UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
|
X |
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES |
|
EXCHANGE ACT OF 1934 |
|
|
|
|
|
For the Fiscal Year Ended December 31, 2004 |
|
|
|
|
|
OR |
|
|
|
|
|
|
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE |
|
SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
|
For the transition period from __________________ to ________________ |
|
|
|
|
|
|
|
|
Commission File Number: 1-14465 |
|
IDAHO
POWER COMPANY
EMPLOYEE SAVINGS PLAN
(Full
title of Plan)
IDACORP,
Inc.
1221 W. Idaho Street
Boise, ID 83702-5627
(Name
of issuer and address of principal executive office)
IDAHO POWER COMPANY EMPLOYEE
SAVINGS PLAN
|
FINANCIAL STATEMENTS AND EXHIBITS: |
||||||
|
|
|
|
Page |
|||
|
(A) |
Financial Statements of the Idaho Power Company |
|
||||
|
|
Employee Savings Plan as of and for the Years Ended |
|
||||
|
|
December 31, 2004 and 2003: |
|
||||
|
|
|
|
|
|||
|
|
|
Report of Independent Registered Public Accounting Firm |
3 |
|||
|
|
|
|
|
|||
|
|
|
Statements of Net Assets Available for Benefits |
4 |
|||
|
|
|
|
|
|||
|
|
|
Statements of Changes in Net Assets Available for Benefits |
5 |
|||
|
|
|
|
|
|||
|
|
|
Notes to Financial Statements |
6-10 |
|||
|
|
|
|
|
|||
|
|
Supplemental Schedule as of December 31, 2004: |
|
||||
|
|
|
|
|
|||
|
|
|
Form 5500, Schedule H, Part IV, Line 4i, Schedule of Assets (Held |
|
|||
|
|
|
|
at End of Year) |
11-12 |
||
|
|
|
|
|
|||
|
All other schedules required by Section 2520.103-10 of the Department of Labor's Rules and |
||||||
|
Regulations for Reporting and Disclosure under the Employee Retirement Income Security |
||||||
|
Act of 1974 have been omitted because they are not applicable. |
||||||
|
|
|
|
|
|||
|
(B) |
Exhibits: |
|
||||
|
|
|
|
|
|||
|
|
|
Index |
14 |
|||
|
|
|
|
|
|
||
|
|
|
23 |
Consent of Independent Registered Public Accounting Firm |
15 |
||
|
|
||||||
REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees and Participants
in the
Idaho Power Company Employee Savings Plan:
We have audited the accompanying
statements of net assets available for benefits of the Idaho Power Company
Employee Savings Plan (the Plan) as of December 31, 2004 and 2003, and the
related statements of changes in net assets available for benefits for the
years then ended. These financial
statements are the responsibility of the Plan's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in
accordance with standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. The Plan is not required to have, nor were we
engaged to perform, an audit of its internal control over financial
reporting. Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Plan's
internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial
statements present fairly, in all material respects, the net assets available
for benefits of the Plan at December 31, 2004 and 2003, and the changes in net
assets available for benefits for the years then ended in conformity with accounting
principles generally accepted in the United States of America.
Our audits were conducted for
the purpose of forming an opinion on the basic financial statements taken as a
whole. The supplemental schedule listed
in the Table of Contents is presented for the purpose of additional analysis
and is not a required part of the basic financial statements but is
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental
schedule is the responsibility of the Plan's management. Such supplemental schedule has been
subjected to the auditing procedures applied in our audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects when considered in relation to the 2004 basic financial statements
taken as a whole.
DELOITTE & TOUCHE LLP
Boise, Idaho
June 10, 2005
|
IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN |
|||||||
|
|
|||||||
|
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS |
|||||||
|
DECEMBER 31, 2004 AND 2003 |
|||||||
|
|
|
|
|
|
|
||
|
|
2004 |
|
2003 |
||||
|
|
|
|
|
|
|
||
|
INVESTMENTS (Note 3): |
$ |
214,854,604 |
|
$ |
195,216,403 |
||
|
|
|
|
|
|
|
||
|
RECEIVABLES: |
|
|
|
|
|
||
|
|
Participant contributions |
|
322,253 |
|
|
244,483 |
|
|
|
Employer contributions |
|
141,105 |
|
|
108,483 |
|
|
|
|
Total receivables |
|
463,358 |
|
|
352,966 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
NET ASSETS AVAILABLE FOR BENEFITS |
$ |
215,317,962 |
|
$ |
195,569,369 |
||
|
|
|
|
|
|
|
||
|
See notes to financial statements. |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN |
|||||||
|
|
|||||||
|
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS |
|||||||
|
YEARS ENDED DECEMBER 31, 2004 AND 2003 |
|||||||
|
|
|
|
|
|
|
||
|
|
2004 |
|
2003 |
||||
|
|
|
|
|
|
|
||
|
CONTRIBUTIONS: |
|
|
|
|
|
||
|
|
Participant contributions |
$ |
8,257,194 |
|
$ |
8,415,441 |
|
|
|
Employer contributions |
|
3,538,591 |
|
|
3,684,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total contributions |
|
11,795,785 |
|
|
12,099,778 |
|
|
|
|
|
|
|
||
|
INVESTMENT INCOME: |
|
|
|
|
|
||
|
|
Net appreciation in fair value of |
|
|
|
|
|
|
|
|
|
investments (Note 3) |
|
11,496,522 |
|
|
31,753,995 |
|
|
Dividends and interest |
|
6,140,804 |
|
|
5,795,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
17,637,326 |
|
|
37,549,715 |
|
|
|
|
|
|
|
||
|
DEDUCTIONS: |
|
|
|
|
|
||
|
|
Benefits paid to participants |
|
9,675,373 |
|
|
5,886,850 |
|
|
|
Administrative expenses |
|
9,145 |
|
|
6,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deductions |
|
9,684,518 |
|
|
5,892,850 |
|
|
|
|
|
|
|
|
|
|
INCREASE IN NET ASSETS |
|
19,748,593 |
|
|
43,756,643 |
||
|
|
|
|
|
|
|
||
|
NET ASSETS AVAILABLE FOR BENEFITS: |
|
|
|
|
|
||
|
|
Beginning of year |
|
195,569,369 |
|
|
151,812,726 |
|
|
|
|
|
|
|
|
||
|
|
End of year |
$ |
215,317,962 |
|
$ |
195,569,369 |
|
|
|
|
|
|
|
|
||
|
See notes to financial statements. |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
IDAHO POWER COMPANY EMPLOYEE
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 2004 AND 2003
|
|
1. DESCRIPTION OF THE PLAN
The following
brief description of the Idaho Power Company Employee Savings Plan (the Plan)
is provided for general information purposes only. Participants should refer to the Plan Document for more complete
information.
General - The Plan is a defined contribution
plan covering all employees (full-time, part-time and temporary) of IDACORP,
Inc. (IDACORP) and its participating subsidiaries (the Company), including
Idaho Power Company, as allowed under Section 401(k) of the Internal Revenue
Code (IRC) and is subject to the provisions of the Employee Retirement Income
Security Act of 1974, as amended (ERISA).
The Plan's Fiduciary Committee controls and manages the operation and
administration of the Plan. Putnam
Fiduciary Trust Company (Putnam) serves as the trustee of the Plan. As of December 31, 2004, there were 1,558
employees contributing to the Plan and 1,977 total participants (including
inactive participants as defined by the Plan).
Effective
January 1, 1998, the Plan was amended and restated. This amendment and restatement converted the Plan into a combined
401(k) and employee stock ownership plan, which allows participants the option
of obtaining distributions in the form of cash or common stock of IDACORP.
Employees are eligible to participate in the Plan as of their hire date,
although matching contributions require the completion of 12 months of
employment. The amended and restated
plan also allows the Plan Administrator to distribute the quarterly dividend on
shares of IDACORP stock held in the accounts of certain participants (former
employees, including retirees) to the respective participants after the
dividend is paid (the dividend pass-through feature). In 2002, an amendment to the Plan was made to provide the option
of a pass-through, or reinvestment of, the IDACORP dividend to all participants
in the Plan.
Contributions
- Eligible employees may participate in the Plan by contributing to the
Savings Feature (after-tax) or to the Deferred Feature (before-tax) of the
Plan. The participant may elect to
contribute to either or both features up to 100 percent of base compensation,
as defined in the Plan, subject to certain IRC limitations. The Company makes a contribution for the
participant in an amount equal to 100 percent of the participant's first two
percent of base compensation contributed to the Plan and 50 percent of the next
four percent of base compensation contributed to the Plan. Participant contributions in excess of six
percent of base compensation are not matched by the Company. Participants may also contribute amounts
representing distributions from other qualified defined benefit or defined
contribution plans.
Investments
- Participants direct the investment of their contributions into
various investment options offered by the Plan. The Plan currently offers 44 mutual funds, IDACORP common stock
and a brokerage account as investment options for participants.
Vesting
- Participant accounts are fully vested and nonforfeitable at all
times.
Payments
of Benefits and Withdrawals - Participants may withdraw elective
deferrals under the hardship provision of the Plan while still employed by the
Company. Employees participating in the
Plan may withdraw employee after-tax contributions at any time upon
request. On termination of service due
to death, disability or retirement, a participant may elect to receive either a
lump sum amount equal to the value of the participant's interest in his or her
account, or initiate partial withdrawals up to the participant's interest from
his or her account. For termination of
service for other reasons, a participant with a balance less than $1,000 will
automatically receive a distribution of his or her account balance. Participants with $1,000 or more in their
accounts may leave their interest in the Plan or receive a lump sum
distribution.
Participant
Loans - Under certain circumstances participants may borrow against
their account balances. Loans are
limited to 50 percent of the participant's account balance, with a maximum
outstanding loan balance of $50,000.
The interest rate on participant loans is set at the prime rate on the
first business day of the month in which the loan is requested, plus one
percent. The interest rate determined
will remain fixed through the duration of the loan. All loans must be repaid within five years except for loans for
the initial purchase of a primary residence, which have a maximum repayment
period of ten years. Principal and
interest is paid through payroll deductions.
Participant
Accounts - Individual accounts are maintained for each Plan
participant. Each participant's account
is credited with the participant's contribution, the Company's matching contribution
and Plan earnings and is charged with withdrawals and an allocation of Plan
losses. Gains and losses on investments
are allocated to participants' accounts based upon relative fund account
balances at regular valuation dates specified by the trustee of the Plan. The benefit to which a participant is
entitled is the benefit that can be provided from the participant's account.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Accounting - The accompanying financial statements have been prepared
in accordance with accounting principles generally accepted in the United
States of America.
Use
of Estimates - The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America
requires Plan management to make estimates and assumptions that affect the
reported amounts of net assets available for benefits and changes therein. Actual results could differ from those
estimates. The Plan utilizes various
investment instruments. Investment
securities, in general, are exposed to various risks, such as interest rate,
credit and overall market volatility.
Due to the level of risk associated with certain investment securities,
it is reasonably possible that changes in the values of investment securities
will occur in the near term and that such changes could materially affect the
amounts reported in the financial statements.
Payment
of Benefits - Benefit payments to participants are distributed and
recorded on the day of request.
Investment
Valuation and Income Recognition - The Plan's investments are stated at
fair value and quoted market prices are used to value investments. Shares of mutual funds are valued at quoted
market prices, which represent the net asset value of shares held by the Plan
at year end. Participant loans are
valued at the outstanding loan balances.
Purchases and
sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the
ex-dividend date.
Administrative
Expenses - Administrative expenses of the Plan are paid by the Plan's
Sponsor, as provided in the Plan Document.
Plan participants who have a brokerage account pay an administrative
expense of $25 per quarter.
Reclassifications
- Certain items previously reported for 2003 have been reclassified to
conform to the current year's presentation.
Net assets available for benefits and the increase in net assets were
not affected by these reclassifications.
3. INVESTMENTS
The Plan's
investments that represent five percent or more of the Plan's net assets
available for benefits as of December 31 were as follows:
|
2004 |
|
|
|
IDACORP, Inc. Common Stock |
$ |
55,452,415 |
|
Vanguard Institutional Index Fund |
|
26,605,441 |
|
Dodge & Cox Income Fund |
|
19,755,213 |
|
Putnam Money Market A |
|
16,572,259 |
|
TRP Equity Income Fund |
|
13,840,323 |
|
PIMCO NFJ Small Cap Value I |
|
11,434,747 |
|
|
|
|
|
2003 |
|
|
|
IDACORP, Inc. Common Stock |
$ |
63,232,272 |
|
Vanguard Institutional Index Fund |
|
24,141,614 |
|
Dodge & Cox Income Fund |
|
14,375,582 |
|
Putnam Money Market A |
|
13,311,211 |
|
|
|
|
During the
years ended December 31, 2004 and 2003, the Plan's investments (including gains
and losses on investments bought and sold, as well as held during the year)
appreciated in value as follows:
|
|
2004 |
|
2003 |
||
|
|
|
|
|
|
|
|
Mutual Funds - Blend |
$ |
4,038,439 |
|
$ |
8,817,564 |
|
Mutual Funds - Growth |
|
2,528,245 |
|
|
5,806,252 |
|
Mutual Funds - Income |
|
(11,830) |
|
|
222,117 |
|
Mutual Funds - Value |
|
3,946,266 |
|
|
5,212,214 |
|
Brokerage Securities |
|
26,085 |
|
|
506,977 |
|
Common Stock |
|
969,317 |
|
|
11,188,871 |
|
|
|
|
|
|
|
|
|
$ |
11,496,522 |
|
$ |
31,753,995 |
|
|
|
|
|
|
|
4. PLAN TERMINATION
Although it
has not expressed the intent to do so, the Company has the right under the Plan
to discontinue its contributions at any time and to terminate the Plan subject
to the provisions set forth in ERISA.
In the event that the Plan is terminated, participants would remain 100
percent vested in their accounts.
5. FEDERAL INCOME TAX STATUS
The Company
received a determination letter, dated August 1, 2001, from the Internal
Revenue Service stating that the Plan, as amended, is qualified under Sections
401 and 501 of the IRC. The Plan has
been amended since receiving the determination letter; however, the Company and
the Plan Administrator believe that the Plan is currently designed and operated
in compliance with the applicable requirements of the IRC and the Plan and
related trust continue to be tax-exempt.
Participants in a qualified plan are not subject to income taxes on Company
contributions or dividend income allocated to their accounts until a
distribution is made from the Plan.
Therefore, no provision for income taxes has been included in the Plan's
financial statements. Dividends paid
under the dividend pass-through feature (Note 1) are considered taxable income
to the participant in the year received.
6. RELATED PARTY TRANSACTIONS
Certain Plan
investments are shares of mutual funds managed by Putnam. Putnam is the trustee as defined by the Plan
and, therefore, these transactions qualify as party-in-interest
transactions. Fees paid by the Plan for
investment management services were included as a reduction of the return
earned on each fund.
At December 31, 2004 and 2003, the Plan held 1,813,949 and 2,113,378 shares, respectively, of common stock of IDACORP, Inc., the parent company of the sponsoring employer, with a cost basis of $50,299,595 and $58,294,106 respectively.
During the
years ended December 31, 2004 and 2003, the Plan recorded dividends received
from IDACORP of $2,351,923 and $3,767,724 respectively.
7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The only
reconciling amount between net assets available for benefits as reported in the
financial statements and the Form 5500 as of December 31, 2004 is deemed
distributions to participants of $59,918.
|
IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN |
|||||||||
|
|
|||||||||
|
FORM 5500, SCHEDULE H, PART IV, LINE 4i, SCHEDULE OF ASSETS (HELD AT END OF YEAR) |
|||||||||
|
DECEMBER 31, 2004 |
|||||||||
|
|
|
|
|
|
|||||
|
|
|
|
(d) |
(e) Current |
|||||
|
(a) |
(b) Identity of Issue |
(c) Description of Investment |
Cost** |
Value |
|||||
|
* |
Putnam Investments |
Putnam Bond Index Fund |
|
$ |
1,006,497 |
||||
|
* |
Putnam Investments |
Putnam Small Cap Value |
|
|
3,287,255 |
||||
|
|
AIM Investments |
AIM Small Cap Growth Fund |
|
|
3,616,273 |
||||
|
* |
Putnam Investments |
Putnam Capital Opportunities |
|
|
697,272 |
||||
|
|
Brokerage Account |
Brokerage Securities |
|
|
2,020,975 |
||||
|
* |
Putnam Investments |
Putnam Small Cap Growth |
|
|
1,637,608 |
||||
|
* |
Putnam Investments |
Putnam Money Market Fund SDB |
|
|
232,452 |
||||
|
* |
Putnam Investments |
Putnam International Growth & Income Fund Y |
|
|
600,304 |
||||
|
|
Harbor Capital |
Harbor Capital Appreciation Fund |
|
|
9,931,095 |
||||
|
* |
Putnam Investments |
Putnam Research Fund |
|
|
169,829 |
||||
|
* |
Putnam Investments |
Putnam Health Science Y |
|
|
411,509 |
||||
|
* |
Putnam Investments |
Putnam American Government D23 |
|
|
247,671 |
||||
|
|
PIMCO Investments |
PIMCO Small Cap Value I |
|
|
11,434,747 |
||||
|
|
Vanguard |
Vanguard Balanced Fund Admiral Shares |
|
|
3,059,182 |
||||
|
* |
Putnam Investments |
Putnam Balanced Portfolio, Class Y |
|
|
4,909,597 |
||||
|
* |
Putnam Investments |
New Value |
|
|
1,145,019 |
||||
|
|
Causeway Capital Management |
Causeway International Fund |
|
|
4,529,809 |
||||
|
|
T. Rowe Price |
TRP Equity Income Fund |
|
|
13,840,323 |
||||
|
|
Artisan |
Artisan International Fund |
|
|
3,731,837 |
||||
|
|
Dodge & Cox Funds |
Dodge & Cox Income Fund |
|
|
19,755,213 |
||||
|
|
Vanguard |
Vanguard Institutional Index Fund |
|
|
26,605,441 |
||||
|
* |
Putnam Investments |
Putnam Discovery Growth Fund Class Y |
|
|
156,349 |
||||
|
* |
Putnam Investments |
Putnam Diversified Income Trust Class Y |
|
|
340,874 |
||||
|
* |
Putnam Investments |
Putnam OTC Emerging Growth Fund Class Y |
|
|
6,785,705 |
||||
|
* |
Putnam Investments |
Putnam International Growth Fund Class Y |
|
|
8,791,310 |
||||
|
* |
Putnam Investments |
Putnam Investors Fund |
|
|
657,319 |
||||
|
* |
Putnam Investments |
Putnam Growth Opportunities |
|
|
45,619 |
||||
|
* |
Putnam Investments |
Putnam Equity Income Fund |
|
|
552,865 |
||||
|
* |
Putnam Investments |
Putnam High Yield Trust Y |
|
|
552,751 |
||||
|
* |
Putnam Investments |
Putnam Classic Equity Y |
|
|
99,579 |
||||
|
* |
Putnam Investments |
Putnam Convertible Income & Growth Y |
|
|
81,088 |
||||
|
* |
Putnam Investments |
Putnam International Voyager Y |
|
|
605,043 |
||||
|
* |
Putnam Investments |
George Putnam Fund Y |
|
|
457,180 |
||||
|
* |
Putnam Investments |
Putnam Fund for Growth & Income Y |
|
|
1,985,023 |
||||
|
* |
Putnam Investments |
Putnam Global Growth Y |
|
|
229,713 |
||||
|
* |
Putnam Investments |
Putnam Income Fund Y |
|
|
408,533 |
||||
|
* |
Putnam Investments |
Putnam New Opportunities |
|
|
250,269 |
||||
|
* |
Putnam Investments |
Putnam Voyager Fund Y |
|
|
3,848,752 |
||||
|
* |
Putnam Investments |
Putnam Vista Fund Y |
|
|
270,824 |
||||
|
* |
Putnam Investments |
Pending Account |
|
|
6,330 |
||||
|
* |
Putnam Investments |
Putnam Capital Appreciation A |
|
|
235,312 |
||||
|
* |
Putnam Investments |
Putnam Global Government Income A |
|
|
350,472 |
||||
|
* |
Putnam Investments |
Putnam Europe Growth |
|
|
106,519 |
||||
|
* |
Putnam Investments |
Putnam Global Natural Resources Fund |
|
|
565,053 |
||||
|
|
|||||||||
|
|
|||||||||
|
|
|||||||||
|
|
|||||||||
|
|
|||||||||
|
|
|||||||||
|
|
|||||||||
|
|
|||||||||
|
IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN |
|||||||||
|
|
|||||||||
|
FORM 5500, SCHEDULE H, PART IV, LINE 4i, SCHEDULE OF ASSETS (HELD AT END OF YEAR) |
|||||||||
|
DECEMBER 31, 2004 |
|||||||||
|
|
|||||||||
|
|
|
|
(d) |
(e) Current |
|||||
|
(a) |
(b) Identity of Issue |
(c) Description of Investment |
Cost** |
Value |
|||||
|
|
|
|
|
|
|
||||
|
* |
Putnam Investments |
Putnam International New Opps A |
|
$ |
86,452 |
||||
|
* |
Participant Loans |
Participant Loans |
|
|
2,233,418 |
||||
|
* |
IDACORP, Inc. |
Common Stock |
|
|
55,452,415 |
||||
|
* |
Putnam Investments |
Putnam Money Market A |
|
|
16,572,259 |
||||
|
* |
Putnam Investments |
Putnam Utility Growth & Income A |
|
|
257,670 |
||||
|
|
|
|
|
|
|
||||
|
|
|
|
|
$ |
214,854,604 |
||||
|
|
|
|
|
|
|
||||
|
*Denotes a permitted party-in-interest with respect to the Plan |
|||||||||
|
|
|||||||||
|
**Cost information is not required for participant-directed investments and, |
|
||||||||
|
|
therefore, is not included. |
|
|||||||
|
|
|
|
|
|
|
||||
SIGNATURES
The Plan. Pursuant to the requirements of the
Securities Exchange Act of 1934, Idaho Power Company, as Plan Administrator,
has duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
Idaho Power
Company
Employee Savings Plan
By: /s/ Darrel T. Anderson
Idaho Power
Company, as Plan Administrator, by Darrel T. Anderson, Chief Financial Officer
Date: June 23, 2005
EXHIBIT
INDEX
|
|
|
Sequentially |
|
Exhibit Number |
Exhibit |
Numbered Page |
|
|
|
|
|
23 |
Consent of Independent |
|
|
|
Registered Public Accounting Firm |
15 |
|
|
|
|
EXHIBIT 23
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration
Statement No. 333-104254 of IDACORP, Inc. on Form S-8 of our report dated June
10, 2005, appearing in this Annual Report on Form 11-K of the Idaho Power
Company Employee Savings Plan for the year ended December 31, 2004.
DELOITTE & TOUCHE LLP
Boise, Idaho
June 10, 2005