IDACORP (IDA) 8-K Results of Operations and Financial Condition

Exhibit 99

FOR IMMEDIATE RELEASE
February 16, 2005

IDACORP Announces Fourth Quarter and 2004 Results

Summary of Earnings and Net Income

BOISE - IDACORP, Inc. (NYSE:IDA) today reported 2004 earnings of $1.90 per share, a $0.68 increase from last year's $1.22 per share.

The company also reported improved fourth quarter earnings of $0.37 per share compared to last year's $0.10 per share.  Net income for the fourth quarter was $14.3 million, compared to net income of $3.8 million for the same period a year earlier.  IDACORP's annual net income was $73.0 million for 2004 and $46.6 million in 2003.

"Our improved results for 2004 reflect the resolution of a series of issues on the regulatory front," said IDACORP Chief Executive Officer, Jan Packwood.  "We concluded our first general rate case in Idaho in almost ten years, settled some outstanding regulatory issues and managed through another year of drought.  We also took a significant step to strengthen the company's balance sheet by completing the Company's first major equity issuance in over ten years."

Fourth Quarter Performance Summary

IDACORP's earnings per share of $0.37 in the fourth quarter reflect the results of the regulated utility, as all non-regulated business units combined broke even.  The fourth quarter 2003 earnings of $0.10 include write-offs at both Ida-West Energy and IDACORP Energy.

Idaho Power contributed $0.37 per share to the fourth quarter, $0.01 less than last year's fourth quarter.  General business revenues at the utility increased $3.6 million over last year's fourth quarter mostly due to strong customer growth and increased usage mainly by residential customers.

Other revenues for the quarter were up $16.2 million primarily due to the IPUC decision in December 2004 authorizing Idaho Power to collect $13.5 million in revenues and interest, resolving the irrigation load reduction program.  Electric utility expenses increased $19.2 million partly because of increases in power supply expenses and the recognition of payroll expenses associated with the company's employee incentive program.

The winter of 2004-2005 has been mild to date.  Even though the fourth quarter of 2004 was colder than last year's fourth quarter, it was warmer than normal.  As a result, general business energy sales increased 3.4 percent quarter-over-quarter with the increase in residential sales at 6.7 percent.

2004 Performance Summary

IDACORP's basic and diluted earnings per share for the year of $1.90 was a $0.68 per share increase over 2003's results.  The increase is largely due to improved results at Idaho Power and gains at the non-regulated business units, coupled with the negative impacts of exiting energy trading at IDACORP Energy and asset impairments at Ida-West in 2003.

For the year, Idaho Power's earnings were $1.71 per share, up $0.27 per share from 2003.  Increases in Idaho base rates implemented in mid-2004 added $28.7 million to general business revenues.  The increase in other income, reduction in long-term debt interest and significant reduction in income tax expense also contributed to Idaho Power's improved performance.  The 2004 income tax expense was lower because of the IPUC general rate case settlement.

Partially offsetting the results were weather and power cost adjustment (PCA) impacts.  During 2004, heating degree-days were 7.0 percent greater than 2003 but cooling degree-days in the summer months were 23.5 percent less than 2003.

The portion of year-to-date net power supply costs (including power supply expenses net of off-system sales) absorbed by the company and not recovered under the Idaho PCA and Oregon Excess Power Cost mechanisms decreased by approximately $10 million or $0.16 per share.  The unrecovered net power supply costs were $13.4 million in 2004 and $23.4 million in 2003.

Other Operations and Maintenance expenses increased $34.9 million mainly due to the $12.7 million increase in payroll expenses for the employee incentive program; write-offs of $9.1 million related to disallowed items in the Idaho general rate case; and increases in transmission expense of $4.3 million primarily due to the increase in purchased power.

Idaho Power set a record for annual general business customer growth with a gain of 13,809 customers to 440,409.  This represents a 3.2 percent increase year-over-year.

Analysis of Earnings

The following table summarizes Earning Per Share (EPS) from each of our business units:

	Three Months Ended				Year-To-Date
	12/31/04		12/31/03		12/31/04		12/31/03
Subsidiary
Idaho Power Company	$	0.37	$	0.38	$	1.71	$	1.44
IDACORP Energy		-		(0.06)		0.06		(0.25)
IDACORP Financial		0.09		0.07		0.35		0.27
Ida-West Energy		-		(0.15)		0.08		(0.13)
IdaTech		(0.04)		(0.02)		(0.15)		(0.04)
IDACOMM		(0.03)		(0.02)		(0.05)		(0.05)
Holding Company		(0.02)		(0.10)		(0.10)		(0.02)
	$	0.37	$	0.10	$	1.90	$	1.22

The following table summarizes the effect of certain items on EPS:

		Three Months Ended				Year-To-Date
		12/31/04		12/31/03		12/31/04		12/31/03
Idaho Power Company
	IRS Tax Settlement			$	0.23			$	0.23
	Irrigation Load Reduction	$	0.21			$	0.21
	Employee Incentive Expense		(0.14)				(0.20)
	Reverse Tax Liability Reserve						0.43
	General Rate Case Settlement						(0.31)
	Financing Costs Preferred Stock						(0.05)
	Disallowed Rate Case Costs						(0.14)
IDACORP Financial
	Sale of El Cortez						0.05
IDACORP Energy
	Settlement of Legal Matters				(0.02)		0.08		(0.19)
	Sale of Book								0.18
Ida-West
	Impairment				(0.13)				(0.13)
	Ida-West Debt Restructure						0.06
IdaTech Contract Settlement									0.06

2005 Forecast - Snow Pack / Water Conditions

The February 14, 2005 hydrological survey shows Snake River Basin snow pack levels at 65 percent of average.  Due to such factors as depleted reservoir levels upstream of the Idaho Power hydroelectric system, dry soil conditions, and the expected timing of the spring runoff, the Northwest River Forecast Center (NWRFC) currently projects 2.6 million acre-feet (maf) of water will flow into Brownlee Reservoir during the April-through-July period.  Historically, the NWRFC's average measured inflow into Brownlee is 6.3 maf during the period.  In 2004, the inflows were 3.2 maf.

2005 Earnings Guidance

IDACORP earnings are heavily dependent on the results of Idaho Power Company.  In lieu of providing specific earnings per share guidance for IDACORP in the future, the company plans to provide certain projected operating information on Idaho Power Company and specific guidance for the non-regulated subsidiaries.  Idaho Power Company's current allowed return on equity is 10.25% in the Idaho jurisdiction.  Potential earnings (the product of net equity or book value and the allowed rate of return) should then be adjusted to reflect water conditions, deviations in the weather, the outcome of federal and state regulatory proceedings, regulatory lag, capital expenditures, litigation and other factors including those described below in the Safe Harbor Statement.  For 2005, Other Operations and Maintenance expenses are expected to be $248 million, a decrease of approximately $8 million from 2004.  Capital expenditures are estimated to be $202 million, an increase of $12 million from 2004.

Generation from Idaho Power's hydroelectric facilities is expected to be 5.9 million megawatt-hours (MWh) in 2005, compared to 6.0 million MWhs in 2004 and normal generation of 9.2 million MWhs.

IDACORP is reaffirming its 2005 earnings per share guidance for the non-regulated business units in the range of $0.05 to $0.10 per share.

Web Cast / 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.  IDACORP and Idaho Power expect to file their combined 2004 SEC Form 10-K Annual Report on March 9.

Background Information / Safe Harbor Statement

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.  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 expenses, 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, including those resulting from the energy situation in the western United States, and settlements that influence business and profitability; changes in and compliance with environmental, endangered species and safety laws and policies; weather variations affecting hydroelectric generating conditions and customer energy usage; over-appropriation of surface and groundwater in the Snake River Basin resulting in reduced generation at hydroelectric facilities; 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, including availability, transportation and prices, and transmission; impacts from the potential formation of a regional transmission organization; population growth rates and demographic patterns; market demand and prices for energy, including structural market changes; changes in operating expenses and capital expenditures and fluctuations in sources and uses of cash; 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; technological developments that could affect the operations and prospects of IDACORP's subsidiaries or their competitors; increasing health care costs and the resulting effect on health insurance premiums paid for employees; 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; increasing costs of insurance, changes in coverage terms and the ability to obtain insurance; changes in tax rates or policies, interest rates or rates of inflation; adoption of or changes in critical accounting policies or estimates; 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, June 30, and September 30, 2004 and other reports on file with the Securities and Exchange Commission.

IDACORP, Inc.
Consolidated Statements of Income
For Periods Ended December 31, 2004 and 2003
(unaudited)
(Thousands of Dollars, except per share data)

				Three Months Ended				Year-To-Date
				12/31/04		12/31/03		12/31/04		12/31/03
Operating Revenues:
	Electric utility:
		General business		$	144,686	$	141,047	$	635,835	$	670,969
		Off-system sales			21,249		16,684		121,148		71,573
		Other revenues			25,301		9,078		65,954		40,178
			Total electric utility revenues		191,236		166,809		822,937		782,720
	Energy marketing				(55)		183		(131)		19,916
	Other				6,571		4,578		21,685		20,366
		Total Operating Revenues			197,752		171,570		844,491		823,002
Operating Expenses:
	Electric Utility:
		Purchased power			32,765		28,076		195,642		150,980
		Fuel expense			25,898		24,845		103,261		99,898
		Power cost adjustment			8,746		3,319		39,184		70,762
		Other operations & maintenance			65,596		56,584		255,867		220,983
		Depreciation			25,395		24,798		100,855		97,650
		Taxes other than income taxes			3,554		5,181		19,090		20,753
			Total electric utility expenses		161,954		142,803		713,899		661,026
	Energy marketing				693		3,507		(2,565)		37,671
	Other				12,388		14,606		39,906		40,243
			Total operating expenses		175,035		160,916		751,240		738,940
Operating Income (Loss):
	Electric utility				29,282		24,006		109,038		121,694
	Energy marketing				(748)		(3,324)		2,434		(17,755)
	Other				(5,817)		(10,028)		(18,221)		(19,877)
		Total Operating Income			22,717		10,654		93,251		84,062
Other Income					7,381		6,950		39,329		24,412
Other Expense					5,975		6,754		21,228		18,083
Interest Expense and Preferred Dividends:
	Interest on long-term debt				14,309		14,457		54,937		58,670
	Other interest				739		414		3,379		2,832
	Preferred dividends of Idaho Power Co				-		849		4,823		3,430
		Total Interest and Pref Dividends			15,048		15,720		63,139		64,932
Income (Loss) Before Income Taxes					9,075		(4,870)		48,213		25,459
Income Tax Benefit					(5,191)		(8,624)		(24,770)		(21,119)
Net Income				$	14,266	$	3,754	$	72,983	$	46,578
Weighted Average Common Shares
	Outstanding (000's)				38,863		38,231		38,361		38,228
Earnings per Share
	(Basic and Diluted)			$	0.37	$	0.10	$	1.90	$	1.22
Dividends Paid per Share				$	0.30	$	0.30	$	1.20	$	1.70

IDACORP, Inc.
Consolidated Statements of Cash Flows
For Twelve Months Ended December 31, 2004 and 2003
Summary Financial Information
(unaudited)
(Thousands of Dollars)

				Twelve Months Ended
				12/31/04		12/31/03
Operating Activities
	Net income			$	72,983	$	46,578
	Adjustments to reconcile net income to net cash provided by
		operating activities:
		Net non-cash loss on legal disputes			-		12,072
		Impairment of assets			9,075		3,498
		Unrealized losses from energy marketing activities			131		42,517
		Depreciation and amortization			124,192		129,070
		Deferred taxes and investment tax credits			(33,912)		(56,174)
		Changes in regulatory assets			16,788		68,358
		Gain on sale of non-utility assets			(4,475)		-
		Gain on extinguishment of debt			(7,188)		-
		Change in:
			Receivables and prepayments		(1,442)		145,923
			Accounts payable and other accrued liabilities		15,806		(70,342)
			Taxes receivable/accrued		717		(16,797)
			Other		876		4,883
		Net cash provided by operating activities			193,551		309,586
Investing Activities					(197,990)		(151,923)
Financing Activities
	Issuance of long-term debt				106,442		255,292
	Issuance of common stock				115,690		-
	Retirement of long-term debt				(79,890)		(230,003)
	Retirement of preferred stock of IPC				(52,351)		(860)
	Dividends on common stock				(45,838)		(64,726)
	Decrease in short-term borrowings				(58,250)		(82,550)
	Other				(1,470)		(2,393)
		Net cash used in financing activities			(15,667)		(125,240)
Net increase (decrease) in cash and cash equivalents					(20,106)		32,423
Cash and cash equivalents - beginning of period					75,159		42,736
Cash and cash equivalents  - end of period				$	55,053	$	75,159

IDACORP, Inc.
Consolidated Balance Sheets
As of December 31, 2004 and 2003
Summary Financial Information

(unaudited)
(Thousands of Dollars)

			12/31/04		12/31/03
Assets
	Cash and cash equivalents		$	55,053	$	75,159
	Receivables, net of allowance			57,955		58,598
	Employee notes			3,523		3,347
	Energy marketing assets			9,203		4,176
	Other current assets			127,331		96,878
		Total current assets		253,065		238,158
	Investments			191,411		204,474
	Property, plant and equipment-net			2,209,462		2,088,319
	Energy marketing assets - long-term			16,635		14,358
	Regulatory assets			433,271		427,760
	Employee notes - long-term			3,746		4,775
	Other assets			126,581		128,264
	Total other assets			580,233		575,157
		Total Assets	$	3,234,171	$	3,106,108
Liabilities And Shareholders' Equity
	Current maturities of long-term debt		$	78,603	$	67,923
	Notes payable			36,270		93,650
	Accounts payable			79,156		60,916
	Energy marketing liabilities			9,420		4,317
	Other current liabilities			82,008		84,899
		Total current liabilities		285,457		311,705
	Deferred income taxes			555,774		554,715
	Energy marketing liabilities - long-term			16,635		14,393
	Regulatory liabilities			275,854		258,524
	Other liabilities			112,616		104,290
		Total other liabilities		960,879		931,922
	Long-term debt			979,549		945,834
	Preferred stock of Idaho Power Company			-		52,366
	Shareholders' equity			1,008,286		864,281
		Total Liabilities & Shareholders' Equity	$	3,234,171	$	3,106,108

Idaho Power Company Supplemental Operating Statistics

			Three Months Ended				Year-To-Date
			12/31/04		12/31/03		12/31/04		12/31/03
Energy Use - MWh
	Residential			1,255,532		1,177,247		4,580,337		4,426,976
	Commercial			905,964		879,269		3,560,911		3,511,235
	Industrial			859,407		829,523		3,334,955		3,206,182
	Irrigation			81,433		115,465		1,763,387		1,835,638
	Total General Business			3,102,336		3,001,504		13,239,590		12,980,031
	Off-System Sales			446,024		437,325		2,885,350		1,829,940
		Total		3,548,360		3,438,829		16,124,940		14,809,971
Revenue ($000's)
	Residential		$	74,436	$	67,778	$	274,313	$	275,920
	Commercial			39,924		39,862		164,053		173,820
	Industrial			27,522		27,859		111,797		128,620
	Irrigation			2,804		5,548		85,672		92,609
	Total General Business			144,686		141,047		635,835		670,969
	Off-System Sales			21,249		16,684		121,148		71,573
		Total	$	165,935	$	157,731	$	756,983	$	742,542
Customers - Period End
	Residential			366,218		354,704
	Commercial			56,274		54,765
	Industrial			126		113
	Irrigation			17,791		17,018
		Total		440,409		426,600