Idacorp

Rod and Brant:
I finally received their revised draft of the Schedules. They are still
insisting on an Additional Termination Event that gets triggered if there is
a MAC. As defined, MAC means a rating that is below BBB- OR Baa3 or failure
to have a rating from either S&P OR Moody's. I need your guidance on this.
MAC as defined in the CSA which triggers the threshold going to zero works
the same way. I seem to recall that from a credit standpoint, we were okay
with a MAC that would be triggered if either rating fell. Is that correct?

Carol