Exhibit 99

IDACORP

1221 W. Idaho Street
Boise, ID   83702

May 8, 2008

FOR IMMEDIATE RELEASE

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

IDACORP Announces First Quarter 2008 Results

BOISE - IDACORP, Inc. (NYSE:IDA) reported first quarter net income of $21.7 million, or 48 cents per share, compared to $24.6 million or 56 cents per share in 2007.

"Our hydroelectric production levels during the quarter were lower than last year and below average for the period," said IDACORP President and Chief Executive Officer J. LaMont Keen. "Higher power supply costs, reduced earnings at Bridger Coal Company, and greater interest charges contributed to the decline in earnings.  Increases in revenues due to colder weather over the first three months and higher retail rates during March partially offset the earnings decline."

Settlement of the company's 2007 Idaho general rate case increased rates an average of 5.2 percent effective March 1. Keen noted this increase is expected to enhance earnings over the balance of the year.

Analysis of Earnings per Diluted Share

The following table summarizes diluted earnings (losses) per share from each business:

		Three months ended
		March 31,
		2008		2007
Earnings (Losses) From:
	Idaho Power	$	0.47		$	0.53
	IDACORP Financial Services		0.02			0.04
	Ida-West Energy		0.00			0.00
	Holding Company		(0.01)			(0.01)
Earnings Per Diluted Share		$	0.48		$	0.56

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First Quarter 2008 Performance Summary

A summary of IDACORP's net income and earnings per diluted share for the first quarter of the last two years is as follows:

	Three months ended
	March 31,
	2008		2007
Net income ($000's)	$	21,716	$	24,647
Average outstanding shares - diluted (000s)		45,004		43,820
Earnings per diluted share	$	0.48	$	0.56

The key factors affecting the change in IDACORP's net income for the first quarter of 2008 include (amounts shown are net of income taxes):

•         IPC's net income was $21.3 million in the first quarter of 2008, a decrease of $2 million as compared to the first quarter of 2007.  The key factors affecting the change in IPC's net income include:

•         Increased retail sales contributed $5.9 million to general business revenue for the quarter.  IPC's service territory had 15 percent more heating degree days as compared to the same period in 2007 and four percent more heating degree days than normal.  IPC continues to experience customer growth, with the average number of general business customers increasing 9,166 compared to the first quarter of 2007, an increase of two percent.

•         Rate increases added $12.4 million to general business revenue for the quarter as compared to the same period last year.  A PCA increase on June 1, 2007 increased rates by an average of 14.5 percent, or $11.8 million.  In addition, a general rate increase of 5.2 percent became effective March 1, 2008, and increased general business revenue $0.6 million.

•         Increased net power supply costs (fuel and purchased power less off-system sales), net of the current PCA deferral decreased earnings by $17.7 million (including the effects of the LGAR described below) for the quarter as compared to the same period last year.  During the first quarter of 2008, IPC experienced poor hydroelectric generating conditions that have carried over from 2007.  IPC's hydroelectric generation decreased to 46 percent of total system generation for the quarter as compared to 51 percent in 2007.

•         The Load Growth Adjustment Rate (LGAR) mechanism, a component of the PCA, reduced earnings by $3.2 million.  Most of the impact came in January and February as base loads and the rate were reset in March in connection with the general rate case.

•         Bridger Coal Company's results in the first quarter were $1.6 million below last year, primarily due to difficulties with its underground longwall mining operations in January and February 2008.

•         Increased interest charges, primarily due to increases in long-term debt balances and variable interest rates, reduced earnings $1.7 million.

•         IFS earnings decreased $1.1 million for the quarter.  The reduction is primarily due to lower tax benefits from aging investments and lower earnings on variable rate instruments.

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2008 Outlook

The Northwest River Forecast Center (NWRFC) currently projects 4.9 million acre-feet (maf) of water will flow into Brownlee Reservoir during the April through July period. The NWRFC's 30-year average measured inflow into Brownlee is 6.3 maf during the period. In 2007, April-July inflows were 2.8 maf.

The outlook for key operating and financial metrics is:

		2008 Estimates
Key Operating & Financial Metrics 1		Current	Previous
Idaho Power Operation &
Maintenance Expense (Millions)		No change	$285-$295
Idaho Power Capital Expenditures
(Millions) 2		$270-$290	$280-$300
Idaho Power Hydroelectric
Generation (Million MWh) 3		6.0-8.0	7.0-9.0
Non-regulated Subsidiary Earnings
Per Share 4		No change	$0.05-$0.10
Effective Tax Rates:
	Idaho Power	No change	32%-36%
	Consolidated - IDACORP	No change	20%-24%

(1)     Key operating and financial metrics will be updated quarterly.

(2)     The decrease in capital expenditures is due to the impact of the estimated decline in new customer connections and the deferral of certain capital expenditures.

(3)     The decrease in the range is attributable to a change in the level of actual versus forecasted precipitation during the spring period.  For the first four months of 2008 actual precipitation has been less than 50% of normal.

(4)     Estimates include contributions from Ida-West Energy and IDACORP Financial netted against holding company expenses.

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 Web site (http://www.idacorpinc.com).  A replay of the conference call will be available on the company's Web site 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; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978.

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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 and compliance with governmental policies, including new interpretations of existing policies, and regulatory actions and regulatory audits, including those of the Federal Energy Regulatory Commission, the North American Electric Reliability Corporation, the Western Electricity Coordinating Council, 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, provision of transmission services, relicensing of hydroelectric projects, recovery of power supply costs, recovery of capital investments, present or prospective wholesale and retail competition, including but not limited to retail wheeling and transmission costs, and other refund proceedings; changes arising from the Energy Policy Act of 2005; changes in tax laws or related regulations or new interpretations of applicable law by the Internal Revenue Service or other taxing jurisdiction; litigation and regulatory proceedings, including those resulting from the energy situation in the western United States, and penalties and settlements that influence business and profitability; changes in and compliance with laws, regulations, and policies including changes in law and compliance with environmental, natural resources, endangered species and safety laws, regulations and policies and the adoption of laws and regulations addressing greenhouse gas emissions or global climate change; global climate change and weather variations affecting customer demand and hydroelectric generation; over-appropriation of surface and groundwater in the Snake River Basin resulting in reduced generation at hydroelectric facilities; construction of power generation, transmission and distribution facilities, including an inability to obtain required governmental permits and approvals, rights-of-way and siting, and risks related to contracting, construction and start-up; operation of power generating facilities including performance below expected levels, breakdown or failure of equipment, availability of transmission and fuel supply; changes in operating expenses and capital expenditures, including costs and availability of materials, fuel and commodities; blackouts or other disruptions of Idaho Power Company's transmission system or the western interconnected transmission system; impacts from the formation of a regional transmission organization or the development of another transmission group; population growth rates and other demographic patterns; market prices and demand for energy, including structural market changes; 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; changes in interest rates or rates of inflation; performance of the stock market and changes in interest rates, which affect the amount of required contributions to pension plans, and the reported costs of providing pension and other postretirement benefits; increases in health care costs and the resulting effect on medical benefits paid for employees; increasing costs of insurance, changes in coverage terms and the ability to obtain insurance; homeland security, acts of war or terrorism; natural disasters and other natural risks, such as earthquake, flood, drought, lightning, wind and fire; 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' Annual Report on Form 10-K for the year ended December 31, 2007 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.

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IDACORP, Inc.
Condensed Consolidated Statements of Income
For Periods Ended March 31, 2008 and 2007
Summary Financial Information
(unaudited)
(Thousands of Dollars, except per share amounts)

					Three Months Ended
					3/31/08		3/31/07
Operating Revenues:
	Electric Utility:
		General business			$	167,313	$	137,251
		Off-system sales				33,363		57,838
		Other revenues				12,120		10,839
			Total electric utility revenues			212,796		205,928
	Other					644		783
			Total Operating Revenues			213,440		206,711
Operating Expenses:
	Electric Utility:
			Purchased power			45,299		50,817
			Fuel expense			37,237		30,913
			Power cost adjustment			(17,744)		(21,536)
			Other operations & maintenance			68,927		67,827
			Demand-side management			3,364		2,115
			Depreciation			25,750		25,290
			Taxes other than income taxes			4,803		4,918
				Total electric utility expenses		167,636		160,344
	Other					1,048		2,588
				Total Operating Expenses		168,684		162,932
Operating Income (Loss):
	Electric Utility					45,160		45,584
	Other					(404)		(1,805)
			Total Operating Income			44,756		43,779
Other Income						4,417		5,389
Losses of Unconsolidated
	Equity-Method Investments					(4,036)		(1,326)
Other Expenses						365		3,212
Interest Expense:
	Interest on long-term debt.					16,876		13,548
	Other interest					596		1,604
			Total Interest expense			17,472		15,152
Income Before Income Taxes						27,300		29,478
Income Tax Expense						5,584		4,898
Income from Continuing Operations						21,716		24,580
Income from Discontinued
	Operations (net of tax)					-		67
Net Income					$	21,716	$	24,647
Weighted Average Common Shares
	Outstanding-Basic (000's)					44,847		43,687
Weighted Average Common Shares
	Outstanding-Diluted (000's)					45,004		43,820
Earnings per Share of Common Stock (basic & diluted):
	Earnings per Share from Continuing Operations				$	0.48	$	0.56
	Earnings per Share from Discontinued Operations					0.00		0.00
	Diluted Earnings per Share of Common Stock				$	0.48	$	0.56
Dividends Paid per Share of Common Stock					$	0.30	$	0.30

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IDACORP, Inc.
Condensed Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2008 and 2007
Summary Financial Information
(unaudited)
(Thousands of Dollars)

				Three Months Ended
				3/31/08		3/31/07
Operating Activities
	Net Income			$	21,716	$	24,647
	Adjustments to reconcile net income to
		net cash provided by operating activities:			30,777		30,287
			Depreciation and amortization		12,617		7,580
			Deferred income taxes and investment tax credits		(20,466)		(19,002)
			Changes in regulatory assets and liabilities		931		(1,566)
			Undistributed (earnings) losses of subsidiaries		-		(1,604)
			Gain on sales of assets		120		2,515
			Other non-cash adjustments to net income
	Change in:
			Accounts receivable and prepayments		1,811		602
			Accounts payable and other accrued liabilities		(29,869)		(46,132)
			Taxes accrued		(5,843)		593
			Other		9,123		23,101
		Net cash provided by operating activities			20,917		21,021
Investing Activities
	Additions to property, plant and equipment				(52,863)		(49,601)
	Proceeds from the sale of IDACOMM				-		7,283
	Investments in affordable housing				(8,487)		300
	Investments in unconsolidated affiliates				(5,000)		(350)
	Purchase of available-for-sale securities				-		(24,349)
	Proceeds from the sale of available-for-sale securities				-		25,296
	Purchase of held-to-maturity securities				-		(400)
	Maturity of held-to-maturity securities				1,780		530
		Other assets			(531)		481
			Net cash used in investing activities		(65,101)		(40,810)
Financing Activities
	Retirement of long-term debt				(1,779)		(2,696)
	Dividends on common stock				(13,475)		(13,131)
	Net change in short-term borrowings				57,063		27,427
	Issuance of common stock				2,213		2,234
	Acquisition of treasury stock				(269)		(338)
	Other				(131)		(38)
		Net cash provided by financing activities			43,622		13,458
	Net decrease in cash and cash equivalents				(562)		(6,331)
	Cash and cash equivalents at beginning of period				7,966		9,892
	Cash and cash equivalents at end of period			$	7,404	$	3,561

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IDACORP, Inc.
Condensed Consolidated Balance Sheets
As of March 31, 2008 and December 31, 2007
Summary Financial Information
(unaudited)
(Thousands of Dollars)

				3/31/08		12/31/07
Assets
	Cash and cash equivalents			$	7,404	$	7,966
	Receivables, net of allowance				118,521		118,695
	Employee notes				2,171		2,128
		Other current assets			135,818		137,918
		Total current assets			263,914		266,707
	Investments				205,452		201,085
	Property, plant and equipment-net				2,648,969		2,616,552
	Regulatory assets				473,146		449,668
	Employee notes - long-term				2,328		2,325
	Other assets				115,655		116,971
		Total other assets			591,129		568,964
			Total Assets	$	3,709,464	$	3,653,308
Liabilities and Shareholders' Equity
	Current maturities of long-term debt			$	11,328	$	11,456
	Notes payable				243,509		186,445
	Accounts payable				58,536		85,116
	Other current liabilities				100,549		92,298
		Total current liabilities			413,922		375,315
	Deferred income taxes				479,589		466,182
	Regulatory liabilities				275,425		274,204
	Other liabilities				167,751		173,412
		Total other liabilities			922,765		913,798
	Long-term debt				1,155,290		1,156,880
	Shareholders' equity				1,217,487		1,207,315
		Total Liabilities & Shareholders' Equity		$	3,709,464	$	3,653,308

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Idaho Power Company Supplemental Operating Statistics

				Three Months Ended
				3/31/08		3/31/07
Energy Use - MWh
	Residential				1,588,912		1,464,276
	Commercial				998,994		943,210
	Industrial				850,838		871,215
	Irrigation				11,061		5,226
			Total General Business		3,449,805		3,283,927
	Off-System Sales				517,944		964,388
			Total		3,967,749		4,248,315
Revenue ($000's)
	Residential			$	95,242	$	78,582
	Commercial				44,675		36,208
	Industrial				26,657		22,099
	Irrigation				739		362
	Total General Business				167,313		137,251
	Off-System Sales				33,363		57,838
		Total		$	200,676	$	195,089
Customers - Period End
	Residential				401,228		394,942
	Commercial				63,026		60,877
	Industrial				121		126
	Irrigation				18,148		17,872
		Total			482,523		473,817

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