Exhibit 99
IDACORP
1221 W. Idaho Street
Boise, ID 83702
May 18, 2007
FOR IMMEDIATE RELEASE
Lawrence F. Spencer, Director of Investor Relations
Phone: (208) 388-2664
lspencer@idacorpinc.com
Idaho Power Announces Memorandum of Understanding
Regarding Development of Major Transmission
BOISE - Idaho Power today announced the signing of a Memorandum of
Understanding with PacifiCorp under which the companies would pursue possible
development of new high voltage transmission lines from Wyoming across southern
Idaho. The companies anticipate that various segments of the project under
consideration would be completed between 2012 and 2014, and would be designed to
meet growth in customers' need for electricity and increase electrical
transmission capacity across southern Idaho.
"We've experienced significant load growth and see that growth continuing,"
said LaMont Keen, Idaho Power president and chief executive officer. "Under many
conditions, our wires are at full capacity today. As a transmission provider, we
have the obligation to plan and construct transmission facilities to ensure
reliable electric service to our customers. The long lead times -- seven to ten
years -- necessary to develop, site and construct transmission require
action-in-advance-of-need in order to ensure a reliable system. We see
opportunities to partner with companies such as PacifiCorp as an excellent way
to ensure our ability to fulfill our obligation to serve and meet our mutual
transmission needs."
The Memorandum of Understanding will serve as a cornerstone for the two
companies to jointly study the development of the major transmission projects
necessary to meet each company's needs. The expansion would utilize a "hub and
spoke" design concept, which creates common points or "hubs" of major
interconnection for electric load and generation resources. This design would
allow for construction of the critical transmission lines necessary from load
centers in advance of siting generation required to serve growth, while
providing immediate benefits to system reliability. This flexible approach
addresses the problem of coordinating longer lead-time transmission projects
with shorter lead-time
generation projects, while at the same time securing and efficiently utilizing
critical transmission corridors.
"PacifiCorp has been actively participating in several regional
transmission projects and believes this joint effort will support and help
enable these regional project objectives," said John Cupparo, vice president of
transmission for PacifiCorp.
Idaho Power's Energy Plan for the Future - entitled the 2006 Integrated
Resource Plan in regulatory filings -- articulates the need to expand the Idaho
Power transmission system in order to deliver electricity from power generating
sources to retail consumers. PacifiCorp has determined a similar need and,
together, the companies are committed to develop transmission facilities to meet
these needs and to operate reliable systems.
This would be the first major project to be developed under the regional
planning role of the Northern Tier Transmission Group, a coalition of
investor-owned and public utilities, state government agencies and transmission
customers.
Idaho Power and PacifiCorp will be working with the Western Electricity
Coordinating Council and the Northern Tier Transmission Group through the next
steps of the regional planning and rating processes.
About Idaho Power
Idaho Power, the principal subsidiary of IDACORP, Inc. (NYSE:IDA) serves
more than 473,000 customers in a 24,000 square-mile area. The company operates
its system with 4,629 miles of transmission lines and 25,935 miles of
distribution lines. Idaho Power relies heavily on hydroelectric power for its
generating needs and is one of the nation's few investor-owned utilities with a
predominantly hydroelectric generating base. The company owns and operates 17
hydroelectric power plants, two gas-fired plants and shares ownership in three
coal-fired generating plants.
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