2005 Q4 ER.doc

Exhibit 99

IDACORP
1221 W. Idaho Street
Boise, ID 83702

November 6, 2008

FOR IMMEDIATE RELEASE

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

IDACORP Announces Third Quarter 2008 Results

BOISE-IDACORP, Inc. (NYSE:IDA) reported 2008 third quarter net income of $51.7 million or $1.14 per diluted share, compared to $28.9 million or $0.65 per diluted share in 2007. Idaho Power Company (IPC), IDACORP’s principal subsidiary, reported third quarter net income of $47.4 million compared to $24.1 million in 2007. IDACORP reported year-to-date results of $91 million or $2.02 per diluted share compared to $72 million or $1.63 per diluted share in 2007.

“Our improved financial performance today reflects the impact of three primary factors – progress from prolonged and purposeful regulatory efforts, Mother Nature, and operational efficiencies companywide,” said IDACORP President and Chief Executive Officer J. LaMont Keen. “This year’s regulatory accomplishments both in Idaho and Oregon highlight the achievement of key milestones of our strategy. Our service area experienced near-normal temperatures and better water conditions this year, in stark contrast to the extreme temperatures and drought of recent years. Our workforce responded well to both operational and economic challenges in 2008, demonstrating the ability to effectively manage the bottom line while continuing to provide our customers some of the lowest electric rates in the nation.”

“We are very encouraged by our year-to-date results; however, there is still work to do,” added Keen. “While our performance is an improvement relative to prior quarters, we are still not earning our allowed rate of return. Looking forward, we must continue our strategy of timely regulatory filings in order to match our revenues with our costs. We must also increase our efforts to evaluate and manage capital and operating expenditures to match economic realities.”

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Performance Summary

A summary of IDACORP’s and each IDACORP subsidiary’s net income for the third quarter and year-to-date 2008 as compared to 2007 is as follows:

			Three Months Ended				Nine Months Ended
			September 30,				September 30,
			2008		2007		2008		2007
			(in thousands except per diluted share amounts)

Earnings From:
	Idaho Power Company		$	47,405	$	24,108	$	86,404	$	63,603
	IDACORP Financial Services			710		1,752		2,212		5,374
	Ida-West Energy			1,208		993		2,171		2,034
	Holding Company (including
		discontinued operations)		2,416		2,078		182		1,033
Total Earnings			$	51,739	$	28,931	$	90,969	$	72,044

Average outstanding shares–diluted				45,194		44,543		45,098		44,080
Earnings per diluted share			$	1.14	$	0.65	$	2.02	$	1.63

The key factors affecting the change in IDACORP’s net income for the third quarter of 2008 include:

• IPC’s net income, the primary component of IDACORP’s net income, was $47.4 million for the quarter, an increase of $23.3 million. The key factors causing the change in IPC’s net income include:

• General business revenue increased $34.8 million due to a $17.4 million increase in retail base rates and a $17.4 million increase in power cost adjustment (PCA) rates.

• Improved hydroelectric generating conditions decreased net power supply costs (fuel and purchased power less off-system sales) by $27.2 million.

• The PCA decreased $23.6 million primarily due to higher amortization expense from prior year excess net power supply costs as well as improved hydroelectric generating conditions.

o A change in the monthly allocation of base net power supply costs increased the PCA $17.6 million.

• O&M expense increased $5.6 million due to an increase of $6.4 million in payroll-related expenses and $2.2 million in water lease costs. Partially offsetting these increases was a decrease of $3.3 million from the fixed cost adjustment mechanism.

• Earnings from Bridger Coal increased $3.2 million due to higher prices and volumes of coal sold.

• Interest expense increased $2.0 million due primarily to increased long-term debt balances.

• Income tax expense increased $10.3 million due principally to higher income before income taxes.

• IFS net income decreased $1.0 million due to lower tax benefits from aging investments.

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The key factors affecting the change in IDACORP’s net income for the nine months ended September 30, 2008 include:

• IPC’s net income, the primary component of IDACORP’s net income, was $86.4 million, an increase of $22.8 million. The key factors causing the change in IPC’s net income include:

• General business revenue increased $91.4 million due to an increase of $21.2 million in retail base rates, an increase of $65.7 million in PCA rates, and an increase of $5.8 million due to customer growth.

• Improved hydroelectric generating conditions decreased net power supply costs (fuel and purchased power less off-system sales) by $19.6 million.

• The PCA decreased $68.8 million primarily due to higher amortization expense from prior year excess net power supply costs as well as improved hydroelectric generating conditions.

• Interest expense increased $7.0 million due primarily to increased long-term debt balances.

• Gain on sale of emission allowances decreased $2.2 million due to fewer sales and lower prices in 2008.

• Income tax expense increased $9.5 million due primarily to higher income before income taxes.

• IFS earnings decreased $3.2 million due to lower tax benefits from aging investments.

2008 Operating & Financial Metrics

The outlook for key operating and financial metrics for 2008 is:

		2008 Estimates
Key Operating & Financial Metrics		Current	Previous
Idaho Power Operation &
	Maintenance Expense (Millions)	No change	$285-$295
Idaho Power Capital
	Expenditures (Millions) ⁽¹⁾	$235-$250	$255-$270
Idaho Power Hydroelectric
	Generation (Million MWh)⁽²⁾	6.7–7.2	6.5-7.5
Non-Regulated
	Subsidiary Earnings (Millions) ⁽³⁾	No change	$2.3-$4.6
Effective Tax Rates:
	Idaho Power	No change	32%-36%
	Consolidated – IDACORP	No change	22%-26%

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

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

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

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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. To learn more about Idaho Power or IDACORP, visit www.idahopower.com or www.idacorpinc.com.

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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 regional 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; increases in uncollectible customer receivables; fluctuations in sources and uses of cash; results of financing efforts, including the ability to obtain financing or refinance existing debt when necessary or on favorable terms, which can be affected by factors such as credit ratings, volatility in the financial markets and other 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, interest rates, credit spreads and other financial market conditions, as well as changes in government regulations, which affect the amount and timing 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 Reports on Form 10-Q for the quarters ended March 31, 2008, June 30, 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
Summary Financial Information
(unaudited)
(thousands of dollars except for per share amounts)

	Three months ended				Nine months ended
	September 30,				September 30,
	2008		2007		2008		2007

Operating Revenues:
Electric utility:
General business	$	246,639	$	211,873	$	602,700	$	511,337
Off-system sales	34,637		34,843		93,640		129,859
Other revenues	16,831		13,800		43,508		37,776
Total electric utility revenues	298,107		260,516		739,848		678,972
Other	1,609		947		3,534		2,976
Total operating revenues	299,716		261,463		743,382		681,948
Operating Expenses:
Electric utility:
Purchased power	79,513		110,108		174,900		241,393
Fuel expense	46,467		43,291		112,385		101,724
Power cost adjustment	(20,105)		(43,749)		(38,678)		(107,457)
Other operations and maintenance	74,778		69,154		219,321		215,870
Demand-side management	5,956		4,307		13,249		8,970
Gain on sale of emission allowances	(158)		(1,872)		(504)		(2,754)
Depreciation	25,717		25,967		78,084		76,870
Taxes other than income taxes	4,827		4,714		14,431		14,267
Total electric utility expenses	216,995		211,920		573,188		548,883
Other expense	1,144		1,613		3,331		4,782
Total operating expenses	218,139		213,533		576,519		553,665
Operating Income (Loss):
Electric utility	81,112		48,596		166,660		130,089
Other	465		(666)		203		(1,806)
Total operating income	81,577		47,930		166,863		128,283
Other Income	4,629		4,616		15,128		13,867
Earnings (Losses) of Unconsolidated Equity-Method Investments	2,642		(380)		(4,672)		(3,257)
Other Expense	2,764		2,055		4,949		6,838
Interest Expense:
Interest on long-term debt	17,226		15,862		49,847		43,306
Other interest	1,310		763		3,219		3,881
Total interest expense	18,536		16,625		53,066		47,187
Income Before Income Taxes	67,548		33,486		119,304		84,868
Income Tax Expense	15,809		4,555		28,335		12,891
Income from Continuing Operations	51,739		28,931		90,969		71,977
Income from Discontinued Operations, net of tax	-		-		-		67
Net Income	$	51,739	$	28,931	$	90,969	$	72,044
Weighted Average Common Shares
Outstanding - Basic (000's)	44,998		44,417		44,923		43,947
Weighted Average Common Shares
Outstanding - Diluted (000's)	45,194		44,543		45,098		44,080
Earnings Per Share of Common Stock (diluted):
Earnings per share from Continuing Operations	$	1.14	$	0.65	$	2.02	$	1.63
Earnings per share from Discontinued Operations	-		-		-		-
Earnings Per Share of Common Stock-diluted	$	1.14	$	0.65	$	2.02	$	1.63
Dividends Paid Per Share of Common Stock	$	0.30	$	0.30	$	0.90	$	0.90

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IDACORP, Inc.
Condensed Consolidated Statements of Cash Flows
For the Nine months ended September 30, 2008 and 2007
Summary Financial Information
(unaudited)
(Thousands of Dollars)

				Nine months ended
				September 30,
				2008		2007

Operating Activities
	Net Income			$	90,969	$	72,044
	Adjustments to reconcile net income to
		net cash provided by operating activities:
			Depreciation and amortization		93,192		91,286
			Deferred income taxes and investment tax credits		16,075		29,224
			Changes in regulatory assets and liabilities		(50,081)		(110,813)
			Undistributed earnings of subsidiaries		(3,772)		(4,648)
			Gain on sales of assets		(3,369)		(4,437)
			Other non-cash adjustments to net income		4,779		5,679
	Change in:
			Accounts receivable and prepayments		(11,819)		(9,703)
			Accounts payable and other accrued liabilities		(16,782)		(19,981)
			Taxes accrued		6,244		(15,079)
			Other		(10,031)		13,628

		Net cash provided by operating activities			115,405		47,200

Investing Activities
	Additions to property, plant and equipment				(176,475)		(203,067)
	Proceeds from the sale of IDACOMM				-		7,283
	Proceeds from the sale of non-utility assets				5,753		-
	Proceeds from the sale of emissions allowances				2,959		19,846
	Investments in affordable housing				(8,486)		300
	Investments in unconsolidated affiliates				(3,065)		(4,925)
	Purchase of available-for-sale securities				-		(24,349)
	Proceeds from the sale of available-for-sale securities				-		26,110
	Purchase of held-to-maturity securities				(2,885)		(3,116)
	Maturity of held-to-maturity securities				4,610		3,267
	Tax deposit withdrawal				20,000		-
	Other assets				(7,932)		(187)

		Net cash used in investing activities			(165,521)		(178,838)

Financing Activities
	Increase in term loans				170,000		-
	Issuance of long-term debt				120,000		140,000
	Retirement of long-term debt				(7,630)		(9,978)
	Purchase of pollution control bonds				(166,100)		-
	Dividends on common stock				(40,516)		(39,629)
	Net change in short-term borrowings				13,570		15,813
	Issuance of common stock				12,550		34,893
	Acquisition of treasury stock				(304)		(346)
	Other				(1,694)		(2,355)

		Net cash provided by financing activities			99,876		138,398

	Net increase in cash and cash equivalents				49,760		6,760

	Cash and cash equivalents at beginning of period				7,966		9,892

	Cash and cash equivalents at end of period			$	57,726	$	16,652

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

				September 30,		December 31,
				2008		2007
Assets
	Cash and cash equivalents			$	57,726	$	7,966
	Receivables, net of allowance				108,353		118,695
	Other current assets				148,572		140,046
		Total current assets			314,651		266,707

	Investments				201,807		201,085
	Property, plant and equipment-net				2,717,150		2,616,552

	Regulatory assets				502,565		449,668
	Employee notes – long-term				89		2,325
	Other assets				115,001		116,971
		Total other assets			617,655		568,964

			Total Assets	$	3,851,263	$	3,653,308


Liabilities and Shareholders’ Equity
	Current maturities of long-term debt			$	7,817	$	11,456
	Notes payable				203,915		186,445
	Accounts payable				66,165		85,116
	Other current liabilities				108,540		92,298
		Total current liabilities			386,467		375,315

	Deferred income taxes				473,845		466,182
	Regulatory liabilities				276,469		274,204
	Other liabilities				170,794		173,412
		Total other liabilities			921,108		913,798

	Long-term debt				1,273,028		1,156,880
	Shareholders’ equity				1,270,660		1,207,315

		Total Liabilities & Shareholders’ Equity		$	3,851,263	$	3,653,308

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Idaho Power Company Supplemental Operating Statistics

						Three Months Ended					Year to Date
						September 30,					September 30,
						2008			2007		2008		2007

Energy Use – MWh

	Residential					1,244,982			1,300,632		3,930,919		3,831,797
	Commercial					1,067,968			1,076,755		2,992,469		2,959,011
	Industrial					845,934			869,273		2,523,466		2,575,933
	Irrigation					1,138,626			1,042,165		1,836,031		1,862,000
				Total General Business		4,297,510			4,288,825		11,282,885		11,228,741
	Off-System Sales					497,982			620,255		1,520,369		2,110,459
				Total		4,795,492			4,909,080		12,803,254		13,339,200

Revenue ($000’s)

	Residential				$		90,473	$	83,066	$	259,781	$	224,534
	Commercial						59,615		50,481		151,624		126,671
	Industrial						34,187		28,875		90,124		74,269
	Irrigation						62,364		49,451		101,171		85,863
			Total General Business				246,639		211,873		602,700		511,337
	Off-System Sales						34,637		34,843		93,640		129,859
		Total			$		281,276	$	246,716	$	696,340	$	641,196

Weather Statistics

	Heating Degree-days						56		100		3,557		3,009
	Cooling Degree-days						841		1,001		1,054		1,286
	Precipitation (inches)						1.22		0.71		5.36		4.72

Customers – Period End

	Residential						403,309		398,883
	Commercial						63,782		62,209
	Industrial						122		127
	Irrigation						18,547		18,134
		Total					485,760		479,353

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