20210603News Release and Customer Notice.pdf

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An IOACORP Company
NEWS RELEASE
ldaho Power Requests Two Rate Adjustments
BOISE, ldaho - ldaho Power has requested two rate adjustments with the ldaho Public Utilities
Commission (IPUC) related to depreciation of assets and the company's early exit from the Bridger
coal-fired power plant. lf both requests are approved as filed, the average residential customer using
950 kilowatt hours (kwh) of energy per month would see a monthly bill increase of 52.71, effective
December L,2021. More information about the two filings, which would increase rates 534.6 million in
total, is included below:
Filing 1: Depreciation Update Results in Rate lncrease
Energy companies like ldaho Power recover the cost of their investments in assets over their expected
lives through depreciation expense. Every five years, ldaho Power is required to file a study with the
IPUC analyzing the expected lives of its assets. Those findings result in changes to rates through adjusted
cost recovery of these assets. The study was performed this year and, if approved as filed, ldaho Power/s
rates will increase by Sg.A million on Decembe r t, 2O2t. lmpacts to each customer class are included in
the table below.
Filing 2: Early Exit from Bridger Leads to Short-term lncrease, Long-term Savings
ln analyzing the depreciation of lts assets, ldaho Power recognized that significant changes in the
economic life of the Bridger coal-fired plant had occurred since the previous study, warranting the need
for a specific, separate review. ldaho Powe/s rates currently reflect a recovery timeline through 2034.
However, recent analyses indicate the potential for customer savings by exiting all four units at the plant
by 2030.
This filing seeks to accelerate the recovery of depreciation expense by year-end 2030, and to establish a
balancing account to track the incremental costs and benefits associated with ldaho Powe/s exit from
coal-fired operations at Bridger. lf approved as filed, rates will increase 530.8 million on
December L,2021. !mpacts on each customer class are included in the table below.
r Includes lighting schedules; z lncludes special contracts; s Total may not sum due to rounding
P.O. Box 70 (83707)
t221 W. ldaho 5t.
Boise, !D 83702
Filing
Description
Revenue
Change
(millions)
Residential Small
General
Service
Large
General
Service r
Large
Power z
!rrigation
Depreciation Sg.a o.30%O.28Yo o.32%o.32%o.33%
Bridger Sgo.s 2.43%2.33%2.62%2.94%3.OLTo
Combined
lmpact s
Sg+.s 2.72%2.6L%2.94%2.92%3.OL%
Opportunities for Public Review
ldaho Power's proposals are subject to public review and approval by the IPUC. Copies of applications
are available to the public at IPUC offices (11331 W. Chinden Blvd. Building 8, Suite 2OL-A, Boise, lD
837L4!,, ldaho Power offices, or at idahopower.com or puc.idaho.sov. Customers also may subscribe to
the IPUC's RSS feed to receive periodic updates via email about the case. Written comments regarding
ldaho Power's proposal may be filed with the IPUC.
About ldaho Power
ldaho Power, headquartered in vibrant and fast-growing Boise, ldaho, has been a locally operated
energy company since 1916. Today, it serves a 24,000-square-mile area in ldaho and Oregon.
The company's goal to provide 100% clean energy by 2045 builds on its long history as a clean-energy
leader that provides reliable service at affordable prices. With 17 low-cost hydroelectric projects at the
core of its diverse energy mix, ldaho Powe/s residential, business and agricultural customers pay among
the nation's lowest prices for electricity. lts 2,000 employees proudly serve more than 590,000
customers with a culture of safety first, integrity always and respect for all.
IDACORP tnc. (NYSE: IDA), ldaho Powe/s independent publicly traded parent company, is also
headquartered in Boise, ldaho. To learn more, visit idahopower.com or idacorpinc.com.
Jordan Rodriguez
Com munications Specia list
irod riguez@ ida hopower.com
208-388-2460
=sfinHo Po,lrER
ldaho Power Requests
Two Rate Adjustments
ldaho Povver has requested two rate adjustments with
the ldaho Public Utilities Commission (IPUC) related to
depreciation of assets and the company's early exit from
the Bridger coal-fired power phnt. lf both requests are
apprcnred as filed, the average residentialcustomer using
950 kiloratt hours (kWh) of errergy per month would see a
monthly bill increase of $2.71, effective December 1,2021.
Here is more information about the two filings, which
would increase rates $34.6 million in total.
Filing 1: Depreciation Update Results in
Rate lncrease
Energy companies like ldaho Porver recover the cost of
their inr,estments in assets oer their expected liues through
depreciation expense. Errery five years, ldaho Power
is required to file a study with the IPUC analyzing the
expected liws of hs assets. Ttrose findings resuh in changes
to rates through adjusted cost recolery of these assets,
The study was performed this year and, if approved as
filed, ldaho Pornrert rates will increase by $3.8 million on
December 1,z0zl.lmpacts to each customer dass are
included in the table on the back of this insert.
Filing 2: Early Exit from Bridger Leads to
Short-term lncrease, Long-term Savings
ln analyzing the depreciation of its assets, ldaho Power
recognized that significant changes in the economic
life of the Bridger coal-fired plant had occurred since
the previous study, wananting the need for a specific,
separate review ldaho Pcnaler's rates currently reflect a
reco\ery timeline through 2034. Howerle[ recent analyses
indicate the potential for customer savings by exiting all
four units at the plant by 2030.
This filing seeks to accelerate the recovery of depreciation
expense by year-end 2030, and to establish a balancing
accclunt to track the incremental costs and benefits
associated with ldaho Power's exit from coal-fired
operations at Bridger. lf approed as filed, rates will
increase $30.8 million on December 1,2021.lmpacts on
each customer class are included in the table belcnru.
Depreciation $3.8M 0.109o
f 30.8M 2.410/o
0.2804
7.33o/o
0.32o/o
2.62%
0.32o/o
2.600/o
0.330/o
2.680/oBridger
Total ldaho t j s:c.eu I z.lt% |2.6r% I 2.e4% I Z.sz% i 3:or%
]
I lncludes lighting schedules; r lncludes special contracts; I Tolal may not sum due to rounding
Opportunities for Public Review
ldaho Power's proposals are subject to public review and
approval by the IPUC. Copies of applications are available
to the public at the IPUC offices (11331 W. Chinden Blvd.
Building 8, Suite 201-A, Boisq lD 83714),ldaho Power
offices, or at idahopower.com or puc.idaho.gov.
Customers also may subscribe to the IPUC's RSS feed
to receive periodic updates via email about the case.
Written comments regarding ldaho Porcr's proposal may
be filed with the IPUC.
Thank you for reading this notice.
We value your busrness.
-=lmloPo,tER.
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92021 ldaho Porer
31180-t-0't41An IDACORP Company
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