Exhibit 25

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.   20549

FORM T-1

o STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939 OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

o CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)

DEUTSCHE BANK TRUST COMPANY AMERICAS

(formerly BANKERS TRUST COMPANY)

(Exact name of trustee as specified in its charter)

NEW YORK	13-4941247
(Jurisdiction of Incorporation or	(I.R.S. Employer
organization if not a U.S. national bank)	Identification no.)
60 WALL STREET
NEW YORK, NEW YORK	10005
(Address of principal	(Zip Code)
executive offices)

Deutsche Bank Trust Company Americas

Attention: Lynne Malina

Legal Department

60 Wall Street, 37th Floor

New York, New York 10005

(212) 250 – 0677

(Name, address and telephone number of agent for service)

IDACORP, Inc.

(Exact name of obligor as specified in its charter)

IDAHO	82-0505802
(State or other jurisdiction	(IRS Employer Identification No.)
of incorporation or organization)

1221 West Idaho Street

Boise, Idaho 83702-5627

Tel. No.: (208) 388-2200

 (Address and telephone number of Registrant’s principal executive offices)

Debt Securities

(Title of the Indenture securities)

Item   1.General Information.

Furnish the following information as to the trustee.

(a)Name and address of each examining or supervising authority to which it is subject.

Name	Address
Federal Reserve Bank (2nd District)	New York, NY
Federal Deposit Insurance Corporation	Washington, D.C.
New York State Banking Department	Albany, NY

(b)Whether it is authorized to exercise corporate trust powers.

Yes.

Item   2.Affiliations with Obligor.

If the obligor is an affiliate of the Trustee, describe each such affiliation.

None.

Item 3. -15.Not Applicable

Item  16.List of Exhibits.

Exhibit 1 -	Restated Organization Certificate of Bankers Trust Company dated August 6, 1998, Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated September 25, 1998, Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated December 16, 1998, and Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated February 27, 2002 – Incorporated herein by reference to Exhibit 1 filed with Form T-1 Statement, Registration No. 333-157637-01.
Exhibit 2 -	Certificate of Authority to commence business - Incorporated herein by reference to Exhibit 2 filed with Form T-1 Statement, Registration No. 333-157637-01.
Exhibit 3 -	Authorization of the Trustee to exercise corporate trust powers - Incorporated herein by reference to Exhibit 3 filed with Form T-1 Statement, Registration No. 333-157637-01.
Exhibit 4 -	Existing By-Laws of Deutsche Bank Trust Company Americas, as amended on April 15, 2002 business - Incorporated herein by reference to Exhibit 4 filed with Form T-1 Statement, Registration No. 333-157637-01.

Exhibit 5 -	Not applicable.
Exhibit 6 -	Consent of Bankers Trust Company required by Section 321(b) of the Act. - business - Incorporated herein by reference to Exhibit 6 filed with Form T-1 Statement, Registration No. 333-157637-01.
Exhibit 7 -	The latest report of condition of Deutsche Bank Trust Company Americas dated as of June  30, 2011. Copy attached.
Exhibit 8 -	Not Applicable.
Exhibit 9 -	Not Applicable.

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Deutsche Bank Trust Company Americas, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf  by the undersigned, thereunto duly authorized, all in The City of New York, and State of  New York, on this 15th day of  November, 2011.

DEUTSCHE BANK TRUST COMPANY AMERICAS
By:	/s/ CAROL NG
	CAROL NG
	VICE PRESIDENT

DEUTSCHE BANK TRUST COMPANY AMERICA FFIEC 031 Legal Title of Bank Page RC-1. NEW YO 15 City NY 10005 State Zip Code FDIC Certificate Number:  00623 Printed on 8/4/2011 at 1:23 PM Consolidated Report of Condition for Insured Commercial and State-Chartered Savings Banks for June 30, 2011 All schedules are to be reported in thousands of dollars. Unless otherwise indicated, report the amount outstanding as of the last business day of the quarter. Schedule RC—Balance Sheet Dollar Amounts in Thou R Trill Bil Mil Thou ASSETS 1. Cash and balances due from depository institutions [from Schedule RC-A): a. Noninterest-bearing balances and currency and coin (1) 0081 426.000     1.a b. Interest-bearing balances (2) 0071        20,737,000    1.b 2. Securities: a. Held-to-maturity securities (from Schedule RC-B, column A) 1754 2.    2.a b. Available-for-sale securities (from Schedule RC-B, column D) 1773 1,865,000     2.b 3. Federal funds sold and securities purchased under agreements to resell: RCON a. Federal funds sold in domestic office B987 161,000     3.a RCFD b. Securities purchased under agreements to resell (3) B989 6,000     3.b 4. Loans and lease financing receivables (from Schedule RC-C): a. Loans and leases held for sale 5369 0 4.a b. Loans and leases, net of unearned income B528 14422.000  4.b c LESS: Allowance for loan and lease losses 3123 78,000 1 4.c d. Loans and leases, net of unearned income and allowance (item 4.b minus 4.c) B529 14,344,000 4.d 5. Trading assets (from Schedule RC-D) 3545 4.428.000 5 6. Premises and fixed assets (including capitalized leases) 2145 56.000 6 7. Other real estate owned (from Schedule RC-M) 2150 22,000 7 S. Investments in unconsolidated subsidiaries and associated companies 2130 0_ 8 9. Direct and indirect investments in real estate ventures 3656 0 9 10. Intangible assets: a. Goodwill 3163 0 10.a b.Other intangibleassets(fromSchedule RC-M)  0426 46,000 10.b 11. Other assets (from Schedule RC-F) 2160 5.355.000 11 12. Total assets (sum of items 1 through 11) 2170        47,446,000 12 (1) Includes cash items in process of collection and unposted debits. (2) Includes time certificates of deposit not held for trading. (3) Includes all securities resale agreements in domestic and foreign offices, regardless of maturity. (1)

DEUTSCHE BANK TRUST COMPANY AMERICA FFIEC 031 Legal Title of Bank Page RC-la FDIC Certificate Number: 00623  15a 1 Printed on 8/4/2011 at 1:23 PM Schedule RC—Continue Dollar Amounts in Thousands Tril Bil Mil Thou a. In domestic offices (sum of totals of columns A and C from Schedule RC-E, part I) 6631  2200 19,286,000     13. a (1) Noninterest-bearing (1) 6631 11,995.000 13.a.l (2) Interest-bearing 6636 7,291,000   13.a.2 b. In foreign offices, Edge and Agreement subsidiaries, and IBFs (RCFN) I (from Schedule RC-E, part II) 6631  2200 11,805,000 13.b (1) Noninterest-bearing 6631 7420.000 13.b.l (2) Interest-bearin6636  4.376.000  I3.b.2 14. Federal funds purchased and securities sold under agreements to repurchase: RCON a. Federal funds purchased in domestic offices (2)  B993 4,151,000     14.a RCFD b. Securities sold under agreements to repurchase (3) B995 0    14.b 15. Trading liabiIities (from Schedule RC-D)  3548 253,000     15 16. Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) (from Schedule RC-M)  3190 260,000     16 17. and 18. Not applicable 19. Subordinated notes and debentures (4) 32000    19 20. Other liabilities (from Schedule RC-G) 2930 ‘860.000    20 21. Total liabilities (sum of items 13 through 20)  2948 37,615,000 21 (1) Includes total demand deposits and noninterest-bearing time and savings deposits. (2) Report overnight Federal Home Loan Bank advances in Schedule RC, item 16, ‘‘Other borrowed money.” (3) Includes all securities repurchase agreements in domestic and foreign offices, regardless of maturity. (4) Includes limited-life preferred stock and related surplus. (1)

DEUTSCHE BANK TRUST COMPANY AMERICA FFIEC 031 Legal Title of Bank Page RC-2 FDIC Certificate Number:  00623  16  Printed on 8/4/2011 at 1:23 PM EQUITY CAPITAL Bank Equity Captal RCFD Tril Bil Mil Thou 23. Perpetual preferred stock and related surplus 3838 1.500.000 23 24. Common stoc 3230 2,127,000 24 25. Surplus (excludes all surplus related to preferred stock) 3839 588,000 25 26. a. Retained earnings 3632 5.218.000 26.a b. Accumulated other comprehensive income (5)  B530 13,000     26.b c. Other equity capital components (6) A130 0    26.c 27. a. Total bank equity capital (sum of items 23 through 26.c) 3210 9,446,000    27.a b. Noncontrolling (minority) interests in consolidated subsidiaries 3000 385,000    27.b 2E. Total equity capital (sum of items 27.a and 27.b)        G105 9,831,000     28 29. Total liabilities and equity capital (sum of items 21 and 28)  3300        47,446,000   29 Memoranda To be reported with the March Report of Condition. 1. Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external RCFD Number auditors as of any date during 2010 6724 N/  M.1 1 = Independent audit of the bank conducted in accordance with generally 4 = Directors’ examination of the bank conducted in accordance with accepted auditing standards by a certified public accounting firm generally accepted auditing standards by a certified public which submits a report on the bank accounting firm (may be required by state chartering authority) 2 = Independent audit of the banks parent holding company conducted in 5 = Directors’ examination of the bank performed by other external aacordance with generally accepted auditing standards by a certified auditors (may be required by state chartering authority) public accounting firm which submits a report on the consolidated 6 = Review of the banks financial statements by external auditors holding company (but not on the bank separately) 7 = Compilation of the bank’s financiaI statements by external auditors 3 = Attestation on bank management’s assertion on the effectiveness of the banks 8 = Other audit procedures (excluding tax preparation work) internal control over financial reporting by a certified public accounting firm. 9 = Mo external audit work To be reported with the March Report of Condition.    MM/DD 2. Bank’s fiscal year-  8678 N/  M.2 (5) Includes net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and minimum pension lability adjustments. (6) Includes treasury stock and unearned Employee Stock Ownership Plan shares.