20080428Comment.pdf

/~f.it; r-cs~~
Jean Jewell
/t:~'
i
From:
Sent:
To:
Subject:
Ron Law
Wednesday, April 16, 20085:14 PM
Jean Jewell; Barb Barrows
FW: Idaho Power Company's endless rate increases ,$lJt -~ -Oa-Orr
Importnce:High
-----Original Message-----
From: nerdeaux (mailto:nerdeaux(Qq.com)
sent: Wednesday, April 16, 2008 4:37 PM
To: jgilchriest(Qktb.com; cholly(Qktvb.com; tstokes(Qktb.com
Cc: Beverly Barker; Randy Lobb; Ron Law; mbrilz(QIdahoPower.com
Subject: Idaho Power Company's endless rate increases
Importnce: High
Carolyn:
I just watched your News At Noon anouncement that Idaho Power is now tring to get YET ANOTHER rate
increase, on the average of $7.00 a month for residential customers, before the ink is even dry on the LAST
across-the-board rate hike they have just received!
And, Carolyn, here's ANOTHER ONE you "forgot" to mention (4-4-08): Idaho Power wants rate increase for
new hookups
And YET ANOTHER ONE (3-2-08): Commission approves Idaho Power rate-case settlement
And, then there is the "Fixed Cost Adjustment" (FCA) that was anounced by a small insert in my power bil
that I received on 4-12-08: "The filing was made March 14,2008 and proposes to collect $16 milion anually
or an increase of $7 milion over the curent anual amount."
WHN, AN WHRE, IS TIDS UNETTERED GREED AND INSANTY OF IDACORP ALL
GOING TO END???
Is Idaho Power soon going to be filing for a WEEKL Y or a DAIL Y rate increase?
Is that the ultimate goal?
Needless to say, this HAS GOT TO BE STOPPED!
It makes one wonder just how much GRAT the IPUC is receiving from IDACORP?
I noticed how you reported that Idaho Power had applied for a 16% rate decrease in 2005, but somehow
completely overlooked the blatant fact - stil causing a bad taste in my mouth - that Idaho Power more than
DOUBLED our rates back in 2001, during the *TOTALLY FAK* Enron-inspired "Energy Crisis"!
I remember it all too well- my "Budget Pay" (Level Pay) power bil (for a 450 sq. ft. aparent) jumped from
$28.00 a month to $66.00 a month - 235% (YOU do the math), with NO INCREASE in my consumption!
A mere 16% rate reduction pales by comparson!
I remember it well, because I had to BORROW MONEY to pay my power bil, and it took me A FULL YEAR
to get caught up, when the Enron scandal broke!
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You see, I do not share in receivig a very comfortble "high 6-figue" income, like the Idaho Power and
IDACORP Executives (from here):
Target Compensation and Base Salary
J. LaMont Keen
Mr. Keen served as president and chief executive offcer ofIdao Power and executive vice president of IDA CORP until
July i, 2006, when he was elected president and chief executive offcer ofIDACORP and Idao Power.
Mr. Keen's total direct taget compensation for 2006 as president and chief executive offcer ofIdaho Power was
$1,000,000. This compared with the market mid-point of $857,000 based on the competitive compensation analysis. Upon
his promotion to president and chief executive offcer ofIDACORP and Idaho Power, Mr. Keen's total direct taget
compensation increased to $1,066,000, compared to $1,850,000 in the Towers Perr analysis.
Mr. Keen's base salar was set at $420,000 at the star of2006 for his position as president and chief executive officer of
Idaho Power. This base salar compared with a Januar 2006 market mid-point base salar of $346,000 under thecompetitive compensation analysis. However, the market base salar was based primarily on a chief operating offcer
position, ard the compensation committee viewed Mr. Keen's position as president and chief executive offcer of Idaho
Power as being between a chief executive offcer position and chief operating offcer position. Mr. Keen's anual base salar
was increased to $450,000 effective May 20, 2006, in connection with his promotion to president and chief executive offcer
of IDA CORP and Idaho Power effective July 1,2006. This anual base salar compared with the Janua market mid-point
base salar of $603,000 for this position, based on the competitive compensation analysis. Mr. Keen's base salar in his new
position was below the market level because it was a new position for him. Mr. Keen's original 2006 long-term incentive
award for his position as president and chief executive offcer of Idaho Power was not increased durg the year for his
promotion to president and chief executive offcer ofIDACORP. Our practice has been to make only one long-term incentive
award per year even if the executive is promoted later in the year.
Jan B. Packwood
Mr. Packwood's total direct taget compensation for 2.006 as president and chief executive offcer ofIDACORP was
$1,716,488. This compared with the market mid-point total direct taget compensation of $1 ,850,000, based on the
competitive compensation analysis.
Mr. Packwood's base salarwas increased from $630,000 to $650,000 for 2006. Ths base salar compared with the
Januar 2006 market mid-point base salar of$603,000 for the president and chief executive offcer position, based on the
competitive compensation analysis. Mr. Packwood's slightly above-market base salar was based on his long tenure with
IDACORP and continued strong performance as president and chief executive offcer.
Darel T. Anderson
Mr. Anderson's total direct taget compensation for 2006 as senior vice president - adminstrtive services and chief
financial offcer of IDA CORP and Idao Power was $520,000. This compared with the market mid-point total diect taget
compensation of $740,000, based on the competitive compensation analysis.
Mr. Anderson's base salar was increased from $240,000 in 2005 to $280,000 for 2006, a 16.7% increase. The
compensation committee increased Mr. Anderson's base salary significantly, to move it closer to the market mid-point for his
position and to reflect his continued strong performance. Mr. Anderson's $280,000 base salar compared with the Janua
2006 market mid-point base salar of $319,000 for this position, based on the competitive compensation analysis.
Thomas R. Saldin
Mr. Saldin's total direct taget compensation for 2006 as senior vice president, general counsel and secreta of
IDACORP and Idaho Power was $492,750. This compared with the market mid-point of $508,000, based on the competitive
compensation analysis.
Mr. Saldin's base salar was increased from $250,000 in 2005 to $265,000 for 2006, a 6.0% increase. Mr. Saldin's
$265,000 base salar compared with the Janua 2006 market mid-point base salar of $254,000 for this position, based on
the competitive compensation analysis, and in recognition of his expertse in the legal field.
James C. Miler
Mr. Miler's total direct taget compensation for 2006 as senior vice president - power supply ofIdàho Power was
$520,000. This compared with the market mid-point of $544,000, based on the competitive compensation analysis.
Mr. Miler's base salar was increased from $270,000 in 2005 to $280,000 for 2006, a 3.7% increase. Mr. Miler's
$280,000 base salar compared with the Januar 2006 market mid-point base salar of $269,000 for this position, based on
the competitive compensation analysis, and in recognition of his industr and company expertise and experience in his
position.
Daniel B. Minor
Mr. Minor's total direct taget compensation for 2006 as senior vice president, delivery ofIdaho Power was $464,500.
This compared with the market mid-point of $487,000, based on the competitive compensation analysis.
Mr. Minor's base salar was increased from $205,000 in 2005 to $250,000 for 2006, a 22.0% increase. The compensation
. committee increased Mr. Minor's salar substantially for 2006 to reach the market mid-point for his position, based on his
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increased experience and strong performance. Mr. Minor's $250,000 base salar compared with the Januar 2006 market
mid-point base salar of $249,000 for this position, based on the competitive compensation analysis.
The table below sets forth the base salar increases for each named executive offcer and a comparson to the private data
market mid-point.
2006 Marke Executie Ba
% Increse from Mi-Point Salary as -¡.
Base 200 Base Ba of Ma
Salary Salary Salaries Mid-Point
Exective $%$%
Mr. Keen 420,000 10.5 346,000 121
450,000 18.4 603,000 75
Mr. Packwood 650,000 3.2 603,000 107
Mr. Anderson 280,000 16.7 319,000 88
Mr. Saldin 265,000 6.0 254,000 104
Mr. Miler 280,000 3.7 269,000 104
Mr. Minor 250,000 22.0 249,000 100
The table below sets forth the total 2006 target direct compensation package that the compensation committee established
for each named executive offcer.
2006
Long-Term Incentie
(Target- % of Bas Sala)
Total Estited Total Estit
2006 Ca 200 Remunel'
2006 Compention (B Sary PShort-Term (Bse Sary Short- Teni
Incentie Time-plus Incentive an,
2006 (Target- %Vesting Short-Term Long-Term
Base of Resct Pedormce Incetie Incentive (1)Sary Base Sala)Stock Share at Target) at Target) Exetive $.1.%%$$
Mr. Keen 420,000 45 37 73 609,000 1,000,(
450,000 50 675,000 1,066,( .
Mr. Packwood 650,000 50 45 90 975,000 1,716,"
Mr. Anderson 280,000 35 20 40 378,000 520,(
Mr. Saldin 265,000 35 20 40 357,750 492,'
Mr. Miler 280,000 35 20 40 378,000 520,(
Mr. Minor 250,000 35 20 40 337,500 464,~
JUST HOW MA *MILLIONS* OF RATEPAYER DOLLARS is ENOUGH FOR THESE
CORPORATE "FAT CATS"???
I am left to "exist" on an embarassingly tiny SUB-SUB-POVERTY-LEVEL (NO, that is NOT a typo!) fixed,
disability income.
It seems like somethng is *W A Y OUT OF LINE*, here!
Idaho Power was all too ready to jump lockstep into the fallacy of the *F ALSE* "Energy Crisis", right behind
Enron, to convince everyone that an "Energy Crisis" did exist - which was COMPLETEL Y DISPROVED,
aferwards!
I think you owe your viewers THE TRUTH, instead of shiling for the shareholder-owned corporation, who
loves to keep tellng us that "Idaho Power rates are among the lowest in the nation,"and doesn't give a DAM
about the fiancial status (or, lack thereof) of its' faithful, monopolized ratepayers.
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Again, they "forget" to mention the fact that the per-capita income ofIdaho residents is ALSO among "the
lowest in the nation", but if you are a wealthy IDACORP Executive or shareholder, WHO CARS?
Information from your competitor, Chanel 6 KIVI-TV (emphasis is mine):
KIVI-TV TODAY'S 6 NEWS
Idaho Income Growth Lags Behind u.s.
Posted: March 26, 200809:04 AM MST
Despite the mortgage crisis and other economic concerns, personal income in the U.S. grew at a robust rate of 6.2% in 2007
according to the U.S. Deparent of Commerce. However, Idao personal income growt lagged far behind the nation,
rising just 4.3%, rang the Gem State 41st out of the 50 states when it comes to income growth. Idabo's average personal
income of $31,197 ranks 44th overall, although the raing does not adjust for the state's relatively low cost ofliving.
(Inormation obviously taken from: htt://ww.bea.gov/newsreleases/regionallspi/spi newsrelease.html
Try getting by on 1I4th of that already-low income amount!
You wil immediately see that an increase in the power bil of even a few dollars a month is, indeed, "A BIG
DEAL!"
Even though I curently receive energy assistace, there is quite a wide disparty here, for those months that
aren't covered by the assistace plan.
My curent income, although supposedly adjusted anualy for "cost of living increases", no longer reflects the
actul costs of living and food, gasoline and other necessar expenditues which prices increase weekly, for
even a modicum of a frgal existence, let alone any emergency that may arse, nor the continual rate hikes by
Idaho Power.
Any and all comments are welcome, and are anxiously awaited.
Ken Walters
MelbaID
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