Exhibit 99

IDACORP

1221 W. Idaho Street
Boise, ID   83702

August 7, 2008

FOR IMMEDIATE RELEASE

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

IDACORP Announces Second Quarter 2008 Results

BOISE-IDACORP, Inc. (NYSE:IDA)  reported 2008 second quarter net income of $17.5 million or 39 cents per diluted share, compared to $18.5 million or 42 cents per diluted share in 2007.  Idaho Power Company (IPC), IDACORP's principal subsidiary, reported second quarter net income of $17.7 million compared to $16.2 million in 2007.

"More favorable operating conditions, the sale of a portion of the Southwest Intertie Project rights-of-way and cost containment efforts improved performance at Idaho Power Company," said IDACORP President and Chief Executive Officer J. LaMont Keen.  "Even with a decline in the amount of general business sales and a change in the allocation of base net power supply costs that reduced second quarter earnings, we were able to increase the contribution from utility operations.  IDACORP's net income declined as a result of lower returns from IDACORP Financial along with intra-period tax allocations at the holding company," he said.  "We remain focused on reducing the gap between our allowed and actual return.  To that end, we continue emphasizing timely regulatory filings, management of operating expenses in the face of significant upward pressure, and rigorous efforts to find efficiencies in all areas of our business," Keen added.

Analysis of Earnings per Diluted Share

The following table presents diluted earnings (losses) per share from the holding company and each IDACORP subsidiary:

		Three months ended				Six months ended
		June 30,				June 30,
		2008		2007		2008		2007
Earnings (Losses) Per Share1 From:
	Idaho Power Company	$	0.39	$	0.37	$	0.87	$	0.90
	IDACORP Financial Services		0.02		0.04		0.03		0.08
	Ida-West Energy		0.02		0.02		0.02		0.02
	Holding Company		(0.04)		(0.01)		(0.05)		(0.02)
Earnings Per Diluted Share-GAAP		$	0.39	$	0.42	$	0.87	$	0.98
1 See "Use of Non-GAAP Financial Measures" below.

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Performance Summary

A summary of IDACORP's net income and earnings per diluted share for the second quarter and year-to-date 2008 as compared to 2007 is as follows:

	Three months ended				Six months ended
	June 30,				June 30,
	2008		2007		2008		2007
Net income ($000's)	$	17,515	$	18,465	$	39,231	$	43,113
Average outstanding shares-diluted (000s)		45,096		43,884		45,050		43,845
Earnings per diluted share	$	0.39	$	0.42	$	0.87	$	0.98

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

•         IPC's net income, the primary component of IDACORP's net income, was $17.7 million for the quarter, an increase of $1.6 million.  The key factors causing the change in IPC's net income include:

•         General business revenue increased $16.2 million, due to an increase of $19.0 million from higher retail base rates and power cost adjustment (PCA) rates partially offset by a $2.8 million decrease from reduced sales.  Sales were reduced due to weather variations, primarily affecting irrigation customers, partially offset by customer growth.

•         Improved hydroelectric generating conditions decreased net power supply costs (fuel and purchased power less off-system sales) by $10.7 million.

•         The PCA deferral decreased $25.2 million primarily due to improved hydroelectric generating conditions, increases in PCA rates, and an increase in the monthly allocation of base net power supply costs, which decreased earnings $5.6 million.  It is expected that the third quarter results will reflect a decrease in the monthly allocation of base net power supply costs which will increase earnings approximately $10 million.

•         Operations and maintenance expenses decreased $2.0 million primarily due to reduced maintenance costs at thermal facilities.

•         The sale of a portion of the Southwest Intertie Project rights-of-way increased net income $1.8 million.

•         Bridger Coal Company reduced net income $1.0 million due to increased costs to produce coal.

•         Higher interest charges, due to increases in long-term debt balances and increased rates on variable rate instruments, reduced net income $1.4 million.

•         Reduced IFS earnings decreased net income $1.1 million due to lower tax benefits from aging investments.

•         Net loss at the holding company decreased net income $1.5 million.  This loss was primarily due to intra-period tax allocations recorded at the holding company.

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The key factors affecting the change in IDACORP's net income for the six months ended June 30, 2008 include (amounts shown are net of income taxes):

•         IPC's net income, the primary component of IDACORP's net income, was $39.0 million for year-to-date, a decrease of $0.5 million.  The key factors causing the change in IPC's net income include:

•         General business revenue increased $34.5 million, due to an increase of $32.0 million from higher retail base rates and PCA rates and $2.5 million due to an increase in usage (weather-related and customer growth).

•         Increased fuel expense primarily in the first quarter, due to an increase in contracted coal price and an increase in generation volume at thermal facilities, raised net power supply costs by $4.6 million.

•         The PCA deferral decreased $27.5 million primarily due to the net effect of increases in PCA rates and a change to the monthly allocation of base net power supply costs, which decreased earnings $5.6 million, partially offset by increased fuel expenses in the first quarter. 

•         Operations and maintenance expenses decreased $1.3 million primarily due to reduced maintenance costs at thermal facilities.

•         The sale of a portion of the Southwest Intertie Project rights-of-way increased net income $1.8 million.

•         Bridger Coal Company reduced net income $2.4 million due to increased costs to produce coal.

•         Higher interest charges, due to increases in long-term debt balances and increased rates on variable rate instruments, reduced net income $3.0 million.

•         Reduced IFS earnings decreased net income $2.1 million due to lower tax benefits from aging investments.

•         Net loss at the holding company decreased net income $1.2 million.  These losses were primarily due to intra-period tax allocations recorded at the holding company.

2008 Outlook

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IPC measured 4.4 million acre-feet (maf) of inflows into Brownlee Reservoir during the April-July 2008 period.  The NWRFC's 30-year average April-July inflows into Brownlee is 6.3 maf. 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)	$255-$270	$270-$290
Idaho Power Hydroelectric
	Generation (Million MWh) (3)	6.5-7.5	6.0-8.0
Non-Regulated Subsidiary
	Earnings Per Share (4)	No change	$0.05-$0.10
Effective Tax Rates (5):
	Idaho Power	No change	32%-36%
	Consolidated - IDACORP	22%-26%	20%-24%

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

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

(3)   The range of estimated hydroelectric generation has been revised to reflect refinements related to river flows.

(4)   Estimates include contributions from Ida-West Energy and IDACORP Financial netted against holding company expenses.  See "Use of Non-GAAP Financial Measures" below.

(5)   Increase is a result of greater estimated income before tax at IPC for the year as compared to previous estimates.

Use of Non-GAAP Financial Measures

IDACORP's earnings per diluted share (EPS) is prepared in accordance with generally accepted accounting principles used in the United States (GAAP).  EPS by subsidiary and for IDACORP unconsolidated (holding company) is considered "a non-GAAP financial measure."  The most directly comparable GAAP financial measure to EPS by subsidiary and for the holding company is IDACORP EPS.

EPS by subsidiary and for the holding company, including non-regulated subsidiary EPS in the 2008 outlook, is calculated by dividing the net income or loss of each company by IDACORP's weighted average common shares outstanding (diluted) for the period.  This presentation of EPS by subsidiary and for the holding company is intended to supplement the information available to investors for evaluating the financial performance of IDACORP and its subsidiaries.  This non-GAAP financial measure is not intended to replace IDACORP EPS, or any other measure calculated in accordance with GAAP, as an indicator of financial performance.

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IDACORP's management uses EPS by subsidiary and for the holding company, in addition to GAAP measures, internally for financial planning and for analysis of performance.  IDACORP's management also uses EPS by subsidiary and for the holding company, including non-regulated subsidiary EPS in the 2008 outlook, as a performance measure when communicating with analysts and investors regarding earnings results and outlook.  Management believes that the presentation of EPS by subsidiary and for the holding company provides additional useful information regarding each company's relative financial performance and contribution to IDACORP EPS, which is presented in accordance with GAAP in IDACORP's Consolidated Statements of Income.  IDACORP does not provide EPS guidance for IDACORP or IPC, which comprise the greatest portion of IDACORP's EPS.

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, including critical infrastructure protection and system reliability, 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 the Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, 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 June 30, 2008 and 2007
Summary Financial Information
(unaudited)
(Thousands of Dollars, except per share amounts)

					Three Months Ended					Six Months Ended
					June 30,					June 30,
					2008			2007		2008		2007
Operating Revenues:
	Electric Utility:
			General business		$	188,748		$	162,212	$	356,060	$	299,463
			Off-system sales			25,641			37,177		59,004		95,016
			Other revenues			14,556			13,137		26,676		23,976
			Total electric utility revenues			228,945			212,526		441,740		418,455
	Other					1,281			1,246		1,925		2,029
			Total Operating Revenues			230,226			213,772		443,665		420,484
Operating Expenses:
		Electric Utility:
			Purchased power			50,089			80,467		95,387		131,285
			Fuel expense			28,681			27,520		65,918		58,432
			Power cost adjustment			(829)			(42,172)		(18,573)		(63,708)
			Other operations & maintenance			75,617			78,888		144,543		146,715
			Demand-side management			3,928			2,548		7,293		4,663
			Gain on sale of emission allowances			(346)			(882)		(346)		(882)
			Depreciation			26,617			25,613		52,367		50,903
			Taxes other than income taxes			4,800			4,636		9,603		9,554
				Total electric utility expenses		188,557			176,618		356,192		336,962
		Other				1,140			582		2,187		3,170
				Total Operating Expenses		189,697			177,200		358,379		340,132
Operating Income (Loss):
		Electric Utility				40,388			35,908		85,548		81,493
		Other				141			664		(262)		(1,141)
			Total Operating Income			40,529			36,572		85,286		80,352
Other Income						6,082			3,862		10,499		9,251
Losses of Unconsolidated
		Equity-Method Investments				(3,278)			(1,551)		(7,314)		(2,877)
Other Expenses						1,820			1,571		2,184		4,782
Interest Expense:
		Interest on long-term debt				15,744			13,896		32,621		27,444
		Other interest				1,313			1,514		1,909		3,118
			Total Interest expense			17,057			15,410		34,530		30,562
Income Before Income Taxes						24,456			21,902		51,757		51,382
Income Tax Expense						6,941			3,437		12,526		8,336
Income from Continuing Operations						17,515			18,465		39,231		43,046
Income from Discontinued
		Operations (net of tax)				-			-		-		67
Net Income					$	17,515		$	18,465	$	39,231	$	43,113
Weighted Average Common Shares
		Outstanding-Basic (000's)				44,924			43,751		44,886		43,709
Weighted Average Common Shares
		Outstanding-Diluted (000's)				45,096			43,884		45,050		43,845
Earnings per Share of Common Stock (diluted):
		Earnings per Share from Continuing
			Operations		$		0.39	$	0.42	$	0.87	$	0.98
		Earnings per Share from Discontinued
			Operations				0.00		0.00		0.00		0.00
		Diluted Earnings per Share of Common Stock			$		0.39	$	0.42	$	0.87	$	0.98
Dividends Paid per Share of Common Stock					$		0.30	$	0.30	$	0.60	$	0.60

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IDACORP, Inc.
Condensed Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2008 and 2007
Summary Financial Information
(unaudited)
(Thousands of Dollars)

					Six Months Ended
					June 30,
					2008		2007
Operating Activities
	Net Income				$	39,231	$	43,113
	Adjustments to reconcile net income to
		net cash provided by operating activities:
			Depreciation and amortization			63,255		60,397
			Deferred income taxes and investment tax credits			16,777		18,760
			Changes in regulatory assets and liabilities			(24,824)		(65,257)
			Undistributed losses (earnings) of subsidiaries			1,110		(2,922)
			Gain on sales of assets			(3,382)		(2,687)
			Other non-cash adjustments to net income			2,022		4,564
			Change in:
				Accounts receivable and prepayments		1,967		(3,001)
				Accounts payable and other accrued liabilities		(13,462)		(3,548)
				Taxes accrued		(5,255)		(12,582)
				Other		(23,940)		4,626
		Net cash provided by operating activities				53,499		41,463
Investing Activities
	Additions to property, plant and equipment					(125,373)		(122,179)
	Proceeds from the sale of IDACOMM					-		7,283
	Proceeds from the sale of non-utility assets					5,690		-
	Proceeds from the sale of emissions allowances					833		2,685
	Investments in affordable housing					(8,486)		300
	Investments in unconsolidated affiliates					(8,725)		(3,600)
	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					(965)		(1,325)
	Maturity of held-to-maturity securities					2,735		1,730
	Tax deposit withdrawl					20,000		-
		Other assets				(1,524)		1,377
			Net cash used in investing activities			(115,815)		(112,782)
Financing Activities
	Increase in term loans					170,000		-
	Issuance of long-term debt					-		140,000
	Retirement of long-term debt					(6,317)		(7,650)
	Purchase of pollution control bonds					(166,100)		-
	Dividends on common stock					(26,985)		(26,286)
	Net change in short-term borrowings					89,076		(42,100)
	Issuance of common stock					4,295		12,451
	Acquisition of treasury stock					(281)		(346)
	Other					(414)		(2,178)
		Net cash provided by financing activities				63,274		73,891
	Net increase in cash and cash equivalents					958		2,572
	Cash and cash equivalents at beginning of period					7,966		9,892
	Cash and cash equivalents at end of period				$	8,924	$	12,464

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IDACORP, Inc.
Condensed Consolidated Balance Sheets
As of June 30, 2008 and December 31, 2007
Summary Financial Information
(unaudited)
(Thousands of Dollars)

				June 30,		December 31,
				2008		2007
Assets
	Cash and cash equivalents			$	8,924	$	7,966
	Receivables, net of allowance				97,339		118,695
	Other current assets				152,749		140,046
		Total current assets			259,012		266,707
	Investments				207,277		201,085
	Property, plant and equipment-net				2,687,826		2,616,552
	Regulatory assets				477,883		449,668
	Employee notes - long-term				2,537		2,325
	Other assets				114,041		116,971
		Total other assets			594,461		568,964
			Total Assets	$	3,748,576	$	3,653,308
Liabilities and Shareholders' Equity
	Current maturities of long-term debt			$	8,643	$	11,456
	Notes payable				279,421		186,445
	Accounts payable				68,652		85,116
	Other current liabilities				95,244		92,298
		Total current liabilities			451,960		375,315
	Deferred income taxes				468,868		466,182
	Regulatory liabilities				279,423		274,204
	Other liabilities				170,223		173,412
		Total other liabilities			918,514		913,798
	Long-term debt				1,153,454		1,156,880
	Shareholders' equity				1,224,648		1,207,315
		Total Liabilities & Shareholders' Equity		$	3,748,576	$	3,653,308

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Idaho Power Company Supplemental Operating Statistics

					Three Months Ended					Six Months Ended
					June 30,					June 30,
					2008			2007		2008		2007
Energy Use - MWh
	Residential				1,097,026			1,066,889		2,685,937		2,531,165
	Commercial				925,507			939,045		1,924,501		1,882,255
	Industrial				826,693			835,446		1,677,532		1,706,661
	Irrigation				686,344			814,609		697,405		819,835
			Total General Business		3,535,570			3,655,989		6,985,375		6,939,916
	Off-System Sales				504,443			525,816		1,022,387		1,490,204
			Total		4,040,013			4,181,805		8,007,762		8,430,120
Revenue ($000's)
	Residential			$		74,067	$	62,886	$	169,309	$	141,468
	Commercial					47,333		39,983		92,008		76,191
	Industrial					29,280		23,294		55,937		45,393
	Irrigation					38,068		36,049		38,806		36,411
	Total General Business					188,748		162,212		356,060		299,463
	Off-System Sales					25,641		37,177		59,004		95,016
		Total		$		214,389	$	199,389	$	415,064	$	394,479
Weather Statistics
	Heating Degree Days					821		573		3,501		2,909
	Cooling Degree Days					213		288		213		288
	Precipitation (inches)					1.44		2.24		4.14		4.02
Customers - Period End
	Residential					402,320		397,083
	Commercial					63,427		61,476
	Industrial					122		127
	Irrigation					18,485		18,112
		Total				484,354		476,798

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