Idaho Power 8-K Current report

Exhibit 99

FOR IMMEDIATE RELEASE
August 7, 2003

IDACORP Reports Second Quarter Results;
Reaffirms 2003 Earnings Guidance

BOISE - IDACORP, Inc. (NYSE:IDA) today reported a net loss of $0.9 million or 2 cents per share for the second quarter of 2003 due to continued losses related to the wind down of the energy trading business at IDACORP Energy, the effects of intra-period tax allocations, the continued impact of below normal hydroelectric generating conditions, and increases in operating expenses at Idaho Power.

Year-to-date IDACORP has recorded a net loss of $4.0 million or 10 cents per share.  Last year's earnings were 8 cents per share for the second quarter and 74 cents per share for the first half of the year.

"Certainly these results do not meet our expectations or those of our shareholders," said IDACORP President and Chief Executive Officer Jan B. Packwood.  "However, by continuing to manage through the ongoing drought conditions, combined with the expected reversal of the tax allocation impacts, we remain confident that we will achieve our previously stated earnings guidance for 2003.

"Our main emphasis for the remainder of this year and into 2004 will continue to be strengthening our balance sheet and focusing on our utility operations," he added.  "This requires the continued evaluation of the company's capital spending program, the company's dividend policy, and filing for general rate relief this fall."

The company reaffirms its 2003 annual earnings guidance at between 90 cents and $1.15 per share.  The guidance for the utility is reaffirmed at $1.20 to $1.40 per share.

Business Operations

IDAHO POWER COMPANY

            Idaho Power Company contributed 31 cents per share to second quarter results and 67 cents per share year-to-date.  Last year Idaho Power's earnings were 33 cents per share in the second quarter and 91 cents per share for the first half of the year. Though the second quarter results were nearly the same as last year's depressed earnings, the year-to-date results demonstrate the continuing impact of below-normal hydroelectric generating conditions in the service area; reduced customer energy sales due to weather; and increases in pension, depreciation, and thermal plant maintenance expenses.

            General business revenues decreased $21.0 million in the second quarter compared to a year ago due to the effects of the Power Cost Adjustment order from the Idaho Public Utilities Commission on May 13 that resulted in an approximate 18 percent reduction to Idaho Power's overall retail rates.  Revenues from off-system sales were $8.9 million higher in this year's second quarter due to increased volumes along with higher wholesale electricity prices.

Below-normal water conditions continue to affect the company's hydroelectric production.  April-July inflows into Brownlee Reservoir, Idaho Power's key water storage facility, were 3.5 million acre-feet (maf).  Historically, the average inflow into the reservoir over the period is 6.3 maf.  In 2002 and 2001, the inflows were 3.2 and 2.4 maf, respectively.

IDACORP ENERGY

IDACORP Energy recorded a loss of 11 cents per share for the quarter and a loss of 39 cents per share year-to-date.  General and administrative expenses associated with continued performance of existing contracts along with legal expenses related to regulatory and legal disputes are the primary cause of the second quarter loss.  The year-to-date results also reflect the settlement costs of reaching resolution in three legal disputes, which were recorded in the first quarter.

OTHER SUBSIDIARIES

            IDACORP Financial contributed 7 cents per share to second quarter earnings and 13 cents per share year-to-date.  Ida-West Energy earned 1 cent per share for the second quarter and 1 cent per share for the first half of 2003.  IDACOMM recorded a 3-cent-per-share loss during the quarter and a 3-cent per share loss year-to-date.  IdaTech lost 3 cents per share for the quarter and has lost 5 cents per share so far this year.

INCOME TAXES

            Generally accepted accounting principles require companies to apply an estimated annual effective tax rate to interim periods, which has had the effect of deferring significant intra-period tax benefits from the first and second quarters to later in the year.  The tax benefits deferred consist primarily of Section 42 low-income housing tax credits recorded at IDACORP Financial.  This adjustment is not expected to have an impact on IDACORP's annual earnings because the adjustment will reverse and flow into earnings during the remainder of the year.

DIVIDEND DISCUSSION

            The amount and timing of dividend payments on IDACORP's common stock are within the sole discretion of IDACORP's Board of Directors.  The Board of Directors reviews the common dividend rate quarterly to determine its appropriateness in light of IDACORP's current and long-term financial position and results of operations, capital requirements, rating agency requirements, legislative and regulatory developments affecting the electric utility industry in general and Idaho Power Company in particular, competitive conditions and any other factors the Board of Directors deems relevant.

            The company is challenged by operating results that are significantly below the current annual dividend.  With the wind down of IDACORP Energy, the long-term sustainability of the dividend is primarily dependent upon the earnings and operating cash flow generated by Idaho Power.  Idaho Power's earnings and operating cash flow depend on many factors, but the most significant are weather and hydroelectric generating conditions, the ability to obtain rate relief to cover operating costs, and capital spending requirements.  The impacts of lower-than-anticipated cash flows in 2003, expected increases in investments in utility plant in 2004 and 2005, and credit quality considerations also are factors being considered. Because of these factors the company's ability to sustain the level of dividends paid in the past is less certain and it is possible the Board of Directors may reduce the dividend as early as 2003.  The Board of Directors will continue to evaluate these and other factors in determining the appropriate and sustainable level of payout to IDACORP shareholders going forward. The Board has made no determination at this time as to the long-term sustainability of the existing dividend on common stock.

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.  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, a manager and developer of independent power projects; IDACORP Financial, an investment vehicle that makes investments primarily in low-income housing projects; IdaTech, a developer of fully integrated fuel cell systems; IDACOMM, a telecommunications subsidiary providing high-speed Internet access technologies; Velocitus, a commercial and residential Internet service provider; and IDACORP Energy, a marketer of energy and energy-related products and services that is winding down its operations.

            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 (FERC), the Idaho Public Utilities Commission (IPUC) and the Oregon Public Utility Commission (OPUC), 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) and other refund proceedings; litigation resulting from the energy situation in the western United States; economic, geographic and political factors and risks; changes in and compliance with environmental and safety laws and policies; weather variations affecting 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 and 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 in energy trading and marketing operations; 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; 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' Form10-K for the year 2002, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 and other reports on file with the Securities and Exchange Commission.

IDACORP, Inc.

Consolidated Statements of Operations
For Periods Ended June 30, 2003 and 2002
(Unaudited)
Summary Financial Information
(Thousands of Dollars, except per share data)

				Three Months Ended				Year-To-Date
				6/30/03		6/30/02		6/30/03		6/30/02
Operating Revenues:
	Electric utility:
		General business		$	166,613	$	187,564	$	341,675	$	373,684
		Off system sales			19,839		10,976		38,447		31,135
		Other revenues			11,176		11,041		20,928		19,862
			Total electric utility revenues		197,628		209,581		401,050		424,681
	Energy marketing				(1,053)		(3,049)		2,540		17,931
	Other				3,701		3,300		8,614		6,813
		Total Operating Revenues			200,276		209,832		412,204		449,425
Operating Expenses:
	Electric Utility:
		Purchased power			32,019		31,184		45,625		61,374
		Fuel expense			23,908		21,708		49,446		49,636
		Power cost adjustment			25,383		42,165		77,230		76,225
		Other operations & maintenance			59,537		53,351		110,122		102,611
		Depreciation			24,279		23,184		48,413		46,355
		Taxes other than income taxes			5,251		5,160		10,408		10,346
			Total electric utility expenses		170,377		176,752		341,244		346,547
	Energy marketing:
		Cost of energy commodities and services			(15)		13,005		3,705		24,467
		Selling, administrative & general			6,481		4,551		13,184		10,583
		Net loss (gain) on legal disputes			-		-		10,938		(2,775)
	Other				9,433		7,781		17,699		15,603
			Total Operating Expenses		186,276		202,089		386,770		394,425
Operating Income (Loss):
	Electric utility				27,251		32,829		59,806		78,134
	Energy marketing				(7,519)		(20,605)		(25,287)		(14,344)
	Other				(5,732)		(4,481)		(9,085)		(8,790)
		Total Operating Income			14,000		7,743		25,434		55,000
Other Income					1,402		2,464		4,002		7,558
Interest Expense and Other:
	Interest on long-term debt				14,449		12,237		29,642		25,554
	Other interest expense				966		2,924		2,012		6,572
	Preferred dividends -Idaho Power Co				866		1,298		1,734		2,660
		Total Interest and Other			16,281		16,459		33,388		34,786
Income (Loss) Before Income Taxes					(879)		(6,252)		(3,952)		27,772
Income Taxes					-		(9,329)		-		-
Net Income (Loss)				$	(879)	$	3,077	$	(3,952)	$	27,772
Average Common Shares
	Outstanding (000's)				38,196		37,665		38,169		37,613
Earnings (loss) per Share
	(Basic and Diluted)			$	(0.02)	$	0.08	$	(0.10)	$	0.74

IDACORP, Inc.
Consolidated Statements of Cash Flows
For Six Months Ended June 30, 2003 and 2002
(Unaudited)
Summary Financial Information
(Thousands of Dollars)

				Six Months Ended
				6/30/03		6/30/02
Operating Activities:
	Net income (loss)			$	(3,952)	$	27,772
	Adjustments to reconcile net income (loss) to net cash provided by
		operating activities:
		Net non-cash loss on legal disputes			10,938		-
		Allowance for uncollectible accounts			(263)		-
		Unrealized (gains) losses from energy marketing activities			11,691		58,165
		Depreciation and amortization			65,744	��	57,222
		Deferred taxes and investment tax credits			(54,465)		(45,137)
		Accrued PCA costs			75,314		71,892
		Change in:
			Receivables and prepayments		68,929		23,667
			Accounts payable		(76,246)		(121,952)
			Taxes receivable/accrued		38,928		67,760
			Other		862		(15,485)
		Net cash provided by operating activities			137,480		123,904
Investing Activities					(64,303)		(103,029)
Financing Activities:
	Proceeds from issuance of other long-term debt				165,475		-
	Retirement of long-term debt				(167,329)		(57,521)
	Increase (decrease) in short-term borrowings				(57,150)		47,650
	Dividends on common stock				(35,487)		(34,980)
	Other				(1,297)		4,394
		Net cash used in financing activities			(95,788)		(40,457)
Net decrease in cash and cash equivalents					(22,611)		(19,582)
Cash and cash equivalents beginning of period					42,736		66,688
Cash and cash equivalents at end of period				$	20,125	$	47,106

IDACORP, Inc.
Consolidated Balance Sheets
As of June 30, 2003 and December 31, 2002
(Unaudited)
Summary Financial Information
(Thousands of Dollars)

			6/30/03		12/31/02
Assets
	Cash and cash equivalents		$	20,125	$	42,736
	Receivables net of allowance			97,042		156,206
	Energy marketing assets			68,006		85,138
	Other current assets			114,144		117,488
		Total current assets		299,317		401,568
	Investments			208,437		206,348
	Property, plant and equipment-net			1,910,695		1,906,498
	Energy marketing assets - long-term			42,953		64,733
	Regulatory assets			409,452		482,159
	Other assets			165,684		191,332
		Total other assets		618,089		738,224
		Total Assets	$	3,036,538	$	3,252,638
Liabilities And Shareholders' Equity
	Current maturities of long-term debt		$	62,788	$	89,592
	Notes payable			119,050		176,200
	Accounts payable			51,539		130,930
	Energy marketing liabilities			30,726		59,917
	Other current liabilities			159,250		119,851
		Total current liabilities		423,353		576,490
	Deferred income taxes			536,119		595,639
	Energy marketing liabilities - long-term			52,193		51,761
	Regulatory liabilities			114,663		114,247
	Other liabilities			93,402		87,605
		Total other liabilities		796,377		849,252
	Long-term debt			923,721		898,676
	Preferred stock of Idaho Power Co			52,562		53,393
	Shareholders' equity			840,525		874,827
		Total Liabilities & Shareholders' Equity	$	3,036,538	$	3,252,638

Idaho Power Company Supplemental Operating Statistics

			Three Months Ended				Year-To-Date
			6/30/03		6/30/02		6/30/03		6/30/02
Energy Use - MWh
	Residential			936,589		887,471		2,136,280		2,243,534
	Commercial			820,559		836,400		1,663,652		1,714,001
	Industrial			758,588		790,392		1,528,153		1,564,059
	Irrigation			675,637		666,443		676,706		669,171
	Total General Business			3,191,373		3,180,706		6,004,791		6,190,765
	Off-System Sales			568,716		431,027		981,775		1,252,983
		Total		3,760,089		3,611,733		6,986,566		7,443,748
Revenue ($000's)
	Residential		$	60,031	$	60,948	$	144,239	$	155,102
	Commercial			42,450		47,863		90,860		96,449
	Industrial			29,661		43,530		71,920		86,649
	Irrigation			34,471		35,223		34,656		35,484
	Total General Business			166,613		187,564		341,675		373,684
	Off-System Sales			19,839		10,976		38,447		31,135
		Total	$	186,452	$	198,540	$	380,122	$	404,819
Customers - Period End
	Residential			348,248		339,081
	Commercial			54,136		52,836
	Industrial			116		114
	Irrigation			16,972		16,691
		Total		419,472		408,722

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

		Three Months Ended				Year-To-Date
		6/30/03		6/30/02		6/30/03		6/30/02
Value at Risk:
	End of period 95% confidence level	$	197	$	1,072	$	197	$	1,072
	End of period 99% confidence level	$	278	$	1,516	$	278	$	1,516
	Avg. over period (95% confidence)	$	205	$	1,487	$	313	$	1,440
Settled Volume:
	Electricity (mwh's)		3,371,171		13,522,259		8,156,231		26,520,038
	Natural Gas (mmbtu's)		8,450		11,706,894		2,255,881		23,880,601