IDACORP Inc. (IDA, Financial) filed Quarterly Report for the period ended 2010-09-30.
Idacorp Inc. has a market cap of $1.76 billion; its shares were traded at around $36.71 with a P/E ratio of 13 and P/S ratio of 1.7. The dividend yield of Idacorp Inc. stocks is 3.3%. Idacorp Inc. had an annual average earning growth of 1% over the past 5 years.IDA is in the portfolios of Jean-Marie Eveillard of First Eagle Investment Management, LLC, David Dreman of Dreman Value Management, Kenneth Fisher of Fisher Asset Management, LLC, Jim Simons of Renaissance Technologies LLC.
Idaho 2010 PCA: On May 28, 2010, the IPUC issued an order approving a $146.9 million decrease in the 2010 PCA, along with a base rate increase of $88.7 million, both effective June 1, 2010. The net effect of these two rate adjustments is an overall decrease in customer rates of $58.2 million, or 6.49 percent. The base rate increase reflects a $63.7 million increase in base power supply costs and a $25 million increase in general rates.
IDACORP and Idaho Power expect to continue financing capital requirements with a combination of internally generated funds and externally financed capital. In May 2010, Idaho Power registered with the SEC the sale of up to $500 million of first mortgage bonds and debt securities. On June 17, 2010, Idaho Power entered into a selling agency agreement with ten banks for the issuance and sale of up to $500 million aggregate principal amount of first mortgage bonds. On August 30, 2010, Idaho Power issued $200 million of first mortgage bonds. In September 2010, IDACORP issued 768,612 shares of its common stock at an average price of $35.21 for aggregate net proceeds of $27 million, under an existing shelf registration statement. On June 28, 2010 and September 30, 2010, IDACORP contributed $10 million and $20 million, respectively, of additional equity to Idaho Power.
Transmission Projects: Idaho Power is pursuing the development of the Boardman-Hemingway line, a proposed 500-kiloVolt (kV) line between a station near Boardman, Oregon, and the Hemingway station, near Boise, Idaho. 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 and PacifiCorp are discussing joint development of the project. Idaho Power and PacifiCorp are also pursuing the joint development of Gateway West, a project to build transmission lines between Windstar, a station located near Douglas, Wyoming, and the Hemingway station. The current estimated cost for Idaho Powers share of the project is between $300 million and $500 million.
AMI / Smart Grid (American Recovery and Reinvestment Act of 2009 (ARRA)): Under the ARRA, in April 2010 Idaho Power finalized the grant of $47 million from the Department of Energy. This grant will match a $47 million investment by Idaho Power in smart grid technology, including AMI. Idaho Power has received approximately $15 million from the DOE as of September 30, 2010 and expects to bill and collect monthly over the estimated three-year term of the grant.
Pension Contribution: On September 15, 2010, Idaho Power contributed $60 million to its pension plan. The contribution was in excess of the $6 million minimum contribution required to be made in September 2010 for the 2009 plan year. Idaho Power elected to contribute more than the minimum requirement in order to bring the pension plan to a more funded position, reduce future required contributions, and reduce Pension Benefit Guaranty Corporation premiums. Unless Idaho Power elects to use an alternative amortization schedule available under new legislation, minimum required contributions to the pension plan are estimated to be $2 million, $44 million, $37 million, and $36 million in 2011, 2012, 2013, and 2014, respectively, after giving effect to the $54 million pension pre-funding contribution made in September 2010. Idaho Power may elect to make contributions earlier than the required dates.
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Idacorp Inc. has a market cap of $1.76 billion; its shares were traded at around $36.71 with a P/E ratio of 13 and P/S ratio of 1.7. The dividend yield of Idacorp Inc. stocks is 3.3%. Idacorp Inc. had an annual average earning growth of 1% over the past 5 years.IDA is in the portfolios of Jean-Marie Eveillard of First Eagle Investment Management, LLC, David Dreman of Dreman Value Management, Kenneth Fisher of Fisher Asset Management, LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Idaho Powers operating income increased $9 million for the quarter and decreased $5 million year-to-date as compared to the same periods in 2009. For the quarter, regulatory changes, resulting primarily from a January 2010 Idaho-jurisdiction settlement agreement, contributed $12 million to the increase and were partially offset by $2.7 million of sales volume reductions due in large part to mild weather. Year-to-date, the regulatory changes contributed $21 million and were partially offset by reductions in sales volumes of $15.1 million. Idaho Powers operating income also decreased due to a $6.4 million Oregon excess power cost recovery recorded in 2009 that did not recur in 2010.Idaho 2010 PCA: On May 28, 2010, the IPUC issued an order approving a $146.9 million decrease in the 2010 PCA, along with a base rate increase of $88.7 million, both effective June 1, 2010. The net effect of these two rate adjustments is an overall decrease in customer rates of $58.2 million, or 6.49 percent. The base rate increase reflects a $63.7 million increase in base power supply costs and a $25 million increase in general rates.
IDACORP and Idaho Power expect to continue financing capital requirements with a combination of internally generated funds and externally financed capital. In May 2010, Idaho Power registered with the SEC the sale of up to $500 million of first mortgage bonds and debt securities. On June 17, 2010, Idaho Power entered into a selling agency agreement with ten banks for the issuance and sale of up to $500 million aggregate principal amount of first mortgage bonds. On August 30, 2010, Idaho Power issued $200 million of first mortgage bonds. In September 2010, IDACORP issued 768,612 shares of its common stock at an average price of $35.21 for aggregate net proceeds of $27 million, under an existing shelf registration statement. On June 28, 2010 and September 30, 2010, IDACORP contributed $10 million and $20 million, respectively, of additional equity to Idaho Power.
Transmission Projects: Idaho Power is pursuing the development of the Boardman-Hemingway line, a proposed 500-kiloVolt (kV) line between a station near Boardman, Oregon, and the Hemingway station, near Boise, Idaho. 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 and PacifiCorp are discussing joint development of the project. Idaho Power and PacifiCorp are also pursuing the joint development of Gateway West, a project to build transmission lines between Windstar, a station located near Douglas, Wyoming, and the Hemingway station. The current estimated cost for Idaho Powers share of the project is between $300 million and $500 million.
AMI / Smart Grid (American Recovery and Reinvestment Act of 2009 (ARRA)): Under the ARRA, in April 2010 Idaho Power finalized the grant of $47 million from the Department of Energy. This grant will match a $47 million investment by Idaho Power in smart grid technology, including AMI. Idaho Power has received approximately $15 million from the DOE as of September 30, 2010 and expects to bill and collect monthly over the estimated three-year term of the grant.
Pension Contribution: On September 15, 2010, Idaho Power contributed $60 million to its pension plan. The contribution was in excess of the $6 million minimum contribution required to be made in September 2010 for the 2009 plan year. Idaho Power elected to contribute more than the minimum requirement in order to bring the pension plan to a more funded position, reduce future required contributions, and reduce Pension Benefit Guaranty Corporation premiums. Unless Idaho Power elects to use an alternative amortization schedule available under new legislation, minimum required contributions to the pension plan are estimated to be $2 million, $44 million, $37 million, and $36 million in 2011, 2012, 2013, and 2014, respectively, after giving effect to the $54 million pension pre-funding contribution made in September 2010. Idaho Power may elect to make contributions earlier than the required dates.
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