7 unchanged sentences
Variable Rate Debt :
−Removed: As of December 31, 2020, IDACORP and Idaho Power had no net floating rate debt, as the carrying value of short-term investments exceeded the carrying value of outstanding variable-rate debt.
+Added: As of December 31, 2021, IDACORP had no net floating rate debt, as the carrying value of short-term investments exceeded the carrying value of outstanding variable-rate debt.
+Added: As of December 31, 2021, Idaho Power had $13.9 million of net floating rate debt.
+Added: The fair market value of this debt was $13.9 million.
+Added: Assuming no change in financial structure, if variable interest rates were to average one percentage point higher than the average rate on December 31, 2021, annual interest expense would increase and pre-tax earnings would decrease by approximately $0.1 million for Idaho Power.
Fixed Rate Debt :
4 unchanged sentences
IDACORP's exposure to changes in commodity prices is related to Idaho Power's ongoing utility operations that produce electricity to meet the demand of its retail electric customers.
−Removed: To supplement its generation resources and balance its supply of power with the demand of its retail customers, Idaho Power participates in the wholesale marketplace.
+Added: To supplement its power supply resources and balance its supply of power with the demand of its retail customers, Idaho Power participates in the wholesale marketplace.
Purchased power arrangements allow Idaho Power to respond to fluctuations in the demand for electricity and variability in generating plant operations.
12 unchanged sentences
Idaho Power has adopted an energy risk management program, which has been reviewed and accepted by the IPUC, designed to reduce exposure to power supply cost-related uncertainty, further mitigating commodity price risk.
−Removed: Idaho Power’s Energy Risk Management Policy and associated standards implementing the Risk Management Policy describe a collaborative process with customers and regulators via a committee called the Customer Advisory Group (CAG).
−Removed: The Risk Management Committee (RMC), comprised of Idaho Power officers and senior managers, oversees the risk management program.
−Removed: The RMC is responsible for communicating the status of risk management activities to Idaho Power's Board of Directors and to the CAG, and Idaho Power’s Audit Committee is responsible for approving the Risk Management Policy and associated standards.
+Added: Idaho Power’s Energy Risk Management Policy and associated standards implementing the Energy Risk Management Policy describe a collaborative process with customers and regulators via a committee called the Customer Advisory Group (CAG).
+Added: The Risk Management Committee (RMC), composed of Idaho Power officers and senior managers, oversees the risk management program.
+Added: The RMC is responsible for communicating the status of risk management activities to Idaho Power's Board of Directors and to the CAG, and Idaho Power’s Audit Committee is responsible for approving the Energy Risk Management
+Added: Policy and associated standards.
The RMC is also responsible for conducting an ongoing general assessment of the appropriateness of Idaho Power’s strategies for energy risk management activities.
−Removed: In its energy risk management process, Idaho Power considers both demand-side and supply-side options consistent with its Integrated Resource Plan.
+Added: In its energy risk management process, Idaho Power considers both demand-side and supply-side options consistent with its IRP.
The primary tools for risk mitigation are physical and financial forward power transactions and fueling alternatives for utility-owned generation resources.
Idaho Power only engages in a nominal amount of trading activity for non-retail purposes.
−Removed: The Risk Management Policy and associated standards require monitoring monthly volumetric electricity position and total monthly dollar (net power supply cost) exposure on a rolling 18-month forward view.
−Removed: The power supply business unit produces and evaluates projections of the operating plan based on factors such as forecasted resource availability, stream flows, and load,
−Removed: and orders risk mitigating actions, including resource optimization and hedging strategies, dictated by the limits stated in the Risk Management Policy to bring exposures within pre-established risk guidelines.
+Added: The Energy Risk Management Policy and associated standards require monitoring monthly volumetric electricity position and total monthly dollar (net power supply cost) exposure on a rolling 18-month forward view.
+Added: The power supply business unit produces and evaluates projections of the operating plan based on factors such as forecasted resource availability, stream flows, and load, and orders risk mitigating actions, including resource optimization and hedging strategies, dictated by the limits stated in the Energy Risk Management Policy and associated standards to bring exposures within pre-established risk guidelines.
The RMC evaluates the actions initiated by the power supply unit for consistency and compliance with the Risk Management Policy and associated standards.
9 unchanged sentences
Idaho Power maintains margin agreements relating to its wholesale commodity contracts that allow performance assurance collateral to be requested of and/or posted with certain counterparties.
−Removed: As of December 31, 2020, Idaho Power had $0.5 million of performance assurance collateral posted related to these contracts.
+Added: As of December 31, 2021, Idaho Power had no performance assurance collateral posted related to these contracts.
Should Idaho Power experience a reduction in its credit rating on Idaho Power’s unsecured debt to below investment grade, Idaho Power could be subject to requests by its wholesale counterparties to post additional performance assurance collateral.
13 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.