ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On December 5, 2008, IDACORP, Inc. ("IDACORP") entered into a Sales Agency Agreement with BNY Mellon Capital Markets, LLC. ("BNYMCM"). Under the terms of the Sales Agency Agreement, IDACORP may offer and sell up to 3,000,000 shares of its common stock, without par value (the "Shares") from time to time through BNYMCM as IDACORP's agent for the offer and sale of the Shares.

The Sales Agency Agreement contains representations, warranties and agreements of IDACORP, customary conditions to closing, indemnification rights and obligations of the parties and termination provisions.

The Sales Agency Agreement replaces a sales agency agreement, dated as of December 15, 2005, between IDACORP and BNY Capital Markets, Inc., as amended on October 31, 2007, which expired in November 2008. IDACORP offered and sold 2,500,000 shares of its common stock, without par value, through BNYMCM as its agent under the prior agreement.

A copy of the Sales Agency Agreement is filed as Exhibit 1.1 hereto. On December 5, 2008, in connection with this offer and sale of the Shares from time to time, IDACORP filed a prospectus supplement with the Securities and Exchange Commission pursuant to Rule 424(b).

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits. Number Description 1.1 Sales Agency Agreement, dated December 5, 2008, between IDACORP, Inc. and BNY Mellon Capital Markets, LLC 5.1 Opinion of Thomas R. Saldin, Esq. 5.2 Opinion of Dewey & LeBoeuf LLP 23.1 Consent of Thomas R. Saldin, Esq. (included in Exhibit 5.1) 23.2 Consent of Dewey & LeBoeuf LLP (included in Exhibit 5.2)

---