COC WellsFargo-Feb-25-2010.pdf

Please see page 9 for rating definitions, important disclosures
and required analyst certifications
Wells Fargo Securities, LLC does and seeks to do business with companies
covered in its research reports. As a result, investors should be aware that
the firm may have a conflict of interest that could affect the objectivity of the
report and investors should consider this report as only a single factor in
making their investment decision.

February 25, 2010

Equit Research
IDACORP, Inc.
IDA: Raising 10-13E EPS Estimates and Valuation Range
Attractive Story; Waiting for a More Attractive Entry Point

• Summary. We are increasing our 10-13E EPS to $2.72, $2.95, $3.00 and $3.05
from $2.50, $2.65, $2.75 and $2.80. We are also increasing our valuation range
to $35-36 from $32-33. While we are increasingly comfortable with the Idaho
regulatory environment and view the recent rate settlement as particularly
favorable, valuation keeps us on the side lines for now.
• We are increasing our 10E and 11E EPS to $2.72 and $2.95 to better reflect
the provisions included in IDA’s Idaho rate settlement. We assume Idaho Power
amortizes Accumulated Deferred Investment Tax Credits (ADITC) of $12mm
and $20mm in 2010 and 2011, respectively, in order to achieve the minimum
9.5% ROE. Factors that could impact required amortizations include other
potential tax benefits, sales growth, expense controls and power costs. See
Figure 3 for the key assumptions underlying our 10E and 11E EPS.
• We are increasing our 12E and 13E EPS to $3.00 and $3.05 driven by a
higher assumed ROE (nearly 10% vs. 9.5% previously) and an adjustment to our
rate base calculation in order to incorporate a more forward-looking test year.
We assume new rates at Idaho Power on 1/1/2012 and an additional rate
increase when Langley Gulch goes on-line in mid-to-late 2012. A 50 basis point
change to our assumed earned ROE of roughly 10% has an $0.11-0.14 impact on
EPS in 2012 and 2013. See Figure 4 for the key assumptions underlying our 11E
and 12E EPS.
• We continue to rate shares Market Perform. We are attracted to IDA’s
increasingly constructive regulatory environment punctuated by the recently
approved rate settlement, which we view very positively. Other positive features
include a relatively attractive service territory and longer-term rate base growth
opportunities. Our neutral stance towards shares largely reflects valuation
considerations. Since releasing details of its Idaho rate settlement on 11/9/09,
shares of IDA have outperformed the S&P Utilities by 16% and now trade at a
modest discount to the Regulated Electric peer group median P/E multiples on
2010 and 2011 EPS estimates. While we are intrigued with IDA’s story and
believe shares are modestly undervalued, we would advise investors to wait for a
more attractive entry point (all else equal). We are increasing our valuation
range to $35-36 from $32-33 to reflect our improved EPS outlook.

Valuation Range: $35.00 to $36.00 from $32.00 to $33.00
We value IDA under P/E multiple analysis (apply an 11.5-12.0X multiple to our 12E
EPS of $3.00). Risks to our valuation include project delays or cancellations,
negative regulatory developments and consistently below average hydroelectric
conditions.

Investment Thesis:
We are attracted to IDA's increasingly constructive regulatory environment,
attractive service territory and strong rate base growth potential. Our Market Perform rating largely reflects valuation considerations.

Market Perform

Sector: Regulated Electric Utilities
Market Weight

Earnings Estimates Revised Up

2009 2010E 2011E
EPS Curr. Prior Curr. Prior
Q1 (Mar.) $0.40 $0.43 NE
Q2 (June) 0.58 0.52 NE
Q3 (Sep.) 1.16 1.14 NE
Q4 (Dec.) 0.49 0.63 NE
FY $2.64 $2.72 2.50 $2.95
CY $2.64 $2.72 $2.95
FY P/E 12.9x 12.5x 11.5x
Rev.(MM $1,050 $1,089 $1,116
Source: Company Data, Wells Fargo Securities, LLC estimates, and Reuters NA = Not Available, NC = No Change, NE = No Estimate, NM = Not Meaningful

Ticker IDA
Price (02/24/2010) $33.94
52-Week Range: $20-34
Shares Outstanding: (MM) 47.7
Market Cap.: (MM) $1,618.9
S&P 500: 1,105.24
Avg. Daily Vol.: 335,463
Dividend/Yield: $1.20/3.5%
LT Debt: (MM) $1,409.7
LT Debt/Total Cap.: 49.0%
ROE: 10.0%
3-5 Yr. Est. Growth Rate: 5.0%
CY 2010 Est. P/E-to-Growth: 2.5x
Last Reporting Date: 02/23/2010
Before Open
Source: Company Data, Wells Fargo Securities, LLC estimates, and Reuters

Neil Kalton, CFA, Senior Analyst
[phone] / [e-mail] Akers, Associate Analyst
[phone] / [e-mail]
Jonathan Reeder, Associate Analyst
[phone] /
[e-mail]

WELLS FARGO SECURITIES, LLC
Utilities EQUITY RESEARCH DEPARTMENT

2

Company Description:
IDACORP (IDA) is the holding company for Idaho Power Company (IPC), a regulated electric utility serving
more than 485,000 customers in southern Idaho, including Boise and surrounding areas, and eastern Oregon.
In addition, IDACORP Financial Services (IFS), a non-utility business, invests in affordable housing tax
credits.

Investment Thesis & Valuation

We rate shares Market Perform and are increasing our valuation range to $35-36 from $32-33. We are
increasingly comfortable with the Idaho regulatory environment and view the recent rate settlement very
favorably. In addition, we believe IDA stands to benefit from rate base growth opportunities driven by a
growing service territory. Our neutral stance towards shares largely reflects valuation considerations. Since
releasing details of its Idaho rate settlement on November 9, 2009, shares of IDA have outperformed the S&P
Utilities by 16% and now trade at a modest discount to the Regulated Electric peer group median P/E multiples
on 2010 and 2011 EPS estimates (see Figure 1 below). While we are intrigued with IDA’s story and believe
shares are modestly undervalued, we would advise investors to wait for a more attractive entry point.

Figure 1: Valuation Metrics Versus Regulated Electric Utilities Peer Group
Price Price/
2/24/2010 2010E 2011E 2012E 2010E 2011E 2012E Tangible Book
IDACORP, Inc. $33.94 $2.72 $2.95 $3.00 12.5x 11.5x 11.3x 1.2
Regulated Electric Group Median 13.0x 11.9x 11.2x 1.4
IDA Discount/Premium to Peers -4% -4% 1% -17%
EPS P/E
Source: Wells Fargo Securities, LLC and FactSet

We are raising our valuation range to $35-36 per share from $32-33 as a result of our upwardly revised EPS
outlook. We apply an 11.5X-12.0X multiple to our 2012 EPS estimate of $3.00 (up from $2.75) to arrive at a
12-18 month forward value of $35-36. The 11.5-12.0X range compares to the Regulated Electric peer group
median of 11.9X 2011 EPS estimates. We apply a 2011 median multiple to our 2012 EPS estimate due to the
forward looking nature of our valuation range.

We believe shares deserve a modest discount to the peer group P/E multiple. IDA benefits from increasingly
favorable regulation, rate base growth opportunities related to new generation and transmission projects and a
relatively attractive service territory. That said, we do not believe shares deserve a premium multiple given the
lack of a fully forward-looking test year (the rate settlement notwithstanding), the lack of a full pass-through
for fuel and purchased power costs, the impact of the load growth adjustment rate (LGAR) and the company’s
$1.6 billion market capitalization (our small-cap regulated electric utility group currently trades at a 2-3%
discount to the entire regulated electric group). Of note, risk associated with the power cost adjustment
mechanism and LGAR has significantly decreased in conjunction with improvements enacted in 2009.

EPS Outlook

As outlined in Figure 2 below, our new 2010-2013 EPS estimates are $2.72, $2.95, $3.00 and $3.05 versus
$2.50, $2.65, $2.75 and $2.80, previously.

Figure 2: Revised EPS Outlook
2010E 2011E 2012E 2013E
Current $2.72 $2.95 $3.00 $3.05
Previous $2.50 $2.65 $2.75 $2.80
Change vs. previous 9% 11% 9% 9%
Year-over-year change 3% 8% 2% 2%
Source: Wells Fargo Securities, LLC Estimates

WELLS FARGO SECURITIES, LLC
IDACORP, Inc. EQUITY RESEARCH DEPARTMENT

3

2010 & 2011

We are increasing our 2010 and 2011 EPS estimates to $2.72 and $2.95 from $2.50 and $2.65 respectively, to
more accurately reflect provisions in the Idaho rate settlement, particularly as it relates to the use of year-end
Idaho jurisdictional equity, discussed below. Our 2010 estimate compares to IDA’s 2010 EPS guidance of
$2.65-2.80.

Under the Idaho rate settlement, which is discussed in more detail later in the report, Idaho Power is allowed
to amortize Accumulated Deferred Investment Tax Credits (ADITC) up to $25mm per year in each of 2010 and
2011 (so long as the total does not exceed $45mm) in order to achieve a minimum ROE of 9.5%. The
settlement also provides for a base rate increase of up to $25mm depending on the actual PCA reduction,
which will be filed in April. Our model assumes a $20mm base rate increase in mid-2010.

Importantly, the test to determine whether and to what extent ADITC amortizations are required is based on
the Idaho-jurisdictional portion of Idaho Power’s year-end book equity. Figure 3 below lays out our
assumptions on equity and ADITC amortizations as well as non-Idaho jurisdictional earnings, including
Oregon, parent and other unregulated operations. We do not break out AFUDC earnings or transmission-
related earnings as they are included in the Idaho settlement. Of note, our year-end equity assumptions for
Idaho Power are calculated on pre-ADITC equity for each given year. While ADITC amortizations do add to
year-end equity, it is our understanding that the earnings/ROE test is done before the amortizations are
effectuated. For example, our 2011 year-end equity assumption includes ADITC amortizations from 2010, but
excludes 2011 amortizations.

Figure 3: 2010 and 2011 Earnings Assumptions ($ millions unless specified)
2010E 2011E
Idaho
Idaho Power Year-End Equity 1,396 1,544
Idaho-Jurisdictional Year-End Equity (95%) 1,326 1,467
Earnings Power @ 9.5% ROE 126 139
EPS $2.60 $2.81
ADITC Amortizations Required to Achieve 9.5% ROE 12 21
Oregon
Average Rate Base 114 117
Equity Ratio 49% 49%
Earned ROE 8.0% 9.5%
Earnings Power 4 5
EPS $0.09 $0.11
Unregulated, Parent and Other EPS $0.03 $0.03
TOTAL EPS $2.72 $2.95
Source: Wells Fargo Securities, LLC Estimates

Comments on Taxes and ADITC Amortization. The amortization of Accumulated Deferred Investment
Tax Credits (ADITC) would reduce Idaho Power’s taxes. As the 9.5% ROE test is based on actual year-end
Idaho-jurisdictional equity, the determination is made at the end of the year and the amortization would occur
in the fourth quarter of each year. IDA projects tax rates of 13-17% and 6-10% for Idaho Power and IDACORP,
respectively, reflecting, in part, the utilization of up to $25mm of ADITC amortization. On the year-end
conference call, IDA management noted, however, that there may be other tax benefits that could supplement
the ADITC amortizations. IDA is currently evaluating an opportunity, for example, to allow a current income
tax deduction related to certain repair related expenditures for tax years beginning in 1999. As a reminder, any
tax benefit at Idaho Power flows through the 9.5% earnings test. As depicted in Figure 3, we are currently
assuming ADITC amortizations of $12.0mm in 2010 and $20.5mm in 2011.

WELLS FARGO SECURITIES, LLC
Utilities EQUITY RESEARCH DEPARTMENT

4

Even without the ADITC amortization and/or other new tax benefits, Idaho Power has had a relatively lower
effective tax rate due to AFUDC, investment tax credits, repair allowances and other items. For reference,
Idaho Power’s 2007-2009 effective tax rates were 31.6%, 28.5% and 22.5%, respectively. Consolidated
effective tax rates are even lower due largely to affordable housing tax credits generated by IFS. IDACORP’s
2007-2009 effective tax rates were 14.3%, 16.3% and 15.2%, respectively.
Other Factors/Assumptions. In addition to tax items, other factors that could impact ADITC
amortizations include sales growth, cost controls and power costs. We assume modest sales growth (+0.6%) in
2010 and nearly 1.5% in 2011 and operations and maintenance (O&M) expense growth of roughly 3.5% in both
2010 and 2011. Our 2010 O&M expense is towards the top end of IDA’s 2010 guidance range of $295-305mm.
The impact of power costs on earnings is mitigated by IDA’s power cost adjustment mechanism, which
includes 95/5 sharing of excess power costs between customers and shareholders.

2012 & 2013

We are also raising our 2012 and 2013 EPS estimates to $3.00 and $3.05 from $2.75 and $2.80. Our upward
revisions are based on factors largely independent of our revisions to 2010 and 2011 EPS as the Idaho
settlement agreement expires at year-end 2011. The main drivers of our higher estimates are a higher assumed
ROE (10% versus 9.5% previously) and a change in our methodology for calculating rate base to incorporate a
more forward-looking test year. Figure 4 lays out the main assumptions underlying our 2012 and 2013 EPS
estimates.

Our 2012 EPS estimate of $3.00 is just 2% above our 2011 estimate of $2.95 despite an assumed 10% earned
ROE versus 9.5% in 2011 largely due to differences in our assumed average rate base in 2012 versus our
assumed year-end Idaho-jurisdictional equity in 2011.

IDA plans to file for new rates effective 1/1/2012, which will likely include a base rate adjustment for higher
costs, revised sales growth assumptions and new plant additions since 2008 as well recovery of the Langley
Gulch combined cycle power plant, which is scheduled to enter service in mid-to-late 2012. We assume Idaho
Power earns an ROE of 10% in 2012 and nearly 10% in 2013 and note that the actual allowed ROE in the recent
rate settlement was 10.5%.
That said, we harbor modest concerns that the rate proceeding could be challenging as we expect the rate
request will be material. According to Idaho Power’s testimony in the rate settlement, the requested rate
increase would have exceeded 10% including certain mitigation efforts (such as deferring a request for
construction work in progress) and would have been greater than 20% without mitigation efforts. We assume
the need will be even higher following two more years of cost escalation and investment, partially offset by the
$20mm base rate increase we assume in mid-2010 related to the PCA reduction. Mitigating our concerns are a
relatively constructive IPUC combined with the fact that Idaho Power will have had a multi-year rate case
moratorium, which should provide some understanding for a relatively large request, as well as a likely
improved economic environment. As a result of these factors and given the proceeding is still at least a year
off, we are not overly concerned, but believe the potentially large rate increase required to earn a 10% ROE in
2012 and beyond should remain on investors’ radar. We estimate that a 50 basis point change in earned ROE
has a $0.11-0.12 impact on EPS in 2010 and $0.13-0.14 in 2011.

WELLS FARGO SECURITIES, LLC
IDACORP, Inc. EQUITY RESEARCH DEPARTMENT

5

Figure 4: 2012 and 2013 Earnings Assumptions ($ millions unless specified)
2012E 2013E
Idaho Jurisdictional
Rate Base avera e 2,360 2,839
E uit Ratio 50% 50%
Earned ROE 10.0% 9.9%
Earnin s 118.4 140.5
EPS $2.31 $2.66
AFUDC Earnin s $ millions
Base 3.0 3.0
Lan le Gulch 17.7 0.0
Transmission Pro ects 3.3 5.6
Total AFUDC Earnin s $ millions 24.0 8.7
EPS $0.47 $0.16
Transmission
Rate Base avera e 79 81
E uit Ratio 50% 50%
Earned ROE 11.0% 11.0%
Earnin s 4.3 4.5
EPS $0.08 $0.08
Ore on Jurisdictional
Rate Base avera e 119 144
E uit Ratio 50% 50%
Earned ROE 9.5% 9.5%
Earnin s 5.7 6.8
EPS $0.11 $0.13
Unre ulated, Parent and Other $0.02 $0.02
Total EPS $3.00 $3.05
Source: Wells Fargo Securities, LLC Estimates

Idaho Rate Settlement

On 1/13, the Idaho Public Utilities Commission (IPUC) approved a settlement between Idaho Power Company, the IPUC Staff and other key parties. The settlement, which was filed in November 2009, was reached prior to
the company actually filing a formal rate case. One of the key drivers of the settlement is an expected
reduction in the Power Cost Adjustment (PCA) filing for the 2010-2011 PCA year, which is to be filed on
4/15/10. Below we discuss the key settlement provisions in more detail.

• PCA Reduction/Base Rate Increase – The settlement takes advantage of an expected Power
Cost Adjustment (PCA) reduction by allocating the lower costs between shareholders and customers.
Idaho Power stands to receive a base rate increase up to $25mm depending upon the actual PCA
reduction. As of November 2009, IDA expected the PCA reduction to be $160mm. The first $40mm
would be divided equally between customers and shareholders (a $20mm effective base rate
increase); the next $20mm would be allocated to customers; the following $75mm would be applied
to an increase in base net power supply costs; the next $10mm would be shared equally between
shareholders and customers; and anything above $145mm would be returned to customers.

IDA is currently projecting 2010 hydro generation in a range of 6.5-8.5 million MWh, versus 8.6
million MWh under median water conditions, largely based on snowpack levels at 60% of average as
of 2/21/10. In light of the questionable hydro outlook, we expect the PCA reduction to be less than
the $160mm estimated in November 2009. As a result, we do not assume that IDA receives the
$5mm base rate increase associated with the fourth tranche of the allocation. Anything lower than a
$135mm PCA reduction will begin to eat into the $75mm increase in base power supply costs. We are
not overly concerned by this possibility as (1) shareholders would only be on the hook for 5%, or
$3.75mm pre-tax, of the shortfall under IDA’s PCA mechanism and (2) ADITC amortizations can be
WELLS FARGO SECURITIES, LLC
Utilities EQUITY RESEARCH DEPARTMENT

6

employed to achieve a minimum ROE of 9.5% in 2010 and 2011. The actual PCA filing will be made
in mid-April.

• ROE & ADITC Amortization – The agreement includes an allowed ROE of 10.5%, which is
consistent with the ROE approved in Idaho Power’s previous rate case, and provides for 50/50
sharing of earnings above the 10.5% ROE between customers and shareholders. IDA can amortize up
to $45 million of Accumulated Deferred Investment Tax Credits (ADITC) over the 2009-2011 period
in order to help achieve a minimum ROE of 9.5% subject to annual limits of $15 million in 2009 and
$25 million in both 2010 and 2011 apply. While IDA did not need to amortize ADITCs in 2009 as the
earned ROE was above 9.5%, we do expect amortizations in both 2010 and 2011 to reach a 9.5% ROE.

The determination of Idaho Power’s earned ROE, which then governs ADITC amortizations, is based
on the company’s actual year-end Idaho-jurisdictional book equity. As a result, the ADITC benefit
would be realized in the fourth quarter of each year.

• Rate Case Moratorium – Idaho Power agreed to abstain from filing for a base rate increase
effective prior to 1/1/2012. Exclusions include (1) the PCA, (2) the Annual Fixed Cost Adjustment,
(3) AMI adjustments, (4) pension expense recovery, (5) energy efficiency adjustments, (6) certain
government imposed fees and (7) funding for low-income weatherization. Additionally, the
settlement allows Idaho Power to seek recovery of up to $20mm of base rate relief should the PCA
reduction be less than $40mm.
WELLS FARGO SECURITIES, LLC
IDACORP, Inc. EQUITY RESEARCH DEPARTMENT

7

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Utilities EQUITY RESEARCH DEPARTMENT

8

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s

WELLS FARGO SECURITIES, LLC
IDACORP, Inc. EQUITY RESEARCH DEPARTMENT

9

Required Disclosures

$18.00
$20.00
$22.00
$24.00
$26.00
$28.00
$30.00
$32.00
$34.00
$36.00
$38.00
$40.00
2/2
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IDACORP, Inc. (IDA) 3-yr. Price PerformanceIDACORP, Inc. (IDA) 3-yr. Price Performance
Date
Date Publication Price ($) Rating Code Val. Rng. Low Val. Rng. High Close Price ($)
2/20/2007 Brothwell
2/20/2007 NA 3 31.00 33.00 35.80
z 5/10/2007 NA 3 30.00 33.00 32.84
z 6/11/2007 NA 3 30.00 32.00 31.78
z 8/9/2007 NA 3 32.00 34.00 34.77
c 8/30/2007 32.29 2 32.00 34.00 32.52
z 11/1/2007 34.89 2 33.00 35.00 33.70
„ 11/14/2007 Kalton
z 11/14/2007 33.79 2 34.00 35.00 33.85
z 2/15/2008 32.04 2 31.00 33.00 31.46
z 12/18/2008 29.19 2 30.00 32.00 29.24
z 2/19/2009 24.39 2 26.00 27.00 24.39
z 8/6/2009 27.79 2 27.00 29.00 27.79
z 9/10/2009 28.37 2 29.00 30.00 28.37
z 11/10/2009 29.52 2 30.00 31.00 29.52
z 12/14/2009 31.18 2 32.00 33.00 31.54

Source: Wells Fargo Securities, LLC estimates and Reuters data
Symbol Key Rating Code Key d Rating Downgrade ‹ Initiation, Resumption, Drop or Suspend 1 Outperform/Buy SR Suspended c Rating Upgrade „ Analyst Change 2 Market Perform/Hold NR Not Rated z Valuation Range Change ˆ Split Adjustment 3 Underperform/Sell NE No Estimate
Additional Information Available Upon Request

I certify that:
1) All views expressed in this research report accurately reflect my personal views about any and all of the subject securities or issuers discussed; and
2) No part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed
by me in this research report.

ƒ Wells Fargo Securities, LLC or its affiliates managed or comanaged a public offering of securities for IDACORP, Inc. within the
past 12 months.
ƒ Wells Fargo Securities, LLC or its affiliates intends to seek or expects to receive compensation for investment banking services in
the next three months from IDACORP, Inc.
ƒ Wells Fargo Securities, LLC or its affiliates received compensation for investment banking services from IDACORP, Inc. in the
past 12 months.
ƒ IDACORP, Inc. currently is, or during the 12-month period preceding the date of distribution of the research report was, a client
WELLS FARGO SECURITIES, LLC
Utilities EQUITY RESEARCH DEPARTMENT

10

of Wells Fargo Securities, LLC. Wells Fargo Securities, LLC provided investment banking services to IDACORP, Inc.
ƒ IDACORP, Inc. currently is, or during the 12-month period preceding the date of distribution of the research report was, a client
of Wells Fargo Securities, LLC. Wells Fargo Securities, LLC provided noninvestment banking securities-related services to
IDACORP, Inc.
ƒ Wells Fargo Securities, LLC received compensation for products or services other than investment banking services from
IDACORP, Inc. in the past 12 months.

IDA: Risks to our valuation include project delays or cancellations, negative regulatory developments and consistently below
average hydroelectric conditions.

Wells Fargo Securities, LLC does not compensate its research analysts based on specific investment banking transactions.
Wells Fargo Securities, LLC’s research analysts receive compensation that is based upon and impacted by the overall profitability
and revenue of the firm, which includes, but is not limited to investment banking revenue.

STOCK RATING
1=Outperform: The stock appears attractively valued, and we believe the stock's total return will exceed that of the market over the
next 12 months. BUY
2=Market Perform: The stock appears appropriately valued, and we believe the stock's total return will be in line with the market
over the next 12 months. HOLD
3=Underperform: The stock appears overvalued, and we believe the stock's total return will be below the market over the next 12
months. SELL
SECTOR RATING
O=Overweight: Industry expected to outperform the relevant broad market benchmark over the next 12 months.
M=Market Weight: Industry expected to perform in-line with the relevant broad market benchmark over the next 12 months.
U=Underweight: Industry expected to underperform the relevant broad market benchmark over the next 12 months.
VOLATILITY RATING
V = A stock is defined as volatile if the stock price has fluctuated by +/-20% or greater in at least 8 of the past 24 months or if the
analyst expects significant volatility. All IPO stocks are automatically rated volatile within the first 24 months of trading.

As of: February 25, 2010
45% of companies covered by Wells Fargo Securities, LLC
Equity Research are rated Outperform.
Wells Fargo Securities, LLC has provided investment banking
services for 36% of its Equity Research Outperform-rated
companies.
50% of companies covered by Wells Fargo Securities, LLC
Equity Research are rated Market Perform.
Wells Fargo Securities, LLC has provided investment banking
services for 38% of its Equity Research Market Perform-rated
companies.
5% of companies covered by Wells Fargo Securities, LLC
Equity Research are rated Underperform.
Wells Fargo Securities, LLC has provided investment banking
services for 42% of its Equity Research Underperform-rated
companies.

Important Disclosure for International Clients
The securities and related financial instruments described herein may not be eligible for sale in all jurisdictions or to certain
categories of investors. For certain non-U.S. institutional reader (including readers in the EEA), this report is distributed by
Wells Fargo Securities International Limited (“WFSIL”). For the purposes of Section 21 of the UK Financial Services and Markets
Act 2000 (“the Act”), the content of this report has been approved by WFSIL a regulated person under the Act. WFSIL does not deal
with retail clients as defined in the Markets in Financial Instruments Directive 2007. This research is not intended for, and should
not be relied upon, by retail clients.
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Wells Fargo Securities, LLC is exempt from the requirements to hold an Australian financial services license in respect of the
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WELLS FARGO SECURITIES, LLC
IDACORP, Inc. EQUITY RESEARCH DEPARTMENT

11

Important Information for Recipients in the Hong Kong Special Administrative Region of the People's
Republic of China ("Hong Kong")
For recipients resident in Hong Kong, this research is issued and distributed in Hong Kong by Wells Fargo Securities Limited.
Wells Fargo Securities Limited is a Hong Kong incorporated investment firm licensed and regulated by the Securities and Futures
Commission to carry on types 1, 4, 6 and 9 regulated activities (as defined in the Securities and Futures Ordinance [the "SFO"]). This research is not intended for, and should not be relied on by, any person other than professional investors (as defined in the SFO).
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Additional Disclosures
Wells Fargo Securities, LLC is a U.S. broker-dealer registered with the U.S. Securities and Exchange Commission and a member of
the New York Stock Exchange, the Financial Industry Regulatory Authority and the Securities Investor Protection Corp.
Wells Fargo Securities International Limited is a U.K. incorporated investment firm authorized and regulated by the Financial Services Authority.
This report is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments
named or described in this report. Interested parties are advised to contact the entity with which they deal, or the entity that
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sources believed by Wells Fargo Securities, LLC, to be reliable, but Wells Fargo Securities, LLC, does not represent that
thisinformation is accurate or complete. Any opinions or estimates contained in this report represent the judgment of
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Authority's rules, this report constitutes impartial investment research. Each of Wells Fargo Securities, LLC, and
Wells Fargo Securities International Limited is a separate legal entity and distinct from affiliated banks. Copyright © 2010
Wells Fargo Securities, LLC.

SECURITIES: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE