20051028Avera Exhibit 04.pdf

BEFORE TH IDAHO PUBLIC UTiliTIES COMMISSIONCASE NO. IPC-O5-IDAHO POWER COMPANY
EXHIBIT NO.
WilliAM E. AVERA
REALIZED RATES OF RETURN
RI S K PREMIUM APPRO A Exhibit WEA-Page 1 of 1REALIZED RATES OF RETURNS&P ELECTRIC UTILITIES AVERAGE PUBLIC UTILITY BONDS CLOSE ANNUAL CLOSE ANNUALPRI CE DIV REALIZED RETURN YIELD PRI CE REALIZED RETURN1945$16.34 (c)79((d)1946 $15.53 $0.0.49(7710 $100.36 15(1947 $12.89 $0.12.1710 02($95.1.57101948$12.37 $0.1.4710 06($99.31 2.33(1949 $14.$0.80 24.49(79($104.87101950$14.49 $0.88 5.2710 2.8710 $98.59 1.3W101951$16.$0.17.25(3.24 ($93.3.40(1952 $18.28 $0.19.66(19($100.09(1953 $18.$0.19(3.3710 $96.lW101954$22.39 $1.03 23.46(10($104.02(1955 $24.$1.09 12.33(3.31 ($96.47 0.43(1956 $23.$1.13 2.83(93($90.24 6.45(1957 $24.85 $1.19 10.29(4.29($94.54 1.53(1958 $33.$1.24 38.35(4.39($98.50 79(1959 $33.42 $1.30 7710 4.86($93.28 2.33(1960 $39.35 $1.37 21.84(4.5W10 $104.9W101961$49.28 $1.44 28.89(62($99.41 99(1962 $48.$1.52 1.70(4.41 ($103.76(1963 $51.97 $1.63 10.29(4.49($98.3.22(1964 $58.21 $1.74 15.36(4.54 ($99.26 75(1965 $58.$1.90 99(4.82($95.0.52(1966 $53.49 $2.4.34(65($89.15(1967 $49.$2.6710 6.5710 $88.5.50(1968 $51.95 $2.27 66(6.85($96.3.26(1969 $42.$2.33 13.42(8.39($84.06(1970 $45.$2.40 12.59(8.45($99.38 77101971$44.$2.47 2.26(92($105.14.15(1972 $43.50 $2.53 19(7.4W10 $104.12.83(1973 $32.85 $2.51 18.71 (1710 $92.0.22(1974 $22.$2.49 25.36(10.02($83.23 60(1975 $30.56 $2.57 50.39(9.8710 $101.38 11.40(1976 $35.$2.58 23.53(61 ($112.22.65(1977 $35.$2.9.21 (65($99.8.21 (
1978 $31.38 $2.7W10 6710 $90.50 85(
1979 $28.44 $3.0.51 (11.68($83.6.45(
1980 $27.$3.20 6.86(14.4W10 $81.32 00(
1981 $29.33 $3.42 20.45(15.7710 $92.6.51 (
1982 $36.$3.35.59(13.55($115.31.4710
1983 $37.$3.84 13.36(13.4W10 $100.50 14.05(
1984 $42.26 $4.24.72(12.96($103.17.30(
1985 $48.82 $4.25.34(10.82($118.26 31.22(
1986 $58.31 $4.21 28.06(96($118.33 29.15(
1987 $49.$4.34 19(10.99($82.15(
1988 $53.87 $4.37 16.99(10.02($108.19.7W10
1989 $66.55 $4.28 31.4W10 9.31 ($106.16.82(
1990 $63.47 $4.45 06(9.5710 $97.56 8710
1991 $77.25 $4.57 28.91 (76($108.17.6W10
1992 $76.$4.5.45(8.36($104.12.90(
1993 $81.71 $4.12.56(7.33($111.65 20.01 (
1994 $66.30 $4.13.1710 79($85.41 7.26(
1995 $81.$4.30.15(7.21 ($118.26.86(
1996 $76.$4.0.32(7.5W10 $95.11 (
1997 $91.49 $4.47 25.03(16($104.12.40(
1998 $100.86 $4.39 15.04(6.84 ($103.10.94(
1999 $77.42 $4.35 18.93(04($87.23 93(
2000 $113.$4.42 51.6710 79($102.10.76(
2001 $99.$3.56 62(7.86($99.24 03(
2002 $77.85 $3.88 18.02(13($108.41 16.2710
2003 $92.$3.47 61 (6.35($109.17.46(
2004 $112.82 $3.49.63(93($105.40 12.53(
AVERAGE 1946-2004 10.75%76%
REALIZED RATE OF RETURN
S&P ELECTRIC UTILITIES
PUBLIC UTILITY BONDS
EQUITY RISK PREMIUM
10.75(
76(
99%EXHIBIT NO.
CASE NO. IPC-O5-
W. AVERA , IPC
Page 1 of 1
(a) S&P'Security Price Index Record (2002), The Analysts ' Handbook (1967, 1999 2001 2004, Monthly Supplement April 2005)
(b) Average public utility bond yields for December from MergeniPublic Utility Manual (2003), MergentBond Record (Feb. 2005).
(c) Computed by adding gain or loss (ending stock price - beginning stock price) to annual dividends and dividing by beginning stock pric
(d) Computed as sum of capital gain or loss plus interest income, divided by beginning pric