Idaho Power 10-Q 2003 Q3 Quarterly report

Exhibit 99

November 6, 2003

FOR IMMEDIATE RELEASE

Lawrence F. Spencer, Director of Investor Relations
Phone:  (208) 388-2664
lspencer@idacorpinc.com

IDACORP Reports Third Quarter Results

Increases 2003 Annual Earnings Guidance at IDACORP due to sale of IDACORP Energy Trading Contracts
Reaffirms Idaho Power Company 2003 Earnings Guidance
Provides 2004 Annual Earnings Guidance

BOISE - IDACORP, Inc. (NYSE:IDA) today reported net income of $46.8 million or $1.22 per share for the third quarter.

For the year-to-date, IDACORP reported net income of $42.8 million or $1.12 per share.  Last year's earnings were 98 cents per share for the third quarter and $1.72 per share for the first nine months of the year.

"Quarterly results benefited from 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," said IDACORP President and Chief Executive Officer, Jan B. Packwood.  "However, Idaho Power Company continues to face weather-related challenges, where operating results continue to be negatively impacted by our fourth consecutive year of below-normal water conditions."

"The Board of Directors' September decision to reduce the dividend level and our October filing for authority to raise rates in Idaho are intended to ensure the availability of adequate capital to fund ongoing investments in critical infrastructure.

"As a result of earnings from the sale of our book at IDACORP Energy, we are revising our 2003 earnings guidance at IDACORP upward to the range of $1.15 to $1.30.  At Idaho Power Company, we reaffirm our guidance at $1.20 to $1.40 per share."

Guidance for 2004 is somewhat more problematic.  Consolidated earnings will be heavily dependent on the performance at Idaho Power Company (IPC).  The utility results will be dependent on various factors including weather, water, the outcome of regulatory proceedings and capital expenditures.  Given the uncertainty and potential variations in those factors, the earnings guidance for 2004 is purposely broad.  Assuming regulatory treatment consistent with the current application, and the return of normal precipitation and weather, consolidated earnings will be in the range of $1.60 to $2.20.  As the water year progresses and the regulatory proceedings unfold, this guidance will be updated.

Business Operations

IDAHO POWER COMPANY

IPC contributed 40 cents per share to the third quarter results and $1.06 per share year-to-date.  Those results continue to reflect the impact of low water, higher regional wholesale electricity prices, and increases in pension, depreciation and thermal plant maintenance expenses.  Last year IPC's earnings were $1.02 per share in the third quarter and $1.93 per share for the first nine months of the year. The quarter and year-to-date September 30, 2002 results included IPC's tax accounting method change for capitalizing overhead costs, a benefit of 96 cents per share, along with the expensing of $12 million (19 cents per share) in irrigation lost revenues.

For the third quarter, cooling degree-days were 33 percent greater than last year resulting in a 6.3 percent increase in general business energy sales, even though overall general business revenues declined.

General business revenues declined $28.2 million in the third quarter compared to a year ago due to the effects of a price decrease in May.  That Power Cost Adjustment decrease resulted in an approximate 18 percent reduction to IPC's overall retail rates in Idaho.

Revenue from off-system sales were $5.6 million higher due to increased volumes and higher wholesale electricity prices.

Purchased power costs increased significantly during the third quarter driven by both price and volume changes.  Regional power costs per megawatt-hour increased by nearly 47 percent compared to the third quarter 2002 due to reduced surplus energy availability in the region.  Purchased volumes also increased by more than 50 percent due to increased energy sales and reduced generation at the company's thermal facilities this year.

Though the third quarter other operations and maintenance expenses were nearly the same as last year's third quarter, these expenses have increased $9 million for the nine months ended September 30, 2003 primarily due to increases in pension expense of $5 million and thermal plant expense increases of $3 million.

On October 16, IPC filed a general rate case with the Idaho Public Utilities Commission (IPUC) requesting approximately $86 million annually in additional revenue, an overall average 17.7 percent increase to base rates.  IPC further asked that $20 million of that amount be granted immediately in the form of interim rate relief to begin recovery of several areas of increased costs.  Those revenue requirements relate to increases in operations and maintenance expenses, the cost of new sources of power, increased capital costs for the protection, mitigation and enhancement requirements of new licenses at some of the hydroelectric projects, and the continued expansion of the transmission and distribution network.  IPC cannot predict what rate relief, if any, the IPUC will grant.  The last general rate case was filed in 1994.

IDACORP ENERGY

IDACORP Energy (IE) entered into a definitive agreement with Sempra Energy Trading Corp. on August 14 to sell IE's forward book of electricity trading contracts.  On September 26, IE received Federal Energy Regulatory Commission's approval to transfer these contracts, which finalized the sale.

IE recorded earnings of 19 cents per share for the quarter and a year-to-date net loss of 19 cents per share resulting from wind down expenses.  The quarterly results include earnings from the sale of the forward contracts of 26 cents per share.  General and administrative expenses associated with continued performance of existing contracts along with legal expenses related to regulatory and legal disputes, and settlement costs of reaching resolution in legal disputes are the primary causes of the year-to-date losses.

OTHER SUBSIDIARIES

IDACORP Financial Services contributed seven cents per share to third quarter earnings and 20 cents per share year-to-date.  Ida-West Energy earned one cent per share for the third quarter and two cents per share for the first nine months.  IDACOMM reported a breakeven performance during the quarter and a three cent per share loss year-to-date.  IdaTech contributed four cents per share for the quarter and has lost one cent per share so far this year.  IdaTech's results include a $4 million gain from the settlement of a contract regarding the design, production and delivery of fuel cell systems.  The balance of the earnings per share is attributable to the holding company the majority of which represents the effects of the intra-period tax benefits.

INCOME TAXES

Accounting principles generally accepted in the United States of America require companies to apply the estimated annual effective tax rate in computing the provision for income taxes for interim reporting periods.  For 2003, IDACORP has projected annual pre-tax book income but has also projected an annual income tax benefit (a negative effective tax rate).  The income tax benefit results primarily from the realization of low-income housing credits.  Because IDACORP had pre-tax losses in the first two quarters, it did not apply the negative estimated annual effective tax rate to these pre-tax loss periods.  IDACORP recognized tax benefits in the third quarter based on its forecasted annual pre-tax income.  The quarterly results include approximately 33 cents per share related to the impact of these benefits.

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 comprised of Idaho Power Company, 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 IPC 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, 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; 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 and on the obligation to provide post retirement health care benefits; increasing costs of insurance, changes in coverage terms and the ability to obtain insurance; 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 2002, the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2003, and June 30, 2003, and other reports on file with the Securities and Exchange Commission.

IDACORP, Inc.

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

				Three Months Ended				Year-To-Date
				9/30/03		9/30/02		9/30/03		9/30/02
Operating Revenues:
	Electric utility:
		General business		$	188,247	$	216,452	$	529,922	$	590,136
	Off system sales				16,442		10,859		54,889		41,994
		Other revenues			10,172		10,217		31,100		30,079
			Total electric utility revenues		214,861		237,528		615,911		662,209
	Energy marketing				17,193		18,917		19,733		36,848
	Other				7,174		3,131		15,788		9,944
		Total Operating Revenues			239,228		259,576		651,432		709,001
Operating Expenses:
	Electric Utility:
		Purchased power			77,280		50,240		122,904		111,614
		Fuel expense			25,606		26,529		75,052		76,165
		Power cost adjustment			(9,787)		57,153		67,443		133,378
		Other operations & maintenance			54,276		53,139		164,398		155,750
		Depreciation			24,439		23,577		72,853		69,932
		Taxes other than income taxes			5,164		5,069		15,572		15,415
			Total electric utility operations		176,978		215,707		518,222		562,254
	Energy marketing:
		Cost of revenues			(1,733)		12,335		1,972		36,802
		Selling, general & administrative			8,070		5,887		21,254		16,470
		Net (gain) loss on legal disputes			-		-		10,938		(2,775)
	Other				7,939		9,027		25,637		24,630
			Total Operating Expenses		191,254		242,956		578,023		637,381
Operating Income:
	Electric utility				37,883		21,821		97,689		99,955
	Energy marketing				10,856		695		(14,431)		(13,649)
	Other				(765)		(5,896)		(9,849)		(14,686)
		Total Operating Income			47,974		16,620		73,409		71,620
Other Income (Expense)					2,131		(1,373)		6,132		6,348
Interest Expense and Other:
	Interest on long-term debt				14,571		13,089		44,213		40,170
	Other interest				407		2,858		2,418		8,065
	Preferred dividends -Idaho Power Co				847		919		2,581		3,579
		Total Interest Expense and Other			15,825		16,866		49,212		51,814
Income (Loss) Before Income Taxes					34,280		(1,619)		30,329		26,154
Income Taxes					(12,495)		(38,527)		(12,495)		(38,527)
Net Income				$	46,775	$	36,908	$	42,824	$	64,681
Average Common Shares
	Outstanding (000's)				38,200		37,771		38,179		37,665
Earnings per Share
	(Basic and Diluted)			$	1.22		0.98		1.12	$	1.72

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

				Nine Months Ended
				9/30/03		9/30/02
Operating Activities
	Net Income			$	42,824	$	64,681
	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			(254)		17
		Unrealized losses from energy marketing activities			42,517		37,325
		Depreciation and amortization			97,802		91,193
		Deferred taxes and investment tax credits			(71,466)		(91,729)
		Accrued PCA costs			65,446		128,215
		Change in:
			Receivables and prepayments		71,248		42,914
			Accounts payable and other accrued liabilities		(71,355)		(148,962)
			Taxes receivable/accrued		49,453		79,958
			Other		20,030		39,187
		Net cash provided by operating activities			257,183		242,799
Investing Activities					(101,346)		(136,205)
Financing Activities
	Proceeds from issuance of long-term debt				205,492		-
	Retirement of long-term debt				(171,769)		(61,979)
	Increase (decrease) in short-term borrowings				(151,175)		53,241
	Dividends on common stock				(53,260)		(52,545)
	Other				(1,667)		(42,332)
		Net cash used in financing activities			(172,379)		(103,615)
Net increase (decrease) in cash and cash equivalents					(16,542)		2,979
Cash and cash equivalents beginning of period					42,736		66,688
Cash and cash equivalents end of period				$	26,194	$	69,667

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

			9/30/03		12/31/02
Assets
	Cash and cash equivalents		$	26,194	$	42,736
	Receivables net of allowance			93,505		153,062
	Energy marketing assets			1,775		85,138
	Other current assets			91,007		117,488
		Total current assets		212,481		398,424
	Investments			203,755		206,348
	Property, plant and equipment-net			1,924,371		1,906,498
	Energy marketing assets - long-term			17,275		64,733
	Regulatory assets			424,961		482,159
	Other assets			165,324		191,332
		Total other assets		607,560		738,224
		Total Assets	$	2,948,167	$	3,249,494
Liabilities And Shareholders' Equity
	Current maturities of long-term debt		$	70,183	$	89,592
	Notes payable			25,044		176,200
	Accounts payable			54,305		130,930
	Energy marketing liabilities			4,861		59,917
	Other current liabilities			150,577		116,526
		Total current liabilities		304,970		573,165
	Deferred income taxes			538,976		595,820
	Energy marketing liabilities - long-term			17,275		51,761
	Regulatory liabilities			114,126		114,247
	Other liabilities			98,891		87,605
		Total other liabilities		769,268		849,433
	Long-term debt			951,956		898,676
	Preferred stock of Idaho Power Co.			52,484		53,393
	Shareholders' equity			869,489		874,827
		Total Liabilities & Shareholders' Equity	$	2,948,167	$	3,249,494

Idaho Power Company Supplemental Operating Statistics

			Three Months Ended				Year-To-Date
			9/30/03		9/30/02		9/30/03		9/30/02
Energy Use - MWh
	Residential			1,113,449		965,502		3,249,729		3,209,036
	Commercial			968,315		878,233		2,631,967		2,592,234
	Industrial			848,506		847,637		2,376,659		2,411,696
	Irrigation			1,043,467		1,047,491		1,720,173		1,716,661
	Total General Business			3,973,737		3,738,863		9,978,528		9,929,627
	Off-System Sales			410,839		387,594		1,392,614		1,640,578
		Total		4,384,576		4,126,457		11,371,142		11,570,205
Revenue ($000's)
	Residential		$	63,903	$	68,098	$	208,142	$	223,200
	Commercial			43,099		50,030		133,958		146,479
	Industrial			28,841		45,888		100,761		132,537
	Irrigation			52,404		52,436		87,061		87,920
	Total General Business			188,247		216,452		529,922		590,136
	Off-System Sales			16,442		10,859		54,889		41,994
		Total	$	204,689	$	227,311		584,811		632,130
Customers - Period End
	Residential			351,599		341,784
	Commercial			54,479		53,274
	Industrial			114		116
	Irrigation			16,997		16,739
		Total		423,189		411,913

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

		Three Months Ended				Year-To-Date
		9/30/03		9/30/02		9/30/03		9/30/02
Value at Risk:
	End of period 95% confidence level		-		550		-		550
	End of period 99% confidence level		-		778		-		778
	Avg. over Period (95% confidence)		150		687		150		687
Settled Volume:
	Electricity (MWh's)		2,895,808		7,807,395		11,052,039		34,327,433
	Natural Gas (MMbtu's)		-		7,941,126		2,255,881		31,821,727