SECURITIES AND EXCHANGE COMMISSION
                      WASHINGTON, DC 20549


                            FORM 8-K

                         CURRENT REPORT

             PURSUANT TO SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934





Date of Report (Date of earliest event reported) June 21, 2002


                Exact name of Registrant as
                       specified in
                   its charter, address of
Commission           principal executive         IRS Employer
   File            office and Registrant's      Identification
  Number                telephone number            Number

 1-14465               IDACORP, Inc.               82-0505802
                   1221 W. Idaho Street
                   Boise, ID 83702-5627
                      (208) 388-2200

     State or Other Jurisdiction of Incorporation:  Idaho



                             None
Former name, former address and former fiscal year, if changed
                      since last report.
                          IDACORP, Inc.
                            Form 8-K

Items 1 through 4 and 6 through 9 are inapplicable and have been
omitted herefrom.

Item 5.   OTHER EVENTS.

IDACORP, Inc. announced Friday, June 21, 2002 that it plans to
wind down its power marketing business and reaffirmed its
commitment to maintain a strong investment credit rating.

The Company's energy marketing subsidiary, IDACORP Energy, will
not seek new customers and will limit its maximum value at risk
limits to less than $3 million.  In addition to minimizing its
risk tolerance, IDACORP Energy anticipates staff reductions of
approximately 50 percent over the next 18 months.  During this
same time period, the Company has targeted a reduction of working
capital requirements for this business to less than $100 million.

IDACORP Energy is committed to fulfilling its obligations under
existing agreements and will limit transactions to those
necessary to meet obligations with existing customers and ensure
the orderly settlement of the existing book of business.  The
changes in the business strategy are being driven by a number of
factors that include changing liquidity requirements brought on
by rating agencies, continued uncertainty in the regulatory and
political environment, and the reduction of credit worthy
counterparties.

The Company expects the decision to wind down the energy
marketing business will not impact the Company's 2002 annual
earnings estimates of between $1.35 and $1.70 per share.

Certain statements contained in this Form 8-K, including
statements with respect to future earnings, are "forward-looking
statements" within the meaning of the federal securities laws.
Although IDACORP believes 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:  the current energy situation in the western United
States, market demand and prices for energy, capacity and fuel;
weather variations affecting customer energy usage; operating
performance of plants and other facilities; environmental
conditions and requirements; and system conditions and operating
costs.  Any such forward-looking statements should be considered
in light of such factors and others noted in IDACORP's Form 10-K
for the year 2001, its quarterly report on Form 10-Q for the
quarter ended March 31, 2002 and other reports on file with the
Securities and Exchange Commission.












SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.


                                   IDACORP, INC.

Dated: June 24, 2002         BY:/s/Darrel T.Anderson
                                   Darrel T. Anderson
                                   Vice President, Chief Financial
                                   Officer and Treasurer