IDACORP (IDA) 10-Q 2005 Q2 Quarterly report

Exhibit 99

FOR IMMEDIATE RELEASE
August 4, 2005

IDACORP Announces Second Quarter 2005 Results

BOISE - IDACORP, Inc. (NYSE:IDA) today reported second quarter net income of $9 million versus $13 million in 2004 and year-to-date earnings of $33 million - the same as last year.  Earnings per share fell by 12 cents per share for the quarter to 22 cents per share and by 8 cents for the first six months to 77 cents per share.  Results this year were impacted by the issuance of more than 4 million new shares of IDACORP common stock last December.

"Low irrigation loads masked an otherwise strong performance by Idaho Power, as irrigation loads and revenues were 52 percent and 46 percent respectively of what they were a year ago," said IDACORP President and Chief Executive Officer Jan B. Packwood.  "Those impacts were partially offset by an increase in customers, sales and revenue across all other general business categories.  We are expecting strong customer growth to continue and are experiencing an unseasonably warm summer which combined should give us a good third quarter."

Second Quarter and Year-To-Date Performance Summary

IDACORP's earnings per share in the second quarter reflect the combination of 30 cents per share earnings at the regulated utility and a consolidated eight cents-per-share loss at the non-regulated businesses.  Year-to-date, Idaho Power recorded earnings of 81 cents per share while the non-regulated companies registered a net loss of four cents per share.

Idaho Power's earnings per share were up for the quarter and year-to-date despite a nearly $8 million decline in general business revenues in both the second quarter and first six months of 2005 compared to the same periods in 2004.  Lower electricity consumption by irrigation customers due to a cooler and wetter spring than normal more than offset increased general business revenues due to higher rates and customer growth.  Idaho Power estimates that the impact of reduced irrigation sales for the quarter was approximately 15 cents per share.

First quarter 2005 temperatures were above historic averages for the period and those registered in 2004.  However, temperatures during the second quarter were 31 percent cooler than normal and nearly 46 percent cooler than last year.  While the combination of cooler spring temperatures and above average precipitation levels in May and June reduced irrigation load, it also reduced the Company's need to purchase energy, providing a reduction to the Company's net Power Cost Adjustment (PCA) deferral.

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 $1.5 million from the $7.1 million recorded during the same period in 2004.

Analysis of Earnings

The following table summarizes earnings per share (EPS) from each of our business units:

	Three Months Ended				Year-To-Date
Subsidiary	6/30/05		6/30/04		6/30/05		6/30/04
Idaho Power Company	$	0.30	$	0.21	$	0.81	$	0.72
IDACORP Energy		(0.01)		0.02		(0.01)		0.02
IDACORP Financial Services		0.06		0.12		0.12		0.19
Ida-West Energy		0.02		0.06		0.02		0.07
IdaTech		(0.06)		(0.04)		(0.11)		(0.07)
IDACOMM		(0.01)		-		(0.01)		(0.01)
Holding Company		(0.08)		(0.03)		(0.05)		(0.07)
	$	0.22	$	0.34	$	0.77	$	0.85

Included in second quarter 2004 results for the non-regulated businesses is 14 cents per share in gains from a series of transactions that did not recur in 2005.  These gains offset the impacts of the disallowed Idaho Power general rate case costs reported in the same period.

IDACORP estimates its consolidated group effective income tax rate for the annual period in accordance with interim reporting requirements.  The estimated annual rate is used in determining the effective rate for the quarter and may result in an intraperiod allocation of income tax expense.  Such an allocation was made for the second quarter and is recorded at the holding company.

2005 Forecast - Water Conditions

The inflows into Brownlee Reservoir for the April through July period were 3.6 million acre-feet (maf).  This inflow volume is 57 percent of the 30-year average (6.3 maf) and reflects the sixth consecutive year of below average inflow.  In 2004, the inflows were 3.2 maf.

Projected Key Operating & Financial Metrics - 2005

The projected key operating and financial metrics for 2005 are:

		Previous	Current
Metric		Estimate	Estimate
Idaho Power Company Operation &
Maintenance Expense (Millions)		$244-$248	No change
Idaho Power Company Capital Expenditures
(Millions)		$202	$190-$200
Idaho Power Company Hydroelectric
Generation (Million MWh)		5.6	6.3
Non-regulated Subsidiary Earnings Per Share		$0.05-$0.10	$0.00-$0.05
Effective Tax Rates:
	Idaho Power Company	35% - 40%	No change
	Consolidated - IDACORP	5%

The projected increase in generation is a result of the precipitation in May and June.

Non-regulated subsidiary earnings per share estimates have been revised to reflect increased estimated losses at IdaTech.

Idaho Power currently expects to spend from $190 million to $200 million in capital expenditures, excluding allowance for funds used during construction.  The slight decrease in the estimate is due primarily to the timing of certain construction expenditures.

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 Web site (http://www.idacorpinc.com).  A replay of the conference call will be available on the company's Web site for a period of 12 months.

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, a holder of affordable housing projects and other real estate investments; IdaTech, a developer of integrated fuel cell systems; IDACOMM, a provider of telecommunication services and commercial and residential Internet services; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utilities Regulatory Policy Act of 1978.

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, including new interpretations of existing policies, regulatory actions, and regulatory audits, including those of the Federal Energy Regulatory Commission, the Idaho Public Utilities Commission, the Oregon Public Utility Commission and the Internal Revenue Service, with respect to allowed rates of return, industry and rate structure, day-to-day business operations, 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 factors such as credit ratings and general economic conditions; actions by credit rating agencies, including changes in rating criteria and new interpretations of existing criteria; homeland security, natural disasters, acts of war or terrorism; market conditions and 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 ended December 31, 2004, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 and other reports on file with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made.  New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

IDACORP, Inc.
Consolidated Statements of Income
For Periods Ended June 30, 2005 and 2004
(unaudited)
(Thousands of Dollars, except per share data)

				Three Months Ended				Year-To-Date
				6/30/05		6/30/04		6/30/05		6/30/04
Operating Revenues:
	Electric utility:
		General business		$	150,583	$	158,305	$	296,953	$	304,462
		Off-system sales			38,872		36,809		71,085		64,930
		Other revenues			10,253		11,795		22,538		21,120
			Total electric utility revenue		199,708		206,909		390,576		390,512
	Other				5,763		4,963		11,077		9,549
		Total Operating Revenues			205,471		211,872		401,653		400,061
Operating Expenses:
	Electric Utility:
		Purchased power			36,929		64,766		81,007		83,270
		Fuel expense			24,369		21,569		49,465		49,073
		Power cost adjustment			12,415		(1,746)		7,998		10,818
		Other operations & maintenance			65,717		63,193		120,816		117,340
		Depreciation			25,193		25,271		50,112		50,161
		Taxes other than income taxes			5,302		5,378		10,529		10,943
		Impairment of assets			-		9,756		-		9,756
			Total electric utility expenses		169,925		188,187		319,927		331,361
	Other				11,701		8,278		22,984		17,099
			Total Operating Expenses		181,626		196,465		342,911		348,460
Operating Income (Loss):
	Electric utility				29,783		18,722		70,649		59,151
	Other				(5,938)		(3,315)		(11,907)		(7,550)
		Total Operating Income			23,845		15,407		58,742		51,601
Other Income					3,355		14,693		7,627		17,711
Earnings (Losses) of Unconsolidated
	Equity-method Investments				(951)		81		(288)		694
Other Expenses					1,193		4,915		2,296		5,737
Interest Expense and Preferred Dividends:
	Interest on long-term debt				14,292		13,215		28,366		26,568
	Other interest				815		1,585		1,270		2,037
	Preferred dividends of Idaho Power Co				-		853		-		1,707
		Total Interest Exp and Pref Div			15,107		15,653		29,636		30,312
Income Before Income Taxes					9,949		9,613		34,149		33,957
Income Tax Expense (Benefit)					498		(3,379)		1,632		1,306
Net Income				$	9,451	$	12,992	$	32,517	$	32,651
Weighted Average Common Shares
	Outstanding (000's)				42,230		38,189		42,220		38,194
Earnings per Share of Common Stock
	(basic and diluted)			$	0.22	$	0.34	$	0.77	$	0.85
Dividends Paid per Share of Common Stock				$	0.30	$	0.30	$	0.60	$	0.60

IDACORP, Inc.
Consolidated Statements of Cash Flows
For Six Months Ended June 30, 2005 and 2004
Summary Financial Information
(unaudited)
(Thousands of Dollars)

				Six Months Ended
				6/30/2005		6/30/2004
Operating Activities
	Net Income			$	32,517	$	32,651
	Adjustments to reconcile net income to net cash provided by
		operating activities:
		Impairment of long-lived assets			-		9,756
		Unrealized losses (gains) from energy marketing activities			359		(77)
		Depreciation and amortization			61,635		61,861
		Deferred taxes and investment tax credits			(4,380)		(21,111)
		Changes in regulatory assets			4,826		11,409
		Gain on sale of non-utility assets			-		(4,780)
		Gain on extinguishment of debt			-		(7,188)
		Change in:
			Receivables and prepayments		(4,259)		(2,028)
			Accounts payable and other accrued liabilities		(21,985)		(10,758)
			Taxes accrued		6,161		13,710
			Other		(8,877)		6,614
		Net cash provided by operating activities			65,997		90,059
Investing Activities					(61,297)		(87,425)
Financing Activities
	Issuance of long-term debt				4,992		50,000
	Retirement of long-term debt				(9,497)		(69,591)
	Dividends on common stock				(25,326)		(22,923)
	Increase (decrease) in short-term borrowings				12,530		(16,650)
	Other				1,104		(1,395)
		Net cash used in financing activities			(16,197)		(60,559)
Net decrease in cash and cash equivalents					(11,497)		(57,925)
Cash and cash equivalents - beginning of period					23,403		75,159
Cash and cash equivalents - end of period				$	11,906	$	17,234

IDACORP, Inc.
Consolidated Balance Sheets
As of June 30, 2005 and December 31, 2004
Summary Financial Information
(unaudited)
(Thousands of Dollars)

			6/30/05		12/31/04
Assets
	Cash and cash equivalents		$	11,906	$	23,403
	Receivables, net of allowance			71,097		57,956
	Employee notes			3,316		3,523
	Energy marketing assets			13,367		9,203
	Other current assets			134,761		127,331
		Total current assets		234,447		221,416
	Investments			189,420		223,061
	Property, plant and equipment-net			2,253,351		2,209,462
	Energy marketing assets - long-term			25,458		16,635
	Regulatory assets			423,864		433,271
	Employee notes - long-term			2,980		3,746
	Other assets			133,055		126,581
		Total other assets		585,357		580,233
		Total Assets	$	3,262,575	$	3,234,172
Liabilities And Shareholders' Equity
	Current maturities of long-term debt		$	81,641	$	78,603
	Notes payable			48,800		36,270
	Accounts payable			57,090		79,156
	Energy marketing liabilities			13,943		9,420
	Other current liabilities			103,378		82,009
		Total current liabilities		304,852		285,458
	Deferred income taxes			551,169		555,774
	Energy marketing liabilities - long-term			25,458		16,635
	Regulatory liabilities			276,513		275,854
	Other liabilities			116,880		112,616
		Total other liabilities		970,020		960,879
	Long-term debt			972,113		979,549
	Shareholders' equity			1,015,590		1,008,286
		Total Liabilities & Shareholders' Equity	$	3,262,575	$	3,234,172

Idaho Power Company Supplemental Operating Statistics

			Three Months Ended				Year-To-Date
			6/30/05		6/30/04		6/30/05		6/30/04
Energy Use - MWh
	Residential			954,957		896,657		2,282,979		2,258,484
	Commercial			866,508		829,270		1,754,193		1,723,008
	Industrial			835,730		788,905		1,668,050		1,615,482
	Irrigation			361,382		754,964		373,047		764,760
	Total General Business			3,018,577		3,269,796		6,078,269		6,361,734
	Off-System Sales			1,037,100		975,272		1,682,273		1,648,756
		Total		4,055,677		4,245,068		7,760,542		8,010,490
Revenue ($000's)
	Residential		$	60,599	$	54,281	$	139,375	$	132,009
	Commercial			41,540		38,713		81,432		78,836
	Industrial			28,101		27,399		55,114		55,062
	Irrigation			20,343		37,912		21,032		38,555
	Total General Business			150,583		158,305		296,953		304,462
	Off-System Sales			38,872		36,809		71,085		64,930
		Total	$	189,456	$	195,114	$	368,038	$	369,392
Customers - Period End
	Residential			372,634		359,615
	Commercial			57,030		55,445
	Industrial			129		114
	Irrigation			18,044		17,326
		Total		447,837		432,500