IDACORP (IDA) 10-Q 2004 Q3 Quarterly report

Exhibit 99

FOR IMMEDIATE RELEASE
November 4, 2004

IDACORP Announces Third Quarter Results

Records Impact of Idaho General Rate Case Settlements
IDACORP Raises Lower End of 2004 Earnings Guidance

BOISE - IDACORP, Inc. (NYSE:IDA) today reported net income of $26.1 million or 68 cents per share for the third quarter.

The Company reported year-to-date net income of $58.7 million, or $1.54 per share.  Last year's earnings were $1.22 per share for the third quarter and $1.12 for the first nine months of the year.  The third quarter 2003 results included the recognition of intra-period tax benefits, the sale of the book of wholesale electricity contracts at IDACORP Energy, and a contract settlement at IdaTech.

"The quarterly results reflect continued growth in Idaho Power's service area and the final resolution of the Idaho general rate case," said IDACORP President and Chief Executive Officer Jan B. Packwood.  "Our core utility business will continue to drive the Company's results over the next several years."

"Based on our results through September 2004, we are raising the bottom end of our earnings guidance range to $1.80 per share from $1.70.  The higher end of our guidance range remains at $2.00."

Third Quarter Analysis

IDACORP's 2004 third quarter results were driven by Idaho Power Company's (IPC) utility operations.  IPC, the principal subsidiary, benefited from the final settlement of the Idaho general rate case while IDACORP Energy was successful in the settlement of a legal dispute.

IDAHO POWER COMPANY

IPC contributed 63 cents per share during the third quarter, an increase of 23 cents per share from the results recorded in the same period in 2003.  The utility's year-to-date results of $1.34 per share reflect a 28-cents increase over the results earned in the first nine months of 2003.

General business revenues for the quarter decreased $1.6 million from 2003 due to weather-related influences.  Although the number of cooling degree-days were 23 percent above normal during 2004's third quarter, they were down 21 percent from the unusually hot third quarter of 2003.  However, that decrease in general business revenues was partially offset by higher rates determined through the Idaho general rate case and growth in the number of customers.  Residential and small business rates for usage above 300 kilowatt-hours in Idaho were 12.6 percent higher during July and August due to the introduction of summer rates and the number of new customers was up by more than 13,000 when compared with the period ended third quarter 2003.

Other revenues increased primarily due to the Sept. 28 Idaho Public Utilities Commission (IPUC) order approving a settlement regarding the calculation of IPC's taxes and an agreement with the Bonneville Power Administration (BPA) for the release of water from Brownlee Reservoir, which is included in the Power Cost Adjustment (PCA).

IPC's net power supply costs (fuel and purchased power expenses less off-system sales) decreased $14 million from the prior year mainly due to increased off-system sales.  IPC continued to face drought-related pressures, as actual streamflows into Brownlee reservoir during the critical April 1st through July 31st period were 3.2 million acre-feet, approximately 50 percent of normal.

PCA expense increased $29 million during the quarter principally due to a settlement agreement, which calls for IPC to provide a $19 million revenue credit to its Idaho customers commencing with the 2005-2006 PCA year.

Other operation and maintenance expenses increased by $9 million due to increases in operating expenses at the company's thermal plants and increased payroll expenses associated with an employee incentive program.

Other income increased approximately $2 million quarter-over-quarter, primarily as a result of improved income from increased coal sales at the joint venture at Bridger Coal.

IPC's dividends on preferred stock increased $2 million due to the premium on the redemption of its preferred stock.

NON-REGULATED BUSINESS UNITS

IDACORP Financial contributed 7 cents per share to the third quarter earnings and 26 cents per share year-to-date.  The year-to-date results include a 5 cents-per-share gain on the sale of its investment in the El Cortez project that was recognized in the second quarter of 2004. IDACORP Financial results are created by the generation of federal income tax credits and accelerated tax depreciation benefits related to its investments in affordable housing and historic rehabilitation developments.  IDACORP Financial tax credits were approximately $5 million and $15 million for the three- and nine-month periods ended September 30 in both 2004 and 2003.

Ida-West Energy earned 2 cents per share for the third quarter and 8 cents per share for the first nine months of 2004.  The year-to-date results include approximately 5 cents per share from the gain on the extinguishment of debt recorded in the second quarter.

IDACORP Energy contributed 4 cents per share for the quarter and 6 cents per share year-to-date, primarily as a result of settling outstanding litigation.

IDACOMM reported a loss of 1 cent per share for the quarter and a 2-cents-per-share loss through the first nine months of 2004.

IdaTech recorded per-share losses of 4 cents and 11 cents for the third quarter and year-to-date, respectively.

A 3-cents-per-share loss has been registered at the holding company in the third quarter, contributing to a 7-cents-per-share year-to-date loss.

Income Taxes

A regulatory tax liability of $16.5 million recorded in 2002 was reversed as part of the Idaho general rate case settlement, creating a tax benefit for IPC in the third quarter.

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 and owner of Velocitus, a commercial and residential Internet service provider; 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; construction of power generating facilities including inability to obtain required governmental permits and approvals, and risks related to contracting, construction and start-up; operation of power generating facilities including breakdown or failure of equipment, performance below expected levels, competition, fuel supply and transmission; 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; performance of the stock market and the changing interest rate environment, which affect the amount of required contributions to pension plans, as well as the reported costs of providing pension and other postretirement benefits; 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; homeland security, natural disasters, acts of war or terrorism; fluctuations in sources and uses of cash; impacts from the potential formation of a regional transmission organization; 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 IDACORP's subsidiaries or their competitors; over appropriation of surface and groundwater in the Snake River Basin resulting in reduced generation at hydroelectric facilities; 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 Reports on Forms 10-Q for the quarters ended March 31 and June 30, 2004 and other reports on file with the Securities and Exchange Commission.

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

				Three Months Ended				Year-To-Date
				9/30/04		9/30/03		9/30/04		9/30/03
Operating Revenues:
	Electric utility:
		General business		$	186,687	$	188,247	$	491,149	$	529,922
		Off-system sales			34,969		16,442		99,899		54,889
		Other revenues			19,532		10,172		40,653		31,100
			Total electric utility revenue		241,188		214,861		631,701		615,911
	Energy marketing				(152)		17,193		(76)		19,733
	Other				5,641		7,174		15,113		15,788
		Total Operating Revenues			246,677		239,228		646,738		651,432
Operating Expenses:
	Electric Utility:
		Purchased power			79,607		77,280		162,877		122,904
		Fuel expense			28,291		25,606		77,364		75,052
		Power cost adjustment			19,620		(9,787)		30,438		67,443
		Other operations & maintenance			63,243		54,276		180,515		164,398
		Depreciation			25,229		24,439		75,459		72,853
		Taxes other than income taxes			4,593		5,164		15,536		15,572
		Impairment of assets			-		-		9,756		-
			Total electric utility expenses		220,583		176,978		551,945		518,222
	Energy marketing:
		Cost of revenues			(2)		(1,733)		(81)		1,972
		Selling, general & administrative			558		8,070		1,620		21,254
		Net (gain) loss on legal disputes			(3,150)		-		(4,798)		10,938
	Other				9,755		7,939		27,518		25,637
			Total Operating Expenses		227,744		191,254		576,204		578,023
Operating Income (Loss):
	Electric utility				20,605		37,883		79,756		97,689
	Energy marketing				2,442		10,856		3,183		(14,431)
	Other				(4,114)		(756)		(12,405)		(9,849)
		Total Operating Income			18,933		47,974		70,534		73,409
Other Income					8,102		5,862		31,948		17,462
Other Expenses					4,075		3,731		15,253		11,330
Interest Expense and Preferred Dividends:
	Interest on long-term debt				14,061		14,571		40,628		44,213
	Other interest				602		407		2,641		2,418
	Preferred dividends of Idaho Power Co				3,116		847		4,823		2,581
		Total Interest Expense and Preferred
			Dividends		17,779		15,825		48,092		49,212
Income (Loss) Before Income Taxes					5,181		34,280		39,137		30,329
Income Tax (Benefit) Expense					(20,886)		(12,495)		(19,580)		(12,495)
Net Income (Loss)				$	26,067	$	46,775	$	58,717	$	42,824
Average Common Shares
	Outstanding (000's)				38,191		38,242		38,193		38,227
Earnings (Loss) per Share
	(Basic and Diluted)			$	0.68	$	1.22	$	1.54	$	1.12
Dividends Paid per Share				$	0.30	$	0.46	$	0.90	$	1.39

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

				Nine Months Ended
				9/30/04		9/30/03
Operating Activities
	Net Income (loss)			$	58,717	$	42,824
	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			262		(254)
		Impairment of assets			9,756		-
		Unrealized losses from energy marketing activities			-		42,517
		Depreciation and amortization			93,335		97,802
		Deferred taxes and investment tax credits			(25,918)		(71,466)
		Accrued power cost adjusment costs			29,100		65,446
		Gain on sale of assets			(4,557)		-
		Gain on extinguishment of debt			(7,188)		-
		Change in:
			Receivables and prepayments		(1,613)		71,248
			Accounts payable and other accrued liabilities		(6,800)		(71,355)
			Taxes receivable/accrued		2,148		49,453
			Other		8,170		20,030
		Net cash provided by operating activities			155,412		257,183
Investing Activities					(140,978)		(101,346)
Financing Activities
	Issuance of long-term debt				105,000		205,492
	Retirement of long-term debt				(73,419)		(171,769)
	Retirement of preferred stock of IPC				(52,220)		(909)
	Dividends on common stock				(34,224)		(53,260)
	Decrease in short-term borrowings				(12,385)		(151,175)
	Other				(1,396)		(758)
		Net cash used in financing activities			(68,644)		(172,379)
Net decrease in cash and cash equivalents					(52,210)		(16,542)
Cash and cash equivalents - beginning of period					75,159		42,736
Cash and cash equivalents - end of period				$	20,949	$	26,194

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

			9/30/04		12/31/03
Assets
	Cash and cash equivalents		$	20,949	$	75,159
	Receivables, net of allowance			59,651		58,598
	Employee notes			3,590		3,347
	Energy marketing assets			9,117		4,176
	Other current assets			97,403		92,496
		Total current assets		190,710		233,776
	Investments			191,229		204,474
	Property, plant and equipment-net			2,177,564		2,088,319
	Energy marketing assets - long-term			17,123		14,358
	Regulatory assets			416,911		427,760
	Employee notes - long-term			4,157		4,775
	Other assets			128,225		128,264
		Total other assets		566,416		575,157
		Total Assets	$	3,125,919	$	3,101,726
Liabilities And Shareholders' Equity
	Current maturities of long-term debt		$	77,510	$	67,923
	Notes payable			82,135		93,650
	Accounts payable			56,121		60,916
	Energy marketing liabilities			9,278		4,317
	Other current liabilities			85,719		80,517
		Total current liabilities		310,763		307,323
	Deferred income taxes			532,283		554,715
	Energy marketing liabilities - long-term			17,124		14,393
	Regulatory liabilities			279,894		258,524
	Other liabilities			113,226		104,290
		Total other liabilities		942,527		931,922
	Long-term debt			985,487		945,834
	Preferred stock of Idaho Power Company			-		52,366
	Shareholders' equity			887,142		864,281
		Total Liabilities & Shareholders' Equity	$	3,125,919	$	3,101,726

Idaho Power Company Supplemental Operating Statistics

			Three Months Ended				Year-To-Date
			9/30/04		9/30/03		9/30/04		9/30/03
Energy Use - MWh
	Residential			1,066,321		1,113,449		3,324,805		3,249,729
	Commercial			931,938		968,315		2,654,947		2,631,967
	Industrial			860,066		848,506		2,475,548		2,376,659
	Irrigation			917,194		1,043,467		1,681,954		1,720,173
	Total General Business			3,775,519		3,973,737		10,137,254		9,978,528
	Off-System Sales			790,570		410,839		2,439,326		1,392,614
		Total		4,566,089		4,384,576		12,576,580		11,371,142
Revenue ($000's)
	Residential		$	67,869	$	63,903	$	199,878	$	208,142
	Commercial			45,293		43,099		124,128		133,958
	Industrial			29,212		28,841		84,275		100,761
	Irrigation			44,313		52,404		82,868		87,061
	Total General Business			186,687		188,247		491,149		529,922
	Off-System Sales			34,969		16,442		99,899		54,889
		Total	$	221,656	$	204,689		591,048		584,811
Customers - Period End
	Residential			362,929		351,599
	Commercial			55,967		54,479
	Industrial			126		114
	Irrigation			17,354		16,997
		Total		436,376		423,189