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Home My WebLink About20051028Avera Exhibit 08.pdfBEFORE TH IDAHO PUBLIC UTiliTIES COMMISSIONCASE NO. IPC-O5-IDAHO POWER COMPANY EXHIBIT NO. WilliAM E. AVERA CONSTANT GROWTH DCF MODEL PROJECTED GROWTH RATES CONSTANT GROWTH DCF MODEL Exhibit WEA-Page 1 of PROJECTED GROWTH RATES Earnings(a)(b)(c)(d)(e)V al ue FirstCompanyIBESLineCall Zacks ReutersBlack Hills Corp.Edison InternationalHawaiian ElectricIDACORP, Inc.MD U Resources GroupPNM Resources Group 10.12.12.Pinnacle West CapitalPuget Energy, Inc.Sempra EnergyXcel Energy Average 5 . 70 NA -- Not Available (a) I/B/E/S International growth rates from Standard & Poor Earnings Guide,(Sep. 2005). (b) The Value Line Investment Survey (Aug. 12, 2005). (c) First Call Earnings Estimates from www.finance.yahoo.com (Oct. 3, 2005). (d) Zacks Investment Research growth estimates from www.zacks.com (Oct. 3, 2005). (e) Reuters earnings growth rates from www.investor.reuters.com (Oct. 3, 2005). EXHIBIT NO. CASE NO. IPC-O5- W. AVERA , IPC Page 1 of 1