September 19, 2014 3:05 AM ET

Electric Utilities

Company Overview of Idaho Power Company

Company Overview

Idaho Power Company, an electric utility company, is engaged in the generation, transmission, distribution, purchase, and sale of electricity in Idaho and Oregon. It owns and operates 17 hydroelectric generating plants, 3 natural gas-fired combustion turbine power plants, and 3 coal-fired power plants. The company operated approximately 4,856 pole-miles of high-voltage transmission lines, 24 step-up transmission substations located at power plants, 24 transmission substations, 10 switching stations, 228 energized distribution substations, and approximately 26,817 pole-miles of distribution lines. It serves commercial and industrial customers involved in food processing and refining, electron...

1221 West Idaho Street

Boise, ID 83702

United States

Founded in 1915

2,011 Employees

Phone:

208-388-2200

Key Executives for Idaho Power Company

Chief Executive Officer
Age: 55
Chief Financial Officer
Age: 53
Chief Operating Officer and Executive Vice President
Age: 56
Chief Accounting Officer
Age: 50
Chief Information Officer and Vice President
Age: 50
Compensation as of Fiscal Year 2014.

Idaho Power Company Key Developments

Idaho Power Company Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reaffirms Capital Expenditure Guidance for the Year 2014

Idaho Power Company announced earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net income of $42.7 million compared with $45.0 million in the second quarter of 2013. Operating income decreased by $7.6 million. Operating income was also impacted by a $4.3 million increase in other operating expenses, mostly related to increased thermal maintenance expenses and normal payroll and benefits increases when compared to the same period in 2013. Operating income was partially offset by $2.4 million of other non-operating income, mostly attributable to an increase in allowance for funds used during construction (AFUDC) resulting from increased capital expenditures, and $2.9 million of lower income tax expense mostly related to lower pre-tax income, when compared to the same period in 2013. Weather conditions reduced per-customer sales volumes - milder temperatures contributed to a decrease in residential energy use per customer as compared to the second quarter of 2013. The company recorded no revenue sharing under its Idaho regulatory settlement in 2014, compared to $2.8 million in 2013. For the six months, the company reported net income of $70.6 million compared with net income of $79.0 million for the same period in 2013. Operating income decreased by $18.4 million over the comparative period. The decrease was partially offset by $2.6 million of other non-operating income, mostly attributable to an increase in AFUDC resulting from increased capital expenditures, and $7.3 million of lower income tax expense mostly related to lower pre-tax income, when compared to the same period in 2013. The company reaffirms capital expenditure guidance for the year 2014. For the period, the company expected capital expenditures, excluding allowance for funds used during construction to be in the range of $280 million to $295 million. Hydroelectric generation expected to be in the range of 5.5 MWh to 6.5 MWh compared to previously expected range of 5.5 MWh to 7.5 MWh. Additional Amortization of ADITC expected to be nil compared with previous expectation of less than $5 million.

Idaho Power Company Reports Earnings Results for the First Quarter Ended March 31, 2014; Maintains Earnings Guidance for the Full Year of 2014; Revised Production Guidance for the Full Year of 2014

Idaho Power Company reported earnings results for the first quarter ended March 31, 2014. For the period, the company reported net income of $27.9 million compared to $34.0 million in the first quarter of 2013. Net income of $27,900,000 compared to $34,046,000 a year ago. Operating income decreased by $10,800,000 as lower overall usage per customer and the related impact on tiered billing rates drove operating income down by a combined $12,700,000 when compared to the same period in 2013. For the full year of 2014, the company expects operating & maintenance expense to be $335 million to $345 million, Additional Amortization of ADITC to be less than $5 million, capital Expenditures, excluding AFUDC to be $280 million to $295 million. Hydroelectric Generation revised from 5.5 MWh to 7.5 MWh to 5 MWh to 7 MWh.

Idacorp and Idaho Power Co Appoint Thomas Carlile as Director

The boards of directors of IDACORP Inc. and subsidiary Idaho Power Co. on March 19, 2014 appointed Thomas Carlile as a director, effective immediately. Carlile will serve until the next annual meeting of shareholders scheduled to be held in May 2014. The boards have determined that Carlile is independent under the applicable listing standards of the NYSE. Carlile has served as CEO and a director of Boise Cascade Co. since February 2013.

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