IDACORP Reports Second-Quarter 2002 Earnings

July 31, 2002 by Jeff Shepard

IDACORP Inc. (Boise, ID) reported second-quarter earnings of $0.08 per share, an $0.88-per-share decline from last year's second-quarter earnings of $0.96 per share. Year-to-date earnings per share are $0.74, or $1.15 per share, less than the 2001 year-to-date earnings of $1.89 after the second quarter. Net income for the second quarter of 2002 was $3.0 million, $33.0 million less than the same period a year earlier. For the first six months, net income was $28.0 million compared to $71.0 million for last year.

"The decline in earnings is attributable to losses recorded at IDACORP Energy offset by improving conditions at Idaho Power Co., our regulated electric utility," said IDACORP President and CEO Jan Packwood. "IDACORP Energy's results have been significantly impacted by the industry-wide pressure being applied to wholesale energy marketers and traders. Idaho Power is showing signs of improvement despite working through the third consecutive year of below-normal water conditions."