IDACORP Announces Third Quarter 2005 Results

Earnings per share fell by 12 cents for the quarter to 56 cents per share and by 21 cents for the first nine months to $1.33 per share. "We continue to see good performance from Idaho Power at the operating level with record growth in customers resulting in increased sales at higher prices," said IDACORP President and Chief Executive Officer Jan B. Packwood. "Our decline in earnings compared to a year ago includes the result of reversing in the third quarter Idaho Power’s previously accrued 2005 tax deduction related to capitalized overhead costs.

"We are continuing to invest in our existing infrastructure and in the new power plants, lines and substations that robust growth requires, while at the same time taking steps to ensure fair and timely recovery of those costs," said Packwood.

Last week Idaho Power filed for an additional $44 million in annual revenue which, if approved by the Idaho Public Utilities Commission (IPUC), would result in an overall average increase of 7.8 percent to base rates. Idaho Power cannot predict what level of rate adjustment the IPUC will grant.