Edgar Filing: IDACORP INC

IDA 2010 11K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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, 2010

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

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN

B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:

IDACORP, Inc.

1221 W. Idaho Street

Boise, ID 83702-5627

IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN



TABLE OF CONTENTS
	Page
Report of Independent Registered Public Accounting Firm	3

Financial Statements of the Idaho Power Company
Employee Savings Plan as of and for the Years Ended
December 31, 2010 and 2009:

Statements of Net Assets Available for Benefits	4

Statements of Changes in Net Assets Available for Benefits	5

Notes to Financial Statements	6 - 11

Supplemental Schedule as of December 31, 2010:

Form 5500, Schedule H, Part IV, Line 4i, Schedule of Assets (Held at End of Year)	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.

Signatures	13

Exhibits:

Index	14

23 Consent of Independent Registered Public Accounting Firm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Fiduciary Committee and Participants of

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, 2010 and 2009, 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, 2010 and 2009, 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 schedule is the responsibility of the Plan's management. Such schedule has been subjected to the auditing procedures applied in our audit of the basic 2010 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.

/s/ Deloitte & Touche LLP

June 28, 2011

IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS



	December 31,
	2010		2009
INVESTMENTS – at fair value:
Participant-directed	$	311,289,761	$	274,108,132
RECEIVABLES:
Notes receivable from participants	4,171,334		3,407,993
Participant contributions	239,946		179,307
Employer contributions	100,494		75,385
Total receivables	4,511,774		3,662,685
NET ASSETS AVAILABLE FOR BENEFITS	$	315,801,535	$	277,770,817

See notes to financial statements.

IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS



	December 31,
	2010		2009
CONTRIBUTIONS:
Participant contributions	$	14,243,595	$	13,315,699
Employer contributions:
Cash	3,438,807		2,919,828
IDACORP common stock	2,034,778		2,364,547
Total contributions	19,717,180		18,600,074
INVESTMENT INCOME:
Net appreciation in fair value of investments	29,715,144		39,587,526
Dividends and interest	6,893,836		6,554,099
Net investment income	36,608,980		46,141,625
DEDUCTIONS:
Benefits paid to participants	18,026,322		12,057,531
Administrative expenses	269,120		12,386
Total deductions	18,295,442		12,069,917

INCREASE IN NET ASSETS	38,030,718		52,671,782

NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year	277,770,817		225,099,035
End of year	$	315,801,535	$	277,770,817

See notes to financial statements.

IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED

DECEMBER 31, 2010 AND 2009

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 substantially all employees (full-time, part-time and temporary) of IDACORP, Inc. (IDACORP) and its participating subsidiaries (the Company), including Idaho Power Company (the Plan’s Sponsor and the Plan Administrator), as allowed under Section 401(k) of the Internal Revenue Code of 1986, as amended (IRC), and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Plan Administrator’s Fiduciary Committee controls and manages the operation and administration of the Plan. Mercer Trust Company (Mercer) is the trustee of the Plan.

Effective January 1, 1998, the Plan allowed participants the option of obtaining distributions in the form of cash or common stock of IDACORP. Effective January 1, 2002, the Plan allowed the Plan Administrator to distribute the quarterly dividend on shares of IDACORP stock (the dividend pass-through feature) to electing participants in the Plan.

On January 1, 2010, the Plan was amended and restated to comply with the Pension Protection Act of 2006, the Heroes Earnings Assistance and Relief Tax Act of 2008, and the Worker, Retiree and Employer Recovery Act of 2008. In addition, effective January 1, 2010, a new fee structure and various transaction charges were implemented for all Plan participants.

Employees eligible to participate in the Plan may enroll on their hire date; however, matching contributions are only vested upon completion of twelve months of employment.

Contributions - Eligible employees may participate in the Plan by contributing to the Savings Feature (after-tax) or the Deferred Feature (before-tax) of the Plan. Following an April 1, 2006 amendment, employees are also permitted to contribute after-tax dollars to a Roth 401(k) Feature. The participant may elect to contribute to any or all features up to 100 percent of eligible pay, as defined in the Plan, subject to certain IRC limitations. The Company makes a matching contribution for the participant in an amount equal to 100 percent of the participant’s first 2 percent of eligible pay contributed to the Plan and 50 percent of the next 4 percent of eligible pay contributed to the Plan. Participant contributions in excess of 6 percent of eligible pay are not matched by the Company. Participants may also contribute certain rollover contributions from other plans.

Participant Accounts - Individual accounts are maintained for each Plan participant for each Plan feature, as applicable. Each participant’s accounts are credited, as applicable, with the participant’s contribution, the Company’s matching contribution and an allocation of Plan earnings and are charged with withdrawals and an allocation of Plan losses, and as applicable, any administrative expenses. 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 vested accounts.

Investments - Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan currently offers 10 ready-mixed (target date) portfolios, 25 core mutual funds and IDACORP common stock as investment options for participants. A self-directed brokerage account option is also available to allow participants to select investment options not specifically offered by the Plan.

Vesting - Participants are vested immediately in their own contributions, plus actual earnings thereon. Matching contributions are vested only for participants that have completed twelve months of service. Matching contributions that are forfeited may be used to reduce the Company’s matching contribution in subsequent years following the year in which the forfeiture arose. Matching contributions of $13,811 and $6,391 were forfeited during the years ended December 31, 2010 and 2009, respectively. Previously forfeited matching contributions and earnings thereon of $9,134 and $2,853, were used to reduce the Company’s matching contribution during the years ended December 31, 2010 and 2009, respectively.

Notes Receivable from Participants - Under certain circumstances participants may borrow against their account balances. The maximum amount of the loan is the lesser of (1) 50 percent of a participant’s account balance (including amounts contributed to the Roth 401(k) Feature and amounts invested in the self-directed brokerage account), (2) $50,000 reduced by a participant’s highest outstanding loan balance during the previous 12 months, and (3) the total market value of a participant’s account that is not invested in the self-directed brokerage account and not contributed to the Roth 401(k) Feature. 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 will remain fixed through the duration of the loan. All loans must be repaid within five years except for loans for the purchase of a primary residence, which have a maximum repayment period of ten years. Principal and interest are paid through payroll deductions.

Payments of Benefits and Withdrawals - Benefits are payable upon a participant’s disability, termination of employment or death. In the event of disability or termination of employment, benefits are distributed when the participant elects to receive a distribution, which may be in the form of a lump sum distribution or monthly, quarterly, semi-annual or annual installments, or when the participant is required to take a minimum distribution as defined by the IRC. Upon death of a participant, a beneficiary who is not a surviving spouse may take a lump sum distribution or elect an installment form of payment (monthly, quarterly, semi-annual or annual) for a payment period of up to five years. A beneficiary who is a surviving spouse may take a lump sum distribution, elect an installment form of payment (monthly, quarterly, semi-annual or annual) or remain in the Plan, subject to the mandatory minimum distribution requirements of the IRC. The Plan was amended on January 1, 2010 to conditionally offer certain additional benefits to survivors of participants who die on or after January 1, 2007 while performing qualified military service, as defined in the IRC. Notwithstanding the above, in the event of death, disability or termination of employment, for account balances of $1,000 or less, a lump sum payment will be made automatically. Persons otherwise entitled to a distribution under the Plan may elect to make partial withdrawals at least quarterly in accordance with procedures determined by the Plan Administrator.

The Plan permits in-service withdrawals from the Deferred and Rollover Features to be made (1) by participants who have incurred a hardship (as defined in the Plan) or (2) as frequently as once per calendar quarter by participants who have attained age 59 ½. In-service withdrawals also are permitted with respect to a participant’s after-tax contributions invested in the Savings Feature as frequently as once per calendar quarter. In-service withdrawals are permitted from the Roth 401(k) Feature if they are qualified distributions.

Effective January 1, 2010, the Plan permits qualified reservist withdrawals of a participant's contributions from amounts attributable to elective deferrals in the Plan to be made by participants who are ordered or called to active military duty at specified times if certain conditions specified in the Plan are satisfied.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following are the significant accounting policies followed by the Plan:

Basis of Accounting - The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).

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.

Risks and Uncertainties - 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.

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 common stock and mutual funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year end.

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.

Notes Receivable from Participants - Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan document.

Payment of Benefits - Benefits are recorded when paid. There were no participants who had elected to withdraw from the Plan but had not yet been paid at December 31, 2010 or 2009.

Administrative Expenses – Prior to 2010, administrative expenses of the Plan were paid by the Plan’s Sponsor, as provided for in the Plan Document. Effective January 1, 2010, administrative expenses and certain fees relating to the Plan are shared by the Plan’s Sponsor and Plan participants, as provided for in the Plan Document. Plan participants who have a brokerage account also pay a quarterly administrative fee.

Recent Accounting Pronouncements

ASU No. 2010-06, Fair Value Measurements and Disclosures - In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2010-06, Fair Value Measurements and Disclosures, which amends ASC 820, Fair Value Measurements and Disclosures, adding new disclosure requirements for Levels 1 and 2, separate disclosures of purchases, sales, issuances, and settlements relating to Level 3 measurements and clarification of existing fair value disclosures. ASU No. 2010-06 is effective for periods beginning after December 15, 2009, except for the requirement to provide Level 3 activity of purchases, sales, issuances, and settlements on a gross basis, which will be effective for fiscal years beginning after December 15, 2010. The Plan prospectively adopted the new guidance in 2010, except for the Level 3 reconciliation disclosures, which are required in 2011. The adoption in 2010 did not materially affect, and the future adoption is not expected to materially affect, the Plan's financial statements.

ASU No. 2010-25, Reporting Loans to Participants by Defined Contribution Pension Plans - In September 2010, the FASB issued ASU No. 2010-25, Reporting Loans to Participants by Defined Contribution Pension Plans.

The ASU requires that participant loans be classified as notes receivable rather than as plan investments and measured at unpaid principal balance plus accrued but unpaid interest rather than fair value. The Plan retrospectively adopted the new accounting in 2010. The adoption did not materially affect the Plan's financial statements.

ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards - In May 2011, the FASB issued Accounting Standards Update No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (Topic 820)—Fair Value Measurement (ASU 2011-04), to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between U.S. GAAP and International Financial Reporting Standards. ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements particularly for Level 3 fair value measurements. ASU 2011-04 is effective for the Plan prospectively for the year ending December 31, 2012. The Plan is currently evaluating the impact of pending adoption of ASU 2011-04 on its financial statements.

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, 2010 and 2009, were as follows:



	2010		2009
IDACORP, Inc. Common Stock	$	55,969,569	$	53,016,646
Dreyfus Treasury Prime Cash Management Fund	36,117,887		34,728,359
Dodge & Cox Income Fund	29,128,932		27,492,230
Vanguard Institutional Index Fund	25,277,546		22,637,419
Harbor Capital Appreciation Fund	17,878,956		16,259,609
T. Rowe Price Equity Income Fund	16,126,255		14,354,187
All other investments	130,790,616		105,619,682
Total investments	$	311,289,761	$	274,108,132

During the years ended December 31, 2010 and 2009, the Plan’s investments appreciated (including realized and unrealized gains and losses) in value as follows:



	2010		2009
Mutual Funds - Blend	$	4,853,236	$	6,475,174
Mutual Funds - Growth	6,911,683		12,728,194
Mutual Funds - Income	1,339,981		3,621,320
Mutual Funds - Value	6,147,842		8,270,280
Mutual Funds - Target Date	1,858,889		1,840,070
Brokerage Securities	663,154		1,296,688
IDACORP, Inc. Common Stock	7,940,359		5,355,800
Net appreciation	$	29,715,144	$	39,587,526

4. FAIR VALUE MEASUREMENTS

The fair values of investments are classified based on the lowest level of any input that is significant to the fair value measurement. The Plan classifies its investments into Level 1, which refers to securities valued using unadjusted quoted prices from active markets for identical assets; Level 2, which refers to securities not traded on an active market but for which observable market inputs are readily available; and Level 3, which refers to securities valued based on significant unobservable inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The following table presents by level within the fair value hierarchy a summary of the Plan's investments measured at fair value on a recurring basis at December 31, 2010 and 2009.



Fair Value Measurements at December 31, Using
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
2010:

IDACORP, Inc. Common Stock	$	55,969,569	$	—	$	—	$	55,969,569
Mutual Funds
Blend	42,800,755		—		—		42,800,755
Growth	52,541,570		—		—		52,541,570
Income	84,284,471		—		—		84,284,471
Value	47,645,493		—		—		47,645,493
Target Date	23,578,808		—		—		23,578,808
Brokerage Securities	4,469,095		—		—		4,469,095
Total	$	311,289,761	$	—	$	—	$	311,289,761

2009:

IDACORP, Inc. Common Stock	$	53,016,646	$	—	$	—	$	53,016,646
Mutual Funds
Blend	36,482,402		—		—		36,482,402
Growth	45,695,044		—		—		45,695,044
Income	81,455,484		—		—		81,455,484
Value	38,058,265		—		—		38,058,265
Target Date	15,609,488		—		—		15,609,488
Brokerage Securities	3,790,803		—		—		3,790,803
Total	$	274,108,132	$	—	$	—	$	274,108,132

For the year ended December 31, 2010, there were no transfers between Levels 1, 2 or 3.

5. 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. The Plan Document includes provisions for the distribution of vested contributions in the event of the termination of the Plan.

6. 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. The Company filed for a new Internal Revenue Service determination letter in January 2011. 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 that 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 (see Note 1) are considered taxable income to the participant in the year received.

7. EXEMPT PARTY-IN-INTEREST TRANSACTIONS

Certain Plan investments are managed by Mercer. Mercer is the trustee as defined by the Plan and, therefore, these transactions qualified 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, 2010 and 2009, the Plan held 1,513,509 and 1,659,363 shares, respectively, of common stock of IDACORP, Inc., the parent company of the sponsoring employer, with a cost basis of $44,056,721 and $47,252,184, respectively.

During the years ended December 31, 2010 and 2009, the Plan recorded dividend income from IDACORP of $1,874,848 and $2,031,139, respectively.

8. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following table reconciles net assets available for benefits per the Plan’s financial statements to the Form 5500:



	December 31,
	2010			2009
Net assets available for benefits per the financial statements	$	315,801,535		$	277,770,817
Total deemed distributions to participants	(166,272		)	(98,818		)
Net assets available for benefits per the Form 5500	$	315,635,263		$	277,671,999

The following table reconciles the increase in net assets per the financial statements to the Form 5500:



	Year ended December 31,
	2010			2009
Increase in net assets per the financial statements	$	38,030,718		$	52,671,782
Less: Increase in deemed distributions to participants	(59,196		)	(11,952		)
Less: Interest on deemed distributions	(8,258		)	(7,327		)
Net income per the Form 5500	$	37,963,264		$	52,652,503

IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN

FORM 5500, SCHEDULE H, PART IV, LINE 4i, SCHEDULE OF ASSETS (HELD AT END OF YEAR)



December 31, 2010

	(b)	(c)	(d)	(e)
(a)	Identity of Issue	Description of Investment	Cost**	Current Value
*	IDACORP, Inc.	Common Stock		$	55,969,569
	Dreyfus	Dreyfus Treasury Prime Cash Management Fund		36,117,887
	Dodge & Cox Funds	Dodge & Cox Income Fund		29,128,932
	Vanguard	Vanguard Institutional Index Fund		25,277,546
	Harbor Funds	Harbor Capital Appreciation Fund		17,878,956
	T. Rowe Price	T. Rowe Price Equity Income Fund		16,126,255
	Pimco Allianz Investments	Allianz NFJ Small Cap Value Institutional		15,706,494
	Vanguard	Vanguard Balanced Index Fund		9,997,598
	Invesco Investments	Invesco International Growth Fund		9,956,356
	Vanguard	Vanguard Total Bond Market Index Fund		8,138,945
	Invesco Investments	Invesco Small Cap Growth Fund		7,959,527
	Artisan Funds	Artisan International Fund		7,151,076
	Loomis Sayles	Loomis Sayles Mid Cap Growth Fund Institutional		6,074,179
	Dimensional Fund Advisors	DFA International Value Portfolio		5,652,238
	Wells Fargo Funds	Wells Fargo Advantage Dow Jones Target 2020		4,871,671
	Wells Fargo Funds	Wells Fargo Advantage Dow Jones Target 2010		4,750,251
	Wells Fargo Funds	Wells Fargo Advantage Dow Jones Target 2015		4,743,127
	Brokerage Account	Brokerage Securities		4,469,095
	Causeway Funds	Causeway International Value Fund Institutional		4,275,671
	Putnam Investments	Putnam Equity Income Fund		4,209,289
	Harding Loevner Funds	Harding Loevner Emerging Markets Portfolio		3,521,476
	Pimco Allianz Investments	PIMCO Commodity Real Return Strategy Fund		3,459,492
	Putnam Investments	Putnam High Yield Trust		2,980,068
	Dimensional Fund Advisors	DFA International Small Company Portfolio		2,738,794
	Wells Fargo Funds	Wells Fargo Advantage Dow Jones Target 2030		2,699,043
	Putnam Investments	Putnam Global Income Trust		2,364,365
	Payden Funds	Payden Short Bond Fund		2,093,828
	Wells Fargo Funds	Wells Fargo Advantage Dow Jones Target 2025		2,081,044
	Vanguard	Vanguard Total International Stock Index Fund		1,732,211
	Artisan Funds	Artisan Mid Cap Value Fund		1,675,546
	Wells Fargo Funds	Wells Fargo Advantage Dow Jones Target 2040		1,610,434
	Wells Fargo Funds	Wells Fargo Advantage Dow Jones Target 2035		1,607,275
	Vanguard	Vanguard Small Cap Index Fund		1,595,752
	Vanguard	Vanguard Mid Cap Index Fund		1,458,854
	Wells Fargo Funds	Wells Fargo Advantage Dow Jones Target Today		581,003
	Wells Fargo Funds	Wells Fargo Advantage Dow Jones Target 2045		420,672
	Wells Fargo Funds	Wells Fargo Advantage Dow Jones Target 2050		214,288
*	Mercer	Pending Account		954
* ***	Participant Loans	Interest rates 4.25% - 9.25%		4,005,062

				$	315,294,823

* 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.
*** Net of $166,272 in deemed loan distributions.

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,
		Executive Vice President – Administrative
		Services and Chief Financial Officer

Date: June 28, 2011

EXHIBIT INDEX



Exhibit Number	Exhibit

23	Consent of Independent Registered Public Accounting Firm