20031222min.doc

IDAHO PUBLIC UTILITIES COMMISSION

MINUTES OF DECISION MEETING

DECEMBER 22, 2003 – 1:30 P.M.

In attendance were Commissioners Paul Kjellander, Dennis Hansen, and Marsha Smith.

Commissioner Kjellander called the meeting to order. The first order of business was MATTERS IN PROGRESS:

Terri Carlock’s December 19, 2003 Decision Memorandum re: Idaho Power Company’s Request to Issue and Sell Up to $40 Million of Common Stock, Case No. IPC-E-03-18.

Ms. Carlock reviewed her Decision Memo. There were no questions or comments. Commissioner Kjellander moved for approval of the issuance of the common stock. A vote was taken on the motion and it carried unanimously.

Commissioner Kjellander stated that item 2 under FULLY SUBMITTED MATTERS would be deliberated privately.

The final order of business was EXECUTIVE SESSION MATTERS:

BPA’s Proposed Settlement of Various Cases in the Ninth Circuit.

Commissioner Kjellander made a motion to adjourn into Executive Session to discuss the litigation pursuant to Idaho Code 67-2345 1F. A vote was taken on the motion and it carried unanimously.

After the Executive Session concluded, Commissioner Kjellander reconvened the meeting. He made a motion to approve the Stipulation and Agreement for Settlement dated October 23, 2003 and in support of the settlement, to authorize the Commission’s attorney, Don Howell, to execute a Covenant Not to Sue and a Motion to Dismiss. A vote was taken on the motion and it carried unanimously.

There was no further business and Commissioner Kjellander adjourned the meeting.

DATED this _____ day of December, 2003.

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COMMISSION SECRETARY