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IDAHO POWER REPORTS EARNINGS

 IDAHO POWER REPORTS EARNINGS
 BOISE, Idaho, Jan. 31 /PRNewswire/ -- Idaho Power (NYSE: IDA)


today reported a net income in 1991 of $57.9 million, a 16.4-percent decline from 1990's $69.2 million, reflecting the continuing impact of low snowpack and reduced streamflows on the company's hydroelectric system. Earnings per share also showed a decline at $1.56 per share, compared to $1.91 for 1990, an 18.3-percent reduction.
 "Below-normal water conditions in the Snake River basin last year resulted in abnormally high power supply costs and less surplus electricity for placement on the regional energy market -- the lowest amount since 1977, the worst water year on record," said Idaho Power Vice President and Chief Financial Officer LaMont Keen. "Those impacts more than offset the benefits of continued strong economic activity and customer growth in our service territory."
 The company added 6,008 general business customers in 1991 -- a 2.1-percent increase -- contributing to record sales at the retail level and a 3.1-percent increase in total energy sales. Revenues were $483.2 million in 1991, an $18.3-million increase from 1990's level.
 While the company obtains roughly two-thirds of its generation from its hydro resources in normal water years, it depended on its more costly coal-fired plants for 50 percent of its production in 1991. Despite the unfavorable generation mix and the need to meet customers' growing electricity demands, fuel costs associated with thermal generation declined 3.2 percent from 1990. That was largely achieved by increasing purchases of surplus energy from other utilities at costs that were lower than company-owned thermal generation, although still significantly higher than the company's own hydro. Surplus power purchase costs increased from $21.3 million in 1990 to $26.9 million last year. Actual surplus energy purchased increased by 50 percent as the company was able to take advantage of lower unit costs than had prevailed in 1990.
 The company's results for the quarter ending Dec. 31 were: operating revenues of $122.1 million for 1991 and $117.9 million for 1990; net income of $15.4 million for 1991 and $20.6 million for 1990; earnings on common of $13.7 million for 1991 and $19.6 million for 1990; and earnings per share of 40 cents per share for 1991 and 58 cents for 1990.
 For the 12 months ended Dec. 31, results were: operating revenues of $483.2 million for 1991 and $464.9 million for 1990; net income of $57.9 million for 1991 and $69.2 million for 1990; earnings on common of $53.0 million for 1991 and $65.0 million for 1990; and earnings per share of $1.56 for 1991 and $1.91 for 1990.
 IDAHO POWER CO.
 EARNINGS REPORT SUMMARY
 Quarter ended Dec. 31: 1991 1990
 Earnings per share $ 0.40 $ 0.58
 Operating revenues $122,142,480 $117,909,284
 Net income $ 15,381,279 $ 20,648,142
 Average shares 33,977,000 33,977,000
 Twelve Months ended Dec. 31: 1991 1990
 Earnings per share $ 1.56 $ 1.91
 Operating revenues $483,192,661 $464,934,980
 Net income $ 57,871,566 $ 69,241,180
 Average shares 33,977,000 33,977,000
 -0- 1/31/92
 /CONTACT: J. LaMont Keen of Idaho Power, 208-383-2640/
 (IDA) CO: Idaho Power Co. ST: Idaho IN: UTI SU: ERN


SC-LM -- SE009 -- 5794 01/31/92 16:56 EST
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Date:Jan 31, 1992
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