20031105Comments.pdf

HECEIVED mFILED
ZnU3 OCT 31 AM II: II
PUdLiC
UTILITIES COMMISSION
p~
to,
~I
~"
g;J7JO-6tP
/O/d.-crl t?3
. -:;
9.,;;(
t:" 3' 01
::J-
:J;k
~ ~~.
J.f
/I! 07z/ .c..
;f+u!
r '
' ~
~ i:,,
It 1 ~~
~'
r-:J
~ ~
II-
~~~
BEN & LEAH TARRELL
902 S.W. 8th 8T. AT. 3
FRUITLAND. ID 83619
, "
C " OCT ,
, ,::-
""1,
. ,
r" c
, '
L", c. ;J
pc-iVEtJ
,\\-
r-'
,. 1 1:)
ill
"_,,,
LUD3~m\J - 3 AM to: \
UGue
UTiLITiES COt1i1lSS10N
October 29, 2003
Idaho Public Utilities Commission
Attn: Commission Secretary
O. Box 83720
Boise, Idaho 83720-0074
Re: Opposition to Proposed Idaho Power Rate Increase November 15 2003
Dear Commissioners:
I am against the proposed 19% residential rate increase proposed by Idaho Power. The
company s slick propaganda fliers and brochures just don t convince me.
I am also opposed to the so called "Service Charge" change. What is the justification for an
almost 300% increase! With 400 000 customers, a monthly $10.00 meter read charge per
customer is Million Dollars a month!! Come on!!
How can the IPUC trust the credibility of a company that just 6 or 8 months ago ask for a rate cut
and now 6 months later asks for a rate increase? This company doesn t seem to be able to plan
for the future.
The Commission should decline the increase and send Idaho Power back to the "drawing board"
to show how this increase will better serve their customers.
Sincerely,
Bill Oldham
131 Redwood Rd.
Salmon, Idaho 83467
RECEIVED ill 31 October 2003
FiLED IDA~lpUBLIC UTILITIES COMMISSION
472 W.Washington
ZfiO3 tmv -4 AMo9st3 Idaho 83702
t'UbLiC
UTiliTIES cm-'W~~lQflrs:
Regarding the IDAHO POWER COMPAJly I S (IPC); request for
a rate increase I would like to express my thoughts, opinion,
and reasons whyI am against it w
#1.
#2.
#3.
#4.
$5.
Cy to:
It is "fuzzy" math: The Idaho Statesman Article
shows: NEW BILL ~ $90.88 My view:
Current - $68.current bill xUP $22.01 32% is $22.03 (NOT 17 7%)
and shows:
$73.
$59.
$14.
25% is $14.
IPC calls it II ra te II increase
NEW BILL 6. 14cj:/1200KWCurrent 4.93cj:/1200KW
My view: Current bill $59.16 x (NOT 17.7%)
The customer "charge" is not a rate but a FIXED fee
which the customer has no way of changing by the
adj ustmen t of th amount of energy he uses.
NEW BILLcurrent - $10.
$2.
$ 7.
My View:
~7.
$ 2 . 5 0 x 3 00% i s
(NOT 17.7%)
IDACORP is now the "head II wi th IPC as a subsidiary
taking the prof i ts.
Customers who have kept IPC in business for decades
should not be required to pay the expenses to increase
the number of new customers. The NEW CUSTOMERS should
pay their own way.
It was my understanding IPC was to help the customers
conserve energy. I received a coupon for two energy
efficient flourescent bulbs and the name of several
businesses who would honor them. I went to at least
four of them and they did not have the bulbs in stock
at that' time. QUESTION Did IPC deduct the value of
the total coupons issued whether they were used or not,
or deduct the value of those redeemed? This could have
been an enormOus RIPOFF: An " expense lI on paper which
may NOT HAVE ACTUALLY OCCURRED.
Ken Dey, Idaho Statesman.
iJ /-=:1- Il/ /t'ytrw ~-~~c!/d/
Don Cot Norma FraliCk
8235 Vicksburg Lane
Boise~ Idaho 83703
/;'..3,o~
HECEIVEB 0
"~'
f" I
!o~ Jl'~fi~';42
/'
lJu::;fl ~r~
' .
taU/. ~~~~,a-;u0
~~. '
tV U~ L1a1v ~~d4U
.ftv tAJ fI ~J
~~
~A~~~r~4,1 lih,t)o~
~. '.
m "J~ d-.
-, " ,
6; ~..-aJ/MYltL?V
-I" r--n I /7 /1 J
~~/t:UVr~
.....
f'u 'Z~~d ~A 4~~~~!fk 1i~
--'
Zk4
LM ~
~~' ~
:1!
11
~, ~~~'
;P~
r'-?-
~, ~~~
/U~
./ .j~"~
~'/U4"U-4-P"
" ~ ~~ , , ,;; _
/9
~ '
!:Jf-/:
rz;:: ;:; M ;: ::1
LLci
~. /
It ~ of
~,
tf-OL/r-
~~--
~~k:Ld1/~~~--
._-______
'_n_
_-- _
u- -
-"'.--m_.'_--_..-
,.----.--
-.w
;----- ~~-
~ ':7~.. n
'..
!th/av..tUk -I..e.-
.......
. m ~aJ .)u tfLc~tJL11~.40
~- . .
7~~'
~,,
Z: 11;
:;;
~!I!;;~:i~/
~~. ~~~~--
/t'~a
~. ~--
tU~
~ ,~'
;z;o'"
"", . .....~~~.
c:t
~~~ ~=-~.......~..........----"""'
~i::1rJffi:.
. m um --
-- ..- -~~/
&jJh-:~
.... .. ..
_a_n_u_um___- -,- _w -
. . ----
(;to 1(i.df.7lP... -
. ,. .- -- -.--------
---_u.._--_.
--.---
-- n
_. ------, - --------
u--
---.------..--.- --------------------
, a_
--_
u__
----
- _a_----_
-----------' .----..,---------------.----
w_-_w--...au_--__m----__w-
. ----.- --. ,,---------- -
W___UHUn. ,
----.-..",--
_n ..-
.--- -
- -- _nu- --
---
--u,--_--n_..--u- ,-
-- ---- mm n
RECEIVED F!LED
2003 OCT 31 AM II :O~
October 29 2003
ujjLlC
UTILITIES COHr11SSWN
Idaho Public Utilities Commission
O. Box 83720
Boise, ID 83720-0074
RE:Comment on Idaho Power Rate Request
The Idaho Power common stock dividend has recently been reduced, but I still
question whether or not the ratepayers are being asked to continue subsidizing the
common shareholders. In reviewing the Value Line sheets on Idaho Power and
Avista, I note the following differences:
1. Avista cut their dividend in 1998. Idaho Power waited until 2003.
2. Projections show Avista paying out roughly half of their profits in dividends
while Idaho Power shows 78% declining to 68%.
While no two situations are identical, both utilities are in the Northwest, both use a
lot of hydro, and both dream of making money in fuel cell technology. At a
minimum, had Idaho Power taken the cash conserving measures that A vista has
the rate request would be less.
'fl
d:;?
Richard J. Petso
Boise, Idaho
947-2009 Daytime Phone Number
Enclosures
. .
~~82:
~ ~-" , -" --" ,-, ---
IDACQBR;:mC:NYSE-,DA
: 'JIME~INESS;;lOWeiedeJI51O3
~ ~', , ,
SAFETY ' .. 3~~d2l141O3
: TECHN'ICAL 4 TeweredeJ151O3
BETA ,75~:(I,OO~'Markel) "
, '
2006'08 PROJECTIONS
Ann'ITota!
Return
Nil
IRECENT '
' ,
lplE Trailing:20J\ RELATIVE ot 'dDIV'D 3g.
I PRICE m ~ ..'t'jRATIO,
' .
Median: 13.0JPIE~ATIO'
. '
IYLD " 1.3/0
30.6 30,0 34,3 37,8 38.1 36,S S3,' 49.4 41,27,21.23-4 27.3 . 28,
' '
29,9 26,0 '2S.9 33,6 20,9 20,
High; 28.8 I 33,Low; 24.4 I 27,LEGENDS ,
......,. d:~~M1~~.r~~e
.. ,. ", ,
Relative'~rice Strength "
r".:J"e;;~as indicate ~sio;,
Target price Rang'!! '2006 2007 2008,
II"
hI.. ,
'JI (I"
, "'
Ptice 'Gliln
H!gh
' '
(+20%Low- "20 ; ":(-2O"k '
Insider,DecisionsSONOJFMAM
JoBuY"O ;O'O-',() 0'
., ,..
~1OOpIion,OOO'OOOOOO
" ~.:: .... ......,
': 7.'.Seu' 0,0 ;0":0':0 1:'0,0 0
'. ..... ..... '.'
. %TOT,RETORN7/03'
::!.
Instltutio':!al :Declsjons
, .., '
THIS 'VLARITH,3Q2002, '402002 102003.' -PerCent'"S" "
. ,
STOCK ,'INDEXto Bur ,
: ,
:"59 ;68 63 shares , :10,
, '
~ yr, '14,7 25,
toSelI: ..79 :;00 '53' trad9d '5:"
: ::,.."" ," ,', , ", ,
.I,Byr, '14.4 '18,HI~~l1'l91,IH13,..1215!t ..,
"" "
i"al;'""'h,;rii",hillilj,,lill "'j:llI!lnlll""IIII'111111 ,'5yr. ,12,.40,9
19B7' ,:l-9BB:' '1989' ~,t990:'199:1 "1.992 ,,1993 199A, :1;995 '1996.1-997 '199B, :1999" 2000 0,20,02,2003 '2004, '(O):VALUEUNEPUB.'INe, 6iUB
'1,t61 12,14 14,60""-13;68: "14,22' --13.14,57 ,,14,45 14,51 15,38 '19,29:83 17;50 27,150,10 24,43 22.5P 124,60. Revenues'per sh :30.,90.'79 2:84' :3!93'(:3,~3 "'3.26 ',:"3,1,61' 3,53 3,39 :3,89 :4,05 '" 4,50 5,63 '
:;,
63 60. '10. Cash Flow" per sh 4,75 :
:~1:30 ' 1.32 2;37' ,:"1,91' :;'1.56 "1.55 "'1.97 '80 '10 "'2,21 2,32 2,37 2.43 3,(3,35 '1.63 1.00 '30 EarningspershA 5D:
80 .. :t"BO: ":1:63(1 :'HIIS :::-1,86 "1.86 ,'1.86 , 1.66 '1.86 :1.86 -1,86 1.86 1.86 1.86 U6 1.86 1.43 1.0.0. D.iv'Decl'd persh B. 1.0.0.:1.15 ':1:64: :: 4:~8":2;29" :3,::3.26 "(3,32 '"2,23 2.49 2,51 "2,37 2,95 ,3.73 ,4.78 3,53 '25 50. Cap l Spendingpersh '25;
17:29 16:111" ~'H:35; ij7,4Q" ':,1,7.0\)
, '
17,28 ':1';',86 17,18;15 ,18'.47 '18.93 19.42 20,02 '21:82 23.15 23:01 22.60 22,95 8ookVal~persh c '24,
(33:98' ~33:98"::33:98':'93:~~,33:98 ,"36:19 ::37,09, 37.61 '37,37;61 37,61 37,61 ,37,61 37,37,83 38.02 38.20. 38.20. CommonShsOLitst'38,20.;~1R2 17;'1' 010,9"':13A
':,
:16;8' ,17-.0 15.4- '13:9 12.4 '13,7 13,14.4 12,7 10,9, "11.4 18.Bold fig "'S.'" AvgAnnIPIERatio '16.
"",
'U8 , 1.42;",;~'83 'jo1:00 'tOy. ,1.03
, '
91 .91, ,83 ,86 ,78 .75 .72 .71
" ,
58 1.03:; V.~Une ReliitivePIERatio, 10.;
;:'
;7,2Pf" '8:0%' q;1~'" 7",2%: .7.'1%:.. 7,' 6,W, 7:4% '2% 6,1% S,': 5.4% 6,0% 49'!'1 4:9% :U,O%: ' ~i" tes Avg Ann OiIi'd Yield, ,4,0.%
:(j"AI!ITALSTRUCTUREiil$,cif:3I311O3:
~, '
540.4 '543.7, 546,578:5 748,1122,658,3 '1019,4 '5648.0 '928,8' 860. 940. Revenues'($niill) 't18D'iTotalnebt.$111S;1!,rnilUDueJn.:5'Yr:s $463,S,mill, ..:78.2 74,' 86,9 '90,9~,3, 94,8 "96.9 137,6 ..n3Q,o: '.'66,3: 'fO,55,Nei'Profnl$millj 60..0.'LT;~Dt"$86a:9m.il!:
'~:
;Ll'!I~t~"rest$56JiT)ill
' "
31:8% 31-:4% 35,8%.36;S%, :33:5% ,32;0% '32,0% '32,1% 33,"3% "33,0.%33:0.% IncomeTaxRilte 33,0.%::~LJJ:"teres!;2~t.~awe2L::?';;"
:: ,,
~:: h ~7,1%:4:S% 11".. :4% ':6'103%2% '3:6% 3:1%0% 3.1)"/. 0.% AFUDC'IotoNetProfit
Pi!niionAsse~'1211i2'$282;5fiiiiL Obilg.$294::S ' "46:6% "48.2% "45,"2% '4:a.o%'46,2% ,49.4%, 48:9% '46;3%'464%492% 48;~"" .48,5% Long'TennDebt-Ratio 47,0.%
J:!im,
~ ':~~'~;'~"~' ",;,, ,\ '-- ,:. """' ,:, '
44:5%,\*4:9% ',45:9%' 45,1% '46;6% 44.2% 44,~% '45,9'10 47,9%' "47;9%, 48,5% 48.5% Common EquitY Ratio 50..0.%
"", ' ,':;;' , :"
' '0
"" -"
C':, f488:9'1499:5 '1467,6 '1541U ,1522.2 1652,"3 1680,1790:0 '181M '1826.9: 1785 1800. TotlirC1!pi!;lI($miIJ) '1850fnd:StOck$S2.8mill,;;:F!fd,Div1d$iUmiIL"1616A 1'6S6,6 1672,9 :,1694:6, 1716,9 1711;5-1745.1805:0 :)686.0'1906,1970.20.70. NefPlant($miIJ)
..
2330.
:~~~~~::$i6V:~6:7;68r~~urni:~$1qq'
par ca!~able ''7.1%16.7% 7,6%' 7,8% 7,3% 7,4% 9,2% ;8;7%S.1% 0% 5% Return on Total ClIP 4;5%
,,; \TLi,:;";,
,;'' '
9:8'3% ,1Q.7% ,11:3%: '11.3% l1.iJ% 1103% '14;9%:13,5% 7;1% 4,5% 5.5% RettimonShr:,EquitY 6;0%
'eommoniStc)ck.~38:l96,"287'sl)i. "10:9%10.0% 11.6% 1"1,9% "12.2% 12,2'10 12.:1% '16,
~"
:14:~% 7;0%, 4.5% Rerum on,CCm EqultY'E "11%;MARKErcAF'.:)$975:mlllfoni(.Sin'BIiCap) ,
,/%, ,
NMF 1,3% l,9i'
--
4r, 9% 7,, '6'3% NMF NMF 1.5% RetaimiCf10Com:E:q 2:0.%
EL'ECTRICOPERATING'STATISTlcS'::94%103% 90%86"10: :82%80% '78% 55%"58%113%, NMF 78"'" Alroili'ds,to'NetProf :'68%
-'_~~:
'h'
-:-:-'~
~U '200!r-:2001'" 2002
' ', :..".' '" "" ', %:
Ch~RiWISaiei~),':7'::f6,, "ro.7 ';BUSIN~SS: "lDAGORP
, ,
nc,
~ "
the' holdirig com~ariY"1foildaho "povier'c~t'30%'of '02 rev.;' estimated labor costs; ,9:7%.,20.02
AY!i:lllfUst:USe(MWH)' '
" ": '
20~74 ,2807" , 'Rower(~ hydroelectnc:utllity'thatpartly owns '!hree'coal'plan1Sa~d 'deprecIation rate; '~;O%, Fuel sources: :h,Y!Jro, ~5%;:thennal,15'1o. ,Avg:lfilusl!Revs;perKwH (I) " ,2:78 '03.92' ,47: 'markets, natural gas,through"tradrngooperatlons"AlSo has Interests 'Has 1 942 'employees, 20;088 common stoc olders, 'Ch,alrm~n;~~t~eaI!;(MwJ~"n' '~m '
~~?~
patented~ tuel,wll system: 'aIls eiectiicity in 'Idaho (91%cif Jbn:HAAiller:'CE & Pres,; Jan B. Packwood, IncorpQra
~(j
jda~8.
AnnuallOi!
(~., ",
, NA ""A: ,~~NA'" re~.) and ,Oregon (3%)Hevenu breakdo\Vn: residential,
%~ '
ddr,: 1221'W, Jdaho 51., Boise, Idaho,83702, TeL:[phone]aO.
%~Cl$t.9~:lyr~L,
: ~_
'+2::4~:c +g:o, ,:;1'2:6 '~mmerclal..23%;'lndus~nal , '20%;,'otner 220/0, :Fueland purchased IntE!TI1et: www,ldacorprnc,com:
F~~'CtiirgetOv,
(j(;j"' ";"'
329: :295~;::n5 'TI~ACORP'has.s~ttled:'~;:Ie.~al dispUte peanutilities, a Japanese company, and
, '
ANNUAL,'RATES F'as!, "PaStJ~~;d'QO-'~th Ove~o~::po~~r~ljhsmct5 'a 'Ne-t~eU:S, Amiy., Be~ause of ,~he e~p~,c~eq
DfCilange'(p"ersn) " '10Yr'S. '
: '
Yrs: '10'116"08' ,vad?-, mumcIpalutility, A contract"called" SIze, of 'the undertalring, IDA"ls looking for
RevenueS' 'f,' 17,0"-- '32:S% '"14:'0%,
' '
for'OvertoIl'pay ID.NS",IDAGORP Ener" ' , a' partner to participate in' the project, ,ACashFloW'S!."s,OZ. -1:5"1"
, 'gy:
(IE) ,subsidiary '$88i50permegawatt :full~bloWn operation will begin soonilftei
5f:!~~R~Si:S~ ..
:);.
or.
:g;g~ ,
hour for the: purchase of ~O\m:egawattsof ~~one is f~)J.Ild.The enterprise should ,begin ,BookNalue "
, '
0%.. "4:0%' :110%' power cover 10 years starting.July1, 2001.,' to,generate profits by Inld-decade, '
, cal:;QUARTE~LY'ljEVENUES($iiillt)"
~" '
j:ujl:~;OvertoIi agree~to raise ra:tes'toit~ :cus-EarniI1gsare ~ead~d's~arplylower iri
endar 'Mar:31 '~un:30 ,S80:30 1Jec:31 ,Year
' ,
tomeI's to the -extent ,necess'ary to make' ,2003,On the' doWIlsIdels a, ~O,19-a.share
2oo0 186,3':'254:6,301.0'271,S "i019.4pay:IIl~nt, butfailed,to dos(ji ch~gin~rth :1oss 'from th~ sett!ement WIth Overt()n
20(ij 133 j579~'2115'B21,,0564B,
, '
the'p'TIcewas~bove market'rl;l~s, This :left ,PowE!r:(taken m the first q~arter), ~h~ abo'
2002' 239,209:8' :259;(,"2,19,8 ' ,928,8' ,IE Wltha receIvable 'of $74 Inlllion'at year-senceof'20p2,s.,tax law credits, and higher
2003
' '
il1'9,c 200,24D 207:8"860. ~Jlc:l' 2002.10 "avoid litigation costs; the" peiisioIiarid :insurance costs, The phaseout
, 2004 230.~0'26(j ")230 94D parnesreached'anagreemeht' ,that pro-:6f'lastyear's :powermarke1;ing 'operations,
Cal--- ~EARNINGSPEiI'SHA ., ' Full
, '
vid, es:'r Overton'payIE $?2.5 millio~"which :auce 2002 ~h,aT~,ofits,by '$0.3~,
imdar Mar:31 i!uri:30'"Sep:30'Dec.3f Year It-hasa:lready p:md ,$5,5 million W?-d will, 'and a,likely,2.0%c 5% ..mcr~ase ill :.re~m1.
2000"~90"" :86' 1,11 ,3:50 ' pay, the,,'balance 'm equal quarterly mstall- energy 'sale~ will fall far shoft, of offsetting
2001 ,3 ,96 .91 ,55 , 3.35 men~s
, '
pver 10 "years;" ,The settle~ent , these, negatives., ~ all, "we estimate a:392002 ':66' '"~ 08" :98 "r:63 term.mated thecontractand'I'esultedmanidrQp"m::2003:eartnngs. to $1.00 a share, A
2003,:'d:Off';:' d:O2 90 ,:20 ' ,tOO :IDApretaxloss'of$21:5 ,million,
' ", "
" regU.)atory'order on' a planned electric orate
2004 ~10'!\:;10:: :90'0;':20, "1;30' Th~'fu:el cell 'buSiness offers: good "filinglater:ti.~syear points to, improved r€~
Cal:' ;""QUAR1ERLY:tlIVIDENDSPAIDBoI; Full
' '
long-term prospe~ts. IDA ownS 70%of'a suits in 2004, ,
' .
endar..Mar::i1:iliJri:30 SeD:30Dec:31 'Year fuel cell system which ~as 16 'p~tents(:m a Thecur.:re~t payoutprobab~y wo~t :be
199L ".465
: ,
,465, .465 .465 " 1.86 " reforn!lE:r-,that'converts 'hrdrogen.fuels'lito earned' this re~, or next. Accordmgly,
2000; ..465~
;' '
465: .465, ,465 1:86' electricIty, Manageme;nt'plans. tomanufl;lc- w~ sho:wa s~lit diVIdend at the top of th~
2001' -.465'" :465 ,465 ,465-
" .
1.86 ture portablecellumts 'of. one to lOk,ilo- page, 'Most mvestors would do well to ,
2002" ,465 .465 .465 .465' 1:86 watt!'cThe unitsV?ll sell :forup to$40iOOO , !lvoidthis untim~ly stock at this time" ,
2003: .465 .465:
, - ,,' '
' ' 'each. They ~e bemg,field~~s~ed by 'Eur-o-"AithuTcH, Medal~e August 15, 2003
(A) EPS diluted;OEXcL,nonrecur,gains '(losses):: historically "paid in late Feb,; late 'May,' late;, Hate allowed on com, eq.in: Idaho in '9S: Company s Financial Strength B+'!87 33e; '93, 16e; '22e:,Next egs"rpt:due: Aug,; and late Nov, '. Div'd reinveSl.plari avail.' "11,0%. Eame9on '02 avg. 'system"corTl, eq,; Stock's Price Stability
.. ,
90'late'Oct, '99 sales do riot'inc:1: trading'revs, '1*:, (C) locI. deferred debijs: In '02: "$12,68/sh. 7,1%. HeguLClim,Above Average. " ' "Price Growth Persistence 30 '"gin,OI IncL settiedphysical'sales:,(Bj'DiV'ds'(D)'ln mill, (E) Hate Base: Net original cost,
' ",, ' "
EarriingsPredictability
i:'-';!OO3"v~~t';;iie;publishm\ij;;~:;:A~:'iiiihM~,es~IV;d.fia:ClUeimatenal is ob1ained from sources believed to be reliable anil is proVided without warranties of any kind, :rHERQ8USHER:IS..NOT'RESPON~IBLE,F.oRANY"ERRORS OR OMISSIONS HEREIN: This P' ublication is ,strictly forslibscnber's oWrlnon-commerc1al; internal Use, No part
. '
. J I: II ' .of,may'be reprodUced..resold..storeliorotransmittetHn any,printed, electronic or,o1her 1000, or used tor generating or markelirig any printed or electronic ublicalion, service or roduc\,
,11 II,
, ,":!'...
I' "J
...'. '
l;"
" ~~ . '." "!'
, .
t'7"~:r""N:~,
""-
A VIST~,GgRRNYSE.AVA'
MELINESS 2 R~ed &16103 High: 18,low: ,15,SAFETY 3 Rais8d8l161O2 LEGENDS1.10 x Dividends p soTECHNICAL Lowered 7/11103
: . ,. ~~=~
~~~~e
~fr~n
~~e
BETA ,70 (1,00= Markel) 2-lor-l split 11/93
2006-0BPROJECTIONS' o~~g~~ ~';~s indicate recession
Arm ITbtal".;
:, ,
I1rice 'Gain'
, '
Retu(n nM"
1iiQli, 19 (+30%)9%
.",.;
Low-- _
,. (:
15%) 1%
Insider Decisions -SONDJFMA'toBuy ,0 0 0 0 0 0' 0 0 '01111005 000-0:'00 10Seil, 00 00,00,
JnstitutijJ!1a" Decisions' _.': 2:,~I9J:BETlJRrptlJ3L_
:--
10 Buy 3Q~: 402: 102
:; ,
~;~~:~t -- 1~" w.' ::~
~;""ro
I.S~I ' A3 ,51, ,35'" traded, , 6
, , "
3;yr" o1;!'!)'; 'lB:7Hld's(OOO' 23B5-1 24115 23412 :L :.:I~",
:;..,,
:;I ..",..1;, "'hl',llllIlli,"d,dl, it II II nil, 's:yr,,',t4:8' , ~'!O.9' 1987;:1988:'989, ,1990, -1;99-11:9921993- '1994:1:995:,1:990:1:997; :'1998" '-19992000, :2001" .-2002" :2003-2004-. ;c'YAUlf:UNEPUB!:IHC:;, ,1Ii\' ";
t~! 'T~")H~: T~' '1~:E' -
~:~'
TE- :1 -T5~:,
!~:
:?Hr;~qr ')B
~~!, :
~;:lr::-~!r~~:?=~t~~~:
--"
Tff~'
1..24 1:24;:,);2-4'-,.1-,24,24 ,1:24 1:24,24"1:05,,:48'48' ,
--,
, .A8!'4B,ipiV'-d:cecr:ciper.sh,Ii.
, ,~;'
80:: L17i,tiIP :,1:80 '2-:14'1i7B t55't67'"r.82 '2.'70:3:30 ;/:4:24:;-5:92'TU4'i':,2.:m';,t9ll!~p'.I'Si!end.nI!J1ief,~h :-zoo:'
10,43 10.49 -' 1.0.61-" 10:84: ,1-i~11 11:64 12,12.45; ,12;82' ,12:70, ,13,38:, )1.10,B9, ,15.34,
. :
15,12: :,~14:84' ,15:15: ':1~;70:1 ~,V;il~pensh:
:~'
.17:51t.:MeSS, 44,B2- ;, 44:BB- ,: -016:42 '~7:90 .. 50,89 52:76 54:42 -55,95 55:9B, 55.9B: 40,45: ,35..135 ' :47:21 47,B3 i;:~,04" "48i5(I"~;/Jtr:Coinrnon'Shs':Outst'g(D' 49,011:-116 105 106 104 t18 12.B ,J3.5' 12.4, "11:2': 13,8'!'10.a ,1B$'NMP-, 13,:1J.7'19,3:,so/d: ~jJre:-"Avg;AnnI'PIEFIatii!;,
~'_':-
1-2.5c
'" ,
87'~'
..,
V~ -:i8'80 ,81 .75 '
' ,
8B'" ,58 "8B: NMF.
- ,
88 :,70';,05 J',
vsi
~, '
R~iltivec~iiatiii~ ;:85c
9..2% 9,3%,' 8.SOf.
~;~
8:60/0 8,0'1. 3% ' M% 7.8%' 7.'8% BiZ% M% '0% 2,8%.. ,0% 2,3.7% . Avg;Ann'I'DIv'odYiekl-;., 3;2%'-
cAPnAi(STRUctUREas or~Ja.110a: --u
, - , , ,
MO,, 670:8 , 755:0, : 945:0'~q2:2 3B84.79Q5.19tts'BOOg'8:'~~()A' '050;11~'~~~~~i~F'f;:"
;'
t-::I2t#oTDIaIDebt$10S9:5:milLDue'in S:Yrs'$345.4iT1II1'82.8' 77.87.1
' ,
83,5 'J14,78:1" 26:0" 82-7 ,,59,, '34.3 49!O,;'5tO-"Net,p./ofiUinilll;'60,'01,'LtDebt$987.6 mil('" i.Tlntei~sr$77.0 mill,' 33',9% 36.('0/," 37:B% '37:2% ,3+;7%, 35.?-1o, , 39:W,-45,4% :3B:6.% :45:B'I, 42:1)'K;;'- 42;/1%; Ini:cimeiTatRate: "0;, :4210%, Inci!$60miIL PIa%'anlli$40'iTIilUloatmg.rate- ,
,.' ., """ ", '
a~datorily redeeimibleprefEirie-dtrust.securities: 5,6.4% I.goio ' 2.5% ./0 8% '9% '1'7,130/0 21:8.% 4;0%' 4.0%" AFUOO:,~itil:Net'Profitr' ;'~'3!o%'))
(ll'ninteresteamed:;t'()~);.o
;;:',:,, -" '
45.
:?-!'-
4T:01/~ '46:4.c'!' ,~!K1"ro, 45:?"!i '.t!4:?-f.:47i2%'q0:'Zo/0 B2:.a'l.5T31/.- 57:5~' j56,5%:,.,~~J~:~.IIllI!iJi:"
~~~;
: Lease~, Uncapitalized:Annual.rentals.$,15,1f!li)l: ,44:8% 44,2"/0, 45,1% 44.Z% #.9% 29-.1% 25,1%, 41-..1% 35.5% 40,8% 41;0%, 42.'O%d:oolliKiiiE Ii' ':R8ii'if: ", .$;0%;: ;-' :'1'i!iisitin :Assets;12JO21;13EU'mill:.Qb.ljg;$238A .141oE'15~$ 'J590:4' ,1590;S;' '1BB 1~~;3 '1520:0 153\1-,0 -i-?030:B' 1748.1'1(95,.-11/125'. iTcitat,&ajIita"t~iII)o, , :.dsOtn r
~lli~tDCk$31,5 m;fii";~aDii~$~;iimill:)~ -1254,0 :1329.1357:4.1397.9.1'133,1470:9 .1500,15J8;3; '15f)5,6)563,1640110:1650,NetPliiiit' $/i1iIQ':
!;, . ,
'!l01/'; .
n ' i~~~~~~,
~~~~~~,
f9~~~~($12~'
~ted'val).- Sink: 1
~:~~" .
~:~~, 1
~~~: -;~;~~-
~~0
::: ~:~ ,;~~~' "
i~J:: " ~::" ~:~~~~w..Ei:~:~ ;;j%~~ I,
. '
CmilmonStDck.48;20'l,HJl,shs"as,of4130/1J3' 11 7% ,10.1% ,10.-9% ,10.6-% 14.-B% ,14:7".';;' ..1:2% 11:1:.%
.',
'l,9'Yo "4..5%, &:5% '7;/1%.- Retum,onCOm,Equ' "1:;~';;7(0%';'iMARKEf'CAP($72$:miliiori:iSimill,Cap)'
:' "
33% ?O'l. 00'1.'95'.-S;3'1. '?Qo;, NMF 80,/;"o"'--n'Ji 30% 3""" Ri!fainedtliLCOinE 3i5~
::=:::,
~::TINGS
~W~~C~i~~"
p~~
~~:~ES ~Vism ~~~qfa
~~~:
;(fO
~:y '
~i~~hi~~~n; ,~
~~. ,. '
~~:~nau~~~ j2.~:~:eri~;~1 ~~~~;::t:~1:~1:~!r;
~.,
;Avg:lndiJSt:U~jMWH' , ,
- .
1633,,1319; , 1070" ,I1.ower.Cbl1)pany)suppJi~s,,~lectricity&gas0.n eastern WA,n~rth
:' ,
~%;:th.e~aI;, 16%(p'.uJChas~I..45%,~c.F-jjel,CDsts741i~;9f';jjj~~F~0~~ i')Avg.-lrKlilst ,II): 05 25, 4:48 :,em ID,Suppli~s g~top.art))f O~,&,qA,;Gustcirnel'S: 3 00.0 el!!!\,- relJ,orted'depIec"rate.-(irtiliIYjfa;9Of.,JI~ 1\9S0 ~P,R!b~~tl:d.oQ'" E
:~~~~
F '~~~r" ~~~r ,,~~~r .-ltj~,~90;00o.-gas.. Has h~nutili1y;s.ubsjnvolved,iri: fuefceII~&,Jntet::l:6m:"stockhC?l~eis,,qhairmai\;;Pl'esidi!.nt&CE0: GarYiG'"EtyplnCJ::;:
;AnnuailoadFactOl'
(%"" '
66,01, 65,0" NAi ,net:business'!o-business"Utili1y,revs,; WA-iJ,3%;ID;30:'/0;.QR;-" Wk,Addiess:, HJ,1WE-., Misiiiorl' Ave'i'Spokantt WA',99202'2f,JaO:"
~ f ~,: k,
; ~; '
ff i ~ if ~"Ii
~.
G~shFlow,.. OY...5 Yo;:; -9%
" ,
toward, the development.of..fuel',cells'but,howe.ver... /':
, .", ,. - "":,.-"",--,,, ,
Earmngs" "1-.0%'0%'" "5%"
" ,,-,..-'" "", ,,--.-,"" ,""'...-,:.
Dividends,
: ,
f"",17BY. 4:0%. as,bee,?-~~~he !eq.'f:o s~yeralyeaJCs~N."o.w , W.e ~a,~e r3J:8~Ii?:ur: 2003' ~d"~,~;i'Bo.oKValue ",.' 3,0% 3:0% 25% ,thatAVlsta's' qwners11ipwlessthan;,20%" ~~$,e$~te$"12haes;due"m;p.~~~'i; t, Cal' OIlARTERLYREYENUES ($ mill,)'
.- .
Fulji it.~o lo!lge~ .ha.s:to:tef!e~-ihjs op,eration;s
, ,
the_c~!:;I3~ti?I,'l'q,f,Avj~~:p,~p~~:JP~~~~';,Ayis~ l
ender' Mar,31 Jun,'30 Sep:30' IJec:c:3.t- Year ;los,ses ,In It!!;,,-In~OI;IlEJ 'sta.~:m,ent, WJJ..at.s'l!!nergyi AVls~s;eIl~rgy:~m~J!:~BWg:~~,,: .I!'::'; 2000 1'382,0, '1353:4" 2864:J231H' 791t5 'J,Dore; ~ecaus.eA"9-.sta,~~b~ IS: "now,:trea.ted:, als()i fm;p1g: ,Iie,~r:~3IJ:.-~~~?-,--tHis::ye*,-:;i (
: 200-1 024.8, 1546.5-- 1401-.2'1037,3 6009.as, a; ~scontJ?ued opera;PQn."..the,$O)Q... a ,T!1e.."c~)l:n'pany:~s:;1o'~a:r.n$OJ~5-::$'l;:J;5,:W: t. : 2002 307-,21S:3 189.8 265,98004. share It lostiIl.the .firs1LhaIf,f 20():tIS;, ex" sp,l,ire'this y~ar(e~I:ud.ii!.g; the':~oss; qn :dil3~;
- j
20OJ ~3L1,218,6', 219,7'300 1050, clildedfrom our ear:rrings; pre,sentation. , ~pn,1,1ed op~t~tioI1S:)' ~p'roye~et;lti.!~.~; tJ1.~~ !
: 2004, 350: 225: 225: ,- 325, 1125,
' ,
8 A Federal:Epergy)legu,lat~)r'Y C OD:l"- u,jjlity;a,p.& A~sta~d.vanj;age;'lVhicfi);,sel!;:;I:
' ,
Cal' ' ,EARNINGSPERSHARE.A "Full,~ission . (F'ERC)a~Ilisn::a~ve, ~8;W ~'.. Inte,n:re~;opased'-';:~p..~iipr:~I#..3;n,~emeI1~::
: j
endal': Mar;31 Jun;30:Sep,30"-Dec,31. ;'Year: ;Ju:~ge-d rev:-er~etl ~s:::pos~*~on' ,~d' 'product)~s:O:oilld'pp:~b,'th~~~otto~W'W+~'?~~E,: f:2000' ':20;'66" '72 'L50' 1:74! ,agrj:!ed- t? sublD1t,~:, _~e~l~e~;t,be.tP:EJ'$'L,()O ~JIl~k pI.-'2O:Q~-~e--~~ocki"~~;:12001; ,"66'53' 12 -dll 1'20"twet;m.i~.Vlstaand,El.f;Cps,trial s!3ff.to, r~~~_(Above,Kve:rag~~for'rimeliliess;:
,!.,
2002, :32 ':18 - d:04 . ':21 :B7the'c()DlJD.is~i():ndoI'- appl'oval,..Jihe -staff 4#sta:~~has.'performe~wen.::fujre';
: :
2003
, ,
25- 03: ':30 " found ,that Ayistaclid:-:.notv;iQl.il.ti!trl'fding .cent;~Q~~:It ~S' uJli,:~ver r?%si#cl:!'o~~ f
2004: .40~
" .
05 ,30 ,1;05'rules: I~rthe,wEJstern, power .-J,D~kl:!ts:,As- "l;;i!lt ,rE!ppJ1j,',:m; nu~~1:Iay"tlieI;eby :eutpe:r;~:~ i
: Cal"- QIJARTERlYOIVIDENDS pAID II., .' Full, suming,,~hat ,EERC-, apprDves;, the :.settle~ '
~,-...g::'
the ::Value~+-i~i;:~()1l1~osite:-::;m:4J!
e~dar: Mai,31 Jun.3(JJSe ;30'Dec,31 -Year, me~t, this WllL:C9l1clude a matter- .that has, 1JtifityAve.r~g~s:Tlwn:efll7.cts,l$.~" P'r()g:re,~ffC-
1999 '12 ,12' ,.48 beenoverh~~gingAvj'sta f(jt ov,er:!l.. Y~9.!'*E!~o~p~y:ha~;~l,itle,Btit;t~e'stoCR'iS~f:
2000 ,12 .12' ,12' :12 .48 - The ;utilii;y re:ilched,
!;'-
~~I~m.E!nt re~4y tqldiJ::!:g'Wlthinour'2006"2008'Targ~~f:
2001- ,12 ,12 ,12 ,12 ;regitrdi.D.g the:cost,ofc~pltaLIn,Its,g~M 1?J:ic~:.~ge;.soJong-terIIJ:total-re~iP?:fr,
~ ,
2002 ,12 ,12 ,1-2 ,12 .48- rate case InOregon.,AVlsta"had,filedfor, tentia1:,ls:-unspec.tacular, ,
:: -' , :,:~~ ~
2003 ,1.2 ,12 . . a-$7,5'nrillion(;l.'L8%) tariff hike-pased.on Pal.tFJjJ.;pebOas;CFA 'AugjJ.stI5;20.o,?-.~
' "
(A) '~iluted EPS, ExcLnonrec. iosSes:DO, 27t,repol1' duelate:Oct (BrDiii'd~ hlStoricall)'paid " :base: ,~et.ori~.~ost: Rateall~~ed ijri:cOrii: eq:,; ~-CDiiipanYi~;j;inil'lciilFStren9th,
: -
;,i:
::.
B,'---
: ;
net; 02, 9t; '03, 2~; gain (lossesjo dlsc"ops", In mid-March, June Sept and,.Dec. .,Dlv'd r~-. '(elec.)lnWAln:~02:_1j,16%;Jq.IQln"99:..,
, ..
Stock~s;P.nce,Stablli\y:- ':
..
50:..
01, 1$1.00);O?, 2t; ', (10t), '00 EPS,don investment plan avaik:(q In~l..derd ,ctigsJn
, ;,
1 0:75%;.med:oil-~vg.; CDffi:;eq,;,dO?,S%,,
, :,
: Pric~,Growl\1'~,e~i~te'nce:, 'c" J(t" ~add due 10 an!ldllutlon In a',qtr, Nextearmng;; 02: $9.89/sh,.(D) In mill"adj::for-spln: (E):Ra,te, ,RegulatCltmate:Avg..(!1:Sull1mer,peak,ln:P2;!Eamlngs.,PredrCtabllity,: , ,. '" ..10"
" j
rg' 2003;"Valu~, U~e, Publishing; Inc. AU:nghts'reserved.-."ctuai matenal is obtained from, sources, believed, 10 be 'reliable 'and is,providOd.Without wa.m.tles' of, any,kind, THE PUBLl9HERIS, NOT RESPONSIBLE ,FOR ANY, ERRORS OR OMISSIONS HEREIN.This publicatiOn is stnctly"fo,:subscribel's,own..,non'iiimmerdal, -inteFnal use. No,Part-o(:iI'niay be.reproduced, resold: stored or.- transmitted in any.pnnted, electronic or other formor used:tor,generntingormarketing,any printed or..eJectronicpublicatiOrt, setVicecir, product
"I.""
. ",;,
I!"
L?,
- ,,
40:
,--
' 32:..
' ,, ,~:~~'- ,,
24'
::::;~,~~: "
E'..'~";: 1:.::
16"
" .---
~:' +t:
:,7"
:" c :,~r:
, :'
~, I "" I.-
....
.. 0