UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
                           FORM 10-K

(Mark One)

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

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

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

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

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

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

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

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

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

                        Preferred Stock
                        (Title of Class)

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

                           Yes X  No

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

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

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

Documents Incorporated by Reference:

Part III, Item 10 Portions of the definitive proxy statement of
          Item 11 the Registrant to be filed pursuant to
          Item 12 Regulation 14A for the 1996 Annual Meeting of
          Item 13 Shareowners to be held on May 1, 1996.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


INDEX TO FINANCIAL STATEMENTS
AND FINANCIAL STATEMENT SCHEDULES



                                                             PAGE

Management's Responsibility for Financial Statements          41

Consolidated Financial Statements:

 Consolidated Balance Sheets as of December 31, 1995,
  1994 and 1993                                             42-43

 Consolidated Statements of Income for the Years
  Ended December 31, 1995, 1994 and 1993                      44

 Consolidated Statements of Retained Earnings for
  the Years Ended December 31, 1995, 1994 and 1993            45

 Consolidated Statements of Capitalization as of
  December 31, 1995, 1994 and 1993                            46

 Consolidated Statements of Cash Flows for the Years
  Ended December 31, 1995, 1994 and 1993                      47

 Notes to Consolidated Financial Statements                 48-58

Independent Auditors' Report                                  59

Supplemental Financial Information (Unaudited)                60

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

   Schedule II-  Consolidated Valuation and
   Qualifying Accounts                                        67



INDEPENDENT AUDITORS' REPORT

Board of Directors and Shareowners of Idaho Power Company:

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

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

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

Deloitte & Touche LLP
Portland, Oregon

January 31, 1996

SIGNATURES

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

                              IDAHO POWER COMPANY
                              (Registrant)


March 14, 1996                By:/s/ Joseph W. Marshall
                                       Joseph W. Marshall
                                   Chairman of the Board and
                              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/Joseph W. Marshall    Chairman of the Board and        March 14, 1996
  Joseph W. Marshall        Chief Executive Officer 
                            and Director


By:/s/Larry R. Gunnoe       President and Chief Operating           "
  Larry R. Gunnoe           Officer and Director


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


By:/s/Harold J. Hochhalter  Controller and Chief Accounting         "
  Harold J. Hochhalter      Officer (Principal Accounting 
                            Officer)


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


By:/s/Roger L. Breezley     By:/s/Jon H. Miller                     "
  Roger L. Breezley         Jon H. Miller
  Director                  Director


By:/s/John B. Carley        By:/s/Peter S. O'Neill                  "
  John B. Carley            Peter S. O'Neill
  Director                  Director


By:/s/Peter T. Johnson      By:/s/Gene C. Rose                     "
  Peter T. Johnson          Gene C. Rose
  Director                  Director


By:/s/ Jack K. Lemley       By:/s/Phil Soulen                      "
  Jack K. Lemley            Phil Soulen
  Director                  Director