UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM U-3A-2
STATEMENT BY HOLDING COMPANY CLAIMING EXEMPTION UNDER RULE U-3A-2
FROM THE PROVISIONS OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
To Be Filed Annually Prior to March 1
IDACORP, Inc.
(Name of Company)
HEREBY FILES WITH THE SECURITIES AND EXCHANGE COMMISSION, PURSUANT
TO RULE 2, ITS STATEMENT CLAIMING EXEMPTION AS A HOLDING COMPANY
FROM THE PROVISIONS OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF
1935, AND SUBMITS THE FOLLOWING INFORMATION:
1. NAME, STATE OF ORGANIZATION, LOCATION AND NATURE OF BUSINESS OF
CLAIMANT AND EVERY SUBSIDIARY THEREOF, OTHER THAN ANY EXEMPT
WHOLESALE GENERATOR (EWG) OR FOREIGN UTILITY COMPANY IN WHICH
CLAIMANT DIRECTLY OR INDIRECTLY HOLDS AN INTEREST, AS OF DECEMBER
31, 1997.
Name/ Location and
(State of Organization) Nature of Business
Claimant
IDACORP, Inc. Principal Executive Office
(Idaho) located at 1221 W Idaho Street
Boise, Idaho 83702-5627
Holding Company
Subsidiaries of IDACORP, Inc.
Idaho Power Company Boise, Idaho
(Idaho) Electric Utility
IDACORP Energy Solutions Co. Boise, Idaho
(Nevada) Marketing Company
Ida-West Energy Company Boise, Idaho
(Idaho) Electrical Generation
Subsidiaries of Idaho Power Company
Applied Power Corporation Lacey, Washington
(Washington) Solar Energy Business
IDACORP Financial Services, Inc. Boise, Idaho
(Idaho) Non utility Investments
Idaho Energy Resources Co. Boise, Idaho
(Wyoming) Coal Mining
Stellar Dynamics, Inc. Boise, Idaho
(Idaho) Control and Monitoring Technologies
Idaho Power Resources Corporation Boise, Idaho
(Idaho) Renewable Energy Resources
Idaho Power Diversified Boise, Idaho
Enterprises Co. Retail Marketing
(Idaho)
Pathnet/Idaho Power Equipment, LLC Boise, Idaho
(Idaho) Microwave Communications
Subsidiaries of IDACORP Energy Solutions Co.
IDACORP Retail Enterprises Co. Boise Idaho
(Idaho) Retail Marketing
Subsidiaries of Ida-West Energy Company
Hermiston Power Company Boise, Idaho
(Oregon) Electrical Generation
Ida-West Acquisition Company Boise, Idaho
(Idaho) Electrical Generation
Y-8 Power Company Boise, Idaho
(Idaho) Electrical Generation
Falls River Hydro Company Boise, Idaho
(Idaho) Electrical Generation
South Forks Hydro Company Boise, Idaho
(Idaho) Electrical Generation
Hazelton Power Company Boise, Idaho
(Idaho) Electrical Generation
Ida-West Operating Services, Inc. Boise, Idaho
(Idaho) Electrical Generation
Wilson Power Company Boise, Idaho
(Idaho) Electrical Generation
I W Land Company Boise, Idaho
(Idaho) Land Development for Electrical
Generation
2. A BRIEF DESCRIPTION OF THE PROPERTIES OF CLAIMANT AND EACH OF
ITS SUBSIDIARY PUBLIC UTILITY COMPANIES USED FOR THE GENERATION,
TRANSMISSION, AND DISTRIBUTION OF ELECTRIC ENERGY FOR SALE,
OR FOR THE PRODUCTION, TRANSMISSION, AND DISTRIBUTION OF
NATURAL OR MANUFACTURED GAS,INDICATING THE LOCATION OF PRINCIPAL
GENERATING PLANTS, TRANSMISSION LINES, PRODUCING FIELDS, GAS
MANUFACTURING PLANTS, AND ELECTRIC AND GAS DISTRIBUTION FACILITIES,
INCLUDING ALL SUCH PROPERTIES WHICH ARE OUTSIDE THE STATE IN WHICH
CLAIMANT AND ITS SUBSIDIARIES ARE ORGANIZED AND ALL TRANSMISSION
OR PIPELINES WHICH DELIVER OR RECEIVE ELECTRIC ENERGY OR GAS AT THE
BORDERS OF SUCH STATE.
IDACORP, Inc. ("IDACORP") owns no property used in the
generation, transmission, or distribution of electricity or for
the production, transmission and distribution of natural or
manufactured gas.
Idaho Power Company ("Company") is an electric public utility
engaged in the generation, purchase, transmission, distribution
and sale of electric energy in an approximately 20,000-square-
mile area in southern Idaho, eastern Oregon and northern Nevada,
with an estimated population of 772,000. The Company is the
only public utility subsidiary of IDACORP, Inc. ("IDACORP") that
owns properties used in the generation, transmission or distribution
of electric energy. The Company hold franchises in approximately
70 cities in Idaho and ten cities in Oregon, and holds
certificates from the respective public utility regulatory
authorities to serve all or a portion of 28 counties in Idaho,
three counties in Oregon and one county in Nevada. As of
December 31, 1997, the Company supplied electric energy to
363,085 general business customers and employed 1,707 people
in its operations (1,615 full-time).
The Company's system includes 15 hydroelectric generating
plants located in southern Idaho and two located in eastern
Oregon (see Company's annual form 10-K file number 1-3198 for
more information). The Company also owns interest in three
thermal generating plants located in Wyoming, Oregon and Nevada.
The Company owns approximately 4,644 miles of high voltage
transmission lines; 21 step-up transmission substations located
at power plants; 17 transmission substations; 7 transmission
switching stations; and 200 energized distribution substations.
These facilities are located in Idaho, Oregon, Wyoming, Nevada
and Montana.
The Company's generating facilities are interconnected through
its integrated transmission system and are operated on a
coordinated basis to achieve maximum load-carrying capability
and reliability. The transmission system of the Company is
directly interconnected with the transmission systems of the
Bonneville Power Administration (BPA), The Washington Water
Power Company, PacifiCorp, The Montana Power Company and Sierra
Pacific Power Company (SPPCo).
3. THE FOLLOWING INFORMATION FOR THE LATEST CALENDAR YEAR (1997)
WITH RESPECT TO CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY
COMPANIES:
(A) NUMBER OF KWH OF ELECTRIC ENERGY SOLD (AT RETAIL OR
WHOLESALE), AND MCF. OF NATURAL OR MANUFACTURED GAS
DISTRIBUTED AT RETAIL.
(B) NUMBER OF KWH OF ELECTRIC ENERGY AND MCF. OF NATURAL OR
MANUFACTURED GAS DISTRIBUTED AT RETAIL OUTSIDE THE STATE IN
WHICH EACH SUCH COMPANY IS ORGANIZED.
(C) NUMBER OF KWH OF ELECTRIC ENERGY AND MCF. OF NATURAL OR
MANUFACTURED GAS SOLD AT WHOLESALE OUTSIDE THE STATE IN WHICH
EACH SUCH COMPANY IS ORGANIZED, OR AT THE STATE LINE.
(D) NUMBER OF KWH OF ELECTRIC ENERGY AND MCF. OF NATURAL OR
MANUFACTURED GAS PURCHASED OUTSIDE THE STATE IN WHICH EACH SUCH
COMPANY IS ORGANIZED OR AT THE STATE LINE.
Claimant: None
Idaho Power Company (In Thousands)
(a) Number of KWH of electric energy sold 25,885,212
(b) Number of KWH of electric energy
distributed at retail outside the state 646,110
(c) Number of KWH of electric energy sold at
wholesale outside the State or at the
state line 12,595,810
(d) Number of KWH of electric energy purchased
outside the state or at the state line 9,733,037
4. THE FOLLOWING INFORMATION FOR THE REPORTING PERIOD WITH RESPECT
TO CLAIMANT AND EACH INTEREST IT HOLDS DIRECTLY OR INDIRECTLY
IN AN EWG OR A FOREIGN UTILITY COMPANY, STATING MONETARY AMOUNTS
IN UNITED STATES DOLLARS:
(A) NAME, LOCATION, BUSINESS ADDRESS AND DESCRIPTION OF THE
FACILITIES USED BY THE EWG OR FOREIGN UTILITY COMPANY
FOR THE GENERATION, TRANSMISSION AND DISTRICUTION OF ELECTRIC
ENERGY FOR SALE OR FOR THE DISTRIBUTION AT RETAIL OF NATURAL OR
MANUFACTURED GAS.
(B) NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN SUCH
EWG OR FOREIGN UTILITY COMPANY, AND DESCRIPTION OF THE
INTEREST HELD.
(C) TYPE AND AMOUNT OF CAPITAL INVESTED, DIRECTLY OR
INDIRECTLY, BY THE HOLDING COMPANY CLAIMING
EXEMPTION; ANY DIRECT OR INDIRECT GUARANTEE OF THE SECURITY OF
THE EWG OR FOREIGN UTILITY COMPANY BY THE HOLDING COMPANY
CLAIMING EXEMPTION; AND ANY DEBT OR OTHER FINANCIAL
OBLIGATION FOR WHICH THERE IS RECOURSE, DIRECTLY OR INDIRECTLY,
TO THE HOLDING COMPANY CLAIMING EXEMPTION OR ANOTHER SYSTEM
COMPANY, OTHER THAN THE EWG OR FOREIGN UTILITY COMPANY.
(D) CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY
COMPANY DURING THE REPORTING PERIOD.
(E) IDENTIFY ANY SERVICE, SALES OR CONSTRUCTION CONTRACT(S)
BETWEEN THE EWG OR FOREIGN UTILITY COMPANY AND A SYSTEM
COMPANY, AND DESCRIBE THE SERVICES TO BE RENDERED OR
GOODS SOLD AND FEES OR REVENUES UNDER SUCH AGREEMENT(S).
None
EXHIBIT A
FINANCIAL STATEMENTS
The pro-forma consolidating financial statements described below
are presented as if the current holding company structure, including
the transfer of Ida-West Energy Company from Idaho Power Company
to IDACORP, Inc., had existed in all periods shown.
Exhibit
Number Description of Exhibit
99.(A) Pro-forma consolidating statements of income and retained earnings
for the calendar year 1997 together with the pro-forma
consolidating balance sheets as of December 31, 1997 for IDACORP,
Inc. and its first-tier subsidiaries, Idaho Power Company,
Ida-West Energy Company and IDACORP Energy Solutions Co.
99.(B) Pro-forma consolidating statements of income and retained earnings
for the calendar year 1997, together with the pro-forma
consolidating balance sheets as of December 31, 1997 for Idaho
Power Company and its first-tier subsidiaries, Idaho Energy
Resources Co., Applied Power Corporation, IDACORP Financial
Services, Inc., Stellar Dynamics, Inc., Idaho Power Resources
Corporation, Idaho Power Diversified Enterprises Co. and
Pathnet/Idaho Power Equipment, LLC.
EXHIBIT B
FINANCIAL DATA SCHEDULE
Exhibit No.
27 Financial Data Schedule for IDACORP, Inc.
EXHIBIT C
ORGANIZATIONAL CHART SHOWING RELATIONSHIP OF EACH EWG OR FOREIGN
UTILITY
None.
SIGNATURES
The above-named claimant has caused this statement to be duly
executed on its behalf by its authorized officer on the 1st day of
October, 1998.
IDACORP, INC.
By: /s/ J. LaMont Keen
J. LaMont Keen
Vice President
Chief Financial Officer
& Treasurer
(Corporate Seal)
Attest:
By /s/ Robert W. Stahman
Robert W. Stahman
Vice President, General
Counsel and Secretary
Name, title and address of officer to whom notices and
correspondence concerning this statement should be addressed:
J. LaMont Keen
Vice President
Chief Financial Officer
& Treasurer
P.O. Box 70
Boise, Idaho 83707
(208) 388-2640
EXHIBIT INDEX
Description of Exhibits
Exhibit
Number
27 Financial Data Schedule for IDACORP, INC.
99.(A) Pro-forma consolidating statements of income and retained earnings
for the calendar year 1997 together with the pro-forma
consolidating balance sheets as of December 31, 1997 for IDACORP,
Inc. and its first-tier subsidiaries, Idaho Power Company,
Ida-West Energy Company and IDACORP Energy Solutions Co.
99.(B) Pro-forma consolidating statements of income and retained earnings
for the calendar year 1997, together with the pro-forma
consolidating balance sheets as of December 31, 1997 for Idaho
Power Company and its first-tier subsidiaries, Idaho Energy
Resources Co., Applied Power Corporation, IDACORP Financial
Services, Inc., Stellar Dynamics, Inc., Idaho Power Resources
Corporation, Idaho Power Diversified Enterprises Co. and
Pathnet/Idaho Power Equipment, LLC.
<TABLE> <S> <C>
<ARTICLE> OPUR3
<CIK> 0001057877
<NAME> IDACORP, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 2,451,816
<TOTAL-OPERATING-REVENUES> 748,503
<NET-INCOME> 92,274
</TABLE>
<TABLE>
<CAPTION>
IDACORP, INC. AND SUBSIDIARIES
PRO-FORMA CONSOLIDATING BALANCE SHEETS
At December 31, 1997
(thousands of dollars)
ASSETS
IDACORP, Idaho Ida-West IDACORP Elimina- IDACORP,
Inc. Power Energy Energy tions Inc.
Company Company Solutions Co. Consolidated
<S> <C> <C> <C> <C> <C> <C>
ELECTRIC PLANT:
In service (at
original cost) $ 0 $2,605,697 $ 0 $ 0 $ 0 $2,605,697
Accumulated provision
for depreciation 0 (942,400) 0 0 0 (942,400)
In service - Net 0 1,663,297 0 0 0 1,663,297
Construction work in
progress 0 50,780 1,112 0 0 51,892
Held for future use 0 1,738 0 0 0 1,738
Electric Plant - Net 0 1,715,815 1,112 0 0 1,716,927
INVESTMENTS AND OTHER
PROPERTY 711,818 72,084 24,488 0 (711,325) 97,065
CURRENT ASSETS:
Cash and cash equivalents 0 6,447 458 0 0 6.905
Receivables::
Customers 0 63,076 0 0 0 63,076
Gas operations 0 42,128 0 0 0 42,128
Allowance for uncollectible
accounts 0 (1,397) 0 0 0 (1,397)
Notes 0 252 4,361 0 0 4,613
Employee notes receivable 0 4,757 0 0 0 4,757
Other 0 8,463 391 0 0 8,854
Accrued unbilled revenues 0 33,312 0 0 0 33,312
Materials and supplies
(at average cost) 0 29,156 0 0 0 29,156
Fuel stock (at
average cost) 0 7,172 0 0 0 7,172
Prepayments 0 15,345 36 0 0 15,381
Regulatory assets associated
with income taxes 0 3,164 0 0 0 3,164
Total current assets 0 211,875 5,246 0 0 217,121
DEFERRED DEBITS:
American Falls and Milner
water rights 0 32,055 0 0 0 32,055
Company-owned life insurance 0 51,915 0 0 0 51,915
Regulatory assets associated
with income taxes 0 198,521 0 0 0 198,521
Regulatory assets - other 0 90,239 0 0 0 90,239
Other 0 47,450 523 0 0 47,973
Total deferred debits 0 420,180 523 0 0 420,703
TOTAL $711,818 $2,419,954 $31,369 $ 0 $(711,325) $2,451,816
</TABLE>
<TABLE>
IDACORP, INC. AND SUBSIDIARIES
PRO-FORMA CONSOLIDATING BALANCE SHEETS
At December 31, 1997
(thousands of dollars)
CAPITALIZATION AND LIABILITIES
IDACORP, Idaho Ida-West IDACORP Elimina- IDACORP,
Inc. Power Energy Energy tions Inc.
Company Company Solutions Co. Consolidated
<S> <C> <C> <C> <C> <C> <C>
CAPITALIZATION:
Common stock equity:
Common stock - no par value
(shares authorized 120,000;
outstanding - 37,612,351) $ 452,519 $ 94,031 $ 20,000 $ 0 $ (114,031) $ 452,519
Premium on capital stock 0 362,328 0 0 (362,328) 0
Capital stock expense 0 (3,840) 0 0 3,840 0
Retained earnings 259,299 235,495 3,311 0 (238,806) 259,299
Total common stock equity 711,818 688,014 23,311 0 (711,325) 711,818
Preferred stock of Idaho Power 0 106,697 0 0 0 106,697
Long-term debt 0 741,826 4,316 0 0 746,142
Total capitalization 711,818 1,536,537 27,627 0 (711,325) 1,564,657
CURRENT LIABILITIES:
Long-term debt due
within one year 0 33,998 0 0 0 33,998
Notes payable 0 57,500 16 0 0 57,516
Accounts payable 0 68,756 308 0 0 69.064
Accounts payable gas operations 0 42,874 0 0 0 42,874
Taxes accrued 0 24,295 0 0 0 24,295
Interest accrued 0 17,920 (2) 0 0 17,918
Deferred income taxes 0 3,164 0 0 0 3,164
Other 0 13,584 119 0 0 13,703
Total current liabilities 0 262,091 441 0 0 262,532
DEFERRED CREDITS:
Regulatory liabilities
associated with deferred
investment tax credits 0 70,196 0 0 0 70,196
Deferred income taxes 0 421,737 1,999 0 0 423,736
Regulatory liabilities
associated with income taxes 0 34,072 0 0 0 34,072
Regulatory liabilities - other 0 509 0 0 0 509
Other 0 94,812 1,302 0 0 96,114
Total deferred credits 0 621,326 3,301 0 0 624,627
COMMITMENTS AND CONTINGENT
LIABILITIES:
TOTAL $ 711,818 $2,419,954 $ 31,369 $ 0 $ (711,325) $2,451,816
</TABLE>
<TABLE>
IDACORP, INC. AND SUBSIDIARIES
PRO-FORMA CONSOLIDATING STATEMENTS OF INCOME
For the Year Ended December 31, 1997
(thousands of dollars)
IDACORP, Idaho Ida-West IDACORP Elimina- IDACORP,
Inc. Power Energy Energy tions Inc.
Company Company Solutions Co. Consolidated
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Total general business $ 0 $ 480,458 $ 0 $ 0 $ 0 $ 480,458
Off system sales 0 243,874 0 0 0 243,874
Other revenues 0 24,171 0 0 0 24,171
Total revenues 0 748,503 0 0 0 748,503
EXPENSES:
Operation:
Purchased power 0 219,200 0 0 0 219,200
Fuel expense 0 71,271 0 0 0 71,271
Power cost adjustment 0 (6,032) 0 0 0 (6,032)
Other 0 137,458 0 0 0 137,458
Maintenance 0 48,722 0 0 0 48,722
Depreciation 0 71,973 0 0 0 71,973
Taxes other than income taxes 0 21,162 0 0 0 21,162
Total expenses 0 563,754 0 0 0 563,754
INCOME FROM OPERATIONS 0 184,749 0 0 0 184,749
OTHER INCOME:
Allowance for equity funds
used during construction 0 34 0 0 0 34
Gas trading activities - Net 0 (1,181) 0 0 0 (1,181)
Equity in earnings
of subsidiaries 87,098 0 0 0 (87,098) 0
Other - Net 0 11,262 4,140 0 0 15,402
Total other income 87,098 10,115 4,140 0 (87,098) 14,255
INTEREST AND OTHER CHARGES:
Interest on long-term debt 0 52,538 677 0 0 53,215
Other interest 0 7,522 24 0 0 7,546
Total interest charges 0 60,060 701 0 0 60,761
Allowance for borrowed funds
used during construction 0 (503) 0 0 0 (503)
Net interest charges 0 59,557 701 0 0 60,258
Dividends on preferred stock 0 5,176 0 0 0 5,176
Total interest and other 0 64,733 701 0 0 65,434
INCOME BEFORE INCOME TAXES 87,098 130,131 3,439 0 (87,098) 133,570
INCOME TAXES 0 45,089 1,383 0 0 46,472
NET INCOME 87,098 85,042 2,056 0 (87,098) 87,098
EARNINGS ON COMMON STOCK
(basic and diluted) $ 87,098 $ 85,042 $ 2,056 $ 0 $ (87,098) $ 87,098
AVERAGE COMMON SHARES
OUTSTANDING (000) 37,612
EARNINGS PER SHARE OF
COMMON STOCK $ 2.32
</TABLE>
<TABLE>
IDACORP, INC. AND SUBSIDIARIES
PRO-FORMA CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
For the Year Ended December 31, 1997
(thousands of dollars)
IDACORP, Idaho Ida-West IDACORP Elimina- IDACORP,
Inc. Power Energy Energy tion Inc.
Company Company Solutions Co. Consolidated
<S> <C> <C> <C> <C> <C> <C>
RETAINED EARNINGS:
Beginning of year $ 242,088 $ 220,340 $ 1,255 $ 0 $ (221,595) $ 242,088
NET INCOME 87,098 85,042 2,056 0 (87,098) 87,098
Total 329,186 305,382 3,311 0 (308,693) 329,186
DIVIDENDS (69,887) (69,887) 0 0 69,887 (69,887)
RETAINED EARNINGS:
End of year $ 259,299 $ 235,495 $ 3,311 $ 0 $ (238,806) $ 259,299
</TABLE>
<TABLE>
<CAPTION>
IDAHO POWER COMPANY AND SUBSIDIARIES
PRO-FORMA CONSOLIDATING BALANCE SHEETS
At December 31, 1997
(thousands of dollars)
ASSETS
Idaho IDACORP Other Elimina- Idaho
Power Financial Subsidiaries* tion Power
Company Services, Inc. Company
Consolidated
<S> <C> <C> <C> <C> <C>
ELECTRIC PLANT:
In service (at original cost) $2,605,697 $ 0 $ 0 $ 0 $2,605,697
Accumulated provision
for depreciation (942,400) 0 0 0 (942,400)
In service - Net 1,663,297 0 0 0 1,663,297
Construction work in progress 50,780 0 0 0 50,780
Held for future use 1,738 0 0 0 1,738
Electric Plant - Net 1,715,815 0 0 0 1,715,815
INVESTMENTS AND OTHER
PROPERTY 26,307 57,217 11,040 (22,480) 72,084
CURRENT ASSETS:
Cash and cash equivalents 941 4,857 649 0 6,447
Receivables::
Customers 63,076 0 0 0 63,076
Gas operations 42,128 0 0 0 42,128
Allowance for uncollectible
accounts (1,397) 0 0 0 (1,397)
Notes 252 0 0 0 252
Employee notes receivable 4,757 0 0 0 4,757
Notes Receivable from
associated companies 0 0 3,245 (3,245) 0
Other 4,800 147 4,100 (584) 8,463
Accrued unbilled revenues 33,312 0 0 0 33,312
Materials and supplies
(at average cost) 28,506 0 650 0 29,156
Fuel stock (at average cost) 7,172 0 0 0 7,172
Prepayments 15,327 0 18 0 15,345
Regulatory assets associated
with income taxes 3,164 0 0 0 3,164
Total current assets 202,038 5,004 8,662 (3,829) 211,875
DEFERRED DEBITS:
American Falls and
Milner water rights 32,055 0 0 0 32,055
Company-owned life insurance 51,915 0 0 0 51,915
Regulatory assets associated
with income taxes 198,521 0 0 0 198,521
Regulatory assets - other 90,239 0 0 0 90,239
Other 47,450 0 0 0 47,450
Total deferred debits 420,180 0 0 0 420,180
TOTAL $2,364,340 $62,221 $19,702 $(26,309) $2,419,954
<F1>
*Subsidiaries are all under two percent of total assets and include:
Applied Power Corporation; Idaho Energy Resources Co.; Stellar
Dynamics, Inc.; Idaho Power Resources Corporation; Idaho Power
Diversified Enterprises Co.; and Pathnet/Idaho Power Equipment,
LLC.
</TABLE>
<TABLE>
IDAHO POWER COMPANY. AND SUBSIDIARIES
PRO-FORMA CONSOLIDATING BALANCE SHEETS
At December 31, 1997
(thousands of dollars)
CAPITALIZATION AND LIABILITIES
Idaho IDACORP Other Elimin- Idaho
Power Financial Subsidiaries* ation Power
Company Services, Inc. Company
Consolidated
<S> <C> <C> <C> <C> <C>
CAPITALIZATION:
Common stock equity:
Common stock - $2.50 par
value (shares authorized
50,000,000; shares
outstanding - 37,612,351) $ 94,031 $ 6,500 $ 6,544 $ (13,044) $ 94,031
Premium on capital stock 362,328 0 2,463 (2,463) 362,328
Capital stock expense (3,840) 0 0 0 (3,840)
Retained earnings 235,494 5,545 1,429 (6,973) 235,495
Total common stock equity 688,013 12,045 10,436 (22,480) 688,014
Preferred stock of
Idaho Power 106,697 0 0 0 106,697
Long-term debt 699,367 42,459 0 0 741,826
Total capitalization 1,494,077 54,504 10,436 (22,480) 1,536,537
CURRENT LIABILITIES:
Long-term debt due
within one year 30,072 3,926 0 0 33,998
Notes payable 57,500 0 0 0 57,500
Notes payable to
associated companies 3,245 0 0 (3,245) 0
Accounts payable 65,946 43 3,351 (584) 68,756
Accounts payable gas
operation 42,874 0 0 0 42,874
Taxes accrued 19,056 602 4,637 0 24,295
Interest accrued 16,171 1,526 223 0 17,920
Deferred income taxes 3,164 0 0 0 3,164
Other 13,511 0 73 0 13,584
Total current liabilities 251,539 6,097 8,284 (3,829) 262,091
DEFERRED CREDITS:
Regulatory liabilities
associated with deferred
investment tax credit 70,196 0 0 0 70,196
Deferred income taxes 419,144 1,617 976 0 421,737
Regulatory liabilities
associated with income taxes 34,072 0 0 0 34,072
Regulatory liabilities
- - other 509 0 0 0 509
Other 94,803 3 6 0 94,812
Total deferred credits 618,724 1,620 982 0 621,326
COMMITMENTS AND CONTINGENT
LIABILITIES:
TOTAL $2,364,340 $62,221 $19,702 $ (26,309) $2,419,954
<F2>
*Subsidiaries are all under two percent of total assets and include:
Applied Power Corporation; Idaho Energy Resources Co.; Stellar
Dynamics, Inc.; Idaho Power Resources Corporation; Idaho Power
Diversified Enterprises Co.; and Pathnet/Idaho Power Equipment,
LLC.
</TABLE>
<TABLE>
IDAHO POWER COMPANY. AND SUBSIDIARIES
PRO-FORMA CONSOLIDATING STATEMENTS OF INCOME
For the Year Ended December 31, 1997
(thousands of dollars)
Idaho IDACORP Other Elimin- Idaho
Power Financial Subsidiaries ation Power
Company Services, Inc. Company
Consolidated
<S> <C> <C> <C> <C> <C>
REVENUES:
Total general business $ 480,458 $ 0 $ 0 $ 0 $ 480,458
Off system sales 243,874 0 0 0 243,874
Other revenues 24,171 0 0 0 24,171
Total revenues 748,503 0 0 0 748,503
EXPENSES:
Operation:
Purchased power 219,200 0 0 0 219,200
Fuel expense 71,271 0 0 0 71,271
Power cost adjustment (6,032) 0 0 0 (6,032)
Other 137,458 0 0 0 137,458
Maintenance 48,722 0 0 0 48,722
Depreciation 71,973 0 0 0 71,973
Taxes other than income taxes 21,162 0 0 0 21,162
Total expenses 563,754 0 0 0 563,754
INCOME FROM OPERATIONS 184,749 0 0 0 184,749
OTHER INCOME:
Allowance for equity funds
used during construction 34 0 0 0 34
Gas trading activities - Net (1,181) 0 0 0 (1,181)
Equity in earnings of
subsidiaries 9,642 0 0 (9,642) 0
Other - Net 2,979 115 8,571 (403) 11,262
Total other income 11,474 115 8,571 (10,045) 10,115
INTEREST CHARGES:
Interest on long-term debt 52,538 0 0 0 52,538
Other interest 5,620 2,305 0 (403) 7,522
Total interest charges 58,158 2,305 0 (403) 60,060
Allowance for borrowed funds
used during construction (503) 0 0 0 (503)
Net interest charges 57,655 2,305 0 (403) 59,557
INCOME BEFORE INCOME TAXES 138,568 (2,190) 8,571 (9,642) 135,307
INCOME TAXES 48,350 (5,529) 2,268 0 45,089
NET INCOME 90,218 3,339 6,303 (9,642) 90,218
Dividends on preferred stock 5,176 0 0 0 5,176
EARNINGS ON COMMON STOCK $ 85,042 $3,339 $6,303 $(9,642) $ 85,042
<F3>
*Subsidiaries are all under two percent of total assets and include:
Applied Power Corporation; Idaho Energy Resources Co.; Stellar
Dynamics, Inc.; Idaho Power Resources Corporation; Idaho Power
Diversified Enterprises Co.; and Pathnet/Idaho Power Equipment,
LLC.
</TABLE>
<TABLE>
IDAHO POWER COMPANY. AND SUBSIDIARIES
PRO-FORMA CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
For the Year Ended December 31, 1997
(thousands of dollars)
Idaho IDACORP Other Elimina- Idaho
Power Financial Subsidiaries tion Power
Company Services, Inc. Company
Consolidated
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RETAINED EARNINGS:
Beginning of year $ 220,339 $ 2,206 $ 316 $ (2,521) $ 220,340
NET INCOME 90,218 3,339 6,303 (9,642) 90,218
Total 310,557 5,545 6,619 (12,163) 310,558
DIVIDENDS:
Preferred stock 5,176 0 0 0 5,176
Common stock 69,887 0 5,190 (5,190) 69,887
Total dividends 75,063 0 5,190 (5,190) 75,063
RETAINED EARNINGS:
End of year $ 235,494 $ 5,545 $ 1,429 $ (6,973) $ 235,495
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*Subsidiaries are all under two percent of total assets and include:
Applied Power Corporation; Idaho Energy Resources Co.; Stellar
Dynamics, Inc.; Idaho Power Resources Corporation; Idaho Power
Diversified Enterprises Co.; and Pathnet/Idaho Power Equipment,
LLC.
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