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DUFF & PHELPS: IDAHO POWER COMPANY

 CHICAGO, March 31 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `A+' (Single-A-Plus) to Idaho Power Company's shelf registration for $200 million of first mortgage bonds. Proceeds will be used for construction.
 Power is a low cost energy producer, maintains a conservative capital structure, and serves a territory which has held up rather well during the economic slowdown.
 The Idaho Public Utilities Commission recently approved a power cost adjustment (PCA) mechanism which will limit the earnings volatility due to extremely "wet" or "dry" water conditions. This should relieve the downward pressure on interest coverages experienced in recent years as a result of the extended drought. In "dry" years, the PCA will allow the company to recover 90 percent of net power supply costs over and above those allowed for in permanent rates. In years of water abundance, customers will receive through rate reductions 90 percent of any power cost savings below those authorized in permanent rates. The company expects to implement the first PCA adjustment in mid-May. However, the PCA will be applied to only 60 percent of power cost deviations in 1993.
 Idaho Power is predominantly a hydroelectric utility, serving 80 cities and towns located mainly in the Snake River Valley. Revenues are derived principally from Idaho; Oregon and Nevada comprise the remainder.
 -0- 03/31/93
 /CONTACT: William A. Abrams of Duff & Phelps Credit Rating Co., 312-368-3112/


CO: Idaho Power Company ST: Idaho IN: UTI SU: RTG

AH -- NY078 -- 1720 03/31/93 17:20 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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