TABLE OF CONTENTS


PART I
                                                            PAGE

 ITEM 1.   BUSINESS                                           2
            GENERAL                                           2
            ELECTRIC INDUSTRY RESTRUCTURING                   3
            REGULATION                                        3
            RATES                                             4
            POWER SUPPLY                                      5
            FUEL                                              6
            WATER RIGHTS                                      7
            ENVIRONMENTAL REGULATION                          7
            RESEARCH AND DEVELOPMENT                          9
            DIVERSIFIED BUSINESS OPERATIONS                   9
            CONSTRUCTION PROGRAM                              11
            FINANCING PROGRAM                                 11
 ITEM 2.   PROPERTIES                                         13
 ITEM 3.   LEGAL PROCEEDINGS                                  15
 ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY
           HOLDERS                                            16

 EXECUTIVE OFFICERS OF THE REGISTRANTS                        17

PART II

 ITEM 5.   MARKET FOR THE REGISTRANT'S COMMON STOCK AND
           RELATED STOCKHOLDER MATTERS                        20
 ITEM 6.   SELECTED FINANCIAL DATA                            21
 ITEM 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
           CONDITION AND RESULTS OF OPERATIONS                22
 ITEM 7A.  QUALITATIVE AND QUANTITATIVE DISCLOSURE ABOUT
           MARKET RISK                                        32
 ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA        33
 ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
           ACCOUNTING AND FINANCIAL DISCLOSURE                69

PART III

 ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE
           REGISTRANTS*                                       69
 ITEM 11.  EXECUTIVE COMPENSATION*                            69
 ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
           AND MANAGEMENT*                                    69
 ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS*    69

PART IV

 ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULE AND
           REPORTS ON FORM 8-K                                69

 SIGNATURES                                                   75

 *INCORPORATED BY REFERENCE.



        UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549
                          FORM 10-K-405
(Mark One)

X     Annual Report pursuant to Section 13 or 15 (d) of the
    Securities Exchange Act of 1934
      For the fiscal year ended December 31, 1999
                               OR
    Transition report pursuant to section 13 or 15(d) of
    the Securities Exchange Act of 1934

      For the transition period from ................... to
 .................................................................

               Exact name of Registrants as
               specified in their charters,
Commission     address of principal executive     IRS Employer Iden-
File Number    offices and Registrants'           tification Number
               telephone number

1-14465        IDACORP, Inc.                      82-0505802
1-3198         Idaho Power Company                82-0130980
               1221 W. Idaho Street
               Boise, ID 83702-5627
               (208) 388-2200

State or other jurisdiction of incorporation: Idaho

SECURITIES REGISTERED PURSUANT TO SECTION 12(b)
    OF THE ACT:                                         Name of exchange
                                                        on which registered
IDACORP, Inc.: Common Stock, without par value          New York and Pacific
               Preferred Stock Purchase Rights

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
Idaho Power Company: Preferred Stock

Indicate by check mark whether the registrants (1) have 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 registrants were required to
file such reports), and (2) have 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 registrants' 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.   (  X  )

Aggregate market value of voting and non-voting common stock held
by nonaffiliates (March 1, 2000)

IDACORP, Inc.:           $1,160,332,841
Idaho Power Company:     None

Number of shares of common stock outstanding at February 29,2000:

IDACORP, Inc.:           37,612,351
Idaho Power Company:     37,612,351 shares, all of which are held
                         by IDACORP, Inc.

Documents Incorporated by Reference:
Part III, Item 10 - 13   Portions of the joint definitive proxy
                         statement of the Registrant.
                         to be filed pursuant to Regulation 14A for
                         the 2000 Annual Meeting of Shareholders to
                         be held on May 11, 2000.

This Combined Form 10-K represents separate filings by IDACORP,
Inc. and Idaho Power Company.  Information contained herein
relating to an individual registrant is filed by that registrant
on its own behalf.  Idaho Power Company makes no representations
as to the information relating to IDACORP, Inc.'s other
operations.


PART I - IDACORP, Inc. and Idaho Power Company




ITEM 1.  BUSINESS


SAFE HARBOR STATEMENT
This Form 10-K contains "forward-looking statements" intended to
qualify for safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995.  Forward-looking
statements should be read with the cautionary statements and
important factors included in this Form 10-K at Part II, Item 7-
"Management's Discussion and Analysis of Financial Condition and
Results of Operations - Forward-Looking Information".  Forward-
looking statements are all statements other than statements of
historical fact, including without limitation those that are
identified by the use of the words "anticipates," "estimates,"
"expects," "intends," "plans," "predicts," and similar
expressions.


GENERAL
IDACORP, Inc. (IDACORP or the Company) is a holding company
incorporated in 1998 under the laws of the state of Idaho.  The
Company's principal subsidiary is Idaho Power Company (IPC), an
electric public utility that represents over 90 percent of
IDACORP's total assets and substantially all of its operating
revenues. IDACORP's other subsidiaries include Ida-West Energy
Company, an independent power project management and development
company, IDACORP Energy Solutions, LP, a marketer of energy
commodities, and IDACORP Technologies, Inc., a majority owner of
Northwest Power Systems, a developer of integrated fuel cell
systems.

IPC was incorporated under the laws of the state of Idaho in 1989
as successor to a Maine corporation organized in 1915.  IPC is
engaged in the generation, purchase, transmission, distribution
and sale of electric energy in an approximate 20,000-square-mile
area in southern Idaho, eastern Oregon and northern Nevada, with
an estimated population of 794,000.  IPC holds franchises in
approximately 72 cities in Idaho and ten cities in Oregon, and
holds certificates from the respective public utility regulatory
authorities to serve all or a portion of 28 counties in Idaho,
three counties in Oregon and one county in Nevada.  As of
December 31, 1999, IPC supplied electric energy to 384,421
general business customers and employed 1,720 people in its
operations.

IPC operates 17 hydroelectric power plants and shares ownership
in three coal-fired generating plants (see Item 2 - "Properties").
IPC relies heavily on hydroelectric power for its generating needs
and is one of the nation's few investor-owned utilities with a
predominantly hydro base.  IPC has participated in the development
of thermal generation in Wyoming, Oregon and Nevada using low-sulfur
coal from Wyoming and Utah.

IPC's operations, like those of certain other utilities in the
Northwest, can be significantly affected by changing weather,
precipitation and streamflow conditions.  In 1993 a power cost
adjustment (PCA) mechanism was implemented in IPC's Idaho
jurisdiction.  With the implementation of the PCA, which
incorporates a major portion of the operating expenses with the
largest variation potential (net power supply costs), IPC's
operating results have become more dependent upon general
regulatory, economic, temperature and competitive conditions and
less on precipitation and streamflow conditions.  Variations in
energy usage by ultimate customers occur from year to year, from
season to season and from month to month within a season,
primarily as a result of weather conditions.

With a predominantly hydroelectric base and low-cost thermal
plants, IPC is one of the lowest cost producers of electric
energy among the nation's investor-owned utilities.  Through its
interconnections with the Bonneville Power Administration (BPA)
and other utilities, IPC has access to all the major electric
systems in the West.

For the year ended December 31, 1999, total revenues from
residential customers accounted for 41 percent of total general
business revenues.  Commercial customers with less than 1,000
kilowatt (kW) demand accounted for 23 percent, industrial
customers with 1,000 kW demand or more accounted for 23 percent,
irrigation customers accounted for 12 percent and other revenues
accounted for 1 percent.

IPC's principal commercial and industrial customers are involved
in: elemental phosphorus production; food processing; phosphate
fertilizer production; electronics and general manufacturing;
lumber; beet sugar refining; and the recreation industry, such as
lodges, condominiums, ski lifts and related facilities.

ELECTRIC INDUSTRY RESTRUCTURING
The legislatures and/or the regulatory commissions in several
states, and at a national level, have considered or are considering
various forms of retail competition.  In 1997, the Idaho
Legislature appointed a committee to study restructuring of the
electric utility industry. Although the committee will continue
studying a variety of restructuring ideas, it has not recommended
any restructuring legislation and is not expected to in the
foreseeable future.  In 1999 the Oregon legislature passed
legislation restructuring the electric utility industry in that
state, but exempted IPC's service territory.

In December 1999 the FERC issued Order No. 2000, dealing with
Regional Transmission Organizations (RTOs).  It proposes to ensure
non-discriminatory, open-access to electricity transmission
facilities.  Each utility is required to file by October 15, 2000 a
statement regarding its intention to join a RTO.  IPC is engaged in
formation discussions with other Northwest utilities.  These
utilities include both investor-owned and other entities.

IPC's resource acquisition policy reflects the changing nature of
the electric utility industry.  IPC has adopted a policy of
acquiring all new resources as close as possible to the actual time
of need, and selecting the lowest cost resources meeting all of
IPC's requirements.


REGULATION
IPC is under the regulatory jurisdiction (as to rates, service,
accounting and other general matters of utility operation) of the
Federal Energy Regulatory Commission (FERC), the Idaho Public
Utilities Commission (IPUC), the Oregon Public Utility Commission
(OPUC) and the Public Utility Commission of Nevada.  IPC is also
under the regulatory jurisdiction of the IPUC, OPUC and the
Public Service Commission of Wyoming as to the issuance of
securities.  IPC is subject to the provisions of the Federal
Power Act as a "licensee" and "public utility" as therein
defined.  IPC's retail rates are established under the
jurisdiction of the state regulatory agencies and its wholesale
and transmission rates are regulated by the FERC (See "Rates").
Pursuant to the requirements of Section 210 of the Public
Utilities Regulatory Policy Act of 1978  (PURPA), the state
regulatory agencies have each issued orders and rules regulating
IPC's purchase of power from Cogeneration and Small Power
Production (CSPP) facilities.

As a licensee under the Federal Power Act, IPC and its licensed
hydroelectric projects are subject to the provisions of Part I of
the Act.  All licenses are subject to conditions set forth in the
Act and related FERC regulations.  These conditions and
regulations include provisions relating to condemnation of a
project upon payment of just compensation, amortization of
project investment from excess project earnings, possible
takeover of a project after expiration of its license upon
payment of net investment, severance damages, and other matters.

The state of Oregon has a Hydroelectric Act providing for
licensing of hydroelectric projects in that state.  IPC's
Brownlee, Oxbow and Hells Canyon facilities are on the Snake
River where it forms the boundary between Idaho and Oregon and
occupy land located in both states.  With respect to project
property located in Oregon, these facilities are subject to the
Oregon Hydroelectric Act.  IPC has obtained Oregon licenses for
these facilities and these licenses are not in conflict with the
Federal Power Act or IPC's FERC license (see Item 2.
"Properties").


RATES

     Idaho Jurisdiction -
IPC adjusts its Idaho retail rates based on a PCA mechanism
adopted in 1993.  The PCA enables IPC to collect or refund a
portion of the difference between net power supply costs actually
incurred and power supply costs allowed in base rates.  These
adjustments, which take effect annually in mid-May, are based on
two components: the difference between a forecast of the upcoming
year's net power supply costs and the amount in base rates, and a
true-up of the prior year's forecasted costs to actual costs.

The May 1999 rate adjustment reduced rates by 9.2 percent.  The
decrease was the result of both forecasted above-average
hydroelectric generating conditions for the upcoming year and a
true-up from the 1998-99 rate period.  Overall, the May 1999 rate
adjustment is expected to decrease annual general business
revenue by $40 million during the 1999-2000 rate period.

So far in the 1999-2000 rate period, actual power costs and
generating conditions have been near forecast.  IPC has recorded
a regulatory asset and a reduction of expenses of $1.7 million as
of December 31, 1999, representing the difference between actual
and forecasted costs so far in this rate period.  The variance
that exists at the end of the 1999-2000 rate period will be trued-
up in the next annual PCA adjustment.

The May 1998 rate adjustment increased expected annual revenue by
$34 million over the amount that would have been recorded at the
1997-98 rates.  The 1998-99 forecast had assumed a return to more
normal hydroelectric generating conditions from the above-average
conditions experienced in the prior year.  This resulted in
forecasted power supply costs being near the amounts used in base
rates.

In August 1995 the IPUC approved a Settlement that authorized IPC
to defer and amortize costs related to reorganization in return
for a general rate freeze through the end of 1999.

Under the Settlement, which expired at the end of 1999, when
actual annual earnings exceeded an 11.75 percent return on year-
end common equity for the Idaho jurisdiction, the Company shared
50 percent of the additional earnings with its Idaho retail
customers.  IPC set aside approximately $8.9 million, $6.4
million and $7.6 million for 1999, 1998 and 1997 respectively for
the benefit of its Idaho customers.  Of the $14.0 million set
aside during 1997 and 1998, $6.2 million was applied against
Idaho demand-side management / conservation expenditures and $2.6
million was applied to 1997-1998 Northwest Energy Efficiency
Alliance (NEEA) expenditures.  In addition, $2.0 million was
reserved to fund 1999 NEEA and demand-side management (DSM)
expenditures (once they have been approved for recovery by the
IPUC), and $0.7 million was refunded to certain customers.  The
balance of $2.5 million has been set in a reserve for the benefit
of Idaho customers.  The disposition of this benefit has yet to
be determined.  In December 1999 IPC filed a request that $5.5
million of the 1999 sharing amount be reserved to fund 2000-2004
NEEA participation.

Other important points in the Settlement were that IPC was not
allowed to increase its Idaho general rates prior to January 1,
2000, except under special conditions as defined in the
Settlement, and IPC agreed that its quality of service would not
decline as a result of corporate reorganization.

In 1998, IPC received an order from the IPUC reducing the
amortization period for the regulatory assets associated with
demand-side management programs from 24 years to 12 years.  At
the same time the IPUC approved an additional $16 million of
Idaho allocated demand-side management expenditures for recovery
through rates resulting in an increase of 0.67 percent to Idaho
customers effective May 16, 1999. This order was appealed to the
Idaho Supreme Court by a group of IPC customers.  Oral arguments
were heard on December 8, 1999 and the matter is awaiting a
Supreme Court decision.



     Other Jurisdictions -

In 1998, IPC received authority from the OPUC to reduce the
amortization period for the regulatory assets associated with
demand-side management programs from 24 years to five years.  The
OPUC also approved additional Oregon allocated demand-side
management expenditures for recovery through rates.  The Oregon
costs will be recovered by extending an existing surcharge until
the amounts are collected.

In July 1996, IPC filed an open-access tariff with the FERC, in
compliance with Order 888.  The terms and conditions of the
tariff were approved for use beginning in 1997 (see "Transmission
Services").

POWER SUPPLY
IPC meets its system load requirements using a combination of its
own system generation, mandated purchases from private developers
(see "CSPP Purchases" below) and purchases from other utilities
and power producers.  IPC's generating stations and capacities
are listed in "Item 2. Properties".  Historically, under normal
water conditions, IPC's hydro system supplies approximately 56
percent, thermal generation accounts for 33 percent and purchased
power and other interchanges contribute the remaining 11 percent
of total system resources.  IPC's system is dual-peaking, with
the larger peak demand generally occurring in the summer.  The
system peak demand for 1999 was 2,839 MW, set on July 13, 1999.
Peak demands in 1998 and 1997 were 2,747 MW and 2,545 MW
respectively.  IPC periodically updates its load and resource
projections and now expects total system energy requirements to
grow 2.3 percent annually over the next five years.

Because of its reliance upon hydroelectric generation, which
varies according to streamflows, IPC's generating system is
constrained more by resource (water) availability than by
capacity.  Seasonal exchanges of winter-for-summer power are
included among the contracted resources to maximize the firm load
carrying capability.  Exchanges are currently made with The
Montana Power Company under a contract that expires in 2000 and
with Seattle City Light under a contract that expires in 2003.

During the 2000-2003 period, IPC plans to provide all the energy
required to serve its firm load requirements by using its
hydroelectric and coal-fired generating units and CSPP purchases,
supplemented by purchases of power from neighboring utilities or
marketing entities.

Even though its significant hydroelectric generation can operate
to meet peak demands, seasonal energy requirements are important
to IPC because its seasonal energy capability is determined in
part by the availability of water.  In 1997, 1998 and 1999, IPC's
hydro generating system experienced above average water years.

IPC's generating facilities are interconnected through its
integrated transmission system and are operated on a coordinated
basis to achieve maximum load-carrying capability and
reliability.  IPC's transmission system is directly
interconnected with the transmission systems of the Bonneville
Power Administration Avista Corporation, PacifiCorp, The Montana
Power Company and Sierra Pacific Power Company.  Such
interconnections, coupled with transmission line capacity made
available under agreements with certain of the above utilities,
permit the interchange, purchase and sale of power among all
major electric systems in the West.  IPC is a member of the
Western Systems Coordinating Council, the Western Systems Power
Pool, the Northwest Power Pool, the Western Regional Transmission
Association and the Northwest Regional Transmission Association.

     CSPP Purchases -
As a result of the enactment of the PURPA and the adoption of
avoided cost standards by the IPUC, IPC has entered into
contracts for the purchase of energy from private developers.
Because IPC's service territory encompasses substantial
irrigation canal development, forest product production
facilities, mountain streams, and food processing facilities,
considerable amounts of energy are available from these sources.
Such energy comes from hydropower producers who own and operate
small plants and from cogenerators converting waste heat or steam
from industrial processes into electricity.  The estimated
annualized cost for the 65 CSPP projects on-line as of December
31, 1999 is $56.2 million.  During 1999, IPC purchased 931.8
million kWh of power from these private developers at a blended
price of 6.3 cents per kWh.

The IPUC has determined that negotiated rates for future CSPP
projects larger than one MW should be tied more closely to values
determined in IPC's integrated resource planning process and has
limited the length of new contracts to a maximum of five years.

   Wholesale Power Sales -
IPC has firm wholesale power sales contracts with several
entities.  These contracts are for various amounts of energy, up
to 100 average megawatts, and are of various lengths expiring
between 2000 and 2009.

   Transmission Services -
IPC has long had an informal open-access transmission policy and
is experienced in providing reliable, high quality, economical
transmission service.  IPC provides various firm and non-firm
wheeling services for several surrounding utilities.

In December 1999 the FERC issued Order No. 2000, dealing with
Regional Transmission Organizations (RTOs).  It proposes to ensure
non-discriminatory, open-access to electricity transmission
facilities.  Each utility is required to file by October 15, 2000 a
statement regarding its intention to join a RTO.  IPC is engaged in
formation discussions with other Northwest utilities.  These
utilities include both investor-owned and other entities.

In 1996 the FERC issued Order Nos. 888 and 889 dealing with open
access non-discriminatory transmission services by public
utilities, and standards of conduct regarding these services.
These orders require public utilities owning transmission lines
to file open-access tariffs available to buyers and sellers of
wholesale electricity; to require utilities to use the tariffs
for their own wholesale sales; and to allow utilities to recover
stranded costs, subject to certain conditions.  The FERC has
issued an unconditional acceptance of the terms and conditions of
IPC's tariff.

IPC's system lies between and is interconnected to the winter-
peaking northern and summer-peaking southern regions of the
western interconnected power system.  This position allows IPC to
both provide transmission services and reach a broad power sales
market.  IPC is a member of both the Western Regional
Transmission Association and the Northwest Regional Transmission
Association.  These associations help facilitate transmission
access and planning throughout the power system.

FUEL
IPC, through its subsidiary Idaho Energy Resources Co., owns a
one-third interest in the Bridger Coal Company, which owns the
Jim Bridger mine supplying coal to the Jim Bridger generating
plant in Wyoming.  The mine, located near the Jim Bridger plant,
operates under a long-term sales agreement that provides for
delivery of coal over a 51-year period ending in 2025.  The Jim
Bridger mine has sufficient reserves to provide coal deliveries
pursuant to the sales agreement.  IPC also has a coal supply
contract providing for annual deliveries of coal through 2005
from the Black Butte Coal Company's Black Butte and Leucite Hills
mines located near the Jim Bridger project.  This contract
supplements the Bridger Coal Company deliveries and provides
another coal supply to operate the Jim Bridger plant.  The Jim
Bridger plant's rail load-in facility and unit coal train allows
the plant to take advantage of potentially lower-cost coal from
outside mines for tonnage requirements above established contract
minimums.

Sierra Pacific Power Company (SPPCo), with whom IPC is a joint
(50/50) participant in the ownership and operation of the North
Valmy Steam Electric Generating plant (Valmy plant), has a long-
term coal contract with Southern Utah Fuel Company, a subsidiary
of Canyon Fuel Co., LLC.  This contract, which expires on June
30, 2003, calls for the delivery of up to 17.5 million tons of
low-sulfur coal from a mine near Salina, Utah, for Valmy Unit No. 1.

In 1986 IPC and SPPCo signed a long-term coal supply agreement
with the Black Butte Coal Company.  This contract provides for
Black Butte to supply coal to the Valmy project under a flexible
delivery schedule that allows for variations in the number of
tons to be delivered ranging from a minimum of 300,000 tons per
year to a maximum of 1,000,000 tons per year.  This flexibility
accommodates fluctuations in energy demand, hydroelectric
generating conditions and purchases of energy from CSPP
facilities.

WATER RIGHTS
Except as discussed below, IPC has acquired valid water rights
under applicable state law for all waters used in its
hydroelectric generating facilities.  In addition, IPC holds
water rights for domestic, irrigation, commercial and other
necessary purposes related to other land and facility holdings
within the state.  The exercise and use of all of these water
rights are subject to prior rights and, with respect to certain
hydroelectric facilities, IPC's water rights for power generation
are subordinated to future upstream diversions of water for
irrigation and other recognized consumptive uses.

Over time, increased irrigation development and other consumptive
diversions have resulted in some reduction in the stream flows
available to fulfill the IPC's water rights at certain
hydroelectric generating facilities.  In reaction to these
reductions, IPC initiated and continues to pursue a course of
action to determine and protect its water rights.  As part of
this process, IPC and the state of Idaho signed the Swan Falls
agreement on October 25, 1984 which provided a level of
protection for IPC's hydropower water rights at specified plants
by setting minimum stream flows and establishing an
administrative process governing the future development of water
rights that may affect IPC's hydroelectric generation.  In 1987,
Congress passed and the President signed into law House Bill 519.
This legislation permitted implementation of the Swan Falls
agreement and further provided that during the remaining term of
certain of IPC's project licenses that the relationship
established by the agreement would not be considered by the FERC
as being inconsistent with the terms of IPC's project licenses or
imprudent for the purposes of determining rates under Section 205
of the Federal Power Act.  The FERC entered an order implementing
the legislation on March 25, 1988.

In addition to providing for the protection of IPC's hydropower
water rights, the Swan Falls agreement contemplated the
initiation of a general adjudication of all water uses within the
Snake River basin.  In 1987, the director of the Idaho Department
of Water Resources filed a petition in state district court
asking that the court adjudicate all claims to water rights,
whether based on state or federal law, within the Snake River
basin.  A commencement order initiating the Snake River Basin
Adjudication was signed by the court on November 19, 1987.  This
legal proceeding was authorized by state statute based upon a
determination by the Idaho Legislature that the effective
management of the waters of the Snake River basin required a
comprehensive determination of the nature, extent and priority of
all water uses within the basin.  The adjudication is expected to
continue for at least the next 10 years.  IPC has filed claims to
its water rights within the basin and is actively participating
in the adjudication to ensure that its water rights and the
operation of its hydroelectric facilities are not adversely
impacted.  IPC does not anticipate any modification of its water
rights as a result of the adjudication process.

ENVIRONMENTAL REGULATION
Environmental regulation at the federal, state, regional and
local levels is having a continuing impact on IPC's operations
due to the cost of installation and operation of equipment
required for compliance with such regulations and the
modification of system operations to accommodate such regulation.

Based upon present environmental laws and regulations, IPC
estimates its capital expenditures (excluding allowance for funds
used during construction) for environmental matters for 2000 and
during the period 2001-2004 will total approximately $10.8 million
and $47.3 million, respectively.  Studies related to mitigation of
environmental concerns due to relicensing of hydro facilities will
be a major portion of these expenditures.  IPC anticipates
incurring approximately $24 million annually of operating expenses
for environmental facilities during the period 2000-2004, based
upon present environmental laws and regulation.

   Clean Air -
IPC has analyzed the Clean Air Act's legislation and its effects
upon IPC and its ratepayers.  IPC's coal-fired plants in Nevada
and Oregon already meet the federal emission rate standards for
sulfur dioxide (SO2) and IPC's coal-fired plant in Wyoming meets
that state's even more stringent SO2 regulations.  The Company
foresees no material adverse effects upon its operations with
regard to SO2 emissions.

In July 1997 the Environmental Protection Agency (EPA) announced
new National Ambient Air Quality Standards (NAAQS) for ozone and
Particulate Matter (PM) and in July 1999 the EPA announced
regional haze regulations for protection of visibility in
national parks and wilderness areas.  Other parties have appealed
the NAAQS standards on the constitutionality of the primary
protective standards that were set.
Impacts of the ozone and PM regulations and regional haze
regulations on IPC's thermal operations are unknown at this time.

North Valmy, Boardman and Jim Bridger Unit 4 elected to meet
Phase I nitrogen oxide (NOx ) limits beginning in 1998.  As a
result of this voluntary "early election" these units will not be
required to meet the more restrictive Phase II NO x limits until
2008.  Had the units not voluntarily "early elected," they would
have been required to meet the Phase II limits in 2000.  Jim
Bridger Units 1, 2, and 3 were accepted as substitution units in
1995 and are subject to NO x limits of Phase I instead of the
more restrictive limits of Phase II.  Jim Bridger has installed
low NO x equipment to reduce NO x levels even lower than
currently required.

   Water -
IPC has received National Pollutant Discharge Elimination System
Permits, as required under the Federal Water Pollution Control
Act Amendments of 1972, for the discharge of effluents from its
hydroelectric generating plants.

IPC has agreed to meet certain dissolved oxygen standards at its
American Falls hydroelectric generating plant.  IPC signed
amendments to the agreements relating to the operation of the
American Falls Dam and the location of water quality monitoring
facilities.  The amendments were made to provide more accurate
and reliable water quality measurements necessary to maintain
water quality standards downstream from IPC's plant during the
period from May 15 to October 15 each year.

IPC has installed aeration equipment, water quality monitors and
data processing equipment as part of the Cascade hydroelectric
project to provide accurate water quality data and increase
dissolved oxygen levels as necessary to maintain water quality
standards on the Payette River.  IPC has also installed and
operates water quality monitors at the Milner and Twin Falls
hydroelectric projects, in order to meet compliance standards for
water quality.

IPC owns and finances the operation of anadromous fish hatcheries
and related facilities to mitigate the effects of its
hydroelectric dams on fish populations.  In connection with its
fish facilities, IPC sponsors ongoing programs for the control of
fish disease and improvement of fish production.  IPC's
anadromous fish facilities at Hells Canyon, Oxbow, Rapid River,
Pahsimeroi and Niagara Springs continue to be operated under
agreements with the Idaho Department of Fish and Game.  At
December 31, 1999, the investment in these facilities was $12.3
million and the annual cost of operation pursuant to FERC License
1971 was approximately $2.6 million annually.

     Endangered Species -
Several species of salmon and Snake River mollusks living within
IPC's operating area are listed as threatened or endangered.  IPC
continues to review and analyze the effect such designation has
on its operations.  IPC is cooperating with various governmental
agencies to resolve issues related to these species.  (See Part
II, Item 7. "Management's Discussion and Analysis of Financial
Condition and Results of Operations - Environmental Issues".)

     Hazardous/Toxic Wastes and Substances -
Under the Toxic Substances Control Act (TSCA), the EPA has
adopted regulations governing the use, storage, inspection and
disposal of electrical equipment that contain polychlorinated
biphenyls (PCBs).  The regulations permit the continued use and
servicing of certain electrical equipment (including transformers
and capacitors) that contain PCBs.  IPC continues to meet all
federal requirements of TSCA for the continued use of equipment
containing PCBs.  IPC has a program to make the 200-plus
substations on its system non-PCB.  While IPC's use of equipment
containing PCBs falls well within the federal standards, IPC has
voluntarily decided to virtually eliminate these compounds from
its system.  This program will save costs associated with the
long-term monitoring and testing of equipment and grounds for PCB
contamination as well as being good for the environment..  Total
IPC costs for the identification and disposal of PCBs from IPC's
system were $0.6 million, $0.5 million and $1.0 million for 1999,
1998 and 1997 respectively.  IPC believes that all generation
facilities are presently non-PCB.

RESEARCH AND DEVELOPMENT
In March 1999 IDACORP Technologies, Inc., a subsidiary of
IDACORP, purchased a controlling interest in Northwest Power
Systems (NPS).  NPS owns several patents on a unique fuel
reformer that allows for the processing of a number of fuels into
hydrogen that is then used for the generation of electricity.
Fully operational prototypes have been constructed and
successfully tested.

During 1999, IPC spent approximately $0.4 million on research and
development of which $0.3 million was through membership in
Electric Power Research Institute (EPRI).  EPRI's mission is to
discover, develop and deliver advances in science and technology.
Some of the subjects of EPRI projects include: electrification
technologies, power quality, electric transportation systems, EMF
assessment/risk management and air quality issues.  IPC also has
an internal research and development effort called the Emerging
Technology (ET) Program.  The ET program was established to
maintain an active and coordinated response to new technology of
interest to IPC.

In 1998, IPC entered into an agreement with Proton Energy Systems
(PES) to purchase an electrolyzer that produces hydrogen from
electricity.  IPC is conducting a pilot program with the
electrolyzer as part of its efforts to gain experience with fuel
cells and to gain first-hand working knowledge and information
about the technology.  Because of IPC's low cost of electrical
power, there is great potential that the electrolyzer can supply
high-value hydrogen to consumers at their plant sites and at a
lower cost than conventional bottled hydrogen.  IPC has an
agreement with the Department of Energy, Lockheed and PES to test
the electrolyzer and validate the operating characteristics of
the unit.

As an active member of the NEEA, IPC has been shifting the focus
of its conservation, or DSM, activities towards regional market
transformation efforts and renewing its commitment to public
purpose programs.  At the same time, IPC has discontinued many of
the traditional DSM programs that required deferral of costs.  In
1999, $2.1 million was expended on energy-efficiency programs.

DIVERSIFIED BUSINESS OPERATIONS
The Company has been pursuing a strategy of expanding non-
regulated activities and separating the regulated utility
operations of IPC from non-regulated activities.  The following
discussion highlights significant events related to this
strategy.

In mid-1997, IPC began trading natural gas, opening trading
offices in Houston, Texas and Boise, Idaho.  Beginning in 1999,
these unregulated trading operations were transferred from under
IPC to IDACORP Energy Solutions L.P., an unregulated subsidiary
of IDACORP.  IPC has also greatly increased its participation in
electricity commodity markets.  IDACORP plans to move this
electricity marketing activity out of IPC and to a non-regulated
branch of the Company in 2000.

IDACORP Technologies' NPS focuses on the production and
distribution of fully-integrated fuel cell systems that combine
its patented reformer with other fuel cell components.  NPS has
received orders from the BPA and other parties for more than 115
prototype fuel cell systems, with delivery scheduled to begin in
March 2000.  At December 31, 1999, total investment in IDACORP
Technologies was $2.5 million.

Ida-West Energy Company develops, acquires, owns and manages
electric power projects.  In March 2000, Ida-West sold for cash
its interest in the Hermiston Power Project, a 536 MW, gas-fired
project to be located near Hermiston, Oregon.  Ida-West was
responsible for managing all permitting and development
activities relating to the project since its inception in 1993.
The Company anticipates recording a pre-tax gain of approximately
$14.0 million on this transaction in 2000.

Ida-West has investments in 12 operating hydroelectric plants
with a total generating capacity of approximately 72 MW.  IPC has
purchased all of the power from the five Idaho hydroelectric
entities that are fifty percent owned by Ida-West, totaling
approximately $8.8 million in 1999.

Through September 30, 1998, Ida-West was a subsidiary of IPC.  On
October 1, 1998 Ida-West was transferred to become a direct
subsidiary of IDACORP.  At December 31, 1999, total investment in
Ida-West was $29.3 million.

In 1998 and 1999, another IDACORP subsidiary, IDACORP Energy
Solutions Co. (IESCo), introduced a variety of energy and non-
energy related products, such as home surge protectors, carbon
monoxide detectors, internet services, digital satellite
television systems, and payment protection insurance.

On February 17, 1998, the Company announced it had joined the
Allied Utility Network (AUN), a member-supported alliance that
provides customer research, marketing and other support services
to utilities.  Through its relationship with AUN, IESCo is
developing new products and services to offer to retail
customers. Collectively, the members of the alliance serve
approximately one million customers.

IDACORP Financial Services, Inc. (IFS) has a portfolio of 17
investments, primarily in affordable housing programs, which
provide a return primarily by reducing federal income taxes
through tax credits and tax depreciation benefits.  On December
31, 1999, total investment in IFS was $18.7 million.  On January
1, 2000, ownership of IFS was transferred from IPC to become a
direct subsidiary of IDACORP.

Applied Power Corporation (APC) is a Lacey, Washington based
company that designs, supplies and distributes photovoltaic (PV)
systems.  APC provides reliable, cost-effective solar electric
products and systems for industry, contractors, utilities,
government and an international network of solar dealers and
distributors.  At December 31, 1999, total investment in APC was
$3.4 million.  On January 1, 2000, IPC's ownership interest in
APC was also transferred to IDACORP.

Idaho Energy Resources Company (IERCo), a subsidiary of IPC, is a
joint venturer in the Bridger Coal Company, which operates the
mine supplying coal to the Jim Bridger power plant near Rock
Springs, Wyoming (see "Fuel").  At December 31, 1999, total
investment in IERCO was $12.9 million.

Pathnet/Idaho Equipment, LLC (Pathnet), a subsidiary of IPC, was
formed in 1998 to develop and distribute microwave communication
services and products.  At December 31, 1999, total investment in
Pathnet was $1.7 million.


CONSTRUCTION PROGRAM
IPC's construction program for the 2000-2004 period (excluding
allowances for funds used during construction) is presently
estimated to require cash funds of approximately $580.9 million
as follows:

                                          2000         2001-2004
                                        (Millions of Dollars)

Generating facilities
        Hydro                           $   14.3     $   61.5
        Thermal                              7.2         27.3
            Total generating facilities     21.5         88.8
Transmission lines and substations          23.6         75.5
Distribution lines and substations          46.8        216.0
General                                     28.3         72.2
            Total IPC cash construction    120.2        452.5
Non-utility cash construction                0.8          7.4
     Total IPC cash construction
        expenditures                    $  121.0     $  459.9

IPC has no nuclear involvement and its future construction plans
do not include development of any nuclear generation.  IPC is
looking at various options that may be available to meet the
future energy requirements of its customers including efficiency
improvements on IPC's generation, transmission and distribution
systems and purchased power and exchange agreements with other
utilities or other power suppliers.  IPC will pursue the projects
that best meet its future energy needs.

FINANCING PROGRAM
The Company's five-year estimate of capital requirements and
sources of capital are outlined in the following table:
                                   IDACORP, Inc.            Idaho Power
                                                             Company
                               2000     2001-2004      2000     2001-2004
                                     (Millions of Dollars)

Capital Requirements:
    Net cash construction
        expenditure           $120.2    $452.5   $120.2     $452.5
    Other cash expenditures     21.4      50.1      0.8        7.4
         Total                $141.6    $502.6   $121.0     $459.9
Sources of Capital:
    Internal generation       $119.1    $550.6   $ 99.2     $421.1
    Short-term bank loans
         - Net                  17.8     (17.8)    22.0       50.4
    Affordable housing
      debt repayment            (8.9)    (39.3)      -          -
    Other debt issued           11.5      20.9       -        (0.9)
    Other                        1.5     (10.7)    (0.2)     (10.7)
    Cash investments
      (increase)                 0.6      (1.1)      -          -
         Total                $141.6    $502.6   $121.0     $459.9

These estimates are subject to constant revision in light of
changing economic, regulatory and environmental factors and
patterns of conservation.  Any additional securities to be sold
will depend upon market conditions and other factors.  The
Company will continue to take advantage of any refinancing
opportunities as they become available.

Under the terms of the Indenture relating to IPC's First Mortgage
Bonds, net earnings must be at least two times the annual
interest on all bonds and other equal or senior debt.  For the
twelve months ended December 31, 1999, net earnings were 5.94
times.  Additional preferred stock may be issued when earnings
for twelve consecutive months within the preceding fifteen months
are at least equal to l.5 times (until December 31, 2000, at
which time the issuance ratio will increase to 1.75 times) the
aggregate annual interest requirements on all debt securities and
dividend requirements on preferred stock.  At December 31, 1999,
the actual preferred dividend earnings coverage was 3.33 times.
If the dividends on the shares of Auction Preferred Stock were to
reach the maximum allowed, the preferred dividend earnings
coverage would be 3.05 times.  The Indenture and IPC's Restated
Articles of Incorporation are exhibits to the Form 10-K and
reference is made to them for a full and complete statement of
their provisions.



ITEM 2.  PROPERTIES
IPC's system includes 17 hydroelectric generating plants located
in southern Idaho and eastern Oregon (detailed below) and an
interest in three coal-fired steam electric generating plants.
The system also includes approximately 4,656 miles of high
voltage transmission lines; 21 step-up transmission substations
located at power plants; 17 transmission substations; 7
transmission switching stations; and 205 energized distribution
substations (excludes mobile substations and dispatch centers).

IPC holds licenses under the Federal Power Act for 13
hydroelectric projects from the FERC.  These and the other
generating stations and their capacities are listed below:

                               Maximum
Project                          Non-
                              Coincident
                              Operating    Nameplate    License
                               Capacity    Capacity     Expiration
                                  kW          kW

Properties Subject to
Federal Licenses:
     Lower Salmon                 70,000     60,000       1997  (a)
     Bliss                        80,000     75,000       1998  (a)
     Upper Salmon                 39,000     34,500       1998  (a)
     Shoshone Falls               12,500     12,500       1999  (a)
     C J Strike                   89,000     82,800       2000
     Upper Malad                   9,000      8,270       2004
     Lower Malad                  15,000     13,500       2004
     Brownlee-Oxbow-Hells
        Canyon                 1,398,000  1,166,900       2005
     Swan Falls                   25,547     25,000       2010
     American Falls              112,420     92,340       2025
     Cascade                      14,000     12,420       2031
     Milner                       59,448     59,448       2038
     Twin Falls                   54,300     52,737       2041
Other Generating Plants:
     Other Hydroelectric          10,400     11,300
     Jim Bridger (coal-fired)    703,333    709,617
     Valmy (coal-fired)          260,650    260,650
     Boardman (coal-fired)        53,000     56,050

 (a)Renewed on a year-to-year basis; application for relicense is
    pending.

At December 31, 1999, the composite average ages of the principal
parts of IPC's system, based on dollar investment, were:
production plant, 20 years; transmission system and substations,
19 years; and distribution lines and substations, 15 years.  IPC
considers its properties to be well maintained and in good
operating condition.

IPC owns in fee all of its principal plants and other important
units of real property, except for portions of certain projects
licensed under the Federal Power Act and reservoirs and other
easements.  IPC's property is also subject to the lien of its
Mortgage and Deed of Trust and the provisions of its project
licenses.  In addition, IPC's property is subject to minor
defects common to properties of such size and character that do
not materially impair the value to, or the use by, IPC of such
properties.

As a result of various federal legislative actions and proposals
(such as the Electric Consumers Protection Act of 1986, Energy
Policy Act of 1992, Clean Water Act Reauthorization and
Endangered Species Act Reauthorization), a major issue facing IPC
is the relicensing of its hydro facilities.  The relicensing of
these projects is not automatic under federal law.  IPC must
demonstrate comprehensive usage of the facilities, that it has
been a conscientious steward of the natural resource entrusted to
it, and that it is in the public interest for IPC to continue to
hold the federal licenses.

IPC is actively pursuing new licenses for 10 of its 17
hydroelectric projects from the FERC.  This process could take
anywhere from eight to 15 years, depending on environmental
issues and political processes.

The most significant relicensing will be the Hells Canyon
Complex, which provides over half of IPC's generation capacity.
Presently, IPC is developing study plans within the framework of
a collaborative team made up of individuals representing state
and federal agencies, businesses, environmental, tribal,
customer, local government and local landowner interests.  IPC
expects to file the new license application in August 2003.

Shoshone Falls, Upper Salmon Falls, Lower Salmon Falls and Bliss
hydroelectric projects are awaiting the Environmental Impact
Statement (EIS) from the federal government, which will precede
license issuance.  IPC is completing additional information
requests (AIRs) in 2000, which will provide the government with
the necessary data to complete the environmental impact statement
by mid-to-late 2000.

IPC filed its application for new license for the CJ Strike
project in November 1998.  Similarly, AIRs were issued on this
project as well and are scheduled to be completed in October
2000, which should result in an EIS by mid-2001.

The Upper and Lower Malad projects, scheduled for an August 2002
new license application, are nearing completion of field studies
and reporting should be complete in 2000.

Idaho Energy Resources Co. owns a one-third interest in certain
coal leases near the Jim Bridger generating plant in Wyoming from
which coal is mined and supplied to the plant.

Ida-West holds investments in twelve operating hydroelectric
plants with a total generating capacity of 72 MW.



ITEM 3.  LEGAL PROCEEDINGS

On November 30, 1995, a complaint entitled Idaho Power Company
vs. Cogeneration, Inc., Case No. 98467, was filed by IPC in the
District Court of the Fourth Judicial District of the State of
Idaho.  The proceeding involves an effort by IPC to terminate a
firm energy sales agreement (FESA) for a small hydroelectric
generating plant.

As required by PURPA and the orders of the Idaho Public Utilities
Commission (IPUC), on January 7, 1992, IPC entered into a 35-year
FESA with Cogeneration, Inc., to purchase the output of a 43-
megawatt  hydroelectric generating project known as the Auger
Falls Project.  The FESA for the Auger Falls Project was approved
by the IPUC on January 27, 1992.  The FESA required that on or
before January 1, 1994, Cogeneration, Inc. post cash or cash
equivalent security in the amount of approximately $1.9 million
to assure performance of the FESA.  Cogeneration, Inc. failed to
provide the security amount.  Consistent with the FESA, IPC filed
a petition for declaratory order with the IPUC requesting that
the FESA be terminated as a result of Cogeneration, Inc.'s
breach.  Cogeneration, Inc. cross petitioned claiming that its
failure to perform was excused by the occurrence of an event of
force majeure.  On April 17, 1995, the IPUC issued its order
finding that Cogeneration, Inc.'s failure to post the cash
security on January 1, 1994, was a default under the FESA and
further finding that the posting of the liquid security was
required by the public interest.  Based upon those findings, the
IPUC ordered Cogeneration, Inc. to post the cash security prior
to May 1, 1995.  Cogeneration, Inc. failed to comply with the
Commission's order and has never posted the $1.9 million amount
required by the FESA.

After the IPUC's order became final and non-appealable, IPC filed
a complaint for declaratory relief in the District Court of the
Fourth Judicial District.  The Complaint sought a determination
by the district court that Cogeneration, Inc.'s failure to
provide the cash security and its violation of the IPUC's orders
requiring that it expeditiously provide the cash security
constituted material breaches of the FESA.  IPC asked the
district court to find that as a matter of law Idaho Power was
entitled to either terminate or rescind the FESA.

In response to IPC's complaint, Cogeneration, Inc. filed
counterclaims alleging that IPC, by seeking to terminate the
FESA, had breached the FESA and was attempting to monopolize the
electric generation market and drive Cogeneration, Inc. out of
business.  Cogeneration, Inc. alleged damages for breach in
excess of $50 million and requested that any damages be trebled
under the anti-trust laws.

On November 30, 1995, the district judge, by memorandum decision
found that Cogeneration, Inc. had materially breached the FESA
and IPC was entitled to either rescind or terminate the FESA.

On February 16, 1996, Cogeneration, Inc. dismissed its anti-trust
claims against IPC with prejudice, and on February 23, 1996, the
Idaho Supreme Court granted Cogeneration, Inc.'s request for an
expedited appeal of the district court's decision establishing an
accelerated briefing schedule and scheduling oral argument for
May 10, 1996.

On August 12, 1996, the Idaho Supreme Court determined that the
District Court's decision that Cogeneration, Inc. had breached
the FESA was premature.

On February 10, 1997, Cogeneration, Inc. filed an amended
Complaint restating its previous claims, requesting a jury trial
rather than the court trial it had previously requested and
raising several new allegations and claims.

Following  a  court  trial, on June 24, 1998 the  District  Court
issued a memorandum decision finding that Cogeneration, Inc.  had
materially  breached the FESA and as a result  IPC  had  properly
terminated the FESA.

On  July  27, 1998, Cogeneration, Inc. filed a Notice  of  Appeal
with the Idaho Supreme Court.

The case was fully briefed in 1999 and argued on January 5, 2000.
The parties are now awaiting a decision from the court.

This matter has been previously reported in Form 10-K dated March
11, 1999 and other reports filed with the Commission.



ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS


     None




EXECUTIVE OFFICERS OF THE REGISTRANT

The names, ages and positions of all of the executive officers of
IDACORP, Inc. are listed below along with their business
experience during the past five years.  There are no family
relationships among these officers, nor any arrangement or
understanding between any officer and any other person pursuant
to which the officer was elected.

                          IDACORP, Inc.

Name, Age and Position     Business Experience During Past Five
                           (5) Years*

Jan B. Packwood, 56        Appointed May 30, 1999.  Mr. Packwood
President and Chief        was President and Chief Operating
Executive Officer          Officer from February 2, 1998 to May
                           30, 1999.

J. LaMont Keen, 47         Appointed May 5, 1999.  Mr. Keen was
Senior Vice President -    Senior Vice President-Administration,
Administration and Chief   Chief Financial Officer and Treasurer
Financial Officer          from March 15, 1999 to May 5, 1999,
                           and Vice President, Chief Financial
                           Officer and Treasurer from February
                           2, 1998 to March 15, 1999.

Richard Riazzi, 45         Appointed March 15, 1999.  Mr. Riazzi
Senior Vice President -    was Vice President - Marketing and
Marketing and Sales        Sales from January 14, 1999 to March
                           15, 1999.

Darrel T. Anderson, 41     Appointed May 5, 1999.
Vice President - Finance
and Treasurer

Robert W. Stahman, 55      Appointed February 2, 1998.
Vice President, General
Counsel and Secretary





________________
*IDACORP, Inc. executive officers serve in the same capacities at
Idaho Power Company.  For these officers' business experience
during the past five years, please refer to the next table.





EXECUTIVE OFFICERS OF THE REGISTRANT

The names, ages and positions of all of the executive officers of
Idaho Power Company are listed below along with their business
experience during the past five years.  There are no family
relationships among these officers, nor any arrangement or
understanding between any officer and any other person pursuant
to which the officer was elected.

                       Idaho Power Company

Name, Age and Position     Business Experience During Past Five
                           (5) Years

Jan B. Packwood, 56        Appointed May 30, 1999.  Mr. Packwood
President and Chief        was President and Chief Operating
Executive Officer          Officer from September 1, 1997 to May
                           30, 1999, Executive Vice President
                           from July 11, 1996 to September 1,
                           1997, and Vice President-Power Supply
                           prior to July 11, 1996.

J. LaMont Keen, 47         Appointed May 5, 1999.  Mr. Keen was
Senior Vice President -    Senior Vice President-Administration,
Administration and Chief   Chief Financial Officer and Treasurer
Financial Officer          from March 15, 1999 to May 5, 1999,
                           Vice President, Chief Financial
                           Officer and Treasurer from March 14,
                           1996 to March 15, 1999 and Vice
                           President and Chief Financial Officer
                           prior to March 14, 1996.

James C. Miller, 45        Appointed November 18, 1999.  Mr.
Senior Vice President -    Miller was Vice President -
Delivery                   Generation from July 10, 1997 to
                           November 18, 1999 and was General
                           Manager - Generation prior to July
                           10, 1997.

Richard Riazzi, 45         Appointed March 15, 1999.  Mr. Riazzi
Senior Vice President -    was Vice President - Marketing and
Marketing and Sales        Sales from January 9, 1997 to March
                           15, 1999.  Mr. Riazzi was Vice
                           President, Corporate Marketing (1995-
                           1996) for Equitable Resources, Inc.

Darrel T. Anderson, 41     Appointed May 5, 1999.  Mr. Anderson
Vice President - Finance   was corporate controller from January
and Treasurer              25, 1999 to May 5, 1999, Executive
                           Vice President of Finance and
                           Operations at Applied Power Corp.
                           from June 5, 1998 to January 25,
                           1999, and corporate controller from
                           February 26, 1996 to June 5, 1998.
                           Mr. Anderson was Senior Manager of
                           Audit Services for Deloitte & Touche
                           LLP prior to February 26, 1996.

John P. Prescott, 43       Appointed November 18, 1999.  Mr.
Vice President -           Prescott was Vice President of
Generation                 Business Development for IDACORP
                           Technologies, Inc. from August 1999
                           to November 18, 1999, and President
                           and Treasurer of Stellar Dynamics
                           from October 5, 1995 to August 1999.

Bryan A.B. Kearney, 37     Appointed November 18, 1999.  Mr.
Vice President and Chief   Kearney was Vice President and Chief
Information Officer        Technology Officer at Bear Creek Corp
                           (1998-1999), Chief Information
                           Officer for Shasta County, California
                           (1996-1998), and Director of
                           Information Systems and Services for
                           the City of Fort Worth, Texas (1994-
                           1995).

Cliff N. Olson, 50         Appointed July 11, 1991.
Vice President -Corporate
Services

Robert W. Stahman, 55      Appointed July 13, 1989.
Vice President, General
Counsel and Secretary

Marlene K. Williams, 47    Appointed May 5, 1999.  Ms. Williams
Vice President - Human     was Director of Human Resources at
Resources                  Arizona Public Service prior to May
                           5, 1999.




PART II




ITEM 5.  MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATE
         STOCKHOLDER MATTERS

IDACORP, Inc.'s common stock (without par value) is traded on the
New York and Pacific Stock Exchanges.  At December 31, 1999,
there were 23,758 holders of record and the year-end stock price
was $26 13/16 per share.

The outstanding shares of Idaho Power Company common stock ($2.50
par value) are held by IDACORP, Inc. and are not traded. IDACORP,
Inc. became the holding company of Idaho Power Company on October
1, 1998.

The following table shows the reported high and low sales price
and dividends paid for the years 1999 and 1998 as reported by the
Wall Street Journal as composite tape transactions. Amounts
reported for periods prior to October 1, 1998, were for Idaho
Power Company only.


                                       1999 Quarters
Common Stock, without par      1st         2nd       3rd        4th
value:
       High                   $ 36 1/2   $ 33 5/8   $ 32       $ 31 1/4
       Low                      29 1/4     29 1/2     29 3/16    26
       Dividends paid per
         share (cents)            46.5       46.5       46.5      46.5


______________________________


                                          1998 Quarters
Common Stock, without par       1st       2nd       3rd     4th
value:
       High                   $ 38 1/16  $ 37 7/8   $ 35    $  36 1/4
       Low                      33 15/16   32 15/16   29 7/8   31 1/8
       Dividends paid per
         share (cents)          46.5       46.5       46.5     46.5





ITEM 6.  SELECTED FINANCIAL DATA

SUMMARY OF OPERATIONS (Thousands of Dollars except for per share amounts)
IDACORP, Inc.
For the Years Ended           1999     1998     1997     1996      1995
December 31,

Operating revenues      $   658,336   756,410   605,183   578,445   545,621
Income from operations      172,458   180,584   180,731   187,171   175,991
Net income                   91,349    89,176    87,098    83,155    78,930
Earnings per average
  share outstanding
  (basic and diluted)          2.43      2.37      2.32      2.21      2.10
Dividends declared per
   share                       1.86      1.86      1.86      1.86      1.86

At December 31,
Total long-term debt*       821,558   815,937   746,142   769,810   672,618
Total assets              2,636,993 2,451,620 2,451,816 2,328,738 2,241,753

*Excludes amount due within one year.

The above data should be read in conjunction with IDACORP's
consolidated financial statements and notes to consolidated
financial statements included in this Annual Report on Form 10-K.



SUMMARY OF OPERATIONS (Thousands of Dollars)
IDAHO POWER COMPANY
For the Years Ended           1999      1998       1997        1996       1995
December 31,

Operating revenues      $  658,336 $  756,410 $  605,183 $   578,445 $  545,621
Income from operations     172,458    180,584    180,731     187,171    175,991
Net income                  97,528     95,919     92,274      90,618     86,921

At December 31,
Total long-term debt*      821,558    815,937    746,142     769,810    672,618
Total assets             2,559,374  2,421,790  2,451,816   2,328,738  2,241,753

Utility Customer Data:
General business           384,421    373,730    363,085     352,487   340,708
customers
Average kWh per customer    36,379     36,368     37,080      37,627     35,740
Average rate per kWh (cents)  3.75       3.85       3.63        3.71      3.85

*Excludes amount due within one year.

The above data should be read in conjunction with Idaho Power
Company's consolidated financial statements and notes to
consolidated financial statements included in this Annual Report
on Form 10-K.





Item 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION  AND RESULTS OF OPERATIONS

In Management's Discussion and Analysis we explain the general
financial condition and results of operations of IDACORP, Inc.
and its subsidiaries (IDACORP or the Company) and Idaho Power
Company and its subsidiaries (IPC).  IDACORP is a holding company
formed in 1998 as the parent of IPC and several other entities.
IPC, an electric utility, is IDACORP's principal operating
subsidiary, and accounts for over 90 percent of its assets,
revenue and net income.  The financial condition and results of
operations of IPC are currently the principal factors affecting
the financial conditions and results of operations of IDACORP.
As you read Management's Discussion and Analysis, it may be
helpful to refer to our Consolidated Statements of Income which
present our results of operations for the years ended December
31, 1999, 1998 and 1997.  In our discussion we explain the
significant annual changes between specific line items in the
Consolidated Statements of Income.


FORWARD-LOOKING INFORMATION
In connection with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 (Reform Act), we are
hereby filing cautionary statements identifying important factors
that could cause our actual results to differ materially from
those projected in forward-looking statements (as such term is
defined in the Reform Act) made by or on behalf of the Company in
this Annual Report, any quarterly report on Form 10-Q, in
presentations, in response to questions or otherwise.  Any
statements that express, or involve discussions as to
expectations, beliefs, plans, objectives, assumptions or future
events or performance (often, but not always, through the use of
words or phrases such as "anticipates", "believes", "estimates",
"expects", "intends", "plans", "predicts", "projects", "will
likely result", "will continue", or similar expressions) are not
statements of historical facts and may be forward-looking.
Forward-looking statements involve estimates, assumptions, and
uncertainties and are qualified in their entirety by reference
to, and are accompanied by, the following important factors,
which are difficult to predict, contain uncertainties, are beyond
our control and may cause actual results to differ materially
from those contained in forward-looking statements:

prevailing  governmental policies and regulatory actions,
including those of the Federal Energy Regulatory Commission
(FERC), the Idaho Public Utilities Commission (IPUC), the Oregon
Public Utilities Commission (OPUC), and the Public Utilities
Commission of Nevada (PUCN), with respect to allowed rates of
return, industry and rate structure, acquisition and disposal of
assets and facilities, operation and construction of plant
facilities, recovery of purchased power and other capital
investments, and present or prospective wholesale and retail
competition (including but not limited to retail wheeling and
transmission costs):

economic and geographic factors including political and economic
risks;

changes in and compliance with environmental and safety laws and
policies;

weather conditions;

population growth rates and demographic patterns;

competition for retail and wholesale customers;

Year 2000 issues;

pricing and transportation of commodities;

market demand, including structural market changes;

changes in tax rates or policies or in rates of inflation;

changes in project costs;

unanticipated changes in operating expenses and capital
expenditures;

capital market conditions;

competition for new energy development opportunities; and

legal and administrative proceedings (whether civil or criminal)
and settlements that influence the business and profitability of
the Company.

Any forward-looking statement speaks only as of the date on which
such statement is made, and we undertake no obligation to update
any forward-looking statement to reflect events or circumstances
after the date on which such statement is made or to reflect the
occurrence of unanticipated events.  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.

RESULTS OF OPERATIONS
Earnings per Share and Book Value

Earnings per share of common stock (basic and diluted) were $2.43
in 1999, $2.37 in 1998, and $2.32 in 1997.  The 1999 earnings
equate to a 12.1 percent return on year-end common equity, as
compared to 12.2 percent in 1998 and 1997.  At December 31, 1999,
the book value per share of common stock was $20.02, compared to
$19.42 at December 31, 1998 and $18.93 at December 31, 1997.

Overview

The primary factors contributing to the increase in earnings per
share over the last three years are a strong economy in our
utility service territory and favorable energy marketing results.

Idaho's economy continued its strong performance over the last
three years.  Idaho's non-agricultural employment growth for the
twelve months ended November 1999 was 2.4 percent; annual growth
rates in 1998 and 1997 were 2.4 percent and 3.2 percent,
respectively.  Within the Boise Metropolitan Statistical Area,
the heart of our utility service territory, non-agricultural
employment increased 3.2 percent for the twelve months ended
November 1999, 4.1 percent in 1998 and 4.2 percent in 1997.

General business customer growth has been consistent, with 2.9
percent increases in 1999 and 1998 and a 3.0 percent increase in
1997.  This growth is attributable to strong overall economic
conditions in our utility service territory.

Our service territory experienced above average water years from
1997-1999.  Hydro generation was 17 percent above normal in 1999,
22 percent above normal in 1998, and 30 percent above normal in
1997.

Our energy marketing income increased $14 million in 1999 due to
favorable conditions in the energy markets and $5 million in 1998
due to growth in this business segment.

Income from operations decreased $8 million in 1999 primarily due
to a $5 million decrease in other revenues resulting from
increased funds set aside for refund to IPC ratepayers as part of
a regulatory settlement with the IPUC.  This increase results
from an increase in the amount set aside for 1999 compared to
1998, plus true-ups of prior years' sharing estimates. We discuss
the regulatory settlement below in "Regulatory Issues -
Regulatory Settlement."  Another factor impacting operating
income was a decrease in the net power supply costs (surplus
sales less purchased power, fuel, and PCA expense) of $6 million
due to effective management of the system given a combination of
favorable market, weather and hydro conditions throughout the
year.  Other factors impacting income from operations were a $7
million increase in other operation and maintenance expenses, and
a $3 million increase in depreciation expense.

Income from operations decreased slightly in 1998.  The primary
factors affecting income from operations were a $3 million
increase in depreciation expense, offsetting a $3 million
increase in other revenue resulting primarily from decreased
amounts set aside for the regulatory settlement with the IPUC.
While general business increased, that increase was offset by a
similar increase in net power supply costs.

General Business Revenue

Our general business revenue is dependent on many factors,
including the number of customers we serve, the rates we charge,
and weather conditions.

IPC's rates are adjusted annually based primarily on a Power Cost
Adjustment (PCA) mechanism that is described more fully below in
"Regulatory Issues - Power Cost Adjustment."

Generally, extreme temperatures increase sales to customers, who
use electricity for cooling and heating, and moderate
temperatures decrease sales.  Precipitation levels during the
growing season affect sales to customers who use electricity to
operate irrigation pumps.  Increased precipitation reduces
electricity usage by these customers.

In 1999, general business revenue was only marginally higher than
1998.  The 2.9 percent increase in general business customers
increased revenue $7 million and drier weather conditions and
other factors affecting usage increased revenue $12 million.
These increases were nearly offset by reductions in rates
stemming from the PCA, which decreased revenue $17 million.

The $34 million increase in general business revenue in 1998 was
due primarily to increased rates, which increased revenue $31
million, and the 2.9 percent increase in general business
customers, which increased revenue $16 million.  These increases
were offset by a $12 million decrease resulting from more
precipitation and more moderate weather conditions.

Power Supply

Power supply components of income from operations include off-
system sales and purchased power, fuel and PCA expenses.

Off-system sales, which consist primarily of long-term sales
contracts and opportunity sales of surplus system energy,
decreased $95 million in 1999 after increasing $114 million in
1998.

Purchased power expense decreased $79 million in 1999 after
increasing $105 million in 1998.   Contributing to these results
are a number of operational factors, including changing hydro
availability, system load and fluctuating wholesale market
conditions.

Net off-system sales less purchases were 2.8 million MWh in 1999,
compared to 3.2 million MWh in 1998 and 3.1 million MWh in 1997.

Fuel expenses were essentially unchanged in 1999 but increased by
$15 million in 1998.   Total generation at our coal-fired plants
was approximately 7.3 million MWh in 1999, 6.9 million MWh in
1998 and 5.4 million MWh in 1997.

The PCA expense component is related to the Company's PCA
regulatory mechanism.  The PCA mechanism increases expenses when
power supply costs are below forecast, and decreases expenses
when power supply costs are above forecast.  In 1999, actual
costs were near forecast, causing the PCA component of expense to
be minimal.  In 1998 the PCA expense increased $28 million
because our 1998 power supply costs were well below the forecast,
when in 1997 they were somewhat above the forecast.  The 1998
forecast had anticipated near-normal streamflow conditions in the
1998-9 rate period, but conditions were significantly better than
normal.  We discuss the PCA in more detail in "Regulatory Issues
- Power Cost Adjustment."

The impact of these changes in net power supply costs is a
decrease in net expense in 1999 of $6 million and an increase in
net expense in 1998 of $35 million.

Other Expenses

Other operations expenses increased $6 million in 1999 and $8
million in 1998.  The increase in 1999 was due primarily to
increased operating expenses at our coal-fired generation plants,
and payroll and consulting expenses.  The increase in 1998 was
due primarily to increases in payroll and benefits and
transmission charges for electricity sales.

Maintenance expenses decreased $7 million in 1998, resulting from
decreased cost of maintenance work performed at our steam
generation and distribution facilities.

Depreciation expenses increased $3 million in both 1998 and 1999,
due primarily to plant additions.

Other Income

Energy marketing income increased $14 million in 1999 and $5
million in 1998 due primarily to improved results and increased
volumes of energy trading activities.  We discuss our energy
marketing activities more fully below in "Energy Marketing."

Other-net decreased $3 million in 1999 and $5 million in 1998 due
primarily to costs incurred by new subsidiaries and costs of
other diversified business activities.  These subsidiaries and
activities were created to compete in the non-regulated business
environment.



LIQUIDITY AND CAPITAL RESOURCES
Cash Flow

Our net cash generated from operations totaled $572 million for
the three-year period 1997-1999.  After deducting common
dividends of $210 million, net cash generation from operations
provided approximately $362 million for our construction program
and other capital requirements.  Internal cash generation after
dividends provided 114 percent of our total capital requirements
in 1999, 95 percent in 1998, and 89 percent in 1997.

The $88 million increase in cash and cash equivalents in 1999 is
due primarily to IPC's issuance of $80 million of medium-term
notes late in 1999.  The proceeds were used in January 2000 to
retire $80 million of first mortgage bonds that had matured.

In 1998, our increase in cash and cash equivalents was due
primarily to $12 million received from life insurance death
benefits and the surrender of life insurance policies.

We forecast that internal cash generation after dividends will
provide approximately 84 percent of total capital requirements in
2000 and over 110 percent during the four-year period 2001-2004.
We expect to continue financing our construction program and
other capital requirements with both internally generated funds
and, to the extent necessary, externally financed capital.
Principal amounts maturing during the next five years are $89
million in 2000, $40 million in 2001, $37 million in 2002, $90
million in 2003 and $60 million in 2004.

At January 1, 2000, IPC had regulatory authority to incur up to
$200 million of short-term indebtedness.  At December 31, 1999,
IPC's short-term borrowing totaled $20 million compared to $39
million at December 31, 1998 and $58 million at December 31,
1997.

We have credit facilities established at both IPC and IDACORP.
IPC has a $120 million multi-year revolving credit facility under
which we pay a facility fee on the commitment, quarterly in
arrears, based on IPC's First Mortgage Bond Rating.  Commercial
paper may be issued in an amount not to exceed 25 percent of
revenues for the latest twelve-month period, subject to the $200
million maximum, and is supported by bank lines of credit of an
equal amount.

IDACORP has separately established a $50 million three-year
credit facility that expires in December 2001, and a $100 million
364-day credit facility that expires in December 2000.  Under
these facilities we pay a facility fee on the commitment,
quarterly in arrears, based on IPC's First Mortgage Bond Rating.
Commercial paper may be issued up to the $150 million and is
supported by the bank credit facilities. (See Note 7 of "Notes to
Consolidated Financial Statements").

Construction Program

Our consolidated cash construction expenditures totaled $111
million in 1999, $89 million in 1998, and $96 million in 1997.
Approximately 28 percent of these expenditures were for
generation facilities, 17 percent for transmission facilities, 39
percent for distribution facilities, and 16 percent for general
plant and equipment.  We estimate that our cash construction
program will require $121 million in 2000 and $460 million in the
four-year period 2001-2004.  These estimates are subject to
revision in light of changing economic, regulatory,
environmental, and conservation factors.

Financing Program

Our capital structure fluctuated slightly during the three-year
period, with common equity ending at 45 percent, preferred stock
(of IPC) 6 percent, and long-term debt 49 percent at December 31,
1999.

IDACORP, Inc. currently has a $300 million shelf registration
statement that can be used for the issuance of unsecured debt
securities and preferred or common stock.  At December 31, 1999
none had been issued.

IPC has on file a shelf registration statement for the issuance
of first mortgage bonds and/or preferred stock, with an aggregate
principal amount not to exceed $200 million. The remaining
balance on the shelf registration is $3 million as of December
31, 1999.  In November 1999 IPC issued $80 million of Secured
Medium Term Notes.  The proceeds from this issuance were used in
January 2000 to redeem at maturity $80 million of First Mortgage
Bonds.

In September 1998 IPC issued $60 million of Secured Medium Term
Notes.  The proceeds from this issuance were used to redeem at
maturity $30 million of First Mortgage Bonds, and to reduce the
balance of commercial paper issued in connection with ongoing
business.


OTHER MATTERS
Regulatory Issues

     Power Cost Adjustment (PCA)

IPC has a PCA mechanism that provides for annual adjustments to
the rates we charge to our Idaho retail customers.  These
adjustments, which take effect annually in mid-May, are based on
two components, the difference between our forecast of the
upcoming year's net power supply costs and a base amount, and the
true-up of the prior year's forecasted costs to actual costs.

Our May 1999 rate adjustment reduced Idaho general business
customer rates by 9.2 percent.  The decrease was the result of
forecasted above-average hydroelectric generating conditions for
the upcoming year, and a true-up benefit from the 1998-99 rate
period.  Overall, the May 1999 rate adjustment is expected to
decrease our annual general business revenue by $40 million
during the 1999-2000 rate period.

The May 1998 rate adjustment increased expected annual revenue by
$34 million over the amount that would have been received at the
1997-98 rates. The 1998-99 forecast had assumed a return to more
normal hydroelectric generating conditions from the above-average
conditions experienced in the prior year.  This resulted in
forecasted power supply costs being near the amounts used to
establish base rates in past regulatory proceedings.

So far in the 1999-2000 rate period, actual power costs and
generating conditions have been near forecast.  We have recorded
a regulatory asset of $1.7 million as of December 31, 1999. The
variance that exists at the end of the 1999-2000 rate period will
be trued-up in the next annual PCA adjustment.

     Regulatory Settlement

IPC had a settlement agreement with the IPUC that expired at the
end of 1999.  Under the terms of the settlement, when earnings in
our Idaho jurisdiction exceeded an 11.75 percent return on year-
end common equity, we set aside 50 percent of the excess for the
benefit of our Idaho retail customers.  In 1999, we set aside
approximately $8.9 million for this purpose, compared to $6.4
million in 1998 and $7.6 million in 1997.

     Demand-Side Management (Conservation) Expenses

We have obtained changes to the regulatory treatment of
previously deferred demand-side management (DSM) expenses.  The
IPUC set a new amortization period of 12 years instead of the 24-
year period previously established. The order reflects an
increase in annual Idaho retail revenue requirements of $3.1
million for 12 years.  This order was appealed to the Idaho
Supreme Court by a group of IPC customers; oral arguments were
heard on December 8, 1999 and the matter is awaiting a Supreme
Court decision.

Energy Marketing

Over the last three years we have been implementing a strategy to
become a competitive energy provider throughout the western
markets.  In order to compete as an energy provider of choice we
needed to build a foundation of an effective and efficient
trading operation that competently participates in the
electricity, natural gas and other related markets.  In 1997 we
opened natural gas trading operations in Houston, Texas and in
Boise, Idaho.  We also began to expand our electricity marketing,
which, along with natural gas, is included in other income.  We
have seen increasing positive results from our strategy.  Our
natural gas marketing capability continues to expand as the
electricity and natural gas markets move toward convergence, and
our electricity marketing efforts have resulted in volume and
income increases each year since inception of the strategy.  We
have built this capability over the last three years to allow us
to develop controls to mitigate the operational, market and
credit risks inherent in the marketing business.

When buying and selling energy, the high volatility of energy
prices can have a significant impact on profitability if not
managed.  Also, counterparty creditworthiness is key to ensuring
that transactions entered into withstand dramatic market
fluctuations.  To manage these risks while implementing our
business strategy, the Company has a Risk Management Committee,
comprised of Company officers, to oversee the risk management
program as defined in the risk management policy.  The program is
intended to minimize fluctuations in earnings while managing the
volatility of energy prices by mitigating commodity price risk,
credit risk, and other risks related to the energy trading
business

Ida-West Energy Company

In March 2000, Ida-West Energy Company, a wholly owned subsidiary
of IDACORP, sold for cash its interest in the Hermiston Power
Project, a 536 MW, gas-fired cogeneration project to be located
near Hermiston, Oregon.  Ida-West was responsible for managing
all permitting and development activities relating to the project
since its inception in 1993. We anticipate recording a pre-tax
gain of approximately $14 million on this transaction.

Northwest Power Systems

In March 1999 IDACORP Technologies, Inc., a wholly owned
subsidiary of IDACORP, purchased a majority interest in Northwest
Power Systems (NPS). NPS has patented a unique fuel reformer that
allows for the processing of a number of fuels into hydrogen that
is then used for the generation of electricity.  Fully
operational prototypes have been constructed and successfully
tested.  NPS' focus will be the development, production and
distribution of fully integrated fuel-cell systems.

Electric Industry Restructuring

Competition is increasing in the electric utility industry.  Our
goal is to anticipate and fully integrate into our operations any
legislative, regulatory or competitive changes.  We are pursuing
a rapid, but orderly transition to at least a partially and
possibly a totally deregulated environment in the years ahead.
The following items describe some of the changes to date, as well
as steps we are taking.

Legislative Actions

In 1997, the Idaho Legislature appointed a committee to study
restructuring of the electric utility industry.  Although the
committee will continue studying a variety of restructuring
ideas, it has not recommended any restructuring legislation and
is not expected to in the foreseeable future.

In 1999, the Oregon legislature passed legislation restructuring
the electric utility industry, but exempted IPC's service
territory.

FERC Decisions

In December 1999 the FERC issued Order No. 2000, dealing with
Regional Transmission Organizations (RTO).  It proposes to ensure
non-discriminatory, open-access to electricity transmission
facilities. Each utility is required to file by October 15, 2000
a statement regarding its intention to join a RTO.  IPC is
engaged in formation discussions with other Northwest utilities.
These utilities include both investor-owned and other entities.
IPC believes the FERC Order will allow sufficient flexibility to
adequately protect the interests of both shareholders and
customers.

In April 1996, the FERC issued its Order Nos. 888 and 889 dealing
with Open-Access Non-Discriminatory Transmission Services by
Public and Transmitting Utilities, and standards of conduct
regarding these issues.  These orders require public utilities
owning transmission lines to file open-access tariffs available
to buyers and sellers of wholesale electricity; to require
utilities to use the tariffs for their own wholesale sales; and
to allow utilities to recover stranded costs, subject to certain
conditions.  Public utilities owning transmission lines were
required to file compliance tariffs by July 9, 1996.

In November 1995, we filed open-access tariffs with the FERC for
Point-to-Point and Network transmission service.  The substance
of these tariffs was to offer the same quality and character of
transmission services that we use in our own operations to anyone
seeking them.  We implemented these tariffs beginning February 1,
1996.  On July 8, 1996, we filed a new open-access transmission
tariff to replace the 1995 tariffs.  This provides full
compliance with Final Order No. 888.  This filing did not include
a rate change.  On November 13, 1996, FERC issued an
unconditional acceptance of the terms and conditions of this
tariff.  The rate was not subject to review.

Market Rate Sensitive Instruments and Risk Management

The following discussion summarizes the financial instruments,
derivative instruments and derivative commodity instruments
sensitive to changes in interest rates and commodity prices that
we held at December 31, 1999.  We buy and sell financial and
physical natural gas and electricity commodity contracts as part
of our ongoing business.  These contracts are subject to
electricity and natural gas commodity price risk.  We have a
trading and risk management policy defining the limits within
which we contain our commodity price risk.  We trade commodity
futures, forwards, options and swaps as a method of managing the
commodity price risk and optimizing the profitability of our
electricity and natural gas trading.  We have minimal foreign
exchange exposure related to natural gas trading activities in
Canadian dollars.  This exposure is periodically offset through
the use of foreign exchange swap instruments.  Our sensitivity
related to foreign exchange rate fluctuations as of December 31,
1999 is immaterial.

Interest Rate Risk Sensitivity

This table presents descriptions of our financial instruments at
December 31, 1999, that are sensitive to changes in interest
rates.  We did not hold any interest rate derivative instruments
at December 31, 1999.  The majority of our debt is held in fixed
rate securities with embedded call options.  We hold $48 million
in variable-rate tax-exempt debt for pollution control financings
and 2.1 percent of our total debt is variable in the form of
commercial paper.  By nature, the value of our variable rate debt
is not sensitive to changes in interest rates, and the value of
our commercial paper borrowings does not give rise to significant
interest rate risk because these borrowings generally have
maturities of less than three months.

The table below presents principal cash flows by maturity date
and the related average interest rate.  The table also presents
the fair value for all fixed rate instruments as of December 31,
1999, based on market rates for similar instruments as of that
date.


                          Expected Maturity Date

               2000  2001  2002  2003  2004  Thereafter  Total  Fair
                                                                Value
Fixed rate debt
 (in millions) $ 89  $ 40  $ 37  $ 90  $ 60  $548        $864   $850
Average
interest rate   8.5%  7.0%  7.0%  6.5%  7.9%  7.7%        7.6%

Commodity Price Risk Sensitivity

This analysis presents the estimated December 31, 1999, value-at-
risk related to our energy commodity contracts and related
derivative instruments that are sensitive to changes in commodity
prices.  We use commodity derivative instruments such as futures,
forwards, options and swaps to manage our exposure to commodity
price risk in the electricity and natural gas markets.  The
objective of our risk management program is to mitigate the risk
associated with the purchase and sale of natural gas and
electricity.  Company policy also allows the use of these
commodity derivative instruments for trading purposes in support
of our operations.

The aggregate potential daily loss in earnings from our energy
trading activity is estimated to be $115,000 at a 95 percent
confidence interval and for a holding period of one business day.
The potential loss in earnings was estimated using an analytic
value-at-risk methodology. This methodology computes value-at-
risk based upon market prices for futures and option-implied
volatilities as of December 31, 1999. The value-at-risk is
understood to be a forecast and is not guaranteed to occur. The
chosen confidence level and holding period are industry
standards. The confidence level and holding period imply that
there is a five percent chance that the daily loss will exceed
$115,000.

 Relicensing of Hydroelectric Projects

We are actively pursuing the relicensing of our hydroelectric
projects, a process that will continue for the next 10 to 15
years.  We submitted our first applications for license renewal
to the FERC in December 1995.  We have now filed applications
seeking renewal of our licenses for our Bliss, Upper Salmon
Falls, Lower Salmon Falls, CJ Strike and Shoshone Falls
Hydroelectric Projects.  Although various federal requirements
and issues must be resolved through the license renewal process,
we anticipate that our efforts will be successful.  At this
point, however, we cannot predict what type of environmental or
operational requirements we may face, nor can we estimate the
eventual cost of license renewal.  At December 31, 1999, $20
million of relicensing costs were included in Construction Work
in Progress.

Environmental Issues

     Salmon Recovery Plan

We are continuing to monitor regional efforts to develop a
comprehensive and scientifically credible plan to ensure the long-
term survival of anadromous fish runs on the Columbia and Lower
Snake rivers.

In mid-August 1994, the federal government changed its
designation of the Fall Chinook Salmon from Threatened to
Endangered.  This designation has not had any major effects on
our operations.

In September 1991, we modified operations at our three-dam Hells
Canyon Hydroelectric Complex to protect the Fall Chinook
downstream during spawning and juvenile emergence.  From its
start, our Fall Chinook program has exceeded the protection
requirements for threatened species, affording the fish the same
high level of protection due an endangered species.

In March 1995, the National Marine Fisheries Service (NMFS)
released a draft Biological Opinion and five-year operating plan
to protect listed Snake River Salmon.  The NMFS accepted public
comment on the Plan through December 1995.  The final five-year
Plan did not call for any change in the Company's operations for
salmon at the Hells Canyon Complex.  The Biological Opinion did
call for a five-year study of various recovery options for the
listed fish including the possible removal of four federally
owned hydro facilities on the lower Snake River.  As the five-
year operating plan comes to a close, NMFS is expected to
announce the results of the studies and propose a new operating
plan in the near future.  It is unknown whether any change in
operations at the Hells Canyon Complex will be requested as a
result of the studies.

The Northwest Power Planning Council (NWPPC) issued its recovery
plan for Snake River anadromous fish, the Strategy for Salmon, on
December 15, 1994.  The NWPPC plan called for the U. S. Bureau of
Reclamation (BOR) to acquire 500,000 acre-feet of water within
the Snake River Basin by 1996, and an additional 500,000 acre-
feet by 1998.  The water is to be acquired from willing sellers.
Thus far, the BOR has not complied with the request to acquire
1,000,000 acre-feet of additional water.  However, if
the BOR does comply and successfully implements the request, its
movement of additional water could have a material impact on our
power supply costs.  IPC and the BPA have negotiated a five-year
contract, expiring April 15, 2001, requiring BPA to replace lost
energy and capacity resulting from recovery plans that impact our
power supply cost.

     Threatened and Endangered Snails

In December 1992, the U.S. Fish and Wildlife Service (USFWS)
listed five species of Snake River snails as Threatened and
Endangered Species.  Since that time, we have included this
possibility in all of our discussions regarding relicensing and
new hydro development.

The listing specifically mentions the impact that fluctuating
water levels related to hydroelectric operations may have on the
snails and their habitat.  Although the hydro facilities on that
reach of the Snake River do not significantly affect water levels
during typical operations, some of them do provide the daily
operational flexibility to meet increased electricity demand
during high load hours.  Recent studies suggest that this has no
impact on the listed snails.  While it is possible that the
listing could affect how we operate our existing hydroelectric
facilities on the middle reach of the Snake River, we believe
that such changes will be minor and will not present any undue
hardship.

In 1995, as a part of our federal hydro relicensing process, we
obtained a permit from the USFWS to study the five species of
endangered Snake River snails.  Our biologists have completed
several studies to gain scientific insight into how or if these
snails are affected by a variety of factors, including hydropower
production, water quality, and irrigation run-off.  Results of
the studies indicated that the snail colonies were part of a
biological community well adapted to the influences of
hydropower, water quality, and irrigation run-off.  Company-
sponsored studies continue to review how these and other factors
affect the status of the various colonies and their habitats.

     Clean Air Act

We have analyzed the Clean Air Act's effects on us and our
customers.  Our coal-fired plants in Oregon and Nevada already
meet the federal emission rate standards for sulfur dioxide (SO2)
and our coal-fired plant in Wyoming meets that state's even more
stringent SO2 regulations.  Therefore, we foresee no adverse
effects on our operations with regard to SO2 emissions.

     Electric and Magnetic Fields

While scientific research has not established any conclusive link
between electric and magnetic fields (EMFs) and human health, the
possibility of a link has caused public concern in the United
States and abroad.  Electric and magnetic fields exist wherever
there is electric current, whether the source is a high-voltage
transmission line or the simplest of electrical household
appliances.  Concerns over possible health effects have prompted
regulatory efforts in several states to limit human exposure to
EMFs.  Depending on what researchers ultimately discover and any
necessary regulations, it is possible that this issue could
affect a number of industries, including electric utilities.
However, it is difficult at this time to estimate what effects,
if any, the EMF issue could have on our operations.

Year 2000 Costs

We have not experienced any significant operational issues
resulting from the Year 2000 problem.    Our total costs through
the end of 1999 were $3.7 million charged to operations and
maintenance expenses and $0.5 million of capital expenditures.
We do not anticipate any material expenditures or issues to arise
in the future.


New Accounting Pronouncements

In June 1998, the FASB issued SFAS No. 133 "Accounting for
Derivative Instruments and Hedging Transactions."  This statement
establishes accounting and reporting standards for derivative
financial instruments and other similar financial instruments and
for hedging activities.  It was originally effective for fiscal
years beginning after June 15, 1999.  In June 1999 the FASB
issued SFAS No. 137 "Accounting for Derivative Instruments and
Hedging Activities - Deferral of the Effective Date of FASB
Standard No. 133," which defers the effective date of SFAS No.
133 one year.  We are reviewing this statement to determine its
effect on our financial position and results of operations.




Item 7a.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK

The information required by this item is included in Item 7
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" under "Market Rate Sensitive Instruments
and Risk Management."





ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT
     SCHEDULES



               PAGE

Management's Responsibility for Financial Statements             34

Consolidated Financial Statements:
IDACORP, Inc.
Consolidated Statements of Income for the Years Ended December
31, 1999, 1998 and 1997                                          35
Consolidated Balance Sheets as of December 31, 1999, 1998 and
1997                                                             36-37
Consolidated Statements of Capitalization as of December 31,
1999, 1998 and 1997                                              38
Consolidated Statements of Cash Flows for the Years Ended
December 31, 1999, 1998 and 1997                                 39
Consolidated Statements of Retained Earnings and Consolidated
Statements of Comprehensive Income for the Years Ended
December 31, 1999, 1998 and 1997                                 40
Notes to Consolidated Financial Statements                       41-54
Independent Auditors' Report                                     55

Idaho Power Company
Consolidated Statements of Income for the Years Ended December
31, 1999, 1998 and 1997                                          57
Consolidated Balance Sheets as of December 31, 1999, 1998 and
1997                                                             58-59
Consolidated Statements of Capitalization as of December 31,
1999, 1998 and 1997                                              60
Consolidated Statements of Cash Flows for the Years Ended
December 31, 1999, 1998 and 1997                                 61
Consolidated Statements of Retained Earnings and Consolidated
Statements of Comprehensive Income for the Years Ended
December 31, 1999,1998 and 1997                                  62
Notes to Consolidated Financial Statements                       63-66
Independent Auditors' Report                                     67

Supplemental Financial Information and Financial Statement
Schedules
Supplemental Financial Information (Unaudited)                   68

Financial Statement Schedules for the Years Ended December 31,
1999, 1998 and 1997:
Schedule II-Consolidated Valuation and Qualifying Accounts-
IDACORP, Inc.                                                    74
Schedule II-Consolidated Valuation and Qualifying Accounts-Idaho
Power Company.                                                   74




     MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS

The management of IDACORP, Inc. and 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. 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 Companies maintain 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 conducts special and operational
audits in support of these accounting controls throughout the
year.

Each Company's Board of Directors, through their Audit Committees
comprised entirely of outside directors, meets periodically with
management, internal auditors and 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
Committees.

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



Jan B. Packwood         J. LaMont Keen           Darrel T. Anderson
President and           Senior Vice President,   Vice President,
Chief Executive Officer Administration and       Finance and Treasurer
                        Chief Financial Officer



IDACORP, Inc.
Consolidated Statements of Income

                                           Year Ended December 31,
                                        1999        1998         1997
                                      (Thousands of Dollars except for
                                             per share amounts)

REVENUES:
     General business                $516,148     $514,856        $480,458
     Off system sales                 119,785      214,418         100,554
     Other revenues                    22,403       27,136          24,171
          Total revenues              658,336      756,410         605,183

EXPENSES:
     Operations:
          Purchased power             106,344      185,271          79,898
          Fuel expense                 86,617       86,237          71,271
          Power cost adjustment          (502)      21,866          (6,032)
          Other                       151,800      145,374         137,458
     Maintenance                       42,067       41,872          48,722
     Depreciation                      77,833       74,481          71,973
     Taxes other than income taxes     21,719       20,725          21,162
               Total expenses         485,878      575,826         424,452

INCOME FROM OPERATIONS                172,458      180,584         180,731

OTHER INCOME:
     Allowance for equity funds used
       during construction              1,667          300              34
     Energy marketing activities -
       Net                             21,739        7,429           2,837
     Other - Net                        8,312       10,928          15,402
               Total other income      31,718       18,657          18,273

INTEREST EXPENSE AND OTHER:
     Interest on long-term debt        54,294       52,270          53,215
     Other interest                     8,681        8,407           7,546
     Allowance for borrowed funds
       used during construction        (1,392)        (900)           (503)
     Preferred dividends of Idaho
       Power Company                    5,572        5,658           5,176
         Total interest expense
            and other                  67,155       65,435          65,434

INCOME BEFORE INCOME TAXES            137,021      133,806         133,570

INCOME TAXES                           45,672       44,630          46,472

NET INCOME                          $  91,349    $  89,176       $  87,098

AVERAGE COMMON SHARES OUTSTANDING
(000)                                  37,612       37,612          37,612

EARNINGS PER SHARE OF COMMON STOCK
      (basic and diluted)           $    2.43    $    2.37       $    2.32

The accompanying notes are an integral part of these statements.



IDACORP, Inc.
Consolidated Balance Sheets

Assets

                                               December 31,
                                        1999      1998        1997
                                          (Thousands of Dollars)

ELECTRIC PLANT:
     In service (at original cost)   $2,726,026   $2,659,441   $2,605,697
     Accumulated provision for
       depreciation                  (1,073,722)  (1,009,387)    (942,400)
          In service - Net            1,652,304    1,650,054    1,663,297
     Construction work in progress       91,637       59,717       51,892
     Held for future use                  1,742        1,738        1,738

               Electric plant - Net   1,745,683    1,711,509    1,716,927

INVESTMENTS AND OTHER PROPERTY          146,019      129,437       97,065

CURRENT ASSETS:
     Cash and cash equivalents          111,338       22,867        6,905
     Receivables:
          Customer                       98,923      102,671      105,204
          Allowance for uncollectible
            accounts                     (1,397)      (1,397)      (1,397)
          Notes                           4,353        4,643        4,613
          Employee notes                  4,105        4,510        4,757
          Other                           7,764        6,059        8,854
     Energy marketing assets             37,398            -            -
     Accrued unbilled revenues           31,994       34,610       33,312
     Materials and supplies (at
        average cost)                    29,611       30,157       29,156
     Fuel stock (at average cost)         9,329        7,096        7,172
     Prepayments                         16,097       16,042       15,381
     Regulatory assets associated
        with income taxes                   893        2,965        3,164

               Total current assets     350,408      230,223      217,121

DEFERRED DEBITS:
     American Falls and Milner water
         rights                          31,585       31,830       32,055
     Company-owned life insurance        40,480       35,149       51,915
     Regulatory assets associated
         with income taxes              214,782      201,465      198,521
     Regulatory assets - other           52,759       62,013       90,239
     Other                               55,277       49,994       47,973

               Total deferred debits    394,883      380,451      420,703

               TOTAL                 $2,636,993   $2,451,620   $2,451,816

The accompanying notes are an integral part of these statements.

IDACORP, Inc.
Consolidated Balance Sheets

Capitalization and Liabilities

                                                          December 31,
                                           1999       1998        1997
                                                (Thousands of Dollars)

CAPITALIZATION:
     Common stock equity:
          Common stock without par
           value (shares authorized
           120,000,000; shares
           outstanding - 37,612,351)  $ 451,343    451,564     452,519
          Retained earnings             300,093    278,607     259,299
          Accumulated other
           comprehensive income           1,534        226           -

               Total common stock       752,970    730,397     711,818
                 equity

     Preferred stock of Idaho
        Power Company                   105,811    105,968     106,697

     Long-term debt                     821,558    815,937     746,142

       Total capitalization           1,680,339  1,652,302   1,564,657

CURRENT LIABILITIES:
     Long-term debt due within one
       year                              89,101      6,029      33,998
     Notes payable                       19,757     38,524      57,516
     Accounts payable                   145,737    101,975     111,938
     Energy marketing liabilities        33,814          -           -
     Taxes accrued                       21,313     24,785      24,295
     Interest accrued                    19,126     18,365      17,918
     Deferred income taxes                  893      2,965       3,164
     Other                               16,696     12,275      13,703

       Total current liabilities        346,437    204,918     262,532

DEFERRED CREDITS:
 Regulatory liabilities associated
   with deferred investment
   tax credits                           67,433     69,396      70,196
     Deferred income taxes              430,468    422,196     423,736
     Regulatory liabilities
       associated with income taxes      33,817     28,075      34,072
     Regulatory liabilities -
       other                              3,363      4,161         509
     Other                               75,136     70,572      96,114

        Total deferred credits          610,217    594,400     624,627


COMMITMENTS AND CONTINGENT
     LIABILITIES

               TOTAL                 $2,636,993 $2,451,620  $2,451,816

The accompanying notes are an integral part of these statements.




IDACORP, Inc.
Consolidated Statements of Capitalization
                                                  December 31,
                                   1999       %   1998      %     1997     %
                                              (Thousands of Dollars)
COMMON STOCK EQUITY:
     Common stock                 $  451,343     $  451,564     $  452,519
     Retained earnings               300,093        278,607        259,299
     Accumulated other
       comprehensive income            1,534            226              -
           Total common stock
             equity                  752,970  45    730,397  44    711,818  45

PREFERRED STOCK OF IDAHO POWER
COMPANY:
     4% preferred stock               15,811         15,968         16,697
     7.68% Series, serial
       preferred stock                15,000         15,000         15,000
     7.07% Series, serial
       preferred stock                25,000         25,000         25,000
     Auction rate preferred stock     50,000         50,000         50,000
               Total preferred
                 stock               105,811   6    105,968   7    106,697   7

LONG-TERM DEBT :
     First mortgage bonds:
          5.33% Series due 1998            -              -         30,000
          8.65% Series due 2000       80,000         80,000         80,000
          6.93% Series due 2001       30,000         30,000         30,000
          6.85% Series due 2002       27,000         27,000         27,000
          6.40% Series due 2003       80,000         80,000         80,000
          8 %   Series due 2004       50,000         50,000         50,000
          5.83% Series due 2005       60,000         60,000              -
          7.20% Series due 2009       80,000              -              -
          Maturing 2021 through
             2031 with rates ranging
             from 7.5% to 9.52%      230,000        230,000        230,000
               Total first
                  mortgage bonds     637,000        557,000        527,000
     Amount due within one year      (80,000)             -        (30,000)
               Net first mortgage
                 bonds               557,000        557,000        497,000
     Pollution control revenue
        bonds:
          7.25 % Series due 2008       4,360          4,360          4,360
          8.30 % Series 1984 due
             2014                     49,800         49,800         49,800
          6.05 % Series 1996A
             due 2026                 68,100         68,100         68,100
          Variable Rate Series
             1996B due 2026           24,200         24,200         24,200
          Variable Rate Series
             1996C due 2026           24,000         24,000         24,000
               Total pollution
                 control revenue
                 bonds               170,460        170,460        170,460
     REA notes                         1,415          1,489          1,561
          Amount due within one
             year                        (76)           (74)           (72)
               Net REA notes           1,339          1,415          1,489
     American Falls bond
        guarantee                     19,885         20,130         20,355
     Milner Dam note guarantee        11,700         11,700         11,700
     Debt related to investments
       in affordable housing with
       rates ranging from 6.03%
       to 8.77% due 2000  to 2010     71,183         62,103         46,385
          Amount due within one
            year                      (9,025)        (5,955)        (3,926)
               Net affordable
                 housing debt         62,158         56,148         42,459
     Unamortized premium/discount
       - Net                          (1,441)        (1,539)        (1,637)
               Net Idaho Power
                 Company debt        821,101        815,314        741,826

     Other subsidiary debt               457            623          4,316

         Total long-term debt        821,558  49    815,937  49    746,142  48

TOTAL CAPITALIZATION              $1,680,339 100 $1,652,302 100 $1,564,657 100

The accompanying notes are an integral part of these statements.
IDACORP, Inc.
Consolidated Statements of Cash Flows

                                     Year Ended December 31,
                                        1999     1998      1997
                                         (Thousands of Dollars)

OPERATING ACTIVITIES:
     Net income                     $ 91,349   $ 89,176  $ 87,098
     Adjustments to reconcile net
        income to net cash
        provided by operating
        activities:
     Unrealized gains from energy
        marketing activities          (3,584)         -         -
     Depreciation and amortization    95,436     87,143    80,485
     Deferred taxes and
        investment tax credits        (1,820)   (10,182)    5,978
     Accrued PCA costs                  (891)    21,658    (7,038)
     Change in:
        Accounts receivable
          and prepayments              2,683      4,883   (69,589)
        Accrued unbilled revenue       2,616     (1,298)   (5,603)
        Materials and
          supplies and fuel stock     (1,687)      (925)      (57)
        Accounts payable              43,762     (9,963)   75,731
        Taxes accrued                 (3,472)       489     6,991
        Other current assets and
          liabilities                  5,182       (825)    3,296
          Other - net                  1,014    (10,269)   (5,562)
          Net cash provided by
            operating activities     230,588    169,887   171,730

INVESTING ACTIVITIES:
     Additions to utility plant     (110,974)   (89,184)  (95,633)
     Investments in affordable
       housing projects              (19,554)   (19,139)  (17,021)
     Investments in company -
       owned life insurance           (5,862)         -         -
     Other - net                      (5,060)     3,206    (1,302)
          Net cash used in
            investing activities    (141,450)  (105,117) (113,956)

FINANCING ACTIVITIES:
     Proceeds from issuance of:
       First mortgage bonds           80,000     60,000         -
       Long-term debt related
         to affordable housing
         projects                     18,730     20,556    12,984
     Retirement of:
       Subsidiary long-term debt        (165)    (4,316)   (4,700)
       Long-term debt related to
         affordable housing projects  (9,650)    (4,838)        -
       First mortgage bonds                -    (30,000)        -
     Dividends on common stock       (69,863)   (69,868)  (69,887)
     Increase (decrease) in short-
       term borrowings               (18,767)   (18,992)    3,500
     Other - net                        (952)    (1,350)     (694)
          Net cash used in
            financing activities        (667)   (48,808)  (58,797)

Net increase (decrease) in cash
   and cash equivalents               88,471     15,962    (1,023)

Cash and cash equivalents at
   beginning of period                22,867      6,905     7,928

Cash and cash equivalents at end
   of period                        $111,338   $ 22,867     6,905

SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION:
     Cash paid during the period
for:
          Income taxes              $ 51,750   $ 55,527    41,786
          Interest (net of amount
            capitalized)            $ 56,295   $ 53,806    53,319



The accompanying notes are an integral part of these statements.









IDACORP, Inc.
Consolidated Statements of Retained Earnings
                                        Year Ended December 31,
                                      1999        1998      1997
                                        (Thousands of Dollars)

RETAINED EARNINGS, BEGINNING
  OF YEAR                            $278,607   $259,299     $242,088

NET INCOME                             91,349     89,176       87,098

       Total                          369,956    348,475      329,186

COMMON STOCK DIVIDENDS                (69,863)   (69,868)     (69,887)

RETAINED EARNINGS, END OF YEAR       $300,093   $278,607     $259,299

The accompanying notes are an integral part of these statements.




Consolidated Statements of Comprehensive Income

                                        Year Ended December 31,
                                        1999     1998      1997
                                         (Thousands of Dollars)

NET INCOME                             $ 91,349  $ 89,176  $ 87,098

OTHER COMPREHENSIVE INCOME:
  Unrealized gains on securities
    (net of tax of $677 and $2,185)       1,017     3,385         -

  Minimum pension liability
    adjustment (net of tax of $189
    and ($2,054))                           291    (3,159)        -

TOTAL COMPREHENSIVE INCOME             $ 92,657  $ 89,402  $ 87,098

 The accompanying notes are an integral part of these statements


IDACORP, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Nature of Business

IDACORP, Inc. (IDACORP or the Company) is a holding company
whose principal operating subsidiary is Idaho Power Company
(IPC).  On October 1, 1998, IPC's outstanding common stock was
converted on a share-for-share basis into common stock of
IDACORP.  However, IPC's preferred stock and debt securities
outstanding were unaffected and remain with IPC.

IPC, a public utility, represents over 90% of the consolidated
total assets of the Company and is its principal operating
subsidiary.  IPC is regulated by the Federal Energy Regulatory
Commission (FERC) and the state regulatory commissions of Idaho,
Oregon, Nevada and Wyoming, and is engaged in the generation,
transmission, distribution, sale and purchase of electric energy.

1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Principles of Consolidation

The consolidated financial statements include the accounts of the
Company and its wholly owned or controlled subsidiaries.  All
significant intercompany transactions and balances have been
eliminated in consolidation.  Investments in business entities in
which the Company and its subsidiaries do not have control, but
have the ability to exercise significant influence over operating
and financial policies, are accounted for using the equity
method.

System of Accounts

The accounting records of IPC conform to the Uniform System of
Accounts prescribed by the 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 rate
making 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, IPC's weighted-average monthly AFDC rates
for 1999, 1998 and 1997 were 7.8 percent, 6.0 percent, and 5.8
percent respectively.




Revenues

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

IPC had a regulatory settlement with the Idaho Public Utilities
Commission (IPUC) that expired in 1999.  Under terms of the
settlement, when earnings in the Idaho jurisdiction exceeded an
11.75 percent return on year-end common equity, 50 percent of the
excess was set aside for the benefit of IPC's Idaho retail
customers.  In 1999, 1998 and 1997, approximately $8.9 million,
$6.4 million, and $7.6 million of revenues were set aside for the
benefit of Idaho retail customers.


Power Cost Adjustment

IPC has a Power Cost Adjustment (PCA) mechanism that provides for
annual adjustments to the rates charged to Idaho retail
customers.  These adjustments are based on forecasts of net power
supply costs, and take effect annually on May 16.  The difference
between the actual costs incurred and the forecasted costs are
deferred, with interest, and trued-up in the next annual rate
adjustment.

Depreciation

All electric plant is depreciated using the straight-line method
at rates approved by regulatory authorities.  Annual depreciation
provisions as a percent of average depreciable electric plant in
service approximated 2.94 percent in 1999, 2.87 percent in 1998,
and 2.93 percent in 1997.

Income Taxes

The Company follows the liability method of computing deferred
taxes on all temporary differences between the book and tax basis
of assets and liabilities and adjusts deferred tax assets and
liabilities for enacted changes in tax laws or rates.  Consistent
with orders and directives of the IPUC,  the regulatory authority
having principal jurisdiction, IPC's deferred income taxes
(commonly referred to as normalized accounting) are provided for
the difference between income tax depreciation and straight-line
depreciation computed using book lives 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 qualifying plant additions.  ITC earned on
regulated assets are deferred and amortized to income over the
estimated service lives of the related properties.  Credits
earned on non-regulated assets or investments are recognized in
the year earned.


Cash and Cash Equivalents

For purposes of reporting cash flows, cash and cash equivalents
include cash on hand and highly liquid temporary investments with
maturity dates at date of acquisition of three months or less.





Management Estimates

The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and the disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from those estimates.

Regulation of Utility Operations

Electric utilities have historically been recognized as natural
monopolies and have operated in a highly regulated environment in
which they have an obligation to provide electric service to
their customers in return for an exclusive franchise within their
service territory with an opportunity to earn a regulated rate of
return.  This regulatory environment is changing.  The generation
sector has experienced competition from non-utility power and
market producers, and the FERC is requiring utilities, including
IPC, to provide wholesale open-access transmission service to
others and may order electric utilities to enlarge their
transmission systems to facilitate transmission services.

Some state regulatory authorities are in the process of changing
utility regulations in response to federal and state statutory
changes and evolving competitive markets.  These statutory and
conforming regulations may result in increased wholesale and
retail competition.  In 1997, the Idaho Legislature appointed a
committee to study restructuring of the electric utility
industry.  Although the committee will continue studying a
variety of restructuring ideas, it has not recommended any
restructuring legislation and is not expected to in the
foreseeable future.  In 1999, the Oregon legislature passed
legislation restructuring the electric utility industry, but
exempted IPC's service territory.   Due to IPC's low cost
structure, it is well positioned to compete in the evolving
utility market place.  However, the Company is unable to predict
what financial impact or effect the adoption of any such
legislation would have on IPC's operations.

IPC follows Statement of Financial Accounting Standards (SFAS)
No. 71, "Accounting for the Effects of Certain Types of
Regulation," and its financial statements reflect the effects of
the different rate making principles followed by the various
jurisdictions regulating IPC.  Pursuant to SFAS No. 71 IPC
capitalizes, as deferred regulatory assets, incurred costs that
are expected to be recovered in future utility rates.  IPC also
records as deferred regulatory liabilities the current recovery
in utility rates of costs that are expected to be paid in the
future.

The following is a breakdown of IPC's regulatory assets and
liabilities for the years 1999, 1998 and 1997:

                           1999                 1998             1997
                       Assets Liabilities Assets Liabilities Assets Liabilities
                                        (Millions of Dollars)
Income taxes           $215.7   $ 33.8    $204.4   $ 28.1    $201.7   $ 34.1
Conservation             37.5        -      43.3        -      42.4        -
Employee benefits         4.7        -       5.6        -       6.5        -
PCA deferral and
   amortization          (3.4)       -      (5.2)       -      16.6        -
Other                    13.9      3.4      18.3      4.1      24.7      0.5
Deferred investment
   tax credits              -     67.4         -     69.4         -     70.2
          Total        $268.4   $104.6    $266.4   $101.6    $291.9   $104.8

At December 31, 1999, IPC had $7.1 million of regulatory assets
that were not earning a return on investment, excluding the
$215.7 million that relates to income taxes.

In the event that recovery of costs through rates becomes
unlikely or uncertain, SFAS No. 71 would no longer apply.  If the
Company were to discontinue application of SFAS No. 71 for some
or all of IPC's operations, then these items may represent
stranded investments.  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.


Derivative Financial Instruments

The Company uses financial instruments such as commodity futures,
forwards, options and swaps to manage exposure to commodity price
risk in the electricity and natural gas markets.  The objective
of the Company's risk management program is to mitigate the risk
associated with the purchase and sale of natural gas and
electricity as well as to optimize its energy marketing
portfolio.  The accounting for derivative financial instruments
that are used to manage risk is in accordance with the concepts
established in SFAS No. 80, "Accounting for Futures Contracts,"
American Institute of Certified Public Accountants Statement of
Position 86-2, "Accounting for Options," and Emerging Issues Task
Force (EITF) 98-10, "Accounting for Contracts Involved in Energy
Trading Activities".  EITF 98-10 was adopted effective January 1,
1999 resulting in an adjustment to net income that was not
material.  Related to the adoption of EITF 98-10, the Company has
begun reporting electricity trading activity net on the
Consolidated Statements of Income.  Prior years have been
reclassified to conform with the current year's presentation.

Energy trading contracts as defined by EITF 98-10 are reported at
fair value on the balance sheet with the resulting gains and
losses reported on the income statement. Cash flows from energy
trading contracts are recognized in the statement of cash flows
as an operating activity.

The following table shows a summary of the notional amounts of
the Company's forward exposure as of December 31, 1999.  The
maximum term related to any of our forward positions is two
years.

                                   1999
                            Gas      Electricity
                           MMBTU's       MWh's

     Payable               38,421          4,739
     Receivable            49,040          6,079
     Swaps                 25,052              -

The following table displays the fair values of the Company's
energy marketing assets and liabilities at December 31, 1999, and
the average values for the year ended December 31, 1999 (in
thousands of dollars):

              1999 End of Year Balance  1999 Average Balance
                Assets   Liabilities    Assets    liabilities
                           (Thousands of Dollars)
Gas             $ 8,302    $ 8,220      $14,173     $11,710
Electriciy       29,096     25,594       40,450      43,320

Total           $37,398    $33,814      $54,623     $55,030

The gain in fair value of energy trading contract positions
(including electricity and natural gas forwards, futures, options
and swaps) included in income before income taxes for the year
ended December 31, 1999 was $21.7 million.




Notional amounts listed above reflect the volume of energy
related to transactions with counterparties, but do not measure
exposure to market or credit risks.  The maximum term detailed
above also is not indicative of likely future cash flows as
positions may be offset in the markets at any time to meet risk
management guidelines.

Comprehensive Income

Components of the Company's comprehensive income include net
income, the Company's proportionate share of unrealized holding
gains on marketable securities held by an equity investee, and
the changes in additional minimum liability under a deferred
compensation plan for certain senior management employees and
directors.


New Accounting Pronouncements

In June 1998 the FASB issued SFAS No. 133 "Accounting for
Derivative Instruments and Hedging Activities."   This statement
establishes accounting and reporting standards for derivative
financial instruments and other similar instruments and for
hedging activities.  It was originally effective for fiscal years
beginning after June 15, 1999.  In June 1999 the FASB issued SFAS
No. 137 "Accounting for Derivative Instruments and Hedging
Activities - Deferral of the Effective Date of FASB Standard No.
133", which defers the effective date of SFAS No. 133 one year.
The Company is reviewing SFAS No. 133 to determine its effects on
the Company's financial position and results of operations.

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 1999 have
been reclassified to conform to the current year's presentation.



2.  INCOME TAXES:
IPC has settled Federal and Idaho tax liabilities on all open
years through the 1995 tax year except for amounts related to a
partnership which have been, in management's opinion, adequately
accrued.

A reconciliation between the statutory federal income tax rate
and the effective rate is as follows:

                                 1999      1998       1997
                                  (Thousands of Dollars)
Computed income taxes based
  on statutory   federal
  income tax rate              $ 47,957  $ 46,832    $ 46,750
Change in taxes resulting
   from:
   Investment tax credits        (3,032)   (2,934)     (2,887)
   Repair allowance              (2,800)   (2,800)     (2,800)
   Settlement of prior
     years tax returns             (380)   (1,965)         23
   Current state income taxes     6,024     6,258       3,587
   Depreciation                   7,292     5,237       5,766
   Affordable housing tax
     credits                     (9,529)   (6,880)     (4,519)
   Preferred dividends of
     IPC                          1,950     1,980       1,811
     Other                       (1,810)   (1,098)     (1,259)
Total provision for federal
   and state income taxes      $ 45,672    44,630      46,472
     Effective tax rate            33.3%     33.4%       34.8%

The provision for income taxes consists of the following:

                                 1999      1998        1997
                                   (Thousands of Dollars)
     Income taxes currently
     payable:
          Federal              $ 38,165    $ 45,606   $ 35,038
          State                   9,327       9,206      5,456
               Total             47,492      54,812     40,494
     Income taxes deferred -
       Net of amortization:
          Federal                 2,174     (8,006)      6,717
          State                  (2,031)    (1,376)        348
               Total                143     (9,382)      7,065
     Investment tax credits:
          Deferred                1,069      2,134       1,800
          Restored               (3,032)    (2,934)     (2,887)
               Total             (1,963)      (800)     (1,087)
     Total provision for
       income taxes            $ 45,672   $ 44,630    $ 46,472

The tax effects of significant items comprising the Company's net
deferred tax liability are as follows:

                                  1999        1998       1997
                                    (Thousands of Dollars)
     Deferred tax assets:
       Regulatory liabilities  $ 33,817    $ 28,075    $ 34,072
       Advances for
          construction            9,646      10,401      18,665
       Other                     19,019      20,512      16,536
          Total                  62,482      58,988      69,273
     Deferred tax liabilities:
       Electric plant           249,597     247,270     251,938
       Regulatory assets        215,675     204,430     201,685
       Conservation programs     17,396      16,866      14,377
       Other                     11,175      15,583      28,173
          Total                 493,843     484,149     496,173

     Net deferred tax
        liabilities            $431,361      $425,161    $426,900


3.  COMMON STOCK:
Changes in shares of IDACORP common stock for 1999, 1998 and 1997
were as follows:

                                        Shares           Amount
                                                (Thousands of  Dollars)

Balance at December 31, 1996            37,612,351     $    452,486
Other - Net                                      -               33
Balance at December 31, 1997            37,612,351          452,519
Other - Net                                      -             (955)
Balance at December 31, 1998            37,612,351          451,564
Other - Net                                      -             (221)
Balance at December 31, 1999            37,612,351     $    451,343

As of December 31, 1999; 3,791,321 of authorized but unissued
shares of IDACORP common stock were reserved for future issuance
under the Company's Dividend Reinvestment and Stock Purchase Plan
and IPC's Employee Savings Plan.  In addition, 314,114 shares are
reserved for the Restricted Stock Plan (see Note 9).

The Company has a Shareholder Rights Plan (Plan) designed to
ensure that all shareholders receive fair and equal treatment in
the event of any proposal to acquire control of the Company.
Under the Plan, the Company declared a distribution of one
Preferred Share Purchase Right (Right) for each of the Company's
outstanding Common Shares held on October 1, 1998 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 of such stock.  The Company may redeem all
but not less than all of the Rights at a price of $0.01 per Right
or exchange the Rights for cash, securities (including Common
Shares of the Company) or other assets at any time prior to the
close of business on the 10th day after acquisition by an
Acquiring Person of a 20 percent or greater position.

Additionally, the IDACORP Board created the A Series Preferred
Stock, without par value, and reserved 1,200,000 shares for
issuance upon exercise of the Rights.

Following the acquisition of a 20 percent or greater position,
each Right will entitle its holder to purchase for $95 that
number of shares of Common Stock or Preferred Stock having a
market value of $190.

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 $95, shares of the
acquiring company's common stock having a market value of $190.

Any Rights that are or were held by an Acquiring Person become
void if any of these events occurs.  The Rights expire on
September 30, 2008.

The Rights themselves do not give any voting or other rights as
shareholders to their holders.  The terms of the Rights may be
amended without the approval of any holders of the Rights until
an Acquiring Person obtains a 20 percent or greater position, and
then may be amended as long as the amendment is not adverse to
the interests of the holders of the Rights.








4.  PREFERRED STOCK OF IDAHO POWER COMPANY:
The number of shares of IPC preferred stock outstanding at
December 31, 1999, 1998 and 1997 were as follows:

                               Shares Outstanding at
                                    December 31,            Call Price
                               1999      1998    1997       Per Share
Preferred stock:
  Cumulative, $100 par
     value:
     4% preferred stock
        (authorized
        215,000 shares)       158,112    159,680   166,972   $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:
          7.07% Series, $100 stated
             value,(authorized
             250,000 shares)
             (a)              250,000    250,000   250,000   $103.535 to
                                                             $100.354
       Auction rate preferred stock,
         $100,000 stated
         value,(authorized 500
         shares)(b)               500        500       500   $100,000.00

               Total          558,612    560,180   567,472

(a)  The preferred stock is not redeemable prior to July 1, 2003.
(b)  Dividend rate at December 31, 1999 was 4.41% and ranged
     between 3.60% and 4.41% during the year.

During 1999, 1998 and 1997 IPC reacquired and retired 1,568;
7,292; and 2,781 shares of 4% preferred stock.  As of December
31, 1999, the overall effective cost of all outstanding preferred
stock was 5.74 percent.





5.  LONG-TERM DEBT:
The Company currently has a $300.0 million shelf registration
statement that can be used for the issuance of unsecured debt
securities and preferred or common stock.  At December 31, 1999,
none had been issued.

The amount of first mortgage bonds issuable by IPC is limited to
a maximum of $900.0 million 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 IPC and are held by a Trustee for
the benefit of the bondholders.

First mortgage bonds maturing during the five-year period ending
2004 are $80.0 million in 2000, $30.0 million in 2001, $27.0
million in 2002, $80.0 million in 2003 and $50.0 in 2004.

On September 9, 1998, $60.0 million principal amount of Secured
Medium Term Notes, Series B, 5.83% Series due 2005 were issued by
IPC.  Proceeds from this issuance were used to redeem at
maturity, the $30.0 million First Mortgage Bonds 5.33% Series B
due September 1998, with the balance used for repayment of
commercial paper issued in connection with IPC's ongoing
business.

On November 23, 1999, $80.0 million principal amount of Secured
Medium Term Notes, Series B, 7.20% Series due 2009 were issued by
IPC.  Proceeds from this issuance were used to redeem at
maturity, the $80.0 million First Mortgage Bonds 8.65% Series due
January 2000.

At December 31, 1999, 1998 and 1997 the overall effective cost of
all outstanding first mortgage bonds and pollution control
revenue bonds was 7.62 percent, 7.69 percent, and 7.84 percent,
respectively.

At December 31, 1999, IDACORP Financial Services, Inc., a wholly
owned subsidiary of IPC, has $71.2 million of debt with interest
rates ranging from 6.03 percent to 8.77 percent.  This debt is
collateralized by investments in affordable housing projects with
a bookvalue of $80.5 million at December 31, 1999.  Principal
amounts maturing during the five-year period ending 2004 are $9.0
million in 2000,  $9.7 million in 2001, $10.0 million in 2002,
$9.6 million in 2003 and $9.6 million in 2004.



6.  FAIR VALUE OF FINANCIAL INSTRUMENTS:

The estimated fair value of the Company's financial instruments
has 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 estimated fair values for long-
term debt and investments are based upon quoted market prices of
the same or similar issues or discounted cash flow analyses as
appropriate.

The total estimated fair value of the Company's debt was
approximately $898.1 million in 1999,  $877.4 million in 1998 and
$801.8 million in 1997.  Included in investments and other
property were financial instruments totaling $24.0 million in
1999, $14.2 million in 1998 and $16.5 million in 1997.  Estimated
fair value of these instruments was $30.6 million in 1999, $20.3
million in 1998 and $19.9 million in 1997.


7.  NOTES PAYABLE:
At December 31, 1999, IPC had regulatory authority to incur up to
$200 million of short-term indebtedness.  IPC has a $120 million
multi-year revolving credit facility expiring in December 2001.
Under this facility IPC pays a facility fee on the commitment,
quarterly in arrears, based on IPC's First Mortgage Bond rating.
Commercial paper may be issued in an amount not to exceed 25
percent of revenues for the latest twelve-month period subject to
the $200 million maximum and are supported by bank lines of
credit of an equal amount.

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

                                        Year Ended December 31,
                                       1999      1998       1997
                                        (Thousands of Dollars)

Balance at end of year                $19,757    $38,524    $57,516
Effective annual interest rate
   at end of year                         6.1%       6.0%       6.1%


IDACORP has separately established a $50 million three-year
credit facility that expires in December 2001, and a $100 million
364-day credit facility that expires in December 2000.  Under
these facilities the Company pays a facility fee on the
commitment, quarterly in arrears, based on IPC's First Mortgage
Bond Rating.  Commercial paper may be issued up to the $150
million and is supported by the bank credit facilities.  None of
this debt is outstanding at December 31, 1999.





8.  COMMITMENTS AND CONTINGENT LIABILITIES:
Commitments under contracts and purchase orders relating to IPC's
program for construction and operation of facilities amounted to
approximately $8.6 million at December 31, 1999.  The commitments
are generally revocable by IPC subject to reimbursement of
manufacturers' expenditures incurred and/or other termination
charges.

IPC is currently purchasing energy from 65 on-line cogeneration
and small power production facilities with contracts ranging from
1 to 31 years.  Under these contracts IPC is required to purchase
all of the output from these facilities.  During the fiscal year
ended December 31, 1999, IPC purchased 931,797 (MWh) at a cost of
$56.2  million.

The Company is party to various legal claims, actions, and
complaints, certain of which involve material amounts.  Although
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:
Pension Plans
IDACORP has a noncontributory defined benefit pension plan
covering most employees.  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
was not required to contribute to the plan in 1999, 1998 and
1997.  The trustee invests the plan's assets primarily in listed
stocks (both U.S. and foreign), fixed income securities and
investment grade real estate.

IDACORP has a nonqualified, deferred compensation plan for
certain senior management employees and directors.  The Company
financed this plan by purchasing life insurance policies and
investments in marketable securities all of which are held by a
trustee.  The cash value of the policies and investments exceed
the projected benefit obligation of the plan but do not qualify
as plan assets in the actuarial computation of the funded status.

The following table shows the components of net periodic benefit
cost for these plans (in thousands of dollars):

                            Pension Plan          Deferred Compensation
                                                          Plan
                      1999      1998      1997     1999    1998    1997
Service cost         $ 8,389   $ 7,133   $ 6,152  $   744  $   572 $   515
Interest cost         16,402    15,458    14,445    1,797    1,747   1,731
Expected return on
  assets             (25,240)  (22,724)  (20,248)       -        -       -
Recognized net
   actuarial (gain)
   loss                 (344)    (111)         -      279      255     222
Amortization of
   prior service cost    708      424        424     (325)    (332)   (346)
Amortization of
   transition asset     (263)    (263)      (263)     613      613     613
Net periodic pension
   cost              $  (348)  $   (83)  $   510  $ 3,108  $ 2,855 $ 2,735

The following table summarizes the changes in benefit obligation
and plan assets of these plans (in thousands of dollars):

                            Pension Plan           Deferred Compensation Plan
                        1999     1998     1997     1999     1998     1997
Change in projected
benefit obligation:
  Benefit obligation
  at January 1          $253,729 $224,073 $202,049 $ 27,029 $ 25,067 $ 24,122
  Service cost             8,389    7,133    6,152      744      572      516
  Interest cost           16,402   15,458   14,445    1,797    1,747    1,731
  Actuarial loss
    (gain)               (33,014)  14,139   12,763     (489)   1,297      806
  Benefits paid          (16,464) (11,774) (11,336)  (2,201)  (2,049)  (2,303)
  Plan amendments              -    4,700        -       45      395      195
  Benefit obligation
      at December 31     229,042  253,729  224,073   26,925   27,029   25,067
Change in plan assets:
  Fair value at
  January 1              290,080  256,893  230,478        -        -        -
  Actual return on
  plan assets             66,905   44,961   37,751        -        -        -
  Employer contributions       -        -        -        -        -        -
  Benefit payments       (16,464) (11,774) (11,336)       -        -        -
  Fair value at
  December 31            340,521  290,080  256,893        -        -        -
Funded status            111,479   36,351   32,820  (26,925) (27,029) (25,067)
Unrecognized actuarial
   loss/(gain)          (108,057) (33,722) (25,734)   5,844    6,612    5,569
Unrecognized prior
   service cost            8,662    9,370    5,093     (796)  (1,166)  (1,893)
Unrecognized net
   transition liability   (1,441)  (1,704)  (1,967)   3,375    3,988    4,601
Net amount recognized   $ 10,643 $ 10,295 $ 10,212 $(18,502)$(17,595)$(16,790)

Amounts recognized in
  the statement of
  financial position
  consists of:
Prepaid (accrued) pension
  cost                  $ 10,643 $ 10,295 $ 10,212 $(25,815)$(25,631)$(24,657)
Intangible asset               -        -        -    2,579    2,822    7,867
Accumulated other
  comprehensive income         -        -        -    4,734    5,214        -
Net amount recognized   $ 10,643 $ 10,295 $ 10,212 $(18,502)$(17,595)$(16,790)

The following table sets forth the assumptions used at the end of
each year for all IPC-sponsored pension and postretirement
benefit plans:

                            Pension Benefits       Postretirement
                                                      Benefits
                           1999   1998   1997  1999    1998   1997
Discount rate               7.5 %  6.75 %  7.10 % 7.5 %  6.75 %  7.35 %
Expected long-term rate of
  return on assets          9.0    9.0     9.0    9.0    9.0     9.0
Annual salary increases     4.5    4.5     4.5     -      -       -



Restricted Stock Plan

IDACORP has a restricted stock plan for certain key employees.
Each grant has a three-year restricted period and final award
amounts depend on the attainment of a cumulative earnings per
share performance goal.  At December 31, 1999, there were 297,888
remaining shares of common stock available for issuance under the
plan.

Restricted stock awards are compensatory awards and the Company
accrues compensation expense (which is charged to operations)
based upon the market value of the granted shares.  For the years
1999, 1998 and 1997,  total compensation accrued for the plan was
$519,000, $567,000 and $539,000 respectively.

The Company applies APB Opinion 25 and related interpretations in
accounting for this plan.  Had compensation cost for the grants
of restricted stock been determined consistent with the optional
fair value based method provisions of SFAS No. 123, "Accounting
for Stock-Based Compensation," the Company's net income and
earnings per share of common stock for 1999, 1998 and 1997 would
not be significantly different from such amounts as reported.

The following table summarizes restricted stock activity for the
years 1999, 1998 and 1997:

                                     1999     1998    1997
     Shares outstanding -
       beginning of year,           43,063   38,365  18,140
     Shares granted                 23,497   21,361  20,225
     Shares forfeited               (9,585)  (4,063)      -
     Shares issued                 (13,360) (12,600)      -
     Shares outstanding - end
       of year                      43,615   43,063  38,365
     Weighted average fair
       value of current year
       stock grants on
       grant date                $   32.88  $ 37.00 $ 31.25


Savings Plan
IDACORP has an Employee Savings Plan which complies with Section
401(k) of the Internal Revenue Code and covers substantially all
employees.  The Company matches specified percentages of employee
contributions to the plan.  Matching contributions amounted to
$3.1 million in 1999, $3.0 million in 1998 and $2.4 million in
1997.

Postretirement Benefits
The Company maintains a defined benefit postretirement plan
(consisting of health care and death benefits) that covers all
employees who were enrolled in the active group plan at the time
of retirement, their spouses and qualifying dependents.

The net periodic postretirement benefit cost was as follows (in
thousands of dollars):

                                    1999      1998      1997
  Service cost                    $    896   $    720   $    713
  Interest cost                      2,867      2,913      3,029
  Expected return on plan assets    (2,230)    (1,761)    (1,511)
  Amortization of unrecognized       2,040      2,040      2,040
  transition obligation
  Amortization of prior service
  cost                                (691)      (280)       (87)
  Amortization of unrecognized net
  gains                                  -       (220)      (240)
  Net periodic post-retirement
  benefit cost                    $  2,882      3,412      3,944

The following table summarizes the changes in benefit obligation
and plan assets plan (in thousands of dollars):
                                    1999      1998      1997
  Change in accumulated benefit
    obligation:
       Benefit obligation at
          January 1               $38,615     $43,459     $44,439
       Service cost                   896         720         713
       Interest cost                2,867       2,913       3,029
       Plan amendments                  -      (9,071)     (1,214)
       Actuarial loss (gain)        1,859       3,483      (1,940)
       Benefits paid               (3,098)     (2,889)     (1,568)
       Benefit obligation at
         December 31               41,139      38,615      43,459
  Change in plan assets:
       Fair value of plan assets
         at January 1              24,346      19,493      17,341
       Actual return on plan
         assets                     2,389       4,853       2,152
       Employer (excess)
         contributions              2,845       2,789       1,553
       Benefits paid               (2,775)     (2,789)     (1,553)
       Fair value of plan assets
         at December 31            26,805      24,346      19,493
  Funded status                   (14,334)    (14,269)    (23,966)
  Unrecognized prior service cost  (9,227)     (9,918)     (1,127)
  Unrecognized actuarial gain      (5,556)     (7,256)     (7,867)
  Unrecognized transition
    obligation                     26,520      28,560      30,600
  Accrued benefit obligations
    included with other deferred
    credits                       $(2,597)    $(2,883)    $(2,360)


The assumed health care cost trend rate used to measure the
expected cost of benefits covered by the plan is 6.75%.  A one-
percentage point change in the assumed health care cost trend
rate would have the following effect (in thousands of dollars):

                                         1-           1-
                                     Percentage-  Percentage-
                                        Point       Point
                                      increase     decrease

Effect on total of service and
  interest cost components               $  293     $  (239)
Effect on accumulated post-
  retirement benefit obligation          $2,421     $(2,058)


Postemployment Benefits

The Company provides certain benefits to former or inactive
employees, their beneficiaries, and covered dependents after
employment but before retirement.  These benefits include salary
continuation, health care and life insurance for those employees
found to be disabled under our disability plans, and health care
for surviving spouses and dependents.  The Company accrues a
liability for such benefits.  In accordance with an IPUC order,
the portion of the liability attributable to regulated activities
in Idaho as of December 31, 1993,  was deferred as a regulatory
asset, and is being amortized over ten years.  The following
table summarizes postemployment benefit amounts included in the
Company's consolidated balance sheet (in thousands of dollars):


                                1999     1998      1997
  Included with regulatory
    assets - other              $ 1,889  $ 2,260   $ 2,632
  Included with other
    deferred credits            $(3,282) $(3,372)  $(3,093)


10.  ELECTRIC PLANT IN SERVICE AND JOINTLY-OWNED PROJECTS:
The following table sets out the major classifications of the
IPC's electric plant in service, accumulated provision for
depreciation and annual depreciation provisions as a percent of
average depreciable balance for the years 1999, 1998 and 1997 (in
thousands of dollars):

                         1999                1998                1997
                  Balance    Avg Rate  Balance    Avg Rate  Balance    Avg Rate

Production        $1,348,531   2.60%   $1,344,526   2.60%   $1,333,768   2.60%
Transmission         403,010   2.30       389,011   2.30       378,190   2.28
Distribution         786,488   3.37       736,527   3.15       715,091   3.38
General and Other    187,997   5.46       189,377   5.45       178,648   5.39
  Total In Service 2,726,026   2.94%    2,659,441   2.87%    2,605,697   2.93%
Less accumulated
provision for
depreciation       1,073,722            1,009,387              942,400
   In Service -
      Net         $1,652,304           $1,650,054           $1,663,297

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

Each facility and extent of IPC participation as of December 31,
1999 are as follows:

                                         Company Ownership
                                              Accumulated
                                  Electric    Provision
 Name of Plant      Location      Plant In       for
                                   Service    Depreciation     %   MW
                                       (Thousands of Dollars)
Jim Bridger       Rock Springs,   $ 389,277   $ 198,393       33   708
  Units 1-4       WY
Boardman          Boardman, OR       61,728      33,970       10    53
Valmy Units 1     Winnemucca, NV    300,449     139,101       50   261
  and 2

IPC's wholly owned subsidiary, Idaho Energy Resources Company, is
a joint venturer in Bridger Coal Company, which operates the mine
supplying coal for the Jim Bridger steam generation plant.  Coal
purchased by IPC from the joint venture amounted to $41.9 million
in 1999, $46.2 million in 1998 and $40.7 million in 1997.

IPC has contracts to purchase the energy from five PURPA
Qualified Facilities that are 50 percent owned by Ida-West Energy
Company, a wholly owned subsidiary of the Company.  Power
purchased from these facilities amounted to $8.8 in 1999, $8.7
million in 1998 and $9.8 million in 1997.


11.  INDUSTRY SEGMENT INFORMATION:

The Company operates an electric utility involving the
generation, transmission, distribution, purchase and sale of
electricity.  The Company's primary non-utility segments involve
electricity and natural gas trading, independent power projects,
energy-related products and services, renewable energy products,
fuel-cell technology, and home security, internet and satellite
television services.

The following table summarizes the segment information for the
Company's utility operations and the total of all other segments,
and reconciles this information to total enterprise amounts:

                            IPC                   Consolida
                                                    ted
                          Utility       Other       Total
                              (Thousands of Dollars)

1999
Revenues                $  658,336    $       -   $  658,336
Income from operations     172,458            -      172,458
Other income                 5,120       26,598       31,718
Interest expense            56,679        4,904       61,583
Income before income
   taxes                   115,327       21,694      137,021
Income taxes                46,395         (723)      45,672
Net income                  68,932        22,417      91,349
Total assets             2,355,907       281,086   2,636,993
Expenditures for long-
   lived assets            112,772        27,192     139,964

1998
Revenues                $  756,410    $        - $   756,410
Income from operations     180,584                   180,584
Other income                 5,909        12,748      18,657
Interest expense            56,646         3,131      59,777
Income before income
   taxes                   129,847         3,959     133,806
Income taxes                47,552        (2,922)     44,630
Net income                  82,295         6,881      89,176
Total assets             2,251,077       200,543   2,451,620
Expenditures for long-
   lived assets             91,803        19,205     111,008

1997
Revenues                $  605,183    $        -  $  605,183
Income from operations     180,731             -     180,731
Other income                 3,894        14,379      18,273
Interest expense            57,653         2,605      60,258
Income before income
   taxes                   126,972         6,598     133,570
Income taxes                47,618        (1,146)     46,472
Net income                  79,354         7,744      87,098
Total assets             2,272,752       179,064   2,451,816
Expenditures for long-
   lived assets             98,219        17,457     115,676





INDEPENDENT AUDITORS' REPORT


To The Board of Directors and Shareowners
IDACORP, Inc.
Boise, Idaho

We have audited the accompanying consolidated balance sheets and
statements of capitalization of IDACORP, Inc. and its
subsidiaries as of December 31, 1999, 1998 and 1997, and the
related consolidated statements of income, cash flows, retained
earnings and comprehensive income for the years then ended.  Our
audits also include the consolidated financial statement schedule
listed in the Index at Item 8.  These financial statements and
financial statement schedule are the responsibility of the
Company's management.  Our responsibility is to express an
opinion on the financial statements and financial statement
schedule 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 financial position of
IDACORP, Inc. and subsidiaries at December 31, 1999, 1998 and
1997, 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, presents
fairly in all material respects the information set forth
therein.



DELOITTE & TOUCHE LLP

Boise, Idaho
January 31, 2000


(This page intentionally left blank)








Idaho Power Company
Consolidated Statements of Income

                                    Year Ended December 31,
                                   1999       1998       1997
                                     (Thousands of Dollars)

REVENUES:
     General business              $516,148  $514,856   $480,458
     Off system sales               119,785   214,418    100,554
     Other revenues                  22,403    27,136     24,171
          Total revenues            658,336   756,410    605,183

EXPENSES:
     Operation:
          Purchased power           106,344   185,271     79,898
          Fuel expense               86,617    86,237     71,271
          Power cost adjustment        (502)   21,866     (6,032)
          Other                     151,800   145,374    137,458
     Maintenance                     42,067    41,872     48,722
     Depreciation                    77,833    74,481     71,973
     Taxes other than income taxes   21,719    20,725     21,162
               Total expenses       485,878   575,826    424,452

INCOME FROM OPERATIONS              172,458   180,584    180,731

OTHER INCOME:
     Allowance for equity funds
       used during construction       1,667       300         34
     Energy marketing activities -
       Net                           23,206     7,429      2,837
     Other - Net                      6,369    12,364     15,402
               Total other income    31,242    20,093     18,273

INTEREST CHARGES:
     Interest on long-term debt      54,150    52,270     53,215
     Other interest                   7,864     8,323      7,546
     Allowance for borrowed funds
       used during construction      (1,392)     (900)      (503)

          Total interest charges     60,622    59,693     60,258


INCOME BEFORE INCOME TAXES          143,078   140,984    138,746

INCOME TAXES                         45,550    45,065     46,472

NET INCOME                           97,528    95,919     92,274
     Dividends on preferred stock     5,572     5,658      5,176

EARNINGS ON COMMON STOCK           $ 91,956  $ 90,261   $ 87,098

The accompanying notes are an integral part of these statements.




Idaho Power Company
Consolidated Balance Sheets

Assets

                                             December 31,
                                     1999          1998        1997
                                        (Thousands of Dollars)

ELECTRIC PLANT:
     In service (at original cost) $2,726,026    $2,659,441    $2,605,697
     Accumulated provision for
       depreciation                (1,073,722)   (1,009,387)     (942,400)
          In service - Net          1,652,304     1,650,054     1,663,297
     Construction work in progress     88,348        58,904        51,892
     Held for future use                1,742         1,738         1,738

         Electric plant - Net       1,742,394     1,710,696     1,716,927

INVESTMENTS AND OTHER PROPERTY        117,759       105,600        97,065

CURRENT ASSETS:
     Cash and cash equivalents         95,038        20,029         6,905
     Receivables:
          Customer                     83,412       102,653       105,204
          Allowance for
            uncollectible accounts     (1,397)       (1,397)       (1,397)
          Notes                           345           467         4,613
          Employee notes                4,105         4,510         4,757
          Related parties                 195         3,164             -
          Other                         7,095         5,338         8,854
     Energy marketing assets           29,096             -             -
     Accrued unbilled revenues         31,994        34,610        33,312
     Materials and supplies (at
       average cost)                   28,960        30,143        29,156

     Fuel stock (at average cost)       9,329         7,096         7,172
     Prepayments                       16,054        16,011        15,381
     Regulatory assets associated
        with income taxes                 893         2,965         3,164

          Total current assets        305,119       225,589       217,121

DEFERRED DEBITS:
     American Falls and Milner
        water rights                   31,585         1,830        32,055
     Company-owned life insurance      40,480        35,149        51,915
     Regulatory assets associated
        with income taxes             214,782       201,465       198,521
     Regulatory assets - other         52,759        62,013        90,239
     Other                             54,496        49,448        47,973
        Total deferred debits         394,102       379,905       420,703

               TOTAL               $2,559,374    $2,421,790    $2,451,816

The accompanying notes are an integral part of these statements.


Idaho Power Company
Consolidated Balance Sheets

Capitalization and Liabilities

                                               December 31,
                                        1999      1998       1997
                                          (Thousands of Dollars)
CAPITALIZATION:
     Common stock equity:
          Common stock, $2.50 par
            value (50,000,000 shares
            authorized; 37,612,351
            shares outstanding)       $ 94,031  $  94,031    $ 94,031
          Premium on capital stock     362,203    362,156     362,328
          Capital stock expense         (3,819)    (3,823)     (3,840)
          Retained earnings            274,181    252,137     259,299
          Accumulated other
            comprehensive income         1,534        226           -

          Total common stock equity    728,130    704,727     711,818

     Preferred stock                   105,811    105,968     106,697

     Long-term debt                    821,558    815,937     746,142

          Total capitalization       1,655,499  1,626,632   1,564,657

CURRENT LIABILITIES:
     Long-term debt due within one
        year                            89,101      6,029      33,998
     Notes payable                      19,757     38,508      57,516
     Accounts payable                   95,125    101,108     111,938
     Notes and accounts payable to
       related parties                  10,076         28            -
     Energy marketing liabilities       25,594          -            -
     Taxes accrued                      21,773     25,164       24,295
     Interest accrued                   19,122     18,364       17,918
     Deferred income taxes                 893      2,965        3,164
     Other                              16,069     12,117       13,703

          Total current liabilities    297,510    204,283      262,532

DEFERRED CREDITS:
 Regulatory liabilities associated
   with deferred investment
   tax credits                          67,433     69,396       70,196
 Deferred income taxes                 428,923    420,268      423,736
 Regulatory liabilities
   associated with income taxe          33,817     28,075       34,072
 Regulatory liabilities -
   other                                 3,363      4,161          509
 Other                                  72,829     68,975       96,114

    Total deferred credits             606,365    590,875      624,627


COMMITMENTS AND CONTINGENT
     LIABILITIES

               TOTAL                $2,559,374 $2,421,790  $2,451,816

The accompanying notes are an integral part of these statements.





Idaho Power Company
Consolidated Statements of Capitalization
                                                December 31,
                                  1999     %    1998    %    1997       %
                                           (Thousands of Dollars)
COMMON STOCK EQUITY
Common stock                     $   94,031     $   94,031      $   94,031
     Premium on capital stock       362,203        362,156         362,328
     Capital stock expense           (3,819)        (3,823)         (3,840)
     Retained earnings              274,181        252,137         259,299
     Accumulated other
       comprehensive income           1,534            226               -
          Total common stock
            equity                  728,130  44    704,727  43     711,818   45

PREFERRED STOCK
     4% preferred stock              15,811         15,968          16,697
     7.68% Series, serial
        preferred stock              15,000         15,000          15,000
     7.07% Series, serial
        preferred stock              25,000         25,000          25,000
     Auction rate preferred
        stock                        50,000         50,000          50,000
          Total preferred stock     105,811   6    105,968   7     106,697    7

LONG-TERM DEBT
     First mortgage bonds:
          5.33 %Series due 1998           -              -          30,000
          8.65 %Series due 2000      80,000         80,000          80,000
          6.93 % Series due 2001     30,000         30,000          30,000
          6.85 % Series due 2002     27,000         27,000          27,000
          6.40 % Series due 2003     80,000         80,000          80,000
          8    %Series due 2004      50,000         50,000          50,000
          5.83 % Series due 2005     60,000         60,000               -
          7.20 % Series due 2009     80,000              -               -
          Maturing 2021 through
            2031 with rates ranging
            from 7.5% to 9.52%      230,000        230,000         230,000
          Total first mortgage
            bonds                   637,000        557,000         527,000
     Amount due within one year     (80,000)             -         (30,000)
          Net first mortgage
            bonds                   557,000        557,000         497,000
     Pollution control revenue
        bonds:
          7.25%Series due 2008        4,360          4,360           4,360
          8.30%Series 1984 due       49,800         49,800          49,800
            2014
          6.05%Series 1996A due      68,100         68,100          68,100
            2026
          Variable Rate Series
            1996B due 2026           24,200         24,200          24,200
          Variable Rate Series
            1996C due 2026           24,000         24,000          24,000
          Total pollution
            control revenue bonds   170,460        170,460         170,460
     REA notes                        1,415          1,489           1,561
          Amount due within one
            year                        (76)           (74)            (72)
               Net REA notes          1,339          1,415           1,489
     American Falls bond
        guarantee                    19,885         20,130          20,355
     Milner Dam note guarantee       11,700         11,700          11,700
     Debt related to investments
        in affordable housing with
        rates ranging from 6.03%
        to 8.77% due 2000 to 2010    71,183         62,103          46,385
          Amount due within one
            year                     (9,025)        (5,955)         (3,926)
               Net affordable
                  housing debt       62,158         56,148          42,459
     Other subsidiary debt              457            623           4,316
     Unamortized
        premium/discount - Net       (1,441)        (1,539)         (1,637)

           Total long-term debt     821,558  50    815,937  50     746,142   48

TOTAL CAPITALIZATION             $1,655,499 100 $1,626,632 100  $1,564,657  100


The accompanying notes are an integral part of these statements.


Idaho Power Company
Consolidated Statements of Cash Flows
                                        Year Ended December 31,
                                   1999           1998        1997
                                    (Thousands of Dollars)

OPERATING ACTIVITIES:
     Net income                    $ 97,528      $ 95,919    $ 92,274
     Adjustments to reconcile net
        income to net cash:
        Unrealized gains from
           energy marketing
           activities                (3,502)            -           -
        Depreciation &
          amortization               95,154        87,044      80,485
          Deferred taxes and
            investment tax credits   (1,747)      (10,127)      5,978
          Accrued PCA costs            (891)       21,658      (7,038)
          Change in:
            Accounts receivable and
              prepayments              (489)        1,985     (69,589)
            Accrued unbilled revenue  2,616        (1,298)     (5,603)
            Materials and supplies
              and fuel stock         (1,050)         (911)        (57)
            Accounts payable         28,397       (10,658)     75,731
            Taxes accrued            (3,391)        1,312       6,991
            Other current
              assets and
              liabilities             4,710         (857)       3,296
          Other - net                (3,490)     (10,340)      (5,562)
     Net cash provided by
       operating activities         213,845      173,727      176,906

INVESTING ACTIVITIES:
     Additions to utility plant    (108,498)     (89,644)     (95,633)
     Investments in affordable
       housing projects             (19,554)     (19,139)     (17,021)
     Investments in company -
       owned life insurance          (5,862)           -            -
     Other - net                     (3,066)         867       (1,302)
          Net cash used in
           investing activities    (136,980)    (107,916)     (113,956)

FINANCING ACTIVITIES:
     Proceeds from issuance of:
          First mortgage bonds       80,000       60,000             -
          Long-term debt related
            to affordable housing
            projects                 18,730       20,556        12,984
     Retirement of:
          Subsidiary long-term debt    (165)      (3,316)       (4,700)
          Long-term debt related to
            affordable housing
            projects                 (9,650)      (4,838)            -
          First mortgage bonds            -      (30,000)            -
     Dividends on common stock      (69,912)     (69,889)      (69,887)
     Dividends on preferred stock    (5,572)      (5,658)       (5,176)
     Increase (decrease) in short-
       term borrowings              (14,607)     (18,992)        3,500
     Other - net                       (680)        (550)         (694)
          Net cash used in
            financing activities     (1,856)     (52,687)      (63,973)

Net increase (decrease) in cash
   and cash equivalents              75,009       13,124        (1,023)

Cash and cash equivalents at
   beginning of period               20,029        6,905         7,928

Cash and cash equivalents at end
   of period                       $ 95,038     $ 20,029      $  6,905

SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION:
     Cash paid during the period for:
          Income taxes             $ 50,532     $ 55,527      $ 41,786
          Interest (net of amount
            capitalized)           $ 55,186     $ 53,806      $ 53,319
     Net assets of affiliates
       transferred to parent              -     $ 27,534            -
The accompanying notes are an integral part of these statements.


Idaho Power Company
Consolidated Statements of Retained Earnings

                                    Year Ended December 31,
                                    1999        1998        1997
                                     (Thousands of Dollars)

RETAINED EARNINGS, BEGINNING OF
YEAR                               $252,137    $259,299    $242,088

NET INCOME                           97,528      95,919      92,274

     Total                          349,665     355,218     334,362

DIVIDENDS
     Common stock ($1.86 per
        share)                      (69,912)    (69,889)    (69,887)
     Preferred stock                 (5,572)     (5,658)     (5,176)

TRANSFER TO IDACORP, INC.                 -     (27,534)          -

RETAINED EARNINGS, END OF YEAR     $274,181    $252,137    $259,299

The accompanying notes are an integral part of these statements.



Consolidated Statements of Comprehensive Income

                                    Year Ended December 31,
                                    1999      1998      1997
                                     (Thousands of Dollars)

NET INCOME                         $ 97,528   $ 95,919   $ 92,274

OTHER COMPREHENSIVE INCOME:
     Unrealized gains on
       securities (net of tax
       of $677 and $2,185)            1,017      3,385           -
     Minimum pension liability
       adjustment (net of tax
       of $189 and( $2,054))            291     (3,159)          -

TOTAL COMPREHENSIVE INCOME         $ 98,836   $ 96,145    $ 92,274

The accompanying notes are an integral part of these statements.




Idaho Power Company


Notes to the Consolidated Financial Statements
On October 1, 1998, IDACORP, Inc. (IDACORP) became the parent of
Idaho Power Company and subsidiaries (IPC).  At that time
ownership interests in two of IPC's subsidiaries were transferred
to IDACORP at book value. IPC's financial statements include the
following amounts attributable to the transferred subsidiaries
for the periods prior to October 1, 1998:

                                   As of/Year Ended
                                     December 31,
                                   1998        1997
                                    (Thousands of
                                       Dollars)
     Total assets                  $     -     $31,369
     Net assets                          -      23,311
     Net income                      3,024       2,057

On January 1, 2000 IPC's ownership interests in two additional
subsidiaries were transferred to IDACORP at book value.  IPC's
financial statements include the following amounts attributable
to these transferred subsidiaries for the periods prior to
January 1, 2000:

                                    As of/Year Ended
                                      December 31,
                                 1999     1998     1997
                                 (Thousands of Dollars)
           Total assets         $107,996    $90,029    $69,294
           Net assets             22,090     19,706     15,984
           Net income              2,385      2,216      3,362



Except as modified below, the Notes to the Consolidated Financial
Statements of IDACORP included in this 1999 Annual Report on Form
10-K are incorporated herein by reference insofar as they relate
to Idaho Power Company.

     Note 1 - Summary of Significant Accounting Policies
     Note 3 - Common Stock
     Note 4 - Preferred Stock of Idaho Power Company
     Note 5 - Long-Term Debt
     Note 7 - Notes Payable
     Note 8 - Commitments and Contingent Liabilities
     Note 9 - Benefit Plans
     Note 10 - Electric Plant in Service and Jointly-Owned
               Projects



Note 1 -  Derivative Financial Instruments
The following table shows a summary of the notional amounts of
IPC's forward exposure as of December 31, 1999.  The maximum term
related to any forward position is two years.

                                Electricity
                                   MWh's
     Payable                       4,739
     Receivable                    6,079





The following table displays the fair value of IPC's energy
marketing assets and liabilities (all electricity) at December
31, 1999, and the average values for the year ended December 31,
1999 (in thousands of dollars):

    1999 End of Year Balance     1999 Average Balance
       Assets    Liabilities      Assets    Liabilities
     $  29,096    $  25,594     $  40,450    $  43,320


The gain in fair value of energy trading contract positions
(including electricity forwards, futures, options and swaps)
included in income before income taxes for the year ended
December 31, 1999 was $23.2 million.


Note 2 - Income Taxes
IPC has settled Federal and Idaho tax liabilities on all open
years through the 1995 tax year except for amounts related to a
partnership which have been, in management's opinion, adequately
accrued.

A reconciliation between the statutory federal income tax rate
and the effective rate is as follows:

                                  1999      1998       1997
                                    (Thousands of Dollars)

     Computed income taxes based
       on statutory federal
       income tax rate            $ 50,077   $ 49,344  $ 48,561
     Change in taxes resulting
       from:
          Investment tax credits    (3,032)    (2,934)   (2,887)
          Repair allowance          (2,800)    (2,800)   (2,800)
          Settlement of prior
            years tax returns         (478)    (1,965)       23
          Current state income
            taxes                    5,833      6,309     3,587
          Depreciation               7,292      5,237     5,766
          Affordable housing tax
             credits                (9,529)    (6,880)   (4,519)
          Other                     (1,813)    (1,246)   (1,259)
     Total provision for federal
       and state income taxes     $ 45,550   $ 45,065  $ 46,472
     Effective tax rate               31.8%      32.0%     33.5%

The provision for income taxes consists of the following:

                                   1999       1998      1997
                                      (Thousand of Dollars)

     Income taxes currently payable:
          Federal                $ 38,169     $ 45,909    $ 35,038
          State                     9,128        9,283       5,456
               Total               47,297       55,192      40,494
     Income taxes deferred - Net
       of amortization:
          Federal                   2,246       (8,006)      6,717
          State                    (2,030)      (1,321)        348
               Total                  216       (9,327)      7,065
     Investment tax credits:
          Deferred                  1,069        2,134       1,800
          Restored                 (3,032)      (2,934)     (2,887)
               Total               (1,963)        (800)     (1,087)
     Total provision for income
       taxes                     $ 45,550     $ 45,065    $ 46,472










The tax effects of significant items comprising the Company's net
deferred tax liability are as follows:

                                     1999        1998        1997
                                      (Thousands of Dollars)

     Deferred tax assets:
          Regulatory liabilities   $ 33,817     $ 28,075    $ 34,072
          Advances for construction   9,646       10,401      18,665
          Other                      18,890       20,457      16,536
               Total                 62,353       58,933      69,273
     Deferred tax liabilities:
          Electric plant            249,597      247,270     251,938
          Regulatory assets         215,675      204,430     201,685
          Conservation programs      17,396       16,866      14,377
          Other                       9,501       13,600      28,173
               Total                492,169      482,166     496,173

     Net deferred tax liabilities  $429,816     $423,233    $426,900


Note 6 - Fair Value of Financial Instruments
The estimated fair value of the Company's financial instruments
has 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 estimated fair values for long-
term debt and investments are based upon quoted market prices of
the same or similar issues or discounted cash flow analyses as
appropriate.

The total estimated fair value of the Company's debt was
approximately $898.1 million in 1999,  $877.4 million in 1998,
and $801.8 million in 1997.   Included in investments and other
property were financial instruments totaling  $11.9 million in
1999, $0.0 in 1998, and $16.5 million in 1997.  Estimated fair
value of these instruments was $11.8 million in 1999, $0.0 in
1998, and  $19.9 million in 1997.


Note 11 - Industry Segment Information
IPC is predominantly a one operating segment company with its
regulated electric operations being the most dominant segment.
IPC's primary business is the generation, transmission,
distribution, purchase and sale of electricity.  The Company's
primary non-utility segments involve electricity trading and
renewable energy products.


The following table summarizes the segment information for IPC's
regulated electric operations and the total of all other
segments, and reconciles this information to total enterprise
amounts:

                         Regulated
                         Electric                    Consolidated
                        Operations       Other        Total
                                (Thousands of Dollars)
1999
Revenues                $  658,336     $        -     $  658,336
Income from operations     172,458              -        172,458
Other income                 5,120         26,122         31,242
Interest expense            56,679          3,943         60,622
Income before income
   taxes                   120,899         22,179        143,078
Income taxes                46,395           (845)        45,550
Net income                  74,504         23,024         97,528
Total assets             2,355,907        203,467      2,559,374
Expenditures for long-
   lived assets            112,772         22,685        135,457

1998
Revenues                $  756,410     $        -     $  756,410
Income from operations     180,584              -        180,584
Other income                 5,909         14,184         20,093
Interest expense            56,646          3,047         59,693
Income before income
   taxes                   135,505          5,479        140,984
Income taxes                47,552         (2,487)        45,065
Net income                  87,953          7,966         95,919
Total assets             2,251,077        170,713      2,421,790
Expenditures for long-
   lived assets             91,803         19,197        111,000

1997
Revenues                $  605,183     $        -     $  605,183
Income from operations     180,731              -        180,731
Other income                 3,894         14,379         18,273
Interest expense            57,653          2,605         60,258
Income before income
   taxes                   132,148          6,598        138,746
Income taxes                47,618         (1,146)        46,472
Net income                  84,530          7,744         92,274
Total assets             2,272,752        179,064      2,451,816
Expenditures for long-
   lived assets             98,219         17,457        115,676

Substantially all of the Company's revenues come from the sale of
electricity and related services, predominately in the United
States.  The Company also trades electricity and sells renewable
energy products and other miscellaneous services.  Revenues from
these operations are not significant.



INDEPENDENT AUDITORS' REPORT


To The Board of Directors and Shareowner of
Idaho Power Company
Boise, Idaho

We have audited the accompanying consolidated balance sheets and
statements of capitalization of Idaho Power Company and its
subsidiaries as of December 31, 1999, 1998 and 1997, and the
related consolidated statements of income, cash flows, retained
earnings, and comprehensive income for the years then ended.  Our
audits also included the consolidated financial statement
schedule listed in the Index at Item 8.  These financial
statements and financial statement schedule are the
responsibility of the Company's management.  Our responsibility
is to express an opinion on the financial statements and
financial statement schedule 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 financial position of Idaho
Power Company and subsidiaries at December 31, 1999, 1998 and
1997, 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, presents
fairly in all material respects the information set forth
therein.



DELOITTE & TOUCHE LLP

Boise, Idaho
January 31, 2000
SUPPLEMENTAL FINANCIAL INFORMATION, UNAUDITED

QUARTERLY FINANCIAL DATA:
The following unaudited information is presented for each quarter
of 1999, 1998 and 1997 (in thousands of dollars, except for per
share amounts).  In the opinion of the Companies, all adjustments
necessary for a fair statement of such amounts for such periods
have been included.  The results of operations 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.

IDACORP, INC.                             Quarter Ended
                           March 31    June 30   September 30 December 31

1999
     Revenues              $174,149     $165,072   $161,978   $157,136
     Income from
       operations            59,829       39,724     39,942     32,963
     Income taxes            16,700       10,525     10,574      7,874
     Net income              29,501       21,242     22,019     18,588
     Earnings per share
       of common stock         0.78         0.56       0.59       0.49

1998
     Revenues              $170,913     $167,132   $230,200   $188,164
     Income from
       operations            55,769       39,097     44,037     41,681
     Income taxes            13,125        9,213     12,392      9,900
     Net income              28,050       20,351     22,305     18,468
     Earnings per share
       of common stock         0.75         0.54       0.59       0.49

1997
     Revenues              $145,735     $147,133   $159,702   $152,614
     Income from
       operations            58,459       41,019     41,889     39,365
     Income taxes            16,361        9,126     10,715     10,270
     Net income              28,986       19,377     19,719     19,018
     Earnings per share
       of common stock         0.77         0.52       0.52       0.51



Idaho Power Company                      Quarter Ended
                           March 31     June 30  September 30  December 31
1999
     Revenues              $174,149     $165,072   $161,978   $157,136
     Income from
       operations            59,829       39,724     39,942     32,963
     Income taxes            16,582       10,479     10,419      8,071
     Net income              30,784       22,796     23,371     20,576
     Dividends on
       preferred stock        1,368        1,352      1,401      1,451
     Earnings on common
       stock                 29,416       21,444     21,970     19,125

1998
     Revenues              $170,913     $167,132   $230,200   $188,164
     Income from
       operations            55,769       39,097     44,037     41,681
     Income taxes            13,125        9,213     12,392     10,335
     Net income              29,455       21,768     23,715     20,979
     Dividends on
       preferred stock        1,405        1,417      1,410      1,426
     Earnings on common
       stock                 28,050       20,351     22,305     19,553

1997
     Revenues              $145,735     $147,133   $159,702   $152,614
     Income from
       operations            58,459       41,019     41,889     39,365
     Income taxes            16,361        9,126     10,715     10,270
     Net income              30,380       20,042     21,141     20,715
     Dividends on
       preferred stock        1,394          665      1,422      1,696
     Earnings on common
       stock                 28,986       19,377     19,719     19,018



ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
         ACCOUNTING AND FINANCIAL DISCLOSURE

     None



PART III
Part III has been omitted because the registrants will file a
definitive proxy statement pursuant to Regulation 14A, which
involves the election of Directors, with the Commission within 120
days after the close of the fiscal year portions of which are
hereby incorporated by reference (except for information with
respect to executive officers which is set forth in Part I hereof).


PART IV


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 schedules.
(b)  Reports on SEC Form 8-K.  The following Report on Form 8-K was
     filed for the three months ended December 31, 1999
         Items Reported              Date of Report     Filed by
         Item 7 - Financial          November 17,1999   IPC
         Statements and Exhibits

 (c)  Exhibits.

*Previously Filed and Incorporated Herein by Reference

Exhibit      File Number    As
                          Exhibit
*2           333-48031    2          Agreement and Plan of Exchange
                                     between IDACORP, Inc., and IPC dated
                                     as of February 2, 1998.

*3(a)        33-00440     4(a)(xiii) Restated Articles of Incorporation
                                     of IPC as filed with the Secretary
                                     of State of Idaho on June 30, 1989.

*3(a)(i)     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) of IPC, as filed
                                     with the Secretary of State of Idaho
                                     on November 5, 1991.

*3(a)(ii)    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) of
                                     IPC, 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 of IPC
                                     adopted by Shareholders on May 1,
                                     1991.

*3(c)        1-3198       4(b)       By-laws of IPC amended on September
             Form 10-Q               9, 1999, and presently in effect.

*3(d)        33-56071     3(d)       Articles of Share Exchange, as  filed
                                     with  the Secretary of State of Idaho
                                     on September 29, 1998.

*3(e)        333-64737    3.1        Articles    of    Incorporation    of
                                     IDACORP, Inc.

*3(f)        333-64737    3.2        Articles of Amendment to Articles  of
                                     Incorporation  of  IDACORP,  Inc.  as
                                     filed with the Secretary of State  of
                                     Idaho on March 9, 1998.

*3(g)        333-00139    3(b)       Articles of Amendment to Articles  of
                                     Incorporation   of   IDACORP,    Inc.
                                     creating  A  Series Preferred  Stock,
                                     without par value, as filed with  the
                                     Secretary  of  State  of   Idaho   on
                                     September 17, 1998.

*3(h)        1-14465      3(c)       Amended  Bylaws of IDACORP,  Inc.  as
             Form 10-Q               of July 8, 1999.
             for 6/30/99

*4(a)(i)     2-3413       B-2        Mortgage and Deed of Trust, dated  as
                                     of  October 1, 1937, between IPC  and
                                     Bankers     Trust     Company     and
                                     R. G. Page, as Trustees.

*4(a)(ii)                            IPC   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 IPC American
                                     Falls bond guarantee. (see Exhibit
                                     10(c)).

*4(c)        33-65720     4(f)       Agreement of IPC 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)        1-14465      4          Rights Agreement, dated as of
             Form 8-K                September 10, 1998, between IDACORP,
             dated                   Inc. and the Bank of New York as
             September               Rights Agent.
             15, 1998

*10(a)       2-49584      5(b)       Agreements, dated September 22,
                                     1969, between IPC and Pacific
                                     Power & Light Company relating to
                                     the operation, construction and
                                     ownership of the Jim Bridger
                                     Project.

*10(a)(i)    2-51762      5(c)       Amendment, dated February 1, 1974,
                                     relating to operation agreement
                                     filed as Exhibit 10(a).

*10(b)       2-49584      5(c)       Agreement, dated as of October 11,
                                     1973, between IPC and Pacific
                                     Power & Light Company.

*10(c)       33-65720     10(c)      Guaranty  Agreement, dated March 1,
                                     1990, between IPC and West One Bank,
                                     as Trustee, relating to $21,425,000
                                     American Falls Replacement Dam Bonds
                                     of the American Falls Reservoir
                                     District, Idaho.

*10(d)       2-62034      5(r)       Guaranty Agreement, dated as of
                                     August 30, 1974, between IPC and
                                     Pacific Power & Light Company.

*10(e)       2-56513      5(i)       Letter Agreement, dated January 23,
                                     1976, between IPC and Portland
                                     General Electric Company.

*10(e)(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 IPC.

*10(e)(ii)   2-62034      5(t)       Amendment, dated September 30, 1977,
                                     relating to agreement filed as
                                     Exhibit 10(e).

*10(e)(iii)  2-62034      5(u)       Amendment, dated October 31, 1977,
                                     relating to agreement filed as
                                     Exhibit 10(e).

*10(e)(iv)   2-62034      5(v)       Amendment, dated January 23, 1978,
                                     relating to agreement filed as
                                     Exhibit 10(e).

*10(e)(v)    2-62034      5(w)       Amendment, dated February 15, 1978,
                                     relating to agreement filed as
                                     Exhibit 10(e).

*10(e)(vi)   2-68574      5(x)       Amendment, dated September 1, 1979,
                                     relating to agreement filed as
                                     Exhibit 10(e).

*10(f)       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(g)       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
                                     IPC.


*10(h)(i) 1  1-3198       10(n)(i)   The Revised Security Plan for Senior
             Form 10-K               Management Employees - a non-
             for 1994                qualified, deferred compensation
                                     plan effective August 1, 1996..

*10(h)(ii) 1 1-3198       10(n)(ii)  The Executive Annual Incentive Plan
             Form 10-K               for senior management employees of
             for 1994                IPC effective January 1, 1995.

*10(h)(iii)1 1-3198       10(n)(iii) The 1994 Restricted Stock Plan for
             Form 10-K               officers and key executives of
             for 1994                IDACORP, Inc. and IPC effective July
                                     1, 1994.

10(h)(iv) 1  1-14465      10(h)(iv)  The Revised Security Plan for Board
             1-3198                  of Directors - a non-qualified,
             Form 10-K               deferred compensation plan effective
             for 1998                August 1, 1996,  revised March 2,
                                     1999.

*10(h)(v)    1-3198       10(e)      IDACORP, Inc. Non-Employee Directors
             Form 10-Q               Stock Compensation Plan as of May
             for 6/30/99             17, 1999.

*10(h)(vi)   1-3198       10(y)      Executive Employment Agreement dated
             Form 10-K               November 20, 1996 between IPC and
             for 1997                Richard R. Riazzi.

*10(h)(vii)  1-3198       10(g)      Executive Employment Agreement dated
             Form 10-Q               April 12, 1999 between IPC and
             for 6/30/99             Marlene Williams.

*10(h)(viii) 1-14465      10(h)      Agreement between IDACORP, Inc. and
             Form 10-Q               Jan B. Packwood, J. LaMont Keen,
             for 9/30/99             James C. Miller, Richard Riazzi,
                                     Darrel T. Anderson, Bryan Kearney,
                                     Cliff N. Olson, Robert W. Stahman
                                     and Marlene K. Williams.

10(h)(ix) 1                          IDACORP, Inc. 2000 Long-Term
                                     Incentive and Compensation Plan.

*10(i)       33-65720     10(h)      Framework Agreement, dated October
                                     1, 1984, between the State of Idaho
                                     and IPC relating to IPC's Swan Falls
                                     and Snake River water rights.

*10(i)(i)    33-65720     10(h)(i)   Agreement, dated October 25, 1984,
                                     between the State of Idaho and IPC
                                     relating to the agreement filed as
                                     Exhibit 10(i).

*10(i)(ii)   33-65720     10(h)(ii)  Contract to Implement, dated October
                                     25, 1984, between the State of Idaho
                                     and IPC relating to the agreement
                                     filed as Exhibit 10(i).

*10(j)       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 IPC and the Twin Falls Canal
                                     Company and the Northside Canal
                                     Company Limited.

*10(j)(i)    33-65720     10(m)(i)   Guaranty Agreement, dated February
                                     10, 1992, between IPC and New York
                                     Life Insurance Company, as Note
                                     Purchaser, relating to $11,700,000
                                     Guaranteed Notes due 2017 of Milner
                                     Dam Inc.

12                                   Statement Re:  Computation of Ratio
                                     of Earnings to Fixed Charges.
                                     (IDACORP, Inc.)

12(a)                                Statement Re:  Computation of
                                     Supplemental Ratio of Earnings to
                                     Fixed Charges. (IDACORP, Inc.)

12(b)                                Statement Re:  Computation of Ratio
                                     of Earnings to Combined Fixed
                                     Charges and Preferred Dividend
                                     Requirements. (IDACORP, Inc.)

12(c)                                Statement Re:  Computation of
                                     Supplemental Ratio of Earnings to
                                     Combined Fixed Charges and Preferred
                                     Dividend Requirements. (IDACORP,
                                     Inc.)

12(d)                                Statement Re:  Computation of Ratio
                                     of Earnings to Fixed Charges. (IPC)

12(e)                                Statement Re:  Computation of
                                     Supplemental Ratio of Earnings to
                                     Fixed Charges. (IPC)

12(f)                                Statement Re:  Computation of Ratio
                                     of Earnings to Combined Fixed
                                     Charges and Preferred Dividend
                                     Requirements. (IPC)

12(g)                                Statement Re:  Computation of
                                     Supplemental Ratio of Earnings to
                                     Combined Fixed Charges and Preferred
                                     Dividend Requirements. (IPC)

21                                   Subsidiaries of IDACORP, Inc. and
                                     IPC.

23                                   Independent Auditors' Consent.

27(a)                                Financial Data Schedule for IDACORP,
                                     Inc.

27(b)                                Financial Data Schedule for IPC.






IDACORP, Inc.
SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
Years Ended December 31, 1999, 1998 and 1997

Column A                   Column B       Column C      Column D Column E
                                         Additions
                                              Charged
                          Balance   Charged  (Credited)           Balance
                            At        to      to Other Deductions  At End
Classification           Beginning  Income    Accounts    (1)       Of
                         Of Period                                Period
                                     (Thousands of Dollars)

1999:
Reserves Deducted From
Applicable Assets:
    Reserve for
    uncollectible
    accounts             $ 1,397    $     -   $ 3,162(2) $ 3,162    $ 1,397
  Other Reserves:
    Rate refunds         $ 5,356    $10,543   $     -    $ 7,006    $ 8,893
    Injuries and
      damages reserve    $ 1,500    $     -   $     -    $     -    $ 1,500
    Miscellaneous
      operating
      reserves           $ 6,907    $ 3,242   $     -    $ 1,676    $ 8,473

1998:
Reserves Deducted From
  Applicable Assets:
    Reserve for
      uncollectible
      accounts           $ 1,397    $     -   $ 3,299(2) $ 3,299    $ 1,397
  Other Reserves:
     Rate refunds        $ 8,740    $ 4,188   $     -    $ 7,572    $ 5,356
     Injuries and damages
       reserve           $ 1,500    $     -   $     -    $     -    $ 1,500
     Miscellaneous
       operating
       reserves          $ 8,388    $   512   $     -    $ 1,993    $ 6,907

1997:
Reserves Deducted From
  Applicable Assets:
    Reserve for
      uncollectible
      accounts           $ 1,394    $     -   $ 3,384(2) $ 3,381    $ 1,397
  Other Reserves:
  Rate refunds           $ 4,873    $ 8,740   $     -    $ 4,873    $ 8,740
  Injuries and damages
    reserve              $ 1,500    $     -   $     -    $     -    $ 1,500
  Miscellaneous
    operating
    reserves             $ 1,774    $   592   $ 7,245    $ 1,223    $8,388

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


IDAHO POWER COMPANY
SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
Years Ended December 31, 1999, 1998 and 1997

Amounts for Idaho Power Company are same as the above Schedule II
for IDACORP, Inc.


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

                         IDACORP, Inc.
                         (Registrant)

                         March 16, 2000 By: /s/Jan B. Packwood
                                             Jan B. Packwood
                                             President, Chief
                                             Executive Officer and
                                             Director

Pursuant to the requirements of the Securities Exchange Act of
1934, this report is signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.

By: /s/ Jon H. Miller              /s/      Chairman of the Board  March 16,
                                                                      2000
        Jon H. Miller


By: /s/ Jan B. Packwood            /s/      President and Chief       "
                                            Executive
        Jan B. Packwood                     Officer and Director

By: /s/ J. LaMont Keen             /s/      Senior Vice President,      "
                                            Administration
        J. LaMont Keen                      and Chief Financial
                                            Officer
                                            (Principal Financial
                                            Officer)

By: /s/ Darrel T. Anderson         /s/      Vice President, Finance     "
                                            and Treasurer
        Darrel T. Anderson                  (Principal Accounting
                                            Officer)

By: /s/ Rotchford L. Barker    By: /s/ Jack K. Lemley                "
        Rotchford L. Barker            Jack K. Lemley
        Director                       Director

By: /s/ Robert D. Bolinder     By: /s/ Evelyn Loveless               "
        Robert D. Bolinder             Evelyn Loveless
        Director                       Director

By: /s/ Roger L. Breezley      By: /s/ Peter S. O'Neill              "
        Roger L. Breezley              Peter S. O'Neill
        Director                       Director

By: /s/ John B. Carley         By: /s/ Robert A. Tinstman            "
        John B. Carley                 Robert A. Tinstman
        Director                       Director

By: /s/ Peter T. Johnson                                             "
        Peter T. Johnson
        Director



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

                                         IDAHO POWER COMPANY
                                         (Registrant)

March 16, 2000                           By:  /s/Jan B. Packwood
                                         Jan B. Packwood
                                         President, Chief Executive
                                         Officer and Director

Pursuant to the requirements of the Securities Exchange Act of
1934, this report is signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.


By: /s/ Jon H. Miller              /s/     Chairman of the Board   March 16,
                                                                     2000
        Jon H. Miller


By: /s/ Jan B. Packwood            /s/     President and Chief        "
                                           Executive
        Jan B. Packwood                    Officer and Director

By: /s/ J. LaMont Keen             /s/     Senior Vice President,      "
                                           Administration
        J. LaMont Keen                     and Chief Financial
                                           Officer
                                           (Principal Financial
                                           Officer)

By: /s/ Darrel T. Anderson         /s/     Vice President, Finance      "
                                           and Treasurer
        Darrel T. Anderson                 (Principal Accounting
                                           Officer)

By: /s/ Rotchford L. Barker    By: /s/  Jack K. Lemley                 "
        Rotchford L. Barker             Jack K. Lemley
        Director                        Director

By: /s/ Robert D. Bolinder     By: /s/  Evelyn Loveless                "
        Robert D. Bolinder              Evelyn Loveless
        Director                        Director

By: /s/ Roger L. Breezley      By: /s/  Peter S. O'Neill               "
        Roger L. Breezley               Peter S. O'Neill
        Director                        Director

By: /s/ John B. Carley         By: /s/  Robert A. Tinstman             "
        John B. Carley                  Robert A. Tinstman
        Director                        Director

By: /s/ Peter T. Johnson                                               "
        Peter T. Johnson
        Director









EXHIBIT INDEX

Exhibit                                                    Page
Number                                                    Number
10(h)(ix)      IDACORP, Inc. 2000 Long-Term
               Incentive and Compensation
               Plan.

12             Statements Re: Computation of
               Ratio of Earnings to Fixed
               Charges.  (IDACORP, Inc.)

12(a)          Statements Re: Computation of
               Supplemental Ratio of
               Earnings to Fixed Charges.
               (IDACORP, Inc.)

12(b)          Statements Re: Computation of
               Ratio of Earnings to Combined
               Fixed Charges and Preferred
               Dividend Requirements.
               (IDACORP, Inc.)

12(c)          Statements Re: Computation of
               Supplemental Ratio of
               Earnings to Combined Fixed
               Charges and Preferred
               Dividend Requirements.
               (IDACORP, Inc.)

12(d)          Statements Re: Computation of
               Ratio of Earnings to Fixed
               Charges.  (IPC)

12(e)          Statements Re: Computation of
               Supplemental Ratio of
               Earnings to Fixed Charges.
               (IPC)

12(f)          Statements Re: Computation of
               Ratio of Earnings to Combined
               Fixed Charges and Preferred
               Dividend Requirements.  (IPC)

12(g)          Statements Re: Computation of
               Supplemental Ratio of
               Earnings to Combined Fixed
               Charges and Preferred
               Dividend Requirements.  (IPC)

21             Subsidiaries of IDACORP, Inc.
               and IPC

23             Independent Auditors'
               Consent.

27(a)          Financial Data Schedule for
               IDACORP, Inc.

27(b)          Financial Data Schedule for
               IPC

_______________________________
1 Compensatory plan
1
1 Compensatory plan
1