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October 27, 2009

Smart Grid Grant Application Selected by DOE

BOISE, Idaho— IDACORP, Inc. (NYSE:IDA) subsidiary Idaho Power Company’s Advanced Metering and Customer Systems projects were selected out of 400 received proposals for a potential award of $47 million in funding by the U.S. Department of Energy (DOE). In a letter to Idaho Power, the DOE stated it is “pleased to inform you that your application in response to the Smart Grid Investment Grant [Funding Opportunity Announcement] has been selected for award negotiations.”

Idaho Power submitted a request for funding in early August to further develop Smart Grid systems by leveraging the Idaho Public Utilities Commission’s approved Advanced Metering Infrastructure deployment. The projects outlined in Idaho Power’s proposal involved a customer-centric approach to achieving measurable results in three integrated areas:

• Grid reliability

• Involved and informed participation by consumers

• Sustainability through integration of renewable resources

“Selection of Idaho Power’s Advanced Metering and Customer Systems projects for potential stimulus funding is an opportunity to provide direct benefits to our owners and our customers,” said Dan Minor, executive vice president of operations for Idaho Power. “Pursuing funding options, such as the Department of Energy’s Smart Grid Investment Grant Program, that further our company’s ability to provide reliable, fair-priced electric service demonstrates our commitment to our customers and owners. It would have been a missed opportunity not to respond to the DOE’s funding opportunity given the breadth of our existing work in Advanced Metering.”

Colleen Ramsey, manager of delivery construction for Idaho Power, has been selected to lead the Smart Grid project. “Especially during these recessionary economic times when we are focusing on operational efficiencies and doing more with less, we look for creative solutions to fund new technologies and innovations that enable our business to operate more efficiently and offer our customers the ability to make smarter energy choices,” said Ramsey. “With the support of our consultant SAIC, a leader in utility technology solutions, we were able to highlight the value our proposal brings to the advancement of the Smart Grid through the development of Advance Metering Infrastructure, customer systems and transmission and distribution. These projects are intended to assist us in managing peak energy use, increasing energy efficiency, improving grid reliability and integrating renewable resources.”

“On behalf of our company and customers, I particularly want to thank the Governor, the Public Utilities Commission and our Idaho congressional delegation for their support of our application,” said Idaho Power President and CEO J. LaMont Keen.

The Department of Energy used a competitive, merit-based process to select qualified projects to receive $3.4 billion in matching grants for smart grid technology deployments. For more information on the DOE’s Smart Grid initiative, please visit: http://www.energy.gov/news2009/8216.htm.

Click to view an overview of Idaho Power's Smart Grid Investment Grant proposal.  

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 2,050 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 489,000 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.

Media Contact: Piper Hyman
Corporate Communication
388-5622 or phyman@idahopower.com