Profile: IDACORP, Inc. (IDA)

IDACORP, Inc. (IDACORP) is a holding company, whose principal operating subsidiary is Idaho Power Company (IPC). IPC is an electric utility engaged in the generation, transmission, distribution, sale and purchase of electric energy. IDACORP's other subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate investments; Ida-West Energy Company (Ida-West), an operator of small hydroelectric generation projects, and IDACORP Energy (IE), a marketer of energy commodities, which has no operations.

Idaho Power Company

IPC's service territory covers a 24,000 square mile area in southern Idaho and eastern Oregon. IPC holds franchises in 71 cities in Idaho and nine cities in Oregon, and holds certificates from the respective public utility regulatory authorities to serve all or a portion of 25 counties in Idaho and three counties in Oregon. As of December 31, 2008, IPC supplied electric energy to approximately 487,000 general business customers.

IPC owns and operates 17 hydroelectric generation developments, two natural gas-fired plants and one diesel-powered generator, and shares ownership in three coal-fired generating plants. IPC's coal-fired plants are in Wyoming, Oregon and Nevada, and use low-sulfur coal from Wyoming and Utah. IPC’s principal commercial and industrial customers are involved in food processing, electronics and general manufacturing, forest products, beet sugar refining and winter recreation.

IPC, through its subsidiary Idaho Energy Resources Co., owns a one-third interest in Bridger Coal Company, which owns the Jim Bridger mine supplying coal to the Jim Bridger generating plant in Wyoming. IPC owns and operates Danskin and Bennett Mountain combustion turbines, which are supplied gas through the Northwest Pipeline GP's pipeline.

IPC provides wholesale transmission service and provides firm and non-firm wheeling services for transmission customers. IPC’s system lies between and is interconnected with the winter-peaking northern and summer-peaking southern regions of the western power system.

IDACORP Financial Services, Inc.

IFS invests primarily in affordable housing developments, which provide a return principally by reducing federal and state income taxes through tax credits and accelerated tax depreciation benefits. Its portfolio also includes historic rehabilitation projects, such as the Empire Building in Boise, Idaho. Over 90% of IFS's investments have been made through syndicated funds. As of December 31, 2008, the gross amount of IFS’s portfolio equaled $183 million in tax credit investments. These investments cover 49 states, Puerto Rico and the United States Virgin Islands. The underlying investments include over 700 individual properties, of which all but three are administered through syndicated funds.

Ida-West Energy Company

Ida-West operates and has a 50% interest in nine hydroelectric plants with a total generating capacity of 45 megawatts. Four of the projects are located in Idaho and five are in northern California. IPC purchased all of the power generated by Ida-West's four Idaho hydroelectric projects during the year ended December 31, 2008.