IDACORP (IDA) 10-Q 2004 Q2 Quarterly report

Exhibit 99

FOR IMMEDIATE RELEASE
August 5, 2004

IDACORP Reports Second Quarter Results;
Reaffirms 2004 Earnings Guidance

BOISE - IDACORP, Inc. (NYSE:IDA) today reported second quarter net income of $13.0 million, or $0.34 per share, compared to a $0.9 million net loss, or ($0.02) per share, for the second quarter of 2003.  Year-to-date, IDACORP recorded net income of $32.7 million, or $0.85 per share compared with last year's $4.0 million net loss, or ($0.10) per share.

"Customer growth contributed to improved results at Idaho Power Company compared to a year ago," said IDACORP President and Chief Executive Officer Jan B. Packwood.  "Increased sales, combined with higher base rates that became effective June 1, 2004, and contributions from our non-regulated businesses resulted in improved earnings for the company.

"Earnings were reduced by the write-off of $9.8 million due to the disallowance of some capitalized costs by the Idaho Public Utilities Commission in our recently concluded rate case," he added.

The company reaffirms its recently updated 2004 annual earnings-per-share guidance of $1.70 to $2.00.

Business Operations
IDAHO POWER COMPANY

Idaho Power contributed $0.21 per share to the second quarter, a decline from $0.31 per share during the same period in 2003.  The utility's year-to-date results of $0.72 per share reflect a 7 percent increase over the $0.67 per share earned in the first half of 2003.

Earnings in the second quarter this year decreased primarily due to $9.8 million of asset impairments related to capitalized items disallowed in Idaho Power's general rate case.  These consist of $7.8 million of incentive payments capitalized in prior years and $2.0 million of capitalized pension costs.  In total, this is approximately $0.15 per share.  These write-offs were partially offset by continued strong customer growth as Idaho Power added more than 13,000 customers during the past 12 months.

Stream flow conditions have remained below average in 2004.  Through July 31, 2004, the Northwest River Forecast Center reports cumulative inflow to Brownlee Reservoir since April 1, 2004, of 3.2 million acre-feet (maf).  The 30-year average April-through-July Brownlee inflow reported by the Northwest River Forecast Center is 6.3 maf.  April through July Brownlee inflow for 2004 is approximately 50 percent of the 30-year average, making this the fifth consecutive year of below average inflow.  Stream flows are forecasted to remain below average through at least September 2004.

Estimated generation from Idaho Power's hydroelectric facilities is expected to be 6.4 million megawatt-hours in 2004, an increase of 400,000 megawatt-hours over first quarter estimates.  This compares to 6.1 million megawatt-hours in 2003 and normal generation of 9.3 million megawatt-hours.

NON-REGULATED BUSINESS UNITS

IDACORP Financial contributed $0.12 per share to the second quarter earnings and $0.19 per share year-to-date.  Of this, $0.05 per share came from the gain on the sale of its investment in the El Cortez property in Southern California in April.

Ida-West Energy earned $0.06 per share for the second quarter and $0.07 per share for the first half of 2004.  These results include approximately $0.05 per share from the gain on the extinguishment of debt.

IDACORP Energy contributed $0.02 per share for both the quarter and year-to-date as a result of the settlement of outstanding litigation.

IDACOMM and Velocitus together broke even for the quarter and recorded a ($0.01) per share loss through the first six months of 2004.

IdaTech recorded per-share losses of ($0.04) and ($0.07) for the second quarter and year-to-date, respectively.

A ($0.03) per share loss has been registered at the holding company in the second quarter with a ($0.07) per share loss year-to-date 2004.

Income Taxes

IDACORP's effective tax rate increased to 3.8 percent for the six months ended June 30 from an effective tax rate of zero for the same period last year.  The current year rate is primarily the result of the increase in pre-tax earnings, net of the benefits generated by the IDACORP Financial tax credits.

IDACORP Financial generates federal income tax credits and accelerated tax depreciation benefits related to its investments in affordable housing and historic rehabilitation developments.  Net reductions in consolidated income taxes related to IDACORP Financial tax credits were approximately $5 million and $10 million for the three and six months ended both June 30, 2004 and 2003.

Conference Call

The company will hold an analyst conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time).  All parties interested in listening may do so through a live Web cast.  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 comprised of Idaho Power Company, a regulated electric utility; IDACORP Financial, an investment company with its primary activities in affordable housing projects; IdaTech, a developer and manufacturer of fuel cell systems, products and solutions; IDACOMM, a provider of telecommunication services; Velocitus, a provider of commercial and residential Internet services; Ida-West Energy, an operator of independent power projects; and IDACORP Energy, a marketer of electricity and natural gas that wound down its operations during 2003.

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 and Idaho Power believe 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: 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, relicensing of hydroelectric projects, recovery of purchased power, recovery of other capital investments, present or prospective wholesale and retail competition (including but not limited to retail wheeling and transmission costs) and other refund proceedings; litigation and regulatory proceedings resulting from the energy situation in the western United States; economic, geographic and political factors and risks; changes in and compliance with environmental, endangered species and safety laws and policies; weather variations affecting hydroelectric generating conditions and customer energy usage; operating performance of plants and other facilities; system conditions and operating costs; population growth rates and demographic patterns;  pricing and transportation of commodities; market demand and prices for energy, including structural market changes; changes in capacity, fuel availability and prices; changes in tax rates or policies, interest rates or rates of inflation; changes in actuarial assumptions; adoption of or changes in critical accounting policies or estimates; exposure to operational, market and credit risk; changes in operating expenses and capital expenditures; capital market conditions; rating actions by Moody's, Standard & Poor's, and Fitch; competition for new energy development opportunities; results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings and general economic conditions; natural disasters, acts of war or terrorism; increasing health care costs and the resulting effect on health insurance premiums paid for employees; increasing costs of insurance, changes in coverage terms and the ability to obtain insurance; technological developments that could affect the operations and prospects of our subsidiaries or their competitors; legal and administrative proceedings, whether civil or criminal, and settlements that influence business and profitability; and new accounting or Securities and Exchange Commission requirements, or new interpretation or application of existing requirements.  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 2003, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2004 and other reports on file with the Securities and Exchange Commission.

IDACORP, Inc.
Consolidated Statements of Operations
For Periods Ended June 30, 2004 and 2003
Summary Financial Information
(Unaudited)
(Thousands of Dollars, except per share data)

				Three Months Ended				Year-To-Date
				6/30/04		6/30/03		6/30/04		6/30/03
Operating Revenues:
	Electric utility:
		General business		$	158,305	$	166,613	$	304,462	$	341,675
		Off-system sales			36,809		19,839		64,930		38,447
		Other revenues			11,795		11,176		21,120		20,928
			Total electric utility revenue		206,909		197,628		390,512		401,050
	Energy marketing				(9)		(1,053)		77		2,540
	Other				4,972		3,701		9,472		8,614
		Total Operating Revenues			211,872		200,276		400,061		412,204
Operating Expenses:
	Electric Utility:
		Purchased power			64,766		32,019		83,270		45,625
		Fuel expense			21,569		23,908		49,073		49,446
		Power cost adjustment			(1,746)		25,383		10,818		77,230
		Other operations & maintenance			63,193		59,537		117,340		110,122
		Depreciation			25,271		24,279		50,161		48,413
		Taxes other than income taxes			5,378		5,251		10,943		10,408
		Impairment of assets			9,756		-		9,756		-
			Total electric utility expenses		188,187		170,377		331,361		341,244
	Energy marketing:
		Cost of revenues			-		(15)		(79)		3,705
		Selling, general & administrative			543		6,481		1,064		13,184
		Net (gain) loss on legal disputes			(1,648)		-		(1,649)		10,938
	Other				9,383		9,433		17,763		17,699
			Total Operating Expenses		196,465		186,276		348,460		386,770
Operating Income (Loss):
	Electric utility				18,722		27,251		59,151		59,806
	Energy marketing				1,096		(7,519)		741		(25,287)
	Other				(4,411)		(5,732)		(8,291)		(9,085)
		Total Operating Income			15,407		14,000		51,601		25,434
Other Income					17,491		5,448		23,847		11,600
Other Expenses					7,632		4,075		11,179		7,598
Interest Expense and Preferred Dividends:
	Interest on long-term debt				13,215		14,449		26,568		29,642
	Other interest				1,585		937		2,037		2,012
	Preferred dividends of Idaho Power Co				853		866		1,707		1,734
		Total Interest Expense and Preferred
			Dividends		15,653		16,252		30,312		33,388
Income (Loss) Before Income Taxes					9,613		(879)		33,957		(3,952)
Income Tax (Benefit) Expense					(3,379)		-		1,306		-
Net Income (Loss)				$	12,992	$	(879)	$	32,651	$	(3,952)
Average Common Shares
	Outstanding (000's)				38,189		38,247		38,194		38,220
Earnings (Loss) per Share
	(Basic and Diluted)			$	0.34		(0.02)		0.85	$	(0.10)

IDACORP, Inc.
Consolidated Statements of Cash Flows
For Six Months Ended June 30, 2004 and 2003
(Unaudited)
Summary Financial Information
(Thousands of Dollars)

				Six Months Ended
				6/30/04		6/30/03
Operating Activities
	Net Income (loss)			$	32,651	$	(3,952)
	Adjustments to reconcile net income (loss) to net cash provided by
		operating activities:
		Net non-cash loss on legal disputes			-		10,938
		Impairment of assets			9,756		-
		Gain on sale of assets			(4,780)		-
		Gain on extinguishment of debt			(7,188)		-
		Allowance for uncollectible accounts			180		(263)
		Unrealized losses from energy marketing activities			-		11,691
		Depreciation and amortization			61,861		65,744
		Deferred taxes and investment tax credits			(21,111)		(54,465)
		Accrued power cost adjusment costs			9,946		75,314
		Change in:
			Receivables and prepayments		(2,208)		69,052
			Accounts payable and other accrued liabilities		(10,758)		(76,246)
			Taxes receivable/accrued		13,710		38,928
			Other		8,196		862
		Net cash provided by operating activities			90,255		137,603
Investing Activities					(87,621)		(64,426)
Financing Activities
	Issuance of long-term debt				50,000		165,475
	Retirement of long-term debt				(69,591)		(167,329)
	Decrease in short-term borrowings				(16,650)		(57,150)
	Dividends on common stock				(22,923)		(35,487)
	Other				(1,395)		(1,297)
		Net cash used in financing activities			(60,559)		(95,788)
Net decrease in cash and cash equivalents					(57,925)		(22,611)
Cash and cash equivalents - beginning of period					75,159		42,736
Cash and cash equivalents - end of period				$	17,234	$	20,125

IDACORP, Inc.
Consolidated Balance Sheets
As of June 30, 2004 and December 31, 2003
(Unaudited)
Summary Financial Information
(Thousands of Dollars)

			6/30/04		12/31/03
Assets
	Cash and cash equivalents		$	17,234	$	75,159
	Receivables, net of allowance			57,318		58,598
	Energy marketing assets			8,739		4,176
	Employee notes			3,637		3,347
	Other current assets			111,400		92,496
		Total current assets		198,328		233,776
	Investments			196,622		204,474
	Property, plant and equipment-net			2,146,657		2,088,319
	Energy marketing assets - long-term			17,907		14,358
	Regulatory assets			414,717		427,760
	Employee notes - long-term			4,370		4,775
	Other assets			128,086		128,264
		Total other assets		565,080		575,157
		Total Assets	$	3,106,687	$	3,101,726
Liabilities And Shareholders' Equity
	Current maturities of long-term debt		$	17,443	$	67,923
	Notes payable			77,895		93,650
	Accounts payable			51,297		60,916
	Energy marketing liabilities			8,411		4,317
	Other current liabilities			98,539		80,517
		Total current liabilities		253,585		307,323
	Deferred income taxes			534,989		554,715
	Energy marketing liabilities - long-term			17,976		14,393
	Regulatory liabilities			261,788		258,524
	Other liabilities			117,869		104,290
		Total other liabilities		932,622		931,922
	Long-term debt			995,210		945,834
	Preferred stock of Idaho Power Company			52,299		52,366
	Shareholders' equity			872,971		864,281
		Total Liabilities & Shareholders' Equity	$	3,106,687	$	3,101,726

Idaho Power Company Supplemental Operating Statistics

			Three Months Ended				Year-To-Date
			6/30/04		6/30/03		6/30/04		6/30/03
Energy Use - MWh
	Residential			896,657		936,589		2,258,484		2,136,280
	Commercial			829,270		820,559		1,723,008		1,663,652
	Industrial			788,905		758,588		1,615,482		1,528,153
	Irrigation			754,964		675,637		764,760		676,706
	Total General Business			3,269,796		3,191,373		6,361,734		6,004,791
	Off-System Sales			975,272		568,716		1,648,756		981,775
		Total		4,245,068		3,760,089		8,010,490		6,986,566
Revenue ($000's)
	Residential		$	54,281	$	60,031	$	132,009	$	144,239
	Commercial			38,713		42,450		78,836		90,860
	Industrial			27,399		29,661		55,062		71,920
	Irrigation			37,912		34,471		38,555		34,656
	Total General Business			158,305		166,613		304,462		341,675
	Off-System Sales			36,809		19,839		64,930		38,447
		Total	$	195,114	$	186,452		369,392		380,122
Customers - Period End
	Residential			359,615		348,248
	Commercial			55,445		54,136
	Industrial			114		116
	Irrigation			17,326		16,972
		Total		432,500		419,472