"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.
# # #
Investor and Analyst Contact
Lawrence F. Spencer
Director, Investor Relations
208-388-2664
lspencer@idacorpinc.com
Stephanie McCurdy
Corporate Communications
208-388-6973
smccurdy@idahopower.com
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