IDACORP Inc. (IDA, Financial) filed Quarterly Report for the period ended 2010-03-31.
Idacorp Inc. has a market cap of $1.7 billion; its shares were traded at around $35.35 with a P/E ratio of 13.5 and P/S ratio of 1.6. The dividend yield of Idacorp Inc. stocks is 3.4%.IDA is in the portfolios of Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, David Dreman of Dreman Value Management, Kenneth Fisher of Fisher Asset Management, LLC, Jeremy Grantham of GMO LLC, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Idaho 2010 PCA Filing: On April 15, 2010, Idaho Power made its annual PCA filing with the IPUC, requesting approval of its 2010 PCA and an increase in base rates pursuant to the terms of the settlement agreement described above. As filed, these two rate adjustments would be a $146.7 million 2010 PCA reduction and an $88.7 million increase to base rates, both to become effective June 1, 2010. The base rate increase includes a $63.7 million increase in Idaho Powers annual base net power supply costs, and a $25 million general increase in Idaho Powers annual base rates. An open issue relates to Idaho Powers proposed increase of $25 million in coal supply costs for the Jim Bridger plant. The $63.7 million amount is a maximum increase to annual base net power supply costs; the final amount will be determined in the context of the 2010 PCA case.
Fixed Cost Adjustment: Idaho Powers 2010 FCA filing for 2009 proposes to collect $6.3 million for one year, a $3.6 million annual increase over current rates.
Langley Gulch Power Plant: Langley Gulch will be a natural gas-fired combined cycle combustion turbine (CCCT) generating plant with a summer nameplate capacity of approximately 300 megawatts (MWs) and a winter capacity of approximately 330 MWs. The plant will be constructed near New Plymouth, Idaho commencing in summer 2010, and is contracted to achieve commercial operation by November 1, 2012. Incentives are anticipated to advance the commercial operation date to July 1, 2012. The total cost estimate for the project including allowance for funds used during construction (AFUDC) is $427 million, $77 million of which Idaho Power has incurred through March 31, 2010. Idaho Power received ratemaking assurances for $397 million from the IPUC for this project, and will request that the IPUC include the full cost of construction in Idaho Powers rate base after the facility is placed in operation.
Transmission Projects: Idaho Power and PacifiCorp are jointly exploring the Boardman-Hemingway Line, a proposed 500-kiloVolt (kV) line between a substation near Boardman, Oregon and the Hemingway substation. Idaho Power estimates total construction costs of $600 million and expects its share of the project to be between 30 and 50 percent. Idaho Power estimates the project will be completed in 2015, subject to siting, permitting and regulatory approvals. Idaho Power and PacifiCorp are jointly exploring Gateway West, a project to build transmission lines between Windstar, a substation located near Douglas, Wyoming, and the Hemingway substation. The current estimated cost for Idaho Powers share of the project is between $300 million and $500 million. Initial phases of the project could be completed by 2014. Idaho Powers share may change and the timing of the projects segments may be deferred and constructed as demand requires.
American Recovery and Reinvestment Act of 2009 (ARRA): Under the ARRA, Idaho Power was awarded a grant of $47 million from the Department of Energy (DOE). This grant will match a $47 million investment by Idaho Power in Smart Grid AMI technology as well as other incremental projects. The contract was signed with the DOE on April 2, 2010. Billings on this reimbursement contract will begin in May 2010 and occur monthly thereafter over the estimated three year term of the contract.
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Idacorp Inc. has a market cap of $1.7 billion; its shares were traded at around $35.35 with a P/E ratio of 13.5 and P/S ratio of 1.6. The dividend yield of Idacorp Inc. stocks is 3.4%.IDA is in the portfolios of Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, David Dreman of Dreman Value Management, Kenneth Fisher of Fisher Asset Management, LLC, Jeremy Grantham of GMO LLC, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
In accordance with a provision in its 2009 settlement agreement with the IPUC, Idaho Power recorded an amortization of $4.5 million of ADITC in the first quarter of 2010. The agreement allows an additional annual maximum amortization up to $25 million of ADITC in either 2010 or 2011 if Idaho Powers actual rate of return on year-end equity in its Idaho jurisdiction is below 9.5 percent. The total additional ADITC amortization for both 2010 and 2011 cannot exceed $45 million.Idaho 2010 PCA Filing: On April 15, 2010, Idaho Power made its annual PCA filing with the IPUC, requesting approval of its 2010 PCA and an increase in base rates pursuant to the terms of the settlement agreement described above. As filed, these two rate adjustments would be a $146.7 million 2010 PCA reduction and an $88.7 million increase to base rates, both to become effective June 1, 2010. The base rate increase includes a $63.7 million increase in Idaho Powers annual base net power supply costs, and a $25 million general increase in Idaho Powers annual base rates. An open issue relates to Idaho Powers proposed increase of $25 million in coal supply costs for the Jim Bridger plant. The $63.7 million amount is a maximum increase to annual base net power supply costs; the final amount will be determined in the context of the 2010 PCA case.
Fixed Cost Adjustment: Idaho Powers 2010 FCA filing for 2009 proposes to collect $6.3 million for one year, a $3.6 million annual increase over current rates.
Langley Gulch Power Plant: Langley Gulch will be a natural gas-fired combined cycle combustion turbine (CCCT) generating plant with a summer nameplate capacity of approximately 300 megawatts (MWs) and a winter capacity of approximately 330 MWs. The plant will be constructed near New Plymouth, Idaho commencing in summer 2010, and is contracted to achieve commercial operation by November 1, 2012. Incentives are anticipated to advance the commercial operation date to July 1, 2012. The total cost estimate for the project including allowance for funds used during construction (AFUDC) is $427 million, $77 million of which Idaho Power has incurred through March 31, 2010. Idaho Power received ratemaking assurances for $397 million from the IPUC for this project, and will request that the IPUC include the full cost of construction in Idaho Powers rate base after the facility is placed in operation.
Transmission Projects: Idaho Power and PacifiCorp are jointly exploring the Boardman-Hemingway Line, a proposed 500-kiloVolt (kV) line between a substation near Boardman, Oregon and the Hemingway substation. Idaho Power estimates total construction costs of $600 million and expects its share of the project to be between 30 and 50 percent. Idaho Power estimates the project will be completed in 2015, subject to siting, permitting and regulatory approvals. Idaho Power and PacifiCorp are jointly exploring Gateway West, a project to build transmission lines between Windstar, a substation located near Douglas, Wyoming, and the Hemingway substation. The current estimated cost for Idaho Powers share of the project is between $300 million and $500 million. Initial phases of the project could be completed by 2014. Idaho Powers share may change and the timing of the projects segments may be deferred and constructed as demand requires.
American Recovery and Reinvestment Act of 2009 (ARRA): Under the ARRA, Idaho Power was awarded a grant of $47 million from the Department of Energy (DOE). This grant will match a $47 million investment by Idaho Power in Smart Grid AMI technology as well as other incremental projects. The contract was signed with the DOE on April 2, 2010. Billings on this reimbursement contract will begin in May 2010 and occur monthly thereafter over the estimated three year term of the contract.
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