20031021Avera Workpapers.pdf

BEFORE THE
IDAHO PUBLIC UTILITIES COMMISSION
CASE NO. IPC-E-03-13
IDAHO POWER COMPANY
W.AVERA
WORKPAPERS
VALUE LINE ELECTRIC UTILITY (WEST)
S&P
Corporate
Company Credit Rating
1 Avista Corp. BB+
2 Black Hills Corp. BBB-
3 Edison International 8-
4 El Paso Electric BBB-
5 Hawaiian Electric BBB
6 IDACORP, Inc. A-
7 MDU Resources Group A-
8 PG&E Corp. D
9 PNM Resources Group BBB-
10 Pinnacle West Capital BBB
11 Puget Energy, Inc. BBB-
12 Sempra Energy A-
13 Sierra Pecific Resources B+
14 UniSource Energy BB
15 Xcel Energy BBB
S&P
Bus.
Profile Notes
Bond Ratings
No Dividend Payments/Bond Ratings
No Dividend Payments
No Dividend Payments/Bond Ratings
Nu DiviLfeml Payments/Bond Ratings
Bond Ratings
I
ELECTRIC UTILITY (WEST) GROUP
2002 2002 CaRital Structure
Total Long-term Common
Company SPR Capital Debt Equity Other Beta
1 Black Hills Corp. BBB- $ 1,154 53.6% 45.9% 0.5% 0.80
2 Hawaiian Electric BBB $ 2,251 52.0% 46.5% 1.5% 0.55
3 MDU Resources Group A- $ 2,120 38.7% 60.6% 0.7% 0.75
4 PNM Resources Group BBB- $ 1,967 49.8% 49.5% 0.7% 0.70
5 Pinnacle West Capital 888 $ 5,568 51.8% 48.2% 0.0% 0 70
6 Puget Energy, Inc. BBB- $ 4,077 60.1% 37.4% 2.5% 0.65
7 Sempra Energy A- $ 7,312 58.6% 38.6% 2.8% 0.80
8 Xcel Energy BBB $11,815 59.6% 39.5% 0.9% 0.70
53.0% 45.8% 1.2% 0.71
Standard & Poor's Earnings Guide (June 2003)
Source: www.standardandpoors.com (June 15, 2003).
IBES
1 MMM 3M Company 11
2 ABT Abbott Labs. 12
3 ACE ACE Limited 13
4 ADCT ADC Telecommunications 12
5 ADBE Adobe Systems 13
6 AMO Advanced Micro Devices 16
7 AES AES Corp. 14
8 AET Aetna Inc. 16
9 AFL AFLAC Inc. 15
10 A Agilent Technologies 13
11 APO Air Products & Chem. 10
12 ACV Alberto Culver 'B' 11
13 ABS Albertson's, Ir 11,;. 0
14 AA Alcoa Inc. 12
15 AYE Allegheny Energy 3
10 ATI Allegheny Tcchnologioc 11
17 AGN Allergan, Inc. 23
18 AW Allied Waste Industries 13
19 ALL Allstate Corp. 10
20 AT ALL TEL Corp. 7
21 ALTR Altera Corp. 24
22 ABK Ambac Fin'I Group 13
23 AEP Amer. Elec. Power 4
24 AXP Amer. Express 12
25 AIG Amer. lnt'I Group 14
26 AHC Amerada Hess 6
27 AEE Ameren Corp. 3
28 AM American Greetings Class A 7
29 APCC American Power conversion 10
30 ASD American Standard 12
31 ABC AmerisourceBergen 18
32 AMGN Amgen 21
33 ASO AmSouth Bancorp. 9
34 APC Anadarko Petroleum 17
35 ADI /\nalog Daviess 22
36 ANDW Andrew Corp. 17
37 BUD Anheuser-Busch 12
38 ATH AnthP.m. lnr.. 15
39 AOL AOL Time Warner Inc. 10
40 AOC Aon Corp. 12
41 APA Apache Corp. 8
42 AIV Apartment Investment & Mgmt. 4
43 APOL Apollo Group 25
44 AAPL Apple Computer 11
45 ABI Applied Biosystems
46 AMAT Applied Materials 19
47 AMCC Applied Micro Circuits 33
48 ADM Archer Daniels Midl'd 8
(3
49 ASH Ashland Inc. 7 50 T AT&T Corp. -4
51 AWE AT&T Wireless Services 19
G2 ADSI< Autodesk, Inc. 11
53 ADP Automatic Data Proc. 12 54 AN AutoNation, Inc. 14 55 AZO AutoZone Inc. 16
56 AV Avaya Inc. 10 57 AVY Avery Dennison 11 58 AVP Avon Products 12 59 BHI Baker Hughes 13
60 BLL Ball Corp. 11
61 BAC Bank of America 9
62 BK Bank of New York 12
63 ONE Bank One Corp. 10 64 BCR Bard (C.R.) 12 65 BOL l:)ausch & Lomb 12 66 BAX Baxter lnt'I Inc. 13
67 BBT BB&T Corp. 10
OB 55C Bear 3teorn:) 10
69 BOX Becton, Dickinson 12
70 BBBY Bed Bath & Beyond 23
71 BLS BellSouth Corp. 7
72 BMS Bemis Co. 10
73 BBY Best Buy Co., Inc. 16
74 RI I Bio Lots. Inc. 18 75 BGEN Biogen Inc. 13 76 BMET Biomet 15 77 BJS BJ Services 19
78 BDK Black & Decker 12
79 HRB Block (H&R) 14
80 BMC BMC Software 16 81 BA Boeing 14
82 BCC Boise Cascade 7
83 BSX Boston Scientific 20
84 BMY Bristol-Myers Squibb 10 85 BRCM Broadcom Corporation 28
86 BF.B Brown-Forman Corp. 9
87 BC Orunswicl< Corp. 10
88 BNI Burlington Northern 9
89 BR Burlington Resources 8
90 CPN Calpine Corp. 6
91 CPB Campbell Soup 6
92 COF Capital One Fin'I 18
93 CAH Cardinal Health 19 94 CCL Carnival Corp. 13
95 CAT Caterpillar Inc. 11
96 CD Cendant Corporation 14 97 CNP CenterPoint Energy 6 98 CTX Centex Corp. 15
99 CTL CenturyTel Inc. 8
100 CF Charter One Fin'I 12
101 cvx ChevronTexaco 6 102 CHIR Chiron Corp. 18 103 CB Chubb Corp. 11
104 CIEN CIEN/\ Corp. 19
105 Cl CIGNA Corp. 11 106 CINF Cincinnati Financial 10 107 CJN Cinergy Corp. 5
108 CTAS Cintas Corp. 16 109 cc Circuit City Stores 12 110 csco Cisco Systems 16 111 C Citigroup Inc. 12 112 CZN Citizens Communications 11 113 CTXS Citrix Systems 14 114 CCU Clear Channel Communications 17 115 CLX Clorox Co. 10 116 CMS CMS Energy Corp. 4 117 KU coca-cora 11 118 CCE Coca-Cola Enterprises 13 119 CL Colgate-Palmolive 11
120 CMC3t< Oomceet Oleee A 8pcciol 16
121 CMA Comerica Inc. 10 122 CA Computer Associates 14 123 csc Computer Sciences Corp 12 124 CPWR Compuware Corp. 13
125 CMVT Comverse Technology 19
1?R r.AG ConAora Foods 8 127 CE Concord EFS Inc. 18
128 COP ConocoPhillips 8 129 ED Consol. Edison 3 130 CEG Constellation Energy 6 131 CVG Convergys Corp. 13
132 CBE Cooper Inds. 11 133 CTB Cooper Tire & 1-<ubber 11
134 RKY Coors (Adolph) 'B' 11
135 GLW Corning Inc. 17 136 COST Costco Co. 13 137 CFC Countrywide Financial Corp. 11
138 CR Crane Co. 9 139 CSX CSX Corp. 11
140 CUM Cummins Inc. 9
141 CVS CVS Corp. 12
1112 DCN Dana Corp 11 143 DHR Danaher Corp. 14
144 ORI Darden Restaurants 15
145 DE Deere & Co. 9 146 DELL Dell Computer 16
147 DPH Delphi Corp. 10 148 DAL Delta Air Lines 8 149 DLX Deluxe Corp. 8 150 DVN Devon Energy 7
151 DDS Dillard's, Inc. 8
152 DJS Disney (Walt) 15
153 DG Dollar General Corp. 16 154 D Dominion Resources 7 155 DNY Donnelley (R.R) & Sons 9 156 DOV Dover Corp. 13 157 DOW Dow Chemical 9 158 DJ Dow Jones & Co. 12 159 DTE DTE Energy 6 160 DD Du Pont 9 161 DUK Duke Energy 6 162 DYN Dynegy Inc. (New) Class A 9 163 EMN Eastman Chemical 7 164 EK Eastman Kodak 6 165 ETN Eaton Corp. 11 166 EBAY eBay Inc. 45
167 ECL Ecolab Inc. 13
168 EIX Edison lnt'I 7 1!:i� l::::F-' El Paso Corp. 10
170 ERTS Electronic Arts 22 171 EDS Electronic Data Sys. 10
172 EMC CMC Corp. 16 173 EMR Emerson Electric 10
174 EC Engelhard Corp. 11 175 ETR Entergy Corp. 7
176 EOG EOG Resources 20 177 EFX Equifax Inc. 11 178 EOP Equity Office P'ptvs
179 EQR Equity Residential 6 180 EXC Exelon Corp. 6 181 XOM Exxon Mobil Corp. 8 182 FOO Family Dollar Stores 18 183 FNM Fannie Mae 13 184 FRE Federal Home Loan Mtg. 13 185 FD r-eoerateo Dept. Stores 9 186 Fii Federated Investors Inc. 13 187 FOX FedEx Corp. 13
188 FITB Fifth Third Bancorp 14
189 FDC First Data Corp. 15
190 FTN First Tenn. National 11 191 FE FirstE:nergy Corp. 5 192 FISV Fiserv Inc. 18 193 FBF FleetBoston Fin'I 10 194 FLR Flunr Corp 11 195 F Ford Motor 5 196 FRX Forest Laboratories 24
197 FO Fortune Brands 11 198 FPL FPL Group 6 199 BEN Franklin Resources 12 200 FCX Freeport-McMoran Cp & Gld 22 201 GCI Gannett Co. 1U 202 GPS Gap (The), Inc. 15
203 GTW Gateway Inc. 9 204 GD Gen'I Dynamics 11
205 GE Gen'I Electric 13
206 GIS Gen'! Mills 11
207 GM Gen'I Motors 6
208 GPC Genuine Parts 7
209 GENZ Genzyme Corp. 20
210 GP Georgia-Pacific Group 6
211 G Gillette 10
212 GOW Golden West Fin'I 12
213 GS Goldman Sachs 12
214 GR Goodrich Corp. 11 215 GT Goodyear Tire 4
216 GWW Grainger (W.W.) 11
217 GLK G't Lakes Chemical 7
218 GOT Guidant Corp. 14
219 HAL Halliburton Co. 15
220 HD\ Harley-Davidson 18
22·1 HET Harrah's E11lt:1lc:1i1111,enl 1:)
222 HIG Hartford Fin'I Svcs. 11
223 HAS Hasbro, Inc. 10
224 I ICA HCA Inc. 1'1
225 HMA Health Management Assoc. 17
226 HNZ Heinz (H.J.) 8
227 HPC Hercules. Inc. 8
228 HSY Hershey Foods 10
229 HPQ Hewlett-Packard 10
230 HLT Hilton Hotels 14 231 HD Home Depot 14
232 HON Honeywell lnt'I 12
233 HUM Humana Inc. 12
234 HBAN Huntington Bancshs. 8
235 ITW Illinois Tool Works 14
236 RX IMS HEALTH 13
237 IR Ingersoll-Rand 12
238 INTC Intel Corp. 16
239 IGT International Game Technology 16
240 IPG Interpublic Group 12
241 IBM Int'\ Business Mach. 9
242 IFF Int'\ Flavors & Frag. 11
243 IP lnt'I Paper 7
244 INTU Intuit, Inc. 25
245 ITT ITT Industries 13 246 JPM .IP Mnror1n Chase & Co. 10
247 JBL Jabil Circuit 27
248 JNS Janus Capital Group 11
249 JDSU JDS Uniphase Corp 24 250 JP Jefferson-Pilot Corp. 9
251 JHF John Hancock Fin'I 11
252 JNJ Johnson & Johnson 14
253 JC\ Johnson Controls 13
254 JNY Jones Apparel Group 13
255 KBH KB Home 12
256 K Kellogg 9
7
257 KMG Kerr-McGee Corp. 8
258 KEY KeyCorp 8
259 KSE KeySpan Corp. 7
260 KMB Kimberly-Clark 9
261 KMI Kinder Morgan 17
262 KG King Pharmaceuticals 15
263 KLAC KLA-Tencor Corp. 22
264 KRI Knight Ridder 9
265 KSS Kohl's Corp. 22
266 KR Kroger Co. 8
267 LEG Leggett & Platt 15
268 LEH Lehman Bros. Holdings 12
269 LXK Lexmark Int'! Inc 13
270 LLY Lilly (Eli) 13
271 LTD Limited Brands 12
272 LNC Lincoln Nat'! Corp. 11
273 LLTC Li11ec:11 Teel uiuluqy 2:)
274 LIZ Liz Claiborne 12
275 LMT Lockheed Martin 11
27G L Tll. Locwo Corp. 8
277 LPX Louisiana Pacific 7
278 LOW Lowe's Cos. 19
279 LSI LSI Logic 16
280 LU Lucent Technologies 9
281 HCR Manor Care Inc. 13
282 MRO Marathon Oil Corp. 8
283 MAR Marriott lnt'I 14
284 MMC Marsh & Mclennan 13
285 Ml Marshall & Ilsley 10
286 MAS Masco Corp. 14
287 MAT Mattel, Inc. 12
288 MXIM Maxim Integrated Prod 24
289 MAY May Dept. Stores B
290 MYG Maytag Corp. 14
291 MB! MBIA Inc. 13
292 KRB MBNA Corp. 14
293 MKC McCormick & Co. 10
294 MOR McDermott International
205 MCD McDonald's Corp. g
296 MHP McGraw-Hill 11
297 MCK McKesson Corp. 18
298 MW\/ MA;:irlWestvaco Corporation 11
299 MEDI Medlmmune Inc. 24
300 MDT Medtronic, Inc. 15
301 MEL Mellon Financial Corp. 12
302 MRK Merck & Co. 8
303 MERQ Mercury Interactive 23
304 MOP Meredith Corp. 10
305 MER Merrill Lynch & Co. 11
306 MET MetLife Inc. 12
307 MTG MGIC Investment 12
308 MU Micron Technology 19
309 MSFT Microsoft Corp. 13 310 MIL Millipore Corp. 15
311 MIR Mirant Corporation 12
312 MOLX Molex Inc. 16
313 MON Monsanto Co. 9 314 MCO Moody's Corp 16 315 MWD Morgan Stanley 13
316 MOT Motorola, Inc. 16
317 NYT N.Y. Times 10
318 NBR Nabors Industries Ltd. 16 319 NCC National City Corp. 8 320 NSM National Semiconductor 17 321 NAV Navistar International Corp. 10
322 NCR NCR Corp. 11
323 NTAP Network Appliance 27
324 NWL Newell Rubbermaid 12
325 NEM Newmont Mir 1ir 1y 21 326 NXTL Nextel Communications 14 327 GAS NICOR Inc. 5
320 Nl<C �rn<E, Inc. 'B' 13
329 NI NiSource Inc. 5
330 NE Noble Corporation 20
331 JWN Nordstrom, Inc. 10
332 NSC Norfolk Southern 12
333 NFB North Fork Bancorp 11 334 NTRS Northern Trust Corp. 12 335 NOC Northrop Grumman 13
336 NOVL Novell Inc.
337 NVLS Novellus Systems 24
338 NUE Nucor Corp. 10
339 NVDA NVIDIA Corp. 16 340 OXY Occidental Petroleum 10 341 ODP Ottice uepot 12
342 OMC Omnicom Group 13
343 ORCL Oracle Corp. 14
344 PCAR PACCAR Inc. 11
345 PTV Pactiv Corp. 12
346 PLL Pall Corp. 13
347 rMTC Parametric Technology 13 348 PH Parker-Hannifin 11
349 PAYX Paychex, Inc. 19
350 JCP Penney (J.C) 10
351 PGL Peoples Energy 5
352 PSFT PeopleSoft Inc. 13
353 PBG Pepsi Botttinq Group 13 354 PEP PepsiCo, Inc. 11
355 PKI PerkinElmer Inc. 18
356 PFE Pfizer, Inc. 14 357 PCG PG&E Corp. 6 358 PD Phelps Dodge
359 MO Altria Group 9
360 PNW Pinnacle West Capital 5
361 PBI Pitney Bowes 10
362 PCL Plum Creek Timber 5 363 PMCS PMC-Sierra Inc. 33 36'1 PNC PNC Financial Serv. 9
365 PWER Power-One Inc. 19 366 PPG PPG Inds. 8 367 PPL PPL Corp. 6
368 PX Praxair Inc. 11
369 TROW Price (T. Rowe) Group 11
370 PFG Principal Financial Group 12 371 PG Procter & Gamble 10
372 PGN Progress Energy 5 373 PGR Progressive (Ohio) 14
374 PVN Providian Financial Corp. 17
375 PRU Prudential Financial 13
376 PEG Public Serv. Enterprise 5 377 PHM Pulte Homes 12
378 QLGC QLogic Corp. 22
379 QCOM QUALCOMM Inc. 22
800 DGX Oueet Diogno:,tic:, 20
381 QTRN Quintiles Transnational 19 382 Q Qwest Communic. 15 383 RJR R.J. Reynolds Tobacco 7
384 RSH RadioShack Corp. 12
385 RTN Raytheon Co. 12
386 RBK Reebok International 14
387 RF Regions Financial 7
388 RHI Robert Half International 19
389 ROK Rockwell Automation 11
390 COL Rockwell Collins 11
391 ROH Rohm and Haas 10
392 RDC Rowan Cos. 18 393 R Ryder System 10
394 SAFC SAFECO Corp. 11
395 SWY Safeway Inc. 9
396 SANM Sanmina-SCI Corp. 23
397 SLE Sara Lee Corp. 8
398 SBC SBC Communications 5 399 SGr Schering-f'llough 7
400 SLB Schlumberger Ltd. 18
401 SCH Schwab (Charles) 16
402 SFA Scientific Atlanta 9
403 SEE Sealed Air Corp.(New) 13
404 S Sears, Roebuck 9
405 SRE Sempra Energy 7 406 SHW Sherwin-Williams 10
407 SEBL Siebel Systems Inc 15
408 SIAL Sigma-Aldrich 11 409 SPG Simon Property Group, Inc 7
410 SLM SLM Corporation 14
411 SNA Snap-on Inc. 11
412 SLR Solectron 21
/c)
413 so Southern Co. 5
414 SOTR SouthTrust Corp. 13
415 LUV Southwest Airlines 14
416 FON Sprint Corp.
417 PCS Sprint Corp. PCS 19
418 STJ St Jude Medical 17
419 SPC St. Paul Cos. 10
420 SWK Stanley Works 12
421 SPLS Staples Inc. 16
422 SBUX Starbucks Corp. 21
423 HOT Starwood Hotels & Resorts 15
424 STT State Street Corp. 12
425 SYK Stryker Corp. 19
426 SUNW Sun Microsystems 12
427 sos SunGard Data Systems 18
428 SUN Sunoco, Inc. 7
429 STI SunTru:st Ba11k:s 8
430 svu SUPERVALU INC. 8
431 SYMC Symatec Corp. 18
432 8DL Symbol Tcchnologico 10
433 SNV Synovus Financial 14
434 SYY Sysco Corp. 15
435 TGT Target Corp. 14
436 TE TECO Energy 5
437 TEK Tektronix Inc. 14
438 TLAB Tellabs. Inc. 17
439 TIN Temple-Inland 7
440 THC Tenet Healthcare Corp. 14
441 TER Teradyne Inc. 19
442 TXN Texas Instruments 18
443 TXT Textron, Inc. 12
444 TMO Thermo Electron 14
445 TNB Thomas & Betts
446 TIF Tiffany & Co. 17
447 TJX TJX Companies 15
448 MNST Monster Worldwide 24
449 TMK Torchmark Corp. 10
450 TOY Toys R Us, Inc. 10
451 RIG Trunsocoan Inc. 111
452 TAP.B Travelers Property Casualty Corp. 11
453 TRB Tribune Co. 13
454 TRW TRW Inc.
455 TUP Tupperware Corp. 11
456 TXU TXU Corp. 5
457 TYC Tyco lnt'I Ltd. 13
458 USB U.S. Bancorp 10
459 X U.S. Steel Corp. 10
460 UNP Union Pacific 11
461 UPC Union Planters 8
462 UIS Unisys Corp. 11
463 UNH United Health Group Inc. 17
464 UPS United Parcel Serv. 13
I/
465 UTX United Technologies 11 466 UVN Univision Communications 27 467 UCL Unocal Corp. 6 468 LINM UNUMProvident Corp. 10 469 UST UST Inc. 6 470 VFC V.F. Corp. 11 471 VRTS Veritas Software 17 472 vz Verizon Communic. 6 473 VIA.B Viacom Inc. 17 474 vc Visteon Corp. 9 475 VMC Vulcan Materials 13 476 WB Wachovia Corp. 10 477 WAG Walgreen Co. 16 478 WMT Wal-Mart Stores 14 479 WM Washington Mutual 12 480 WMI Waste Management 13 401 WAT W aters Corporation 10 482 WPI Watson Pharmaceuticals 13 483 WLP WellPoint Health Networks 15 '18'1 WFC Welle F::1rgo 12 485 WEN Wendy's lnt'I 13 486 WY Weyerhaeuser Co. 7 487 WHR Whirlpool Corp. 9 488 WMB Williams Cos. 12 489 WIN Winn-Dixie Stores 10 490 WOR Worthington Inds. 15 491 WWY Wrigley (Wm.) Jr. 11 492 WYE Wyeth 11 493 XEL Xcel Energy Inc. 5 494 XRX Xerox Corp. 9 495 XLNX Xilinx, Inc 23 496 XL XL Capital Ltd. 13 497 YHOO Yahoo Inc. 29 498 YUM Yum! Brands, Inc 12 499 ZMH Zimmer Holdings 17 500 ZION Zions Bancorp. 12
AVERAGE 12.5