268
|
|
|
8,334
|
|
|
10,506
|
|
||||||
Restored
|
|
(6,252
|
)
|
|
(2,929
|
)
|
|
(3,081
|
)
|
|
(6,252
|
)
|
|
(2,929
|
)
|
|
(3,081
|
)
|
||||||
Total
|
|
2,016
|
|
|
5,405
|
|
|
7,425
|
|
|
2,016
|
|
|
5,405
|
|
|
7,425
|
|
||||||
Affordable housing investments
|
|
(1,849
|
)
|
|
1,584
|
|
|
227
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total income tax expense
|
|
$
|
24,507
|
|
|
$
|
17,386
|
|
|
$
|
48,660
|
|
|
$
|
28,417
|
|
|
$
|
18,312
|
|
|
$
|
51,262
|
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
(thousands of dollars)
|
||||||||||||||
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regulatory liabilities
|
|
$
|
96,599
|
|
|
$
|
98,042
|
|
|
$
|
96,599
|
|
|
$
|
98,042
|
|
Deferred compensation
|
|
21,946
|
|
|
21,871
|
|
|
21,946
|
|
|
21,826
|
|
||||
Deferred revenue
|
|
39,039
|
|
|
35,137
|
|
|
39,039
|
|
|
35,137
|
|
||||
Tax credits
|
|
76,125
|
|
|
100,041
|
|
|
24,489
|
|
|
44,532
|
|
||||
Partnership investments
|
|
7,911
|
|
|
4,200
|
|
|
4,912
|
|
|
1,086
|
|
||||
Retirement benefits
|
|
114,124
|
|
|
91,867
|
|
|
114,124
|
|
|
91,867
|
|
||||
Other
|
|
11,347
|
|
|
9,299
|
|
|
11,107
|
|
|
9,121
|
|
||||
Total
|
|
367,091
|
|
|
360,457
|
|
|
312,216
|
|
|
301,611
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Property, plant and equipment
|
|
286,583
|
|
|
294,471
|
|
|
286,583
|
|
|
294,471
|
|
||||
Regulatory assets
|
|
646,886
|
|
|
614,144
|
|
|
646,886
|
|
|
614,144
|
|
||||
Partnership investments
|
|
3,565
|
|
|
3,875
|
|
|
—
|
|
|
—
|
|
||||
Retirement benefits
|
|
132,764
|
|
|
108,440
|
|
|
132,764
|
|
|
108,440
|
|
||||
Other
|
|
43,524
|
|
|
39,405
|
|
|
40,385
|
|
|
37,795
|
|
||||
Total
|
|
1,113,322
|
|
|
1,060,335
|
|
|
1,106,618
|
|
|
1,054,850
|
|
||||
Net deferred tax liabilities
|
|
$
|
746,231
|
|
|
$
|
699,878
|
|
|
$
|
794,402
|
|
|
$
|
753,239
|
|
|
|
|
|
As of December 31, 2019
|
|
|
|
|
||||||||||
|
|
Remaining
Amortization Period |
|
Earning a Return(1)
|
|
Not Earning a Return
|
|
Total as of December 31,
|
||||||||||
Description
|
|
|
|
|
2019
|
|
2018
|
|||||||||||
Regulatory Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income taxes(2)
|
|
|
|
$
|
—
|
|
|
$
|
646,886
|
|
|
$
|
646,886
|
|
|
$
|
614,144
|
|
Unfunded postretirement benefits(3)
|
|
|
|
—
|
|
|
347,935
|
|
|
347,935
|
|
|
278,674
|
|
||||
Pension expense deferrals(4)
|
|
|
|
150,350
|
|
|
22,287
|
|
|
172,637
|
|
|
147,836
|
|
||||
Energy efficiency program costs(5)
|
|
|
|
1,465
|
|
|
—
|
|
|
1,465
|
|
|
1,398
|
|
||||
Fixed cost adjustment(6)
|
|
2020-2021
|
|
35,208
|
|
|
18,808
|
|
|
54,016
|
|
|
42,503
|
|
||||
North Valmy plant settlements(6)
|
|
2020-2028
|
|
107,525
|
|
|
—
|
|
|
107,525
|
|
|
77,512
|
|
||||
Asset retirement obligations(7)
|
|
|
|
—
|
|
|
18,835
|
|
|
18,835
|
|
|
17,655
|
|
||||
Long-term service agreement
|
|
2020-2043
|
|
15,412
|
|
|
10,178
|
|
|
25,590
|
|
|
26,748
|
|
||||
Other
|
|
2020-2055
|
|
2,804
|
|
|
5,366
|
|
|
8,170
|
|
|
7,704
|
|
||||
Total
|
|
|
|
$
|
312,764
|
|
|
$
|
1,070,295
|
|
|
$
|
1,383,059
|
|
|
$
|
1,214,174
|
|
Regulatory Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income taxes(8)
|
|
|
|
$
|
—
|
|
|
$
|
96,599
|
|
|
$
|
96,599
|
|
|
$
|
98,042
|
|
Depreciation-related excess deferred income taxes(9)
|
|
|
|
183,881
|
|
|
—
|
|
|
183,881
|
|
|
190,062
|
|
||||
Removal costs(7)
|
|
|
|
—
|
|
|
185,685
|
|
|
185,685
|
|
|
183,798
|
|
||||
Investment tax credits
|
|
|
|
—
|
|
|
94,806
|
|
|
94,806
|
|
|
92,790
|
|
||||
Deferred revenue-AFUDC(10)
|
|
|
|
109,921
|
|
|
41,747
|
|
|
151,668
|
|
|
135,146
|
|
||||
Energy efficiency program costs(5)
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,259
|
|
||||
Power supply costs(6)
|
|
2020-2021
|
|
46,022
|
|
|
2,470
|
|
|
48,492
|
|
|
42,322
|
|
||||
Settlement agreement sharing mechanism(6)
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,025
|
|
||||
Tax reform accrual for future amortization(11)
|
|
|
|
—
|
|
|
9,139
|
|
|
9,139
|
|
|
—
|
|
||||
Other
|
|
|
|
6,636
|
|
|
5,279
|
|
|
11,915
|
|
|
12,433
|
|
||||
Total
|
|
|
|
$
|
346,460
|
|
|
$
|
435,725
|
|
|
$
|
782,185
|
|
|
$
|
764,877
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
The energy efficiency asset includes the Oregon jurisdiction balance at December 31, 2019 and 2018. The Idaho jurisdiction balance was an asset at December 31, 2019, and a liability at December 31, 2018.
|
•
|
a cost or benefit sharing ratio that allocates the deviations in net power supply expenses between customers (95 percent) and Idaho Power (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, 2019
|
|
$
|
(50.1
|
)
|
|
The $50.1 million decrease includes a $5.0 million credit to customers for sharing of 2018 earnings under the IPUC order approving the extension, with modifications, of the terms of the December 2011 Idaho settlement stipulation for the period from 2015 through 2019 (October 2014 Idaho Earnings Support and Sharing Settlement Stipulation) and a $2.7 million credit for income tax reform benefits related to Idaho Power's OATT rate under a May 2018 Idaho tax reform settlement stipulation as described below in this Note 3 - Regulatory Matters.
|
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 as described below in this Note 3 - Regulatory Matters.
|
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.
|
October 2014 Idaho Earnings Support and Sharing Settlement Stipulation
(Effective through December 31, 2019) |
|
May 2018 Idaho Tax Reform Settlement Stipulation
(Effective 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) |
2018
|
|
June 1, 2019-May 31, 2020
|
|
$34.8
|
2017
|
|
June 1, 2018-May 31, 2019
|
|
$15.6
|
2016
|
|
June 1, 2017-May 31, 2018
|
|
$35.0
|
Applicable Period
|
|
OATT Rate (per kW-year)
|
||
October 1, 2019 to September 30, 2020
|
|
$
|
27.32
|
|
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
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Electric utility operating revenues:
|
|
|
|
|
|
|
||||||
Revenue from contracts with customers
|
|
$
|
1,285,286
|
|
|
$
|
1,312,112
|
|
|
$
|
1,320,004
|
|
Alternative revenue programs and derivative revenues
|
|
57,654
|
|
|
54,470
|
|
|
24,889
|
|
|||
Total electric utility operating revenues
|
|
$
|
1,342,940
|
|
|
$
|
1,366,582
|
|
|
$
|
1,344,893
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues from contracts with customers:
|
|
|
|
|
|
|
||||||
Retail revenues:
|
|
|
|
|
|
|
||||||
Residential (includes $35,587, $34,625 and $17,320, respectively, related to the FCA(1))
|
|
$
|
526,966
|
|
|
$
|
530,527
|
|
|
$
|
552,333
|
|
Commercial (includes $1,336, $1,299, and $876, respectively, related to the FCA(1))
|
|
295,203
|
|
|
310,299
|
|
|
319,195
|
|
|||
Industrial
|
|
181,372
|
|
|
190,130
|
|
|
195,124
|
|
|||
Irrigation
|
|
135,850
|
|
|
158,001
|
|
|
150,030
|
|
|||
Provision for sharing
|
|
—
|
|
|
(5,025
|
)
|
|
—
|
|
|||
Deferred revenue related to HCC relicensing AFUDC(2)
|
|
(8,780
|
)
|
|
(8,780
|
)
|
|
(10,706
|
)
|
|||
Total retail revenues
|
|
1,130,611
|
|
|
1,175,152
|
|
|
1,205,976
|
|
|||
Less: FCA mechanism revenues(1)
|
|
(36,923
|
)
|
|
(35,924
|
)
|
|
(18,196
|
)
|
|||
Wholesale energy sales
|
|
71,198
|
|
|
52,845
|
|
|
24,790
|
|
|||
Transmission wheeling-related revenues
|
|
53,828
|
|
|
59,094
|
|
|
43,970
|
|
|||
Energy efficiency program revenues
|
|
40,128
|
|
|
35,703
|
|
|
39,241
|
|
|||
Other revenues from contracts with customers
|
|
26,444
|
|
|
25,242
|
|
|
24,223
|
|
|||
Total revenues from contracts with customers
|
|
$
|
1,285,286
|
|
|
$
|
1,312,112
|
|
|
$
|
1,320,004
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Alternative revenue programs and derivative revenues:
|
|
|
|
|
|
|
||||||
FCA mechanism revenues
|
|
$
|
36,923
|
|
|
$
|
35,924
|
|
|
$
|
18,196
|
|
Derivative revenues
|
|
20,731
|
|
|
18,546
|
|
|
6,693
|
|
|||
Total alternative revenue programs and derivative revenues
|
|
$
|
57,654
|
|
|
$
|
54,470
|
|
|
$
|
24,889
|
|
|
|
2019
|
|
2018
|
||||
First mortgage bonds:
|
|
|
|
|
||||
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
|
|
|
220,000
|
|
||
Total first mortgage bonds
|
|
1,665,000
|
|
|
1,665,000
|
|
||
Pollution control revenue bonds:
|
|
|
|
|
||||
1.45% Series due 2024(1)
|
|
49,800
|
|
|
49,800
|
|
||
1.70% 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
|
|
(18,686
|
)
|
|
(20,557
|
)
|
||
Total IDACORP and Idaho Power outstanding debt(2)
|
|
1,836,659
|
|
|
1,834,788
|
|
||
Current maturities of long-term debt
|
|
(100,000
|
)
|
|
—
|
|
||
Total long-term debt
|
|
$
|
1,736,659
|
|
|
$
|
1,834,788
|
|
|
|
|
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||
|
$
|
100,000
|
|
|
$
|
—
|
|
|
$
|
75,000
|
|
|
$
|
75,000
|
|
|
$
|
49,800
|
|
|
$
|
1,555,545
|
|
|
|
Shares issued
|
|
Shares reserved
|
||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
December 31, 2019
|
||||
Balance at beginning of year
|
|
50,420,017
|
|
|
50,420,017
|
|
|
50,420,017
|
|
|
|
|
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)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,356,729
|
|
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, 2019
|
|
206,035
|
|
|
$
|
81.31
|
|
|
204,859
|
|
|
$
|
81.31
|
|
Shares/units granted
|
|
98,868
|
|
|
92.58
|
|
|
98,362
|
|
|
92.59
|
|
||
Shares/units forfeited
|
|
(4,640
|
)
|
|
94.57
|
|
|
(4,640
|
)
|
|
94.57
|
|
||
Shares/units vested
|
|
(97,353
|
)
|
|
71.95
|
|
|
(96,761
|
)
|
|
71.95
|
|
||
Nonvested shares/units at December 31, 2019
|
|
202,910
|
|
|
$
|
90.99
|
|
|
201,820
|
|
|
$
|
90.99
|
|
|
|
IDACORP
|
|
Idaho Power
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Compensation cost
|
|
$
|
8,788
|
|
|
$
|
9,362
|
|
|
$
|
7,384
|
|
|
$
|
8,639
|
|
|
$
|
9,276
|
|
|
$
|
7,304
|
|
Income tax benefit(1)
|
|
2,262
|
|
|
2,410
|
|
|
2,887
|
|
|
2,224
|
|
|
2,388
|
|
|
2,856
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|||
Net income attributable to IDACORP, Inc.
|
|
$
|
232,854
|
|
|
$
|
226,801
|
|
|
$
|
212,419
|
|
Denominator:
|
|
|
|
|
|
|
|
|
||||
Weighted-average common shares outstanding - basic
|
|
50,502
|
|
|
50,432
|
|
|
50,361
|
|
|||
Effect of dilutive securities
|
|
35
|
|
|
78
|
|
|
63
|
|
|||
Weighted-average common shares outstanding - diluted
|
|
50,537
|
|
|
50,510
|
|
|
50,424
|
|
|||
Basic earnings per share
|
|
$
|
4.61
|
|
|
$
|
4.50
|
|
|
$
|
4.22
|
|
Diluted earnings per share
|
|
$
|
4.61
|
|
|
$
|
4.49
|
|
|
$
|
4.21
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||
Cogeneration and power production
|
|
$
|
241,835
|
|
|
$
|
248,481
|
|
|
$
|
251,964
|
|
|
$
|
262,735
|
|
|
$
|
266,061
|
|
|
$
|
2,739,123
|
|
Fuel
|
|
55,693
|
|
|
36,069
|
|
|
8,389
|
|
|
8,379
|
|
|
8,371
|
|
|
75,074
|
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||
Joint-operating agreement payments(1)
|
|
$
|
2,678
|
|
|
$
|
2,678
|
|
|
$
|
2,678
|
|
|
$
|
2,678
|
|
|
$
|
2,678
|
|
|
$
|
13,391
|
|
Easements and other payments
|
|
269
|
|
|
1,124
|
|
|
1,072
|
|
|
1,062
|
|
|
1,055
|
|
|
16,408
|
|
||||||
Maintenance and service agreements(1)
|
|
47,547
|
|
|
13,797
|
|
|
16,468
|
|
|
7,143
|
|
|
7,354
|
|
|
55,768
|
|
||||||
FERC and other industry-related fees(1)
|
|
14,178
|
|
|
13,874
|
|
|
13,056
|
|
|
13,056
|
|
|
13,056
|
|
|
65,278
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Plan
|
|
SMSP
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
||||||||||||||
Change in projected benefit obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Benefit obligation at January 1
|
|
$
|
951,857
|
|
|
$
|
999,344
|
|
|
$
|
102,318
|
|
|
$
|
110,303
|
|
Service cost
|
|
34,061
|
|
|
37,836
|
|
|
(181
|
)
|
|
(316
|
)
|
||||
Interest cost
|
|
42,312
|
|
|
38,833
|
|
|
4,575
|
|
|
4,248
|
|
||||
Actuarial loss (gain)
|
|
147,784
|
|
|
(84,758
|
)
|
|
17,888
|
|
|
(7,050
|
)
|
||||
Plan amendment
|
|
—
|
|
|
—
|
|
|
2,839
|
|
|
—
|
|
||||
Benefits paid
|
|
(41,262
|
)
|
|
(39,398
|
)
|
|
(4,996
|
)
|
|
(4,867
|
)
|
||||
Projected benefit obligation at December 31
|
|
1,134,752
|
|
|
951,857
|
|
|
122,443
|
|
|
102,318
|
|
||||
Change in plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fair value at January 1
|
|
650,604
|
|
|
697,683
|
|
|
—
|
|
|
—
|
|
||||
Actual return (loss) on plan assets
|
|
113,777
|
|
|
(47,681
|
)
|
|
—
|
|
|
—
|
|
||||
Employer contributions
|
|
40,000
|
|
|
40,000
|
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
|
(41,262
|
)
|
|
(39,398
|
)
|
|
—
|
|
|
—
|
|
||||
Fair value at December 31
|
|
763,119
|
|
|
650,604
|
|
|
—
|
|
|
—
|
|
||||
Funded status at end of year
|
|
$
|
(371,633
|
)
|
|
$
|
(301,253
|
)
|
|
$
|
(122,443
|
)
|
|
$
|
(102,318
|
)
|
Amounts recognized in the statement of financial position consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other current liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(5,911
|
)
|
|
$
|
(5,158
|
)
|
Noncurrent liabilities
|
|
(371,633
|
)
|
|
(301,253
|
)
|
|
(116,532
|
)
|
|
(97,160
|
)
|
||||
Net amount recognized
|
|
$
|
(371,633
|
)
|
|
$
|
(301,253
|
)
|
|
$
|
(122,443
|
)
|
|
$
|
(102,318
|
)
|
Amounts recognized in accumulated other comprehensive income consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss
|
|
$
|
347,785
|
|
|
$
|
278,720
|
|
|
$
|
45,851
|
|
|
$
|
30,496
|
|
Prior service cost
|
|
56
|
|
|
62
|
|
|
3,143
|
|
|
399
|
|
||||
Subtotal
|
|
347,841
|
|
|
278,782
|
|
|
48,994
|
|
|
30,895
|
|
||||
Less amount recorded as regulatory asset(1)
|
|
(347,841
|
)
|
|
(278,782
|
)
|
|
—
|
|
|
—
|
|
||||
Net amount recognized in accumulated other comprehensive income
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
48,994
|
|
|
$
|
30,895
|
|
Accumulated benefit obligation
|
|
$
|
958,586
|
|
|
$
|
814,549
|
|
|
$
|
109,966
|
|
|
$
|
94,630
|
|
|
|
Pension Plan
|
|
SMSP
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Service cost
|
|
$
|
34,061
|
|
|
$
|
37,836
|
|
|
$
|
33,742
|
|
|
$
|
(181
|
)
|
|
$
|
(316
|
)
|
|
$
|
759
|
|
Interest cost
|
|
42,312
|
|
|
38,833
|
|
|
38,957
|
|
|
4,575
|
|
|
4,248
|
|
|
4,315
|
|
||||||
Expected return on assets
|
|
(48,623
|
)
|
|
(52,302
|
)
|
|
(45,138
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of net loss
|
|
13,564
|
|
|
13,558
|
|
|
13,190
|
|
|
2,533
|
|
|
3,788
|
|
|
2,963
|
|
||||||
Amortization of prior service cost
|
|
6
|
|
|
6
|
|
|
28
|
|
|
96
|
|
|
98
|
|
|
127
|
|
||||||
Net periodic pension cost
|
|
41,320
|
|
|
37,931
|
|
|
40,779
|
|
|
7,023
|
|
|
7,818
|
|
|
8,164
|
|
||||||
Regulatory deferral of net periodic benefit cost(1)
|
|
(39,379
|
)
|
|
(36,153
|
)
|
|
(38,699
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Previously deferred pension cost recognized(1)
|
|
17,154
|
|
|
17,154
|
|
|
17,154
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost recognized for financial reporting(1)(2)
|
|
$
|
19,095
|
|
|
$
|
18,932
|
|
|
$
|
19,234
|
|
|
$
|
7,023
|
|
|
$
|
7,818
|
|
|
$
|
8,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Plan
|
|
SMSP
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Actuarial (loss) gain during the year
|
|
$
|
(82,631
|
)
|
|
$
|
(15,226
|
)
|
|
$
|
(26,608
|
)
|
|
$
|
(17,888
|
)
|
|
$
|
7,049
|
|
|
$
|
(10,635
|
)
|
Plan amendment service cost
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,839
|
)
|
|
—
|
|
|
—
|
|
||||||
Reclassification adjustments for:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amortization of net loss
|
|
13,564
|
|
|
13,558
|
|
|
13,190
|
|
|
2,533
|
|
|
3,788
|
|
|
2,963
|
|
||||||
Amortization of prior service cost
|
|
6
|
|
|
6
|
|
|
28
|
|
|
96
|
|
|
98
|
|
|
127
|
|
||||||
Adjustment for deferred tax effects
|
|
17,776
|
|
|
428
|
|
|
1,744
|
|
|
4,658
|
|
|
(2,815
|
)
|
|
1,555
|
|
||||||
Adjustment due to the effects of regulation
|
|
51,285
|
|
|
1,234
|
|
|
11,646
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive (loss) income recognized related to pension benefit plans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(13,440
|
)
|
|
$
|
8,120
|
|
|
$
|
(5,990
|
)
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
2025-2029
|
||||||||||||
Pension Plan
|
|
$
|
40,727
|
|
|
$
|
42,674
|
|
|
$
|
44,576
|
|
|
$
|
46,670
|
|
|
$
|
48,694
|
|
|
$
|
273,700
|
|
SMSP
|
|
6,010
|
|
|
6,186
|
|
|
6,281
|
|
|
6,700
|
|
|
6,724
|
|
|
33,304
|
|
|
|
2019
|
|
2018
|
||||
Change in accumulated benefit obligation:
|
|
|
|
|
|
|
||
Benefit obligation at January 1
|
|
$
|
66,453
|
|
|
$
|
70,051
|
|
Service cost
|
|
853
|
|
|
1,051
|
|
||
Interest cost
|
|
2,989
|
|
|
2,643
|
|
||
Actuarial loss (gain)
|
|
5,298
|
|
|
(2,688
|
)
|
||
Benefits paid(1)
|
|
(4,564
|
)
|
|
(4,604
|
)
|
||
Plan amendments
|
|
|
|
|
—
|
|
||
Benefit obligation at December 31
|
|
71,029
|
|
|
66,453
|
|
||
Change in plan assets:
|
|
|
|
|
|
|
||
Fair value of plan assets at January 1
|
|
33,391
|
|
|
38,294
|
|
||
Actual return (loss) on plan assets
|
|
7,269
|
|
|
(1,330
|
)
|
||
Employer contributions(1)
|
|
3,529
|
|
|
1,031
|
|
||
Benefits paid(1)
|
|
(4,564
|
)
|
|
(4,604
|
)
|
||
Fair value of plan assets at December 31
|
|
39,625
|
|
|
33,391
|
|
||
Funded status at end of year (included in noncurrent liabilities)
|
|
$
|
(31,404
|
)
|
|
$
|
(33,062
|
)
|
|
|
|
|
|
|
|
2019
|
|
2018
|
||||
Net loss
|
|
$
|
(81
|
)
|
|
$
|
(330
|
)
|
Prior service cost
|
|
174
|
|
|
222
|
|
||
Subtotal
|
|
93
|
|
|
(108
|
)
|
||
Less amount recognized in regulatory assets
|
|
(93
|
)
|
|
108
|
|
||
Net amount recognized in accumulated other comprehensive income
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Service cost
|
|
$
|
853
|
|
|
$
|
1,051
|
|
|
$
|
973
|
|
Interest cost
|
|
2,989
|
|
|
2,643
|
|
|
2,783
|
|
|||
Expected return on plan assets
|
|
(2,220
|
)
|
|
(2,467
|
)
|
|
(2,307
|
)
|
|||
Immediate recognition of loss from temporary deviation(1)
|
|
—
|
|
|
4,216
|
|
|
—
|
|
|||
Amortization of prior service cost
|
|
48
|
|
|
47
|
|
|
47
|
|
|||
Net periodic postretirement benefit cost
|
|
$
|
1,670
|
|
|
$
|
5,490
|
|
|
$
|
1,496
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Actuarial loss during the year
|
|
$
|
(249
|
)
|
|
$
|
(1,109
|
)
|
|
$
|
(2,964
|
)
|
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
|
|
48
|
|
|
47
|
|
|
47
|
|
|||
Adjustment for deferred tax effects
|
|
52
|
|
|
270
|
|
|
807
|
|
|||
Adjustment due to the effects of regulation
|
|
149
|
|
|
(3,424
|
)
|
|
2,322
|
|
|||
Other comprehensive income related to postretirement benefit plans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
2025-2028
|
||||||||||||
Expected benefit payments
|
|
$
|
5,552
|
|
|
$
|
4,932
|
|
|
$
|
4,750
|
|
|
$
|
4,532
|
|
|
$
|
4,289
|
|
|
$
|
19,133
|
|
|
|
Pension Plan
|
|
SMSP
|
|
Postretirement
Benefits
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||
Discount rate
|
|
3.60
|
%
|
|
4.55
|
%
|
|
3.65
|
%
|
|
4.60
|
%
|
|
3.60
|
%
|
|
4.60
|
%
|
Rate of compensation increase(1)
|
|
4.37
|
%
|
|
4.25
|
%
|
|
4.75
|
%
|
|
4.75
|
%
|
|
—
|
|
|
—
|
|
Medical trend rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.7
|
%
|
|
6.3
|
%
|
Dental trend rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.0
|
%
|
|
4.0
|
%
|
Measurement date
|
|
12/31/2019
|
|
|
12/31/2018
|
|
|
12/31/2019
|
|
|
12/31/2018
|
|
|
12/31/2019
|
|
|
12/31/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Plan
|
|
SMSP
|
|
Postretirement
Benefits
|
|||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
|||||||||
Discount rate
|
|
4.55
|
%
|
|
3.95
|
%
|
|
4.45
|
%
|
|
4.60
|
%
|
|
3.95
|
%
|
|
4.45
|
%
|
|
4.60
|
%
|
|
3.95
|
%
|
|
4.45
|
%
|
Expected long-term rate of return on assets
|
|
7.50
|
%
|
|
7.50
|
%
|
|
7.50
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.75
|
%
|
|
6.75
|
%
|
|
6.75
|
%
|
Rate of compensation increase
|
|
4.37
|
%
|
|
4.25
|
%
|
|
4.17
|
%
|
|
4.75
|
%
|
|
4.75
|
%
|
|
4.75
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
Medical trend rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.7
|
%
|
|
6.3
|
%
|
|
6.8
|
%
|
Dental trend rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.0
|
%
|
|
4.0
|
%
|
|
4.0
|
%
|
Asset Class
|
|
Target
Allocation
|
|
Actual
Allocation
December 31, 2019
|
||
Debt securities
|
|
24
|
%
|
|
23
|
%
|
Equity securities
|
|
56
|
%
|
|
59
|
%
|
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. 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, 2019
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
10,878
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,878
|
|
Short-term bonds
|
|
21,628
|
|
|
—
|
|
|
—
|
|
|
21,628
|
|
||||
Intermediate bonds
|
|
22,369
|
|
|
134,931
|
|
|
—
|
|
|
157,300
|
|
||||
Long-term bonds
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Equity Securities: Large-Cap
|
|
92,852
|
|
|
—
|
|
|
—
|
|
|
92,852
|
|
||||
Equity Securities: Mid-Cap
|
|
81,663
|
|
|
—
|
|
|
—
|
|
|
81,663
|
|
||||
Equity Securities: Small-Cap
|
|
67,075
|
|
|
—
|
|
|
—
|
|
|
67,075
|
|
||||
Equity Securities: Micro-Cap
|
|
31,469
|
|
|
—
|
|
|
—
|
|
|
31,469
|
|
||||
Equity Securities: International
|
|
13,817
|
|
|
—
|
|
|
—
|
|
|
13,817
|
|
||||
Equity Securities: Emerging Markets
|
|
8,245
|
|
|
—
|
|
|
—
|
|
|
8,245
|
|
||||
Plan assets measured at NAV (not subject to hierarchy disclosure)
|
|
|
|
|
|
|
|
|
||||||||
Commingled Fund: Equity Securities: Global and International
|
|
|
|
|
|
|
|
|
|
|
114,975
|
|
||||
Commingled Fund: Equity Securities: Emerging Markets
|
|
|
|
|
|
|
|
|
|
|
40,059
|
|
||||
Commingled Fund: Commodities fund
|
|
|
|
|
|
|
|
|
|
|
34,793
|
|
||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
47,570
|
|
||||
Private market investments
|
|
|
|
|
|
|
|
|
|
|
40,795
|
|
||||
Total
|
|
$
|
349,996
|
|
|
$
|
134,931
|
|
|
$
|
—
|
|
|
$
|
763,119
|
|
Postretirement plan assets(1)
|
|
$
|
641
|
|
|
$
|
38,984
|
|
|
$
|
—
|
|
|
$
|
39,625
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
||||||||
Commingled Fund: Equity Securities: International
|
|
|
|
|
|
|
|
|
|
|
95,653
|
|
||||
Commingled Fund: Equity Securities: Emerging Markets
|
|
|
|
|
|
|
|
|
|
|
29,757
|
|
||||
Commingled Fund: Commodities fund
|
|
|
|
|
|
|
|
|
|
|
30,842
|
|
||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
39,846
|
|
||||
Private market investments
|
|
|
|
|
|
|
|
|
|
|
35,041
|
|
||||
Total
|
|
$
|
290,962
|
|
|
$
|
128,503
|
|
|
$
|
—
|
|
|
$
|
650,604
|
|
Postretirement plan assets(1)
|
|
$
|
758
|
|
|
$
|
32,633
|
|
|
$
|
—
|
|
|
$
|
33,391
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
||||||||||
|
|
Balance
|
|
Avg Rate
|
|
Balance
|
|
Avg Rate
|
||||||
Production
|
|
$
|
2,535,938
|
|
|
3.19
|
%
|
|
$
|
2,654,201
|
|
|
3.10
|
%
|
Transmission
|
|
1,220,703
|
|
|
1.89
|
%
|
|
1,201,092
|
|
|
1.89
|
%
|
||
Distribution
|
|
1,882,136
|
|
|
2.25
|
%
|
|
1,792,284
|
|
|
2.24
|
%
|
||
General and Other
|
|
474,790
|
|
|
6.17
|
%
|
|
456,279
|
|
|
6.40
|
%
|
||
Total in service
|
|
6,113,567
|
|
|
2.87
|
%
|
|
6,103,856
|
|
|
2.84
|
%
|
||
Accumulated provision for depreciation
|
|
(2,155,783
|
)
|
|
|
|
|
(2,210,781
|
)
|
|
|
|
||
In service - net
|
|
$
|
3,957,784
|
|
|
|
|
|
$
|
3,893,075
|
|
|
|
|
Name of Plant
|
|
Location
|
|
Utility Plant in Service
|
|
Construction
Work in Progress
|
|
Accumulated
Provision for Depreciation
|
|
Ownership %
|
|
MW(1)(2)
|
||||||
Jim Bridger units 1-4
|
|
Rock Springs, WY
|
|
$
|
745,096
|
|
|
$
|
4,622
|
|
|
$
|
353,254
|
|
|
33
|
|
771
|
Boardman
|
|
Boardman, OR
|
|
82,501
|
|
|
12
|
|
|
78,411
|
|
|
10
|
|
64
|
|||
North Valmy unit 2(2)
|
|
Winnemucca, NV
|
|
252,921
|
|
|
217
|
|
|
166,419
|
|
|
50
|
|
145
|
|||
|
|
|
2019
|
|
2018
|
||||
Balance at beginning of year
|
|
$
|
26,792
|
|
|
$
|
26,415
|
|
Accretion expense
|
|
1,115
|
|
|
1,055
|
|
||
Revisions in estimated cash flows
|
|
365
|
|
|
(751
|
)
|
||
Liability incurred
|
|
—
|
|
|
129
|
|
||
Liability settled
|
|
(81
|
)
|
|
(56
|
)
|
||
Balance at end of year
|
|
$
|
28,191
|
|
|
$
|
26,792
|
|
|
|
2019
|
|
2018
|
||||
Idaho Power investments:
|
|
|
|
|
|
|
||
Bridger Coal Company (equity method investment)
|
|
$
|
40,713
|
|
|
$
|
49,878
|
|
Exchange traded short-term bond funds and cash equivalents
|
|
42,648
|
|
|
36,471
|
|
||
Executive deferred compensation plan investments
|
|
90
|
|
|
17
|
|
||
Total Idaho Power investments
|
|
83,451
|
|
|
86,366
|
|
||
Investments in affordable housing (IDACORP Financial Services)
|
|
3,665
|
|
|
3,446
|
|
||
Ida-West joint ventures (equity method investments)
|
|
11,102
|
|
|
11,366
|
|
||
Total IDACORP investments
|
|
$
|
98,218
|
|
|
$
|
101,178
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||||
Bridger Coal Company (Idaho Power)
|
|
$
|
10,285
|
|
|
$
|
10,712
|
|
|
$
|
9,267
|
|
||
Ida-West joint ventures
|
|
2,085
|
|
|
1,737
|
|
|
2,107
|
|
|||||
Total
|
|
$
|
12,370
|
|
|
$
|
12,449
|
|
|
$
|
11,374
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||||
Proceeds from sales
|
|
$
|
5,080
|
|
|
$
|
5,007
|
|
|
$
|
4,989
|
|
||
Gross realized gains from sales
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Location of Realized Gain/(Loss) on Derivatives Recognized in Income
|
|
Gain/(Loss) on Derivatives Recognized in Income(1)
|
||||||||||
|
|
|
2019
|
|
2018
|
|
2017
|
|||||||
Financial swaps
|
|
Operating revenues
|
|
$
|
904
|
|
|
$
|
1,316
|
|
|
$
|
902
|
|
Financial swaps
|
|
Purchased power
|
|
(2,183
|
)
|
|
7,828
|
|
|
166
|
|
|||
Financial swaps
|
|
Fuel expense
|
|
13,811
|
|
|
22,563
|
|
|
701
|
|
|||
Financial swaps
|
|
Other operations and maintenance
|
|
—
|
|
|
118
|
|
|
(84
|
)
|
|||
Forward contracts
|
|
Operating revenues
|
|
285
|
|
|
41
|
|
|
55
|
|
|||
Forward contracts
|
|
Purchased power
|
|
(270
|
)
|
|
(54
|
)
|
|
(69
|
)
|
|||
Forward contracts
|
|
Fuel expense
|
|
565
|
|
|
(186
|
)
|
|
4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||||||
|
|
Balance Sheet Location
|
|
Gross Fair Value
|
|
Amounts Offset
|
|
Net Assets
|
|
Gross Fair Value
|
|
Amounts Offset
|
|
Net Liabilities
|
||||||||||||
|
|
|
|
|||||||||||||||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial swaps
|
|
Other current assets
|
|
$
|
2,426
|
|
|
$
|
(2,034
|
)
|
|
$
|
392
|
|
|
$
|
2,034
|
|
|
$
|
(2,034
|
)
|
|
$
|
—
|
|
Financial swaps
|
|
Other current liabilities
|
|
134
|
|
|
(134
|
)
|
|
—
|
|
|
924
|
|
|
(134
|
)
|
|
790
|
|
||||||
Forward contracts
|
|
Other current assets
|
|
13
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forward contracts
|
|
Other current liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
32
|
|
||||||
Long-term:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Financial swaps
|
|
Other assets
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|
27
|
|
|
(3
|
)
|
|
24
|
|
||||||
Total
|
|
|
|
$
|
2,576
|
|
|
$
|
(2,171
|
)
|
|
$
|
405
|
|
|
$
|
3,017
|
|
|
$
|
(2,171
|
)
|
|
$
|
846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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,
|
||||
Commodity
|
|
Units
|
|
2019
|
|
2018
|
||
Electricity purchases
|
|
MWh
|
|
91
|
|
|
52
|
|
Electricity sales
|
|
MWh
|
|
138
|
|
|
39
|
|
Natural gas purchases
|
|
MMBtu
|
|
14,053
|
|
|
7,514
|
|
Natural gas sales
|
|
MMBtu
|
|
78
|
|
|
446
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds and commercial paper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
IDACORP(1)
|
|
$
|
64,173
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
64,173
|
|
|
$
|
97,833
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
97,833
|
|
Idaho Power
|
|
26,510
|
|
|
—
|
|
|
—
|
|
|
26,510
|
|
|
79,228
|
|
|
—
|
|
|
—
|
|
|
79,228
|
|
||||||||
Derivatives
|
|
392
|
|
|
13
|
|
|
—
|
|
|
405
|
|
|
3,655
|
|
|
—
|
|
|
—
|
|
|
3,655
|
|
||||||||
Equity securities
|
|
42,738
|
|
|
—
|
|
|
—
|
|
|
42,738
|
|
|
36,488
|
|
|
—
|
|
|
—
|
|
|
36,488
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivatives
|
|
$
|
814
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
846
|
|
|
$
|
870
|
|
|
$
|
104
|
|
|
$
|
—
|
|
|
$
|
974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
|
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 (including current portion)(1)
|
|
1,836,659
|
|
|
2,083,931
|
|
|
1,834,788
|
|
|
1,942,773
|
|
||||
Idaho Power
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt (including current portion)(1)
|
|
$
|
1,836,659
|
|
|
$
|
2,083,931
|
|
|
$
|
1,834,788
|
|
|
$
|
1,942,773
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility
Operations
|
|
All
Other
|
|
Eliminations
|
|
Consolidated
Total
|
||||||||
2019
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
1,342,940
|
|
|
$
|
3,443
|
|
|
$
|
—
|
|
|
$
|
1,346,383
|
|
Operating income
|
|
297,652
|
|
|
674
|
|
|
—
|
|
|
298,326
|
|
||||
Other income, net
|
|
20,362
|
|
|
1
|
|
|
—
|
|
|
20,363
|
|
||||
Interest income
|
|
10,968
|
|
|
3,052
|
|
|
(769
|
)
|
|
13,251
|
|
||||
Equity-method income
|
|
10,285
|
|
|
2,085
|
|
|
—
|
|
|
12,370
|
|
||||
Interest expense
|
|
86,412
|
|
|
832
|
|
|
(769
|
)
|
|
86,475
|
|
||||
Income before income taxes
|
|
252,854
|
|
|
4,981
|
|
|
—
|
|
|
257,835
|
|
||||
Income tax expense (benefit)
|
|
28,417
|
|
|
(3,910
|
)
|
|
—
|
|
|
24,507
|
|
||||
Income attributable to IDACORP, Inc.
|
|
224,437
|
|
|
8,417
|
|
|
—
|
|
|
232,854
|
|
||||
Total assets
|
|
6,494,159
|
|
|
220,620
|
|
|
(73,578
|
)
|
|
6,641,201
|
|
||||
Expenditures for long-lived assets
|
|
278,707
|
|
|
(2
|
)
|
|
—
|
|
|
278,705
|
|
|
|
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
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
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
|
|
IDACORP
|
|
2019
|
|
2018
|
|
2017
|
||||||
Interest and dividend income, net
|
|
$
|
8,181
|
|
|
$
|
5,605
|
|
|
$
|
3,872
|
|
Carrying charges on regulatory assets
|
|
5,494
|
|
|
4,075
|
|
|
2,310
|
|
|||
Pension and postretirement non-service costs(1)
|
|
(10,976
|
)
|
|
(15,781
|
)
|
|
(11,194
|
)
|
|||
Income from life insurance investments
|
|
4,104
|
|
|
2,779
|
|
|
2,090
|
|
|||
Other (expense) income
|
|
(301
|
)
|
|
455
|
|
|
813
|
|
|||
Total other income (expense), net
|
|
$
|
6,502
|
|
|
$
|
(2,867
|
)
|
|
$
|
(2,109
|
)
|
|
|
|
|
|
|
|
||||||
Idaho Power
|
|
|
|
|
|
|
||||||
Interest and dividend income, net
|
|
$
|
5,898
|
|
|
$
|
4,688
|
|
|
$
|
3,787
|
|
Carrying charges on regulatory assets
|
|
5,494
|
|
|
4,075
|
|
|
2,310
|
|
|||
Pension and postretirement non-service costs(1)
|
|
(10,976
|
)
|
|
(15,781
|
)
|
|
(11,194
|
)
|
|||
Income from life insurance investments
|
|
4,104
|
|
|
2,779
|
|
|
2,090
|
|
|||
Other expense
|
|
(2,254
|
)
|
|
(1,612
|
)
|
|
(1,749
|
)
|
|||
Total other income (expense), net
|
|
$
|
2,266
|
|
|
$
|
(5,851
|
)
|
|
$
|
(4,756
|
)
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Defined benefit pension items
|
|
|
|
|
|
|
||||||
Balance at beginning of period
|
|
$
|
(22,844
|
)
|
|
$
|
(30,964
|
)
|
|
$
|
(20,882
|
)
|
Other comprehensive income before reclassifications
|
|
(15,392
|
)
|
|
5,234
|
|
|
(7,872
|
)
|
|||
Amounts reclassified out of AOCI to net income
|
|
1,952
|
|
|
2,886
|
|
|
1,882
|
|
|||
Net current-period other comprehensive income
|
|
(13,440
|
)
|
|
8,120
|
|
|
(5,990
|
)
|
|||
Cumulative effect of change in accounting principle(1)
|
|
—
|
|
|
—
|
|
|
(4,092
|
)
|
|||
Balance at end of period
|
|
$
|
(36,284
|
)
|
|
$
|
(22,844
|
)
|
|
$
|
(30,964
|
)
|
|
|
|
|
|
|
|
|
|
Amount Reclassified from AOCI
|
||||||||||
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Amortization of defined benefit pension items(1)
|
|
|
|
|
|
|
||||||
Prior service cost
|
|
$
|
96
|
|
|
$
|
98
|
|
|
$
|
127
|
|
Net loss
|
|
2,533
|
|
|
3,788
|
|
|
2,963
|
|
|||
Total before tax
|
|
2,629
|
|
|
3,886
|
|
|
3,090
|
|
|||
Tax benefit(2)
|
|
(677
|
)
|
|
(1,000
|
)
|
|
(1,208
|
)
|
|||
Net of tax
|
|
1,952
|
|
|
2,886
|
|
|
1,882
|
|
|||
Total reclassification for the period
|
|
$
|
1,952
|
|
|
$
|
2,886
|
|
|
$
|
1,882
|
|
|
|
|
|
|
|
|
•
|
We tested the effectiveness of management’s controls over the evaluation of the likelihood of (1) the recovery in future rates of costs incurred as property, plant, and equipment and deferred as regulatory assets, and (2) a refund or a future reduction in rates that should be reported as regulatory liabilities.
|
•
|
We evaluated the Company’s disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments.
|
•
|
We read relevant regulatory orders issued by the Commissions for Idaho Power and evaluated whether such orders were appropriately reflected in the Company's financial statements.
|
•
|
For selected regulatory assets and liabilities, we evaluated whether management had determined such amounts in accordance with regulatory orders.
|
•
|
With the assistance of income tax specialists, we evaluated whether management had appropriately identified the income tax timing differences eligible for flow-through accounting and recorded such differences as adjustments to income tax expense and regulatory assets.
|
|
|
Quarter Ended
|
||||||||||||||
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
IDACORP, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2019
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
350,319
|
|
|
$
|
316,895
|
|
|
$
|
386,320
|
|
|
$
|
292,849
|
|
Operating income
|
|
58,119
|
|
|
71,780
|
|
|
114,156
|
|
|
54,271
|
|
||||
Net income
|
|
42,637
|
|
|
53,400
|
|
|
90,218
|
|
|
47,073
|
|
||||
Net income attributable to IDACORP, Inc.
|
|
42,686
|
|
|
53,156
|
|
|
89,876
|
|
|
47,136
|
|
||||
Basic earnings per share
|
|
$
|
0.85
|
|
|
$
|
1.05
|
|
|
$
|
1.78
|
|
|
$
|
0.93
|
|
Diluted earnings per share
|
|
$
|
0.84
|
|
|
$
|
1.05
|
|
|
$
|
1.78
|
|
|
$
|
0.93
|
|
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
|
|
Idaho Power Company
|
|
|
|
|
|
|
|
|
||||||||
2019
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
349,771
|
|
|
$
|
315,774
|
|
|
$
|
385,028
|
|
|
$
|
292,367
|
|
Income from operations
|
|
58,734
|
|
|
71,749
|
|
|
113,924
|
|
|
55,196
|
|
||||
Net income
|
|
41,584
|
|
|
51,176
|
|
|
87,979
|
|
|
43,698
|
|
||||
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
|
|
•
|
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
|
|
232,550
|
|
(1)
|
$
|
—
|
|
(2)
|
613,394
|
|
(3)
|
Equity compensation plans not approved by shareholders
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
Total
|
|
232,550
|
|
|
$
|
—
|
|
|
613,394
|
|
|
|
|||||||||||
(1) Represents shares subject to outstanding time-based restricted stock units, performance-based restricted stock units (at target), and deferred director stock unit awards, all under the LTICP. Restricted stock unit awards and director deferred stock unit awards may be settled only for shares of common stock on a one-for-one basis.
|
|||||||||||
(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) unvested performance-based restricted stock units (at target), (ii) unvested time-based restricted stock units, and (iii) deferred director stock unit awards, in all cases as of December 31, 2019.
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
2
|
S-4
|
333-48031
|
A
|
3/16/1998
|
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
4.7
|
8-K
|
1-14465
|
4.2
|
2/28/2001
|
|
|
4.8
|
S-3
|
333-67748
|
4.13
|
8/16/2001
|
|
|
4.9
|
10-Q
|
1-3198
|
4.12
|
8/5/2010
|
|
|
4.10
|
|
|
|
|
X
|
|
10.1
|
10-K
|
1-14465, 1-3198
|
10.4
|
2/19/2015
|
|
|
10.2
|
10-K
|
1-14465, 1-3198
|
10.5
|
2/19/2015
|
|
|
10.3
|
Framework Agreement, dated October 1, 1984, between the State of Idaho and Idaho Power Company relating to Idaho Power Company's Swan Falls and Snake River water rights
|
S-3
|
33-65720*
|
10(h)
|
7/7/1993
|
|
10.4
|
Agreement, 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)(i)
|
7/7/1993
|
|
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
|
8-K
|
1-14465, 1-3198
|
10.1
|
12/10/2019
|
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
10.11
|
8-K
|
1-14465, 1-3198
|
10.2
|
12/10/2019
|
|
|
10.12
|
8-K
|
1-3198
|
10.1
|
10/10/2006
|
|
|
10.13
|
10-Q
|
1-3198
|
10(c)
|
8/4/2000
|
|
|
10.141
|
10-K
|
1-14465, 1-3198
|
10.15
|
2/26/2009
|
|
|
10.151
|
10-Q
|
1-14465, 1-3198
|
10.62
|
11/1/2012
|
|
|
10.161
|
10-K
|
1-14465, 1-3198
|
10.31
|
2/23/2017
|
|
|
10.171
|
10-Q
|
1-14465, 1-3198
|
10.1
|
8/3/2017
|
|
|
10.181
|
10-Q
|
1-14465, 1-3198
|
10(h)(viii)
|
11/2/2006
|
|
|
10.191
|
|
|
|
|
X
|
|
10.201
|
10-Q
|
1-14465, 1-3198
|
10(h)(xix)
|
11/2/2006
|
|
|
10.211
|
10-Q
|
1-14465, 1-3198
|
10(h)(xx)
|
11/2/2006
|
|
|
10.221
|
10-K
|
1-14465, 1-3198
|
10.24
|
2/26/2009
|
|
|
10.231
|
10-K
|
1-14465, 1-3198
|
10.25
|
2/26/2009
|
|
|
10.241
|
8-K
|
1-14465, 1-3198
|
10.1
|
3/24/2010
|
|
|
10.251
|
|
|
|
|
X
|
|
10.261
|
10-K
|
1-14465, 1-3198
|
10.41
|
2/23/2017
|
|
|
10.271
|
10-K
|
1-14465, 1-3198
|
10.30
|
2/21/2019
|
|
|
10.281
|
10-K
|
1-14465, 1-3198
|
10.31
|
2/21/2019
|
|
|
10.291
|
10-K
|
1-14465, 1-3198
|
10.32
|
2/21/2019
|
|
|
|
Incorporated by Reference
|
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
File No.
|
Exhibit No.
|
Date
|
Included Herewith
|
10.301
|
10-K
|
1-14465, 1-3198
|
10.42
|
2/23/2017
|
|
|
10.311
|
10-K
|
1-14465, 1-3198
|
10.43
|
2/23/2017
|
|
|
10.321
|
10-K
|
1-14465, 1-3198
|
10.44
|
2/23/2017
|
|
|
10.331
|
10-K
|
1-14465, 1-3198
|
10.36
|
2/21/2019
|
|
|
10.341
|
10-K
|
1-14465, 1-3198
|
10.32
|
2/26/2009
|
|
|
10.351
|
|
|
|
|
X
|
|
10.361
|
10-K
|
1-14465, 1-3198
|
10.46
|
2/26/2009
|
|
|
10.371
|
10-K
|
1-14465, 1-3198
|
10.47
|
2/26/2009
|
|
|
10.381
|
10-K
|
1-14465, 1-3198
|
10.48
|
2/26/2009
|
|
|
10.391
|
10-K
|
1-14465, 1-3198
|
10.49
|
2/26/2009
|
|
|
10.401
|
10-K
|
1-14465, 1-3198
|
10.50
|
2/26/2009
|
|
|
10.411
|
10-K
|
1-14465, 1-3198
|
10.51
|
2/26/2009
|
|
|
10.421
|
10-K
|
1-14465, 1-3198
|
10.52
|
2/26/2009
|
|
|
10.431
|
10-K
|
1-14465, 1-3198
|
10.53
|
2/26/2009
|
|
|
10.441
|
10-K
|
1-14465, 1-3198
|
10.59
|
2/18/2016
|
|
|
10.451
|
10-K
|
1-14465, 1-3198
|
10.61
|
2/23/2017
|
|
|
10.461
|
10-Q
|
1-14465, 1-3198
|
10.1
|
11/2/2017
|
|
|
10.471
|
10-Q
|
1-14465, 1-3198
|
10.4
|
5/3/2018
|
|
|
10.481
|
10-Q
|
1-14465, 1-3198
|
10.1
|
10/31/2019
|
|
|
21.1
|
|
|
|
|
X
|
|
23.1
|
|
|
|
|
X
|
|
23.2
|
|
|
|
|
X
|
|
31.1
|
|
|
|
|
X
|
|
31.2
|
|
|
|
|
X
|
|
31.3
|
|
|
|
|
X
|
|
31.4
|
|
|
|
|
X
|
|
32.1
|
|
|
|
|
X
|
|
32.2
|
|
|
|
|
X
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Income:
|
|
|
|
|
|
|
|
|
||||
Equity in income of subsidiaries
|
|
$
|
231,534
|
|
|
$
|
226,567
|
|
|
$
|
211,974
|
|
Investment income
|
|
2,214
|
|
|
865
|
|
|
26
|
|
|||
Total income
|
|
233,748
|
|
|
227,432
|
|
|
212,000
|
|
|||
Expenses:
|
|
|
|
|
|
|
|
|
|
|||
Operating expenses
|
|
816
|
|
|
668
|
|
|
708
|
|
|||
Interest expense
|
|
831
|
|
|
713
|
|
|
294
|
|
|||
Other expenses
|
|
30
|
|
|
—
|
|
|
30
|
|
|||
Total expenses
|
|
1,677
|
|
|
1,381
|
|
|
1,032
|
|
|||
Income Before Income Taxes
|
|
232,071
|
|
|
226,051
|
|
|
210,968
|
|
|||
Income Tax Benefit
|
|
(783
|
)
|
|
(750
|
)
|
|
(1,451
|
)
|
|||
Net Income Attributable to IDACORP, Inc.
|
|
232,854
|
|
|
226,801
|
|
|
212,419
|
|
|||
Other comprehensive (loss) income
|
|
(13,440
|
)
|
|
8,120
|
|
|
(5,990
|
)
|
|||
Comprehensive Income Attributable to IDACORP, Inc.
|
|
$
|
219,414
|
|
|
$
|
234,921
|
|
|
$
|
206,429
|
|
|
|
|
|
|
|
|
||||||
The accompanying note is an integral part of these statements.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(thousands of dollars)
|
||||||||||
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|||
Net cash provided by operating activities
|
|
$
|
112,745
|
|
|
$
|
197,185
|
|
|
$
|
113,849
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Net cash provided by investing activities
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Dividends on common stock
|
|
(129,682
|
)
|
|
(121,421
|
)
|
|
(113,127
|
)
|
|||
Decrease in short-term borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Change in intercompany notes payable
|
|
37,588
|
|
|
(2,867
|
)
|
|
17,097
|
|
|||
Other
|
|
(4,410
|
)
|
|
(3,614
|
)
|
|
(3,321
|
)
|
|||
Net cash used in financing activities
|
|
(96,504
|
)
|
|
(127,902
|
)
|
|
(99,351
|
)
|
|||
Net increase in cash and cash equivalents
|
|
16,241
|
|
|
69,283
|
|
|
14,498
|
|
|||
Cash and cash equivalents at beginning of year
|
|
98,900
|
|
|
29,617
|
|
|
15,119
|
|
|||
Cash and cash equivalents at end of year
|
|
$
|
115,141
|
|
|
$
|
98,900
|
|
|
$
|
29,617
|
|
|
|
|
|
|
|
|
||||||
The accompanying note is an integral part of these statements.
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Assets
|
|
(thousands of dollars)
|
||||||
Current Assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
115,141
|
|
|
$
|
98,900
|
|
Receivables
|
|
2,125
|
|
|
2,046
|
|
||
Other
|
|
98
|
|
|
98
|
|
||
Total current assets
|
|
117,364
|
|
|
101,044
|
|
||
Investment in subsidiaries
|
|
2,379,680
|
|
|
2,294,464
|
|
||
Other Assets:
|
|
|
|
|
|
|||
Deferred income taxes
|
|
45,864
|
|
|
17,593
|
|
||
Other
|
|
429
|
|
|
277
|
|
||
Total other assets
|
|
46,293
|
|
|
17,870
|
|
||
Total assets
|
|
$
|
2,543,337
|
|
|
$
|
2,413,378
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|||
Current Liabilities:
|
|
|
|
|
|
|||
Taxes accrued
|
|
$
|
5,622
|
|
|
$
|
8,354
|
|
Other
|
|
996
|
|
|
899
|
|
||
Total current liabilities
|
|
6,618
|
|
|
9,253
|
|
||
Other Liabilities:
|
|
|
|
|
|
|||
Intercompany notes payable
|
|
71,285
|
|
|
32,929
|
|
||
Other
|
|
806
|
|
|
836
|
|
||
Total other liabilities
|
|
72,091
|
|
|
33,765
|
|
||
IDACORP, Inc. Shareholders’ Equity
|
|
2,464,628
|
|
|
2,370,360
|
|
||
Total Liabilities and Shareholders' Equity
|
|
$
|
2,543,337
|
|
|
$
|
2,413,378
|
|
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)
|
||||||||||||||||||
2019:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserve for uncollectible accounts
|
|
$
|
1,989
|
|
|
$
|
2,381
|
|
|
$
|
227
|
|
|
$
|
2,853
|
|
|
$
|
1,744
|
|
Injuries and damages
|
|
1,877
|
|
|
390
|
|
|
—
|
|
|
519
|
|
|
1,748
|
|
|||||
2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for uncollectible accounts
|
|
$
|
2,193
|
|
|
$
|
3,363
|
|
|
$
|
392
|
|
|
$
|
3,959
|
|
|
$
|
1,989
|
|
Injuries and damages
|
|
1,469
|
|
|
855
|
|
|
—
|
|
|
447
|
|
|
1,877
|
|
|||||
2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reserve for uncollectible accounts
|
|
$
|
1,132
|
|
|
$
|
5,753
|
|
|
$
|
324
|
|
|
$
|
5,016
|
|
|
$
|
2,193
|
|
Injuries and damages
|
|
1,792
|
|
|
687
|
|
|
—
|
|
|
1,010
|
|
|
1,469
|
|
February 20, 2020
|
|
IDACORP, INC.
|
||
Date
|
|
|
||
|
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
|
|
Darrel T. Anderson
|
|
|
|
|
President and Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|||
|
|
|
|
|
|||
/s/ Richard J. Dahl
|
|
Chairman of the Board
|
|
February 20, 2020
|
|||
Richard J. Dahl
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Darrel T. Anderson
|
|
(Principal Executive Officer)
|
|
February 20, 2020
|
|||
Darrel T. Anderson
|
|
|
|
|
|||
President and Chief Executive Officer and Director
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Steven R. Keen
|
|
(Principal Financial Officer)
|
|
February 20, 2020
|
|||
Steven R. Keen
|
|
|
|
|
|||
Senior Vice President, Chief Financial
|
|
|
|
|
|||
Officer, and Treasurer
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Kenneth W. Petersen
|
|
|
(Principal Accounting Officer)
|
|
February 20, 2020
|
||
Kenneth W. Petersen
|
|
|
|
|
|
|
|
Vice President, Controller, and Chief Accounting Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Thomas Carlile
|
|
Director
|
|
February 20, 2020
|
|||
Thomas Carlile
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Annette G. Elg
|
|
Director
|
|
February 20, 2020
|
|||
Annette G. Elg
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Lisa A. Grow
|
|
Director
|
|
February 20, 2020
|
|||
Lisa A. Grow
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Ronald W. Jibson
|
|
Director
|
|
February 20, 2020
|
|||
Ronald W. Jibson
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Judith A. Johansen
|
|
Director
|
|
February 20, 2020
|
|||
Judith A. Johansen
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Dennis L. Johnson
|
|
Director
|
|
February 20, 2020
|
|||
Dennis L. Johnson
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Christine King
|
|
Director
|
|
February 20, 2020
|
|||
Christine King
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Richard J. Navarro
|
|
Director
|
|
February 20, 2020
|
|||
Richard J. Navarro
|
|
|
|
|
February 20, 2020
|
|
Idaho Power Company
|
||
Date
|
|
|
||
|
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
|
|
Darrel T. Anderson
|
|
|
|
|
Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|||
|
|
|
|
|
|||
/s/ Richard J. Dahl
|
|
Chairman of the Board
|
|
February 20, 2020
|
|||
Richard J. Dahl
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Darrel T. Anderson
|
|
(Principal Executive Officer)
|
|
February 20, 2020
|
|||
Darrel T. Anderson
|
|
|
|
|
|||
Chief Executive Officer and Director
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Steven R. Keen
|
|
(Principal Financial Officer)
|
|
February 20, 2020
|
|||
Steven R. Keen
|
|
|
|
|
|||
Senior Vice President, Chief Financial
|
|
|
|
|
|||
Officer, and Treasurer
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Kenneth W. Petersen
|
|
|
(Principal Accounting Officer)
|
|
February 20, 2020
|
||
Kenneth W. Petersen
|
|
|
|
|
|
|
|
Vice President, Controller, and Chief Accounting Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Thomas Carlile
|
|
Director
|
|
February 20, 2020
|
|||
Thomas Carlile
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Annette G. Elg
|
|
Director
|
|
February 20, 2020
|
|||
Annette G. Elg
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Lisa A. Grow
|
|
Director
|
|
February 20, 2020
|
|||
Lisa A. Grow
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Ronald W. Jibson
|
|
Director
|
|
February 20, 2020
|
|||
Ronald W. Jibson
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Judith A. Johansen
|
|
Director
|
|
February 20, 2020
|
|||
Judith A. Johansen
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Dennis L. Johnson
|
|
Director
|
|
February 20, 2020
|
|||
Dennis L. Johnson
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Christine King
|
|
Director
|
|
February 20, 2020
|
|||
Christine King
|
|
|
|
|
|||
|
|
|
|
|
|||
/s/ Richard J. Navarro
|
|
Director
|
|
February 20, 2020
|
|||
Richard J. Navarro
|
|
|
|
|
|||
|
|
|
|
|
A.
|
Annual Retainer
|
B.
|
Stock Payments
|
A.
|
Deferral Elections
|
B.
|
Dividends
|
C.
|
Deferred Stock Units
|
D.
|
Time of Distribution
|
E.
|
Beneficiaries
|
F.
|
Distribution of Deferral Accounts
|
G.
|
Section 409A
|
Name
|
|
Title
|
|
Date of Agreement
|
Ryan Adelman*
|
|
Vice President, Transmission & Distribution Engineering and Construction of Idaho Power Company
|
|
10/5/2019
|
Darrel T. Anderson
|
|
President and Chief Executive Officer of IDACORP, Inc. and Chief Executive Officer of 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
|
Sarah E. Griffin*
|
|
Vice President, Human Resources of Idaho Power Company
|
|
10/5/2019
|
Lisa A. Grow
|
|
President of Idaho Power Company
|
|
12/12/2008
|
James Bo D. Hanchey*
|
|
Vice President, Customer Operations and Chief Safety Officer of Idaho Power Company
|
|
10/5/2019
|
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
|
Adam Richins*
|
|
Senior Vice President & Chief Operating Officer of Idaho Power Company
|
|
2/8/2017
|
Form of Fee
|
|
Amount
|
||
Base Board Annual Retainer
|
|
$
|
80,000
|
|
|
|
|
||
Base Committee Annual Retainers
|
|
|
||
Audit Committee
|
|
12,000
|
|
|
Compensation Committee
|
|
7,000
|
|
|
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
|
|
14,000
|
|
|
Chair of the Compensation Committee
|
|
12,000
|
|
|
Chair of the Corporate Governance and Nominating Committee
|
|
10,000
|
|
|
|
|
|
||
Annual Stock Awards
|
|
110,000
|
|
|
|
|
|
||
|
|
|
||
|
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 20, 2020
|
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 20, 2020
|
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 20, 2020
|
By:
|
/s/ Darrel T. Anderson
|
|
|
|
Darrel T. Anderson
|
|
|
|
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 20, 2020
|
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 20, 2020
|
(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 20, 2020
|
(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
|
Chief Executive Officer
|
February 20, 2020
|
(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 20, 2020
|