4 unchanged sentences
Interest Rate Risk
−Removed: IDACORP and Idaho Power manages interest expense and short- and long-term liquidity through a combination of fixed rate and variable rate debt.
+Added: IDACORP and Idaho Power manage interest expense and short- and long-term liquidity through a combination of fixed rate and variable rate debt.
Generally, the amount of each type of debt is managed through market issuance, but interest rate swap and cap agreements with highly-rated financial institutions may be used to achieve the desired combination.
Variable Rate Debt :
−Removed: As of December 31, 2023, IDACORP and Idaho Power had no net variable rate debt, as the carrying value of short-term investments exceeded the carrying value of outstanding variable rate debt.
+Added: As of December 31, 2024, both IDACORP and Idaho Power had no net variable rate debt, as the carrying value of short-term investments exceeded the carrying value of outstanding variable rate debt.
Fixed Rate Debt :
17 unchanged sentences
fuel supplies;
−Removed: and market liquidity.
+Added: market liquidity;
+Added: and tariffs and other cross-border considerations.
The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, to maintain appropriate physical reserves to ensure reliability, and to make economic use of temporary surpluses that may develop.
4 unchanged sentences
In its energy risk management process, Idaho Power considers both demand-side and supply-side options consistent with its IRP.
−Removed: The primary tools for risk mitigation are physical and financial forward power transactions and fueling alternatives
−Removed: for utility-owned generation resources.
+Added: 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.
6 unchanged sentences
measuring, monitoring, and reporting credit risk using appropriate contractual arrangements;
−Removed: and transferring of credit risk through the use of financial guarantees, cash, or letters of credit.
+Added: and transferring of credit risk through the use of financial guarantees, cash, bonds, or letters of credit.
Idaho Power maintains a current list of acceptable counterparties and credit limits.
−Removed: The use of performance assurance collateral in the form of cash, letters of credit, or guarantees is common industry practice.
+Added: The use of performance assurance collateral in the form of cash, letters of credit, bonds, or guarantees is common industry practice.
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, 2023, Idaho Power posted $53 million of performance assurance collateral related to these contracts.
+Added: As of December 31, 2024, Idaho Power posted $25 million of cash performance assurance collateral 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.
1 unchanged sentence
Based upon Idaho Power’s energy and fuel portfolio and then existing market conditions as of December 31, 2024, the amount of additional collateral that could have been requested upon a downgrade to below investment grade was approximately $46 million.
−Removed: To minimize capital requirements, Idaho Power actively monitors the portfolio exposure and the potential exposure to additional requests for performance assurance collateral calls through sensitivity analysis.
+Added: To minimize capital requirements, Idaho Power actively
+Added: monitors the portfolio exposure and the potential exposure to additional requests for performance assurance collateral calls through sensitivity analysis.
Idaho Power is obligated to provide service to all electric customers within its service area.
9 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.