-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, C3SdbLe8JVuKiEJqe0FtGUjOrtaneF8Yihj28GEUCXEI+4R158y0e6ea26dD/dVL 3tfP5bXYXCdE3feML4YeUw== 0000049648-95-000015.txt : 19950508 0000049648-95-000015.hdr.sgml : 19950508 ACCESSION NUMBER: 0000049648-95-000015 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950505 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDAHO POWER CO CENTRAL INDEX KEY: 0000049648 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 820130980 STATE OF INCORPORATION: ID FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03198 FILM NUMBER: 95534823 BUSINESS ADDRESS: STREET 1: 1221 W IDAHO ST STREET 2: PO BOX 70 CITY: BOISE STATE: ID ZIP: 83707 BUSINESS PHONE: 2083832200 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1995 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-3198 IDAHO POWER COMPANY (Exact name of registrant as specified in its charter) Idaho 82-0130980 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 1221 W. Idaho Street, Boise, Idaho 83702-5627 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (208) 388-2200 None Former name, former address and former fiscal year, if changed since last report. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Number of shares of Common Stock, $2.50 par value, outstanding as of April 30, 1995 is 37,612,351. IDAHO POWER COMPANY Index Part I. Financial Information: Page No Item 1. Financial Statements Consolidated Statements of Income - Three Months, and Twelve Months Ended March 31, 1995 and 1994 3,4 Consolidated Balance Sheets - March 31, 1995 and December 31, 1994 5,6 Consolidated Statements of Cash Flows - Three Months and Twelve Months Ended March 31, 1995 and 1994 7,8 Consolidated Statements of Capitalization - March 31, 1995 and December 31, 1994 9 Notes to Consolidated Financial Statements 10,11 Report on Review by Independent Accountants 12 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13-20 Part II. Other Information: Item 6. Exhibits and Reports on Form 8-K 21,22 Signatures 23 PART I - FINANCIAL INFORMATION IDAHO POWER COMPANY CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994 Item 1. Financial Statements
Three Months Ended March 31, Increase 1995 1994 (Decrease) (Thousands of Dollars) REVENUES (Notes 1 and 4) $131,336 $128,810 $ 2,526 EXPENSES (Notes 1 and 4): Operation: Purchased power 6,717 5,214 1,503 Fuel expense 15,492 25,487 (9,995) Other 30,717 28,847 1,870 Maintenance 9,058 10,042 (984) Depreciation 16,674 16,033 641 Taxes other than income taxes 6,126 5,779 347 Total expenses 84,784 91,402 (6,618) INCOME FROM OPERATIONS 46,552 37,408 9,144 OTHER INCOME: Allowance for equity funds used during construction (Note 2) (2) 726 (728) Other - Net 1,944 2,530 (586) Total other income 1,942 3,256 (1,314) INTEREST CHARGES: Interest on long-term debt 12,789 12,795 (6) Other interest 1,273 719 554 Total interest charges 14,062 13,514 548 Allowance for borrowed funds used during construction (Note 2) (529) (516) (13) Net interest charges 13,533 12,998 535 INCOME BEFORE INCOME TAXES 34,961 27,666 7,295 INCOME TAXES 14,234 9,406 4,828 NET INCOME 20,727 18,260 2,467 Dividends on preferred stock 2,026 1,789 237 EARNINGS ON COMMON STOCK $ 18,701 $ 16,471 $ 2,230 AVERAGE COMMON SHARES OUTSTANDING (000) 37,612 37,249 N/A Earnings per share of common stock $ 0.50 $ 0.44 $ 0.06 Dividends paid per share of common stock $ 0.465 $ 0.465 $ - The accompanying notes are an integral part of these statements.
IDAHO POWER COMPANY CONSOLIDATED STATEMENTS OF INCOME FOR THE TWELVE MONTHS ENDED MARCH 31, 1995 AND 1994
Twelve Months Ended March 31, Increase 1995 1994 (Decrease) (Thousands of Dollars) REVENUES (Notes 1 and 4) $546,184 $528,403 $ 17,781 EXPENSES (Notes 1 and 4): Operation: Purchased power 61,720 42,079 19,641 Fuel expense 84,893 87,358 (2,465) Other 113,123 115,024 (1,901) Maintenance 42,505 44,310 (1,805) Depreciation 60,843 59,337 1,506 Taxes other than income taxes 24,292 22,420 1,872 Total expenses 387,376 370,528 16,848 INCOME FROM OPERATIONS 158,808 157,875 933 OTHER INCOME: Allowance for equity funds used during construction (Note 2) 951 2,991 (2,040) Other - Net 9,896 9,678 218 Total other income 10,847 12,669 (1,822) INTEREST CHARGES: Interest on long-term debt 51,167 52,889 (1,722) Other interest 3,815 3,161 654 Total interest charges 54,982 56,050 (1,068) Allowance for borrowed funds used during construction (Note 2) (1,795) (2,153) 358 Net interest charges 53,187 53,897 (710) INCOME BEFORE INCOME TAXES 116,468 116,647 (179) INCOME TAXES 39,070 35,270 3,800 NET INCOME 77,398 81,377 (3,979) Dividends on preferred stock 7,636 6,453 1,183 EARNINGS ON COMMON STOCK $ 69,762 $ 74,924 $ (5,162) AVERAGE COMMON SHARES OUTSTANDING (000) 37,590 36,902 N/A Earnings per share of common stock $ 1.86 $ 2.03 $ (0.17) Dividends paid per share of common stock $ 1.86 $ 1.86 $ - The accompanying notes are an integral part of these statements.
IDAHO POWER COMPANY CONSOLIDATED BALANCE SHEETS ASSETS
March 31, December 31, 1995 1994 (Thousands of Dollars) ELECTRIC PLANT: In service (at original cost) $2,398,297 $2,383,898 Accumulated provision for depreciation (791,203) (775,033) In service - Net 1,607,094 1,608,865 Construction work in progress 50,014 46,628 Held for future use 1,150 1,150 Electric plant - Net 1,658,258 1,656,643 INVESTMENTS AND OTHER PROPERTY 16,313 18,034 CURRENT ASSETS: Cash and cash equivalents 7,278 7,748 Receivables: Customer 31,016 31,889 Allowance for uncollectible accounts (1,441) (1,377) Notes 4,831 4,962 Employee notes receivable 5,557 5,444 Other 5,855 4,316 Accrued unbilled revenues (Note 1) 20,130 29,115 Materials and supplies (at average cost) 25,135 24,141 Fuel stock (at average cost) 13,195 11,310 Prepayments 20,091 21,398 Regulatory assets associated with income taxes 5,862 5,674 Total current assets 137,509 144,620 DEFERRED DEBITS: American Falls and Milner water rights 32,605 32,605 Company owned life insurance 49,526 49,510 Regulatory assets associated with income taxes 177,737 179,311 Regulatory assets - other 71,252 67,713 Other 42,904 43,380 Total deferred debits 374,024 372,519 TOTAL $2,186,104 $2,191,816 The accompanying notes are an integral part of these statements.
IDAHO POWER COMPANY CONSOLIDATED BALANCE SHEETS CAPITALIZATION & LIABILITIES
March 31, December 31, 1995 1994 (Thousands of Dollars) CAPITALIZATION (See Page 9): Common stock equity - $2.50 par value (shares authorized 50,000,000; shares outstanding March 31, 1995 - 37,612,351; December 31, 1994 - 37,612,351) $ 657,340 $ 673,800 Preferred stock (Note 5) 132,382 132,456 Long-term debt (Note 5) 693,213 693,206 Total capitalization 1,482,935 1,499,462 CURRENT LIABILITIES: Long-term debt due within one year 517 517 Notes payable 47,500 55,000 Accounts payable 18,962 32,063 Taxes accrued 27,107 16,394 Interest accrued 14,238 14,755 Other 31,337 12,574 Total current liabilities 139,661 131,303 DEFERRED CREDITS: Accumulated deferred investment tax credits 71,526 71,593 Accumulated deferred income taxes 383,392 380,926 Regulatory liabilities associated with income taxes 35,143 35,090 Regulatory liabilities - other 649 626 Other 72,798 72,816 Total deferred credits 563,508 561,051 COMMITMENTS AND CONTINGENT LIABILITIES (Note 3) TOTAL $2,186,104 $2,191,816 The accompanying notes are an integral part of these statements.
IDAHO POWER COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
Three Months Ended March 31, 1995 1994 (Thousands of Dollars) OPERATING ACTIVITIES: Cash received from operations: Retail revenues $118,958 $112,537 Wholesale revenues 15,691 18,110 Other revenues 5,528 5,614 Fuel paid (20,659) (25,263) Purchased power paid (11,966) (7,581) Other operation & maintenance paid (39,096) (41,303) Interest paid (includes long and short-term debt only) (14,168) (13,411) Income taxes paid (3,000) (2,030) Taxes other than income taxes paid (2,119) (1,883) Other operating cash receipts and payments-Net (4,001) (4,506) Net cash provided by operating activities 45,168 40,284 FINANCING ACTIVITIES: Common stock issued - 6,765 Short-term borrowings - Net (7,500) (2,000) Long-term debt retirement (17) (16) Preferred stock retirement (38) (76) Dividends on preferred stock (2,091) (1,814) Dividends on common stock (17,498) (17,250) Other sources (812) - Net cash - financing activities (27,956) (14,391) INVESTING ACTIVITIES: Additions to utility plant (17,246) (26,513) Conservation (1,339) (1,384) Other 903 (1,420) Net cash - investing activities (17,682) (29,317) Change in cash and cash equivalents (470) (3,424) Cash and cash equivalents beginning of period 7,748 8,228 Cash and cash equivalents end of period $ 7,278 $ 4,804 RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Net Income $ 20,727 $ 18,260 Adjustments to reconcile net income to net cash: Depreciation 16,674 16,033 Deferred income taxes 3,920 4,032 Investment tax credit-Net (67) (177) Allowance for funds used during construction (527) (1,242) Postretirement benefits funding (excl pensions) (1,037) (1,336) Changes in operating assets and liabilities: Accounts receivable 8,841 7,451 Fuel inventory (5,167) 224 Accounts payable (5,249) (2,367) Taxes payable 11,395 7,426 Interest payable (110) (100) Other - Net (4,232) (7,920) Net cash provided by operating activities $ 45,168 $ 40,284 The accompanying notes are an integral part of these statements.
IDAHO POWER COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE TWELVE MONTHS ENDED MARCH 31, 1995 AND 1994
Twelve Months Ended March 31, 1995 1994 (Thousands of Dollars) OPERATING ACTIVITIES: Cash received from operations: Retail revenues $463,623 $430,315 Wholesale revenues 59,691 85,957 Other revenues 23,625 23,165 Fuel paid (89,926) (86,111) Purchased power paid (66,977) (42,664) Other operation & maintenance paid (169,566) (166,854) Interest paid (includes long and short-term debt only) (53,133) (51,035) Income taxes paid (17,488) (33,034) Taxes other than income taxes paid (21,934) (22,347) Other operating cash receipts and payments-Net 2,612 4,784 Net cash provided by operating activities 130,527 142,176 FINANCING ACTIVITIES: First mortgage bonds issued - 188,136 PC bond fund requisitions/other long-term debt - 1,218 Common stock issued 6,636 26,957 Preferred stock issued - 24,781 Short-term borrowings - Net 45,500 (3,140) Long-term debt retirement (466) (191,877) Preferred stock retirement (129) (134) Dividends on preferred stock (7,841) (6,343) Dividends on common stock (69,848) (68,376) Other sources (792) - Net cash - financing activities (26,940) (28,778) INVESTING ACTIVITIES: Additions to utility plant (101,257) (119,386) Conservation (6,785) (6,581) Other 6,929 9,918 Net cash - investing activities (101,113) (116,049) Change in cash and cash equivalents 2,474 (2,651) Cash and cash equivalents beginning of period 4,804 7,455 Cash and cash equivalents end of period $ 7,278 $ 4,804 RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Net income $ 77,398 $ 81,377 Adjustments to reconcile net income to net cash: Depreciation 60,843 59,337 Deferred income taxes 13,754 8,932 Investment tax credit-Net (954) (1,635) Allowance for funds used during construction (2,746) (5,144) Postretirement benefits funding (excl pensions) (4,884) (7,932) Changes in operating assets and liabilities: Accounts receivable 755 11,034 Fuel inventory (5,034) 1,247 Accounts payable (5,257) (585) Taxes payable 11,266 (4,952) Interest payable 1,641 3,736 Other - Net (16,255) (3,239) Net cash provided by operating activities $130,527 $142,176 The accompanying notes are an integral part of these statements.
IDAHO POWER COMPANY CONSOLIDATED STATEMENTS OF CAPITALIZATION
March 31, December 31, 1995 1994 (Thousands of Dollars) COMMON STOCK EQUITY: Common stock $ 94,031 $ 94,031 Premium on capital stock 362,870 363,063 Capital stock expense (4,130) (4,132) Retained earnings 204,569 220,838 Total common stock equity 657,340 44.3% 673,800 45.0% PREFERRED STOCK, cumulative, ($100 par or stated value): 4% preferred stock (authorized 215,000; shares outstanding: 1995-173,823; 1994-174,556) 17,382 17,456 Serial preferred stock, authorized 150,000 shares: 7.68% Series, outstanding 150,000 shares 15,000 15,000 Serial preferred stock, without par value, authorized 3,000,000 shares: 8.375% Series (authorized and outstanding 250,000 shares) 25,000 25,000 Auction Rate Preferred Series A (authorized and outstanding 500 shares) 50,000 50,000 7.07% Series (authorized and outstanding 250,000 shares) 25,000 25,000 Total preferred stock 132,382 8.9 132,456 8.8 LONG-TERM DEBT (Note 5): First mortgage bonds: 5 1/4% Series due 1996 20,000 20,000 5.33 % Series due 1998 30,000 30,000 8.65 % Series due 2000 80,000 80,000 6.40 % Series due 2003 80,000 80,000 8 % Series due 2004 50,000 50,000 9.50 % Series due 2021 75,000 75,000 7.50 % Series due 2023 80,000 80,000 8 3/4% Series due 2027 50,000 50,000 9.52 % Series due 2031 25,000 25,000 Total first mortgage bonds 490,000 490,000 Pollution control revenue bonds: 5.90 % Series due 2003 24,650* 24,650* 6 % Series due 2007 24,000 24,000 7 1/4% Series due 2008 4,360 4,360 7 5/8% Series 1983-1984 due 2013-2014 68,100 68,100 8.30 % Series 1984 due 2014 49,800 49,800 Total pollution control revenue bonds 170,910 170,910 *Amount due within one year (450) (450) Net pollution control revenue bonds 170,460 170,460 REA Notes 1,751 1,768 Amount due within one year (67) (67) Net REA Notes 1,684 1,701 American Falls bond guarantee 20,905 20,905 Milner Dam note guarantee 11,700 11,700 Unamortized premium/discount - Net (1,536) (1,560) Total long-term debt 693,213 46.8 693,206 46.2 TOTAL CAPITALIZATION $1,482,935 100.0% $1,499,462 100.0% The accompanying notes are an integral part of these statements.
IDAHO POWER COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF ACCOUNTING POLICIES: Financial Statements In the opinion of the Company, the accompanying unaudited financial statements contain all adjustments necessary to present fairly the consolidated financial position as of March 31, 1995 and the consolidated results of operation for the three months and twelve months ended March 31, 1995 and 1994 and the consolidated cash flows for the three months and twelve months ended March 31, 1995 and 1994. These condensed financial statements do not contain the complete detail or footnote disclosure concerning accounting policies and other matters which would be included in full year financial statements and, therefore, they should be read in conjunction with the Company's audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 1994. The results of operation for the interim periods are not necessarily indicative of the results to be expected for the full year. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Idaho Energy Resources Co (IERCo), Idaho Utility Products Company (IUPCO), IDACORP, INC., Ida-West Energy Company (Ida-West), and Stellar Dynamics. All significant intercompany transactions and balances have been eliminated in consolidation. Revenues In order to match revenues with associated expenses, the Company accrues unbilled revenues for electric services delivered to customers but not yet billed at month-end. Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand and highly liquid temporary investments with original maturity dates of three months or less. Reclassifications Certain items previously reported for periods prior to 1995 have been reclassified to conform with the current year's presentation. Net income was not affected by these reclassifications. 2. ALLOWANCE FOR FUNDS USED DURING CONSTRUCTION (AFDC): The allowance, a non-cash item, represents the composite interest costs of debt, shown as a reduction to interest charges, and a return on equity funds, shown as an addition to other income, used to finance construction. While cash is not realized currently from such allowance, it is realized under the rate making process over the service life of the related property through increased revenues resulting from higher rate base and higher depreciation expense. Based on the uniform formula adopted by the Federal Energy Regulatory Commission, the Company's weighted average monthly AFDC rate for the three months ended March 31, 1995, was 6.1 percent and was 8.2 percent for the entire year of 1994. 3. COMMITMENTS AND CONTINGENT LIABILITIES: Commitments under contracts and purchase orders relating to the Company's program for construction and operation of facilities amounted to approximately $6,875,100 at March 31, 1995. The commitments are generally revocable by the Company subject to reimbursement of manufacturers' expenditures incurred and/or other termination charges. The Company is party to various legal claims, actions, and complaints, certain of which involve material amounts. Although the Company is unable to predict with certainty whether or not it will ultimately be successful in these legal proceedings or, if not, what the impact might be, based upon the advice of legal counsel, management presently believes that disposition of these matters will not have a materially adverse effect on the Company's financial position, results of operation, or cash flow. 4. REGULATORY ISSUES: The Company has in place, in its Idaho jurisdiction, a Power Cost Adjustment (PCA) mechanism which allows Idaho's retail customer rates to be adjusted annually to reflect the Idaho share of forecasted net power supply costs. Deviations from forecasted costs are deferred with interest and then adjusted (trued-up) in the subsequent year. At March 31, 1995, the Company had recorded $10.7 million of power supply costs above those projected in the 1994 forecast. The current balance is adjusted monthly as actual conditions are compared to the forecasted net power supply costs. In addition, the Company filed for temporary drought relief with the Oregon Public Utility Commission (OPUC). As a result of this filing, the OPUC issued an accounting order granting the Company permission to defer, with interest, 60 percent of Oregon's share of the Company's increased power supply costs incurred between May 13, 1994 and December 31, 1994. The Company filed a request on April 18, 1995 with the OPUC to recover the deferred amount of $1.3 million. 5. FINANCING: The Company currently has a $200,000,000 shelf registration statement which can be used for both First Mortgage Bonds (including Medium Term Notes) and Preferred Stock. INDEPENDENT ACCOUNTANTS' REPORT Idaho Power Company Boise, Idaho We have reviewed the accompanying consolidated balance sheets and statements of capitalization of Idaho Power Company and subsidiaries as of March 31, 1995 and 1994, and the related consolidated statements of income for the three and twelve- month periods ended March 31, 1995 and 1994 and consolidated statements of cash flows for the three-month and twelve-month periods ended March 31, 1995 and 1994. These financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to such consolidated financial statements for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet and statement of capitalization of Idaho Power Company and subsidiaries as of December 31, 1994, and the related consolidated statements of income, retained earnings, and cash flows for the year then ended (not presented herein), and in our report dated January 31, 1995, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet and statement of capitalization as of December 31, 1994 is fairly stated, in all material respects, in relation to the consolidated balance sheet and statement of capitalization from which it has been derived. DELOITTE & TOUCHE LLP Portland, Oregon April 28, 1995 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Idaho Power Company's consolidated financial statements represent the Company and its five wholly-owned subsidiaries: Idaho Energy Resources Company (IERCo); Ida-West Energy Company (Ida-West); IDACORP, Inc.; Idaho Utility Products Company (IUPCo); and Stellar Dynamics. This discussion uses the terms Idaho Power and the Company interchangeably to refer to Idaho Power Company and its subsidiaries. The Company is primarily a hydro-based electric utility. Operational results, as with other utilities in the Northwest, are significantly affected by changing weather, precipitation, and streamflow conditions. In addition, the amount of energy used by general business consumers varies from season to season - and from month to month within each season - due primarily to seasonal weather. Non-firm (or off-system) energy sales also vary, by quarter and by year, as a result of varying hydro conditions and energy demand from other utilities. Operating costs fluctuate during periods when reduced low-cost hydroelectric generating capability, or a strong non-firm energy market, increases the Company's reliance on higher cost thermal generation or purchases of power from other utilities. The Power Cost Adjustment (PCA) mechanism, applied in the Company's Idaho jurisdiction, provides recovery for a major portion of those operating expenses that have the greatest potential for variation. With the PCA, the Company's operating and earnings per share results are more closely aligned with general regulatory, economic, and temperature-related weather conditions, and less dependent on variable precipitation and streamflow conditions. Earnings Per Share and Book Value Earnings per share of common stock were $.50 for the quarter, an increase of $0.06 (or 13.6 percent) from the same quarter last year. The twelve months ended March 31, 1995 showed earnings of $1.86 per share, a decrease of $0.17 (8.4 percent) from the twelve months ended March 31, 1994. The twelve-month earnings represent a 10.6 percent earned return on year-end March 31 common equity compared to the 11.5 percent earned through March 31 last year. At March 31, 1995, the book value per share of common stock was $17.48 compared to $17.44 for the same period a year ago. The Idaho Public Utilities Commission (IPUC) on March 21, 1995, issued an order denying the Company's Petition for Reconsideration as to the return on common equity (ROE) of 11.0% which was granted on January 31, 1995, in the Company's recent general revenue requirement case. The denial of this Petition and resulting low allowed ROE will make it very difficult for the Company to increase retained earnings and consequently the book value of the Company. The Company's management is looking at all viable options, including substantial reductions in expenditures beyond our 1995 targets, a review of customer programs, as well as all possible regulatory options to move toward financial recovery. RESULTS OF OPERATIONS Precipitation and Streamflows The first three months of 1995 were characterized by above-normal precipitation, along with above-normal temperatures throughout the service territory. At April 1, 1995, for the Snake River above Brownlee Reservoir (water source to the three-dam Hells Canyon complex which generates about half of the electricity produced by the Company in a normal year), the average snow water equivalent is 103 percent of the 30-year average compared to 59 percent of average last year at this time. However, reservoir storage above Brownlee is 63 percent of capacity and 90 percent of average this year compared to 80 percent of capacity and 115 percent of average a year ago. Inflows into Brownlee result from a combination of precipitation, storage, and ground water conditions and at April 1, 1995 the Company estimates there will be 4.4 million acre-feet (MAF) or approximately 92 percent of the 66-year median of 4.8 MAF during the April-July period. Energy Requirements The Company's total system energy requirements for the three month period have been supplied from the following sources: hydro generation 54 percent, thermal generation 35 percent, and purchased power and other interchanges 11 percent. This compares to a total system energy requirement of 45 percent hydro, 51 percent thermal, and 4 percent from purchase power and other interchanges for the same period of 1994. With precipitation above average and reservoir carryover storage below average, the Company estimates that 49 percent of its 1995 energy requirements will come from hydro generation, 41 percent from thermal generation, and 10 percent from purchased power and other interchanges. Under normal conditions, the Company's hydro system would contribute approximately 58 percent, with thermal generation accounting for approximately 33 percent, and the remaining 9 percent from purchased power and other interchanges. Regulatory Issues The Company presently contemplates filing a general revenue requirement case in Oregon, during the second quarter, using the same information prepared for its recently completed general revenue requirement proceeding before the IPUC. The Company's PCA mechanism applies only to its Idaho jurisdiction. As a result of 1994's high power supply costs, the Company also filed for temporary drought relief with the Oregon Public Utilities Commission (OPUC). The OPUC issued an accounting order granting the Company permission to defer with interest 60 percent of Oregon's share of the Company's increased power supply costs incurred between May 13, 1994 and December 31, 1994. The amount deferred at December 31, 1994 was $1.3 million. The Company filed an application with the OPUC on April 18, 1995, seeking authorization to continue a July 1, 1993, surcharge in Oregon until the Company's 1994 deferred power costs are recovered. The Company anticipates receiving this order from the OPUC prior to July 1, 1995. Power Cost Adjustment Since 1993, the Company has been permitted a PCA mechanism in its Idaho jurisdiction. The PCA enables the Company to collect or refund a portion of the difference between net power supply costs actually incurred and those allowed in the base rates of the Company. The current balance is adjusted monthly as actual conditions are compared to the PCA forecasted net power supply costs. At March 31, 1995, the Company had recorded $10.7 million of power supply costs above those projected in the 1994 PCA forecast which were included in the true-up portion of the 1995 PCA filing. Effective February 1, 1995, with the completion of the Company's most recent Idaho jurisdiction revenue requirements case, 90 percent of the net power supply cost deviations from normalized rates are included in the PCA. The Company filed its 1995 PCA application on April 14, 1995, requesting a decrease in the Idaho jurisdiction PCA rate. The decrease from last year's PCA adjustment is approximately $7.3 million or 1.6 percent, including last year's true-up. Revenues General business revenues were up for both the quarter ($6.5 million or 6.4 percent) and twelve months ending March 31, 1995 ($46.2 million or 11.1 percent). The quarterly increases reflect an increase in the number of new customers and the recent rate increase granted by the IPUC. These increases were partially offset by above-normal winter temperatures which reduced demand in weather sensitive (residential and small commercial) customer classes. The number of heating degree days were down 16.6 percent from normal and 9.0 percent from the same period in 1994. The quarterly increase also reflects revenue increases in all customer classes over those achieved in first-quarter of 1994. Residential revenues increased $2.2 million (4.3 percent); small commercial sales increased $0.7 million (3.2 percent); and large commercial sales rose $3.4 million (14.1 percent). The increase for the twelve month period represents strong economic growth in the Company's service territory, increases in new customers, energy usage patterns, and the recent rate increase in the Idaho jurisdiction. The total number of general business customers served rose by 11,619, a 3.6 percent increase over the same period last year. Total sales for resale were down $4.1 million during the first quarter and $29.4 million for the twelve month period. The decreases reflect improved hydro-generation conditions throughout the Northwest, which lowered the price received from such sales, and the above normal temperatures which have reduced demand from weather sensitive customers. Total operating revenues increased $2.5 million (2.0 percent) for the first three months of 1995 and improved $17.8 million (3.4 percent) for the twelve months ended March 31, 1995, when compared to the corresponding periods a year ago. Expenses Total operating expenses were down $6.6 million (7.2 percent) for the quarter and $16.8 million (4.5 percent) for the twelve months ended March 31, 1995. Purchased power expenses were up for the quarter by $1.5 million due to economy purchases made while the market for off-system sales was soft and purchases could be made below the cost of the Company's own thermal production. For the twelve month period ended March 31, 1995 purchased power expenses were up by $19.6 million primarily because of the drought conditions of 1994. Fuel expenses were lower for both the three and twelve month periods, $10.0 million and $2.5 million respectively, again reflecting good hydroelectric conditions and the reduced demand due to warmer weather, these costs were further affected by economy purchases of power during the quarter and high fuel costs during 1994 due to drought conditions. All other operation and maintenance expenses were up $0.9 million for the three months, but decreased $3.7 million for the twelve months ended March 31, 1995. The quarterly increase reflects increased accruals for post-retirement expenses, pension expense, and conservation program amortization, all due to the outcome of the recent Idaho revenue requirements case. The decrease for the twelve months is due to the accounting for the PCA (see Note 4 of Notes to Consolidated Financial Statements), reduced regulatory commission expense, and reduced thermal operation and maintenance expense. Total interest costs increased slightly for the three month period reflecting an increase in the amount of short term borrowings and decreased for the twelve months reflecting the interest expense recorded last year associated with income tax settlements with the Internal Revenue Service. Income taxes increased for both periods due to changes in pre-tax income, prior year adjustments and the Wiley project write-off in 1994 and increased deferred taxes in 1995 as a result of 1994 plant additions. Ida-West Energy Company Ida-West Energy Company, a wholly-owned subsidiary of the Company, owns through various partnerships 50 percent of five Idaho Hydroelectric projects with a total generating capacity of approximately 34 megawatts. Third parties unaffiliated with Ida-West own the remaining 50 percent of these projects, thus satisfying "qualifying facility" status under PURPA guidelines. The partnerships have obtained project financing (non-recourse to the Company) for each of these facilities. As a part of its Resource Contingency Program, the Bonneville Power Administration (BPA) requested proposals to provide up to 800 average megawatts of energy options. Ida-West, along with two partners, submitted a proposal for a 227 megawatt gas-fired cogeneration project to be located near Hermiston, Oregon. On June 4, 1993, BPA selected three projects - including that of the partnership - for participation in the program. The partnership and BPA signed an option development agreement granting BPA an option to acquire energy and capacity from the project any time during a five-year option hold period after all option development period tasks, including permitting, have been completed. The option also entitles the partnership to BPA reimbursement for certain development costs, based on achievement of certain milestones. This option includes an exclusive right to acquire energy and capacity from a second 233 megawatt unit at the site during the same five-year option hold period. In March 1994, BPA and the partnership reached an additional agreement on the power purchase contract, setting forth the terms and conditions on which BPA will purchase energy and capacity from the project upon exercise of the option. The partnership expects to complete development period tasks by year-end 1995. Project financing for construction costs would be non- recourse to the Company. The Company has invested $20 million in Ida-West. Ida-West continues an active search for new projects. LIQUIDITY AND CAPITAL RESOURCES Cash Flow Net cash generation from operations for the three months ended March 31, 1995 amounted to $45.2 million. After deducting for both common and preferred dividends, net cash generation from operating activities provided approximately $25.5 million (a 20.4 percent increase from the same period of 1994) for the Company's construction program and other capital requirements. Cash Expenditures The Company's cash construction program for 1995 is presently estimated to require cash funds of approximately $94.8 million. Generating facilities comprise approximately 30 percent of the total required cash funds, transmission is 14 percent, distribution is 40 percent, with the balance for general plant and equipment. This estimate is subject to revision in light of changing economic, regulatory, and environmental factors and conservation policies. Approximately $17.2 million was expended during the first three months for construction. The Company's primary financial commitments and obligations are related to contracts and purchase orders associated with the ongoing construction program and are expected to be financed using both internally generated funds and externally financed capital to the extent required. Although the Company has regulatory approval to incur up to $150 million of bank borrowings, it presently maintains lines of credit aggregating $90 million with various banks which may be used to finance a portion of the construction program on an interim basis. At March 31, 1995, the Company had short-term borrowings of $47.5 million. Financing Program The Company has on file a shelf registration statement for the issuance of first mortgage bonds and/or preferred stock with a total aggregate principal amount not to exceed $200 million. The Company's current objective is to maintain capitalization ratios of approximately 45 percent common equity, 8 to 10 percent preferred stock, and the balance in long-term debt. The Company's strategy is to achieve this target structure through accumulated earnings and issuance of new equity. For the twelve month period ended March 31, 1995, the Company's consolidated pre-tax interest coverage was 3.12 times. Construction Program Expansion of the Twin Falls Project continues with completion estimated for mid-1995. Total cash expenditures for the Twin Falls expansion are currently estimated at $38.1 million, with total construction costs at $41.9 million, including an allowance for funds used during construction. When completed, this project will add 43 MW of new capacity to the Company's generation system. In addition, the Company continues to explore the economic feasibility of constructing the Southwest Intertie Project (SWIP). The Bureau of Land Management (BLM) completed the Final Environmental Impact Statement/Proposed Plan Amendment for the SWIP with a Record of Decision and Right of Way issued in December 1994. The utility and BLM will begin to prepare a detailed site-specific construction, operation, and maintenance plan aimed at mitigating the environmental impact of the project. Detailed engineering work could begin in 1995. The Company has received preliminary commitments from various utility and non- utility entities for financial participation in the project. The Company intends to retain up to a 20 percent ownership in the line. Salmon Recovery Plan Work continues on the development of a comprehensive and scientifically credible plan to ensure the long-term survival of anadromous fish runs on the Columbia and Lower Snake Rivers. The Company fully supports and actively participates in this regional effort. In mid-August 1994, the federal government changed its designation of the Snake River Fall Chinook Salmon from Threatened to Endangered. The Company does not anticipate that the new designation will have any additional effects on its operations. In September 1991, the Company modified operations at its three-dam Hells Canyon Hydroelectric Complex to protect the Fall Chinook downstream during spawning and juvenile emergence. Pursuant to a Ninth Circuit Court's decision, which determined the Northwest Power Planning Council's (NWPPC) 1993 strategy for salmon was in violation of the 1980 Northwest Power Planning Act, the NWPPC adopted amendments to its Strategy for Salmon on December 15, 1994. The amended Strategy calls for a substantial increase in water from the Snake River to aid juvenile fish in their downstream migration to the sea. The Plan requires the Bureau of Reclamation to acquire 500,000 acre-feet of additional water by 1996 and another 500,000 acre-feet by 1998 for a total of 1,000,000 acre-feet in addition to the present contribution of 427,000 acre-feet. This water is to be acquired from willing sellers and could have a material impact on the Company's power supply costs. The Plan also calls for an additional 237,000 acre-foot contribution from the Company's Brownlee Reservoir for which the Company is to be reimbursed by the BPA. Pending completion of a final recovery plan by the National Marine Fisheries Service (NMFS), the U.S. Army Corps of Engineers and other governmental agencies operating federally-owned dams and reservoirs on the Snake and Columbia Rivers have consulted the NMFS each year regarding federal system operations. The NMFS released its "Proposed Recovery Plan for Snake River Salmon" (Recovery Plan) on March 20, 1995. They will accept comments on the proposed Recovery Plan through June of 1995. The Company is reviewing the proposed Recovery Plan and, if appropriate, will make comments. Included in the Recovery Plan is the 1995 Biological Opinion which provides for the same 427,000 acre- feet water budget from the Upper Snake and 237,000 acre-feet of water from Brownlee, as does the NWPPC Amended Plan. Relicensing of Hydroelectric Projects The Company is vigorously pursuing the relicensing of its hydroelectric projects, a process that will continue for the next 10 to 15 years. The Company will submit applications for license renewal to the Federal Energy Regulatory Commission in December 1995. These applications will seek renewal of the Company's licenses for its Bliss, Upper Salmon Falls, and Lower Salmon Falls Hydroelectric Projects. Although various federal requirements and issues must be resolved through the relicensing process, the Company anticipates that its efforts will be successful. At this point, however, the Company cannot predict what type of environmental or operational requirements it may face, nor can it estimate the eventual cost of relicensing. Company Vision The future of the electric utility industry will be characterized by competition - the right of customers to choose their own electric service provider. To remain successful, the Company must continue to provide value to our shareholders in the face of this new competitive environment. This value will be derived from different sources: selective and efficient use of capital, customer orientation, and innovative, efficient operations. Because prices for power will be determined by market forces, not administered by regulators, the Company must be very selective and efficient in the use and allocation of capital. Such capital will be invested for the purposes of improving and expanding the core business, developing new opportunities beyond the current service territory, and the continued development of non- regulated opportunities consistent with core competencies. When customers have a choice of electric suppliers, value is created through customer-orientation and maintenance of a customer-friendly environment. The Company's current asset-based cost advantage must be complemented with a knowledge- and skill-based competitive advantage, which requires innovative and efficient operations. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: File Exhibit Number As Exhibit *4 (a) 2-3413 B-2 - Mortgage and Deed of Trust, dated as of October 1, 1937, between the Company and Bankers Trust Company and R. G. Page, as Trustees. *4 (b) - Supplemental Indentures to Mortgage and Deed of Trust: Number Dated 1-MD B-2-a First July 1, 1939 2-5395 7-a-3 Second November 15, 1943 2-7237 7-a-4 Third February 1, 1947 2-7502 7-a-5 Fourth May 1, 1948 2-8398 7-a-6 Fifth November 1, 1949 2-8973 7-a-7 Sixth October 1, 1951 2-12941 2-C-8 Seventh January 1, 1957 2-13688 4-J Eighth July 15, 1957 2-13689 4-K Ninth November 15, 1957 2-14245 4-L Tenth April 1, 1958 2-14366 2-L Eleventh October 15, 1958 2-14935 4-N Twelfth May 15, 1959 2-18976 4-O Thirteenth November 15, 1960 2-18977 4-Q Fourteenth November 1, 1961 2-22988 4-B-16 Fifteenth September 15, 1964 2-24578 4-B-17 Sixteenth April 1, 1966 2-25479 4-B-18 Seventeenth October 1, 1966 2-45260 2(c) Eighteenth September 1, 1972 2-49854 2(c) Nineteenth January 15, 1974 2-51762 2(c)(i) Twentieth August 1, 1974 2-51722 2(c)(ii) Twenty-first October 15, 1974 2-57374 2(c) Twenty-second November 15, 1976 2-62035 2(c) Twenty-third August 15, 1978 33-34222 4(d)(iii) Twenty-fourth September 1, 1979 33-34222 4(d)(iv) Twenty-fifth November 1, 1981 33-34222 4(d)(v) Twenty-sixth May 1, 1982 33-34222 4(d)(vi) Twenty-seventh May 1, 1986 33-00440 4(c)(iv) Twenty-eighth June 30, 1989 33-34222 4(d)(vii) Twenty-ninth January 1, 1990 33-65720 4(d)(iii) Thirtieth January 1, 1991 33-65720 4(d)(iv) Thirty-first August 15, 1991 33-65720 4(d)(v) Thirty-second March 15, 1992 33-65720 4(d)(vi) Thirty-third April 1, 1993 1-3198 4 Thirty-fourth December 1, 1993 Form 8-K Dated 12/17/93 12 - Ratio of Earnings to Fixed Charges. 12(a) - Supplemental Ratio of Earnings to Fixed Charges. 12(b) - Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements. 12(c) - Supplemental Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements. 15 - Letter re: unaudited interim financial information. 27 - Financial Data Schedule (b) Reports on Form 8-K. The following reports on Form 8-K were filed for the three months ended March 31, 1995. 1. Item 5. Other Events - A report on Form 8-K dated February 10, 1995 was filed by the Company concerning the Idaho Public Utilities Commission Order No. 25880 which established an Idaho jurisdictional revenue deficiency for the Company of $17.2 million. A report on Form 8-K dated March 24, 1995 was filed by the Company concerning the Idaho Public Utilities Commission order denying the Company's request for reconsideration of the Return on Common Equity. *Previously Filed and Incorporated Herein By Reference. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. IDAHO POWER COMPANY (Registrant) Date May 5, 1995 By: /s/ J LaMont Keen J LaMont Keen Vice President and Chief Financial Officer (Principal Financial Officer) Date May 5, 1995 By: /s/ Harold J Hochhalter Harold J Hochhalter Controller (Principal Accounting Officer) EX-12 2 Idaho Power Company Consolidated Financial Information Ratio of Earnings to Fixed Charges
Twelve Months Twelve Months Ended December 31, Ended (Thousands of Dollars) March 31, 1990 1991 1992 1993 1994 1995 Computation of Ratio of Earnings to Fixed Charges: Consolidated net income $ 69,241 $ 57,872 $ 59,990 $ 84,464 $ 74,930 $ 77,398 Income taxes: Income taxes (includes amounts charged to other income and deductions) 26,418 24,321 24,601 38,057 35,307 40,024 Investment tax credit adjustment (3,184) (3,177) (1,439) (1,583) (1,064) (954) Total income taxes 23,234 21,144 23,162 36,474 34,243 39,070 Income before income taxes 92,475 79,016 82,152 120,938 109,173 116,468 Fixed Charges: Interest on long-term debt 50,119 54,370 53,408 53,706 51,173 51,167 Amortization of debt discount, expense and premium - net 309 374 392 507 567 567 Interest on short-term bank loans 1,027 935 647 220 1,157 1,864 Other interest 2,259 3,297 1,011 2,023 1,537 1,384 Interest portion of rentals 902 884 683 1,077 794 818 Total fixed charges 54,616 59,860 56,141 57,533 55,228 55,800 Earnings - as defined $147,091 $138,876 $139,293 $178,471 $164,401 $172,268 Ratio of earnings to fixed charges 2.69X 2.32X 2.48X 3.10X 2.98X 3.09X
EX-12.(A) 3 Idaho Power Company Consolidated Financial Information Supplemental Ratio of Earnings to Fixed Charges
Twelve Months Twelve Months Ended December 31, Ended (Thousands of Dollars) March 31, 1990 1991 1992 1993 1994 1995 Computation of Ratio of Earnings to Fixed Charges: Consolidated net income $ 69,241 $ 57,872 $ 59,990 $ 84,464 $ 74,930 $ 77,398 Income taxes: Income taxes (includes amounts charged to other income and deductions) 26,418 24,321 24,601 38,057 35,307 40,024 Investment tax credit adjustment (3,184) (3,177) (1,439) (1,583) (1,064) (954) Total income taxes 23,234 21,144 23,162 36,474 34,243 39,070 Income before income taxes 92,475 79,016 83,152 120,938 109,173 116,468 Fixed Charges: Interest on long-term debt 50,119 54,370 53,408 53,706 51,173 51,167 Amortization of debt discount, expense and premium - net 309 374 392 507 567 567 Interest on short-term bank loans 1,027 935 647 220 1,157 1,864 Other interest 2,259 3,297 1,011 2,023 1,537 1,384 Interest portion of rentals 902 884 683 1,077 794 818 Total fixed charges 54,616 59,860 56,141 57,533 55,228 55,800 Suppl increment to fixed charges* 1,969 1,599 2,487 2,631 2,622 2,619 Total supplemental fixed charges 56,585 61,459 58,628 60,164 57,850 58,419 Supplemental earnings - as defined $149,060 $140,475 $141,780 $181,102 $167,023 $174,887 Supplemental ratio of earnings to fixed charges 2.63X 2.29X 2.42X 3.01X 2.89X 2.99X * Explanation of increment: Interest on the guaranty of American Falls Reservoir District Bonds and Milner Dam Inc. Notes which are already included in operating expense.
EX-12.(B) 4 Idaho Power Company Consolidated Financial Information Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements
Twelve Months Twelve Months Ended December 31, Ended (Thousands of Dollars) March 31 1990 1991 1992 1993 1994 Computation of Ratio of Earnings to Fixed Charges: Consolidated net income $ 69,241 $ 57,872 $ 59,990 $ 84,464 $ 74,930 $ 77,398 Income taxes: Income taxes (includes amounts charged to other income and deductions) 26,418 24,321 24,601 38,057 35,307 40,024 Investment tax credit adjustment (3,184) (3,177) (1,439) (1,583) (1,064) (954) Total income taxes 23,234 21,144 23,162 36,474 34,243 39,070 Income before income taxes 92,475 79,016 83,152 120,938 109,173 116,468 Fixed Charges: Interest on long-term debt 50,119 54,370 53,408 53,706 51,173 51,167 Amortization of debt discount, expense and premium - net 309 374 392 507 567 567 Interest on short-term bank loans 1,027 935 647 220 1,157 1,864 Other interest 2,259 3,297 1,011 2,023 1,537 1,384 Interest portion of rentals 902 884 683 1,077 794 818 Total fixed charges 54,616 59,860 56,141 57,533 55,228 55,800 Preferred dividends requirements 5,685 6,663 7,611 8,547 10,682 11,446 Total fixed charges and preferred dividends 60,301 66,523 63,752 66,080 65,910 67,246 Earnings - as defined $147,091 $138,876 $139,293 $178,471 $164,401 $172,268 Ratio of earnings to fixed charges and preferred dividends 2.44X 2.09X 2.18X 2.70X 2.49X 2.56X
EX-12.(C) 5 Idaho Power Company Consolidated Financial Information Supplemental Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements
Twelve Months Twelve Months Ended December 31, Ended (Thousands of Dollars) March 31, 1990 1991 1992 1993 1994 1995 Computation of Ratio of Earnings to Fixed Charges: Consolidated net income $ 69,241 $ 57,872 $ 59,990 $ 84,464 $ 74,930 $ 77,398 Income taxes: Income taxes (includes amounts charged to other income and deductions) 26,418 24,321 24,601 38,057 35,307 40,024 Investment tax credit adjustment (3,184) (3,177) (1,439) (1,583) (1,064) (954) Total income taxes 23,234 21,144 23,162 36,474 34,243 39,070 Income before income taxes 92,475 79,016 83,152 120,938 109,173 116,468 Fixed Charges: Interest on long-term debt 50,119 54,370 53,408 53,706 51,173 51,167 Amortization of debt discount, expense and premium - net 309 374 392 507 567 567 Interest on short-term bank loans 1,027 935 647 220 1,157 1,864 Other interest 2,259 3,297 1,011 2,023 1,537 1,384 Interest portion of rentals 902 884 683 1,077 794 818 Total fixed charges 54,616 59,860 56,141 57,533 55,228 55,800 Suppl increment to fixed charges* 1,969 1,599 2,487 2,631 2,622 2,619 Supplemental fixed charges 56,585 61,459 58,628 60,164 57,850 58,419 Preferred dividend requirements 5,685 6,663 7,611 8,547 10,682 11,446 Total supplemental fixed charges and preferred dividends 62,270 68,122 66,239 68,711 68,532 69,865 Supplemental earnings - as defined $149,060 $140,475 $141,780 $181,102 $167,023 $174,887 Supplemental ratio of earnings to fixed charges and preferred dividends 2.39X 2.06X 2.14X 2.64X 2.44X 2.50X * Explanation of increment: Interest on the guaranty of American Falls Reservoir District Bonds and Milner Dam Inc. Notes which are already included in operating expense.
EX-15 6 Exhibit 15 April 28, 1995 Idaho Power Company Boise, Idaho We have made a review, in accordance with standards established by the American Institute of Certified Public Accountants, of the unaudited interim financial information of Idaho Power Company and subsidiaries for the periods ended March 31, 1995 and 1994, as indicated in our report dated April 28, 1995; because we did not perform an audit, we expressed no opinion on that information. We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended March 31, 1995, is incorporated by reference in Registration Statement Nos. 33- 65720, and 33-51215 on Form S-3; and Registration Statement Nos. 33- 36947 and 33-56071 on Form S-8. We also are aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act. DELOITTE & TOUCHE LLP Portland, Oregon EX-27 7 FIN. DATA SCHEDULE FOR 3RD QTR. 10-Q
UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (BALANCE SHEETS, INCOME STATEMENTS AND CASH FLOW STATEMENTS) AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 Dec-31-1994 Jan-01-1995 Mar-31-1995 3-mos Per-Book 1,658,258 16,313 137,509 374,024 0 2,186,104 94,031 358,740 204,569 657,340 0 132,382 679,762 4,000 13,451 43,500 517 0 0 0 655,152 2,186,104 131,336 14,234 84,784 99,018 32,318 1,942 34,260 13,533 20,727 2,026 18,701 34,971 0 45,168 0.50 0.50
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