Idaho Power Signs Department of Energy Contract for Smart Grid Funding

BOISE, Idaho, March 31 /PRNewswire-FirstCall/ -- IDACORP, Inc. (NYSE: IDA) subsidiary Idaho Power signed a contract with the U.S. Department of Energy (DOE), securing $47 million in stimulus funding as part of the DOE's Smart Grid Initiative.

Idaho Power's Advanced Metering Infrastructure (AMI) program, including smart meters, was previously approved by the Idaho Public Utilities Commission. The AMI program provides the matched funding requirement for the DOE Smart Grid stimulus grant.  

"We are very pleased with the outcome of this funding opportunity as it allows us to advance planned technology projects which improve our grid and provide customers with more information to make better energy consumption choices," said Dan Minor, executive vice president of Operations for Idaho Power.

Idaho Power recognizes the ability to provide more information to customers comes with the obligation to protect this data from non-authorized users and ensure system integrity. The company's existing security methodology will be aligned with emerging Smart Grid cyber security standards and will include security risk-based analyses. Idaho Power will provide the DOE with a formal cyber security plan, including an evolving cyber security framework, within the next 30 days.

Colleen Ramsey, manager of Delivery Construction, will lead the Smart Grid projects.

"Receipt of these stimulus funds is a testament to our leadership in energy innovation and shows that we are committed to setting the foundation for a Smart Grid electric infrastructure," said Ramsey.

Idaho Power's total investment in the projects, which includes the continued installation of smart meters, offers long-term benefits to communities, customers and shareholders. In addition, local economies may be strengthened through the anticipated addition of approximately 30 full-time, temporary jobs in the Treasure Valley for the three-year project duration.

Learn more about Idaho Power's Smart Grid projects, visit www.idahopower.com/smartgrid.

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 2,000 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 490,000 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.

SOURCE IDACORP