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) March
26, 2003
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Exact name of registrants as specified in |
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Commission |
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their charters, address of principal executive |
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IRS Employer |
File Number |
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offices and registrants' telephone number |
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Identification Number |
1-14465 |
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IDACORP, Inc. |
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82-0505802 |
1-3198 |
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Idaho Power Company |
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82-0130980 |
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1221 W. Idaho Street |
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Boise, ID 83702-5627 |
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(208) 388-2200 |
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State or Other Jurisdiction of Incorporation: Idaho |
None |
Former name or former address, if changed since last report. |
IDACORP, Inc.
IDAHO POWER COMPANY
Form 8-K
Item 5. Other Events And Regulation FD Disclosure
On Wednesday, March 26, the
Federal Energy Regulatory Commission issued an order relating to the
calculation of refunds for purchases made in the California spot market from
October 2, 2000 through June 20, 2001.
The Commission adopted the methodology recommended by the staff that
would increase refunds due to California parties. The Company is studying the effect this order will have on the
reductions to the amounts that it is owed by the Cal ISO and the California
Power Exchange and on any refunds it may have to make. The Commission also said that it will
consider in separate proceedings claims for repayment of any amounts in excess
of permitted tariff levels that may be owed to the Company by the Cal PX and
the Cal ISO.
On
Wednesday, March 26, the staff reported to the Commission on its investigation
of the California energy trading market during 2000-2001. This action is part of the process in
resolving matters relating to the California energy crisis. The staff recommended that the Commission
issue to a number of companies orders to show cause why their activities did
not violate the Cal ISO and Cal PX tariffs.
The FERC's March 26 California refund order referred to above also
stated that the Commission was still reviewing these matters. While IDACORP and Idaho Power are among the
companies named in the staff's report, the companies have filed sworn testimony
with the FERC on March 20 and continue to deny that they engaged in any
prohibited energy trading transactions.
IDACORP and Idaho Power have
complied with all prior FERC data requests and will continue to cooperate fully
with all regulatory agencies.
Certain statements contained in
this Current Report on Form 8-K, including statements with respect to future
earnings, ongoing operations and financial conditions, are
"forward-looking statements" within the meaning of the federal
securities laws. Although IDACORP and
Idaho Power Company believe that the expectations and assumptions reflected in
these forward-looking statements are reasonable, these statements involve a
number of risks and uncertainties, and actual results may differ materially
from the results discussed in the statements.
Important factors that could cause actual results to differ materially
from the forward-looking statements include:
capacity and fuel; weather variations affecting customer energy usage;
operating performance of plants and other facilities; environmental conditions
and requirements; system conditions and operating costs; changes in
governmental policies; and regulatory actions, including those of the FERC, the
Idaho Public Utilities Commission, and the Oregon Public Utilities Commission,
with respect to allowed rates of return, industry and rate structure,
acquisition and disposal of assets and facilities, operation and construction
of plant facilities, recovery of purchased power and other capital investments,
and present or prospective wholesale and retail competition (including but not
limited to retail wheeling and transmission costs). Any such forward-looking statements should be considered in light
of such factors and others noted in the Companies' Form 10-K for the year 2002,
and other reports on file with the Securities and Exchange Commission.
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: March 27, 2003
IDACORP, Inc.
By:/s/Robert
W. Stahman
Robert W. Stahman
Vice President, General
Counsel and Secretary
IDAHO POWER COMPANY
By:/s/Robert
W. Stahman
Robert W. Stahman
Vice President, General
Counsel and Secretary