ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

Thomas R. Saldin, Senior Vice President and General Counsel of IDACORP, Inc. and Idaho Power Company, has retired effective April 1, 2009. On April 1, 2009, Idaho Power Company, including its parent IDACORP, Inc. and all subsidiaries and affiliates (collectively the "Company"), entered into a Consulting Agreement ("Agreement") with Mr. Saldin. The Agreement is for a nine month term from April 1, 2009 through December 31, 2009. The Agreement provides that Mr. Saldin will provide legal and/or business consulting services that may be required by the Company from time to time during the term of the Agreement and that the Company will pay him a retainer of $3,000 per month for up to 20 hours of service per month. The Agreement further provides that upon mutual agreement of the Company and Mr. Saldin, Mr. Saldin will provide additional services beyond 20 hours per month to the Company at a rate of $150 per hour. Mr. Saldin will not work more than 25 hours per month without prior written consent. The Agreement further provides that the Company may terminate the Agreement for cause and includes confidentiality provisions.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

Number Description

10.1 Consulting Agreement, dated as of April 1, 2009, by and

between Thomas R. Saldin and Idaho Power Company,

including its parent IDACORP, Inc. and all subsidiaries and

affiliates

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