20240819Comments_2.pdf

The following comment was submitted via PUCWeb:
Name: Suzanne Knorr
Submission Time: Aug 16 2024 9:26PM
Email: [e-mail]
Telephone: [phone]
Address: Highlander Road
BOISE, ID 83709
Name of Utility Company: Idaho Power
Case ID: IPC-E-24-07
Comment: "A few facts so the PUC has a clear picture of what they are being asked to support. Idaho
Power is not independent, it is a subsidiary of IDACORP,the umbrella corporation over Idaho Power Co.,
IDACORP Financial, and Ida-West Energy. IDACORP is a publicly traded corporation. The top three
shareholders are BlackRock Advisors LLC(11.56%), Vanguard Fiduciary Trust Co. (11.31%), and Eaton
Vance Mgmt(5.605%). Its product is electricity and its profit comes from what the company charges to
subscribers per kWh, residential and commercial. The price of IDACORP shares depends on the
company's performance and investor confidence. Current share price was$102.12 on the NY Stock Exch
as of yesterday.
From Idaho Power to Investors in Spring 2024: "IDACORP's net income increased $9.8 million for the first
quarter of 2023 compared with the first quarter of 2022, due primarily to higher net income at Idaho
Power. To a greater extent,the net increase in retail revenues per MWh was due to the June 1, 2022 rate
increase for Idaho Power's Idaho retail customers related to an order from the Idaho Public Utilities
Commission ....."
From IDACORP's August 1, 2024 Second Qtr Earnings Report: "Higher than expected customer usage in
the second quarter, continued customer growth, and rate changes earlier this year contributed to strong
results in the second quarter," said IDACORP President and Chief Executive Officer Lisa Grow. "As
expected, higher depreciation from our ongoing system investments to meet customer and load growth
partially offset those factors"
Higher than expected customer usage in the second quarter (April-June) could be due to warmer
weather and increased air conditioning use at the higher summer rates which take effect June 1st.
Higher usage also means residential subscribers used more than 800 kWh, and bumped into the second
(or third) billing tier.The continued customer growth is likely due to the unprecedented development in
the Treasure Valley, all of which requires electricity. Idaho Power is guaranteeing their shareholders an
increase of 5%every year. That increase comes from increasing the kWh rate. In their investor
information they have waived about an average Idaho salary of over$63,000, but Forbes issued an
average salary of$51,350,which is not even a living wage in the Treasure Valley for a family of four
according to MIT, who estimates requires a minimum living wage of over$80,000 annually. Inflation has
increased the cost of everything. Unlike groceries though,the Idaho Power subscriber cannot just go
without electricity.
IDACORP is making a profit. What does IDACORP do with its profit?This is what IDACORP top executives
made in FY2021 according to proxy statements:
1

President and CEO, Director, Lisa A. Grow made $3,885,247 in total compensation; $775,000 as salary,
$1,381,438 as bonus, $1,714,845 as stock and $13,964 from other types of compensation not reported.
Senior Vice President (SVP) and CFO, Steven R. Keen made $1,640,071 in total compensation, $497,000
as salary, $531,542 as bonus, $599,876 as stock and $11,653 from other types of compensation not
reported.
SVP and COO Adam J. Richins made $1,453,235 in total compensation; $440,000 as salary, $470,580 as
bonus, $531,055 awarded as stock and $11,600 from other types of compensation not reported.
SVP of Public Affairs at Jeffrey L. Malmen made$1,158,795 in total compensation; $350,000 as salary,
$374,325 as bonus, $422,415 as stock and $12,055 from other types of compensation not reported.
SVP and General Counsel Brian R. Buckham made $1,388,607 in total compensation; $420,000 received
as salary, $449,190 as bonus, $506,932 as stock and $12,485 from other types of compensation not
reported.
Members of the Board of Directors at IDACORP INC, earned in total compensation of cash and stock
options in 2021: Richard J. Dahl made $303,123, Dennis L.Johnson made $216,623, Richard J. Navarro
made $219,956,Judith A.Johansen made$212,956,Annette G. Elg made$206,623, Odette C. Bolano
made $201,956, Ronald Jibson made$196,956,Thomas Carlile made $195,956, Mark T. Peters made
$191,289, Darrel T.Anderson made$189,956, and Christine King made $152,456.
Presumably, each executive's and board member's total compensation would have increased since 2021.
Some executives and board members are no longer with IDACORP.
By contrast, most of Idaho Power's customers are re-evaluating their budgets, lining out what they can,
doing without, and tightening their belts.Additional costs to business and the irrigation districts will be
passed on to residents, who in essence will be paying 100%of the increase if the PUC approves. In this
time of inflation, is the PUC seriously going to support adding to the increased costs to residents
considering IDACORP's corporate internal generosity?"
------------------------------------------------------------------------------------
The following comment was submitted via PUCWeb:
Name: Linda Michaels
Submission Time: Aug 19 2024 12:40PM
Email: [e-mail]
Telephone: [phone]
Address: 2140 Elizabeth blvd apt 2C
Twin Falls, ID 83301
Name of Utility Company: Idaho Power
Case ID: IPC-E-24-07
2

Comment: "This year their"service"fee rose from $5 to $10 for a standard line without explanation.
Why would a smart meter that has been connected to my 28-year old apartment building cost any
amount in the first place?There are no more "meter reading" employees that come out and read the
meter's usage for every home like years ago.
It is also unfair that ID Power passes its cost of doing business and buying power onto its customer base.
We should only pay for our actual kwH usage. My actual kWh usage for July 2024 during extremely hot
summer is$106.73. However with all added charges and fees, my July bill is$145.11.That is$38.38
additional fees attached to my bill. ID Power should apply reduced kWh rates for seniors and families on
low income. "
3