IDACORP (IDA) 8-K Financial statements and exhibits

Exhibit 99

FOR IMMEDIATE RELEASE
May 7, 2003

IDACORP First Quarter Results Affected By Weather Conditions and Resolution of Litigation

BOISE - IDACORP, Inc. (NYSE:IDA) today reported a net loss of $3.1 million or 8 cents per share for first quarter 2003, due largely to the previously announced settlement of the Overton litigation and warmer-than-normal weather.  The settlement agreement, combined with other legal disputes resolved in the quarter, increased the pre-tax losses by $10.9 million.

Net income dropped $27.8 million and earnings declined 74 cents per share from the first quarter a year ago.

"Since the beginning of the year, we have made significant progress with the wind down of IDACORP Energy and in negotiating settlements on outstanding legal issues," said IDACORP President and Chief Executive Officer Jan B. Packwood.  "While the settlements affected our earnings in the short term, they will improve our company's health for the long term.

"The settlement of the Overton dispute is the latest sign of progress in our continuing efforts to reduce our risk profile," he said.

Average temperatures in the region served by regulated subsidiary Idaho Power were 19 percent warmer during the first quarter than during the same period a year ago, as measured by heating degree days.  This contributed significantly to a 7 percent reduction in Idaho Power's retail electricity sales and more specifically, a 12 percent decline in residential usage.

Business Operations

IDAHO POWER COMPANY

Idaho Power Company contributed 36 cents per share to first quarter results, compared with 57 cents per share during the first quarter last year.  These results reflect the continuing impact of below-normal water conditions in the service territory and the warmer-than-normal temperatures experienced this year.

General business revenues decreased $11.1 million compared to a year ago, despite higher retail rates in effect, because of the decline in heating loads.  Expiration of load reduction programs and reduced heating loads also contributed to a decrease of more than 50 percent in purchased power expenses and volumes from last year's first quarter.  Revenue from off-system sales fell by approximately $1.6 million, reflecting significantly reduced volumes even though wholesale electricity prices were generally higher in this year's first quarter than the same period last year.

Below-normal water conditions continue to affect the company's projected hydroelectric production.  Storage levels in selected reservoirs above Brownlee Reservoir - the company's primary storage facility - are only 86 percent of average for this time of year and the Northwest River Forecast Center on May 1 forecasted stream flows into Brownlee Reservoir of only 57 percent of the long-term norm from April to July.

Despite increases in pension and insurance expenses, total electric utility operating expenses were up only marginally quarter over quarter.

Idaho Power filed its annual Power Cost Adjustment with the Idaho Public Utilities Commission on April 15.  As filed, it will reduce Idaho retail rates by an average of 18.2 percent effective May 16 and will provide customers relief from recent high power supply costs in the West.

IDACORP ENERGY

IDACORP Energy recorded a loss of 28 cents per share for the quarter, compared to a profit of 11 cents per share for first quarter 2002.  During the quarter the Company recorded the effects of the resolution of three legal disputes totaling $10.9 million, including the Overton litigation.

The wind down of IDACORP Energy is on schedule. Working capital and liquidity requirements, average value-at-risk, and staffing levels are significantly lower since June of last year, when IDACORP first announced it would wind down the business.

OTHER SUBSIDIARIES

IDACORP Financial contributed 6 cents per share to first quarter earnings, 1 cent per share more than last year's first quarter.  Ida-West Energy broke even for the first quarter this year, compared with a 2 cent-per-share loss a year ago.  IDACOMM also broke even, as it did during the same period last year.

IdaTech lost 1 cent per share for the quarter, compared to a 4 cent-per-share quarterly loss in 2002.  During the quarter, IdaTech announced the sale of two FCS 1200(tm) fuel cell systems to Electricite de France for a hybrid fuel cell/solar energy system.

INCOME TAXES

The financial results for the quarter reflect the company's estimated annual effective tax rate of zero.  This rate is primarily the result of forecasted annual pre-tax income being at a level such that annual tax credits and regulatory flow-through tax deductions are expected to fully offset income tax expense for 2003.  For purposes of reporting earnings per share by subsidiary, each subsidiary's stand alone effective tax rate for the quarter has been utilized.  The adjustment necessary to reach an estimated annual effective tax rate of zero for the combined group of companies as required by generally accepted accounting principles has been recorded at the holding company.

EARNINGS GUIDANCE

The company re-affirms its recently revised 2003 annual earnings per share guidance to between $0.90 and $1.15 per share due to the warmer-than-normal weather, continued below-normal water conditions and charges associated with settlement agreements.  The guidance for the utility is also re-affirmed at $1.20 to $1.40 per share.

Conference Call

The company will hold an analyst conference call today at 2:30 p.m. Mountain (4:30 p.m. Eastern).  All parties interested in listening may do so through a live Web cast on the Internet.  Details of the conference call logistics are posted on the company's website (http://www.idacorpinc.com).  A replay of the conference call will be available on the company's website for a period of 12 months.

Background Information

Boise, Idaho-based IDACORP, formed in 1998, is a holding company comprising Idaho Power, a regulated electric utility; Ida-West Energy, an independent manager and developer of power projects; IDACORP Financial, an investment vehicle that makes investments primarily in affordable housing projects; IdaTech, a developer and producer of fully integrated fuel cell systems; IDACOMM, a telecommunications subsidiary providing high-speed Internet access technologies; and IDACORP Energy, a marketer of energy and energy-related products and services.

Certain statements contained in this news release, including statements with respect to future earnings, ongoing operations, and financial conditions, are "forward-looking statements" within the meaning of federal securities laws.  Although IDACORP believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements involve a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements.  Important factors that could cause actual results to differ materially from the forward-looking statements include:  capacity and fuel; weather variations affecting customer energy usage; operating performance of plants and other facilities; environmental conditions and requirements; system conditions and operating costs; changes in governmental policies; and regulatory actions, including those of the Federal Energy Regulatory Commission, the Idaho Public Utilities Commission, and the Oregon Public Utility Commission, with respect to allowed rates of return, industry and rate structure, acquisition and disposal of assets and facilities, operation and construction of plant facilities, recovery of purchased power and other capital investments, and present or prospective wholesale and retail competition (including but not limited to retail wheeling and transmission costs).  Any such forward-looking statements should be considered in light of such factors and others noted in the companies' Form 10-K for the year 2002 and other reports on file with the Securities and Exchange Commission.

IDACORP, Inc.

Consolidated Statement of Operations
For Periods Ended March 31, 2003 and 2002
(Unaudited)
Summary Financial Information
(Thousands of Dollars, except per share data)

				Three Months Ended
				3/31/03		3/31/02
Operating Revenues:
	Electric utility:
		General business		$	175,062	$	186,120
		Off system sales			18,608		20,159
		Other revenues			9,752		8,820
			Total electric utility revenues		203,422		215,099
	Energy marketing:
		Energy commodities & services			3,593		20,981
	Other				4,913		3,513
		Total Operating Revenues			211,928		239,593
Operating Expenses:
	Electric Utility:
		Purchased power			13,605		30,190
		Fuel expense			25,538		27,929
		Power cost adjustment			51,847		34,060
		Other operations & maintenance			50,585		49,258
		Depreciation			24,135		23,171
		Taxes other than income taxes			5,157		5,186
			Total electric utility expenses		170,867		169,794
	Energy marketing:
		Cost of energy commodities and services			3,720		11,462
		Selling, administrative & general			6,703		6,032
		Net loss (gain) on legal disputes			10,938		(2,775)
	Other				8,266		7,823
			Total operating expenses		200,494		192,336
Operating Income (Loss):
	Electric utility				32,555		45,305
	Energy marketing				(17,768)		6,262
	Other				(3,353)		(4,310)
		Total Operating Income			11,434		47,257
Other Income					2,600		5,094
Interest Expense and Other:
	Interest on long-term debt				15,193		13,317
	Other interest expense				1,045		3,647
	Preferred dividends -Idaho Power Company				868		1,362
		Total Interest and Other			17,106		18,326
Income (Loss) Before Income Taxes					(3,072)		34,025
Income Taxes					-		9,329
Net Income (Loss)				$	(3,072)	$	24,696
Average Common Shares
	Outstanding (000's)				38,141		37,560
Earnings per Share
	(Basic and Diluted)			$	(0.08)	$	0.66

IDACORP, Inc.
Consolidated Statements of Cash Flows
For Three Months Ended March 31, 2003 and 2002
(Unaudited)
Summary Financial Information
(Thousands of Dollars)

				Three Months Ended
				3/31/03		3/31/02
Operating Activities:
	Net income (loss)			$	(3,072)	$	24,696
	Adjustments to reconcile net income to net cash provided by
		operating activities:
		Net non-cash loss on legal disputes			10,938		-
		Allowance for uncollectible accounts			(99)		-
		Unrealized (gains) losses from energy marketing activities			(1,154)		20,430
		Depreciation and amortization			32,381		28,897
		Deferred taxes and investment tax credits			(30,572)		(14,203)
		Accrued PCA costs			50,578		30,196
		Change in:
			Receivables and prepayments		28,972		23,984
			Accounts payable		(40,577)		(88,154)
			Taxes receivable/accrued		34,291		66,422
			Other		13,800		17,989
		Net cash provided by operating activities			95,486		110,257
Investing Activities:					(32,257)		(71,062)
Financing Activities:
	Proceeds from issuance of other long-term debt				25,475		-
	Retirement of other long-term debt				(766)		(52,829)
	Increase (decrease) in short-term borrowings				(73,350)		23,250
	Dividends on common stock				(17,706)		(17,466)
	Other				1,916		653
		Net cash used in financing activities			(64,431)		(46,392)
Net decrease in cash and cash equivalents					(1,202)		(7,197)
Cash and cash equivalents beginning of period					42,736		66,688
Cash and cash equivalents end of period				$	41,534	$	59,491

IDACORP, Inc.
Consolidated Balance Sheets
As of March 31, 2003 and December 31, 2002
(Unaudited)
Summary Financial Information
(Thousands of Dollars)

			3/31/03		12/31/02
Assets
	Cash and cash equivalents		$	41,534	$	42,736
	Receivables net of allowance			134,090		156,206
	Energy marketing assets			71,665		85,138
	Other current assets			107,319		116,945
		Total current assets		354,608		401,025
	Investments			205,664		206,348
	Property, plant and equipment-net			1,904,973		1,906,498
	Energy marketing assets - long-term			55,206		64,733
	Regulatory assets			434,076		482,159
	Other assets			171,014		191,875
	Total other assets			660,296		738,767
		Total Assets	$	3,125,541	$	3,252,638
Liabilities And Shareholders' Equity
	Current maturities of long-term debt		$	144,105	$	89,592
	Notes payable			102,850		176,200
	Accounts payable			86,392		130,930
	Energy marketing liabilities			40,451		59,917
	Other current liabilities			151,632		119,994
		Total current liabilities		525,430		576,633
	Deferred income taxes			566,005		595,496
	Energy marketing liabilities - long-term			51,683		51,761
	Regulatory liabilities			114,430		114,247
	Other liabilities			90,246		87,605
		Total other liabilities		822,364		849,109
	Long-term debt			868,920		898,676
	Preferred Stock of Idaho Power Company			52,803		53,393
	Shareholders' equity			856,024		874,827
		Total Liabilities & Shareholders' Equity	$	3,125,541	$	3,252,638

Idaho Power Company Supplemental Operating Statistics

			Three Months Ended
			3/31/03			3/31/02
Energy Use - MWh
	Residential			1,199,691		1,356,062
	Commercial			843,093		877,601
	Industrial			769,565		773,667
	Irrigation			1,069		2,728
	Total General Business			2,813,418		3,010,058
	Off-System Sales			413,059		821,956
		Total		3,226,477		3,832,014
Revenue ($000's)
	Residential		$	84,209	$	94,154
	Commercial			48,410		48,585
	Industrial			42,258		43,120
	Irrigation			185		261
	Total General Business			175,062		186,120
	Off-System Sales			18,608		20,159
		Total	$	193,670	$	206,279
Customers - Period End
	Residential			345,993		336,702
	Commercial			53,797		52,373
	Industrial			118		113

IDACORP Energy Unconsolidated Operating Statistics $(000)'s
(Unaudited)

		Three Months Ended
		3/31/03			3/31/02
Value at Risk:
	End of period 95% confidence level	$	240	$	1,683
	End of period 99% confidence level	$	339	$	2,384
	Avg. over period (95% confidence)	$	427	$	1,391
Settled Volume:
	Electricity (mwh's)		4,785,060		12,997,815
	Natural Gas (mmbtu's)		2,247,431		12,173,707