COC IDA010810.pdf

Please refer to pages 7-8 of this report for detailed disclosure and certification information.
Institutional Equity Research

IDACORP, INC.
January 11, 2010 IDA – NYSE

Rating: BUY
Price: (1/8/10) $32.30
Price Targets: 12-18 month: ↑$36
5-year: ↑$43

Industry:
Utilities

James L. Bellessa, Jr., CFA
406.791.7230
[e-mail]

Michael Bates
Research Associate
406.791.7216
[e-mail]

Raising Target on Assumption of Rate Moratorium Settlement Approval
• Increasing EPS Estimates. We are raising our 2009 and 2010 EPS estimates
for IDACORP on the assumption that a collaborative settlement agreement will
soon be approved by the Idaho Public Utilities Commission (IPUC) for Idaho
Power. We believe the settlement increases the probability that EPS will climb
sequentially for 2009, 2010, and 2011, and achieve at least a 9.5% utility ROE.
• A win for all parties. The settlement between a number of customer groups and
the utility calls for: 1) a general rate freeze for 2010 and 2011; 2) a formulaic
sharing between ratepayers and the utility of the expected decline in the power
cost adjustment (PCA) slated for June 1, 2010, which is currently estimated at
$160 million (see Table 1); and 3) a floor on earnings for the company’s Idaho
jurisdiction based on a minimum 9.5% ROE and an equal sharing of earnings that
exceed the authorized 10.5% ROE.
• Raising 2009 EPS estimate. Based on the assumption that Idaho Power will be
able to use $8-$9 million of the accumulated deferred investment tax credits
(ADITC) allowed in the stipulation, to boost its 2009 achieved ROE in Idaho to
9.5%, we are raising our 2009 EPS estimate by $0.18 to $2.52.
• Lifting 2010 EPS forecast. We are initiating quarterly estimates for 2010 and are
raising our 2010 EPS estimate from $2.50 to $2.58 based on the assumption that
Idaho Power will: 1) receive ~$20-$25 million of the expected 2010/2011 year
PCA reduction as a benefit; and 2) reset its base level power supply costs by as
much as $75 million for the PCA going forward.
• Initiating a 2011 projection. With this report, we are initiating a 2011 EPS
forecast of $2.66. Conceivably after the rate moratorium ends on January 1,
2012, earnings will also be lifted by rate relief granted to the company for a
general rate increase application that is likely to be filed in 2011.
• Elevating target price. Based on our new estimates and the increased
possibility that our forecasts could be exceeded through the benefits of the
settlement agreement, we are raising our 12-18 month target from $33 to $36.
This price equates to 13.7x the average of our revised 2010 and initiated 2011
EPS forecasts. At the current share price, we are reiterating a BUY rating.

Valuation Data
Long-term growth rate (E) 5%
Total Debt/Cap (9/30/09) 50.4% Cash per share (9/30/09) $0.61 Book value per share (9/30/09) $28.97 Dividend (yield) $1.20 (3.7%) Return on Equity (T-T-M) 8.2%

Trading Data
Shares outstanding (M) 47.7
Market Capitalization ($M) $1,539
52-week range $20.91 - $30.66
Average daily volume (3 mos.) (K) 237
Float 97%
Index Membership S&P 400 MidCap

FY (Dec) 2008A 2009E Previous 2010E Previous
Revenue ($M) Q1 (Mar) $213.4 $228.6 A - $239.0 NA
Q2 (Jun) $230.2 $243.6 A - $261.6 NA
Q3 (Sep) $299.7 $324.5 A - $322.4 NA
Q4 (Dec) $217.0 $229.5 E NC $229.8 NA
$960.4 $1,026.2 E NC $1,052.7 $1,097.7
Price/Revenue 1.5x 1.5x 1.5x
EPS Q1 (Mar) $0.48 $0.40 A - $0.43 NA
Q2 (Jun) $0.39 $0.58 A - $0.63 NA
Q3 (Sep) $1.14 $1.16 A - $1.27 NA
Q4 (Dec) $0.16 $0.37 E $0.19 $0.25 NA $2.17 $2.52 E $2.34 $2.58 $2.50
Price/EPS 14.9x 12.8x 12.5x
EBITDA ($M) Q1 (Mar) $79.3 $73.7 A - $77.7 NA
Q2 (Jun) $77.3 $77.8 A - $91.6 NA
Q3 (Sep) $113.6 $115.2 A - $133.2 NA
Q4 (Dec) $46.8 $60.9 E $63.2 $68.7 NA
$316.9 $327.7 E $329.9 $371.2 $385.4
EV/EBITDA 9.2x 8.9x 7.8x

D.A. Davidson & Co.
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Price Chart
Source: Thomson One

Company Description:
Boise, ID -- IDACORP, Inc. is the holding company for the Idaho Power Company, an electric public utility that serves an approximate
24,000 square mile area in Southern Idaho and Eastern Oregon. Non-regulated subsidiaries include an affordable housing project
finance company and an operator of small hydroelectric generation projects.

Potential Risks:
Regulatory. Idaho Power (IDACORP’s principal operating subsidiary) is required to seek and receive approval from state and federal
regulators before making changes to its rates, business practices, executing acquisitions, and raising capital. Changes in the
regulatory environment could influence IDACORP’s credit ratings and its ability to attract returns on its investments. Regulators could
also mandate changes to the ratemaking structure which would significantly alter the utility’s business model and our earnings forecast.
Legislative. New legislation may be enacted to address the effects of climate change and greenhouse gas (GHG) emissions, which
would likely have a significant impact on the electric utility industry, although it remains unclear when and in what form new legislation
will be enacted. Although we cannot predict the impact of these changes until final plans are laid out, we believe these changes would
likely increase the utility’s operating costs and threaten its ability to earn at margins similar to current levels if regulators do not allow
Idaho Power to pass through such cost increases to ratepayers.
Commodity price risk. Idaho Power’s operations are exposed to the risks of fluctuations in the price of several commodities, including
natural gas, wholesale electricity, and coal. Although these risks are partially mitigated in the ratemaking process, the utility absorbs
some of the risks and benefits when actual fuel and purchased power prices deviate materially from the costs approved by regulators in
base rates.
Weather and economic risk. Our forecast for electric and gas demand is dependent on temperatures in Idaho Power’s service
territories. Our model for future years is based on the assumption of temperature levels matching 20-year historical averages, although
actual temperatures can fluctuate significantly above or below average levels. We also recognize that economic conditions influence
customer demand for electric and natural gas service, and, therefore, changes in the economy present potential risks to investors.

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Table 1: Formula for Sharing Power Cost Adjustment Reductions ($millions)

Reduction in
Power Cost
Adjustment Company Customer
Net Power
Supply Expense
(NPSE)
$220 $25 $120 $75
200 25 100 75
180 25 80 75
160 25 60 75
145 25 45 75
135 20 40 75
120 20 40 60
100 20 40 40
80 20 40 20
60 20 40 0
40 20 20 0
20 10 10 0
0 0 0 0 Source: Settlement agreement filed with the IPUC on November 9, 2009.

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REGULATORY RATE CASE SUMMARY

Revenue
Increase
Average Rate
Base
Return on
Equity
Return on
Rate Base
Equity
Ratio
Application, October 2009 10.50%
Application, July 2009 $7.3 (+22.6%) $111 11.25% 8.68% 49.80%
Settlement, December 2009 $5.0 (+15.4%) $110 10.18% 8.06% 49.80%
2009-2010 Idaho Power Cost Adjustment 3
Application, April 2009 $93.8 (+11.4%)
Revised & Approved, May 2009 $84.3 (+10.2%)
Oregon Annual Power Cost Update 4
Requested & Approved, May 2009 $3.9 (+11.46%)
Application, June 2008 $66.6 (+9.9%) $2,093 11.25% 8.55% 49.27%
Approved, January 2009 $20.9 (+3.1%) $2,094 10.5% 8.18% 49.27%
Revised, March 2009 $27.0 (+4.0%) $2,094 10.5% 8.18% 49.27%
FERC Open Access Transmission Tariff Case
Application, March 2006 $11.0 11.25%
Approved, January 2009 (appealed) $6.8 10.7%
2009 Idaho General Rate Case 1
Notes to Regulatory Summary
5 As part of the 2008 general rate case, ongoing finance costs of ~$10 million (allowance for funds used during construction (AFDUC)) for the relicensing of the
Hells Canyon Project were allowed in rate base for the first time since the company’s relicensing efforts started ten years earlier in order to support cash flows for
the utility’s credit rating purposes (but not profits), even though the company’s relicensing efforts are still ongoing. Also included in the rate case were a
lowering of the load growth adjustment rate (LGAR) from $28.14/MWh to $26.63/MWh, and a new residential tiering rate schedule was enacted.
2 The settlement resolved all issues in the case, other than residential rate design and an industrial service reliability issue. The compromise deal must be
approved by the Public Utility Commission of Oregon (OPUC) before becoming effective on March 1, 2010.
($ in millions)
2008 Idaho General Rate Case 5
6 The new OATT calculation allowed the utility to move from a fixed rate to a formula rate which would be updated annually. The Administrative Law Judge's
(ALJ) initial decision required refunds of $5.4 million. On appeal, the ALJ’s initial decision was upheld in most respects and Idaho Power was required to
reduce its rates to FERC jurisdictional customers and refund $13.3 million to these customers for the period since the new rates went into effect in June 2006.
The utility has filed a request for rehearing with the FERC.
3 The PCA mechanism is a pass-through mechanism and does not contain a profit component. It provides annual adjustments to rates by tracking differences
between actual net power supply costs and power supply costs recovered in retail rates. Although Idaho Power's original 2009 PCA request was for a rate
increase of $93.8 million (+11.4%), the utility subsequently revised its request based upon its updated operating plan, to approximately $84.3 million (+10.2%)
and the revised request was approved. The 2009-2010 PCA reflects a new methodology that utilizes Idaho Power's most recent operating plan to forecast power
supply expenses rather than the previous method (based on a forecast of Brownlee Reservoir inflow and a regression formula). The PCA mechanism provides
that 95% of deviations in power supply costs are reflected in Idaho Power’s rates for both the forecast and the true-up components. The significant size of this
PCA filing includes a true-up for higher than projected power costs last year as well as higher expected costs in the coming year.
4 In addition to granting Idaho Power's APCU, the OPUC issued an order on May 28, 2009 adopting a stipulation in the utility's net power supply deferral. The
deferral was granted in anticipation of higher than normal power supply expenses (Idaho Power's forecast of excess power supply costs in its Oregon jurisdiction
equaled $5.7 million) due to below-normal hydrogeneration. Under current rules, the $5.7 million deferral will not be collected until after power supply cost
deferrals from older periods have been recovered.
2009 Oregon General Rate Case2
1 Idaho Power and intervenors submitted the stipulated agreement in this docket to the Idaho Public Utilities Commission (IPUC) on November 9, 2009 which
would allow the parties to forego a pending general rate case proceeding. The settlement agreement includes a mechanism which allows the utility to amortize
additional accumulated deferred investment tax credits in an amount up to $45 millon from (2009-2011) if its realized ROE falls below 9.5%. If the company's
realized ROE exceeds 10.5%, profits beyond that point would be shared equally between the utility and customers. Also as part of the settlement, the utility
agreed to a moratorium of general rate increases (excluding increases connected to the power cost adjustment (PCA) and fixed cost adjustment (FCA)) until
January 1, 2012.
Last updated 1/8/10

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IDACORP, Inc.
Consolidated Balance Sheet
($ in thousands) -- Fiscal year ends 12/31 2005 2006 2007 2008 3/31/2009 6/30/2009 9/30/2009
ASSETS:
Electric Plant:
In Service (At Original Cost) $3,477,067 $3,583,694 $3,796,339 $4,030,134 $4,077,121 $4,107,992 $4,141,054
Accumulated Provision For Depreciation (1,364,640) (1,406,210) (1,468,832) (1,505,120) (1,520,896) (1,540,469) (1,556,226)
In Service - Net $2,112,427 $2,177,484 $2,327,507 $2,525,014 $2,556,225 $2,567,523 $2,584,828
Construction Work In Progress 149,814 210,094 257,590 207,662 186,662 201,155 236,632
Held For Future Use 2,906 2,810 3,366 6,318 6,653 6,653 6,549
Other Property, Net Of Accum. Depreciation 29,294 28,692 28,089 19,171 19,270 19,157 19,134
Property, Plant And Equipment - Net $2,294,441 $2,419,080 $2,616,552 $2,758,165 $2,768,810 $2,794,488 $2,847,143
Investments And Other Property $191,593 $202,825 $201,085 $198,552 $185,532 $193,548 $197,861
Current Assets:
Cash And Cash Equivalents $52,356 $9,892 $7,966 $8,828 $89,113 $16,002 $28,869
Receivables:
Customer 94,469 62,131 69,160 64,733 70,919 70,777 83,990
Allowance For Uncollectible Accounts (33,078) (7,168) (7,505) (1,724) (1,482) (1,247) (1,534)
Employee Notes Receivable 2,951 2,569 2,128 179
Other 21,377 11,855 10,957 10,260 15,099 14,226 12,242
Energy Marketing Assets 23,859 12,069
Taxes Receivable 18,111 9,710 99 0
Accrued Unbilled Revenues 38,905 31,365 36,314 43,934 35,751 48,265 49,779
Materials And Supplies (At Avg. Cost) 30,451 39,079 43,270 50,121 52,778 51,251 50,599
Fuel Stock (At Average Cost) 11,739 15,174 17,268 16,852 13,941 23,331 22,346
Prepayments 17,876 9,308 9,371 10,059 9,878 9,493 11,659
Deferred Income Taxes 23,922 28,035 25,672 37,550 14,792 14,731 14,739
Regulatory Assets -- Derivatives 3,064
Refundable Income Tax Deposit 44,903 46,083
Other Current Assets 2,956 3,993 6,023 7,381 8,956 8,602 3,105
Assets Held For Sale 6,673 3,326
Total Current Assets $297,520 $266,531 $266,707 $266,284 $319,455 $255,530 $275,794
Other Assets:
American Falls And Milner Water Rights $31,585 $30,543 $29,501 $26,332 $25,008 $24,747 $24,487
Company-Owned Life Insurance 35,401 34,055 30,842 29,482 30,036 28,812 27,029
Energy Marketing Assets -- Long-Term 22,189
Regulatory Assets Associated With Taxes 415,177 423,548 449,668 696,332 692,270 693,366 701,931
Long-Term Receivables 4,015 3,802 3,583 4,012 3,844 5,204 5,212
Other 46,239 43,670 55,370 43,686 44,723 46,981 37,835
Assets Held For Sale 25,966 21,076
Total Other Assets $580,572 $556,694 $568,964 $799,844 $795,881 $799,110 $796,494
Total Assets $3,364,126 $3,445,130 $3,653,308 $4,022,845 $4,069,678 $4,042,676 $4,117,292
CAPITALIZATION AND LIABILITIES:
Capitalization:
Shareholders' Equity:
Common Stock $598,706 $638,799 $675,774 $729,576 $731,756 $734,880 $747,402
Retained Earnings 437,284 493,363 537,699 581,605 586,408 599,735 640,029
Other Comprehensive Income (3,425) (5,737) (6,156) (8,707) (9,458) (8,179) (6,900)
Treasury Stock (998) (2,242) (2) (37) (20) (21) (53)
Unearned Compensation (6,316)
Total Common Stock Equit $1,025,251 $1,124,183 $1,207,315 $1,302,437 $1,308,686 $1,326,415 $1,380,478
Noncontrolling Interest 4,478 4,434 3,987 4,082 4,311
Preferred Stock
Long-Term Debt 1,023,545 928,648 1,156,880 1,183,451 1,279,504 1,283,570 1,282,900
Long-term Capitalization $2,048,796 $2,052,831 $2,368,673 $2,490,322 $2,592,177 $2,614,067 $2,667,689
Current Liabilities:
Long-Term Debt Due Within One Year $16,307 $95,125 $11,456 $86,528 $81,502 $83,502 $84,064
Notes Payable 60,100 129,000 186,445 151,250 150,700 79,099 36,780
Accounts Payable 80,324 86,440 85,116 96,785 53,010 66,038 88,136
Energy Marketing Liabilities 24,093 13,532
Taxes Accured 72,652 47,402 8,492 20,531
Interest Accrued 14,616 12,657 18,913 16,727 24,054 17,919 27,680
Uncertain Tax Positions 26,764 4,119 4,509
Other 19,577 23,572 38,129 40,259 47,017 44,069 37,761
Liabilities Held For Sale 5,916 2,606
Total Current Liabilities $293,585 $410,334 $375,315 $395,668 $360,792 $290,627 $294,952
Other Liabilities:
Energy Marketing Liabilities -- Long-Term $22,189
Derivative Liabilities -- Long-Term
Deferred Income Taxes 519,563 498,512 466,182 515,719 511,281 512,978 528,953
Regulatory Liabilities Associated With Income Taxes
Regulatory Liabilities - Pca
Regulatory Liabilities - Other 345,109 294,844 274,204 276,266 282,440 292,378 285,695
Other 124,833 179,836 168,934 344,870 322,988 332,626 340,003
Liabilities Held For Sale 10,051 8,773
Total Other Liabilities $1,021,745 $981,965 $909,320 $1,136,855 $1,116,709 $1,137,982 $1,154,651
Total Capitalization And Liabilities $3,364,126 $3,445,130 $3,653,308 $4,022,845 $4,069,678 $4,042,676 $4,117,292
Shares Outstanding (000's)42,632 43,834 45,063 46,920 47,145 47,248 47,650
Book Value per Share $24.05 $25.65 $26.79 $27.76 $27.76 $28.07 $28.97
% of Total Capitalization
Notes Payable 2.8% 5.7% 7.3% 5.5% 5.3% 2.8% 1.3%
Long-Term Debt (including due within one year) 48.9% 45.0% 45.5% 46.6% 48.2% 49.2% 49.0%
Noncontrolling Interest/Preferred 0.0% 0.0% 0.2% 0.2% 0.1% 0.1% 0.2%
Common 48.2%49.4%47.0%47.7%46.3%47.8%49.5%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
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IDACORP, Inc.
Consolidated Statements of Income
($ in thousands) -- Fiscal year ends 12/31 1Q08 2Q08 3Q08 4Q08 2008 1Q09 2Q09 3Q'09 4Q'09E 2009E 1Q10E 2Q10E 3Q'10E 4Q'10E 2010E 2011E
REVENUES:
Electric Utility:
General Business $167,313 $188,748 $246,639 $181,611 $784,311 $187,927 $198,215 $277,676 $191,784 $855,602 $199,155 $218,383 $279,774 $189,244 $886,558 $903,897
Off System Sales 33,363 25,641 34,637 27,789 121,430 28,530 26,667 23,691 27,189 106,077 26,447 29,833 29,311 27,189 112,780 137,400
Other Revenues 12,120 14,556 16,831 6,828 50,335 11,572 17,636 21,761 10,000 60,969 12,500 12,500 12,500 12,500 50,000 52,500
Total Electric Utility Revenues 212,796 228,945 298,107 216,228 956,076 228,029 242,518 323,128 228,973 1,022,648 238,102 260,717 321,585 228,933 1,049,337 1,093,797
Diversified Operations:
Other 644 1,281 1,609 804 4,338 545 1,116 1,381 500 3,542 850 850 850 850 3,400 3,500
Total Revenues $213,440 $230,226 $299,716 $217,032 $960,414 $228,574 $243,634 $324,509 $229,473 $1,026,190 $238,952 $261,567 $322,435 $229,783 $1,052,737 $1,097,297
EXPENSES:
Electric Utility:
Purchased Power $45,299 $50,089 $79,513 $56,237 $231,138 $32,795 $25,091 $73,483 $52,551 $183,920 $40,166 $28,875 $54,448 $38,870 $162,359 $171,974
Fuel Expense 37,237 28,681 46,467 37,018 149,403 39,133 24,475 49,530 37,781 150,919 39,287 28,679 49,846 36,629 154,441 164,070
Third Party Transmission Expense 497 1,903 3,738 2,500 8,638 906 1,776 2,791 2,000 7,473 2,000 2,000 2,000 2,000 8,000 8,000
Power Cost Adjustment (17,744) (829) (20,105) (8,735)(47,413)15,859 26,762 1,614 (8,500)35,735 (6,000) 19,000 0 0 13,000 0
Total Power Supply $65,289 $79,844 $109,613 $87,020 $341,766 $88,693 $78,104 $127,418 $83,832 $378,047 $75,453 $78,554 $106,293 $77,500 $337,800 $344,043
Other Operations And Maintenance 68,430 73,714 71,040 72,208 285,392 68,769 74,653 68,970 70,982 283,374 73,812 78,997 70,749 71,885 295,443 305,169
Energy Efficiency Programs 3,364 3,928 5,956 5,631 18,879 4,058 8,673 12,202 12,000 36,933 12,000 12,000 12,000 12,000 48,000 50,000
Gain On Sale Of Emission Allowances (346) (158)(504)(229) (60)(289) 0 0
Depreciation 25,750 26,617 25,717 24,001 102,085 25,963 26,832 28,837 29,000 110,632 29,250 29,500 29,750 30,000 118,500 122,000
Taxes Other Than Income Taxes 4,803 4,800 4,827 4,653 19,083 5,062 5,088 5,600 5,037 20,787 5,238 5,736 5,467 5,037 21,477 21,876
Total Electric Utility Expenses $167,636 $188,557 $216,995 $193,513 $766,701 $192,316 $193,290 $243,027 $200,851 $829,484 $195,753 $204,787 $224,259 $196,421 $821,220 $843,088
Other Expenses 1,048 1,140 1,144 (286)3,046 623 872 1,879 1,200 4,574 1,200 1,200 1,200 1,200 4,800 5,000
Total Operating Expenses $168,684 $189,697 $218,139 $193,227 $769,747 $192,939 $194,162 $244,906 $202,051 $834,058 $196,953 $205,987 $225,459 $197,621 $826,020 $848,088
OPERATING INCOME:
Electric Utility $45,160 $40,388 $81,112 $22,715 $189,375 $35,713 $49,228 $80,101 $28,122 $193,164 $42,349 $55,930 $97,326 $32,512 $228,117 $250,709
Other Diversified Operations (404) 141 465 1,090 1,292 (78) 244 (498) (700)(1,032)(350) (350) (350) (350)(1,400) (1,500)
Equity In Earnings Of Partnerships
Combined Operating Income $44,756 $40,529 $81,577 $23,805 $190,667 $35,635 $49,472 $79,603 $27,422 $192,132 $41,999 $55,580 $96,976 $32,162 $226,717 $249,209
Total Other Income: 3,741 4,302 2,038 (6,250)3,831 6,921 4,058 4,569 2,000 17,548 4,000 4,000 4,000 4,000 16,000 17,000
Earnings Of Uncons. Eq-Method Inv. (4,036) (3,278) 2,642 675 (3,997)402 (2,620) 2,866 2,000 2,648 800 800 800 800 3,200 3,400
Total Other Expenses:
INTEREST EXPENSE AND OTHER:
Interest On Long-Term Debt $16,876 $15,744 $17,226 $17,404 $67,250 $16,640 $18,282 $18,840 $19,250 $73,012 $19,500 $19,750 $20,000 $20,250 $79,500 $81,500
Other Interest 596 1,313 1,310 2,587 5,806 836 (117) (239) 750 1,230 750 750 750 750 3,000 3,200
Total Interest Expense And Other $17,472 $17,057 $18,536 $19,991 $73,056 $17,476 $18,165 $18,601 $20,000 $74,242 $20,250 $20,500 $20,750 $21,000 $82,500 $84,700
Income Before Income Taxes: 26,989 24,496 67,721 (1,761)117,445 25,482 32,745 68,437 11,422 138,086 26,549 39,880 81,026 15,962 163,417 184,909
Accumulated Deferred Investment Tax Credits 8,600 8,600
Income Taxes: 5,584 6,941 15,809 (9,134)19,200 6,795 5,175 13,730 2,284 27,984 6,106 9,172 18,636 3,671 37,586 48,076
Tax Rate 21% 28% 23% 519%16%27% 16% 20% 20%20%23% 23% 23% 23%23% 26%
Income From Continuing Operations $21,405 $17,555 $51,912 $7,373 $98,245 $18,687 $27,570 $54,707 $17,738 $118,702 $20,443 $30,708 $62,390 $12,291 $125,831 $136,832
Losses From Disc. Ops. (Net Of Tax) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Income $21,405 $17,555 $51,912 $7,373 $98,245 $18,687 $27,570 $54,707 $17,738 $118,702 $20,443 $30,708 $62,390 $12,291 $125,831 $136,832
Adjustment For Noncontrolling Interest 311 (40) (173) 71 169 197 (95) (229) 50 (77)50 50 50 50 200 200
Net Income Available For Common $21,716 $17,515 $51,739 $7,444 $98,414 $18,884 $27,475 $54,478 $17,788 $118,625 $20,493 $30,758 $62,440 $12,341 $126,031 $137,032
Avg. Common Shares Outstanding (000) 45,047 45,155 45,246 46,027 45,369 46,876 46,977 47,141 47,441 47,109 48,041 48,641 49,241 49,841 48,941 51,441
Earnings Per Share (Diluted)$0.48 $0.39 $1.14 $0.16 $2.17 $0.40 $0.58 $1.16 $0.37 $2.52 $0.43 $0.63 $1.27 $0.25 $2.58 $2.66
Dividends Per Common Share $0.30 $0.30 $0.30 $0.30 $1.20 $0.30 $0.30 $0.30 $0.30 $1.20 $0.30 $0.30 $0.30 $0.30 $1.20 $1.20
Dividend Payout Ratio 62% 77% 26% 185%55%74% 51% 26% 80%48%70% 47% 24% 121%47% 45%
EPS By Segment
Idaho Power Company $0.47 $0.39 $1.05 $0.17 $2.07 $0.41 $0.56 $1.08 $0.43 $2.48 $0.42 $0.62 $1.26 $0.23 $2.53 $2.62
Idacorp Energy (0.00) (0.00) (0.00) (0.00)(0.00)(0.00) (0.00) (0.00)
Ida-West Energy 0.00 0.02 0.03 0.00 0.05 0.00 0.03 0.03
Idacorp Financial 0.02 0.02 0.02 0.03 0.08 0.00 0.00 0.01
Holding Company (0.01) (0.04) 0.05 (0.03)(0.03)(0.02) (0.01) 0.04
Reported Eps, Diluted $0.48 $0.39 $1.14 $0.16 $2.17 $0.40 $0.58 $1.16 $0.37 $2.52 $0.43 $0.63 $1.27 $0.25 $2.58 $2.66
D.A. Davidson & Co.
Two Centerpointe Drive, Suite 400 • Lake Oswego, Oregon 97035 • [phone] • [phone] • www.dadavidson.com
Copyright D.A. Davidson & Co., 2010. All rights reserved.
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Required Disclosures
D.A. Davidson & Co. expects to receive, or intends to seek, compensation for investment banking services from this company in the
next three months.
D.A. Davidson & Co. is a full service investment firm that provides both brokerage and investment banking services. James L.
Bellessa, Jr., CFA and Michael Bates, the research analysts principally responsible for the preparation of this report, will receive
compensation that is based upon (among other factors) D.A. Davidson & Co.’s investment banking revenue. However, D.A. Davidson
& Co.’s analysts are not directly compensated for involvement in specific investment banking transactions.
We, James L. Bellessa, Jr., CFA and Michael Bates, attest that (i) all the views expressed in this research report accurately reflect our
personal views about the common stock of the subject company, and (ii) no part of our compensation was, is, or will be, directly or
indirectly, related to the specific recommendations or views expressed in this report.

Ratings Information

D.A. Davidson & Co. Ratings Buy Neutral Underperform
Risk adjusted return potential azbycx Over 15% total return
expected on a risk adjusted
basis over next 12-18 months
>0-15% return potential
on a risk adjusted basis
over next 12-18 months
Likely to remain flat or lose
value on a risk adjusted basis
over next 12-18 months
Distribution of Ratings (as of 9/30/09) Buy Hold Sell
Corresponding Institutional Research Ratings Buy Neutral Underperform
and Distribution 48% 45% 7%
Corresponding Private Client Research Ratings Outperform Market Perform Underperform
and Distribution 78% 22% 0%
Distribution of Combined Ratings 51% 43% 6%
Distribution of companies from whom D.A. Davidson & Co. has received compensation for investment banking services in last 12 mos.
Institutional Coverage 8% 3% 13%
Private Client Coverage 0% 0% 0%
Distribution of Combined Investment Banking 7% 3% 13%

D.A. Davidson & Co.’s Institutional Research Rating Scale (maintained since 7/9/02): Buy, Neutral, Underperform

D.A. Davidson & Co.
Two Centerpointe Drive, Suite 400 • Lake Oswego, Oregon 97035 • [phone] • [phone] • www.dadavidson.com
Copyright D.A. Davidson & Co., 2010. All rights reserved.
8
Target prices are our Institutional Research Department’s evaluation of price potential over the next 12-18 months and 5 years, based
upon our assessment of future earnings and cash flow, comparable company valuations, growth prospects and other financial criteria.
Certain risks may impede achievement of these price targets including, but not limited to, broader market and macroeconomic
fluctuations and unforeseen changes in the subject company’s fundamentals or business trends.

Other Disclosures

Information contained herein has been obtained by sources we consider reliable, but is not guaranteed and we are not soliciting any
action based upon it. Any opinions expressed are based on our interpretation of data available to us at the time of the original
publication of the report. These opinions are subject to change at any time without notice. Investors must bear in mind that inherent in
investments are the risks of fluctuating prices and the uncertainties of dividends, rates of return and yield. Investors should also
remember that past performance is not necessarily an indicator of future performance and D.A. Davidson & Co. makes no guarantee,
express or implied, as to future performance. Investors should note this report was prepared by D.A. Davidson & Co.’s Institutional
Research Department for distribution to D.A. Davidson & Co.’s institutional investor clients and assumes a certain level of investment
sophistication on the part of the recipient. Readers, who are not institutional investors or other market professionals, should seek the
advice of their individual investment advisor for an explanation of this report’s contents, and should always seek such advisor’s advice
before making any investment decisions. Further information and elaboration will be furnished upon request.