Idaho Power 10-Q 2005 Q1 Quarterly report

Exhibit 99

FOR IMMEDIATE RELEASE
May 5, 2005

IDACORP Announces First Quarter 2005 Results

Summary of Earnings and Net Income

BOISE - IDACORP, Inc. (NYSE:IDA) today reported first quarter 2005 earnings of $0.55 per share, a $0.04 increase over last year's $0.51 per share.

Net income for the first quarter was $23.1 million, compared to net income of $19.7 million for the same period a year earlier.

"Our results reflect a stable performance at Idaho Power, despite another poor water year, abnormally warm temperatures and higher power supply costs," said IDACORP President and Chief Executive Officer Jan B. Packwood.  "Our non-regulated subsidiaries recorded a breakeven performance, so our overall earnings increase is attributable to a lower effective tax rate partially offset by a larger number of common shares outstanding."

Packwood noted strong customer growth and the implementation of last June's general rate increase helped Idaho Power offset the weather-related effects.

First Quarter Performance Summary

Idaho Power contributed $0.51 per share to the first quarter, the same as last year's first quarter.

General business revenues were flat quarter-over-quarter - a result of a 3 percent increase in total general business customers plus higher base rates, offset by temperatures 6 percent warmer than during last year's first quarter.  Overall, total revenues increased 4 percent due to increases in off-system sales and other revenues.

The off-system sales revenues increase reflects a 20 percent increase in average price per megawatt-hour sold net of a 4 percent decrease in energy sales volume.  Other revenues increased due to Idaho Power's settlement with the Idaho Public Utilities Commission regarding the recovery of income tax expenses.

Purchased power expenses more than doubled between the first quarters of 2005 and 2004 primarily due to a 101 percent increase in megawatt-hours purchased coupled with an 18 percent increase in average cost per megawatt-hour.  The increased volume of purchases was mainly due to lower hydroelectric production in the first quarter of 2005.

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 first quarter and is recorded at the holding company as an income tax benefit.

Analysis of Earnings

The following table summarizes earning per share from each of our business units:

	Three Months Ended
Subsidiary	3/31/05		3/31/04
Idaho Power Company	$	0.51	$	0.51
IDACORP Energy		(0.01)		0.00
IDACORP Financial		0.06		0.07
Ida-West Energy		0.00		0.00
IdaTech		(0.05)		(0.04)
IDACOMM		0.00		(0.01)
Holding Company		0.04		(0.02)
	$	0.55	$	0.51

The three months ended March 31, 2005 reflects the issuance of four million shares of IDACORP common stock in December 2004.

2005 Forecast - Snow Pack / Water Conditions

The May 2, 2005 hydrological survey shows Snake River Basin snow pack levels at 59 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 2.2 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.

Projected Key Operating & Financial Metrics - 2005

The projected key operating and financial metrics for 2005 are:

Idaho Power Company Operation & Maintenance Expense (Millions)		$244-$248
Idaho Power Company Capital Expenditures (Millions)		$202
Idaho Power Company Hydroelectric Generation (Million MWh)		5.6
Non-regulated Subsidiary Earnings Per Share		$0.05 - $0.10
Effective Tax Rates:
	Idaho Power Company	35% - 40%
	Consolidated - IDACORP	5%

The principal change from amounts projected earlier is the annual effective tax rate at IDACORP.  The decline in the estimated effective tax rate from 10-15 percent to approximately 5 percent for 2005 is based on reductions in estimated income before income taxes due to the continued impact of below normal water conditions and weather related declines in operating revenues at Idaho Power.  These reductions, when combined with the ongoing recognition of affordable housing tax credits at IDACORP Financial, reduce the estimated consolidated effective tax rate.

Idaho Power Company is continuing to manage its operating and maintenance expenses in all areas and is expecting these expenses to be in the range of $244-$248 million.  Capital expenditures are still expected to be approximately $202 million.

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.

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, 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, 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; 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 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 March 31, 2005 and 2004
(unaudited)
(Thousands of Dollars, except per share data)

				Three Months Ended
				03/31/05		03/31/04
Operating Revenues:
	Electric utility:
		General business		$	146,370	$	146,157
		Off-system sales			32,212		28,121
		Other revenues			12,286		9,325
			Total electric utility revenues		190,868		183,603
	Other				5,314		4,586
		Total Operating Revenues			196,182		188,189
Operating Expenses:
	Electric Utility:
		Purchased power			44,078		18,505
		Fuel expense			25,096		27,504
		Power cost adjustment			(4,417)		12,564
		Other operations & maintenance			55,098		54,146
		Depreciation			24,919		24,890
		Taxes other than income taxes			5,227		5,565
			Total electric utility expenses		150,001		143,174
		Other			11,284		8,821
			Total Operating Expenses		161,285		151,995
Operating Income (Loss):
	Electric utility				40,867		40,429
	Other				(5,970)		(4,235)
		Total Operating Income			34,897		36,194
Other Income					4,273		3,018
Earnings of Unconsolidated Equity-Method Investments					663		614
Other Expenses					1,103		822
Interest Expense and Preferred Dividends:
	Interest on long-term debt				14,075		13,353
	Other interest expense				455		453
	Preferred dividends of Idaho Power Co				-		854
		Total Interest Expense and Pref Dividends			14,530		14,660
Income Before Income Taxes					24,200		24,344
Income Tax Expense					1,134		4,685
Net Income				$	23,066	$	19,659
Weighted Average Common Shares Outstanding (000's)					42,210		38,200
Earnings per Share (Basic and Diluted)				$	0.55	$	0.51
Dividends Paid per Share				$	0.30	$	0.30

IDACORP, Inc.
Consolidated Statements of Cash Flows
For Three Months Ended March 31, 2005 and 2004
Summary Financial Information
(unaudited)
(Thousands of Dollars)

				Three Months Ended
				03/31/05		03/31/04
Operating Activities
	Net Income			$	23,066	$	19,659
	Adjustments to reconcile net income to net cash provided by
		operating activities:
		Unrealized losses from energy marketing activities			279		-
		Depreciation and amortization			30,611		30,667
		Deferred taxes and investment tax credits			2,644		(1,498)
		Changes in regulatory assets and liabilities			(7,873)		12,488
		Change in:
			Receivables and prepayments		10,316		(4,614)
			Accounts payable and other accrued liabilities		(26,586)		(27,077)
			Taxes receivable/accrued		1,930		10,303
			Other		9,210		17,986
		Net cash provided by operating activities			43,597		57,914
Investing Activities					(7,457)		(37,060)
Financing Activities
	Issuance of long-term debt				-		50,000
	Retirement of long-term debt				(2,832)		(51,978)
	Dividends on common stock				(12,665)		(11,466)
	Change in short-term borrowings				17,430		(1,550)
	Other				(92)		(1,382)
		Net cash used in financing activities			1,841		(16,376)
Net increase in cash and cash equivalents					37,981		4,478
Cash and cash equivalents - beginning of period					23,403		75,159
Cash and cash equivalents - end of period				$	61,384	$	79,637

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

			03/31/05		12/31/04
Assets
	Cash and cash equivalents		$	61,384	$	23,403
	Receivables, net of allowance			56,615		57,956
	Employee notes			3,253		3,523
	Energy marketing assets			17,490		9,203
	Other current assets			118,371		127,331
		Total current assets		257,113		221,416
	Investments			188,018		223,061
	Property, plant and equipment-net			2,224,330		2,209,462
	Energy marketing assets - long-term			26,124		16,635
	Regulatory assets			437,882		433,271
	Employee notes - long-term			3,490		3,746
	Other assets			128,438		126,581
		Total other assets		595,934		580,233
		Total Assets	$	3,265,395	$	3,234,172
Liabilities And Shareholders' Equity
	Current maturities of long-term debt		$	77,811	$	78,603
	Notes payable			53,700		36,270
	Accounts payable			52,574		79,156
	Energy marketing liabilities			17,986		9,420
	Other current liabilities			96,508		82,009
		Total current liabilities		298,579		285,458
	Deferred income taxes			557,320		555,774
	Energy marketing liabilities - long-term			26,124		16,635
	Regulatory liabilities			277,168		275,854
	Other liabilities			110,667		112,616
		Total other liabilities		971,279		960,879
	Long-term debt			977,563		979,549
	Shareholders' equity			1,017,974		1,008,286
		Total Liabilities & Shareholders' Equity	$	3,265,395	$	3,234,172

Idaho Power Company Supplemental Operating Statistics

			Three Months Ended
			03/31/05		03/31/04
Energy Use - MWh
	Residential			1,328,022		1,361,826
	Commercial			887,685		893,739
	Industrial			832,320		826,577
	Irrigation			11,665		9,796
	Total General Business			3,059,692		3,091,938
	Off-System Sales			645,173		673,484
		Total		3,704,865		3,765,422
Revenue ($000's)
	Residential		$	78,776	$	77,727
	Commercial			39,892		40,123
	Industrial			27,013		27,664
	Irrigation			689		643
	Total General Business			146,370		146,157
	Off-System Sales			32,212		28,121
		Total	$	178,582	$	174,278
Customers - Period End
	Residential			368,936		356,655
	Commercial			56,592		55,008
	Industrial			126		113
	Irrigation			17,805		17,058
		Total		443,459		428,834