IDACORP, Inc. (NYSE:IDA)

With most of their power coming from hydro, they are largely shielded from measures which try to put a price on carbon emissions. They also have been creative in trying to integrate local power production into their system (i.e. net-metering and leasing solar cells to remote ranches) which I think makes piles of sense in a large sparsely populated state. Shipping around electricity comes at a cost... Imagine if when you loaded a truck full of corn in Iowa, you also tossed in a couple pigs too.

Idaho power has to deal with groups of 60 odd people living way the hell up in the mountains hours away by car from any population centre with more than a couple thousand people. They have to build lines over treacherous terrain and maintain them through the brutal mountain weather. But, even with the formidable challenge of delivering power to a sparse population sprinkled over rugged terrain, Idaho Power manages to deliver some of the cheapest power in the country while turning a consistent profit. Part of that is because the same mountains that make it a pain to build and maintain lines also provide a lot of nice dam sites. But a lot of it is due to the fact that Idaho Power has done a great job adapting to the unique challenges of its environment.

Beating S&P so far 2010, a good sign for a utility. Solid management, strong green electrical power source not dependent on new technology development.