UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 29, 2004
IRS
Exact name of registrants as specified in Employer
Commission their charters, address of principal executive Identification
File Number offices and registrants' telephone number Number
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1-14465 IDACORP, Inc. 82-0505802
1-3198 Idaho Power Company 82-0130980
1221 W. Idaho Street
Boise, ID 83702-5627
(208) 388-2200
State or Other Jurisdiction of Incorporation: Idaho
None
- -------------------------------------------------------------------------------
Former name or former address, if changed since last report.
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2.):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
IDACORP, Inc.
IDAHO POWER COMPANY
Form 8-K
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On January 3, 2005, Idaho Power Company, including its parent IDACORP, Inc. and
all subsidiaries and affiliates (collectively the "Company"), entered into a
Consulting Agreement ("Agreement") with Robert W. Stahman. Mr. Stahman, formerly
Vice President, General Counsel and Secretary for the Company, retired on
December 31, 2004. The Agreement is for a two year term commencing January 3,
2005 and is subject to automatic one year extensions on each anniversary
following January 3, 2007, unless either party gives 90 days prior written
notice not to extend. The Agreement provides that Mr. Stahman will provide legal
services that may be required by the Company from time to time during the term
of the Agreement and that the Company will compensate him at the rate of $200
per hour. Mr. Stahman will not work more than 100 hours per month or more than
1000 hours prior to January 3, 2007 without prior written consent. The Agreement
further provides that the Company may terminate the Agreement for cause and
includes confidentiality provisions.
ITEM 8.01 OTHER EVENTS
On December 29, 2004, the Idaho Public Utilities Commission ("IPUC") issued
Order No. 29669 allowing Idaho Power Company ("Idaho Power") to recover $11.58
million in revenues and $1.9 million of interest resulting from Idaho Power's
Irrigation Load Reduction Program ("Program"). The recovery will be included as
part of Idaho Power's annual power cost adjustment beginning June 1, 2005. Idaho
Power expects to record the revenues and $1.7 million of the interest in 2004.
The Program was implemented, with IPUC approval, to encourage Idaho Power's
large irrigation customers to reduce their energy consumption during the 2001
growing season which coincided with regional drought conditions and high energy
prices resulting from the California energy situation. While the IPUC allowed
Idaho Power to recover the direct costs of the Program under the annual
2002-2003 power cost adjustment, the IPUC issued an order in April 2002 denying
Idaho Power's request to recover lost revenues resulting from the Program. In
May 2002, Idaho Power filed a Petition for Reconsideration, which the IPUC
denied in August 2002. As a result of this decision, Idaho Power expensed
approximately $12 million and appealed the decision to the Idaho Supreme Court.
On March 30, 2004, the Idaho Supreme Court set aside the IPUC order denying
Idaho Power's recovery of the lost revenues and remanded the matter to the IPUC
to determine the amount of lost revenues to be recovered. The IPUC petitioned
for reconsideration in April 2004. In May 2004, the IPUC petition was denied and
the IPUC proceeded under Modified Procedure, which allowed the case to be
handled through written public comments rather than by public hearing.
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ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
Number Description
10 Consulting Agreement, dated as of January 3, 2005, by and
between Robert W. Stahman and Idaho Power Company, including
its parent IDACORP, Inc. and all subsidiaries and affiliates
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
Dated: January 4, 2005
IDACORP, Inc.
By: /s/ Darrel T. Anderson
----------------------
Darrel T. Anderson
Senior Vice President -
Administrative Services
and Chief Financial Officer
IDAHO POWER COMPANY
By: /s/ Darrel T. Anderson
----------------------
Darrel T. Anderson
Senior Vice President -
Administrative Services
and Chief Financial Officer
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INDEX TO EXHIBITS
Number Description
10 Consulting Agreement, dated as of January 3, 2005, by and
between Robert W. Stahman and Idaho Power Company,
including its parent IDACORP, Inc. and all subsidiaries
and affiliates
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