[GRAPHIC OMITTED]
1221 W. Idaho Street
Boise, ID   83702


December 10, 2004


                                                          FOR IMMEDIATE RELEASE

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




      IDACORP Prices Public Offering of 3.5 Million Shares of Common Stock

BOISE -- IDACORP, Inc. (NYSE:IDA) today priced its previously announced offering
of 3,500,000 shares of common stock at a public offering price of $30 per share.
The company expects to issue the common stock on December 15, 2004, subject to
customary closing conditions. Net proceeds to the company, after underwriting
discounts and estimated offering expenses, will be approximately $100,500,000.

The company intends to use the net proceeds that it receives from the offering
to repay a portion of its short-term debt and to make a capital contribution to
its subsidiary, Idaho Power Company. Idaho Power Company will use the capital
contribution to repay a portion of its short-term debt and to fund a portion of
its capital requirements. If the company does not use the proceeds immediately,
it may temporarily invest them in short-term debt instruments.

In connection with the offering, the company has also granted the underwriters a
30-day option to purchase up to 525,000 additional shares solely to cover
over-allotments of shares, if any.

Morgan Stanley & Co. Incorporated served as the sole bookrunner for the
offering. The co-managers for this offering were Wachovia Securities, KeyBanc
Capital Markets, A.G. Edwards and D.A. Davidson & Co.

Copies of the prospectus supplement and accompanying prospectus may be obtained
from the offices of Morgan Stanley & Co. Incorporated, Prospectus Department,
1585 Broadway, New York, NY 10036 (Tel. 212-353-1075).




Boise, Idaho-based IDACORP, formed in 1998, is a holding company comprised of
Idaho Power Company, a regulated electric utility, providing service in southern
Idaho and eastern Oregon; IdaTech, a developer and manufacturer of fuel cell
systems, products and solutions; IDACORP Financial, an investment company with
its primary activities in affordable housing projects; IDACOMM, a provider of
telecommunications services and owner of Velocitus, a commercial and residential
Internet service provider; Ida-West Energy, an operator of independent power
projects; and IDACORP Energy, a marketer of electricity and natural gas that
wound down its operations during 2003.

This communication shall not constitute an offer to sell or solicitation of an
offer to buy nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. A shelf registration statement relating to the shares has
previously been filed with, and declared effective by, the Securities and
Exchange Commission. Any offer will be made only by means of a prospectus, and
the related prospectus supplement, forming a part of the effective registration
statement.



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