IDACORP INC

“Changes in the number of customers and customers' use of electricity are affected by a number of factors, such as population growth or decline, expansion or loss of service area, changes in customer needs and expectations, customer rates, energy efficiency measures, customer-generated power, demand-side management requirements, regulation or deregulation, and economic conditions. Inflationary pressures, including as a result of new or increased tariffs or other trade restrictions, or a”

“n economic downturn, could also negatively impact customer use and reduce revenues and cash flows, thus adversely affecting results of operations.”

“Many electric utilities, including Idaho Power, have experienced a long-term decline in usage per customer, in part attributable to energy efficiency activities. State or federal regulations may be enacted to encourage or require energy conservation or technological advances that increase energy efficiency, which could further reduce usage per customer. Also, changing customer needs and expectations, such as a desire for increased renewable or low GHG-emitting sources of energy, increased customer rates, and increased competition from customer-owned generation could lead to lower customer sati…”

“Idaho Power is experiencing a rapid addition of new industrial customer load, but if the new load does not meet forecasted power usage ramp rates or amounts, the loss of load may result in excess infrastructure and stranded costs and require Idaho Power to modify or eliminate large generation, storage, or transmission projects. This could in turn result in reduced revenues, earnings, and cash flows, as well as write-downs or write-offs if regulators determine that the costs of the projects were incurred”

“imprudently, which could have a material adverse impact on IDACORP's and Idaho Power's financial condition, results of operations, and cash flows.”