SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )

Filed by the Registrant [X]|X|

Filed by a Party other than the Registrant [_]| |

Check the appropriate box:

[_]|X| Preliminary Proxy [_] CONFIDENTIAL, FOR USE OF
Statement
THE COMMISSION ONLY (AS
PERMITTED BY RULE 14A-
6(E)| | Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[X]| | Definitive Proxy Statement
[_]| | Definitive Additional Materials
[_]| | Soliciting Material Pursuant to Section 240.14a-11(c)ss.240.14a-11(c) or Section 240.14a-12ss.240.14a-12

IDACORP, INC. and Idaho Power Company
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(Name of Registrant as Specified In Itsin its Charter)

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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):
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NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS
May 11, 2000, AT BOISE, IDAHO

March 24, 1997

Dear Fellow Shareholder:

It30, 2000

TO THE SHAREHOLDERS OF IDACORP, INC. AND IDAHO POWER COMPANY:

Notice is our pleasure to invite you to attendhereby given that the 1997Joint Annual Meeting of Shareholders toof IDACORP,
Inc. ("IDACORP") and Idaho Power Company ("Idaho Power") will be held on May 7, 1997,11,
2000 at 2:10:00 P.M.,a.m. local time at the Boise Centre on the Grove, 850 West Front
Street, Boise, Idaho. Your Board of
Directors and management look forward to personally greeting those shareholders
able to attend.

Information about the business of the meeting and the nominees for election as
members of the Board of Directors is set forth in the Notice of Meeting and the
Proxy Statement on the following pages. This year, you are asked to elect four
Directors and to ratify the appointment of an independent auditor for the fiscal
year ending December 31, 1997.

The utility industry is undergoing change, and our Company continues to change
to meet the challenges of a competitive future. Anticipating and responding to
the competitive future is critical to our continued viability and will determine
our success in increasing the value of your investment. We will again share with
you changes in the industry and the rebuilding of our organization.

YOUR VOTE IS IMPORTANT. YOU CAN BE SURE YOUR SHARES ARE REPRESENTED
AT THE MEETING BY PROMPTLY RETURNING YOUR COMPLETED PROXY IN THE ENCLOSED
ENVELOPE. You may revoke your proxy prior to or at the meeting and may vote in
person if you wish.

Sincerely,

(Joseph W. Marshall) (Larry R. Gunnoe)

Joseph W. Marshall Larry R. Gunnoe
Chairman of the Board and CEO President and COO

March 24, 1997

Dear Fellow Shareholder:

It is our pleasure to invite you to attend the 1997 Annual Meeting of
Shareholders to be held on May 7, 1997, at 2:00 P.M., local time, at the Boise
Centre on the Grove, 850 West Front Street, Boise, Idaho. Your Board of
Directors and management look forward to personally greeting those shareholders
able to attend.

YOUR VOTE IS IMPORTANT. EMPLOYEES ARE THE SINGLE LARGEST HOLDER OF THE
COMPANY'S COMMON STOCK. YOU CAN BE SURE YOUR SHARES ARE REPRESENTED AT THE
MEETING BY PROMPTLY RETURNING YOUR COMPLETED PROXY IN THE ENCLOSED ENVELOPE. You
may revoke your proxy prior to or at the meeting and may vote in person if you
wish.

Sincerely,

(Joseph W. Marshall) (Larry R. Gunnoe)

Joseph W. Marshall Larry R. Gunnoe
Chairman of the Board and CEO President and COO

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
May 7, 1997, AT BOISE, IDAHO

March 24, 1997

TO THE SHAREHOLDERS OF IDAHO POWER COMPANY:

The Annual Meeting of Shareholders of Idaho, Power Company will be held on May 7,
1997, at 2:00 P.M., local time, for the following purposes:

1. to elect four Director nominees;three Directors of IDACORP and Idaho Power for a three year term;

2. to amend certain Articles of Idaho Power's Restated Articles of
Incorporation to conform with Idaho law and the amended Bylaws of Idaho
Power (Idaho Power shareholders only);

3. to approve the IDACORP 2000 Long-Term Incentive and Compensation Plan
(IDACORP shareholders only);

4. to ratify the selection of Deloitte & Touche LLP as independent auditor for
IDACORP and Idaho Power for the fiscal year ending December 31, 1997;2000; and

3.5. to transact such other business that may properly come before the meeting.

Shareholdersmeeting
and any adjournment or adjournments thereof.

All shareholders of record at the close of business on March 18, 1997,22, 2000 are
entitled to notice of the meeting. Common shareholders of record of IDACORP and
Idaho Power and holders of Idaho Power 4% Preferred Stock and 7.68% Series,
Serial Preferred Stock at the close of business on March 22, 2000, are entitled
to vote at the meeting.

All shareholders are cordially invited to attend the Joint Annual Meeting in
person. WHETHER OR NOT YOU PLAN TO ATTEND, PLEASE RETURN YOUR PROXY PROMPTLY. It
is important that youyour shares be represented at the meeting. Please mark, sign,
date and return the accompanying proxy, regardless of the size of your holdings,
as promptly as possible. A self-addressed postage prepaid envelope is enclosed
for you to return the proxy card. Any shareholder returning a proxy card who
attends the meeting may vote in person by revoking that proxy prior to or at the
meeting.

By Order of the BoardBoards of Directors
Robert W. Stahman
Corporate Secretary

TO SHAREHOLDERS WHO RECEIVE MULTIPLE PROXIES
IF YOU OWN COMPANYIDACORP COMMON STOCK (COMMON OR PREFERRED)IDAHO POWER PREFERRED STOCK OTHER THAN THE
SHARES SHOWN ON THE ENCLOSED PROXY, YOU WILL RECEIVE A PROXY IN A SEPARATE
ENVELOPE FOR EACH SUCH HOLDING. PLEASE EXECUTE AND RETURN EACH PROXY RECEIVED.

JOINT PROXY STATEMENT
IDACORP, Inc.
Idaho Power Company
1221 West Idaho Street
P. O. Box 70
Boise, Idaho 83707-0070

INTRODUCTION

As a result of the holding company formation on October 1, 1998, IDACORP holds
100% of the issued and outstanding shares of common stock of Idaho Power and
approximately 92% of the total voting power of Idaho Power. The outstanding
shares of Idaho Power's preferred stock were unchanged by the holding company
formation and continue to be outstanding shares. Holders of voting preferred
stock of Idaho Power hold approximately 8% of Idaho Power's total outstanding
voting power.

GENERAL INFORMATION

This Joint Proxy Statement and the accompanying form of proxy will first be sent
to shareholders on or about March 24,
1997.

The Proxy Statement30, 2000 and accompanying proxy card(s) are furnishedprovided to the shareholders
of IDACORP and Idaho Power in connection with the solicitation of proxies on
behalf of the BoardBoards of Directors of IDACORP and Idaho Power for use at thetheir
Joint Annual Meeting of Shareholdersshareholders and any adjournments or postponements
thereof. The Joint Annual Meeting is scheduled to be held on May 7, 1997,11, 2000, at
2:10:00 P.M.a.m., local time, at the Boise Centre on the Grove, 850 West Front Street,
Boise, Idaho 83702, and at any adjournments thereof.Idaho.

COST AND METHOD OF SOLICITATION

The cost of soliciting proxies will be paid by IDACORP and Idaho Power. In order
to be assured that a quorum of outstanding shares will be represented at the
Company. Besides solicitingmeeting, proxies may be solicited by mail, the Company may request the returnofficers and regular employees of proxiesIDACORP
or Idaho Power, personally or by telephone, telegraph, fax or facsimilemail, without
extra compensation. Additionally,In addition, the solicitation of proxies from brokers,
banks, nominees and institutional investors will be made by Beacon Hill
Partners, Inc., at a cost to the Company
of approximately $3,500 plus out-of-pocket expenses.
The CompanyIDACORP and Idaho Power will reimburse banks, brokerage firms and other
custodians, nominees and fiduciaries for their expenses in sending proxy
materials to beneficial owners.

VOTING

Shareholders representing a majorityMATTERS TO BE VOTED UPON

As of March 30, 2000, the voting power mustonly known business to be representedpresented at the meeting, in person or by proxy, to constitute a quorum for transacting
business. Assuming a quorum is present, the affirmative vote by the holders of a
majority of the shares represented at the2000 Joint
Annual Meeting and entitled toof shareholders is as follows: Shareholders of IDACORP will vote
will be required to act on (1) the election of three Directors and ratification of independent auditor. In accordance withIDACORP, (2) the lawapproval of the
State of Idaho, if a
shareholder abstains on any matter, that shareholder's shares will not be voted
on such matter. Thus, an abstention from voting on any matter hasIDACORP 2000 Long-Term Incentive and Compensation Plan and (3) the same legal
effect as a vote "against" the matter. A broker non-vote is not considered
present for voting purposes and therefore will have no effect on the outcome on
the matters to be acted upon.

If no direction is given by a shareholder, proxies received will be voted FOR
Proposal 1, management's nominees for Directors, and FOR Proposal 2, ratification
of the selectionappointment of Deloitte & Touche LLP as independent auditorauditors of IDACORP.
Shareholders of Idaho Power will vote on (1) the election of three Directors of
Idaho Power, (2) the amendment of Idaho Power's Restated Articles of
Incorporation and (3) the ratification of the appointment of Deloitte & Touche
LLP as independent auditors of Idaho Power. See "Other Business."

RECORD DATE

The Boards of Directors have fixed March 22, 2000, as the date for the
year 1997.determination of shareholders of IDACORP and Idaho Power entitled to notice of
and to vote at the meeting. Only shareholders of record at the close of business
on March 22, 2000 will be entitled to vote at the meeting.

VOTING SECURITIES

The outstanding voting securities of IDACORP as of the Companyrecord date for the
meeting are 37,612,351 shares of common stock, no par value, each share being
entitled to one vote.

The outstanding voting securities of Idaho Power as of the record date for the
meeting are as follows: 169,43637,612,351 shares of common stock, $2.50 par value, held
by IDACORP, each share being entitled to one vote; ____________ shares of 4%
Preferred Stock, $100 par value, each share being entitled to twenty votes; and
150,000 shares of 7.68% Series, Serial Preferred Stock, $100 par value, each
share being entitled to one vote;
and 37,612,351 shares of Common Stock, $2.50 par value, each share being
entitled to one vote. The aggregate voting power of outstanding
voting securities for Idaho Power is 41,151,071_______________ votes.

VOTING

Under the Idaho Business Corporation Act, a majority of the votes entitled to be
cast on a matter by a voting group constitutes a quorum of that voting group for
action on that matter. Assuming a quorum of each company is present, the
following votes are required for approval of each proposal at the Joint Annual
Meeting:

(i) Proposal No. 1- directors of IDACORP and Idaho Power are elected by the
affirmative vote of a plurality of the votes cast by the shares entitled to vote
in the election of directors for that company. Votes may be cast in favor or
withheld; votes that are withheld will have no effect on the results.

(ii) Proposal No. 2 - the amendment of Idaho Power's Restated Articles of
Incorporation by Idaho Power shareholders requires the affirmative vote of
four-fifths of the Idaho Power shares entitled to vote at the meeting. The
voting group consists of (i) the outstanding common shares of Idaho Power, all
of which are held by IDACORP and will be voted for the amendments and which
constitute in excess of four-fifths of the shares entitled to vote at the
meeting, (ii) the outstanding shares of 4% Preferred Stock and (iii) the
outstanding shares of the 7.68% Series, Serial Preferred Stock, all voting as
one group. An abstention or broker non-vote will have the effect of a vote
against the proposal.

(iii) Proposal No. 3 - the approval of the IDACORP 2000 Long-Term Incentive
and Compensation Plan by IDACORP shareholders, for New York Stock Exchange
purposes, requires the affirmative vote of a majority of the IDACORP votes cast,
provided that the total votes cast represent over 50% in interest of all
securities entitled to vote on the Plan. Under the laws of the State of Idaho,
the Plan is approved if the votes cast in favor of the Plan exceed the votes
cast opposing the Plan. Abstentions and broker non-votes, if any, will have no
effect on the results, provided that the total votes cast represent over 50% in
interest of all securities entitled to vote on the Plan.

(iv) Proposal No. 4 - ratification of the selection of an independent
auditor for IDACORP and Idaho Power is approved where the votes cast within the
voting group in favor exceed the votes cast opposing ratification for that
company.

If no direction is given by a shareholder, proxies received will be voted FOR
Proposal No. 1, election of management's nominees for Directors, FOR Proposal
No. 2, amendment of the Idaho Power Restated Articles of Incorporation (Idaho
Power shareholders only), FOR Proposal No. 3, approval of the IDACORP 2000
Long-Term Incentive and Compensation Plan (IDACORP shareholders only), and FOR
Proposal No. 4, ratification of the selection of Deloitte & Touche LLP as
independent auditor for the fiscal year 2000.

A proxy may be revoked at any time before it is voted at the meeting. Any
shareholder who attends the meeting and wishes to vote in person may revoke his
or her proxy by oral notice at that time. Otherwise, revocation of a proxy must
be mailed to the Secretary of IDACORP or Idaho Power at 1221 West Idaho Street,
Boise, Idaho 83702-5627, and received prior to the meeting.

SECRET BALLOT

It is the policy of the CompanyIDACORP and Idaho Power that all proxy cards and ballots for
shareholder
meetingsthe Joint Annual Meeting that identify shareholders, including employees, are to
be kept secret, and no such document shall be available for examination nor
shall the identity and vote of any shareholder be disclosed to the CompanyIDACORP or Idaho
Power representatives or to any third party. Proxy cards shall be returned in
envelopes addressed to the independent tabulator who receives, inspects and
tabulates the proxies. Individual voted proxies and ballots are not seen by nor
reported to the CompanyIDACORP or Idaho Power except (i) as necessary to meet applicable
legal requirements, (ii) to allow the independent election inspectors to certify
the results of the shareholder vote, (iii) in the event of a matter of
significance where there is a proxy solicitation in opposition to the Board of
Directors, based upon an opposition proxy statement filed with the Securities
and Exchange Commission, or (iv) to respond to shareholders who have written
comments on their proxies.

A proxy may be revoked at any time before it is voted at the meeting. Any
shareholder who attends the meeting and wishes to vote in person may revoke his
or her proxy by oral notice at that time. Otherwise, revocation of a proxy must
be mailed to the Corporate Secretary of the Company at P. O. Box 70, Boise,
Idaho 83707, and received prior to the meeting.

The close of business on March 18, 1997, is the record date for determining
shareholders entitled to notice of and to vote at the meeting.

1. ELECTION OF DIRECTORS

The Company'sIDACORP's and Idaho Power's Boards of Directors each consist of the same 11
members. IDACORP's Articles of Incorporation, as amended, and Idaho Power's
Restated Articles of Incorporation, as amended, provide that the Directors of
the Company be
elected for three-year terms with approximately one-third of the Board of
Directors to be elected at each Annual Meetingannual meeting of Shareholders.shareholders. The fourthree
Directors standing for election for the IDACORP and Idaho Power Boards of
Directors at the 19972000 Joint Annual Meeting are identified below as nominees for
election with terms expiringto expire in the year 2000.2003. All nominees are currently
Directors of the Company.IDACORP and Idaho Power.

Unless otherwise instructed, proxies received will be voted in favor of the
election of the Director nominees.nominees of the appropriate company. While it is not
expected that any of the nominees will be unable to qualify for or accept
office, if for any reason one or more shall be unable to do so, the proxies will
be voted for nominees selected by the appropriate Board of Directors.

EACH BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE "FOR" ITS NOMINEES
LISTED BELOW.

IDACORP AND IDAHO POWER
NOMINEES FOR ELECTION
TERMS EXPIRE 2000

LARRY R. GUNNOE - Director since 1990, Age 61 (photo)

President and Chief Operating Officer of Idaho Power Company (since 1990);
formerly Vice President - Distribution (1988-1990).2003

PETER T. JOHNSON - Director since 1993, Age 64 (photo)

Private Investor; former Administrator of the Bonneville Power Administration
(1981-1986); director of Standard Insurance Company.

JOSEPH W. MARSHALL - Director since 1989, Age 58 (photo)Company; director and Chairman of
the Board and Chief Executive Officerof Ida-West Energy Company; director of Idaho Power Company (1989
to present).since 1993 and
IDACORP since 1998. Age 67

PETER S. O'NEILL - Director since 1995, Age 60 (photo)

President, O'Neill Enterprises Inc. (since 1990); director of BMC West
Corporation.Building Materials
Holding Corporation; director of IDACORP Financial Services, Inc.; director of
Idaho Power since 1995 and IDACORP since 1998.
Age 63

JAN B. PACKWOOD

President and Chief Executive Officer of Idaho Power and IDACORP (since 1999);
formerly President and Chief Operating Officer (1997-1999); Executive Vice
President (1996-1997) and Vice President - Bulk Power (1989-1996) of Idaho
Power; director and President of Idaho Energy Resources Company; director of
IDACORP Financial Services, Inc.; director of Ida-West Energy Company; director
of IDACORP Services Co.; director of IDACORP Technologies, Inc.; director of
Idaho Power since 1997 and IDACORP since 1998. Age 56

IDACORP AND IDAHO POWER
CONTINUING DIRECTORS
TERMS EXPIRE 19992002

ROGER L. BREEZLEY - Director since 1993, Age 58 (photo)

Private Investor; formerly a director (1983-1995), Chairman of the Board
(1987-
1994)(1987-1994) and Chief Executive Officer (1987-1993) of U.S. Bancorp.Bancorp; Chairman of
the Board and director of Applied Power Corporation; President and director of
IDACORP Technologies, Inc.; director of Idaho Power since 1993 and IDACORP since
1998. Age 61

JOHN B. CARLEY

- Director since 1990, Age 63 (photo)of Albertson's, Inc.; formerly Chairman of the Executive Committee of
the Board of Directors (1996) of
Albertson's, Inc.; formerly(1998-1999), President (1984-1996) and Chief Operating
Officer 1990-1996)(1990-1996) of Albertson's, Inc.; director of Boise Cascade Office
Products Co.; director of Idaho Power since 1990 and IDACORP since 1998.
Age 66

JACK K. LEMLEY - Director since 1995, Age 62 (photo)

Director of Lemley & Associates, Inc. (since 1987), director and Chairman of the
Board and Chief Executive Officer of American Ecology Corp. (Since 1995);
director of Applied Power Corporation; director of IDACORP Technologies, Inc.;
director of Idaho Power since 1995 and IDACORP since 1998.
Age 65

EVELYN LOVELESS - Director since 1987, Age 63 (photo)

Chief Executive Officer (since 1992) and a director of Global, Inc.; director of
KeyFarmers & Merchants Bank of Idaho (since 1993)1999); formerly President of Global, Inc.
(1989-1992).; director of Idaho Power since 1987 and IDACORP since 1998. Age 66

IDACORP AND IDAHO POWER
CONTINUING DIRECTORS
TERMS EXPIRE 19982001

ROTCHFORD L. BARKER

Director, American Ecology Corporation (since 1996), Member and former director
Chicago Board of Trade; director of Idaho Power and IDACORP since 1999.
Age 63

ROBERT D. BOLINDER - Director since 1980, Age 65 (photo)

President of Robert D. Bolinder Associates; director of Hannaford Bros. Co.
Inc.; director and Executive Vice President-Corporate Development and Planning
of Smith's Food & Drug Centers, Inc. (1988-1996). director of Idaho Power since
1980 and IDACORP since 1998. Age 68

JON H. MILLER

- DirectorChairman of the Board of IDACORP and Idaho Power since 1988, Age 59 (photo)1999; Private Investor;
formerly President and Chief Operating Officer (1978-1990) and a director
(1977-1990) of Boise Cascade Corporation; director of Specialty
Paperboard Corporation.

GENE C. ROSE - DirectorFibermark Corporation;
director of Ida-West Energy Company; director of Idaho Power since 1983,1988 and
IDACORP since 1998. Age 68 (photo)62

ROBERT A. TINSTMAN

Former partner, nowPresident and Chief Executive Officer (1995-1999) and director
(1995-1999) of counsel to the law firmMorrison Knudsen Corporation; director of Yturri, Rose, Burnham, BentzHome Federal Savings &
Helfrich.

PHIL SOULEN - DirectorLoan; Chairman of Contractorhub.com; director of Idaho Power and IDACORP since
1971,1999. Age 67 (photo)

President of Soulen Livestock Co.; President of Weiser Feed & Storage, Inc.53

MEETINGS OF THE BOARDBOARDS AND COMMITTEES

The BoardIDACORP and Idaho Power Boards of Directors each held six meetings during 1996. All incumbent Directors
attended at least 75 percent of the total meetings of the Board of Directors and
all committees of which they were members.in 1999.
The average attendance during 19961999 at all meetings of the BoardBoards and all
meetings of the committees of the Boards was 95 percent. Mr. Carley attended
fewer than 75 percent of all regular and applicable committee meetings in 1999.

The Committees of each of IDACORP and Idaho Power are the Board was
98.5 percent.Executive Committee,
the Audit Committee, the Compensation Committee and the Investment Committee.
The members of the Committees are the same individuals for both IDACORP and
Idaho Power. In 1999, IDACORP had one committee which Idaho Power does not have
- -- the Committee of Outside Directors. Board committees, their membership during
19961999 and a brief statement of their principal responsibilities are presented
below.

Executive Committee
The Executive Committee, pursuant toCommittees act on behalf of the Company's By-laws, can exerciseBoards of Directors of IDACORP and
Idaho Power, as applicable, when the authorityrespective Boards are not in session,
except on those matters which require action of the full Board of Directors which may be lawfully delegated between
meetings of the full Board in the management of the business affairs of the
Company. It also acts as a nominating committee to review and make
recommendations to the Board of Directors for Director candidates to fill Board
vacancies and to select nominees for membership on Board committees. In
addition, it considers shareholder nominees for the Board of Directors for whom
written resumes are received prior to December 11 for the next year's annual
meeting.Boards. Members of the
Committee are Jan B. Packwood (Chairman), Robert D. Bolinder, (chairman), John B. Carley,
Joseph W. Marshall,Jack K. Lemley and Jon H. Miller and Gene C. Rose.Miller. During 1996,1999, the Executive Committee met two times.did not
meet.

Audit Committee
The primary functionAudit Committees of the Audit Committee is toIDACORP and Idaho Power assist the BoardBoards of Directors
in fulfilling its oversight responsibilities by reviewing the financial information
which will be provided to the shareholders and others, the systems of internal
controls which management and the BoardBoards have established, the audit process and
services provided by the independent auditors, the plans and activities of the
Internal Audit Department and the conducting of business under the Business
Conduct Guide. Members of the Committee are Gene C. Rose
(chairman)Jack K. Lemley (Chairman), Rotchford
L. Barker, Robert D. Bolinder and Peter T. JohnsonJohnson. During 1999, the IDACORP and
Jack K. Lemley. During
1996, theIdaho Power Audit Committee met threefour times.

Compensation Committee
The primary functionCompensation Committees of the Compensation Committee is toIDACORP and Idaho Power assist the BoardBoards of
Directors in discharging its duties and responsibilities regarding management of the Company's
total compensation philosophy, total compensation programs for executives,
senior managers and employees, and all other compensation-related matters which
properly come before the BoardBoards of Directors. Members of the Committee are John
B. Carley (chairman), Peter T. Johnson, Evelyn Loveless and Peter S. O'Neill.
During 1996,1999, the IDACORP and Idaho Power Compensation Committee met six times.

Finance Committee

The Finance Committee has authority to authorize and approve the issuance and
sale or contract for the sale of debt securities and/or the call for redemption
of debt securities of the Company. Members of the Committee are Joseph W.
Marshall (chairman), Robert D. Bolinder, John B. Carley and Jon H. Miller.
During 1996, the Finance Committee met twothree times.

Investment Committee
The primary functionInvestment Committees of the Investment Committee is toIDACORP and Idaho Power assist the BoardBoards of
Directors in fulfilling its oversight responsibilities to participants and
beneficiaries under the Retirement Plan and to the Company's shareholders by reviewing Plan
design, formulating investment philosophies and establishing investment
policies, establishing performance measurement objectives and benchmarks,
monitoring the performance of investment managers, trustees, independent
consultants and consulting actuaries to the Plan, reviewing sufficiency of Plan
assets to cover liabilities and reviewing compliance with all applicable laws
and regulations pertaining to the Plan. Members of the Committee are Jon H. Miller (chairman)Robert D.
Bolinder (Chairman), Roger L. Breezley, Phil SoulenJon H. Miller, Jan B.

Packwood and Larry
R. Gunnoe.Robert A. Tinstman. During 1996,1999, the IDACORP and Idaho Power
Investment Committee met two times.

Committee of Outside Directors
In September of 1998, the IDACORP Board formed a Committee of Outside Directors.
The primary function of the Committee of Outside Directors is to review and
evaluate the performance of the Chief Executive Officer and to establish
individual and corporate goals and strategies relating to the Chief Executive
Officer. It also acts as a nominating committee to review and make
recommendations to the Board of Directors for Director candidates to fill Board
vacancies and considers shareholder nominees for the Board of Directors for whom
timely written resumes are received no earlier than 90 days, and no later than
60 days, prior to the annual meeting. Members of the Committee are all members
of the IDACORP Board of Directors who are not officers or employees or former
officers of IDACORP or one of its subsidiaries. Members of the Committee are
Rotchford L. Barker, Robert D. Bolinder, Roger L. Breezley, John B. Carley,
Peter T. Johnson, Jack K. Lemley, Evelyn Loveless, Jon H. Miller, Peter S.
O'Neill and Robert A. Tinstman. During 1999, the Committee of Outside Directors
met six times.

TRANSACTIONS WITH MANAGEMENT

See Compensation Committee Interlocks and Insider Participation for additional
information regarding Mr. O'Neill.

2. AMENDMENT OF IDAHO POWER
RESTATED ARTICLES OF INCORPORATION

The Board of Directors of Idaho Power Company unanimously recommends that
the shareholders of Idaho Power Company approve certain amendments to the
Company's Restated Articles of Incorporation, as amended (the "Charter"). These
changes will conform certain provisions in the Charter to the laws of the State
of Idaho and to the amended Bylaws of Idaho Power. The Board of Directors
unanimously approved the Charter amendments at its meeting on January 20, 2000,
subject to approval by the shareholders. Approval of the Charter amendments will
also constitute approval of the Bylaw amendments to the extent required by Idaho
law.

The Charter amendments are as follows (additions are underlined and
deletions are in brackets):

ARTICLE 4. DIRECTORS. (a) The number of directors
constituting the Board of Directors of the Corporation shall
be fixed from time to time exclusively by the Board of
Directors pursuant to a resolution adopted by affirmative
vote of [two-thirds of the Continuing Directors (as defined
in Article 8 of the Restated Articles of Incorporation)] a
-
majority of the directors, but the number of directors shall
-------------------------
be no less than 9 and no greater than 15. The number of
directors may be increased or decreased, beyond the limits
set forth above, only by an amendment to the Restated
Articles of Incorporation of the Corporation pursuant to
Article 10 of the Restated Articles of Incorporation of the
Corporation.

The Board of Directors shall be divided into three
classes as nearly equal in number as may be. The initial
term of office of each director in the first class shall
expire at the annual meeting of shareholders in 1990; the
initial term of office of each director in the second class
shall expire at the annual meeting of shareholders in 1991;
and the initial term of office of each director in the third
class shall expire at the annual meeting of shareholders in
1992. At each annual election commencing at the annual
meeting of shareholders in 1990, the successors to the class
of directors whose term expires at that time shall be
elected to hold office for a term of three years to succeed
those whose term expires, so that the term of one class of
directors shall expire each year. Each director shall hold
office for the term for which he is elected or appointed and
until his successor shall be elected and qualified or until
his death, or until he shall resign or be removed; provided,
however, that no person who will be seventy (70) years of
age or more on or before the annual meeting shall be
nominated to the Board of Directors, and any directors who
reach the age of seventy (70) shall be automatically retired
from the Board.

In the event of any increase or decrease in the
authorized number of directors, (i) each director then
serving as such shall nevertheless continue as a director of
the class of which he is a member until the expiration of
his current term, or his earlier resignation, removal from
office or death, (ii) the newly created or eliminated
directorships resulting from such increase or decrease shall
be apportioned by the Board of Directors among the three
classes of directors so as to maintain such classes as
nearly equal in number as may be.

(b) Newly created directorships resulting from any
increase in the authorized number of directors or any
vacancies in the Board of Directors resulting from death,
resignation, retirement, disqualification, removal from
office or other cause shall be filled by a two-thirds vote
of the directors then in office, or a sole remaining
director, although less than a quorum. Directors chosen to
-------------------
fill vacancies resulting from an increase in the authorized
------------------------------------------------------------
number of directors shall hold office until the next
------------------------------------------------------------
election of directors by the shareholders; [and] directors
------------------------------------------
[so] chosen to fill other vacancies shall hold office for a
------------------------
term expiring at the annual meeting of shareholders at which
the term of the class to which they have been elected
expires. If one or more directors shall resign from the
Board effective as of a future date, such vacancy or
vacancies shall be filled pursuant to the provisions hereof,
and such new directorship(s) shall become effective when
such resignation or resignations shall become effective, and
each director so chosen shall hold office as herein provided
in the filling of other vacancies.

The remaining sections of Article 4 are unchanged.

ARTICLE 9. SPECIAL MEETINGS OF SHAREHOLDERS. Special
meetings of shareholders of the Corporation may be called
only by the Chairman of the Board of Directors, the
President, a majority of the Board of Directors, or the
holders of not less than [four-fifths of the shares entitled
to vote at the meeting] twenty percent (20%) of all the
----------------------------------
shares entitled to vote on any issue proposed to be
------------------------------------------------------------
considered at the proposed special meeting.
------------------------------------------

ARTICLE 10. AMENDMENTS. Notwithstanding anything to the
contrary contained in these Restated Articles of
Incorporation or the By-laws of the Corporation (and
notwithstanding the fact that a lesser percentage may be
specified by law, these Restated Articles of Incorporation
or the By-laws of the Corporation), the affirmative vote of
the holders or at least four-fifths of the voting power of
the then outstanding Voting Stock shall be required to
amend, alter, change or repeal, or to adopt any provision
inconsistent with, ARTICLES 4, 8, 9 and 10 of these Restated
Articles of Incorporation, provided that such four-fifths
vote shall not be required for any amendment, alteration,
change or repeal recommended to the shareholders by
two-thirds of the Continuing Directors, as defined in
ARTICLE 8.

The shareholders may adopt or amend a by-law that fixes
-------------------------------------------------------
a greater quorum or voting requirement for shareholders, or
------------------------------------------------------------
voting groups of shareholders, than is required by the Idaho
------------------------------------------------------------
Business Corporation Act.
------------------------

ARTICLE 11. AMENDMENT OF BY-LAWS. The Corporation's
By-laws may be amended or repealed or new by-laws may be
made: (a) by the affirmative vote of the holders of record
of a majority of the outstanding capital stock of the
Corporation entitled to vote thereon, irrespective of class,
given at any annual or special meeting of the shareholders
except that amendments to or repeal of Section 7.3, Section
------------------------------------------------------------
2.9 or Article III of the Bylaws by the shareholders shall
------------------------------------------------------------
require the affirmative vote of two-thirds of all shares
------------------------------------------------------------
entitled to vote thereon; provided that notice of the
---------------------------
proposed amendment, repeal or new by-law or by-laws be
included in the notice of such meeting or waiver thereof; or
(b) by the affirmative vote of a majority of the entire
Board of Directors given at any regular meeting of the
Board, or any special meeting thereof.

ARTICLE 12. INDEMNIFICATION AND LIMITATION OR
---------------------
ELIMINATION OF DIRECTOR LIABILITY. Capitalized terms used in
-------------------------
this Article 12 that are defined in Section 30-1-850 of the
------------------------------------------------------------
Idaho Business Corporation Act shall have the meaning given
------------------------------------------------------------
to such terms under Section 30- 1-850 of the Act. The
------------------------------------------------------------
Corporation shall indemnify its Directors and Officers
------------------------------------------------------------
against Liability and Expenses and shall advance Expenses to
------------------------------------------------------------
its Directors and Officers in connection with any Proceeding
------------------------------------------------------------
to the fullest extent permitted by the Act, as now in effect
------------------------------------------------------------
or as it may be amended or substituted from time to time.
---------------------------------------------------------

No Director of the Corporation shall be personally
liable to the Corporation or its shareholders for monetary
damages for breach of fiduciary duty as a Director; provided
that this Article shall not limit or eliminate the liability
of a Director for any act or omission for which such
limitation or elimination of liability is not permitted
under the Idaho Business Corporation Act. No amendment to
the Idaho Business Corporation Act that further limits or
eliminates the acts or omissions for which limitation or
elimination of liability is permitted shall affect the
liability of a Director for any act or omission which occurs
prior to the effective date of such amendment.

Reasons for the Amendments

The Idaho Power Company Bylaws were amended by the Board of Directors in
September of 1999 to follow the same format as that of the IDACORP Bylaws. Some
of the provisions contained in the amended Idaho Power Bylaws require that
comparable changes be made in the Idaho Power Charter.

The amendment to Article 4(a) changes the vote requirement to fix the exact
number of directors, so that the exact number of directors is determined by a
majority vote of the Board, rather than a two-thirds vote of the Continuing
Directors (as defined in the Charter). A majority vote of the Board is a
standard voting requirement under Idaho law, rather than the higher two-thirds
vote. This amendment will conform the Charter to the amended Idaho Power Bylaws.

Article 4(b) has been amended to conform to the amended Idaho Power Bylaws
and also to comply with the laws of the State of Idaho, which provide that
directors elected to fill vacancies resulting from an increase in the authorized
number of directors serve until the next election of directors by shareholders,
whereas directors who fill other vacancies serve the rest of the term of their
class.

Article 9 has been amended so that a special meeting may be called by
shareholders holding not less than 20% of the voting shares, rather than
four-fifths as provided in the existing Charter. The 20% threshold complies with
the laws of the State of Idaho and conforms to the amended Idaho Power Bylaws.

Article 10 adds language permitting the shareholders to provide for higher
quorum or voting requirements than required by Idaho corporate law. Idaho
corporate law requires this provision to be in the charter to the extent a
company wishes to avail itself of this provision.

The basic provisions of Article 11 for Bylaw amendments remain the same - -
a majority vote of the Board or a majority vote of all shares entitled to vote.
However, Section 7.3 of the Bylaws provide for a two-thirds shareholder vote,
rather than a majority vote, to amend certain provisions in the Bylaws. The
provisions requiring a higher shareholder vote are amendments to Section 7.3,
Section 2.9 (provisions for transacting business at shareholder meetings) and
Article III (provisions relating to the Board of Directors). This would make it
more difficult for shareholders to amend these sections of the Bylaws.

Article 14 adds to the Charter the indemnification provisions, as permitted
by Idaho law, that were removed from the Bylaws.

THE IDAHO POWER COMPANY BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT
IDAHO POWER SHAREHOLDERS VOTE "FOR" THIS PROPOSAL.

Under Section 30-1-727 of the Idaho Business Corporation Act, the Charter
amendments must be approved by four-fifths of the shares entitled to vote at the
meeting. The voting group consists of (i) the outstanding common shares of Idaho
Power, all of which are held by IDACORP and will be voted for the amendments and
which constitute in excess of four-fifths of the shares entitled to vote at the
meeting, (ii) the outstanding shares of 4% Preferred Stock and (iii) the
outstanding shares of the 7.68% Series, Serial Preferred Stock, all voting as
one group. An abstention or broker non-vote will have the effect of a vote
against the proposal. If a choice has been specified by a shareholder by means
of the proxy, the shares of stock will be voted accordingly. If no choice has
been specified, the shares will be voted "FOR" the proposal.

3. IDACORP
2000 LONG-TERM INCENTIVE
AND COMPENSATION PLAN

At its meeting on January 20, 1999, the Board of Directors adopted the
IDACORP 2000 Long-Term Incentive and Compensation Plan (the "Plan"), which will
become effective on the date of approval by the shareholders.

The IDACORP Board of Directors believes that the Plan will help attract and
retain qualified persons to serve as officers, key employees and directors of
IDACORP and its subsidiaries, increase the equity interests of executives and
directors in IDACORP and strengthen the common interest of executives,
directors, shareholders and customers.

The complete text of the Plan is set forth as Exhibit "A" hereto. The
following is a summary of the material features of the Plan and is qualified in
its entirety by reference to Exhibit "A".

Purpose of the Plan

The purpose of the Plan is to promote the success and enhance the value of
IDACORP by linking the personal interests of officers, key employees and
directors to those of IDACORP's shareholders and customers. The Plan is further
intended to assist IDACORP in its ability to motivate, attract and retain the
services of participants upon whose judgment, interest and special effort the
successful conduct of its operations is largely dependent.

Effective Date and Duration

The Plan will become effective upon approval by shareholders, and shall
remain in effect, subject to the right of the Board of Directors to terminate
the Plan at any time, until all shares subject to the Plan shall have been
purchased or acquired.

Amendments

The Board may, at any time and from time to time, alter, amend, suspend or
terminate the Plan in whole or in part, subject to certain restrictions as
stated in the Plan.

Administration of the Plan

The Plan will be administered by the Compensation Committee or by such
other committee as the Board of Directors shall select consisting solely of two
or more members of the Board of Directors (the "Committee"). The Committee has
full power under the Plan to determine persons to receive awards, the type of
awards and the terms thereof. The Committee may amend outstanding awards,
subject to certain restrictions as stated in the Plan.

Shares Subject to the Plan

The Plan authorizes the grant of up to 750,000 shares of IDACORP, Inc.
common stock. Shares underlying awards that lapse or are forfeited or are not
paid in shares may be reused for subsequent awards. Shares may be authorized but
unissued shares of common stock, treasury stock or shares purchased on the open
market. The market value of a share of Company common stock as of January 31,
2000 was $33.56.

If any corporate transaction occurs that causes a change in the common
stock or corporate structure of the Company affecting the common stock, the
Committee shall make such adjustments to the number and/or class of shares of
stock that may be delivered under the Plan and the number and class and/or price
of shares of common stock subject to outstanding awards under the Plan, as it
deems appropriate and equitable to prevent dilution or enlargement of
participants' rights. The Committee may not amend an outstanding option for the
sole purpose of reducing the exercise price thereof.

Eligibility and Participation

Persons eligible to participate in the Plan include all officers, directors
and key employees of the Company and its subsidiaries, as determined by the
Committee. It is anticipated that the approximate number of persons who will be
eligible initially to participate under the Plan will be 40, which includes 10
non-employee directors.

Grants Under the Plan

Section 162(m). Stock options, SARs and performance unit/performance share
awards are intended to qualify for deductibility under Section 162(m) of the
Internal Revenue Code of 1986, as amended (the "Code"). Dividend equivalents,
restricted stock, restricted stock units and other awards may qualify for
deductibility.

The total number of shares with respect to which options or SARs may be
granted in any calendar year to any covered employee under Section 162(m) of the
Code shall not exceed 100,000 shares; (ii) the total number of shares of
restricted stock or restricted stock units that are intended to qualify for
deduction that may be granted in any calendar year to any covered employee shall
not exceed 100,000 shares or units, as the case may be ; (iii) the total number
of performance shares or performance units that may be granted in any calendar
year to any covered employee shall not exceed 100,000 shares or units, as the
case may be;

(iv) the total number of shares that are intended to qualify for deduction
granted pursuant to Article 10 of the Plan in any calendar year to any covered
employee shall not exceed 100,000 shares; (v) the total cash award that is
intended to qualify for deduction that may be paid pursuant to Article 10 of the
Plan in any calendar year to any covered employee shall not exceed $300,000; and
(vi) the aggregate number of dividend equivalents that are intended to qualify
for deduction that a covered employee may receive in any calendar year shall not
exceed 400,000. A covered employee means those persons specified in Section
162(m) of the Code - generally the chief executive officer and the next four
most highly-compensated employees.

Stock Options. The Committee may grant incentive stock options ("ISOs") and
nonqualified stock options (NQSOs"). Options shall be exercisable for such
prices, shall expire at such times and shall have such other terms and
conditions as the Committee may determine at the time of grant and as set forth
in the award agreement. Dividend equivalents may also be granted.

The option exercise price is payable in cash, in shares of common stock of
IDACORP having a fair market value equal to the exercise price, by cashless
exercise or any combination of the foregoing.

Stock Appreciation Rights. The Committee may grant SARs with such terms and
conditions as the Committee may determine at the time of grant and as set forth
in the award agreement. SARs granted under the Plan may be in the form of
freestanding SARs or tandem SARs. The base value of a freestanding SAR shall be
equal to the average of the high and low sale prices of a share of IDACORP
common stock on the date of grant. The base value of a tandem SAR shall be equal
to the option exercise price of the related option.

Freestanding SARs may be exercised upon such terms and conditions as are
imposed by the Committee and as set forth in the SAR award agreement. A tandem
SAR may be exercised only with respect to the shares of common stock of IDACORP
for which its related option is exercisable.

Upon exercise of an SAR, a participant will receive the product of the
excess of the fair market value of a share of IDACORP common stock on the date
of exercise over the base value multiplied by the number of shares with respect
to which the SAR is exercised. Payment due to the participant upon exercise may
be made in cash, in shares of IDACORP common stock having a fair market value
equal to such cash amount, or in a combination of cash and shares, as determined
by the Committee at the time of grant and as set forth in the award agreement.

Restricted Stock and Restricted Stock Units. Restricted stock and
restricted stock units may be granted in such amounts and subject to such terms
and conditions as determined by the Committee at the time of grant and as set
forth in the award agreement. The Committee may establish performance goals, as
described below, for restricted stock and restricted stock units.

Participants holding restricted stock may exercise full voting rights with
respect to those shares during the restricted period and, subject to the
Committee's right to determine otherwise at the time of grant, will receive
regular cash dividends. All other distributions paid with respect to the
restricted stock shall be credited subject to the same restrictions on
transferability and forfeitability as the shares of restricted stock with
respect to which they were paid.

Performance Units and Performance Shares. Performance units and performance
shares may be granted in such amounts and subject to such terms and conditions
as determined by the Committee at time of grant and as set forth in the award
agreement. The committee shall set performance goals, which, depending on the
extent to which they are met during the performance periods established by the
Committee, will determine the number and/or value of performance units/shares
that will be paid out to participants.

Participants shall receive payment of the value of performance units/shares
earned after the end of the performance period. Payment of performance
units/shares shall be made in cash and/or shares of common stock which have an
aggregate fair market value equal to the value of the earned performance
units/shares at the end of the applicable performance period, in such
combination as the Committee determines. Shares may be granted subject to any
restrictions deemed appropriate by the Committee.

Other Awards. The Committee may make other awards which may include,
without limitation, the grant of shares of common stock based upon attainment of
performance goals established by the Committee as described below, the payment
of shares in lieu of cash or cash based on performance goals and the payment of
shares in lieu of cash under other IDACORP incentive or bonus programs.

Taxes. Share withholding for taxes is permitted.

Performance Goals. Performance goals, which are established by the
Committee, shall be based on one or more of the following measures: sales or
revenues, earnings per share, shareholder return and/or value, funds from
operations, operating income, gross income, net income, cash flow, return on
equity, return on capital, earnings before interest, operating ratios, stock
price, customer satisfaction, accomplishment of mergers, acquisitions,
dispositions or similar extraordinary business transactions, profit returns and
margins, financial return ratios and/or market performance. Performance goals
may be measured solely on a corporate, subsidiary or business unit basis, or a
combination thereof. Performance goals may reflect absolute entity performance
or a relative comparison of entity performance to the performance of a peer
group of entities or other external measure.

Termination of Employment or Board Service

Each award agreement shall set forth the participant's rights with respect
to each award following termination of employment with or service on the Board
of Directors of IDACORP.

Transferability

Except as otherwise determined by the Committee at the time of grant and
subject to the provisions of the Plan, awards may not be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated, other than by will or
by the laws of descent and distribution, and a participant's rights shall be
exercisable only by the participant or the participant's legal representative
during his or her lifetime.

Change in Control

Upon a change in control, as defined below,

(a) Any and all options and SARs granted under the Plan shall become
immediately vested and exercisable;

(b) Any restriction periods and restrictions imposed on restricted stock,
restricted stock units, qualified restricted stock and qualified
restricted stock units shall be deemed to have expired; any
performance goals shall be deemed to have been met at the target
level; restricted stock and qualified restricted stock shall become
immediately vested in full and restricted stock units and qualified
restricted stock units shall be paid out in cash; and

(c) The target payout opportunity attainable under all outstanding awards
of performance units and performance shares and any other awards shall
be deemed to have been fully earned for the entire performance
period(s) as of the effective date of the change in control. All
awards shall become immediately vested. All performance shares and
awards denominated in shares shall be paid out in shares, and all
performance units shall be paid out in cash.

For purposes of the above, a change in control of IDACORP means the
earliest of the following events to occur: (i) the acquisition by a party or
certain related parties of 20% or more of IDACORP's outstanding voting stock;
(ii) the commencement of a tender or exchange offer which would result in a
person owning 30% or more of IDACORP's outstanding voting stock; (iii) the
announcement of a transaction required to be described under Item 6(e) of the
proxy rules; (iv) a proposed change in a majority of the Board of Directors
within a two-year period without the approval of two-thirds of the Board; (v)
entry into a merger or similar agreement, after which IDACORP's shareholders
would hold less than two-thirds of the voting securities of the surviving
entity; (vi) Board approval of a plan of liquidation or sale of all or
substantially all of IDACORP's assets; and (viii) any other event deemed by the
Executive Committee to be a change in control.

Award Information

It is not possible at this time to determine awards that will be made
pursuant to the Plan.

Federal Income Tax Consequences

The following is a brief summary of the principal federal income tax
consequences related to options to be awarded under the Plan. This summary is
based on IDACORP's understanding of present federal income tax law and
regulations. The summary does not purport to be complete or applicable to every
specific situation.

Capitalized terms not defined herein, which are defined in the Plan, shall
have the meanings set forth in the Plan.

Consequences to the Optionholder

Grant. There are no federal income tax consequences to the optionholder
solely by reason of the grant of ISOs or NQSOs under the Plan.

Exercise. The exercise of an ISO is not a taxable event for regular federal
income tax purposes if certain requirements are satisfied, including the
requirement that the optionholder generally must exercise the ISO no later than
three months following the termination of the optionholder's employment with
IDACORP. However, such exercise may give rise to alternative minimum tax
liability (see "Alternative Minimum Tax" below).

Upon the exercise of a NQSO, the optionholder will generally recognize
ordinary income in an amount equal to the excess of the fair market value of the
shares of IDACORP Common Stock at the time of exercise over the amount paid
therefor by the optionholder as the exercise price. The ordinary income
recognized in connection with the exercise by an optionholder of a NQSO will be
subject to both wage and employment tax withholding.

The optionholder's tax basis in the shares acquired pursuant to the
exercise of an option will be the amount paid upon exercise plus, in the case of
a NQSO, the amount of ordinary income, if any, recognized by the optionholder
upon exercise thereof.

Qualifying Disposition. If an optionholder disposes of shares of IDACORP
common stock acquired upon exercise of an ISO in a taxable transaction, and such
disposition occurs more than two years from the date on which the option was
granted and more than one year after the date on which the shares were
transferred to the optionholder pursuant to the exercise of the ISO, the
optionholder will recognize long-term capital gain or loss equal to the
difference between the amount realized upon such disposition and the
optionholder's adjusted basis in such shares (generally the option exercise
price).

Disqualifying Disposition. If the optionholder disposes of shares of
IDACORP common stock acquired upon the exercise of an ISO (other than in certain
tax-free transactions) within two years from the date on which the ISO was
granted or within one year after the transfer of shares to the optionholder
pursuant to the exercise of the ISO, at the time of disposition the optionholder
will generally recognize ordinary income equal to the lesser of (i) the excess
of each such share's fair market value on the date of exercise over the exercise
price paid by the optionholder or (ii) the optionholder's actual gain (i.e., the
excess, if any, of the amount realized on the disposition over the exercise
price paid by the optionholder). If the total amount realized on a taxable
disposition (including return of capital and capital gain) exceeds the fair
market value on the date of exercise of the shares of IDACORP common stock
purchased by the optionholder under the option, the optionholder will recognize
a capital gain in the amount of such excess. If the optionholder incurs a loss
on the disposition (i.e., if the total amount realized is less than the exercise
price paid by the optionholder), the loss will be a capital loss.

Other Disposition. If an optionholder disposes of shares of IDACORP common
stock acquired upon exercise of a NQSO in a taxable transaction, the
optionholder will recognize capital gain or loss in an amount equal to the
difference between the optionholder's basis (as discussed above) in the shares
sold and the total amount realized upon disposition. Any such capital gain or
loss (and any capital gain or loss recognized on

a disqualifying disposition of shares of IDACORP common stock acquired upon
exercise of ISOs as discussed above) will be short-term or long-term depending
on whether the shares of IDACORP common stock were held for more than one year
from the date such shares were transferred to the optionholder.

Alternative Minimum Tax. Alternative minimum tax ("AMT") is payable if and
to the extent the amount thereof exceeds the amount of the taxpayer's regular
tax liability, and any AMT paid generally may be credited against future regular
tax liability (but not future AMT liability). AMT applies to alternative minimum
taxable income; generally regular taxable income as adjusted for tax preferences
and other items is treated differently under the AMT.

For AMT purposes, the spread upon exercise of an ISO (but not a NQSO) will
be included in alternative minimum taxable income, and the taxpayer will receive
a tax basis equal to the fair market value of the shares of IDACORP common stock
at such time for subsequent AMT purposes. However, if the optionholder disposes
of the ISO shares in the year of exercise, the AMT income cannot exceed the gain
recognized for regular tax purposes, provided that the disposition meets certain
third-party requirements for limiting the gain on a disqualifying disposition.
If there is a disqualifying disposition in a year other than the year of
exercise, the income on the disqualifying disposition is not considered
alternative minimum taxable income.

Consequences to the IDACORP

There are no federal income tax consequences to IDACORP by reason of the
grant of ISOs or NQSOs or the exercise of an ISO (other than disqualifying
dispositions).

At the time the optionholder recognizes ordinary income from the exercise
of a NQSO, IDACORP will be entitled to a federal income tax deduction in the
amount of the ordinary income so recognized (as described above), provided that
IDACORP satisfies its reporting obligations described below. To the extent the
optionholder recognizes ordinary income by reason of a disqualifying disposition
of the stock acquired upon exercise of an ISO, IDACORP will be entitled to a
corresponding deduction in the year in which the disposition occurs.

IDACORP will be required to report to the Internal Revenue Service any
ordinary income recognized by any optionholder by reason of the exercise of a
NQSO. IDACORP will be required to withhold income and employment taxes (and pay
the employer's share of employment taxes) with respect to ordinary income
recognized by the optionholder upon the exercise of NQSOs.

Other Tax Consequences

The foregoing discussion is not a complete description of the federal
income tax aspects of options to be granted under the Plan. In addition,
administrative and judicial interpretations of the application of the federal
income tax laws are subject to change. Furthermore, the foregoing discussion
does not address state or local tax consequences.

THE IDACORP BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT IDACORP
SHAREHOLDERS VOTE "FOR" THIS PROPOSAL.

Approval of the Plan for New York Stock Exchange purposes requires the
affirmative vote of a majority of the votes cast, provided that the total votes
cast represent over 50% in interest of all securities entitled to vote on the
Plan. Under the laws of the State of Idaho, the Plan is approved if the votes
cast in favor of the Plan exceed the votes cast opposing the Plan. Abstentions
and broker non-votes, if any, will have no effect on the results, provided that
the total votes cast represent over 50% in interest of all securities entitled
to vote on the Plan. If a choice has been specified by a shareholder by means of
the proxy, the shares of common stock will be voted accordingly. If no choice
has been specified, the shares will be voted "FOR" the proposal.

4. RATIFICATION OF APPOINTMENT OF
INDEPENDENT AUDITOR

At the meeting,Joint Annual Meeting, the shareholders will be asked to ratify the
selection by the BoardIDACORP and the Idaho Power Boards of Directors of Deloitte &
Touche LLP as the firm of independent public accountants to audit the financial
statements of the CompanyIDACORP and Idaho Power for the fiscal year 1997.2000. This firm has
conducted consolidated annual audits of the CompanyIdaho Power for many years and is one of
the world's largest firms of independent certified public accountants. A
representative of Deloitte & Touche LLP is expected to be present at the meeting
and will have an opportunity to make a statement and to respond to appropriate
questions.

The Board of Directors unanimously recommends a vote FOR
DeloitteEACH BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE "FOR"
DELOITTE & ToucheTOUCHE LLP as Independent Auditor

3.AS
INDEPENDENT AUDITOR OF IDACORP AND IDAHO POWER

OTHER BUSINESS

Neither the IDACORP nor the Idaho Power Board of Directors nor management
intends to bring before the meeting any business other than the matters referred
to in the Notice of Meeting and this Joint Proxy Statement. In addition, other
than as explained in the next sentence, they have not been informed that any
other matter will be presented to the meeting by others. A shareholder submitted
a proposal for inclusion in the proxy statement, which IDACORP has omitted
pursuant to Rule 14a-8 of the Securities and Exchange Commission's proxy rules.
If the shareholder should present the proposal at the Joint Annual Meeting, it
is the intention of the persons named in the proxy to vote against such
proposal.

If any other business should properly come before the meeting, or any
adjournment thereof, the persons named in the proxy will vote on such matters
according to their best judgment.

At the meeting, management will report on the Company's business of IDACORP and Idaho
Power, and shareholders will have an opportunity to ask questions.

PRINCIPAL SHAREHOLDERS

The following table presents certain information regarding shareholders who are
known to IDACORP or Idaho Power to be the beneficial owners of more than 5
percent of any class of voting securities of IDACORP or Idaho Power as of March
1, 2000:

NAME AND ADDRESS AMOUNT AND NATURE OF PERCENT
CLASS OF STOCK OF BENEFICIAL OWNER BENEFICIAL OWNERSHIP OF CLASS
- --------------------------------------------------------------------------------
Idaho Power Common Stock IDACORP, Inc. 37,612,351 100
1221 W. Idaho Street
Boise, Idaho 83702

As a result of the formation of the holding company, IDACORP became the holder
of all issued and outstanding shares of Idaho Power common stock on October 1,
1998.

SECURITY OWNERSHIP OF DIRECTORS AND EXECUTIVE OFFICERS

The following table sets forth the number of shares of IDACORP common stock and
Idaho Power preferred stock beneficially owned on March 1, 1997,2000, by the
Directors and nominees, by those Executive Officers named in the Summary
Compensation Table and by the Directors and Executive Officers of the
CompanyIDACORP and
Idaho Power as a group:

Amount of Percent
Title of Class Name of Beneficial Owner Beneficial Ownership(1) of Class

Common Stock Robert D. Bolinder 877 *
Common Stock Roger L. Breezley 613
Common Stock John B. Carley 2,646 *
Common Stock Larry R. Gunnoe 26,331
Common Stock Peter T. Johnson 2,000 *
Common Stock Jack K. Lemley 1,500 *
Common Stock Evelyn Loveless 1,249
Common Stock Joseph W. Marshall 30,411
Common Stock Jon H. Miller 500 *
Common Stock Peter S. O'Neill 500 *
Common Stock Gene C. Rose 2,314
Common Stock Phil Soulen 5,771 *
Common Stock Douglas H. Jackson 22,514
Common Stock J. LaMont Keen 8,562 *
Common Stock Jan B. Packwood 16,435
Amount of Percent
Title of Class Name of Beneficial Owner Beneficial Ownership(1) of Class
- -------------- ------------------------ ----------------------- --------

Common Stock Rotchford L. Barker *
Common Stock Robert D. Bolinder *
Common Stock Roger L. Breezley *
Common Stock John B. Carley *
Common Stock Peter T. Johnson *
Common Stock Jack K. Lemley *
Common Stock Evelyn Loveless *
Common Stock Jon H. Miller *
Common Stock Peter S. O'Neill *
Common Stock Jan B. Packwood *
Common Stock Robert A. Tinstman *
Common Stock J. LaMont Keen *
Common Stock Richard Riazzi *
Common Stock James C. Miller *
Common Stock Robert W. Stahman *
Common Stock All Directors and Executive Officers
of IDACORP as a group (15 persons) *
Preferred Stock All Directors and Executive Officers
of IDACORP as a group (15 persons) *
Common Stock All Directors and Executive Officers
of Idaho Power as a group (19 persons) *
Preferred Stock All Directors and Executive Officers
of Idaho Power as a group (19 persons) *
- ---------------
*Less than 1 percent.

(1) Includes shares of Common Stock subject to forfeiture and restrictions on
transfer issued pursuant to the 1994 Restricted Stock Plan.

All Directors and Executive Officers as a group (18 persons) 149,061 .40
Preferred Stock All Directors and
Executive Officers
as a group (18 persons) 27 .02

____________________

*Less than 1 percent.
(1) Includes shares of Common Stock subject to forfeiture and restrictions on
transfer issued pursuant to the 1994 Restricted Stock Plan for officers and
executives of the Company.

All Directors and Executive Officers have sole voting and investment power for
the shares held by them including shares owned through the Employee Savings Plan
and the Dividend Reinvestment and Stock Purchase Plan.

SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Based solely upon a review of CompanyIDACORP and Idaho Power records and copies of
reports on Forms 3, 4 and 5 furnished to the CompanyIDACORP and Idaho Power or written
representations that no reports on Form 5 were required, the Company believesIDACORP and Idaho Power
believe that during 19961999 all persons subject to the reporting requirements of
Section 16(a) of the Securities Exchange Act of 1934, as amended, filed the
required reports on a timely basis.

COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS

REPORT OF COMPENSATION COMMITTEE
OF THE BOARD OF DIRECTORS
ON EXECUTIVE COMPENSATION

GENERAL

The Compensation Committee (Committee) of theIDACORP Board of Directors Compensation Committee, which is the same as the
Idaho Power Compensation Committee, ("Committee") established all components of
1999 compensation for the Executive Officers of IDACORP and Idaho Power. There
were no extra salary adjustments for the Executive Officers who serve in the
same positions at IDACORP and Idaho Power.

The Committee administers the Company'sIDACORP and Idaho Power executive compensation
program. As such, the Committee is responsible for recommending (1) the
compensation philosophy, (2) executive compensation plans that support the
philosophy, and (3) the appropriate levels of compensation for Executive
Officers. The Committee is composed of four independent, non-employee Directors.
Following the development of recommendations by the Compensation Committee, all
issues related to executive compensation are submitted to the full BoardBoards of
Directors of IDACORP and Idaho Power (which are the same) for approval. The
BoardBoards approved, without modification, all executive compensation
recommendations of the Committee for 1996.

EXECUTIVE OFFICER1999.

COMPENSATION PHILOSOPHY

The compensation philosophy for IDACORP and Idaho Power Executive Officers is
consistent with the compensation philosophy the CompanyIdaho Power has adopted for all
employees.employees, except that for Executive Officers and senior managers the Committee
has aligned short-term and long-term incentive plans with corporate financial
performance and increased the percentage of their total compensation which is at
risk. The Company'sIdaho Power compensation program is designed to:

1. manage employee compensation as an investment with the expectation
employees will contribute to the Company'sIdaho Power's financial performance, its
environmental record and public reputation in the territory it serves;reputation;

2. be competitive with respect to those companies in the markets in which the
Company competeswe
compete for employees, allowing the CompanyIdaho Power to successfully attract and
retain the qualified employees necessary for long-term success;

3. recognize individuals for their demonstrated ability to perform their
position responsibilities;responsibilities and create long-term shareholder value; and

4. balance total compensation with the Company'sIdaho Power's ability to pay.

EXECUTIVE OFFICER 1996 COMPENSATION1999 BASE SALARIES

Salary ranges for Executive Officers are reviewed annually and are supported by
salary comparisons with similar positions in electric utilities throughout the
United States with annual revenues ranging from $500 million to $700 million.$1 billion. The
competitive point for executive compensation for 19961999 was targeted near the
median of the salary levels for executive officers of these utilities. Actual
compensation of individual Executive Officers is based upon their levels of
responsibility, experience in their positions, prior experience, breadth of
knowledge and job performance. The electric utility group utilized by the
Committee to compare Executive Officer salaries is different from the EEI 100
Electric Utilities Index group utilized by the CompanyIDACORP to compare the financial
performance of the CompanyIDACORP and Idaho Power with a nationally recognized industry
standard. The Committee has used this smaller electric group for salary
comparison purposes since November 1994, based on its belief that it is more
appropriate to compare Executive Officer salaries with electric utilities of
comparable revenues, size and complexity than with all electric utilities
regardless of size as represented in the EEI Electric Utilities Index.

In November of 1995,1998, the Committee recommended adjustments to the 19961999 salary
ranges for the Executive Officer group based on the annual Executive Officer
compensation review completed by the Committee. Because Executive Officer
salaries remained low versus the comparison group, salaryreferenced above. Salary adjustments for 1996
were higher, averaging1999 averaged
approximately 913 percent, to move them nearer (but slightly below) the median of
the comparison group. The 1999 adjustment percentage is higher than it has been
in the past because of some organizational changes at the Executive Officer
level and the appointment of some new officers. The Committee considered each of
the factors discussed above but did not assign a formal weighting for each
factor.

SHORT-TERM INCENTIVE COMPENSATION

The Company'sCommittee implemented the Idaho Power Executive Annual Incentive Plan implemented oneffective
January 1, 19951998 (Executive Incentive Plan). This Incentive Plan ties a portion
of each executive's annual compensation to achieving annual operational
andcertain financial goals.
The incentive awards are based upon pre-established
performanceFor 1999, the established financial goals to promote safety, measure customer satisfaction, control
capital expenditures, control operation and maintenance expenses and increase
annualwere in the areas of earnings per
share.share and return on common equity. Each goal is designed with a minimum target and
maximum performance payoutor
threshold level and is weighted evenly at 20 percenta series of five levels above the threshold with each level
having a multiplier which increases as the performance requirement under the
goal increases. The threshold level for each
of the five goals. The safety goal measures Company performance in four
areas--cumulative accidents (75 or less), lost time accidents (18 or less), lost
time hours (1,600 or less) and no employee fatalities. In the safety area, the
level of payout is based on the number of goals achieved. The customer
satisfaction goal was added to the plan in January 1, 1996. This goal measures
Company performance relative to a secure customer index (SCI). The SCI
identifies the percentage of customers who are secure or are likely to continue
using the Company's products and services. For 1996, the SCI goal was
established at minimum 35 percent, target 36 percent and maximum 37 percent. The
financial goals measure Company performance in three areas--capital expenditures
(minimum $90.0 million, target $88.2 million and maximum $87.3 million), other
operational and maintenance expenses (minimum $176.7 million, target $173.4
million and maximum $170.1 million), and earnings per share (minimum $2.12,
target $2.16 andwas $2.30 per share
with a multiplier of .25; the maximum $2.22).level was $2.42 per share with a 1.00
multiplier. In 1999, IDACORP earned $2.43 per share. The threshold level for
return on common equity was 11.5 percent with a multiplier of .25 with the
highest level at 12.1 percent with a 1.00 multiplier. In 1999, IDACORP's return
on common equity was 12.14 percent. The award opportunities vary by position as
a percentage of base salary with the award opportunities for the Executive Officersofficers
ranging from 6.5a minimum of 7.5 percent to a maximum of 30 percent. The Executive
Incentive Plan does not permit the payment of awards if minimumthere is no payment of
awards under the Employee Incentive Plan. The performance levels within each
goal were established based upon the performance in previous years with the
higher levels requiring achieving goals are met to 19.5 percent ifin excess of performance in previous
years in each goal. In 1999, IDACORP achieved the maximum
goals are met. The target level is reviewed annually as part of the annual
Executive Officer compensation review referenced above and is set at a level
below the median target levels among the comparison group. In 1996, the Company
achieved a level of performance
averaging near the target level for the five
performance goalseach goal,

and as a result, the Executive Officers will receive awards
of 14.7 percent of their salaries. These awardsreceived the maximum award under the
Incentive Plan. Awards under the Executive Annual Incentive Plan are reflected in the
bonus column of the Summary Compensation Table.table.

LONG-TERM INCENTIVE COMPENSATION

The 1994 Restricted Stock Plan ("Plan"), approved by shareholders at the May
1994 Annual Meeting, was implemented in January 1995 as an equity-based
long-term incentive plan. A secondnew grant under the Plan was made to all officers
in January 1996,1999,
with a three-year restricted period beginning January 1, 1996,1999 and ending
December 31, 1998,2001, with a single financial performance goal of Cumulative
Earnings Per SharesShare ("CEPS"). In January of 1997, a grant was made under the Plan
for a three year restricted period through December 31, 1999, with a target CEPS
of $6.75. The total CEPS for the three year restricted period was $7.12
resulting in awards earned for 1999 at the maximum level for all named
executives. To receive a final share award after
the restricted period ends each officer must be employed, by the Company, as an
officer, during the entire restricted period (with certain exceptions), and
the
CompanyIDACORP must achieve the CEPS performance goal established by the Board of
Directors. The restricted stock grant percentage (a percentage of base salary
converted into shares of stock based upon the closing stock price for a share of
CompanyIDACORP common stock on December 31 1996)of the year preceding the grant) varied by
position with the percentages for the Chief Executive Officer and the President and Chief
Operating Officer ranging from a
minimum of 1218 percent to a maximum of 36
percent and53 percent. For all other Executive
Officers, the other officers receiving percentages rangingpercentage ranged from a minimum of 910 percent to a maximum of 2745
percent. The target grant percentages for new grants are reviewed annually as
part of the annual Executive Officer compensation review referenced above and
the 19961999 grants were established at a level below the median target levels among the
comparison group.

The Company has no policy regarding the deductibility of qualifying1999 compensation paid to Executive OfficersIDACORP and Idaho Power executive officers
qualified as fully deductible under federal tax laws. The Committee continues to
review the impact of federal tax laws on executive compensation, including
Section 162(m) of the Internal Revenue Code. CEOShareholders of IDACORP are being
asked to the 2000 Annual Meeting to approve the IDACORP 2000 Long-Term Incentive
and Compensation Plan, which includes terms to permit deductibility of certain
grants under the plan under Section 162(m).

INCENTIVE COMPENSATION PLANS - PERFORMANCE

Since 1995, the Committee has been adjusting executive compensation to place a
higher percentage of total executive compensation at risk with the at risk
portion tied to corporate financial performance. This adjustment has been
accomplished by aligning the short-term and long-term incentive plans with
certain financial goals and making the plans a larger percentage of the
executive's total compensation. To date, the Committee feels this approach has
proven successful and has presented high performance expectations to management
in the past and for 2000 and beyond. The Committee believes that a brief review
of corporate financial performance under the short-term and long-term incentive
plans is appropriate in this Report.

The 1994 Restricted Stock Plan is a long-term equity based incentive plan with a
single financial performance goal of cumulative earnings per share (CEPS) over a
three year restricted period. For the three year period (1992-1994) prior to the
establishment of goals under and implementation of the Restricted Stock Plan,
Idaho Power earned a total CEPS of $5.49. In January of 1995, a grant was made
under the Restricted Stock Plan for a three year restricted period through
December 31, 1997 with a target CEPS of $6.00. Earnings improved steadily over
the three year restricted period - $2.10 in 1995, $2.21 in 1996 COMPENSATIONand $2.32 in
1997 for a total CEPS of $6.63. This resulted in grants earned at the maximum
level for all named executives. For

the three year period (1993-1995) prior to the establishment of goals for the
second restricted period (1996- 1998), Idaho Power earned a total CEPS of $6.04.
In January of 1996, a grant was made under the Restricted Stock Plan for a three
year restricted period through December 31, 1998 with a target CEPS of $6.60.
Earnings continued to improve steadily over the three year restricted period -
$2.21 in 1996, $2.32 in 1997 and $2.37 in 1998, for a total CEPS of $6.90
resulting in grants earned at the maximum level for all named executives. For
the three year period (1994-1996) prior to the establishment of goals for a
third restricted period (1997-1999), Idaho Power earned a total CEPS of $6.11.
In January of 1997, a grant was made under the Restricted Stock Plan for a three
year restricted period through December 31, 1999, with a target CEPS of $6.75.
Earnings continued to improve steadily over the three year restricted period -
$2.32 in 1997, $2.37 in 1998 and $2.43 in 1999 for a total CEPS of $7.12
resulting in grants earned at the maximum level for all name executives. The
Committee has continued to increase the grant percentage (a percentage of base
salary converted into shares of stock) and the financial goal (CEPS) in
connection with grants under the Restricted Stock Plan in January of 1998, 1999
and 2000.

In January 1995, the Committee adopted an Executive Annual Incentive Plan. The
Plan was a short-term cash-based incentive plan with a series of four evenly
weighted performance goals designed to promote safety, control capital and
operation and maintenance expenditures and increase annual earnings per share.
In 1995, Idaho Power achieved the maximum level of performance for each goal
area including the earnings per share level. In 1996, a fifth goal - customer
satisfaction - was established with all five goals evenly weighted and Idaho
Power achieved a level of performance averaging near the target level, with the
earnings per share set at a maximum of $2.22 compared with actual earnings of
$2.21. In 1997, the Executive Annual Incentive Plan was suspended and the
executive officers participated in Idaho Power's Employee Incentive Plan. In
1998, the Committee adopted a new Executive Incentive Plan which is described in
the Short-Term Incentive Compensation section of this report. The 1998 Plan had
purely financial goals, earnings per share, return on common equity and capital
and O&M budget expense levels, and the Plan does not permit the payment of
awards if there is no payment of awards made under the Employee Incentive Plan.
In 1998, the Company achieved the maximum level of performance for each goal. In
1999, the Committee eliminated the capital and O&M budget expense goal leaving
two financial goals, earnings per share and return on common equity. The
Committee has continued to increase the target percentage of base salary and the
financial goals in connection with awards under the Executive Incentive Plan.

The Committee would like to point out that the Snake River Basin has experienced
above normal water conditions in each year of the last five years, 1995 through
1999, which has favorably influenced earnings and benefitted all IDACORP
shareholders.

CEO SALARY - 1999

Mr. Marshall

In January 1999, Mr. Marshall who hashad served as Chief Executive Officer since
1989, was granted a salary increase of approximately 73 percent. The
competitiveness of Mr. Marshall's salary iswas reviewed annually based upon
comparisons with salaries of chief executive officers of comparable utilities
with annual revenues ranging from $500 million to $700 million.$1 billion. The competitive
point for Mr. Marshall's salary was targeted near the median of this comparison.
The actual 1999 salary adjustment for Mr. Marshall was slightly above the median
of salary levels for chief executive officers of the comparison utility group
and was based on the level

of his responsibilities, the depth of his experience, his job performance and
the overall competitive level of his current compensation based on the annual
Executive Officer compensation review referenced above. The Committee considered
each of these factors but did not assign a formal weighting for each factor. Mr.
Marshall retired at the end of September 1999.

Mr. Marshall was a participant in the Executive Incentive Plan with a 1999 award
opportunity ranging from a minimum of 7.5 percent to a maximum of 30 percent of
base salary. This award level was established based upon the Executive Officer
compensation review referenced above. In 1999, the Company achieved the maximum
level of performance for each goal area, and as a result, Mr. Marshall will
receive an award under the Executive Incentive Plan of 30 percent of his base
salary, prorated for nine months of service. Mr. Marshall was a participant in
the Restricted Stock Plan as discussed above. In January of 1997, a grant was
made to Mr. Marshall under the Restricted Stock Plan for a three year restricted
period through December 31, 1999. The Company achieved the maximum level of
performance for the three year restricted period and as a result, Mr. Marshall
will receive an award at the maximum level of 45 percent in 1999. In addition,
he received a stock grant at the target level of 35 percent in 1999. Mr.
Marshall will receive a final share award after the restricted period ends in
December 2001 if IDACORP achieves its CEPS performance goal established by the
Board of Directors. The awards will be prorated based on the number of whole
months during the Restricted Period prior to Mr. Marshall's retirement.

Mr. Packwood

In June of 1999, Mr. Packwood replaced Mr. Marshall as Chief Executive Officer
and was granted a salary increase of 25 percent. The competitiveness of Mr.
Packwood's salary will be reviewed annually based upon comparisons with salaries
of chief executive officers of comparable utilities with annual revenues ranging
from $500 million to $1 billion. The competitive point for Mr. Packwood's salary
is targeted near the median of this comparison. The actual 19961999 salary
adjustment for Mr. MarshallPackwood placed him below the median of salary levels for
chief executive officers of the comparison utility group and is based on the
level of his responsibilities, the depth of his experience, his job performance
and the overall competitive level of his current compensation based on the
annual Executive Officer compensation review referenced above and was near the median
of salary levels for chief executive officers of the comparison utility group.above. The Committee
considered each of these factors but did not assign a formal weighting for each
factor.

Mr. MarshallPackwood is a participant underin the Executive
Annual Incentive Plan with a 19961999 award
opportunity ranging from a minimum of 6.57.5 percent to a maximum of 19.530 percent of
base salary. This award level was established based upon the executive annualExecutive Officer
compensation review referenced above
and was approximately one-half of the median level award opportunities for chief
executive officers of the comparison utility group.above. In 1996,1999, the Company achieved athe maximum
level of performance near the target level under the Executive Annual
Incentive Plan,for each goal area, and as a result, Mr. MarshallPackwood will
receive an award under the Executive Incentive Plan of 14.730 percent of his base
salary. In addition Mr. MarshallPackwood is a participant in the Restricted Stock Plan as discussed
aboveabove. In January of 1997, a grant was made to Mr. Packwood under the Restricted
Stock Plan for a three year restricted period through December 31, 1999. The
Company achieved the maximum level of performance for the three year restricted
period and as a result, Mr. Packwood will receive an award at the maximum level
of 42 percent in 1999. In addition, he received a stock grant at the target
level of 2435 percent in 19961999 and will receive a final share award after the
restricted period ends in December 2001 if he remains employed by the Company as
an officer during the entire restricted period (with certain exceptions) and
the CompanyIDACORP achieves its CEPS performance goal established by the Board of
Directors.

John B. Carley, Chairman Evelyn Loveless
Peter T. Johnson Peter S. O'Neill

IDACORP AND IDAHO POWER
SUMMARY COMPENSATION TABLE

LONG-TERM
COMPENSATION
------------
ANNUAL
COMPENSATION LONG-TERM COMPENSATION
------------------- ------------------------------------
AWARDS
PAYOUTS
------------------------- ------------------- ------
RESTRICTED
STOCK ALL OTHER SECURITIES ALL
ANNUAL RESTRICTED UNDERLYING OTHER
COMPEN- STOCK OPTIONS/ LTIP COMPEN-
NAME AND SALARY BONUS SATION(1) AWARD(S)(2) SARs PAYOUTS SATION(3)(1) COMPENSATION(2)
PRINCIPAL POSITION YEAR ($) ($) ($) ($)
(#) ($) ($)
- ---------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------

Joseph W. Marshall 1996 400,000 56,990 - 96,000 0 0 6,000(3) 1999 348,461 101,925 158,550 6,400
Chairman of the Board 1995 375,000 73,125 - 69,090 0 0 6,0001998 440,000 132,000 154,000 6,400
and Chief Executive 1994 350,000 0 - 0 0 0 6,0001997 420,000 32,760 126,000 6,400
Officer, Larry R. Gunnoe 1996 270,000 38,470 - 64,800 0 0 6,000
PresidentIDACORP and
1995 240,000 46,800 - 43,710 0 0 6,000
Chief Operating Officer1994 220,000 0 - 0 0 0 6,000Idaho Power

Jan B. Packwood 1996 182,000 25,049 - 30,600 0 0 6,000
ExecutiveVice President1995 155,000 30,225 - 18,330 0 0 6,000
1994 149,000 0 - 0 0 0 5,960
Douglas H. Jackson 1996 170,000 24,222 - 30,600 0 0 5,449
Vice President- 1995 155,000 30,225 - 18,330 0 0 6,000
Retail Services 1994 145,000 0 - 0 0 0 5,8001999 343,269 112,500 90,000 6,400
President and 1998 250,000 75,000 75,000 6,400
Chief Executive Office 1997 207,692 16,200 56,000 5,873
IDACORP and Idaho
Power

J. LaMont Keen 1996 170,000 24,222 - 30,600 0 0 6,0001999 215,692 65,400 61,800 6,400
Sr. Vice President - 1998 200,000 60,000 60,000 6,400
Administration & Chief 1995 152,000 29,640 - 18,330 0 0 6,0001997 178,000 13,884 49,840 6,400
Financial Officer,
IDACORP and Idaho
Power

James C. Miller 1999 146,923 42,000 35,000 4,867
Sr. Vice President - 1998 128,000 38,400 32,000 4,095
Delivery, Idaho Power 1997 120,000 9,360 10,140 3,278

Richard Riazzi 1999 226,692 68,700 54,250 5,686
Sr. Vice President - 1998 210,000 60,202 52,500 4,543
Generation & 1994 141,000 0Marketing 1997 181,450 14,153 64,640 --
IDACORP and Idaho
Power

Kip W. Runyan (4) 1999 163,392 49,050 -0- 60,900
Sr. Vice President - 0 0 0 5,640
Treasurer1998 192,000 57,600 48,000 6,400
Delivery, Idaho Power 1997 173,010 70,875 14,846 4,940

Robert W. Stahman 1999 155,000 46,500 38,750 6,400
Vice President, Genera1 1998 150,000 45,000 37,500 6,400
Counsel and Secretary 1997 144,000 11,232 34,560 5,760

- -------------------------------

(1) The aggregate value of perks/personal benefits for each named Executive
Officer is substantially less than the minimum disclosure requirements.

(2) The amounts shown in the "Restricted Stock Awards" column for 1995 and 1996
reflect the value (as of December 31, 1994 for 1995 and as of December 31,
1995 for 1996) of the Restricted Stock Awards made under the Restricted
Stock Plan described in the Compensation Committee Report.

Aggregate restricted stock holdings as of December 31, 19961999 are as
follows: Mr. Marshall held 6,14011,341 ($191,107)410,402) shares of restricted stock; Mr.
GunnoePackwood held 4,0204,812 ($125,122)174,134) shares of restricted stock; Messrs. Packwood, Jackson
andMr. Keen each held
1,8004,216 ($56,025)152,567) shares of restricted stock.stock; Mr. Miller held 2,143 ($57,459)
shares of restricted stock; Mr. Riazzi held 3,113 ($112,652) shares of
restricted stock; Mr. Runyan held 1,753 ($63,437) shares of restricted
stock; Mr. Stahman held 3,178 shares of restricted stock ($85,210).
Dividends are paid on restricted stock when and as paid on the Company'sIDACORP
Common Stock.

(3)(2) Represents the Company's contribution to the Employee Savings Plan (401-k
plan).

(3) Mr. Marshall retired as Chairman of the Board and Chief Executive Officer
effective September 30, 1999.

(4) Mr. Runyan resigned his position as Senior Vice President - Delivery for
Idaho Power effective September 30, 1999. In connection with his
resignation, the Company has agreed to pay Mr. Runyan an amount of money
equal to his base salary for a period of twenty-four months.

DIRECTOR COMPENSATION

DirectorsDuring 1999, each Director who arewas not employeesan employee of the Company receive $600IDACORP or Idaho Power
received $800 for each Board meeting and for each committee meeting attended.
In addition, non-employeeNon-employee Directors who are chairmenchairman of Board committees receive $1,200received $1,840 per
month; other non-employee Directors receive $1,000received $1,670 per month. The Company permitsIn addition, each
Director received an annual stock grant under the Director Stock Grant Program
of IDACORP, Inc., common stock equal to $6,000, or 181 shares, in June of 1999.
Mr. Miller was elected non- executive Chairman of the Board of IDACORP and Idaho
Power effective June 1, 1999. His compensation consists of a monthly retainer of
$3,000 per month and the annual stock grant under the Director Stock Grant
Program of $6,000, or 181 shares, in 1999. Mr. Miller does not receive meeting
fees for either Board or committee meetings. Directors tomay defer all or a
portion of any retainers and meeting fees under a deferred compensation plan.
Under the plan, at retirement Directors may elect to receive one lump-sum
payment of all amounts deferred with interest, or a series of up to 10 equal
annual payments, depending upon the specific deferral arrangement. A special
account is maintained on the Company's books showing the amounts deferred and the interest
accrued thereon. The Directors participate in a non-qualified deferred
compensation plan (a non-qualified defined benefit plan for Directors) that is
financed by life insurance on the participants and provides, upon retirement
from the Idaho Power Board, for the payment of $17,500 per year for a period of
15 years.

Since each director serves on both the IDACORP and Idaho Power Boards and on the
same committees of each Board, the monthly retainer applies to service on both
Boards as do meeting fees for the Board meetings and for each committee which
has a corresponding committee at both companies. The practice generally is that
meetings of the IDACORP and Idaho Power Boards and the corresponding committees
are held in conjunction with each other and a single meeting fee is paid to each
director for each set of meetings. Separate meeting fees will be paid in the
event a Board or committee meeting is not held in conjunction with a meeting of
the corresponding Board or committee and for those committee meetings which do
not have a corresponding committee.

COMPENSATION COMMITTEE INTERLOCKS
AND INSIDER PARTICIPATION

The members of the Compensation CommitteeCommittees for 19961999 were John B. Carley, Peter
T. Johnson, Evelyn Loveless and Peter S. O'Neill. O'Neill Enterprises, of which
Mr. O'Neill is President, is the developer of the Surprise Valley Partnership,
which is developing a residential community in southeast Boise. In May of 1995,
the
CompanyIdaho Power entered into an agreement leasing approximately 48.21 acres to
Surprise Valley Partnership for 10 years at a monthly rate of $1,118.75. The
lease payments were based on an 8 percent return on fair market value with the
fair market value of the leased land determined by independent appraisers. The
Company'sIdaho
Power's appraisal was provided by Nelson & Hastings, Real Estate Appraisers and
Consultants, with Brad Janoush Appraisal M.A.I. providing the appraisal for
Surprise Valley Partnership.

EMPLOYMENT CONTRACTS and CHANGE OF CONTROL ARRANGEMENTS

Idaho Power entered into an employment agreement in 1997 with Richard Riazzi,
Vice President -- Marketing and Sales, for a three-year term ending December
1999, with automatic one year extensions thereafter unless the parties agree to
terminate. The agreement provides for a minimum base salary of $191,000 per year
subject to annual review, a phantom stock award made in 1997, plus annual and
long-term incentive compensation opportunities. In the event of termination of
employment following a change of control, which is defined as the acquisition of
beneficial ownership of 20% of voting power, certain changes in the Board, or
approval by the shareholders of the liquidation, of certain merger or
consolidations or of certain transfers of assets, Mr. Riazzi will receive 18
months base salary plus the greater of two times the most recent annual bonus or
two times the average annual bonus for the three previous years, subject to any
limitations provided by Section 280G of the Internal Revenue Code.

IDACORP entered into Change of Control Agreements with the Named Officers in
September 1999, which become effective for a three-year period upon a change of
control of IDACORP. If a change of control occurs, the Agreements provide that
specified payments and benefits would be paid in the event of termination of the
Executive's employment (i) by IDACORP, other than for cause, death or
disability, or (ii) by the Executive for constructive discharge or retirement,
at any time when the Agreements are in effect. In such event, each of the Named
Officers would receive payment of an amount equal to two and one-half times his
annual compensation, which shall be the highest combined amount of base salary
and bonus received by the Named Officer in any one of the five years preceding
termination. In addition, under these Agreements, each of the Named Officers
would receive (i) the immediate vesting of restricted stock granted prior to the
change in control; (ii) outplacement services for 12 months not to exceed
$12,000; and (iii) all benefits for a period of 24 months under the welfare
benefit plans.

For these purposes "cause" means the Executive's fraud or dishonesty which has
resulted or is likely to result in material economic damage to IDACORP or a
subsidiary of IDACORP, as determined in good faith by a vote of at least
two-thirds of the non-employee directors of IDACORP at a meeting of the Board at
which the Executive is provided an opportunity to be heard. "Constructive
discharge" includes material failure by IDACORP to comply with the Agreement,
relocation, and certain reduction in compensation or benefits.

A "change of control" is defined as (i) the acquisition by a party or certain
related parties of 20% or more of IDACORP's voting securities; (ii) a purchase
by a person of 20% or more of the outstanding stock pursuant to a tender or
exchange offer; (iii) shareholder approval of a merger or similar transaction
after which IDACORP's shareholders will hold 50% or less of the voting
securities of the surviving entity or (iv) a change in a majority of the Board
of Directors within a 24-month period without the approval of two-thirds of the
members of the Board.

PERFORMANCE GRAPH

Comparison of Cumulative Total Return

[GRAPHIC OMITTED]

Source: Zacks Investment Research, Inc.
and Edison Electric Institute

The table shows a Comparison of Five-Year Cumulative Total Shareholder Return
for Idaho Power CompanyIDACORP Common Stock, the S&P 500 Index and the Edison Electric Institute
(EEI) 100 Electric Utilities Index. The data assumes that $100 was invested on
December 31, 1991,1994, with beginning-of- periodbeginning-of-period weighting of the peer group indices
(based on market capitalization) and monthly compounding of returns. As of
October 1, 1998, all outstanding shares of Idaho Power common stock were
exchanged on a share-for-share basis for IDACORP common stock.

EEI 100
Idaho PowerIDACORP S & P 500 Electric Utilities
1991 100.00 100.00 100.00
1992 102.59 107.62 107.59
1993 120.41 118.46 119.58------- --------- ------------------
1994 100.15 120.03 105.74$100.00 $100.00 $100.00
1995 137.37 137.58 165.13 138.55131.02
1996 151.74 203.05 140.22151.51 169.17 132.59
1997 194.34 225.60 168.88
1998 197.74 290.08 192.34
1999 155.40 351.12 156.57

RETIREMENT BENEFITS

The following table sets forth the estimated annual retirement benefits payable
under the Company'sIdaho Power Retirement Plan (a qualified defined benefit pension plan
for all regular employees) and under the Company'sIdaho Power Security Plan for Senior
Management Employees (a non-qualified defined benefit plan for senior management
employees). PENSION PLAN TABLE

REMUNERATION YEARS OF SERVICE
- --------------------------------------------------------------------------------
15 20 25 30 35 40
$ 75,000 $ 45,000The plans cover employees of IDACORP and Idaho Power.

PENSION PLAN TABLE

REMUNERATION YEARS OF SERVICE
- ----------------------------------------------------------------------------------------------
15 20 25 30 35 40

$ 75,000 $45,000 $48,750 $52,500 $56,250 $56,250 $56,250
$100,000 $60,000 $65,000 $70,000 $75,000 $75,000 $75,000
$125,000 $75,000 $81,250 $87,500 $93,750 $93,750 $93,750
$150,000 $90,000 $97,500 $105,000 $112,500 $112,500 $112,500
$175,000 $105,000 $113,750 $122,500 $131,250 $131,250 $131,250
$200,000 $120,000 $130,000 $140,000 $150,000 $150,000 $150,000
$225,000 $135,000 $146,250 $157,500 $168,750 $168,750 $168,750
$250,000 $150,000 $162,500 $175,000 $187,500 $187,500 $187,500
$275,000 $165,000 $178,750 $192,500 $206,250 $206,250 $206,250
$300,000 $180,000 $195,000 $210,000 $225,000 $225,000 $225,000
$325,000 $195,000 $211,250 $227,500 $243,750 $243,750 $243,750
$350,000 $210,000 $227,500 $245,000 $262,500 $262,500 $262,500
$375,000 $225,000 $243,750 $262,500 $281,250 $281,250 $281,250
$400,000 $240,000 $260,000 $280,000 $300,000 $300,000 $300,000
$450,000 $270,000 $292,500 $315,000 $337,500 $337,500 $337,500
$500,000 $300,000 $325,000 $350,000 $375,000 $375,000 $375,000

Benefits under the Retirement Plan for senior management employees at normal
retirement age are calculated on years of credited service using the average of
the highest five consecutive years' salary plus bonus (as reported in the
Summary Compensation Table) in the last 10 years before retirement. Benefits
under the Security Plan for Senior Management Employees are based upon a similar
average of the highest five consecutive years of salary plus bonus in the last
10 years before retirement, a normal retirement age of 62 years, years of
participation as a senior management employee, and are payable over the
participant's lifetime. Generally, total retirement benefits from the Retirement
Plan and Security Plan for Senior Management Employees will range from 60
percent to 75 percent of the participant's average salary plus bonus in the
highest five consecutive years in the last 10 years of employment. The Security
Plan is financed by life insurance on the participants and is designed so that
if assumptions made as to mortality expectation, policy dividends and other
factors are realized, the CompanyIdaho Power will recover the cost of this plan. Effective
August 1, 1996, the CompanyIdaho Power terminated its Supplemental Employee Retirement Plan
(a non-qualified plan that provided benefits that would otherwise have been
denied participants by reason of certain Internal Revenue Code limitations on
qualified plan benefits). Benefits payable from the Retirement Plan and the
Security Plan are included in the table above. Benefits shown above are not
subject to any deduction for Social Security benefits or other offset amounts.

As of December 31, 1996,1999, the final five-year average salary plus bonus under the
retirement plans as referred to above for the five Executive Officers named in the
Summary Compensation Table are: Mr. Marshall, $362,625.00; Mr. Gunnoe,
$227,160.00;$477,443;

Mr. Packwood, $153,645.03;$256,443; Mr. Jackson, $150,111.68;Keen, $209,136; Mr. Riazzi, $233,477; Mr. Runyan,
$230,410; Mr. Miller, $127,239; and Mr. Keen,
$148,261.34.Stahman, $163,884. Years of credited
service under the Retirement Plan and years of participation as a senior
management employee are, respectively: Mr. Marshall, 27, 20; Mr. Gunnoe, 28, 21;30, 22; Mr. Packwood, 27, 20;30,
23; Mr. Jackson, 40, 20;Keen, 26, 17; Mr. Runyan, 15, 10; Mr. Miller 23, 10; and Mr. Keen, 23, 14.Stahman 22,
17. Mr. Riazzi has three years of credited service, but has not vested in the
plan.

ANNUAL REPORT

The Company's 1996IDACORP's 1999 annual report to shareholders, including financial statements for
1994, 19951997, 1998 and 1996,1999, was mailed on or about March 14, 1997,30, 2000, to all shareholders
of record,record. Idaho Power financial statements for 1997, 1998 and copies have been1999 included in
the joint Annual Report on Form 10-K were mailed to all persons becomingIdaho Power shareholders of
record upon or about March 30, 2000.

2001 JOINT ANNUAL MEETING OF SHAREHOLDERS

Nominations for Director may be made only by the Board of Directors or by a
shareholder entitled to vote who has delivered written notice to the Secretary
of IDACORP or Idaho Power, as the case may be, not earlier than 90 days, and includingnot
later than 60 days, prior to the stock record date for thefirst anniversary of this annual meeting.

The rulesRule 14a-4 of the Securities and Exchange Commission require thatCommission's proxy rules allows a
company to use discretionary voting authority to vote on matters coming before
an annual report accompanymeeting of shareholders, if the company does not have notice of the
matter at least 45 days before the date corresponding to the date on which the
company first mailed its proxy materials for prior year's annual meeting of
shareholders or precedethe date specified by an advance notice provision in the
company's bylaws. The Bylaws of IDACORP and Idaho Power contain such an advance
notice provision. Under the Bylaws, no business may be brought before an annual
meeting of the shareholders except as specified in the notice of the meeting or
as otherwise properly brought before the meeting by or at the direction of the
Board or by a shareholder entitled to vote who has delivered written notice to
the Secretary of IDACORP or Idaho Power, as the case may be, not earlier than 90
days, and not later than 60 days, prior to the first anniversary of this annual
meeting.

For the 2001 Joint Annual Meeting of Shareholders, expected to be held on May
17, 2001, IDACORP and Idaho Power shareholders must submit such nominations or
proposals to the Secretary of IDACORP or Idaho Power, as the case may be, no
earlier than February 9, 2001 and no later than March 12, 2001.

The requirements referred to above are separate and apart from the Securities
and Exchange Commission's requirements that a shareholder must meet in order to
have a shareholder proposal included in the proxy materials. However, no more than
one annual report needstatement under Rule 14a-8.
For the 2001 Joint Annual Meeting of Shareholders expected to be sentheld on May 17,
2001, any shareholder who wishes to submit a proposal for inclusion in the joint
proxy materials pursuant to Rule 14a-8 must submit such proposal to the
same address. If more than one annual
report is being sent to your address and you wish to reduce the number of annual
reports you receive, please mark the Discontinue Annual Report Mailing box in
the Special Action area on the proxy card.

SHAREHOLDER PROPOSALS

Any proposal which a shareholder intends to present for action at the Company's
1998 Annual Meeting must be received by the Corporate Secretary of IDACORP or Idaho Power, as the Company
at the Company's corporate headquarters by 5:00 P. M.case may be, on or before November
24,
1997, if it is to be considered for inclusion in the Proxy Statement and proxy
card(s) for the Annual Meeting of Shareholders.30, 2000.

It is requested that each shareholder who cannot attend the meeting send in his
or her proxy or proxies without delay.

PROXY
IDAHO POWER COMPANY
ANNUAL

Exhibit A

IDACORP, INC.
2000 LONG-TERM INCENTIVE AND COMPENSATION PLAN

Article 1. Establishment, Purpose and Duration

1.1 Establishment of the Plan. IDACORP, Inc., an Idaho corporation
(hereinafter referred to as the "Company"), hereby establishes an incentive and
compensation plan for officers, key employees and directors, to be known as the
"IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan" (hereinafter
referred to as the "Plan"), as set forth in this document. The Plan permits the
grant of nonqualified stock options (NQSO), incentive stock options (ISO), stock
appreciation rights (SAR), restricted stock, restricted stock units, performance
units, performance shares and other awards.

The Plan shall become effective when approved by the shareholders at the
2000 Annual Meeting of Shareholders (the "Effective Date") and shall remain in
effect as provided in Section 1.3 herein.

1.2 Purpose of the Plan. The purpose of the Plan is to promote the success
and enhance the value of the Company by linking the personal interests of
Participants to those of Company shareholders and customers.

The Plan is further intended to provide flexibility to the Company in its
ability to motivate, attract and retain the services of Participants upon whose
judgment, interest and special effort the successful conduct of its operations
is largely dependent.

1.3 Duration of the Plan. The Plan shall commence on the Effective Date, as
described in Section 1.1 herein, and shall remain in effect, subject to the
right of the Board of Directors to terminate the Plan at any time pursuant to
Article 15 herein, until all Shares subject to it shall have been purchased or
acquired according to the Plan's provisions.

Article 2. Definitions

Whenever used in the Plan, the following terms shall have the meanings set
forth below and, when such meaning is intended, the initial letter of the word
is capitalized:

2.1 Award means, individually or collectively, a grant under the Plan of
NQSOs, ISOs, SARs, Restricted Stock, Restricted Stock Units, Performance Units,
Performance Shares or any other type of award permitted under Article 10 of the
Plan.

2.2 Award Agreement means an agreement entered into by each Participant and
the Company, setting forth the terms and provisions applicable to an Award
granted to a Participant under the Plan.

2.3 Base Value of an SAR shall have the meaning set forth in Section 7.1
herein.

2.4 Board or Board of Directors means the Board of Directors of the
Company.

2.5 Change in Control means the earliest of the following to occur:

(a) the public announcement by the Company or by any person (which
shall not include the Company, any subsidiary of the Company or any
employee benefit plan of the Company or of any subsidiary of the Company)
("Person") that such Person, who or which, together with all Affiliates and
Associates (within the meanings ascribed to such terms in Rule 12b-2 of the
Exchange Act) of such Person, shall be the beneficial owner of twenty
percent (20%) or more of the voting stock then outstanding;

(b) the commencement of, or after the first public announcement of any
Person to commence, a tender or exchange offer the consummation of which
would result in any Person becoming the beneficial owner of voting stock
aggregating thirty percent (30%) or more of the then outstanding voting
stock;

(c) the announcement of any transaction relating to the Company
required to be described pursuant to the requirements of Item 6(e) of
Schedule 14A of Regulation 14A of the Securities and Exchange Commission
under the Exchange Act;

(d) a proposed change in the constituency of the Board such that,
during any period of two (2) consecutive years, individuals who at the
beginning of such period constitute the Board cease for any reason to
constitute at least a majority thereof, unless the election or nomination
for election by the shareholders of the Company of each new director was
approved by a vote of at least two-thirds (2/3) of the directors then still
in office who were members of the Board at the beginning of the period;

(e) the Company enters into an agreement of merger, consolidation,
share exchange or similar transaction with any other corporation other than
a transaction which would result in the Company's voting stock outstanding
immediately prior to the consummation of such transaction continuing to
represent (either by remaining outstanding or by being converted into
voting stock of the surviving entity) at least two-thirds of the

-2-

combined voting power of the Company's or such surviving entity's
outstanding voting stock immediately after such transaction;

(f) the Board approves a plan of liquidation or dissolution of the
Company or an agreement for the sale or disposition by the Company (in one
transaction or a series of transactions) of all or substantially all of the
Company's assets to a person or entity which is not an affiliate of the
Company other than a transaction(s) for the purpose of dividing the
Company's assets into separate distribution, transmission or generation
entities or such other entities as the Company may determine; or

(g) any other event which shall be deemed by a majority of the
Executive Committee of the Board to constitute a "Change in Control."

2.6 Code means the Internal Revenue Code of 1986, as amended from time to
time.

2.7 Committee means the committee, as specified in Article 3, appointed by
the Board to administer the Plan with respect to Awards.

2.8 Company means IDACORP, Inc., an Idaho corporation, or any successor
thereto as provided in Article 17 herein.

2.9 Covered Employee means any Participant who would be considered a
"covered employee" for purposes of Section 162(m) of the Code.

2.10 Director means any individual who is a member of the Board of
Directors of the Company.

2.11 Disability means the continuous inability of an Employee because of
illness or injury to engage in any occupation or employment for wage or profit
with the Company or any other employer (including self-employment) for which he
is reasonably qualified by education, training or experience. An Employee will
not be considered disabled during any period unless he is under the regular care
and attendance of a duly qualified physician.

2.12 Dividend Equivalent means, with respect to Shares subject to an Award,
a right to be paid an amount equal to dividends declared on an equal number of
outstanding Shares.

2.13 Eligible Person means a Person who is eligible to participate in the
Plan, as set forth in Section 5.1 herein.

2.14 Employee means an individual who is paid on the payroll of the Company
or of the Company's Subsidiaries, who is not covered by any collective
bargaining agreement to which the Company or any of its Subsidiaries is a party,
and is classified in the payroll system as a regular

-3-

full-time, part-time or temporary employee. For purposes of the Plan, transfer
of employment of a Participant between the Company and any one of its
Subsidiaries (or between Subsidiaries) shall not be deemed a termination of
employment.

2.15 Exchange Act means the Securities Exchange Act of 1934, as amended
from time to time, or any successor act thereto.

2.16 Exercise Period means the period during which an SAR or Option is
exercisable, as set forth in the related Award Agreement.

2.17 Fair Market Value means the average of the high and low sale prices as
reported in the consolidated transaction reporting system, or, if there was no
such sale on the relevant date, then on the last previous day on which a sale
was reported.

2.18 Freestanding SAR means an SAR that is not a Tandem SAR.

2.19 Incentive Stock Option or ISO means an option to purchase Shares,
granted under Article 6 herein, which is designated as an Incentive Stock Option
and satisfies the requirements of Section 422 of the Code.

2.20 Nonqualified Stock Option or NQSO means an option to purchase Shares,
granted under Article 6 herein, which is not intended to be an Incentive Stock
Option under Section 422 of the Code.

2.21 Option means an Incentive Stock Option or a Nonqualified Stock Option.

2.22 Option Exercise Price means the price at which a Share may be
purchased by a Participant pursuant to an Option, as determined by the Committee
and set forth in the Option Award Agreement.

2.23 Participant means an Eligible Person who has outstanding an Award
granted under the Plan.

2.24 Performance Goals means the performance goals established by the
Committee, which shall be based on one or more of the following measures: sales
or revenues, earnings per share, shareholder return and/or value, funds from
operations, operating income, gross income, net income, cash flow, return on
equity, return on capital, earnings before interest, operating ratios, stock
price, customer satisfaction, accomplishment of mergers, acquisitions,
dispositions or similar extraordinary business transactions, profit returns and
margins, financial return ratios and/or market performance. Performance goals
may be measured solely on a corporate, subsidiary or business unit basis, or a
combination thereof. Performance goals may reflect

-4-

absolute entity performance or a relative comparison of entity performance to
the performance of a peer group of entities or other external measure.

2.25 Performance Period means the time period during which Performance
Unit/Performance Share Performance Goals must be met.

2.26 Performance Share means an Award described in Article 9 herein.

2.27 Performance Unit means an Award described in Article 9 herein.

2.28 Period of Restriction means the period during which the transfer of
Restricted Stock is limited in some way, as provided in Article 8 herein.

2.29 Person shall have the meaning ascribed to such term in Section 3(a)(9)
of the Exchange Act, as used in Sections 13(d) and 14(d) thereof, including
usage in the definition of a "group" in Section 13(d) thereof.

2.30 Plan means the IDACORP, Inc. 2000 Long-Term Incentive and Compensation
Plan.

2.31 Qualified Restricted Stock means an Award of Restricted Stock
designated as Qualified Restricted Stock by the Committee at the time of grant
and intended to qualify for the exemption from the limitation on deductibility
imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C).

2.32 Qualified Restricted Stock Unit means an Award of Restricted Stock
Units designated as Qualified Restricted Stock Units by the Committee at the
time of grant and intended to qualify for the exemption from the limitation on
deductibility imposed by Section 162(m) of the Code that is set forth in Section
162(m)(4)(C).

2.33 Restricted Stock means an Award described in Article 8 herein.

2.34 Restricted Stock Unit means an Award described in Article 8 herein.

2.35 Retirement means a Participant's termination from employment with the
Company or a Subsidiary at the Participant's Early or Normal Retirement Date, as
applicable.

(a) Early Retirement Date -- shall mean the date on which a
Participant terminates employment, if such termination date
occurs on or after Participant's attainment of age fifty-five
(55) but prior to Participant's Normal Retirement Date.

-5-

(b) Normal Retirement Date -- shall mean the date on which the
Participant terminates employment, if such termination date
occurs on or after the Participant attains age sixty-two (62).

2.36 Securities Act means the Securities Act of 1933, as amended.

2.37 Shares means the shares of common stock, no par value, of the Company.

2.38 Stock Appreciation Right or SAR means a right, granted alone or in
connection with a related Option, designated as an SAR, to receive a payment on
the day the right is exercised, pursuant to the terms of Article 7 herein. Each
SAR shall be denominated in terms of one Share.

2.39 Subsidiary means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company if each of the
corporations other than the last corporation in the unbroken chain owns stock
possessing 50 percent or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain.

2.40 Tandem SAR means an SAR that is granted in connection with a related
Option, the exercise of which shall require forfeiture of the right to purchase
a Share under the related Option (and when a Share is purchased under the
Option, the Tandem SAR shall be similarly canceled).

Article 3. Administration

3.1 The Committee. The Plan shall be administered by the Compensation
Committee or such other committee (the "Committee") as the Board of Directors
shall select consisting solely of two or more members of the Board. The members
of the Committee shall be appointed from time to time by, and shall serve at the
discretion of, the Board of Directors.

3.2 Authority of the Committee. The Committee shall have full power except
as limited by law, the Articles of Incorporation or the Bylaws of the Company,
subject to such other restricting limitations or directions as may be imposed by
the Board and subject to the provisions herein, to determine the Eligible
Persons to receive Awards; to determine the size and types of Awards; to
determine the terms and conditions of such Awards; to construe and interpret the
Plan and any agreement or instrument entered into under the Plan; to establish,
amend or waive rules and regulations for the Plan's administration; and (subject
to the provisions of Article 15 herein) to amend the terms and conditions of any
outstanding Award. Further, the Committee shall make all other determinations
which may be necessary or advisable for the administration of the Plan. As
permitted by law, the Committee may delegate its authorities as identified
hereunder.

-6-

3.3 Restrictions on Distribution of Shares and Share Transferability.
Notwithstanding any other provision of the Plan, the Company shall have no
liability to deliver any Shares or benefits under the Plan unless such delivery
would comply with all applicable laws (including, without limitation, the
Securities Act) and applicable requirements of any securities exchange or
similar entity and unless the Participant's tax obligations have been satisfied
as set forth in Article 16. The Committee may impose such restrictions on any
Shares acquired pursuant to Awards under the Plan as it may deem advisable,
including, without limitation, restrictions to comply with applicable Federal
securities laws, with the requirements of any stock exchange or market upon
which such Shares are then listed and/or traded and with any blue sky or state
securities laws applicable to such Shares.

3.4 Decisions Binding. All determinations and decisions made by the
Committee pursuant to the provisions of the Plan and all related orders or
resolutions of the Board shall be final, conclusive and binding on all persons,
including the Company, its shareholders, Eligible Persons, Employees,
Participants and their estates and beneficiaries.

3.5 Costs. The Company shall pay all costs of administration of the Plan.

Article 4. Shares Subject to the Plan

4.1 Number of Shares. Subject to Section 4.2 herein, the maximum number of
Shares available for grant under the Plan shall be 750,000. Shares underlying
lapsed or forfeited Awards, or Awards that are not paid in Shares, may be reused
for other Awards; if the Option Exercise Price is satisfied by tendering Shares,
only the number of Shares issued net of the Shares tendered shall be deemed
issued under the Plan. Shares granted pursuant to the Plan may be (i) authorized
but unissued Shares of common stock, (ii) treasury shares or (iii) Shares
purchased on the open market.

4.2 Adjustments in Authorized Shares and Awards. In the event of any
merger, reorganization, consolidation, recapitalization, liquidation, stock
dividend, split-up, spin-off, stock split, reverse stock split, share
combination, share exchange or other change in the corporate structure of the
Company affecting the Shares, such adjustment shall be made in the outstanding
Awards, the number and class of Shares which may be delivered under the Plan,
and in the number and class of and/or price of Shares subject to outstanding
Awards granted under the Plan, as may be determined to be appropriate and
equitable by the Committee, in its sole discretion, to prevent dilution or
enlargement of rights. Notwithstanding the foregoing, (i) each such adjustment
with respect to an Incentive Stock Option shall comply with the rules of Section
424(a) of the Code and (ii) in no event shall any adjustment be made which would
render any Incentive Stock Option granted hereunder to be other than an
incentive stock option for purposes of Section 422 of the Code. In no event
shall the Committee have the right to amend an outstanding Option Award for the
sole purpose of reducing the exercise price thereof.

-7-

4.3 Individual Limitations. Subject to Section 4.2 above, (i) the total
number of Shares with respect to which Options or SARs may be granted in any
calendar year to any Covered Employee shall not exceed 100,000 Shares; (ii) the
total number of Qualified Restricted Stock Shares or Qualified Restricted Stock
Units that may be granted in any calendar year to any Covered Employee shall not
exceed 100,000 Shares or Units, as the case may be; (iii) the total number of
Performance Shares or Performance Units that may be granted in any calendar year
to any Covered Employee shall not exceed 100,000 Shares or Units, as the case
may be; (iv) the total number of Shares that are intended to qualify for
deduction under Section 162(m) of the Code granted pursuant to Article 10 herein
in any calendar year to any Covered Employee shall not exceed 100,000 Shares;
(v) the total cash Award that is intended to qualify for deduction under Section
162(m) of the Code that may be paid pursuant to Article 10 herein in any
calendar year to any Covered Employee shall not exceed $300,000; and (vi) the
aggregate number of Dividend Equivalents that are intended to qualify for
deduction under Section 162(m) of the Code that a Covered Employee may receive
in any calendar year shall not exceed 400,000.

Article 5. Eligibility and Participation

5.1 Eligibility. Persons eligible to participate in the Plan ("Eligible
Persons") include all officers, key employees and directors of the Company and
its Subsidiaries, as determined by the Committee.

5.2 Actual Participation. Subject to the provisions of the Plan, the
Committee may, from time to time, select from all Eligible Persons those to whom
Awards shall be granted.

Article 6. Stock Options

6.1 Grant of Options. Subject to the terms and conditions of the Plan,
Options may be granted to an Eligible Person at any time and from time to time,
as shall be determined by the Committee.

The Committee shall have complete discretion in determining the number of
Shares subject to Options granted to each Eligible Person (subject to Article 4
herein) and, consistent with the provisions of the Plan, in determining the
terms and conditions pertaining to such Options. The Committee may grant ISOs,
NQSOs or a combination thereof.

6.2 Option Award Agreement. Each Option grant shall be evidenced by an
Option Award Agreement that shall specify the Option Exercise Price, the term of
the Option, the number of Shares to which the Option pertains, the Exercise
Period and such other provisions as the Committee shall determine, including but
not limited to any rights to Dividend Equivalents. The Option Award Agreement
shall also specify whether the Option is intended to be an ISO or a NQSO.

-8-

6.3 Exercise of and Payment for Options. Options granted under the Plan
shall be exercisable at such times and shall be subject to such restrictions and
conditions as the Committee shall in each instance approve.

A Participant may exercise an Option at any time during the Exercise
Period. Options shall be exercised by the delivery of a written notice of
exercise to the Company, setting forth the number of Shares with respect to
which the Option is to be exercised, accompanied by provision for full payment
for the Shares.

The Option Exercise Price shall be payable: (a) in cash or its equivalent,
(b) by tendering previously acquired Shares having an aggregate Fair Market
Value at the time of exercise equal to the total Option Exercise Price, (c) by
broker-assisted cashless exercise or (d) by a combination of (a), (b) and/or
(c).

6.4 Termination. Each Option Award Agreement shall set forth the extent to
which the Participant shall have the right to exercise the Option following
termination of the Participant's employment with or service on the Board of the
Company and its Subsidiaries. Such provisions shall be determined in the sole
discretion of the Committee (subject to applicable law), shall be included in
the Option Award Agreement entered into with Participants, need not be uniform
among all Options granted pursuant to the Plan or among Participants and may
reflect distinctions based on the reasons for termination.

6.5 Transferability of Options. Except as otherwise determined by the
Committee, all Options granted to a Participant under the Plan shall be
exercisable during his or her lifetime only by such Participant, and no Option
granted under the Plan may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than by will or by the laws of descent and
distribution. ISOs are not transferable other than by will or by the laws of
descent and distribution.

Article 7. Stock Appreciation Rights

7.1 Grant of SARs. Subject to the terms and conditions of the Plan, an SAR
may be granted to an Eligible Person at any time and from time to time as shall
be determined by the Committee. The Committee may grant Freestanding SARs,
Tandem SARs or any combination of these forms of SARs.

The Committee shall have complete discretion in determining the number of
SARs granted to each Eligible Person (subject to Article 4 herein) and,
consistent with the provisions of the Plan, in determining the terms and
conditions pertaining to such SARs.

-9-

The Base Value of a Freestanding SAR shall equal the Fair Market Value of a
Share on the date of grant of the SAR. The Base Value of Tandem SARs shall equal
the Option Exercise Price of the related Option.

7.2 SAR Award Agreement. Each SAR grant shall be evidenced by an SAR Award
Agreement that shall specify the number of SARs granted, the Base Value, the
term of the SAR, the Exercise Period and such other provisions as the Committee
shall determine.

7.3 Exercise and Payment of SARs. Tandem SARs may be exercised for all or
part of the Shares subject to the related Option upon the surrender of the right
to exercise the equivalent portion of the related Option. A Tandem SAR may be
exercised only with respect to the Shares for which its related Option is then
exercisable.

Notwithstanding any other provision of the Plan to the contrary, with
respect to a Tandem SAR granted in connection with an ISO: (i) the Tandem SAR
will expire no later than the expiration of the underlying ISO; (ii) the value
of the payout with respect to the Tandem SAR may be for no more than one hundred
percent (100%) of the difference between the Option Exercise Price of the
underlying ISO and the Fair Market Value of the Shares subject to the underlying
ISO at the time the Tandem SAR is exercised; and (iii) the Tandem SAR may be
exercised only when the Fair Market Value of the Shares subject to the ISO
exceeds the Option Exercise Price of the ISO.

Freestanding SARs may be exercised upon whatever terms and conditions the
Committee, in its sole discretion, imposes upon them.

A Participant may exercise an SAR at any time during the Exercise Period.
SARs shall be exercised by the delivery of a written notice of exercise to the
Company, setting forth the number of SARs being exercised. Upon exercise of an
SAR, a Participant shall be entitled to receive payment from the Company in an
amount equal to the product of:

(a) the excess of (i) the Fair Market Value of a Share on the date of
exercise over (ii) the Base Value multiplied by

(b) the number of Shares with respect to which the SAR is exercised.

At the sole discretion of the Committee, the payment to the Participant
upon SAR exercise may be in cash, in Shares of equivalent value or in some
combination thereof.

7.4 Termination. Each SAR Award Agreement shall set forth the extent to
which the Participant shall have the right to exercise the SAR following
termination of the Participant's employment with or service on the Board of the
Company and its Subsidiaries. Such provisions shall be determined in the sole
discretion of the Committee, shall be included in the SAR Award

-10-

Agreement entered into with Participants, need not be uniform among all SARs
granted pursuant to the Plan or among Participants and may reflect distinctions
based on the reasons for termination.

7.5 Transferability of SARs. Except as otherwise determined by the
Committee, all SARs granted to a Participant under the Plan shall be exercisable
during his or her lifetime only by such Participant or his or her legal
representative, and no SAR granted under the Plan may be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated, other than by will or
by the laws of descent and distribution.

Article 8. Restricted Stock and Restricted Stock Units

8.1 Grant of Restricted Stock and Restricted Stock Units. Subject to the
terms and conditions of the Plan, Restricted Stock and/or Restricted Stock Units
may be granted to an Eligible Person at any time and from time to time, as shall
be determined by the Committee.

The Committee shall have complete discretion in determining the number of
shares of Restricted Stock and/or Restricted Stock Units granted to each
Eligible Person (subject to Article 4 herein) and, consistent with the
provisions of the Plan, in determining the terms and conditions pertaining to
such Awards.

In addition, the Committee may, prior to or at the time of grant, designate
an Award of Restricted Stock or Restricted Stock Units as Qualified Restricted
Stock or Qualified Restricted Stock Units, as the case may be, in which event it
will condition the grant or vesting, as applicable, of such Qualified Restricted
Stock or Qualified Restricted Stock Units, as the case may be, upon the
attainment of the Performance Goals selected by the Committee.

8.2 Restricted Stock/Restricted Stock Unit Award Agreement. Each grant of
Restricted Stock and/or Restricted Stock Units grant shall be evidenced by a
Restricted Stock and/or Restricted Stock Unit Award Agreement that shall specify
the number of shares of Restricted Stock and/or Restricted Stock Units granted,
the initial value (if applicable), the Period or Periods of Restriction, and
such other provisions as the Committee shall determine.

8.3 Transferability. Restricted Stock and Restricted Stock Units granted
hereunder may not be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated until the end of the applicable Period of Restriction
established by the Committee and specified in the Award Agreement. During the
applicable Period of Restriction, all rights with respect to the Restricted
Stock and Restricted Stock Units granted to a Participant under the Plan shall
be available during his or her lifetime only to such Participant or his or her
legal representative.

-11-

8.4 Certificates. No certificates representing Stock shall be issued until
such time as all restrictions applicable to such Shares have been satisfied.

8.5 Removal of Restrictions. Restricted Stock shall become freely
transferable by the Participant after the last day of the Period of Restriction
applicable thereto. Once Restricted Stock is released from the restrictions, the
Participant shall be entitled to receive a certificate. Payment of Restricted
Stock Units shall be made after the last day of the Period of Restriction
applicable thereto. The Committee, in its sole discretion, may pay Restricted
Stock Units in cash or in Shares (or in a combination thereof), which have an
aggregate Fair Market Value equal to the value of the Restricted Stock Units.

8.6 Voting Rights. During the Period of Restriction, Participants may
exercise full voting rights with respect to the Restricted Stock.

8.7 Dividends and Other Distributions. Subject to the Committee's right to
determine otherwise at the time of grant, during the Period of Restriction,
Participants shall receive all regular cash dividends paid with respect to the
Shares while they are so held. All other distributions paid with respect to such
Restricted Stock shall be credited to Participants subject to the same
restrictions on transferability and forfeitability as the Restricted Stock with
respect to which they were paid and shall be paid to the Participant promptly
after the full vesting of the Restricted Stock with respect to which such
distributions were made.

Rights, if any, to Dividend Equivalents on Restricted Stock Units shall be
established by the Committee at the time of grant and set forth in the Award
Agreement.

8.8 Termination. Each Restricted Stock/Restricted Stock Unit Award
Agreement shall set forth the extent to which the Participant shall have the
right to receive Restricted Stock and/or a Restricted Stock Unit payment
following termination of the Participant's employment with or service on the
Board of the Company and its Subsidiaries. Such provisions shall be determined
in the sole discretion of the Committee, shall be included in the Award
Agreement entered into with Participants, need not be uniform among all grants
of Restricted Stock/Restricted Stock Units or among Participants and may reflect
distinctions based on the reasons for termination.

Article 9. Performance Units and Performance Shares

9.1 Grant of Performance Units and Performance Shares. Subject to the terms
and conditions of the Plan, Performance Units and/or Performance Shares may be
granted to an Eligible Person at any time and from time to time, as shall be
determined by the Committee.

The Committee shall have complete discretion in determining the number of
Performance Units and/or Performance Shares granted to each Eligible Person
(subject to Article 4 herein) and,

-12-

consistent with the provisions of the Plan, in determining the terms and
conditions pertaining to such Awards.

9.2 Performance Unit/Performance Share Award Agreement. Each grant of
Performance Units and/or Performance Shares shall be evidenced by a Performance
Unit and/or Performance Share Award Agreement that shall specify the number of
Performance Units and/or Performance Shares granted, the initial value (if
applicable), the Performance Period, the Performance Goals and such other
provisions as the Committee shall determine, including but not limited to any
rights to Dividend Equivalents.

9.3 Value of Performance Units/Performance Shares. Each Performance Unit
shall have an initial value that is established by the Committee at the time of
grant. The value of a Performance Share shall be equal to the Fair Market Value
of a Share. The Committee shall set Performance Goals in its discretion which,
depending on the extent to which they are met, will determine the number and/or
value of Performance Units/Performance Shares that will be paid out to the
Participants.

9.4 Earning of Performance Units/Performance Shares. After the applicable
Performance Period has ended, the Participant shall be entitled to receive a
payout with respect to the Performance Units/Performance Shares earned by the
Participant over the Performance Period, to be determined as a function of the
extent to which the corresponding Performance Goals have been achieved.

9.5 Form and Timing of Payment of Performance Units/Performance Shares.
Payment of earned Performance Units/Performance Shares shall be made following
the close of the applicable Performance Period. The Committee, in its sole
discretion, may pay earned Performance Units/Shares in cash or in Shares (or in
a combination thereof), which have an aggregate Fair Market Value equal to the
value of the earned Performance Units/Shares at the close of the applicable
Performance Period. Such Shares may be granted subject to any restrictions
deemed appropriate by the Committee.

9.6 Termination. Each Performance Unit/Performance Share Award Agreement
shall set forth the extent to which the Participant shall have the right to
receive a Performance Unit/Performance Share payment following termination of
the Participant's employment with or service on the Board of the Company and its
Subsidiaries during a Performance Period. Such provisions shall be determined in
the sole discretion of the Committee, shall be included in the Award Agreement
entered into with Participants, need not be uniform among all grants of
Performance Units/Performance Shares or among Participants and may reflect
distinctions based on reasons for termination.

9.7 Transferability. Except as otherwise determined by the Committee, a
Participant's rights with respect to Performance Units/Performance Shares
granted under the Plan shall be

-13-

available during the Participant's lifetime only to such Participant or the
Participant's legal representative and Performance Units/Performance Shares may
not be sold, transferred, pledged, assigned or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution.

Article 10. Other Awards

The Committee shall have the right to grant other Awards which may include,
without limitation, the grant of Shares based on attainment of Performance Goals
established by the Committee, the payment of Shares in lieu of cash or cash
based on attainment of Performance Goals established by the Committee, and the
payment of Shares in lieu of cash under other Company incentive or bonus
programs. Payment under or settlement of any such Awards shall be made in such
manner and at such times as the Committee may determine.

Article 11. Beneficiary Designation

Each Participant under the Plan may, from time to time, name any
beneficiary or beneficiaries (who may be named contingently or successively) to
whom any benefit under the Plan is to be paid in case of the Participant's death
before the Participant receives any or all of such benefit. Each such
designation shall revoke all prior designations by the same Participant, shall
be in a form prescribed by the Company and will be effective only when filed by
the Participant in writing with the Company during the Participant's lifetime.
In the absence of any such designation, benefits remaining unpaid at the
Participant's death shall be paid to the Participant's estate.

The spouse of a married Participant domiciled in a community property
jurisdiction shall join in any designation of beneficiary or beneficiaries other
than the spouse.

Article 12. Deferrals

The Committee may permit a Participant to defer the Participant's receipt
of the payment of cash or the delivery of Shares that would otherwise be due to
such Participant under the Plan. If any such deferral election is permitted, the
Committee shall, in its sole discretion, establish rules and procedures for such
payment deferrals.

Article 13. Rights of Participants

13.1 Termination. Nothing in the Plan shall interfere with or limit in any
way the right of the Company or any Subsidiary to terminate any Participant's
employment or other relationship

-14-

with the Company or any Subsidiary at any time, for any reason or no reason in
the Company's or the Subsidiary's sole discretion, nor confer upon any
Participant any right to continue in the employ of, or otherwise in any
relationship with, the Company or any Subsidiary.

13.2 Participation. No Eligible Person shall have the right to be selected
to receive an Award under the Plan, or, having been so selected, to be selected
to receive a future Award.

13.3 Limitation of Implied Rights. Neither a Participant nor any other
Person shall, by reason of the Plan, acquire any right in or title to any
assets, funds or property of the Company or any Subsidiary whatsoever,
including, without limitation, any specific funds, assets or other property
which the Company or any Subsidiary, in their sole discretion, may set aside in
anticipation of a liability under the Plan. A Participant shall have only a
contractual right to the Shares or amounts, if any, payable under the Plan,
unsecured by any assets of the Company or any Subsidiary. Nothing contained in
the Plan shall constitute a guarantee that the assets of such companies shall be
sufficient to pay any benefits to any Person.

Except as otherwise provided in the Plan, no Award under the Plan shall
confer upon the holder thereof any right as a shareholder of the Company prior
to the date on which the individual fulfills all conditions for receipt of such
rights.

Article 14. Change in Control

The terms of this Article 14 shall immediately become operative, without
further action or consent by any person or entity, upon a Change in Control, and
once operative shall supersede and take control over any other provisions of
this Plan.

Upon a Change in Control

(a) Any and all Options and SARs granted hereunder shall become
immediately vested and exercisable;

(b) Any restriction periods and restrictions imposed on Restricted Stock,
Restricted Stock Units, Qualified Restricted Stock or Qualified
Restricted Stock Units shall be deemed to have expired; any
Performance Goals shall be deemed to have been met at the target
level; such Restricted Stock and Qualified Restricted Stock shall
become immediately vested in full, and such Restricted Stock Units and
Qualified Restricted Stock Units shall be paid out in cash; and

(c) The target payout opportunity attainable under all outstanding Awards
of Performance Units and Performance Shares and any other Awards shall
be deemed to have been fully earned for the entire Performance
Period(s) as of the effective

-15-

date of the Change in Control. All Awards shall become immediately
vested. All Performance Shares and other Awards denominated in Shares
shall be paid out in Shares, and all Performance Units and other
Awards shall be paid out in cash.

Article 15. Amendment, Modification and Termination

15.1 Amendment, Modification and Termination. The Board may, at any time
and from time to time, alter, amend, suspend or terminate the Plan in whole or
in part.

15.2 Awards Previously Granted. No termination, amendment or modification
of the Plan shall adversely affect in any material way any Award previously
granted under the Plan without the written consent of the Participant holding
such Award, unless such termination, modification or amendment is required by
applicable law and except as otherwise provided herein.

Article 16. Withholding

16.1 Tax Withholding. The Company shall have the power and the right to
deduct or withhold, or require a Participant to remit to the Company, an amount
(including any Shares withheld as provided below) sufficient to satisfy Federal,
state and local taxes (including the Participant's FICA obligation) required by
law to be withheld with respect to an Award made under the Plan.

16.2 Share Withholding. With respect to tax withholding required upon the
exercise of Options or SARs, upon the lapse of restrictions on Restricted Stock,
or upon any other taxable event arising out of or as a result of Awards granted
hereunder, Participants may elect to satisfy the withholding requirement, in
whole or in part, by tendering Shares held by the Participant or by having the
Company withhold Shares having a Fair Market Value equal to the minimum
statutory total tax which could be imposed on the transaction. All elections
shall be irrevocable, made in writing and signed by the Participant.

Article 17. Successors

All obligations of the Company under the Plan, with respect to Awards
granted hereunder, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase,
merger, consolidation or otherwise of all or substantially all of the business
and/or assets of the Company.

-16-

Article 18. Legal Construction

18.1 Gender and Number. Except where otherwise indicated by the context,
any masculine term used herein also shall include the feminine, the plural shall
include the singular and the singular shall include the plural.

18.2 Severability. In the event any provision of the Plan shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of the Plan, and the Plan shall be construed and enforced as
if the illegal or invalid provision had not been included.

18.3 Requirements of Law. The granting of Awards and the issuance of Shares
under the Plan shall be subject to all applicable laws, rules and regulations,
and to such approvals by any governmental agencies or national securities
exchanges as may be required.

18.4 Governing Law. To the extent not preempted by Federal law, the Plan,
and all agreements hereunder, shall be construed in accordance with, and
governed by, the laws of the State of Idaho.

-17-

IDACORP
Shareowner Services
P.O. Box 70
Boise, ID 83707

March 30, 2000

Dear Shareholders of IDACORP:

It is our pleasure to invite you to attend the upcoming 2000 joint annual
meeting of Shareholders of IDACORP and Idaho Power Company to be held on May 11,
2000, at 10:00 A.M., local time, at the Boise Centre on the Grove, 850 West
Front Street, Boise, Idaho. Your Board of Directors and management look forward
to personally greeting those shareholders able to attend.

Information about the business of the meeting and the nominees for election as
members of the Board of Directors is set forth in the Notice of Meeting and the
Joint Proxy Statement on the following pages. This year IDACORP, Inc. is asking
you to elect three Directors, to approve the IDACORP 2000 Long-Term Incentive
and Compensation Plan and to ratify the appointment of an independent auditor
for the fiscal year ending December 31, 2000.

Your Company is undergoing change and we will continue to rebuild our
organization to meet the challenges of a competitive future. Anticipating and
responding to the competitive future is critical to our continued success in
increasing the value of your investment. We will again share with you changes in
the utility industry and the rebuilding of our organization.

YOUR VOTE IS IMPORTANT. YOU CAN BE SURE YOUR SHARES ARE REPRESENTED AT THE
MEETING OF SHAREHOLDERS
MAY 7, 1997

THISBY PROMPTLY RETURNING YOUR COMPLETED PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS.

PROPERLY EXECUTED PROXIES WILL BE VOTED AS MARKED AND, IF NOT MARKED, WILL BE
VOTED "FOR" THE ELECTION OF THE NOMINEES LISTED IN THE ACCOMPANYING PROXY
STATEMENT AND "FOR" PROPOSALENCLOSED ENVELOPE. You
may revoke your proxy prior to or at the meeting and may vote in person if you
wish.

Jon H. Miller Jan B. Packwood
Chairman of the Board President and Chief Executive Officer

IDACORP

This Proxy is solicited on Behalf of the Board of Directors.

Properly executed proxies will be voted as marked and, if not marked, proxies
received will be voted "For" proposal (1), election of management's nominees for
directors, "For" Proposal (2) ON THE REVERSE., approval of the IDACORP Long-Term Incentive and
Compensation Plan and "For" proposal (3), ratification of the selection of
Deloitte & Touche LLP as independent auditors for the fiscal year 2000.

The undersigned hereby appoints Joseph W. MarshallJan B. Packwood and Robert W. Stahman, and each
of them, proxies withwill full power of substitution to vote for the undersigned at
the Joint Annual Meeting of Shareholders of IDACORP, Inc. and Idaho Power
Company and at any adjournmentsadjournment thereof, on the matters set forth in the Proxy
Statement and such other matters as may come before the meeting; and hereby
directs that this proxy be voted in accordance with the instructions herein.

PLEASE DATE, SIGNPlease date, sign and promptly mail in the self-addressed return envelope which
requires no postage if mailed in the United States. Please so indicate following
your signature if you are signing in a representative capacity. If shares are
held jointly, both owners should sign.

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND PROMPTLY MAIL IN THE SELF-ADDRESSED RETURN ENVELOPE WHICH
REQUIRES NO POSTAGE IF MAILED IN THE UNITED STATES. PLEASE SO INDICATE FOLLOWING
YOUR SIGNATURE IF YOU ARE SIGNING IN A REPRESENTATIVE CAPACITY. IF SHARES ARE
HELD JOINTLY, BOTH OWNERS SHOULD SIGN.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE PROPOSALS REGARDING:

(1) ELECTION OF DIRECTORS: LARRY R. GUNNOE; PETER T. JOHNSON; JOSEPH W.
MARSHALL; PETER S. O'NEILL

FOR WITHHOLD
All nominees listed above / / AuthorityDATED.

IDACORP, INC.

If you wish to vote for / /
(except as markedhave any comments forward to the
all nominees listed above
contrary toCompany, you must mark this box and then write | |
your comments on the right)

(INSTRUCTIONS:reverse side of this form.

The Board of Directors For Withhold For All
Recommends a vote FOR the All All Except
proposals regarding:

1. Election of Directors:
01) Peter T. Johnson;
02) Peter S. O'Neill;
03) Jan B. Packwood. | | | | | |

To withhold authority to vote, for any individual nominee,mark "For All Except" and write thatthe nominee's
namenumber on the line provided below.)

- ----------------------------------------------------------------

(2) Proposal to ratify--------------------------------

2. Approve the IDACORP 2000 For Against Abstain
Long-Term Incentive and
Compensation Plan. | | | | | |

3. Ratification of the selection
of Deloitte & Touche LLP as
Independent Auditor FOR / / AGAINST / / ABSTAIN / /for the
fiscal year ending
December 31, 2000 | | | | | |

- --------------------------- -----------------------
Signature Date

IDAHO POWER
Shareowner Services
P.O. Box 70
Boise, ID 83707

March 30, 2000

Dear Shareholders of Idaho Power Company:

It is our pleasure to invite you to attend the upcoming 2000 joint annual
meeting of Shareholders of Idaho Power Company and IDACORP to be held on May 11,
2000, at 10:00 A.M., local time, at the Boise Centre on the Grove, 850 West
Front Street, Boise, Idaho. Your Board of Directors and management look forward
to personally greeting those shareholders able to attend.

Information about the business of the meeting and the nominees for election as
members of the Board of Directors is set forth in the Notice of Meeting and the
Joint Proxy Statement on the following pages. This year Idaho Power Company is
asking you to elect three Directors, to amend certain Articles of the Restated
Articles of Incorporation, and to ratify the appointment of an independent
auditor for the fiscal year ending December 31, 2000.

YOUR VOTE IS IMPORTANT. YOU CAN BE SURE YOUR SHARES ARE REPRESENTED AT THE
MEETING BY PROMPTLY RETURNING YOUR COMPLETED PROXY IN THE ENCLOSED ENVELOPE. You
may revoke your proxy prior to or at the meeting and may vote in person if you
wish.

Jon H. Miller Jan B. Packwood
Chairman of the Board President and Chief Executive Officer

Idaho Power Company

This Proxy is Solicited on Behalf of the Board of Directors.

Properly executed proxies will be voted as marked and, if not marked, proxies
received will be voted "For" proposal (1), election of management's nominees for
directors, "For" Proposal (2), to amend certain Articles of the Idaho Power
Restated Articles of Incorporation and "For" proposal (3), ratification of the
selection of Deloitte & Touche LLP as independent auditors for the fiscal year
2000.

The undersigned hereby appoints Jan B. Packwood and Robert W. Stahman, and each
of them, proxies will full power of substitution to vote for the undersigned at
the Joint Annual Meeting of Shareholders of Idaho Power Company and IDACORP,
Inc. and at any adjournment thereof, on the matters set forth in the Proxy
Statement and such other matters as may come before the meeting; and hereby
directs that this proxy be voted in accordance with the instructions herein.

Please date, sign and promptly mail in the self-addressed return envelope which
requires no postage if mailed in the United States. Please so indicate following
your signature if you are signing in a representative capacity. If shares are
held jointly, both owners should sign.

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

Idaho Power Company

If you wish to have any comments forwarded to the
Company, you must mark this box and then write | |
your comments on the reverse side of this form.

/ /

Special Action

Discontinue Annual Report mailingThe Board of Directors For Withhold For All
Recommends a vote FOR the All All Except
proposals regarding:

1. Election of Directors:
01) Peter T. Johnson;
02) Peter S. O'Neill;
03) Jan B. Packwood. | | | | | |

To withhold authority to vote, mark "For All Except" and write the nominee's
number on the line below.

- --------------------------------

2. Amend certain Articles For Against Abstain
of Idaho Power Restated
Articles of Incorporation. | | | | | |

3. Ratification of the selection
of Deloitte & Touche LLP as
Independent Auditor for this account / /

______________ _________ PLEASE MARK ALL CHOICES
ACCOUNT NUMBER SHARES LIKE THIS /X/

SIGNATURE ______________________ DATE ______________

- --------------------------- -----------------------
Signature Date