8-K 1 idacorp8k.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) May 16, 2002 Exact name of Registrants as specified in their charters, address of Commission principal executive IRS Employer File offices and Registrants' Identification Number telephone number Number 1-14465 IDACORP, Inc. 82-0505802 1-3198 Idaho Power Company 82-0130980 1221 W. Idaho Street Boise, ID 83702-5627 (208) 388-2200 State or Other Jurisdiction of Incorporation: Idaho None Former name, former address and former fiscal year, if changed since last report. IDACORP, Inc. IDAHO POWER COMPANY Form 8-K Items 1 through 4 and 6 through 9 are inapplicable and have been omitted herefrom. Item 5. OTHER EVENTS. FERC Filing IDACORP subsidiaries, IDACORP Energy, L.P., and Idaho Power Company filed a response on May 22, 2002 in FERC's Fact-Finding Investigation of Potential Manipulation of Electric and Natural Gas Prices, Docket No. PA02-2-000. In the response, the companies indicated that although they did export energy from the CAL PX outside of California during the period 2000-2001, they did not engage in any trading strategy described in the Enron memoranda. The energy was resold to supply preexisting load obligations, to supply preexisting term transactions or to supply a contemporaneous sales transaction. The companies denied all other ten activities. The Companies essentially discontinued energy trading with the California PX and ISO in December 2000. Lowered Ratings On May 16, 2002, Fitch Ratings lowered its ratings on IDACORP and Idaho Power Company securities. Fitch stated that the new ratings better reflect the earnings and cash flow volatility experienced by Idaho Power Company during the recent drought and the higher business risk associated with IDACORP's unregulated business strategy, especially the expansion of IDACORP Energy beyond its current western U.S. focus. Fitch stated that the new ratings reflect the May 13, 2002 Power Cost Adjustment order of the Idaho Public Utilities Commission. These downgrades are expected to increase the cost of debt and other securities going forward. Fitch also initiated coverage of Idaho Power Company commercial paper with an F1 rating. The rating outlook for both companies is stable. The following outlines the former and current Fitch ratings of IDACORP and Idaho Power securities: IDACORP From To Senior Unsecured A- BBB+ Trust Preferred Shelf BBB+ BBB Commercial Paper F-1 F-2 Idaho Power Company From To First Mortgage Bonds A+ A Senior Unsecured A A- Preferred Stock A BBB+ Commercial Paper _ F1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized. IDACORP, INC. Dated: May 22, 2002 By: /s/Robert W. Stahman Robert W. Stahman Vice President, General Counsel and Secretary IDAHO POWER COMPANY By: /s/Robert W. Stahman Robert W. Stahman Vice President, General Counsel and Secretary