COC IDA022410.pdf

Please refer to pages 9-10 of this report for detailed disclosure and certification information.
* D. A. Davidson & Co. makes a market in this security.
Institutional Equity Research

IDACORP, INC.
February 24, 2010 IDA* – NYSE

Rating: Buy
Price: (2/24/10) $33.86
Price Targets: 12-18 month: ↑ $37.50
5-year: ↑ $44.00

Industry:
Utilities

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

Michael Bates
Research Associate
406.791.7216
[e-mail]

Raising Estimates and Targets on Positive 4Q Report and Guidance.

• IDACORP reported 4Q'09 EPS of $0.49, compared to $0.16 in 4Q'08 and our
forecast of $0.37. Earnings for the quarter compared favorably to the year-ago
period due to multiple factors at the electric utility business, including rate relief in
Idaho, tax benefits and adjustments, and the absence of a 4Q’08 rate refund and
investment impairment. The non-regulated activities reported a $0.05 per share
loss versus a loss of $0.01 a year earlier and matching our forecast.
• Utility operating income improves significantly. Idaho Power posted EPS of
$0.54 for the quarter, versus $0.17 last year and our forecast of $0.43. We note
that Idaho Power did not receive any boost from an accelerated amortization of
accumulated deferred investment tax credit (ADITC), which would have been
permitted if the utility’s realized ROE fell below 9.5% in its Idaho jurisdiction (we
had been expecting an ADITC benefit of $0.18 per share). Results were also
boosted by a net benefit related to various tax adjustments, which exceeded our
forecast.
• 2010 guidance issued. Management issued earnings guidance for the first time
in at least a half decade, calling for 2010 earnings per diluted share in the range
of $2.65-$2.80.
• Raising estimates. To reflect the stronger than expected 4Q’09 and
management’s initiation of guidance, we are raising our 2010 EPS estimate from
$2.57 to $2.70. We are also raising our 2011 EPS estimate from $2.67 to $2.90.
• We are raising our 12-18 month risk-adjusted target price to $37.50 from $36.
Our new target equates to ~13.4x the average of our 2010 and 2011 EPS
estimates. Over the past decade, IDACORP has traded at a median multiple of
~16x price-to-year-forward EPS estimates. We are maintaining our BUY rating for
total return investors, including a 3.6% current yield.

Valuation Data
Long-term growth rate (E) 5%
Total Debt/Cap (12/31/09) 51.3% Cash per share (12/31/09) $1.11 Book value per share (12/31/09) $29.17 Dividend (yield) $1.20 (3.5%) Return on Equity (T-T-M) 10.1%

Trading Data
Shares outstanding (M) 47.9
Market Capitalization ($M) $1,622
52-week range $20.91 - $34.00
Average daily volume (3 mos.) (K) 307
Float 97%
Index Membership S&P 400 MidCap

FY (Dec) 2009A 2010E Previous 2011E Previous
Revenue ($M) Q1 (Mar) $228.6 $239.3 E $239.0 n.a.n.a.
Q2 (Jun) $243.6 $263.0 E $261.6 n.a.n.a.
Q3 (Sep) $324.5 $323.5 E $322.4 n.a.n.a.
Q4 (Dec) $253.1 $251.0 E $229.8 n.a.n.a.
$1,049.8 $1,076.9 E $1,052.7 $1,118.7 $1,097.3
Price/Revenue 1.5x 1.5x 1.5x
EPS Q1 (Mar) $0.40 $0.42 E $0.43 n.a.n.a.
Q2 (Jun) $0.58 $0.61 E $0.63 n.a.n.a.
Q3 (Sep) $1.16 $1.30 E $1.27 n.a.n.a.
Q4 (Dec) $0.49 $0.37 E $0.25 n.a.n.a. $2.64 $2.70 E $2.57 $2.90 $2.67
Price/EPS 12.8x 12.5x 11.7x
EBITDA ($M) Q1 (Mar) $73.7 $74.8 E $77.7 n.a.n.a.
Q2 (Jun) $77.8 $86.0 E $91.3 n.a.n.a.
Q3 (Sep) $115.2 $124.0 E $133.2 n.a.n.a.
Q4 (Dec) $72.4 $74.4 E $68.7 n.a.n.a.
$339.2 $359.2 E $371.0 $405.8 $408.2
EV/EBITDA 9.0x 8.5x 7.5x

D.A. Davidson & Co.
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Price Chart
20.00
22.00
24.00
26.00
28.00
30.00
32.00
34.00
IDACORP Inc. (IDA-US)
23-Feb-2009 to 24-Feb-2010 (Daily)High:33.97 Low: 20.91 Last: 33.61
03/02/09 04/01/09 05/01/09 06/01/09 07/01/09 08/03/09 09/01/09 10/01/09 11/02/09 12/01/09 01/01/10 02/01/100M
0.4M
0.8M
1.2M
©FactSet Research Systems
Volume in millions
Source: FactSet

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 is required to seek and receive approval from state and federal regulators before making changes to its
utility rates and business practices, executing acquisitions, and raising capital. Changes in the regulatory environment could
influence the utility’s credit ratings and its ability to attract returns on its investments.
• Interest rates and access to capital markets. Dividend-paying stocks, especially utility issues like IDACORP, Inc., are sensitive
to interest rates. A material increase in market interest rates may lead to compression in utility stock prices. We also note that
IDACORP’s ability to obtain capital under competitive terms and rates is critical to executing its capital expenditure programs.
• 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.
• Commodity prices. IDACORP is 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/receives a
portion of the risks/benefits when costs deviate materially from levels approved in base rates.
• Economic and weather conditions. Economic conditions influence customer demand for utility services, as well as demand for
the services of IDACORP’s non-utility subsidiaries. Demand for utility services is also affected by weather conditions, which our
model assumes will match historical averages.
• IRS audits. IDACORP’s records for the 2009 and 2010 tax years are subject to IRS audit through IDA’s participation in the
Compliance Assurance Process (CAP) program, which is specifically investigating the company’s method of uniform capitalization
of mixed service costs. At this point we are unable to predict what impact these investigations will have on IDACORP’s business.

D.A. Davidson & Co.
3
IDACORP reported 4Q'09 EPS of $0.49, compared to $0.16 in 4Q'08. We were forecasting
$0.37 and the consensus estimate was $0.38 (a variance analysis is found on page 5). Utility
earnings for the quarter compared favorably than the year-ago period due to a combination of
factors. The major factors included rate relief in the Idaho jurisdiction, various tax benefits, and
the absence of a 4Q’08 rate refund and investment impairment.

The company’s non-regulated businesses and holding company activity reported a 4Q’09 loss
of $0.05 per share, compared to a loss of $0.01 per share in 4Q’08 and matching our forecast.
The loss widened primarily due to higher expenses attributable to the holding company and a
slight loss from IDACORP Financial Services (IFS), which contributed $0.03 to 4Q’08 EPS.

Table 1 reconciles the quarter’s various earnings changes:

Table 1: Reconciliation of 4Q’09 Earnings Changes
($ in millions; shares in 000's) Avg. Shares
$7.4 46,064
Rate and other regulatory changes, net of PCA & FCA $15.3
Change in sales volumes, net of FCA deferral 0.5
Increase in other O&M expense, excluding FCA -0.6
Increase in depreciation expense -5.0
2008 Open Access Transmission Tariff refund 8.4
2008 investment impairment 6.8
Other net increases (decreases) -3.1
Income tax expense decrease (increase) -4.1
Total increase in Idaho Power net income $18.2
Changes at holding company (net of tax) -0.1
Decreased net income at IFS (net of tax) -1.3
Other net decreases (net of tax) -0.7
$16.1
$23.5 47,724
(Per share figures are in $ )
$0.16 $0.16
Pre-tax After-tax*
Rate and other regulatory changes, net of PCA & FCA $0.32 $0.33
Change in sales volumes, net of FCA deferral 0.01 0.01
Increase in other O&M expense, excluding FCA (0.01) (0.01)
Increase in depreciation expense (0.10) (0.11)
2008 Open Access Transmission Tariff refund 0.18 0.18
2008 investment impairment 0.14 0.15
Other net increases (decreases) (0.06) (0.07)
Income tax expense decrease (increase) (0.09)(0.09)
Total increase in Idaho Power net income $0.38 $0.39
Changes at holding company (net of tax) (0.00) (0.00)
Decreased net income at IFS (net of tax) (0.03) (0.03)
Other net decreases (net of tax) (0.01) (0.01)
$0.34 $0.35
$0.49 $0.49
4Q'08 Net Income
Change In Idaho Power (IPC) pre-tax income:
Total after-tax increase to IDACORP net income
4Q'09 Net Income
4Q'09 Net Income
3Q'08 Net Income Per Share
Change In Idaho Power (IPC) pre-tax income:
Total after-tax increase to IDACORP net income
Source: Company reports; D.A. Davidson per share calculations
Figures may not total or exactly coincide with the text in the report due to rounding.
* IPC results tax-effected at overall 4Q'09 utility tax rate of -2.67%; non-regulated shown net of tax.

The company’s principal subsidiary, the Idaho Power Company (IPC), reported 4Q’09 EPS of
$0.54, compared to $0.17 a year ago and our forecast of $0.43. Utility gross margins
benefited from rate relief in Idaho and changes in the past year in the Power Cost Adjustment
(PCA) and Fixed Cost Adjustment (FCA) mechanisms. The quarterly comparison was also
helped by the absence of two nonrecurring earnings drags in 4Q’08, including 1) a $0.10 per
share hit from a FERC order which increased the utility’s Open Access Transmission Tariff
(OATT) refund to transmission service customers; and 2) a $0.09 per share impairment charge
on equity investments.

Electric revenues of $252 million increased 17% from $216 million. Partially offsetting the
increase in electric revenues was an $18 million (+9%) climb in electric operating expenses to
$211 million. Although fuel and purchased power expenses actually declined between the
Strong Quarterly EPS Reported
Rate Relie , Tax Benefits and
Absence of Nonrecurring Items
Boosts Utility Results
D.A. Davidson & Co.
4
quarters, this effect was eclipsed by a $31 million swing in the PCA, resulting in a $23 million
expense compared to a $9 million benefit in the year-ago quarter. The swing in the PCA was
primarily attributable to lower deferral of power supply costs and higher amortization of
previously deferred power supply costs.

Management issued earnings guidance for the first time in five years, calling for 2010 earnings
per diluted share in the range of $2.65-$2.80. We have been carrying an estimate of $2.57
and note that this guidance range includes the utilization of up to $25 million of ADITC
amortization to allow Idaho Power to achieve at least a 9.5% ROE, as allowed in the 2009 rate
settlement agreement.

Our 2010 EPS forecast is being raised from $2.57 to $2.70, to reflect lower overall corporate
tax rate of 10% versus our previous assumption of 23%, partially offset by higher electric
operating expenses than we were previously forecasting. Management is forecasting
consolidated tax rate of 6%-10%. This range includes the utilization of up to $25 million of
ADITC. Also, the company should continue to use its continuous equity plan (CEP) to issue
common stock to maintain its equity ratios in the 45%-50% range. In 2009, IDACORP raised
$24 million through stock issuances, including $14 million from the issuance of 489,000 shares
through the CEP.

We are raising our 2011 EPS estimate of $2.67 to $2.90, largely due a lower tax rate
assumption of 15% versus 26% previously. We expect results will also be helped by an
improving economy.

To reflect the higher earnings estimates, we are raising our 12-18 month target price from
$36.00 to $37.50. This new target price equates to ~13.4x the average of our 2010 and 2011
EPS estimates (previously our target multiple was 13.3x). Over the past decade, IDACORP
has traded at a median multiple of 16.2x price-to-year-forward EPS estimates. At the current
share price, we are maintaining a stock rating of BUY for total return investors, including a
3.6% current yield.

Management Issues Guidance
Raising EPS Estimates

Raising Target Price and
Maintaining BUY Rating
D.A. Davidson & Co.
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IDACORP, Inc. - Actual and Projected Operating Results
($ in thousands) -- Fiscal year ends 12/31 1Q'08 2Q'08 3Q'08 4Q'08 2008 1Q'09 2Q'09 3Q'09 4Q'09E 4Q'09 % chg 2009E 2009 % chg
Operating Revenues:
Electric Utility:
General Business $167,313 $188,748 $246,639 $181,611 $784,311 $187,927 $198,215 $277,676 $191,784 $219,947 21.1% $855,602 $883,765 12.7%
Off System Sales 33,363 25,641 34,637 27,789 121,430 28,530 26,667 23,691 27,189 15,485 -44.3% 106,077 94,373 -22.3%
Other Revenues 12,120 14,556 16,831 6,828 50,335 11,572 17,636 21,761 10,000 16,889 147.3% 60,969 67,858 34.8%
Total Electric Utility Revenues $212,796 $228,945 $298,107 $216,228 $956,076 $228,029 $242,518 $323,128 $228,973 $252,321 16.7% $1,022,648 $1,045,996 9.4%
Other 644 1,281 1,609 804 4,338 545 1,116 1,381 500 762 -5.2% 3,542 3,804 -12.3%
Total Operating Revenues $213,440 $230,226 $299,716 $217,032 $960,414 $228,574 $243,634 $324,509 $229,473 $253,083 16.6% $1,026,190 $1,049,800 9.3%
Operating Expenses:
Electric Utility:
Purchased Power $45,299 $50,088 $79,513 $56,237 $231,137 $32,795 $25,091 $73,483 $52,551 $29,200 -48.1% $183,920 $160,569 -30.5%
Fuel Expense 37,237 28,681 46,467 37,018 149,403 39,133 24,475 49,530 37,781 36,428 -1.6% 150,919 149,566 0.1%
Third Party Transmission Expense 497 1,903 3,738 1,112 7,250 906 1,776 2,791 2,000 1,156 4.0% 7,473 6,629 -8.6%
Power Cost Adjustment (17,744) (829) (20,105) (8,735) (47,413) 15,859 26,762 1,614 (8,500) 22,475 NM 35,735 66,710 NM
Total Power Supply Expense $65,289 $79,843 $109,613 $85,632 $340,377 $88,693 $78,104 $127,418 $83,832 $89,259 4.2% $378,047 $383,474 12.7%
Other Operations And Maintenance 68,430 73,713 71,040 73,596 286,779 68,769 74,653 68,970 70,982 80,719 9.7% 283,374 293,111 2.2%
Demand-Side Management 3,364 3,929 5,956 5,631 18,880 4,058 8,673 12,202 12,000 6,888 22.3% 36,933 31,821 68.5%
Gain On Sale Of Emission Allowances - (346) (158) - (504) (229) (60) - - (9) NM (289) (298) -40.9%
Depreciation 25,750 26,618 25,717 24,001 102,086 25,963 26,832 28,837 29,000 28,994 20.8% 110,632 110,626 8.4%
Taxes Other Than Income Taxes 4,803 4,800 4,827 4,653 19,083 5,062 5,088 5,600 5,037 5,319 14.3% 20,787 21,069 10.4%
Total Electric Utility Expenses $167,636 $188,557 $216,995 $193,513 $766,701 $192,316 $193,290 $243,027 $200,851 $211,170 9.1% $829,484 $839,803 9.5%
Other Expense 1,048 1,140 1,144 (286) 3,046 623 872 1,879 1,200 3,040 NM 4,574 6,414 NM
Total Operating Expenses $168,684 $189,697 $218,139 $193,227 $769,747 $192,939 $194,162 $244,906 $202,051 $214,210 10.9% $834,058 $846,217 9.9%
Operating Income (Loss):
Electric Utility $45,160 $40,388 $81,112 $22,715 $189,375 $35,713 $49,228 $80,101 $28,122 $41,151 81.2% $193,164 $206,193 8.9%
Other (404) 141 465 1,090 1,292 (78) 244 (498) (700) (2,278) NM (1,032) (2,610) NM
Total Operating Income $44,756 $40,529 $81,577 $23,805 $190,667 $35,635 $49,472 $79,603 $27,422 $38,873 63.3% $192,132 $203,583 6.8%
Other Income 3,741 4,302 2,038 (6,250) 3,831 6,921 4,058 4,569 2,000 1,449 NM 17,548 16,997 343.7%
Earnings of Unconsolidated Equity-Method Investments (4,036) (3,278) 2,642 675 (3,997) 402 (2,620) 2,866 2,000 (1,681) NM 2,648 (1,033) -74.2%
Interest Expense:
Interest On Long-Term Debt $16,876 $15,745 $17,226 $17,404 $67,251 $16,640 $18,282 $18,840 $19,250 $19,609 12.7% $73,012 $73,371 9.1%
Other Interest 596 1,312 1,310 2,587 5,805 836 (117) (239) 750 (1,041) NM 1,230 (561) NM
Total Interest Expense $17,472 $17,057 $18,536 $19,991 $73,056 $17,476 $18,165 $18,601 $20,000 $18,568 -7.1% $74,242 $72,810 -0.3%
Income Before Income Taxes 26,989 24,496 67,721 (1,761) 117,445 25,482 32,745 68,437 11,422 20,073 NM 138,086 146,737 24.9%
Accumulated Deferred Investment Tax Credits 8,600 - NM 8,600 - NM
Income Tax Expense 5,584 6,941 15,809 (9,134) 19,200 6,795 5,175 13,730 2,284 (3,338) -63.5% 27,984 22,362 16.5%
Tax Rate 20.7% 28.3% 23.3% 518.7% 16.3% 26.7% 15.8% 20.1% 20.0% -16.6% 20.3% 15.2%
Net Income $21,405 $17,555 $51,912 $7,373 $98,245 $18,687 $27,570 $54,707 $17,738 $23,411 217.5% $118,702 $124,375 26.6%
Adjustment for Loss Attributable to Noncontrolling Intere 311 (40) (173) 71 169 197 (95) (229) 50 102 43.7% (77) (25) NM
Net Income Attributable to IDACORP, Inc. $21,716 $17,515 $51,739 $7,444 $98,414 $18,884 $27,475 $54,478 $17,788 $23,513 215.9% $118,625 $124,350 26.4%
Weighted Average Shares (Diluted) 45,047 45,155 45,246 46,064 45,379 46,876 46,977 47,141 47,441 47,724 3.6% 47,109 47,182 4.0%
Total Earnings Per Share (Diluted) $0.48 $0.39 $1.14 $0.16 $2.17 $0.40 $0.58 $1.16 $0.37 $0.49 204.9% $2.52 $2.64 21.5%
Dividends Paid Per Share Of Common Stock $0.30 $0.30 $0.30 $0.30 $1.20 $0.30 $0.30 $0.30 $0.30 $0.30 0.0% $1.20 $1.20 0.0%
Net Income By Segment:
Idaho Power Company $21,271 $17,728 $47,405 $7,711 $94,115 $19,284 $26,326 $51,057 $20,192 $25,892 235.8% $116,859 $122,559 30.2%
Other 445 (173) 4,334 (338) 4,441 (400) 1,149 3,421 (2,454) (2,379) 603.8% 1,945 1,791 -59.7%
Total Net Income $21,716 $17,555 $51,739 $7,373 $98,556 $18,884 $27,475 $54,478 $17,738 $23,513 218.9% $118,804 $124,350 26.2%
EPS by Segment:
Idaho Power Company $0.47 $0.39 $1.05 $0.17 $2.07 $0.41 $0.56 $1.08 $0.43 $0.54 224.1% $2.48 $2.60 25.2%
Other 0.01 (0.00) 0.10 (0.01) 0.10 (0.01) 0.02 0.07 (0.05) (0.05) 579.4% 0.04 0.04 -61.2%
Total EPS $0.48 $0.39 $1.14 $0.16 $2.17 $0.40 $0.58 $1.16 $0.37 $0.49 207.8% $2.52 $2.64 21.4%
D.A. Davidson & Co.
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Regulatory Rate Case Summary/Status

Revenue
Increase
verage Rate
Base
Return on
Equity
Return on
Rate Base
Equity
Ratio
Effective, January 2010
Application, July 2009 $7.3 (+22.6%) $111 11.25% 8.68% 49.80%
Settlement, December 2009 $5.0 (+15.4%) $110 10.18% 8.06% 49.80%
($ in millions)
2009 Oregon General Rate Case2
1 In January 2010, the Idaho Public Utilities Commission (IPUC) approved a settlement agreement with respect to rates for 2009–2011, including
four important elements: (1) a general rate freeze until January 1, 2012, with some exceptions (including adjustments to the power cost
adjustment (PCA) and fixed cost adjustment (FCA)); (2) a specified distribution of the expected 2010 PCA decrease to directly reduce customer
rates, providing some general rate relief to Idaho Power and resetting base level power supply costs for the PCA going forward; (3) use of up to
$45 million of accumulated deferred investment tax credits (ADITC) to get to a 9.5% ROE in the Idaho jurisdiction; and (4) an equal sharing of any
Idaho earnings exceeding the authorized level of 10.5%.
2009 Idaho Rate Settlement 1
Notes to Regulatory Summary
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. Last updated 2/24/10

D.A. Davidson & Co.
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IDACORP, Inc.
Consolidated Balance Sheet
($ in thousands) -- Fiscal year ends 12/31 2004 2005 2006 2007 2008 2009
ASSETS:
Electric Plant:
In Service (At Original Cost) $3,324,816 $3,477,067 $3,583,694 $3,796,339 $4,030,134 $4,160,178
Accumulated Provision For Depreciation (1,316,125) (1,364,640) (1,406,210) (1,468,832) (1,505,120) (1,558,538)
In Service - Net $2,008,691 $2,112,427 $2,177,484 $2,327,507 $2,525,014 $2,601,640
Construction Work In Progress 152,427 149,814 210,094 257,590 207,662 289,188
Held For Future Use 2,636 2,906 2,810 3,366 6,318 7,151
Other Property, Net Of Accum. Depreciation 45,708 29,294 28,692 28,089 19,171 19,029
Property, Plant And Equipment - Net $2,209,462 $2,294,441 $2,419,080 $2,616,552 $2,758,165 $2,917,008
Investments And Other Property $223,061 $191,593 $202,825 $201,085 $198,552 $195,298
Current Assets:
Cash And Cash Equivalents $23,403 $52,356 $9,892 $7,966 $8,828 $52,987
Receivables:
Customer 92,258 94,469 62,131 69,160 64,733 76,792
Allowance For Uncollectible Accounts (43,108) (33,078) (7,168) (7,505) (1,724) (2,878)
Employee Notes Receivable 3,523 2,951 2,569 2,128 179
Other 8,806 21,377 11,855 10,957 10,260 12,995
Energy Marketing Assets 9,203 23,859 12,069
Taxes Receivable 18,111 0
Accrued Unbilled Revenues 33,832 38,905 31,365 36,314 43,934 51,272
Materials And Supplies (At Avg. Cost) 28,008 30,451 39,079 43,270 50,121 48,054
Fuel Stock (At Average Cost) 6,539 11,739 15,174 17,268 16,852 25,634
Prepayments 30,035 17,876 9,308 9,371 10,059 11,111
Deferred Income Taxes 23,407 23,922 28,035 25,672 37,550 31,773
Regulatory Assets -- Derivatives 5,510 3,064
Refundable Income Tax Deposit 44,903 46,083
Other Current Assets 2,956 3,993 6,023 7,381 2,666
Assets Held For Sale 6,673 3,326
Total Current Assets $221,416 $297,520 $266,531 $266,707 $266,284 $310,406
Other Assets:
American Falls And Milner Water Rights $31,585 $31,585 $30,543 $29,501 $26,332 $24,226
Company-Owned Life Insurance 35,765 35,401 34,055 30,842 29,482 26,654
Energy Marketing Assets -- Long-Term 16,635 22,189
Regulatory Assets Associated With Taxes 433,271 415,177 423,548 449,668 696,332 720,401
Long-Term Receivables 2,895 4,015 3,802 3,583 4,012 4,217
Other 60,082 46,239 43,670 55,370 43,686 40,517
Assets Held For Sale 25,966 21,076
Total Other Assets $580,233 $580,572 $556,694 $568,964 $799,844 $816,015
Total Assets $3,234,172 $3,364,126 $3,445,130 $3,653,308 $4,022,845 $4,238,727
CAPITALIZATION AND LIABILITIES:
Capitalization:
Shareholders' Equity:
Common Stock $589,440 $598,706 $638,799 $675,774 $729,576 $756,475
Retained Earnings 424,312 437,284 493,363 537,699 581,605 649,180
Other Comprehensive Income (888) (3,425) (5,737) (6,156) (8,707) (8,267)
Treasury Stock (4,578) (998) (2,242) (2) (37) (53)
Unearned Compensation (6,316)
Total Common Stock Equit $1,008,286 $1,025,251 $1,124,183 $1,207,315 $1,302,437 $1,397,335
Noncontrolling Interest 4,478 4,434 4,209
Preferred Stock
Long-Term Debt 979,549 1,023,545 928,648 1,156,880 1,183,451 1,409,730
Long-term Capitalization $1,987,835 $2,048,796 $2,052,831 $2,368,673 $2,490,322 $2,811,274
Current Liabilities:
Long-Term Debt Due Within One Year $78,603 $16,307 $95,125 $11,456 $86,528 $9,340
Notes Payable 36,270 60,100 129,000 186,445 151,250 53,750
Accounts Payable 79,156 80,324 86,440 85,116 96,785 83,818
Energy Marketing Liabilities 9,420 24,093 13,532
Taxes Accured 46,318 72,652 47,402 8,492 10,184
Interest Accrued 14,426 14,616 12,657 18,913 16,727 20,056
Uncertain Tax Positions 26,764 4,119
Other 21,265 19,577 23,572 38,129 40,259 41,081
Liabilities Held For Sale 5,916 2,606
Total Current Liabilities $285,458 $293,585 $410,334 $375,315 $395,668 $218,229
Other Liabilities:
Energy Marketing Liabilities -- Long-Term $16,635 $22,189
Derivative Liabilities -- Long-Term
Deferred Income Taxes 555,774 519,563 498,512 466,182 515,719 574,450
Regulatory Liabilities Associated With Income Taxes
Regulatory Liabilities - Pca
Regulatory Liabilities - Other 275,854 345,109 294,844 274,204 276,266 287,780
Other 112,616 124,833 179,836 168,934 344,870 346,994
Liabilities Held For Sale 10,051 8,773
Total Other Liabilities $960,879 $1,021,745 $981,965 $909,320 $1,136,855 $1,209,224
Total Capitalization And Liabilities $3,234,172 $3,364,126 $3,445,130 $3,653,308 $4,022,845 $4,238,727
Shares Outstanding (000's)42,217 42,632 43,834 45,063 46,920 47,897
Book Value per Share $23.88 $24.05 $25.65 $26.79 $27.76 $29.17
% of Total Capitalization
Notes Payable 1.7% 2.8% 5.7% 7.3% 5.5% 1.9%
Long-Term Debt (including due within one year) 50.3% 48.9% 45.0% 45.5% 46.6% 49.4%
Noncontrolling Interest/Preferred 0.0% 0.0% 0.0% 0.2% 0.2% 0.1%
Common 48.0%48.2%49.4%47.0%47.7%48.6%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
D.A. Davidson & Co.
8
IDACORP, Inc.
Consolidated Statements of Income
($ in thousands) -- Fiscal year ends 12/31 1Q08 2Q08 3Q08 4Q08 2008 1Q09 2Q09 3Q'09 4Q'09 2009 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 $219,947 $883,765 $199,552 $219,776 $280,858 $212,622 $912,807 $932,034
Off System Sales 33,363 25,641 34,637 27,789 121,430 28,530 26,667 23,691 15,485 94,373 26,447 29,833 29,311 25,068 110,658 130,700
Other Revenues 12,120 14,556 16,831 6,828 50,335 11,572 17,636 21,761 16,889 67,858 12,500 12,500 12,500 12,500 50,000 52,500
Total Electric Utility Revenues 212,796 228,945 298,107 216,228 956,076 228,029 242,518 323,128 252,321 1,045,996 238,498 262,109 322,669 250,190 1,073,465 1,115,234
Diversified Operations:
Other 644 1,281 1,609 804 4,338 545 1,116 1,381 762 3,804 850 850 850 850 3,400 3,500
Total Revenues $213,440 $230,226 $299,716 $217,032 $960,414 $228,574 $243,634 $324,509 $253,083 $1,049,800 $239,348 $262,959 $323,519 $251,040 $1,076,865 $1,118,734
EXPENSES:
Electric Utility:
Purchased Power $45,299 $50,088 $79,513 $56,237 $231,137 $32,795 $25,091 $73,483 $29,200 $160,569 $36,819 $28,875 $60,206 $48,678 $174,578 $180,163
Fuel Expense 37,237 28,681 46,467 37,018 149,403 39,133 24,475 49,530 36,428 149,566 39,352 31,453 51,627 40,030 162,463 172,861
Third Party Transmission Expense 497 1,903 3,738 1,112 7,250 906 1,776 2,791 1,156 6,629 1,000 2,000 3,000 1,200 7,200 8,000
Power Cost Adjustment (17,744) (829) (20,105) (8,735)(47,413)15,859 26,762 1,614 22,475 66,710 8,000 25,000 0 0 33,000 6,000
Total Power Supply $65,289 $79,843 $109,613 $85,632 $340,377 $88,693 $78,104 $127,418 $89,259 $383,474 $85,171 $87,328 $114,833 $89,908 $377,240 $367,024
Other Operations And Maintenance 68,430 73,713 71,040 73,596 286,779 68,769 74,653 68,970 80,719 293,111 73,934 79,681 70,987 78,560 303,162 315,611
Energy Efficiency Programs 3,364 3,929 5,956 5,631 18,880 4,058 8,673 12,202 6,888 31,821 5,000 9,000 13,000 7,500 34,500 38,000
Gain On Sale Of Emission Allowances (346) (158)(504)(229) (60) (9)(298) 0 0
Depreciation 25,750 26,618 25,717 24,001 102,086 25,963 26,832 28,837 28,994 110,626 29,250 29,500 29,750 30,000 118,500 125,000
Taxes Other Than Income Taxes 4,803 4,800 4,827 4,653 19,083 5,062 5,088 5,600 5,319 21,069 5,247 5,766 5,485 5,504 22,003 22,305
Total Electric Utility Expenses $167,636 $188,557 $216,995 $193,513 $766,701 $192,316 $193,290 $243,027 $211,170 $839,803 $198,603 $211,276 $234,055 $211,472 $855,405 $867,940
Other Expenses 1,048 1,140 1,144 (286)3,046 623 872 1,879 3,040 6,414 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 $214,210 $846,217 $199,803 $212,476 $235,255 $212,672 $860,205 $872,940
OPERATING INCOME:
Electric Utility $45,160 $40,388 $81,112 $22,715 $189,375 $35,713 $49,228 $80,101 $41,151 $206,193 $39,896 $50,833 $88,613 $38,718 $218,060 $247,294
Other Diversified Operations (404) 141 465 1,090 1,292 (78) 244 (498) (2,278)(2,610)(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 $38,873 $203,583 $39,546 $50,483 $88,263 $38,368 $216,660 $245,794
Total Other Income: 3,741 4,302 2,038 (6,250)3,831 6,921 4,058 4,569 1,449 16,997 3,500 3,500 3,500 3,500 14,000 15,000
Earnings Of Uncons. Eq-Method Inv. (4,036) (3,278) 2,642 675 (3,997)402 (2,620) 2,866 (1,681)(1,033)(500) (500) (500) (500)(2,000) (2,000)
Total Other Expenses:
INTEREST EXPENSE AND OTHER:
Interest On Long-Term Debt $16,876 $15,745 $17,226 $17,404 $67,251 $16,640 $18,282 $18,840 $19,609 $73,371 $19,750 $20,000 $20,250 $20,500 $80,500 $83,000
Other Interest 596 1,312 1,310 2,587 5,805 836 (117) (239) (1,041)(561)500 500 500 500 2,000 2,500
Total Interest Expense And Other $17,472 $17,057 $18,536 $19,991 $73,056 $17,476 $18,165 $18,601 $18,568 $72,810 $20,250 $20,500 $20,750 $21,000 $82,500 $85,500
Income Before Income Taxes: 26,989 24,496 67,721 (1,761)117,445 25,482 32,745 68,437 20,073 146,737 22,296 32,983 70,513 20,368 146,160 173,294
Accumulated Deferred Investment Tax Credits
Income Taxes: 5,584 6,941 15,809 (9,134)19,200 6,795 5,175 13,730 (3,338)22,362 2,230 3,298 7,051 2,037 14,616 25,994
Tax Rate 21% 28% 23% 519%16%27% 16% 20% -17% 15% 10% 10% 10% 10%10% 15%
Income From Continuing Operations $21,405 $17,555 $51,912 $7,373 $98,245 $18,687 $27,570 $54,707 $23,411 $124,375 $20,066 $29,685 $63,462 $18,331 $131,544 $147,300
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 $23,411 $124,375 $20,066 $29,685 $63,462 $18,331 $131,544 $147,300
Adjustment For Noncontrolling Interest 311 (40) (173) 71 169 197 (95) (229) 102 (25)50 50 50 50 200 300
Net Income Available For Common $21,716 $17,515 $51,739 $7,444 $98,414 $18,884 $27,475 $54,478 $23,513 $124,350 $20,116 $29,735 $63,512 $18,381 $131,744 $147,600
Avg. Common Shares Outstanding (000) 45,047 45,155 45,246 46,064 45,379 46,876 46,977 47,141 47,724 47,182 48,124 48,524 48,924 49,324 48,724 50,924
Earnings Per Share (Diluted)$0.48 $0.39 $1.14 $0.16 $2.17 $0.40 $0.58 $1.16 $0.49 $2.64 $0.42 $0.61 $1.30 $0.37 $2.70 $2.90
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% 186%55%74% 51% 26% 61%46%72% 49% 23% 81%44% 41%
EPS By Segment
Idaho Power Company $0.47 $0.39 $1.05 $0.17 $2.07 $0.41 $0.56 $1.08 $0.54 $2.60 $0.41 $0.60 $1.29 $0.36 $2.66 $2.85
Idacorp Energy (0.00) (0.00) (0.00) (0.00)0.01 (0.00) (0.00) (0.00) (0.00)(0.01)
Ida-West Energy 0.00 0.02 0.03 0.00 0.05 0.00 0.03 0.03 (0.00)0.06
Idacorp Financial 0.02 0.02 0.02 0.03 0.08 0.00 0.00 0.01 (0.00)0.01
Holding Company (0.01) (0.04) 0.05 (0.03)(0.04)(0.02) (0.01) 0.04 (0.05)(0.03)
Reported Eps, Diluted $0.48 $0.39 $1.14 $0.16 $2.17 $0.40 $0.58 $1.16 $0.49 $2.64 $0.42 $0.61 $1.30 $0.37 $2.70 $2.90
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.
9
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 12/31/09) Buy Hold Sell
Corresponding Institutional Research Ratings Buy Neutral Underperform
and Distribution 50% 42% 8%
Corresponding Private Client Research Ratings Outperform Market Perform Underperform
and Distribution 83% 17% 0%
Distribution of Combined Ratings 53% 39% 7%
Distribution of companies from whom D.A. Davidson & Co. has received compensation for investment banking services in last 12 mos.
Institutional Coverage 5% 8% 6%
Private Client Coverage 0% 0% 0%
Distribution of Combined Investment Banking 4% 8% 6%

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.
10
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
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before making any investment decisions. Further information and elaboration will be furnished upon request.