Idaho Power 8-K Current report

Exhibit 99

FOR IMMEDIATE RELEASE
February 5, 2004

IDACORP Reports 2003 Annual Earnings;
Reaffirms 2004 Earnings Guidance

BOISE -IDACORP, Inc. (NYSE:IDA) today reported 2003 earnings of $1.22 per share, a 41 cents per share decline from last year's $1.63 per share.

The company reported improved fourth quarter earnings of 10 cents per share compared to last year's net loss of eight cents per share.  Net income for the fourth quarter was $3.8 million, compared to a net loss of $3.0 million for the same period a year earlier.  IDACORP's annual net income was $46.6 million for 2003 and $61.7 million in 2002.

"Our financial performance in 2003 is consistent with our previous guidance, and reflects the impacts of increased power supply costs, escalating maintenance expenses, and charges due to the wind down of two of our non-regulated businesses," said IDACORP President and Chief Executive Officer Jan Packwood.  "With the difficult year behind us, we are poised to provide long term value for our stakeholders with a strategy focused on our core electricity business while allowing for modest investments in growth initiatives.

"In the fourth quarter, consistent with that focus, we decided to wind down our independent power development subsidiary Ida-West Energy.  During the quarter we recorded an impairment charge totaling $8.6 million, or 13 cents per share.

"The fourth quarter results also reflect achievement of another milestone in the continuing wind down of our energy trading business.  On December 29, 2003, IDACORP Energy received from the Overton Power District a $45 million payment in settlement of a $46.1 million long-term receivable under a power purchase contract.  The difference of $1.1 million was written off in the fourth quarter.

"Looking forward, I believe a combination of fair and timely rate relief, our ongoing cost management efforts, and a return to more normal weather patterns will improve our outlook.  While it is too soon to say whether the snow pack, stream flow and temperature patterns that have pressured the utility in recent years have abated, the outlook is encouraging," Packwood added.

EARNINGS GUIDANCE

IDACORP is reaffirming its 2004 consolidated earnings per share guidance in the range of $1.60 to $2.20.  Consolidated earnings will be heavily dependent on the performance at Idaho Power Company (IPC) and the IPC 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 some of these factors, the earnings guidance for 2004 remains purposely broad.  As the water year progresses and Idaho Power completes its general rate case in Idaho, this guidance will be updated.

Business Operations

IDAHO POWER COMPANY

IPC contributed 38 cents per share to the fourth quarter compared with 31 cents per share in last year's fourth quarter.  For the year, IPC's earnings were $1.44 per share in 2003 and $2.24 per share in 2002.  The 2002 results included a benefit of 92 cents per share resulting from IPC's tax accounting method change for capitalizing overhead costs, along with the expensing of $12 million (19 cents per share) in irrigation lost revenues.  IPC's 2003 results continue to reflect the impact of increased power supply costs and increases in pension, insurance, depreciation and maintenance expenses.  Also in the fourth quarter, IDACORP substantially settled all issues related to the Internal Revenue Service's examination of its federal income tax returns for the years 1998-2000.  The settlement resulted in a benefit of 16 cents per share for IPC, as the deficiencies assessed were less than previously accrued.

General business revenues declined $40.9 million in the fourth quarter compared to a year ago.   While unfavorable weather conditions offset by increases due to customer growth partially contributed to the decline, lower retail prices had the greatest effect.  The May 2003 Power Cost Adjustment resulted in an approximate 18 percent reduction to IPC's overall retail rates in Idaho.  Annual general business revenues were $101.1 million less in 2003 than 2002, and the impact of the PCA rate decrease and the loss of a major industrial customer accounted for virtually all of that difference.  During 2003, IPC added 11,656 retail customers, reaching a total of 426,600 customers.

For the fourth quarter, heating degree-days were down six percent from last year.  Annual 2003 heating degree-days decreased 11 percent from last year and were 14 percent below normal.  During 2003, cooling degree-days were 27 percent greater than last year and 62 percent more than normal.

Revenues from off-system sales were $3.6 million higher quarter over quarter due to increased volumes and higher wholesale regional electricity prices.  On an annual basis, 2003's off-system sales revenues were $16.5 million more than the prior year.

Other operations and maintenance expenses for the fourth quarter 2003 were $5.0 million greater than the comparable period last year.  For the year, these expenses were $13.6 million greater.  Both increases are a reflection of increased pension, wheeling and maintenance expenses.

IPC is midway through its Idaho general rate case that was originally filed with the Idaho Public Utilities Commission (IPUC) on Oct. 16, 2003 when IPC requested approximately $86 million annually in additional revenue, or an average 17.7 percent increase to base rates.  The following table summarizes the timeline of upcoming events scheduled by the IPUC:

Feb. 20 - staff and intervenors file direct case

Mar. 29 - Apr. 6 - formal hearings

May 28 - final IPUC order expected

June 1 - rate adjustment effective

IPC cannot predict what level of rate adjustment the IPUC will grant.

There are early indications of some relief from drought-related pressures on the company's power production profile.  The Feb. 1 hydrological survey shows Snake River Basin snow pack levels at 104 percent of average.  However, 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 (RFC) projects 4.3 million acre-feet (maf) of water will flow into Brownlee Reservoir -- Idaho Power's key storage facility -- during the April-through-July period.  Historically, the RFC's average measured inflow into Brownlee is 6.3 maf during the period.  In 2003 and 2002, the inflows were 3.6 and 3.2 maf, respectively.

IDACORP ENERGY

IDACORP Energy (IE) recorded a loss of six cents per share for the quarter compared to a loss of 20 cents per share for the fourth quarter 2002. IE recorded an annual loss of 25 cents per share compared to a loss of 39 cents per share in 2002.  The recent annual results include losses from legal settlements offset by a gain from the sale of the forward electricity contracts.

OTHER SUBSIDIARIES

IDACORP Financial Services contributed seven cents per share to fourth quarter earnings and 27 cents per share for the year, compared with earnings of six cents per share and 23 cents per share in the fourth quarter and 2002, respectively.

Ida-West Energy recorded a net loss of 15 cents per share for the fourth quarter and a loss of 13 cents per share for 2003.  During the fourth quarter, Ida-West recorded an $8.6 million (13 cents per share) write down of various assets, including $3.6 million related to site development costs of the Garnet energy project.  In 2002 Ida-West had written down $8.0 million of equipment investments related to the project.  The other Ida-West asset impairments ($5.0 million) relate to partial impairments of investments in joint ventures.

IDACOMM reported a loss of two cents per share for the fourth quarter 2003 compared to a one-cent-per-share loss in the same quarter last year.  For 2003, IDACOMM reported a five-cents-per-share loss compared to a one-cent-per-share loss in 2002.

IdaTech reported a two-cents-per-share loss in the fourth quarter 2003 compared to a loss of five cents per share in the fourth quarter 2002.  On an annual basis, IdaTech recorded a four-cents-per-share loss in 2003 and a 22-cents-per-share loss in 2002.

The holding company results were a loss of 10 cents per share for the fourth quarter and loss of two cents per share for 2003.  This compares with a five-cent-per-share loss in the fourth quarter 2002 and eight-cent-per-share loss for 2002.  The majority of the 2003 fourth quarter loss is related to the effects of the intra-period allocation of income taxes.

Conference Call and SEC Form 10-K Filing Date

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.   IDACORP expects to file its SEC Form 10-K Annual Report on March 4.

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, and its subsidiary 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, June 30, and September 30, 2003, and other reports on file with the Securities and Exchange Commission.

IDACORP, Inc.

Consolidated Statement of Operations
For Periods Ended December 31, 2003 and 2002
Summary Financial Information
(Unaudited)
(Thousands of Dollars, except per share data)

				Three Months Ended				Year-To-Date
				12/31/03		12/31/02		12/31/03		12/31/02
Operating Revenues:
	Electric utility:
		General business		$	141,047	$	181,899	$	670,969	$	772,035
	Off system sales				16,684		13,037		71,573		55,031
		Other revenues			9,078		11,895		40,178		41,974
			Total Electric Utility Revenue		166,809		206,831		782,720		869,040
	Energy marketing:
		Energy commodities & services			183		9,562		19,916		46,410
	Other				4,578		3,405		20,366		13,350
		Total Operating Revenues			171,570		219,798		823,002		928,800
Operating Expenses:
	Electric Utility:
		Purchased power			28,076		30,488		150,980		142,102
		Fuel expense			24,845		26,706		99,897		102,871
		Power cost adjustment			3,319		37,111		70,762		170,489
		Other operations & maintenance			56,584		51,605		220,983		207,355
		Depreciation			24,798		23,676		97,651		93,609
		Taxes other than income taxes			5,181		4,538		20,753		19,953
			Total Electric Utility		142,803		174,124		661,026		736,379
	Energy marketing:
		Cost of energy commodities and services			(722)		5,311		1,250		42,113
		Selling, administrative & general			3,095		16,748		24,349		30,220
		Net loss (gain) on legal disputes			1,134		(17)		12,072		(2,793)
	Other				14,606		19,611		40,243		44,241
			Total operating expenses		160,916		215,777		738,940		853,160
Operating Income (Loss):
	Electric utility				24,006		32,707		121,694		132,661
	Energy marketing				(3,324)		(12,480)		(17,755)		(26,130)
	Other				(10,028)		(16,206)		(19,877)		(30,891)
		Total Operating Income			10,654		4,021		84,062		75,640
Other Income					6,950		2,905		24,412		19,218
Other Expenses					6,754		5,423		18,083		15,388
Interest Expense and Other:
	Interest on long-term debt				14,457		13,977		58,670		54,147
	Other interest expense				414		2,146		2,832		10,211
	Preferred dividends -Idaho Power Company				849		1,008		3,430		4,587
		Total Interest and Other			15,720		17,131		64,932		68,945
Income (Loss) Before Income Taxes					(4,870)		(15,628)		25,459		10,525
Income Taxes Benefits					(8,624)		(12,620)		(21,119)		(51,147)
Net Income (Loss)				$	3,754	$	(3,008)	$	46,578	$	61,672
Average Common Shares
	Outstanding (000's)				38,207		37,919		38,186		37,729
Earnings per Share
	(Basic and Diluted)			$	0.10	$	(0.08)	$	1.22	$	1.63

IDACORP, Inc.
Condensed Consolidated Statements of Cash Flows
For Twelve Months Ended December 31, 2003 and 2002
(Unaudited)
Summary Financial Information
(Thousands of Dollars)

				Twelve Months Ended
				12/31/03		12/31/02
Operating Activities
	Net income			$	46,578	$	61,672
	Adjustments to reconcile net income to net cash provided by
		operating activities:
		Net non-cash loss on legal disputes			12,072		-
		Impairment of long-lived assets			3,498		8,064
		Allowance for uncollectible accounts			2,538		782
		Unrealized losses from energy marketing activities			42,517		65,965
		Depreciation and amortization			129,070		122,831
		Deferred taxes and investment tax credits			(61,985)		(110,666)
		Accrued PCA costs			68,358		164,201
		Change in:
			Receivables and prepayments		155,613		27,749
			Accounts payable and other accrued liabilities		(82,570)		(145,868)
			Taxes receivable/accrued		(10,986)		98,970
			Other		6,369		54,716
		Net cash provided by operating activities			311,072		348,416
Investing Activities					(153,590)		(187,328)
Financing Activities
	Proceeds from issuance of other long-term debt				255,292		200,000
	Retirement of other long-term debt				(230,003)		(89,403)
	Decrease in short-term borrowings				(82,550)		(186,300)
	Dividends on common stock				(64,726)		(70,178)
	Other				(3,072)		(39,159)
		Net cash used in financing activities			(125,059)		(185,040)
Net increase (decrease) in cash and cash equivalents					32,423		(23,952)
Cash and cash equivalents beginning of period					42,736		66,688
Cash and cash equivalents end of period				$	75,159	$	42,736

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

				12/31/03		12/31/02
Assets
	Cash and cash equivalents			$	75,159	$	42,736
	Receivables net of allowance				58,598		139,226
	Energy marketing assets				382		85,138
	Employee notes				3,347		3,240
	Other current assets				92,441		117,488
		Total current assets			229,927		387,828
	Investments				204,474		206,348
	Property, plant and equipment-net				2,088,319		1,906,498
	Energy marketing assets - long-term				1,205		64,733
	Regulatory assets				427,815		482,159
	Employee notes				4,775		4,615
	Other assets				128,264		197,313
		Total other assets			562,059		748,820
			Total Assets	$	3,084,779	$	3,249,494
Liabilities And Shareholders' Equity
	Current maturities of long-term debt			$	67,923	$	89,592
	Notes payable				93,650		176,200
	Accounts payable				60,916		130,930
	Energy marketing liabilities				523		59,917
	Other current liabilities				80,517		116,526
		Total current liabilities			303,529		573,165
	Deferred income taxes				554,715		595,820
	Energy marketing liabilities - long-term				1,240		51,761
	Regulatory liabilities				258,524		114,247
	Other liabilities				104,290		87,605
		Total other liabilities			918,769		849,433
	Long-term debt				945,834		898,676
	Preferred stock of Idaho Power Company				52,366		53,393
	Shareholders' equity				864,281		874,827
		Total Liabilities & Shareholders' Equity		$	3,084,779	$	3,249,494

Idaho Power Company Supplemental Operating Statistics

			Three Months Ended				Year-To-Date
			12/31/03		12/31/02		12/31/03		12/31/02
Energy Use - MWh
	Residential			1,177,247		1,177,758		4,426,976		4,386,793
	Commercial			879,269		868,743		3,511,235		3,460,977
	Industrial			829,523		814,085		3,206,182		3,225,781
	Irrigation			115,465		103,854		1,835,638		1,820,516
	Total General Business			3,001,504		2,964,440		12,980,031		12,894,067
	Off-System Sales			437,325		427,927		1,829,940		2,068,505
		Total		3,438,829		3,392,367		14,809,971		14,962,572
Revenue ($000's)
	Residential		$	67,778	$	82,628	$	275,920	$	305,827
	Commercial			39,862		49,973		173,820		196,454
	Industrial			27,859		44,111		128,620		176,648
	Irrigation			5,548		5,187		92,609		93,106
	Total General Business			141,047		181,899		670,969		772,035
	Off-System Sales			16,684		13,037		71,573		55,031
		Total	$	157,731	$	194,936	$	742,542	$	827,066
Customers - Period End
	Residential			354,704		344,447
	Commercial			54,765		53,661
	Industrial			113		118
	Irrigation			17,018		16,718
		Total		426,600		414,944