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March 29, 2015 7:09 AM ET

Electric Utilities

Company Overview of Idaho Power Company

Company Overview

Idaho Power Company, an electric utility company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon. As of December 31, 2014, the company provided electric service to approximately 516,000 general business customers; and had a network of approximately 4,858 pole-miles of high-voltage transmission lines, 24 step-up transmission substations located at power plants, 24 transmiss...

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, President, Director, Chief Executive Officer of Idacorp Inc and President of Idacorp Inc
Age: 55
Chief Financial Officer, Senior Vice President and Treasurer
Age: 53
Chief Operating Officer and Executive Vice President
Age: 56
Chief Accounting Officer, Vice President and Controller
Age: 50
Chief Information Officer and Vice President
Age: 50
Compensation as of Fiscal Year 2014.

Idaho Power Company Key Developments

Idaho Power Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for 2015

Idaho Power Company reported earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, net income was $34.2 million compared with net income of $27.4 million for the same period in 2013. For 2014, net income was $189.4 million compared with $176.7 million in 2013. For 2015, the company expects operating & maintenance expense in between $340 million to $350 million. Capital expenditures, excluding allowance for funds used during construction is expected to be $300 million to $310 million.

Idaho Power Company Appoints Richard J. Navarro as Member of its Boards of Directors

On February 10, 2015, the boards of directors of Idaho Power Company (Idaho Power) appointed Richard J. Navarro as a member of the boards of directors, effective immediately. Mr. Navarro will be subject to annual election thereafter. Mr. Navarro was not appointed to any committees of the boards of directors in connection with his initial appointment as a director. Mr. Navarro has served as he Chief Administrative Officer of Albertson's LLC since March 2014. Previously, he was the Chief Financial Officer of Albertson's LLC, from June 2006 to March 2014.

Idaho Power Company reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Re-Affirms Capital Expenditure Guidance for the Year 2014 and Revised Operating Guidance for the Year 2014

Idaho Power Company reported earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income of $84.6 million compared with $70.3 million in the third quarter of 2013. Third quarter financial performance resulted from a combination of operational factors, including above average energy demands this summer, a sustained focus on cost management, and continued customer growth, as well as a significant benefit from a 2013 tax method change. Operating income decreased by $10.6 million. Lower overall usage per customer due to comparatively mild weather decreased operating income by $8.3 million. Idaho Power's operating income was also impacted by a $3.8 million increase in depreciation, property tax, and payroll and benefits expenses when compared with the same period in 2013. For the first nine months of 2014, the company recorded net income of $155.2 million compared with net income of $149.3 million for the same period in 2013. Idaho Power's operating income decreased by $28.9 million over the comparative period. Lower usage per customer due to milder weather decreased operating income by $29.7 million. Increases in depreciation, property tax, and payroll and benefits Expenses combined to decrease operating income by $7.8 million for the first nine months of 2014 when compared with the same period in the prior year. The company re-affirmed capital expenditure guidance for the year 2014. Idaho Power Capital Expenditures, excluding allowance for funds used during construction of $280-$295 million and Idaho Power Hydroelectric Generation 5.9-6.4 (MWh) compared to previous guidance of 5.5-6.5 (MWh).

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