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IDAHO POWER'S SECOND QUARTER EARNINGS BACK ON TRACK

 BOISE, Idaho, July 30 /PRNewswire/ -- Strong hydroelectric generating conditions fueled by above-normal precipitation and healthy Snake River basin streamflows this spring combined with continued robust economic activity in Idaho Power's service area to restore strength to the company's second quarter earnings, the company said today.
 The Boise-based utility today reported net income for the quarter of $18.5 million, compared to $12.4 million during the same period in 1992. Earnings per share increased from 32 cents in 1992 to 47 cents.
 "We witnessed a return to more normal generating conditions during the quarter and, as a result, we experienced a financial performance more in line with our historical standards," said Idaho Power Vice President and Chief Financial Officer J. LaMont Keen. "The major driving force was the restored productivity of our low-cost hydroelectric resources and reduced reliance on more costly coal-fired generation and energy purchased from others."
 With hydro generation meeting 73.5 percent of the company's system demand during the quarter -- compared to 30.4 percent during the same period in 1992 -- the utility experienced dramatic reductions of $8.3 million in its fuel expense and $14.5 million in purchased power costs, compared to the second quarter of 1992.
 Wet weather during the period produced some offsetting influences on the company's results. Farmers' need to water their crops was dampened and resulted in a $16.1 million decline in irrigation sales revenue -- down from a record high $33.1 million during the same quarter in 1992. But the bountiful hydroelectric generating conditions also enabled the company to increase its sales of energy to other utilities by $16.3 million. And cooler-than-normal temperatures during the period and the addition of new customers spurred a $4.2 million -- 13.3 percent -- increase in residential revenues.
 The company experienced a 3,416 increase in general business customers during the quarter and has seen an increase of 9,325 customers since the second quarter of 1992 -- a 3.1 percent annual rate of "strong, yet manageable growth," said Keen.
 "Our strong second quarter demonstrates how a return to more normal hydroelectric generating conditions enables the company to benefit from our region's continuing healthy economy."
 Second quarter revenues of $129.5 million established a new record for the period, as did revenues of $270.3 million for the first six months of 1993 and $529.3 million for the year ended June 30.
 The company's results for the quarter ending June 30 were: operating revenues of $129.5 million for 1993 and $124.7 million for 1992; net income of $18.5 million for 1993 and $12.4 million for 1992; earnings on common stock of $17.2 million for 1993 and $11.0 million for 1992; and earnings per share of 47 cents for 1993 and 32 cents for 1992.
 The company's results for the 12 months ended June 30 were: operating revenues of $529.3 million for 1993 and $490.8 million for 1992; net income of $74.1 million for 1993 and $57.9 million for 1992; earnings on common of $68.7 million for 1993 and $52.3 million for 1992; and earnings per share of $1.90 for 1993 and $1.53 for 1992.
 IDAHO POWER CO.
 EARNINGS REPORT SUMMARY
 Quarter ended June 30, 1993 1992
 Earnings per share $ 0.47 $ 0.32
 Operating revenues 129,470,867 124,656,079
 Net income 18,523,624 12,393,459
 Average shares 36,566,458 34,369,258
 Twelve months ended June 30, 1993 1992
 Earnings per share $ 1.90 $ 1.53
 Operating revenues 529,263,627 490,835,209
 Net income 74,089,797 57,881,738
 Average shares 36,218,859 34,111,725
 -0- 7/30/93
 /CONTACT: J. LaMont Keen, 208-383-2640, or Jeff Beaman, 208-383-2461, of Idaho Power/
 (IDA)


CO: Idaho Power Co. ST: Idaho IN: UTI SU: ERN

SB -- SE014 -- 7954 07/30/93 17:17 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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