Idaho Power Files 2011 Planning Document with Public Utilities Commissions

BOISE, Idaho, July 5, 2011 /PRNewswire/ -- IDACORP, Inc.'s (NYSE:IDA) principal subsidiary, Idaho Power Company (Idaho Power), Friday filed its 2011 Integrated Resource Plan (IRP) with the Idaho and Oregon public utilities commissions. The 2011 IRP is Idaho Power's 10th resource plan addressing available supply-side and demand-side resource options, planning period load forecasts, potential resource portfolios, a risk analysis, and near-term and long-term action plans.

The collaborative integrated resource planning process is guided by the Integrated Resource Plan Advisory Committee (IRPAC). The IRPAC connects Idaho Power resource and planning experts and government, public, customer and environmental organization stakeholders.

Idaho Power's 2011 IRP process established four primary goals:

1. Identify sufficient resources to reliably serve the growing demand for energy within Idaho Power's service area throughout the 20year planning period
2. Ensure the selected resource portfolio balances cost, risk, and environmental concerns
3. Give equal and balanced treatment to both supplyside resources and demandside measures
4. Involve the public in the planning process in a meaningful way

"Energy is a finite and valuable resource, and energy diversity is energy security," said Mark Stokes, Idaho Power's Power Supply planning manager. "Through our IRP process we diligently plan for the future and take steps to position our company to meet upcoming obligations and anticipated regulation while minimizing the impact to our customers and owners."

Near- and long-term action plans in the 2011 IRP address the years 2011–2020 and 2021–2030, respectively. The Langley Gulch Power Plant now under construction near New Plymouth, Idaho and the Boardman to Hemingway transmission line are the primary resources in the near-term action plan. The long-term action plan includes a diverse set of renewable and gasfired resources.

In addition to preserving the capability of existing resources, Idaho Power recognizes the need to add resources and transmission facilities to support increased economic activity and customer use. New resources, such as Langley Gulch, and Idaho Power's base of clean, sustainable hydroelectric generation facilities, continue to be an integral part of the company's resource portfolio.

Other highlights of the 2011 IRP include:

• Expected-case load forecast projects peak-hour load will grow 69 megawatts (MW) annually (1.8 percent) and average system load will increase annually 29 average megawatts (aMW) (1.4 percent) over the 20-year planning period.
• In 2011, Idaho Power's demand response programs are expected to reduce peak-hour load by 330 MW.
• Growth in summertime peak hour demand continues to drive Idaho Power's need for additional resources.
• Idaho Power's ability to import additional energy from the Pacific Northwest is limited by constraints on the existing transmission system.
• Continued work with federal and state agencies, the Federal Energy Regulatory Commission, other transmission providers and the public on Boardman to Hemingway and Gateway West. These transmission projects will provide additional access to the regional electricity market.
• Energy efficiency efforts from both the existing portfolio and program expansion are expected to provide 233 aMW of system reduction over the 20-year planning period, avoiding more than $1.1 billion in power supply costs in 2011 dollars.
• For the first time, the IRP load forecast includes the expected impact of electric vehicles.
• The 2011 IRP assumes a federal Renewable Energy Standard will be enacted in the future.
• Idaho Power is preparing an updated wind integration study in association with the 2011 IRP.
• Idaho Power is proposing a solar demonstration project as part of the 2011 IRP.

"Idaho Power's resource planning process is improved by contributions from IRPAC members and the public, and we strongly support their involvement in the planning process," Stokes pointed out. "The IRPAC discussed many technical aspects of the 2011 resource plan along with a significant number of political/societal topics at nine meetings conducted during the second half of 2010 and the first half of 2011. We thank the IRPAC members and the public for their hard work on the 2011 IRP."

The 2011 IRP is available at www.idahopower.com/2011IRP. Idaho Power will schedule public presentations on the plan in multiple communities across the company's eastern Oregon and southern Idaho service area later in 2011. Once confirmed, the public presentation schedule will be posted on Idaho Power's IRP Web page.

About IDACORP, Inc.:

IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power Company, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. IDACORP's origins lie with Idaho Power and operations beginning in 1916. Today, Idaho Power employs approximately 2,000 people to serve a 24,000 square-mile service area in southern Idaho and eastern Oregon. With 17 low-cost hydroelectric projects as the core of its generation portfolio, Idaho Power's 492,000 residential, business and agricultural customers pay some of the nation's lowest prices for electricity. To learn more about Idaho Power or IDACORP, visit www.idahopower.com or www.idacorpinc.com.

Forward-Looking Statements

This news release contains "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are all statements other than statements of historical fact, including, without limitation, those that are identified by the use of the words "expects," "believes," or similar expressions. Idaho Power Company's expectation as to the future load growth and the anticipated future benefits of energy efficiency programs are examples of forward-looking statements. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may differ materially from the results discussed in the statements. Therefore, you should not place undue reliance on such statements.  Forward-looking statements should be read with the cautionary statements included in IDACORP, Inc.'s and Idaho Power Company's Form 10-K for the year ended Dec. 31, 2010, including in Part I, Item 1A – "Risk Factors" in that report, and in other reports filed by IDACORP, Inc. and Idaho Power Company with the Securities and Exchange Commission.  Any forward-looking statement speaks only as of the date on which such statement is made.  IDACORP, Inc. and Idaho Power Company disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.

SOURCE IDACORP, Inc.