BOISE, Idaho, Sept. 3 /PRNewswire-FirstCall/ -- On Tuesday, the Idaho Public Utilities Commission (IPUC) approved the application for a Certificate of Public Convenience and Necessity for Idaho Power, principal subsidiary of IDACORP, Inc. . This authorizes the construction of the 300 megawatt Langley Gulch Power Plant and provides related cost recovery and ratemaking assurances. The commission's decision recognizes the future need for this resource to meet electric service obligations and enable economic development across Idaho. The IDACORP Board of Directors Wednesday authorized the company to proceed with the construction of the plant based on the terms of the IPUC approval.
"We appreciate the commission's understanding that an important piece of providing reliable electric service is securing the necessary resource infrastructure as the underlying economy requires it," said Idaho Power President and CEO J. LaMont Keen. "Our ability to permit and site transmission projects and new generation resources, such as Langley Gulch, is not only critical to future electric service, it is critical to meeting our government-mandated obligations and customer requirements today. These infrastructure projects are also essential to support increased economic activity in our communities, and integrate both new and existing alternative resources, such as wind, solar and geothermal."
Keen added, "We acknowledge the complexities associated with this filing, and we appreciate the IPUC's diligence and thoughtful consideration in reaching a conclusion in the best interest of Idaho Power customers, owners and the State of Idaho."
The need for a baseload resource has been identified since Idaho Power's 2004 Integrated Resource Plan (IRP). The company's collaborative integrated resource planning process identified an expanded need for a flexible, dispatchable resource. The resource planning process includes involvement by and input from government, customer, and environmental organizational stakeholders and remains the best forum for the company to responsibly plan for our energy future, balancing costs, reliability, environmental and other impacts.
IDACORP, Inc., 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 2,100 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 487,000 residential, business and agricultural customers pay some of the nation's lowest prices for electricity. To learn more about Idaho Power or IDACORP, visit http://www.idahopower.com/ or http://www.idacorpinc.com/ .
IDACORP, Inc.
CONTACT: Investors and Analysts, Lawrence F. Spencer, Director of
Investor Relations of IDACORP, Inc.,+1-208-388-2664, lspencer@idacorpinc.com,
or Media, Stephanie McCurdy, Corporate Communication of Idaho Power,
+1-208-388-6973, smccurdy@idahopower.com
Web Site: http://www.idacorpinc.com/
