UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
                          FORM 10-K/A
                        Amendment No. 2
(Mark One)

 X   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
OR

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ...........to.................
Commission file number 1-3198

                      IDAHO POWER COMPANY
     (Exact name of registrant as specified in its charter)

            IDAHO                    82-0130980
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)  Identification No.)

1221 W. Idaho Street, Boise, Idaho   83702-5627
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code (208)388-2200

Securities registered pursuant to Section 12(b) of the Act:

Title of each class   Name of each exchange on which registered
Common Stock ($2.50 par value)  New York and Pacific

Securities registered pursuant to Section 12(g) of the Act:

                        Preferred Stock
                        (Title of Class)

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                           Yes X  No

Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein,
and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K.

Aggregate market value of voting stock
held by nonaffiliates (January 31, 1996)          $1,182,514,000

Number of shares of common stock outstanding at February 29, 1996
37,612,351

Documents Incorporated by Reference:

Part III, Item 10 Portions of the definitive proxy statement of
          Item 11 the Registrant to be filed pursuant to
          Item 12 Regulation 14A for the 1996 Annual Meeting of
          Item 13 Shareowners to be held on May 1, 1996.

The exhibit index is located on page 31. This document contains
32 pages.


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


INDEX TO FINANCIAL STATEMENTS
AND FINANCIAL STATEMENT SCHEDULES



                                                             PAGE

Management's Responsibility for Financial Statements          3

Consolidated Financial Statements:

 Consolidated Balance Sheets as of December 31, 1995,
  1994 and 1993                                              4-5

 Consolidated Statements of Income for the Years
  Ended December 31, 1995, 1994 and 1993                      6

 Consolidated Statements of Retained Earnings for
  the Years Ended December 31, 1995, 1994 and 1993            7

 Consolidated Statements of Capitalization as of
  December 31, 1995, 1994 and 1993                            8

 Consolidated Statements of Cash Flows for the Years
  Ended December 31, 1995, 1994 and 1993                      9

 Notes to Consolidated Financial Statements                 10-20

Independent Auditors' Report                                  21

Supplemental Financial Information (Unaudited)                22

Supplemental Schedule for the Years Ended December 31,
 1995, 1994 and 1993:

   Schedule II-  Consolidated Valuation and
   Qualifying Accounts                                        29


 MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS


The management of Idaho Power Company is responsible for the
preparation and presentation of the information and
representations contained in the accompanying financial
statements. The financial statements have been prepared in
conformance with generally accepted accounting principles for a
rate regulated enterprise. Where estimates are required to be
made in preparing the financial statements, management has
applied its best judgment as to the adequacy of the estimates
based upon all available information.

The Company maintains systems of internal accounting controls and
related policies and procedures. The systems are designed to
provide reasonable assurance that all assets are protected
against loss or unauthorized use. Also, the systems provide that
transactions are executed in accordance with management's
authorization and properly recorded to permit preparation of
reliable financial statements. The systems are supported by a
staff of corporate accountants and internal auditors who, among
other duties, evaluate and monitor the systems of internal
accounting control in coordination with the independent auditors.
The staff of internal auditors conduct special and operational
audits in support of these accounting controls throughout the
year.

The Board of Directors, through its Audit Committee comprised
entirely of outside directors, meets periodically with
management, internal auditors and the Company's independent
auditors to discuss auditing, internal control and financial
reporting matters. To ensure their independence, both the
internal auditors and independent auditors have full and free
access to the Audit Committee.

The financial statements have been audited by Deloitte & Touche
LLP, the Company's independent auditors, who were responsible for
conducting their audit in accordance with generally accepted
auditing standards.


/s/ Joseph W. Marshall             /s/ J. LaMont Keen
Joseph W. Marshall                 J. LaMont Keen
Chairman and                       Vice President and Chief
Chief Executive Officer            Financial Officer


               /s/ Harold J. Hochhalter
               Harold J. Hochhalter
               Controller and Chief Accounting Officer



IDAHO POWER COMPANY
CONSOLIDATED BALANCE SHEETS
ASSETS

                                                    December 31,
                                            1995       1994         1993
                                               (Thousands of Dollars)

 ELECTRIC PLANT (Notes 1, 5 and 10):
 In service (at original cost)          $2,481,830   $2,383,898   $2,249,723
 Accumulated provision for depreciation   (830,615)    (775,033)    (728,979)
  In service - Net                       1,651,215    1,608,865    1,520,744
 Construction work in progress              20,564       46,628       92,682
 Held for future use                         1,106        1,150        2,958
 
    Electric plant - Net                 1,672,885    1,656,643    1,616,384
 
 INVESTMENTS AND OTHER PROPERTY             16,826       18,034       20,772
 
 CURRENT ASSETS:
 Cash and cash equivalents (Note 1)          8,468        7,748        8,228
 Receivables:
  Customer                                  33,357       31,889       29,741
  Allowance for uncollectible accounts      (1,397)      (1,377)      (1,377)
  Notes                                      5,134        4,962        5,616
  Employee notes receivable                  4,648        5,444        5,909
  Other                                     10,770        4,316        1,858
 Accrued unbilled revenues (Note 1)         25,025       29,115       25,583
 Materials and supplies 
   (at average cost)                        25,937       24,141       23,372
 Fuel stock (at average cost)               13,063       11,310       11,553
 Prepayments (Note 9)                       20,778       21,398       20,975
 Regulatory assets associated
  with income taxes (Note 1)                 5,777        5,674        4,914
 
    Total current assets                   151,561      144,620      136,372
 
 DEFERRED DEBITS:
 American Falls and Milner water rights     32,440       32,605       32,755
 Company-owned life insurance (Note 9)      56,066       49,510       45,294
 Regulatory assets associated with 
  income taxes (Note 1)                    200,379      179,311      171,569
 Regulatory assets - other (Note 1)         68,348       67,713       35,036
 Other                                      43,248       43,380       39,235
 
    Total deferred debits                  400,481      372,519      323,889
 
    TOTAL                               $2,241,753   $2,191,816   $2,097,417

The accompanying notes are an integral part of these statements.


IDAHO POWER COMPANY
CONSOLIDATED BALANCE SHEETS
CAPITALIZATION AND LIABILITIES

                                                    December 31,
                                           1995        1994        1993
                                              (Thousands of Dollars)

 CAPITALIZATION (See Page 8):
 Common stock equity (Note 3):
  Common stock - $2.50 par value 
    (shares authorized 50,000,000; 
    shares outstanding 1995 - 
    37,612,351, 1994 - 37,612,351
    and 1993 - 37,085,055              $   94,031   $   94,031   $   92,713
  Premium on capital stock                363,044      363,063      350,882
  Capital stock expense                    (4,127)      (4,132)      (4,128)
  Retained earnings                       229,827      220,838      222,900
 
    Total common stock equity             682,775      673,800      662,367
 Preferred stock (Note 4)                 132,181      132,456      132,751
 Long-term debt (Note 5)                  672,618      693,206      693,780
 
    Total capitalization                1,487,574    1,499,462    1,488,898
 
 CURRENT LIABILITIES:
 Long-term debt due within one year        20,517          517          466
 Notes payable (Note 7)                    53,020       55,000        4,000
 Accounts payable                          40,483       32,063       31,912
 Taxes accrued                             15,409       16,394       15,452
 Interest accrued                          14,785       14,755       14,920
 Accumulated deferred income taxes 
 (Notes 1 & 2)                              5,777        5,674        4,914
 Other                                     12,866       12,574       13,731
 
    Total current liabilities             162,858      136,977       85,395
 
 DEFERRED CREDITS:
 Regulatory liabilities associated
  with accumulated deferred 
  investment tax credits (Notes 
  1 and 2)                                 70,507       71,593       72,013
 Accumulated deferred income taxes
  (Notes 1 and 2)                         408,394      375,252      353,366
 Regulatory liabilities associated
  with income taxes (Note 1)               34,554       35,090       34,968
 Regulatory liabilities - other 
 (Note 1)                                     789          626        4,235
 Other (Note 9)                            77,076       72,816       58,542
 
    Total deferred credits                591,321      555,377      523,124
 
 COMMITMENTS AND CONTINGENT
 LIABILITIES (Note 8)
 
    TOTAL                              $2,241,753   $2,191,816   $2,097,417
 
The accompanying notes are an integral part of these statements.


IDAHO POWER COMPANY
CONSOLIDATED STATEMENTS OF INCOME

                                             Year Ended December 31,
                                              1995       1994       1993
                                    (Thousands of Dollars)

  REVENUES (Note 1)                         $545,621   $543,658   $540,402
  EXPENSES:
  Operation:
    Purchased power (Notes 8 and 10)          54,586     60,216     45,361
    Fuel expense (Note 10)                    54,691     94,888     87,855
    Power cost adjustment (Note 1)             7,292    (12,076)    (1,551)
    Other                                    126,714    123,328    122,803
  Maintenance                                 35,953     43,490     43,136
  Depreciation (Note 1)                       67,415     60,202     58,724
  Taxes other than income taxes               22,979     23,945     22,129
    Total expenses                           369,630    393,993    378,457
  
  INCOME FROM OPERATIONS                     175,991    149,665    161,945
  
  OTHER INCOME:
  Allowance for equity funds used
    during construction (Note 1)                 (16)     1,680      3,060
  Other - Net                                 14,372     10,480      9,924
     Total other income                       14,356     12,160     12,984
  
  INTEREST CHARGES:
  Interest on long-term debt                  51,146     51,172     53,706
  Other interest (Notes 1 and 7)               5,309      3,261      2,750
     Total interest charges                   56,456     54,433     56,456
   Allowance for borrowed funds used during
    construction (Note 1)                     (1,442)    (1,781)    (2,465)
     Net interest charges                     55,014     52,652     53,991
 
 INCOME BEFORE INCOME TAXES                  135,333    109,173    120,938
 
 INCOME TAXES (Notes 1 and 2)                 48,412     34,243     36,474
 
 NET INCOME                                   86,921     74,930     84,464
 Dividends on preferred stock (Note 4)         7,991      7,398      6,009
 
 EARNINGS ON COMMON STOCK                   $ 78,930   $ 67,532   $ 78,455
 
 AVERAGE COMMON SHARES
 OUTSTANDING (000)                            37,612     37,499     36,675
   
 EARNINGS PER SHARE OF
 COMMON STOCK (Note 3)                      $   2.10   $   1.80   $   2.14

The accompanying notes are an integral part of these statements.



IDAHO POWER COMPANY
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS

                                                Year Ended December 31,
                                              1995       1994       1993
                                                (Thousands of Dollars)

 RETAINED EARNINGS
 Beginning of year                          $220,838   $222,900   $212,404
 
 NET INCOME                                   86,921     74,930     84,464
 
 Total                                       307,759    297,830    296,868
 
 DIVIDENDS:
 Preferred stock (Note 4)                      7,991      7,398      6,009
 Common stock (per share: 
 1995 - 1993 - $1.86) (Note 3)                69,941     69,594     67,959
 
    Total dividends                           77,932     76,992     73,968
 
 RETAINED EARNINGS
 End of year                                $229,827   $220,838   $222,900

The accompanying notes are an integral part of these statements.



IDAHO POWER COMPANY
CONSOLIDATED STATEMENTS OF CAPITALIZATION

                                                   December 31,
                                     1995    %     1994     %     1993    %
                                              (Thousands of Dollars)
 
 COMMON STOCK EQUITY (Note 3):
 Common stock                    $   94,031     $   94,031     $   92,713
 Premium on capital stock           363,044        363,063        350,882
 Capital stock expense               (4,127)        (4,132)        (4,128)
 Retained earnings                  229,827        220,838        222,900
    Total common stock equity       682,775  46    673,800  45    662,367  44
 PREFERRED STOCK (Note 4):
 4% preferred stock                  17,181         17,456         17,751
 7.68% Series, serial preferred 
 stock                               15,000         15,000         15,000
 8.375% Series, serial preferred 
 stock                               25,000         25,000         25,000
 Auction rate preferred stock        50,000         50,000         50,000
 7.07% Series, serial 
 preferred stock                     25,000         25,000         25,000
    Total preferred stock           132,181   9    132,456   9    132,751   9
 LONG-TERM DEBT (Note 5):
 First mortgage bonds:
  5 1/4 % Series due 1996            20,000*        20,000         20,000
  5.33  % Series due 1998            30,000         30,000         30,000
  8.65  % Series due 2000            80,000         80,000         80,000
  6.40  % Series due 2003            80,000         80,000         80,000
  8   % Series due 2004              50,000         50,000         50,000
  9.50  % Series due 2021            75,000         75,000         75,000
  7.50  % Series due 2023            80,000         80,000         80,000
  8 3/4 % Series due 2027            50,000         50,000         50,000
  9.52  % Series due 2031            25,000         25,000         25,000
    Total first mortgage bonds      490,000        490,000        490,000
 *Amount due within one year        (20,000)           -              -
    Net first mortgage bonds        470,000        490,000        490,000
 Pollution control revenue bonds:
  5.90  % Series due 2003            24,200*        24,650*        25,050*
  6.0   % Series due 2007            24,000         24,000         24,000
  7 1/4 % Series due 2008             4,360          4,360          4,360
  7 5/8 % Series 1983 - 1984 
  due 2013 - 2014                    68,100         68,100         68,100
  8.30  % Series 1984 due 2014       49,800         49,800         49,800
    Total pollution control 
    revenue bonds                   170,460        170,910        171,310
 *Amount due within one year           (450)          (450)          (400)
    Net pollution control revenue 
    bonds                           170,010        170,460        170,910
 REA notes                            1,700          1,768          1,834
 Amount due within one year             (67)           (67)           (66)
    Net REA notes                     1,633          1,701          1,768
 American Falls bond guarantee       20,740         20,905         21,055
 Milner Dam note guarantee           11,700         11,700         11,700
 Unamortized premium/discount-
  Net (Note 1)                       (1,466)        (1,560)        (1,653)
    Total long-term debt            672,618  45    693,206  46    693,780  47
 TOTAL CAPITALIZATION            $1,487,574 100 $1,499,462 100 $1,488,898 100
The accompanying notes are an integral part of these statements.


IDAHO POWER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                   Year Ended December 31,
                                                  1995      1994      1993
                                                   (Thousands of Dollars)
 OPERATING ACTIVITIES:
 Cash received from operations:
  Retail revenues                               $468,821   $457,202  $434,625
  Wholesale revenues                              59,260     62,110    84,726
  Other revenues                                  22,825     23,711    23,411
 Fuel paid                                       (61,741)   (94,530)  (83,885)
 Purchased power paid                            (52,526)   (62,592)  (50,246)
 Other operation & maintenance paid             (154,209)  (171,774) (162,014)
 Interest pd. (incl. long and short-term 
 debt only)                                      (54,303)   (52,376)  (56,348)
 Income taxes paid                               (40,402)   (16,518)  (32,512)
 Taxes other than income taxes paid              (22,939)   (21,698)  (22,165)
 Other operating cash receipts and payments 
 - Net                                             3,644      2,122     8,213
     Net cash provided by operating activities   168,430    125,657   143,805
 FINANCING ACTIVITIES:
 First mortgage bonds issued                        -         -       188,136
 PC bond fund requisitions/other long-term debt     -         -         5,594
 Common stock issued                                -        13,402    26,781
 Preferred stock issued                             -         -        24,781
 Short-term borrowings - Net                      (2,000)   51,000    (2,140)
 Long-term debt retirement                          (519)     (466) (191,878)
 Preferred stock retirement                         (151)     (166)      (65)
 Dividends on preferred stock                     (7,888)   (7,565)   (5,914)
 Dividends on common stock                       (69,967)  (69,594)  (67,959)
 Other sources                                      (781)     -         -
     Net cash - financing activities             (81,306)  (13,389)  (22,664)
 INVESTING ACTIVITIES:
 Additions to utility plant                      (83,965) (110,523) (122,949)
 Conservation                                     (5,688)   (6,830)   (6,687)
 Other                                             3,249     4,605    11,757
     Net cash - investing activities             (86,404) (112,748) (117,879)
 Change in cash and cash equivalents                 720      (480)    3,262
 Cash and cash equivalents beginning of year       7,748     8,228     4,966
     Cash and cash equivalents end of year      $  8,468  $  7,748  $  8,228
 RECONCILIATION OF NET INCOME TO NET
 CASH PROVIDED BY OPERATING
 ACTIVITIES:
 Net income                                     $ 86,921  $ 74,930  $ 84,464
 Adjustments to reconcile net income to net cash:
  Depreciation                                    67,415    60,202    58,724
  Deferred income taxes                           11,539    14,265     5,997
  Investment tax credit - Net                     (1,086)   (1,064)   (1,583)
  Allowance for funds used during construction    (1,425)   (3,461)   (5,525)
  Postretirement benefits funding 
  (excl pensions)                                 (2,857)   (5,182)   (7,481)
  Changes in operating assets and liabilities:
    Accounts receivable                            5,285      (635)    2,360
    Fuel inventory                                (7,050)      358     3,970
    Accounts payable                               2,061    (2,376)   (4,885)
    Taxes payable                                 (2,519)    7,296    (1,141)
    Interest payable                               2,100     1,656    (1,010)
  Other - Net                                      8,046   (20,332)    9,915
    Net cash provided by operating activities   $168,430  $125,657  $143,805

The accompanying notes are an integral part of these statements.


IDAHO POWER COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

PRINCIPLES OF CONSOLIDATION - The consolidated financial statements
include the accounts of the Company and its wholly-owned subsidiaries,
Idaho Energy Resources Co (IERCo), Ida-West Energy Company (Ida-West),
IDACORP, Inc., Idaho Utility Products Company (IUPCo), and Stellar
Dynamics. All significant intercompany transactions and balances have
been eliminated in consolidation.

SYSTEM OF ACCOUNTS - The Company is an electric utility and its
accounting records conform to the Uniform System of Accounts prescribed
by the Federal Energy Regulatory Commission (FERC) and adopted by the
public utility commissions of Idaho, Oregon, Nevada and Wyoming.

ELECTRIC PLANT - The cost of additions to electric plant in service
represents the original cost of contracted services, direct labor and
material, allowance for funds used during construction and indirect
charges for engineering, supervision and similar overhead items.
Maintenance and repairs of property and replacements and renewals of
items determined to be less than units of property are charged to
operations. For property replaced or renewed the original cost plus
removal cost less salvage is charged to accumulated provision for
depreciation while the cost of related replacements and renewals is
added to electric plant.

ALLOWANCE FOR FUNDS USED DURING CONSTRUCTION (AFDC) - The allowance, a
non-cash item, represents the composite interest costs of debt, shown
as a reduction to interest charges, and a return on equity funds, shown
as an addition to other income, used to finance construction. While
cash is not realized currently from such allowance, it is realized
under the ratemaking process over the service life of the related
property through increased revenues resulting from higher rate base and
higher depreciation expense. Based on the uniform formula adopted by
the FERC, the Company's weighted average monthly AFDC rates for 1995,
1994 and 1993 were 6.1 percent, 8.2 percent and 9.6 percent,
respectively.

REVENUES - In order to match revenues with associated expenses, the
Company accrues unbilled revenues for electric services delivered to
customers but not yet billed at month-end.

POWER COST ADJUSTMENT- The Company has in place, in its Idaho
jurisdiction, a Power Cost Adjustment (PCA) mechanism which allows
Idaho's retail customer rates to be adjusted annually to reflect the
Idaho share of forecasted net power supply costs. Deviations from
forecasted costs are deferred with interest and then adjusted (trued-
up) in the subsequent year.

DEPRECIATION - All electric plant is depreciated using the straight-
line method. Annual depreciation provisions as a percent of average
depreciable electric plant in service approximated 2.90 percent in
1995, 2.93 percent in 1994 and 2.92 percent in 1993 and are considered
adequate to amortize the original cost over the estimated service lives
of the properties.

INCOME TAXES - The Company follows the liability method of computing
deferred taxes on all temporary differences between book and tax basis
of assets and liabilities and adjust deferred tax liabilities and
assets for enacted changes in tax laws or rates. Consistent with orders
and directives of the Idaho Public Utilities Commission (IPUC), the
regulatory authority having principal jurisdiction, deferred income
taxes (commonly referred to as normalized accounting) are provided for
the difference between income tax depreciation and straight-line
depreciation on coal-fired generation facilities and properties
acquired after 1980. On other facilities, deferred income taxes are
provided for the difference between accelerated income tax depreciation
and straight-line depreciation using tax guideline lives on assets
acquired prior to 1981. Deferred income taxes are not provided for
those income tax timing differences where the prescribed regulatory
accounting methods do not provide for current recovery in rates.
Regulated enterprises are required to recognize such adjustments as
regulatory assets or liabilities if it is probable that such amounts
will be recovered from or returned to customers in future rates (see
Note 2).

The state of Idaho allows a three percent investment tax credit (ITC)
upon certain plant additions. ITC earned on regulated assets are
deferred and amortized to income over the estimated service lives of
the related properties and credits earned on non-regulated assets or
investments are recognized in the year earned.

In 1995, the Company received an accounting order from the IPUC
approving acceleration of amortization of up to $30.0 million of
regulatory liabilities associated with deferred ITC to non-operating
income subject to Internal Revenue Service (IRS) and the Idaho State
Tax Commission (STC) approvals. The IRS application for approval has
been filed and the STC has approved the application.  Acceleration of
ITC amortization is to be utilized until the actual return on year-end
common equity is 11.5 percent. No accelerated ITC was recognized in
1995.

CASH AND CASH EQUIVALENTS - For purposes of reporting cash flows, cash
and cash equivalents include cash on hand and highly liquid temporary
investments with original maturity dates of three months or less.

REGULATION OF UTILITY OPERATIONS - The Company follows Statement of
Accounting Standards (SFAS) No. 71, "Accounting for the Effects of
Certain Types of Regulation", and its financial statements reflect the
effects of the different ratemaking principles followed by the various
jurisdictions regulating the Company. Pursuant to SFAS No. 71 the
Company capitalizes, as deferred regulatory assets, incurred costs
which are expected to be recovered in future utility rates. The Company
also records as deferred regulatory liabilities the current recovery in
utility rates of costs which are expected to be paid in the future.

The following is a breakdown of regulatory assets and liabilities for
the years 1995, 1994 and 1993:

                          1995               1994               1993
                     Assets Liabilities Assets Liabilities Assets Liabilities
                                      (Millions of Dollars)
  
  Income taxes       $206.2   $ 34.6    $185.0   $ 35.1    $176.5   $ 35.0
  Conservation         36.3               29.7               21.2
  Employee benefits     8.3                9.5                7.4
  Other                23.7      0.7      28.5      0.6       6.4      4.2
  Accumulated 
   deferred investment 
   tax credits         70.5               71.6               72.0
    Total            $274.5   $105.8    $252.7   $107.3    $211.5   $111.2

The regulatory environment is becoming more complex resulting from the
expanding effects of competition. In the event that recovery of cost
through rates becomes unlikely or uncertain, this may force the Company
away from the cost of service ratemaking and SFAS No. 71 would no
longer apply. If the Company were to discontinue application of SFAS
No. 71 for some or all of its operations then these items may represent
stranded investments. Certain regulators are currently reviewing ways
to allow the electric utilities to recover these investments in the
event the customers are allowed to choose their energy supplier.
However, if the Company is not allowed recovery of these investments it
would be required to write off the applicable portion of regulatory
assets and the financial effects could be significant. At December 31,
1995, the Company had $17.6 million of regulatory assets that were not
earning a return on investment excluding the $206.2 million that
relates to income taxes.

OTHER ACCOUNTING POLICIES - Debt discount, expense and premium are
being amortized over the terms of the respective debt issues.

RECLASSIFICATIONS - Certain items previously reported for years prior
to 1995 have been reclassified to conform with the current year's
presentation. Net income was not affected by these reclassifications.

2. INCOME TAXES:
                                                   1995       1994      1993
                                                     (Thousands of Dollars)
 A reconciliation between the 
 statutory federal income tax rate 
 and the effective rate is as follows:
 Computed income taxes based on
  statutory federal income tax rate             $ 47,367  $ 38,210   $ 42,328
 Change in taxes resulting from:
  AFUDC                                             (504)   (1,211)    (1,798)
  Investment tax credits                          (2,837)   (3,351)    (2,898)
  Repair allowance                                (3,150)   (1,575)    (2,975)
  Elimination of amounts provided
    in prior years                                (1,963)   (2,607)    (4,686)
  Current state income taxes                       3,275     1,496      2,693
  Depreciation                                     5,493     2,812      4,116
  Other                                              731       469      (306)
 Total provision for federal and state 
  income taxes                                  $ 48,412  $ 34,243  $ 36,474
 Effective tax rate                                35.8%     31.4%     30.2%
The provision for income taxes consists of the following:
 Income taxes currently payable:
  Federal                                       $ 33,456  $ 19,617  $ 27,892
  State                                            4,503     1,425     4,168
    Total                                         37,959    21,042    32,060
 Income taxes deferred - Net of amortization:
  Federal                                         10,904    12,595     5,928
  State                                              635     1,670        69
    Total                                         11,539    14,265     5,997
 Investment and other tax credits:
  Deferred                                         1,751     1,643     1,315
  Restored                                        (2,837)   (2,707)   (2,898)
    Total                                         (1,086)   (1,064)   (1,583)
 Total provision for income taxes               $ 48,412  $ 34,243  $ 36,474
The tax effects of significant items comprising the
 Company's net deferred tax liability are as follows:
 Deferred tax Liabilities:
  Property, plant and equipment                 $237,655  $225,444  $217,343
  Regulatory asset                               206,156   184,986   176,483
  Investment tax credit                           70,507    71,593    72,013
  Conservation programs                           11,746     4,704     2,739
  Other                                           18,489    17,811    11,384
    Total                                        544,553   504,538   479,962
 Deferred tax assets:
  Regulatory liability                            34,554    35,090    34,968
  Advances for construction                       14,823    10,542     8,103
  Other                                           10,498     6,387     6,598
    Total                                         59,875    52,019    49,669
 Net deferred tax liabilities                   $484,678  $452,519  $430,293


The Company has settled Federal and Idaho tax liabilities on all open
years through the 1992 tax year except for amounts related to a
partnership which, in management's opinion, have been adequately
accrued for.


3. COMMON STOCK:

Changes in shares of the common stock of the Company for 1995, 1994 and
1993 were as follows:

                                              Common Stock
                                                      $2.50 Par  Premium on 
                                             Shares   Value      Capital Stock
                                                    (Thousands of Dollars)
  Balance at December 31, 1992              36,186,527   $90,466   $326,338
   Gain on reacquired 4% preferred
    stock (Note 4)                                -         -            50
  Stock purchase plans                         898,528     2,247     24,494
  
  Balance at December 31, 1993              37,085,055    92,713    350,882
  Gain on reacquired 4% preferred
    stock (Note 4)                                -         -           126
  Stock purchase plans                         527,296     1,318     12,055
  
  Balance at December 31, 1994              37,612,351    94,031    363,063
  Gain on reacquired 4% preferred
    stock (Note 4)                                -         -           117
  Restricted Stock Plan (Note 9)                  -         -          (136)
  
  Balance at December 31, 1995              37,612,351   $94,031   $363,044

During the period of January 1993 through May 1994, the Company issued
original issue shares of common stock for its Dividend Reinvestment and
Stock Purchase Plan and the Employee Savings Plan. During 1993 and 1994
common shares totaling 898,528 and 527,296 respectively, were issued to
these plans.

As of December 31, 1995, the Company had 2,791,321 of its authorized
but unissued shares of common stock reserved for future issuance under
its Dividend Reinvestment and Stock Purchase Plan and Employee Savings
Plan.

On January 11, 1990, the Board of Directors adopted a Shareowner Rights
Plan (Plan). Under the Plan, the Company declared a distribution of one
Preferred Stock Right (Right) for each of the Company's outstanding
Common shares held on January 29, 1990 or issued thereafter. The Rights
are currently not exercisable and will be exercisable only if a person
or group (Acquiring Person) either acquires ownership of 20 percent or
more of the Company's Voting Stock or commences a tender offer that
would result in ownership of 20 percent or more. The Company may redeem
the Rights at a price of $0.01 per Right anytime prior to acquisition
by an Acquiring Person of a 20 percent position.

Following the acquisition of a 20 percent position, each Right will
entitle its holder, subject to regulatory approval, to purchase for $85
that number of shares of Common Stock or Preferred Stock having a
market value of $170.

If after the Rights become exercisable, the Company is acquired in a
merger or other business combination, 50 percent or more of its
consolidated assets or earnings power are sold or the Acquiring Person
engages in certain acts of self-dealing, each Right entitles the holder
to purchase for $85, shares of the acquiring company's Common Stock
having a market value of $170. Any Rights that are or were held by an
Acquiring Person become void if either of these events occurs. The
Rights expire on January 11, 2000.


4. PREFERRED STOCK:

The number of shares of preferred stock outstanding at December 31,
1995, 1994 and 1993 were as follows:

                                       Shares Outstanding at
                                            December 31,       Call Price
                                       1995     1994     1993   Per Share
  Preferred stock:
   Cumulative, $100 par value:
  
    4% preferred stock (authorized
     215,000 shares)                  171,813  174,556  177,506      $104.00
  
    Serial preferred stock, 7.68%
     Series (authorized 150,000 
     shares)                          150,000  150,000  150,000      $102.97
  
   Serial preferred stock, cumulative,
    without par value; total of 
    3,000,000 shares authorized:
  
    8.375% Series, $100 stated value,
    (authorized 250,000 shares)(a)    250,000  250,000  250,000  $105.58 
                                                                   to $100.37
  
    7.07% Series, $100 stated value,
     (authorized 250,000 shares)(b)   250,000  250,000  250,000  $103.535 
                                                                  to $100.354
  
    Auction rate preferred stock,
     $100,000 stated value,
     (authorized 500 shares)(c)           500      500      500  $100,000.00
  
   Total                              822,313  825,056  828,006  

(a)   Not redeemable prior to October 1, 1996.
(b)   Not redeemable prior to July 1, 2003.
(c)   Dividend rate at December 31, 1995 was 4.49% and ranged between
      4.36%  and 4.71% during the year.

During 1995, 1994 and 1993 the Company reacquired and retired 2,743;
2,950 and 1,229 shares of 4% preferred stock resulting in a net
addition to premium on capital stock of $117,346, $126,066 and $50,151
respectively. As of December 31, 1995 the overall effective cost of all
outstanding preferred stock was 6.28 percent.


5. LONG-TERM DEBT:

The amount of first mortgage bonds issuable by the Company is limited
to a maximum of $900,000,000 and by property, earnings and other
provisions of the mortgage and supplemental indentures thereto.
Substantially all of the electric utility plant is subject to the lien
of the indenture. Pollution Control Revenue Bonds, Series 1984, due
December 1, 2014, are secured by First Mortgage Bonds, Pollution
Control Series A, which were issued by the Company and are held by a
Trustee for the benefit of the bondholders.

First mortgage bonds maturing during the five-year period ending 2000
are $20,000,000 in 1996, $30,000,000 in 1998 and $80,000,000 in 2000.
Sinking fund requirements for the first mortgage bonds outstanding at
December 31, 1995 are $5,398,000 per year. These requirements may be
met by the deposit of cash, deposit of bonds, or by certification of
property additions at the rate of 167% of requirements. The Company's
practice is to certify additional property to meet the sinking fund
requirements. In September 1993, 1994, and 1995 $400,000, $400,000 and
$450,000 respectively, of the 5.90% Series, Pollution Control Revenue
Bonds, were retired pursuant to sinking fund requirements for those
years. Sinking fund requirements during the five-year period ending
2000 for pollution control bonds outstanding at December 31, 1995 are
$450,000 in 1996 and $500,000 in 1997 through 2000. At December 31,
1993, 1994 and 1995, the overall effective cost of all outstanding
first mortgage bonds and pollution control revenue bonds for all three
years was 8.02 percent.


6. FAIR VALUE OF FINANCIAL INSTRUMENTS:

The estimated fair value of the Company's financial instruments have
been determined by the Company using available market information and
appropriate valuation methodologies. The use of different market
assumptions and/or estimation methodologies may have a material effect
on the estimated fair value amounts.

Cash and cash equivalents, customer and other receivables, notes
payable, accounts payable, interest accrued, and taxes accrued are
reported at their carrying value as these are a reasonable estimate of
their fair value. The total estimated fair value of long-term debt was
approximately $762,575,000 for 1993, $682,647,000 for 1994 and
$731,168,000 for 1995. The estimated fair values for long-term debt are
based upon quoted market prices of the same or similar issues.


7. NOTES PAYABLE:

At January 1, 1996, the Company had regulatory authority to incur up to
$150,000,000 of short-term indebtedness. Under this authority, total
lines of credit maintained with various banks amounted to $85,000,000.
Under annual borrowing arrangements with these banks, the Company is
required to pay a fee of 8/100 of 1 percent on the available and
committed lines of credit. Commercial paper may be issued in an amount
not to exceed 25 percent of revenues for the latest twelve-month period
subject to the $150,000,000 maximum described above and are supported
by bank lines of credit of an equal amount.

Balances and interest rates of short-term borrowings were as follows:

                                              Year Ended December 31,
                                              1995      1994      1993
                                              (Thousands of Dollars)
  Balance at end of year                     $53,020   $55,000   $4,000
  Effective annual interest rate 
  at end of year                                6.0%      6.1%     6.9%   

  (a)   Effective rate has been inflated by the commitment fees being
        larger than the interest paid for the year.
        If the commitment fees were excluded the effective annual interest
        rate at end of the year would have been 3.6%.

8. COMMITMENTS AND CONTINGENT LIABILITIES:

Commitments under contracts and purchase orders relating to the
Company's program for construction and operation of facilities amounted
to approximately $2,600,000 at December 31, 1995. The commitments are
generally revocable by the Company subject to reimbursement of
manufacturers' expenditures incurred and/or other termination charges.

The Company is currently purchasing energy from 65 on-line cogeneration
and small power production facilities with contracts ranging from 1 to
32 years. Under these contracts the Company could be required to
purchase up to 782,000 (MWH) annually. During the fiscal year ended
December 31, 1995, the Company purchased 654,000 (MWH) at a cost of
$38.0 million.

The Company is party to various legal claims, actions, and complaints,
certain of which involve material amounts. Although the Company is
unable to predict with certainty whether or not it will ultimately be
successful in these legal proceedings, or, if not, what the impact
might be, based upon the advice of legal counsel, management presently
believes that disposition of these matters will not have a material
adverse effect on the Company's financial position, results of
operation or cash flow.


9. BENEFIT PLANS:

Incentive Plan - The Company implemented two annual incentive plans
effective January 1, 1995. The Executive Annual Incentive Plan and the
Employee Incentive Plan tie a portion of each employee's compensation
to achieving annual operational and financial goals. The plans share
common goals designed to promote safety, control capital expenditures,
control operation and maintenance expenses and increase annual earnings
per share. At December 31, 1995 the Company had recorded $2,898,785 of
incentive for the Plans.

Restricted Stock Plan - The 1994 Restricted Stock Plan ("Plan")
approved by shareholders at the May 1994 Annual Meeting was implemented
January 1, 1995 as an equity-based long-term incentive plan. The
performance-based grant approach and administrative guidelines for the
Plan were developed by the Compensation Committee of the Board of
Directors ("Committee") during 1994. At December 31, 1995, there were
370,000 shares reserved for the Plan. The first grant under the Plan
was made to all officers during January 1995. For the first grant, the
Committee has selected a three-year restricted period beginning January
1, 1995, through December 31, 1997, with a single financial performance
goal of Cumulative Earnings Per Share ("CEPS"). Final award amounts
will depend on the attainment by the Company of the CEPS performance
goal established by the Committee and may be prorated in the event of
death, disability or retirement of an officer based on the number of
whole months of service the officer completes during the Restricted
Period.  Upon the officer's termination of employment during the
Restricted Period for any other reason, all such shares will be
forfeited by the officer to the Trustee.

During 1995, the Company purchased and granted 9,480 shares of the
Company's common stock for this Plan. Of this amount 360 shares were
forfeited in 1995. Restricted stock awards are compensatory awards and
the Company accrued compensation expense of $91,200 for 1995 (which was
charged to operations) based upon the market value of the earned
shares.

Pension Plan - The Company maintains a trusteed noncontributory defined
benefit pension plan for all employees who work 1,000 hours or more
during a calendar year. The benefits under the plan are based on years
of service and the employee's final average earnings. The Company's
policy is to fund with an independent corporate trustee at least the
minimum required under the Employee Retirement Income Security Act of
1974 but not more than the maximum amount deductible for income tax
purposes. The Company funded $5.9 million in 1995, $5.5 million in 1994
and $5.0 million in 1993. The plan's assets held by the trustee consist
primarily of listed stocks (both U.S. and foreign), fixed income
securities and investment grade real estate.

Deferred Compensation Plan - The Company has a nonqualified, deferred
compensation plan for certain senior management employees and directors
that provides for supplemental retirement and death benefit payments to
the participant and his or her family. The plan is being financed by
life insurance policies, of which the Company is the beneficiary, with
premiums being paid by the Company. These policies have accumulated
cash values of $53.0, $47.1 and $42.4 million at December 31, 1995,
1994 and 1993, respectively, which do not qualify as plan assets in the
actuarial computation of the funded status. Based upon SFAS No. 87, the
Company has recorded a net liability of $21.5 million as of December
31, 1995.

The following tables set forth the amounts recognized in the Company's
financial statements and the funded status of both plans in accordance
with accounting standard SFAS No. 87, "Employers' Accounting for
Pensions."

Plan Costs for the Year:                    1995       1994      1993
                                              (Thousands of Dollars)
Pension plan:
  Service cost                             $ 5,167   $ 6,049   $ 4,496
  Interest cost                             12,998    12,263    11,688
  Actual return on plan assets             (45,990)      312   (23,322)
  Deferred gain (loss) on plan assets       31,489   (15,584)    9,848
   Net cost                                $ 3,664   $ 3,040   $ 2,710
  Approximate percentage included in
   operating expenses                          65%       67%       66%

Net deferred compensation plan costs 
  charged to other income (including 
  life insurance and SFAS No. 87
  liability accrual)(a)                    $    37   $   508   $ 1,372

(a)  These charges to the Income Statement have been reduced by
     gains from the Company-Owned Life Insurance of $2,320; $2,724, and
     $1,638, for 1995, 1994 and 1993, respectively.

Funded status and significant assumptions as of December 31:
<TABLE>
<CAPTION>
                                                                      Deferred
                                        Pension Plan              Compensation Plan
                                     1995     1994      1993      1995      1994       1993
                                                  (Thousands of Dollars)

<S>                               <C>       <C>       <C>       <C>       <C>       <C>
Actuarial present value of 
 benefit obligations:
 Vested benefit obligation        $145,334  $128,162  $134,292  $ 21,530  $ 19,148  $ 24,024
 Accumulated benefit 
  obligation                      $150,688  $132,766  $139,270  $ 21,530  $ 19,148  $ 24,027
 Projected benefit obligation     $193,133  $167,103  $179,895  $ 22,111  $ 19,681  $ 30,114
Plan assets at fair value          204,760   165,839   169,920      -         -         -
Plan assets in excess of (or 
 less than) projected benefit 
 obligation                         11,627    (1,264)   (9,975)  (22,111)  (19,681)  (30,114)
Unrecognized net (gain) loss 
 from past experience different 
 from that assumed                  (8,341)    6,040    17,295     4,389     2,173     7,295
Unrecognized prior service cost      5,941     6,365     1,460    (3,097)   (3,516)    2,546
Unrecognized net (asset) 
 obligation existing at date of 
 initial adoption (19.5 year 
 straight-line amortization)        (2,493)   (2,756)   (3,019)    5,827     6,440     7,053
Minimum liability adjustment          -         -         -       (6,538)   (4,564)  (10,807)
Net asset (liability) included 
 in the balance sheet             $  6,734  $  8,385  $  5,761  $(21,530) $(19,148) $(24,027)

Discount rate to compute 
 projected benefit obligation        7.25%      8.0%      7.0%      7.25%      8.0%      7.0%
Rate for future compensation 
 increases                            4.5        4.5       4.5       4.5        4.5       4.5
Expected long-term rate of 
 return on plan assets                9.0        9.0       9.0        -          -         -
</TABLE>
Supplemental Employee Retirement Plan (SERP) - The Company has a
nonqualified SERP that provides benefits in excess of Internal
Revenue Service limits (Section 401 (a) (17) of the Internal
Revenue Code) for highly paid individuals. The projected benefit
obligation of this plan was $1,581,000, $857,000 and $525,000 at
December 31, 1995, 1994 and 1993, respectively, with accrued
pension costs of $682,000, $396,000 and $226,000. The Company's
net periodic pension cost of this plan was $184,000, $125,000 and
$36,000 for the same periods.

Savings Plan - The Company has an Employee Savings Plan whereby,
for each $1 of employee contribution up to 6 percent of their
base salary the Company will match 100 percent of the first 2
percent employee contribution and 50 percent of the next 4
percent employee contribution, all such amounts to be invested by
a trustee to any or all of seven investment options. The
Company's contribution amounted to $2,426,840 in 1995, $2,410,200
in 1994 and $2,283,200 in 1993.

Postretirement Benefits - The Company maintains a defined benefit
postretirement plan (consisting of health care and life
insurance) that covers all employees who were enrolled in the
active group plan at the time of retirement, their spouses and
qualifying dependents. The plan provides for payment of hospital
services, physician services, prescription drugs, dental services
and various other health services, some of which have annual or
lifetime limits, after subtracting payments by Medicare or other
providers and after a stated deductible and co-payments have been
met. Participants become eligible for the benefits if they retire
from the Company after reaching age 55 with 15 years of service
or after 30 years of service. The plan is contributory with
retiree contributions adjusted annually. For those retirees that
were age 65 or older at December 31, 1992 the plan is
noncontributory. The Company also provides life insurance of one
times salary for pre-65 retirees and $20,000 for post-65 retirees
with the retirees paying a portion of the cost.

The following tables set forth the amounts to be recognized in
the Company's financial statements for year-end 1995, 1994 and
1993 and the funded status of the plan in accordance with
accounting standard SFAS No. 106 as of December 31:
   
                                              1995      1994      1993
Postretirement Benefit Cost:                   (Thousands of Dollars)
 Service Cost                               $   763   $   855   $   750
 Interest Cost                                3,571     3,334     3,610
 Actual return on plan assets                (1,116)   (1,114)     (860)
 Amortization of transition obligation 
 20 year amortization)                        2,040     2,040     2,040
 Net amortization and deferral                 -         -         -
 Regulatory assets                              506    (1,907)   (3,548)
 Voluntary severance program                     64      -         -
  Net cost                                  $ 5,828   $ 3,208   $ 1,992


                                              1995      1994      1993
Funded Status:                                 (Thousands of Dollars)
 Accumulated postretirement benefit 
 obligation (APBO)                         $(48,928) $(45,001) $(48,290)
 Plan assets at fair value                   15,920    12,116    11,840
 APBO in excess of plan assets              (33,008)  (32,885)  (36,450)
 Unrecognized gain/losses                       378       773     4,670
 Unrecognized transition obligation          34,680    36,720    38,760
 Prepaid postretirement benefit cost       $  2,050  $  4,608  $  6,980

Discount rate                                 7.50%     8.25%     7.25%
Medical and dental inflation rate             6.75      7.25      6.75
Long-term plan assets expected return          9.0       9.0      9.0


A one percent change in the medical inflation rate would change
the APBO by 7.2 percent and the postretirement expense for 1995
by 8.6 percent.

The Company has a retiree medical benefits funding program which
consists of life insurance policies on active employees of which
the Company is the beneficiary, and a qualified Voluntary
Employees Beneficiary Association (VEBA) Trust. The net charge to
other income for the life insurance policies was $1,754,300 in
1995, $776,400 in 1994 and $632,500 in 1993. The funding to the
VEBA was $916,200 in 1995, $743,600 in 1994 and $2,692,000 in
1993 and recorded as a prepayment. The VEBA trust represents plan
assets which are invested in variable life insurance policies,
Trust Owned Life Insurance (TOLI), on active employees. Inside
buildup in the TOLI policies is tax deferred and tax free if the
policy proceeds are paid to the Trust as death benefits. The
investment return assumption reflects an expectation that
investment income in the VEBA will be substantially tax free.

Postemployment Benefits - The Company provides certain benefits
to former or inactive employees, their beneficiaries, and covered
dependents after employment but before retirement. The Company
accrues for such postemployment benefits. These benefits include
salary continuation and related health care and life insurance
for both long and short-term disability plans, workmen's
compensation and health care for surviving spouse and dependent
plan. The Company recognizes a deferred asset which represents
future revenue expected to be realized at the time the
postemployment benefits are included in the Company's rates. The
Company has recorded a liability of $3.7 million and a regulatory
asset of $3.4 million which represents the costs associated with
postemployment benefits at December 31, 1995. The Company
received IPUC Order No. 25880 authorizing the amortization of the
regulatory asset over a 10-year period.


10.ELECTRIC PLANT IN SERVICE AND JOINTLY-OWNED PROJECTS:

The following table sets out the major classifications of the
Company's electric plant in service and accumulated provision for
depreciation for the years 1995, 1994, and 1993.

  Electric Plant in Service:         1995      1994      1993
                                      (Thousands of Dollars)
  Production                       $1,350,239   $1,303,572   $1,229,237
  Transmission                        330,812      308,055      298,201
  Distribution                        648,549      625,149      582,604
  General and other                   152,230      147,122      139,681
    Total in service                2,481,830    2,383,898    2,249,723
    Accumulated provision for 
    depreciation                     (830,615)    (775,033)    (728,979)
    In service - Net               $1,651,215   $1,608,865   $1,520,744

The Company is involved in the ownership and operation of three
jointly-owned generating facilities. The Consolidated Statements
of Income include the Company's proportionate share of direct
operation and maintenance expenses applicable to the projects.

Each facility and extent of Company participation as of December
31, 1995 are as follows:

                                              Company Ownership
                                     Electric   Accumulated
                                     Plant In   Provision for
Name of Plant/Location               Service    Depreciation     %    MW
                                      (Thousands of Dollars)
  
Jim Bridger Units 1-4   
  Rock Springs, WY                   $379,008   $159,721        33    693
Boardman       
  Boardman, OR                         60,368     26,087        10     53
Valmy Units 1 & 2                  
  Winnemucca, NV                      299,189    105,612        50    261

The Company's wholly-owned subsidiary, IERCO, is a joint venturer
in Bridger Coal Company, which operates the mine supplying coal
for the Jim Bridger steam generation plant. Coal purchased by the
Company from the joint venture amounted to $44,278,000 in 1995,
$46,097,000 in 1994 and $45,424,000 in 1993.

The Company has contracts to purchase the energy from five PURPA
Qualified Facilities which are 50 percent owned by Ida-West.
Power purchased from these facilities amounted to $8,695,800 in
1995, $7,139,000 in 1994 and $5,975,093 in 1993.




INDEPENDENT AUDITORS' REPORT

Board of Directors and Shareowners of Idaho Power Company:

We have audited the accompanying consolidated financial statements
of Idaho Power Company and its subsidiaries listed in the 
accompanying index to financial statements and financial 
statement schedules at Item 8.  These financial statements
and financial statement schedules are the responsibility 
of the Company's management.  Our responsibility is to 
express an opinion on the financial statements and financial
statement schedules based on our audits.  

We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An 
audit also includes assessing the accounting principles used 
and significant estimates made by management, as well as 
evaluating the overall financial statement presentation.  We 
believe that our audits provide a reasonable basis for our
opinion.

In our opinion, such consolidated financial statements present
fairly, in all material respects, the consolidated financial
position of Idaho Power Company and subsidiaries at December 31,
1995, 1994, and 1993, and the results of their operations and
their cash flows for the years then ended, in conformity with
generally accepted accounting principles.  Also, in our opinion,
such financial statement schedule, when considered in relation
to the basic consolidated financial statements taken as a whole,
present fairly in all material respects the information set forth
therein.

Deloitte & Touche LLP
Portland, Oregon

January 31, 1996

IDAHO POWER COMPANY
SUPPLEMENTAL FINANCIAL INFORMATION, UNAUDITED


QUARTERLY FINANCIAL DATA:

The  following  unaudited  information is presented  for  each  quarter
of  1995,  1994  and  1993  (in thousands of dollars,  except  for  per
share  amounts).  In  the  opinion  of  the  Company,  all  adjustments
necessary  for  a  fair  statement of such  amounts  for  such  periods
have   been  included.  The  results  of  operation  for  the   interim
periods   are  not  necessarily  indicative  of  the  results   to   be
expected  for  the  full  year. Accordingly, earnings  information  for
any  three  month  period  should not be  considered  as  a  basis  for
estimating  operating  results  for a full  fiscal  year.  Amounts  are
based  upon  quarterly  statements and the  sum  of  the  quarters  may
not equal the annual amount reported.

                                             Quarter Ended
                                March 31  June 30   Sept 30   Dec 31

1995
 Revenues                       $131,336  $130,254  $148,726  $135,306
 Income from operations           46,552    38,681    45,637    45,122
 Income taxes                     14,234    10,951    12,442    10,786
 Net income                       20,727    17,588    23,772    24,833
 Dividends on preferred stock      2,026     2,006     1,976     1,982
 Earnings on common stock         18,701    15,582    21,796    22,851
 Earnings per share of common  
  stock                             0.50      0.41      0.58      0.61

1994
 Revenues                        128,810   128,541   151,031   135,277
 Income from operations           37,408    33,984    33,609    44,663
 Income taxes                      9,406     6,554     8,150    10,133
 Net income                       18,260    17,030    16,289    23,351
 Dividends on preferred stock      1,789     1,819     1,862     1,928
 Earnings on common stock         16,471    15,211    14,427    21,423
 Earnings per share of common
  stock                             0.44      0.41      0.38      0.57

1993
 Revenues                        140,809   129,471   134,577   135,545
 Income from operations           41,479    38,980    34,286    47,201
 Income taxes                     10,610     9,270     9,108     7,486
 Net income                       21,347    18,524    16,427    28,166
 Dividends on preferred stock      1,345     1,318     1,565     1,781
 Earnings on common stock         20,002    17,206    14,862    26,385
 Earnings per share of common
  stock                             0.55      0.47      0.40      0.71



ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULE
          AND REPORTS ON FORM 8-K

(a)  Please refer to Item 8, "Financial Statements and
     Supplementary Data" for a complete listing of all
     consolidated financial statements and financial statement
     schedule.

(b)  Reports on SEC Form 8-K. No reports on Form 8-K were filed
     during the three months ended December 31, 1995.

(c)  Exhibits.

     * Previously Filed and Incorporated Herein by Reference

              File         As           
Exhibit       Number       Exhibit
                                        
*3(a)         33-00440     4(a)(xiii)   Restated Articles of Incorporation
                                        of the Company as filed with the
                                        Secretary of State of Idaho on
                                        June 30, 1989.
                                        
*3(a)(i)      33-65720     4(a)(i)      Statement of Resolution
                                        Establishing Terms of 8.375%
                                        Serial Preferred Stock, Without
                                        Par Value (cumulative stated value
                                        of $100 per share), as filed with
                                        the Secretary of State of Idaho on
                                        September 23, 1991.

*3(a)(ii)     33-65720     4(a)(ii)     Statement of Resolution
                                        Establishing Terms of Flexible
                                        Auction Series A, Serial Preferred
                                        Stock, Without Par Value
                                        (cumulative stated value of
                                        $100,000 per share), as filed with
                                        the Secretary of State of Idaho on
                                        November 5, 1991.
*3(a)(iii)    33-65720     4(a)(iii)    Statement of Resolution
                                        Establishing Terms of 7.07% Serial
                                        Preferred Stock, Without Par Value
                                        (cumulative stated value of $100
                                        per share), as filed with the
                                        Secretary of State of Idaho on
                                        June 30, 1993.
                                        
*3(b)         33-41166     4(b)         Waiver resolution to Restated
                                        Articles of Incorporation adopted
                                        by Shareholders on May 1, 1991.
                                        
*3(c)         33-00440     4(a)(xiv)    By-laws of the Company amended on
                                        June 30, 1989, and presently in
                                        effect.
                                        
*4(a)(i)      2-3413       B-2          Mortgage and Deed of Trust, dated
                                        as of October 1, 1937, between the
                                        Company and Bankers Trust Company
                                        and R. G. Page, as Trustees.
                                        
*4(a)(ii)                               Supplemental Indentures to
                                        Mortgage and Deed of Trust:
                   
                                        Number           Dated
                                                         
              1-MD         B-2-a        First            July 1, 1939
              2-5395       7-a-3        Second           November 15, 1943
              2-7237       7-a-4        Third            February 1, 1947
              2-7502       7-a-5        Fourth           May 1, 1948
              2-8398       7-a-6        Fifth            November 1, 1949
              2-8973       7-a-7        Sixth            October 1, 1951
              2-12941      2-C-8        Seventh          January 1, 1957
              2-13688      4-J          Eighth           July 15, 1957
              2-13689      4-K          Ninth            November 15, 1957
              2-14245      4-L          Tenth            April 1, 1958
              2-14366      2-L          Eleventh         October 15, 1958
              2-14935      4-N          Twelfth          May 15, 1959
              2-18976      4-O          Thirteenth       November 15, 1960
              2-18977      4-Q          Fourteenth       November 1, 1961
              2-22988      4-B-16       Fifteenth        September 15, 1964
              2-24578      4-B-17       Sixteenth        April 1, 1966
              2-25479      4-B-18       Seventeenth      October 1, 1966
              2-45260      2(c)         Eighteenth       September 1, 1972
              2-49854      2(c)         Nineteenth       January 15, 1974
              2-51722      2(c)(i)      Twentieth        August 1, 1974
              2-51722      2(c)(ii)     Twenty-first     October 15, 1974
              2-57374      2(c)         Twenty-second    November 15, 1976
              2-62035      2(c)         Twenty-third     August 15, 1978
              33-34222     4(d)(iii)    Twenty-fourth    September 1, 1979
              33-34222     4(d)(iv)     Twenty-fifth     November 1, 1981
              33-34222     4(d)(v)      Twenty-sixth     May 1, 1982
              33-34222     4(d)(vi)     Twenty-seventh   May 1, 1986
              33-00440     4(c)(iv)     Twenty-eighth    June 30, 1989
              33-34222     4(d)(vii)    Twenty-ninth     January 1, 1990
              33-65720     4(d)(iii)    Thirtieth        January 1, 1991
              33-65720     4(d)(iv)     Thirty-first     August 15, 1991
              33-65720     4(d)(v)      Thirty-second    March 15, 1992
              33-65720     4(d)(vi)     Thirty-third     April 1, 1993
              1-3198       4            Thirty-fourth    December 1, 1993
             Form 8-K
             Dated
             12/17/93

*4(b)                                   Instruments relating to American
                                        Falls bond guarantee. (see
                                        Exhibits 10(f) and 10(f)(i)).
                                        
*4(c)         33-65720     4(f)         Agreement to furnish certain debt
                                        instruments.
                                        
*4(d)         33-00440     2(a)(iii)    Agreement and Plan of Merger dated
                                        March 10, 1989, between Idaho
                                        Power Company, a Maine
                                        Corporation, and Idaho Power
                                        Migrating Corporation.
                                        
*4(e)         33-65720     4(e)         Rights Agreement dated January 11,
                                        1990, between the Company and
                                        First Chicago Trust Company of New
                                        York, as Rights Agent (The Bank of
                                        New York, successor Rights Agent).
                                         
*10(a)        2-51762      5(a)         Agreement, dated April 20, 1973,
                                        between the Company and FMC
                                        Corporation.
                                        
*10(a)(i)     2-57374      5(b)         Letter Agreement, dated
                                        October 22, 1975, relating to
                                        agreement filed as Exhibit 10(a).
                                         
*10(a)(ii)    2-62034      5(b)(i)      Letter Agreement, dated
                                        December 22, 1976, relating to
                                        agreement filed as Exhibit 10(a).
                                        
*10(a)(iii)   33-65720     10(a)        Letter Agreement, dated
                                        December 11, 1981, relating to
                                        agreement filed as Exhibit 10(a).
                                        
*10(b)        2-49584      5(b)         Agreements, dated September 22,
                                        1969, between the Company and
                                        Pacific Power & Light Company
                                        relating to the operation,
                                        construction and ownership of the
                                        Jim Bridger Project.
                                        
*10(b)(i)     2-51762      5(c)         Amendment, dated February 1, 1974,
                                        relating to operation agreement
                                        filed as Exhibit 10(b).
                                        
*10(c)        2-49584      5(c)         Agreement, dated as of October 11,
                                        1973, between the Company and
                                        Pacific Power & Light Company.
                                        
*10(d)        2-49584      5(d)         Agreement, dated as of October 24,
                                        1973, between the Company and Utah
                                        Power & Light Company.
                                        
*10(d)(i)     2-62034      5(f)(i)      Amendment, dated January 25, 1978,
                                        relating to agreement filed as
                                        Exhibit 10(d).
                                        
*10(e)        33-65720     10(b)        Coal Purchase Contract, dated as
                                        of June 19, 1986, among the
                                        Company, Sierra Pacific Power
                                        Company and Black Butte Coal
                                        Company.
                                        
*10(f)        2-57374      5(k)         Contract, dated March 31, 1976,
                                        between the United States of
                                        America and American Falls
                                        Reservoir District, and related
                                        Exhibits.
                                        
*10(f)(i)     33-65720     10(c)        Guaranty  Agreement, dated
                                        March 1, 1990, between the Company
                                        and West One Bank, as Trustee,
                                        relating to $21,425,000 American
                                        Falls Replacement Dam Bonds of the
                                        American Falls Reservoir District,
                                        Idaho.
                                        
*10(g)        2-57374      5(m)         Agreement, effective April 15,
                                        1975, between the Company and The
                                        Washington Water Power Company.
                                        
*10(h)        2-62034      5(p)         Bridger Coal Company Agreement,
                                        dated February 1, 1974, between
                                        Pacific Minerals, Inc., and Idaho
                                        Energy Resources Co.
                                        
*10(i)        2-62034      5(q)         Coal Sales Agreement, dated
                                        February 1, 1974, between Bridger
                                        Coal Company and Pacific Power &
                                        Light Company and the Company.
                                        
*10(i)(i)     33-65720     10(d)        Second Restated and Amended Coal
                                        Sales Agreement, dated March 7,
                                        1988, among Bridger Coal Company
                                        and PacifiCorp (dba Pacific
                                        Power & Light Company) and the
                                        Company.
                                        
*10(j)        2-62034      5(r)         Guaranty Agreement, dated as of
                                        August 30, 1974, with Pacific
                                        Power & Light Company.
                                         
*10(k)        2-56513      5(i)         Letter Agreement, dated January
                                        23, 1976, between the Company and
                                        Portland General Electric Company.
                                        
*10(k)(i)     2-62034      5(s)         Agreement for Construction,
                                        Ownership and Operation of the
                                        Number One Boardman Station on
                                        Carty Reservoir, dated as of
                                        October 15, 1976, between Portland
                                        General Electric Company and the
                                        Company.
                                         
*10(k)(ii)    2-62034      5(t)         Amendment, dated September 30,
                                        1977, relating to agreement filed
                                        as Exhibit 10(k).
                                        
*10(k)(iii)   2-62034      5(u)         Amendment, dated October 31, 1977,
                                        relating to agreement filed as
                                        Exhibit 10(k).
                                         
*10(k)(iv)    2-62034      5(v)         Amendment, dated January 23, 1978,
                                        relating to agreement filed as
                                        Exhibit 10(k).
                                        
*10(k)(v)     2-62034      5(w)         Amendment, dated February 15,
                                        1978, relating to agreement filed
                                        as Exhibit 10(k).
                                        
*10(k)(vi)    2-68574      5(x)         Amendment, dated September 1,
                                        1979, relating to agreement filed
                                        as Exhibit 10(k).
                                        
*10(l)        2-68574      5(z)         Participation Agreement, dated
                                        September 1, 1979, relating to the
                                        sale and leaseback of coal
                                        handling facilities at the Number
                                        One Boardman Station on Carty
                                        Reservoir.
                                        
*10(m)        2-64910      5(y)         Agreements for the Operation,
                                        Construction and Ownership of the
                                        North Valmy Power Plant Project,
                                        dated December 12, 1978, between
                                        Sierra Pacific Power Company and
                                        the Company.
                                        
*10(n)(i)1    1-3198       10(n)(i)     The Revised Security Plans for
              Form 10-K                 Senior Management Employees and
              for 1994                  for Directors-a non-qualified,
                                        deferred compensation plan
                                        effective November 30, 1994.

*10(n)(ii)1   1-3198       10(n)(ii)    The Executive Annual Incentive
              Form 10-K                 Plan for senior management
              for 1994                  employees effective January 1,
                                        1995.
                                        
*10(n)(iii)1  1-3198       10(n)(iii)   The 1994 Restricted Stock Plan for
              Form 10-K                 officers and key executives
              for 1994                  effective July 1, 1994.
                                        
*10(o)        33-65720     10(f)        Residential Purchase and Sale
                                        Agreement, dated August 22, 1981,
                                        among the United Stated of America
                                        Department of Energy acting by and
                                        through the Bonneville Power
                                        Administration, and the Company.
                                        
*10(p)        33-65720     10(g)        Power Sales Contact, dated
                                        August 25, 1981, including
                                        amendments, among the United
                                        States of America Department of
                                        Energy acting by and through the
                                        Bonneville Power Administration,
                                        and the Company.
___________________                                        
1 Compensatory Plan

*10(q)        33-65720     10(h)        Framework Agreement, dated October
                                        1, 1984, between the State of
                                        Idaho and the Company relating to
                                        the Company's Swan Falls and Snake
                                        River water rights.
                                        
*10(q)(i)     33-65720     10(h)(i)     Agreement, dated October 25, 1984,
                                        between the State of Idaho and the
                                        Company relating to the agreement
                                        filed as Exhibit 10(q).
                                         
*10(q)(ii)    33-65720     10(h)(ii)    Contract to Implement, dated
                                        October 25, 1984, between the
                                        State of Idaho and the Company
                                        relating to the agreement filed as
                                        Exhibit 10(q).
                                        
*10(r)        33-65720     10(i)        Agreement for Supply of Power and
                                        Energy, dated February 10, 1988,
                                        between the Utah Associated
                                        Municipal Power Systems and the
                                        Company.
                                        
*10(s)        33-65720     10(j)        Agreement Respecting Transmission
                                        Facilities and Services, dated
                                        March 21, 1988 among PC/UP&L
                                        Merging Corp. and the Company
                                        including a Settlement Agreement
                                        between PacifiCorp and the
                                        Company.
                                        
*10(s)(i)     33-65720     10(j)(i)     Restated Transmission Services
                                        Agreement, dated February 6, 1992,
                                        between Idaho Power Company and
                                        PacifiCorp.
*10(t)        33-65720     10(k)        Agreement for Supply of Power and
                                        Energy, dated February 23, 1989,
                                        between Sierra Pacific Power
                                        Company and the Company.
                                        
*10(u)        33-65720     10(l)        Transmission Services Agreement,
                                        dated May 18, 1989, between the
                                        Company and the Bonneville Power
                                        Administration.

*10(v)        33-65720     10(m)        Agreement Regarding the Ownership,
                                        Construction, Operation and
                                        Maintenance of the Milner
                                        Hydroelectric Project (FERC No.
                                        2899), dated January 22, 1990,
                                        between the Company and the Twin
                                        Falls Canal Company and the
                                        Northside Canal Company Limited.
                                        
*10(v)(i)     33-65720     10(m)(i)     Guaranty Agreement, dated February
                                        10, 1992, between the Company and
                                        New York Life Insurance Company,
                                        as Note Purchaser, relating to
                                        $11,700,000 Guaranteed Notes due
                                        2017 of Milner Dam Inc.
                                        
*10(w)        33-65720     10(n)        Agreement for the Purchase and
                                        Sale of Power and Energy, dated
                                        October 16, 1990, between the
                                        Company and The Montana Power
                                        Company.
                                        
*10(x)        1-3198       10(x)        Agreement for design of substation
              Form 10-Q                 dated October 4, 1995, between the
              for 9/30/95               Company and Micron Technology,
                                        Inc.
                                        
*12           1-3198       12           Statement Re:  Computation of
              Form 10-K                 Ratio of Earnings to Fixed
              For 1995                  Charges.
                                        
*12(a)        1-3198       12(a)        Statement Re:  Computation of
              Form 10-K                 Supplemental Ratio of Earnings to
              For 1995                  Fixed Charges.
                                        
*12(b)        1-3198       12(b)        Statement Re:  Computation of
              Form 10-K                 Ratio of Earnings to Combined
              For 1995                  Fixed Charges and Preferred
                                        Dividend Requirements.
                                        
*12(c)        1-3198       12(c)        Statement Re:  Computation of
              Form 10-K                 Supplemental Ratio of Earnings to
              For 1995                  Combined Fixed Charges and
                                        Preferred Dividend Requirements.
                                        
*21           1-3198       21           Subsidiaries of Registrant
              Form 10-K
              for 1994
                                        
23(a)                                      Independent Auditors' Consent.
                                     
*27           1-3198       27              Financial Data Schedule
              Form 10-K
              For 1995


IDAHO POWER COMPANY
SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 1995, 1994 and 1993

Column A                 Column B        Column C        Column D    Column E
                                         Additions
                                              Charged                Balance
                         Balance At  Charged  (Credited)             At
                         Beginning   to       to Other   Deductions  End Of
Classification           Of Period   Income   Accounts      (1)      Period
                                        (Thousands of Dollars)
                                                                       
1995:                                                                  
 Reserves Deducted From                                                
  Applicable Assets:
   Reserve for
     uncollectible
     accounts            $1,377      $  217   $2,927(2)  $3,124      $1,397
  Other Reserves:                                                      
   Injuries and damages                                                
     reserve             $1,500      $1,364   $   -      $1,364      $1,500
   Miscellaneous                                                       
     operating reserves  $  940      $  460   $ (176)    $   81      $1,143

1994:                                                                  
 Reserves Deducted From                                                
  Applicable Assets:
   Reserve for                                                         
     uncollectible
     accounts            $1,377      $1,360   $1,018(2)  $2,378      $1,377
  Other Reserves:                                                      
   Injuries and damages                                                
     reserve             $1,500      $1,804   $   -      $1,804      $1,500
   Miscellaneous                                                       
     operating reserves  $  748      $  429   $ (156)    $   81      $  940
                                                                       
1993:                                                                  
 Reserves Deducted From                                                
  Applicable Assets:
   Reserve for                                                         
     uncollectible
     accounts            $1,421      $1,174   $1,001(2)  $2,219      $1,377
  Other Reserves:                                                      
   Injuries and damages                                                
     reserve             $1,500      $2,820   $   -      $2,820      $1,500
   Miscellaneous                                                       
     operating reserves  $   -       $  870   $  332     $  454      $  748

NOTES:  (1)  Represents deductions from the reserves for purposes for 
             which the reserves were created.
        (2)  Represents collections of accounts previously written off.

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this amendment to 
be signed on its behalf by the undersigned, thereunto duly authorized.

                              IDAHO POWER COMPANY
                              (Registrant)


March 25, 1996                By: /s/J. LaMont Keen
                                     J. LaMont Keen
                             Vice President, Chief Financial
                                  Officer and Treasurer



EXHIBIT INDEX


Exhibit                                                            Page
Number                                                             Number


               

23(a)          Independent Auditors' Consent.                        32