IDACORP Increases Quarterly Common Stock Dividend 10 Percent

BOISE, ID. Jan. 19, 2012 - Today IDACORP, Inc.'s (NYSE: IDA) Board of Directors increased the 2012 regular quarterly cash dividend on IDACORP's common stock to $0.33 per share from $0.30 per share, representing a 10 percent increase. The increase reflects an annualized rate of $1.32 per share. The quarterly dividend is payable February 29, 2012 to IDACORP shareholders of record on February 6, 2012.

"This dividend increase moves the dividend payout ratio closer to the Board of Director's previously adopted long-term dividend target payout ratio of between 50 and 60 percent of sustainable IDACORP earnings," stated LaMont Keen, IDACORP President and Chief Executive Officer. "The dividend increase reflects the company's confidence in the near- and long-term growth of the company and a commitment by the Board to take action toward its goal of delivering a competitive total shareholder return," added Keen.

In determining future dividend actions, the Board of Directors will continue to take into account factors such as current and projected capital requirements, the company's liquidity position and earnings, the competitiveness of the dividend yield, business cycles, credit rating impacts, legal requirements, long-term sustainability, and other factors.

Forward-Looking Statements
This news release contains statements that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions, or future events or performance are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may differ materially from the results discussed in the statements. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements in this report include those factors discussed in IDACORP Inc.'s 2010 Annual Report on Form 10-K, particularly Item 1A - "Risk Factors"; Part II, Item 7 - "Management's Discussion and Analysis of Financial Condition and Results of Operations"; and Notes 2, 11, and 15 to the consolidated financial statements included in the Annual Report on Form 10-K; subsequent reports filed by IDACORP, Inc. with the Securities and Exchange Commission; and the following important factors: (a) the effect of regulatory decisions by the Idaho Public Utilities Commission, the Oregon Public Utility Commission, and the Federal Energy Regulatory Commission affecting Idaho Power's ability to recover costs and/or earn a reasonable rate of return; (b) changes in and compliance with state and federal laws, policies, and regulations, including new interpretations and enforcement initiatives by federal and state regulatory and oversight bodies; (c) changes in tax laws or new interpretations of tax laws, and the availability, use, and regulatory treatment of tax credits; (d) litigation and regulatory proceedings, and penalties, settlements, or awards that influence business and profitability; and (e) new accounting or Securities and Exchange Commission or New York Stock Exchange requirements, or new interpretations or application of existing requirements. Dividend declarations and the dividend rate are at the discretion of IDACORP, Inc.'s board of directors. IDACORP, Inc.'s dividend program may be affected by changes in IDACORP, Inc.'s operating results, its capital spending programs, changes in cash flows, changes in tax laws, and changes in regulations. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP, Inc. disclaims any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.
IDACORP, Inc., Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power Company, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. IDACORP's origins lie with Idaho Power and operations beginning in 1916. Today, Idaho Power employs approximately 2,000 people to serve a 24,000 square-mile service area in southern Idaho and eastern Oregon. With 17 low-cost hydroelectric projects as the core of its generation portfolio, Idaho Power's 494,000 residential, business and agricultural customers pay some of the nation's lowest prices for electricity. To learn more about Idaho Power or IDACORP, visit www.idahopower.com or www.idacorpinc.com.

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Investor and Analyst Contact
Lawrence F. Spencer
Director, Investor Relations
208-388-2664
[email protected]

Stephanie McCurdy
Corporate Communications
208-388-6973
[email protected]