Good day and welcome everyone to the IDACORP second quarter 2008 conference call. Today’s call is being recorded and is being webcast live. A complete replay will also be available from the end of the day for a period of 12 months on the company’s Web site at www.idacorpinc.com. (Operator instructions) And now at this time, I would like to turn the conference over to the Director of Investor Relations, Mr. Lawrence Spencer. Please go ahead, sir.

Thank you, Dustin, and good afternoon everyone. Welcome to our August 8 – August 7, excuse me, second quarter earnings release conference call. We issued our earnings release before the markets opened today and that document is now posted to our IDACORP Web site at www.idacorpinc.com. We also filed a Form 10-Q with the SEC today and that document has also been posted to our IDACORP Web site. On the call today, we have LaMont Keen, IDACORP and Idaho Power President and CEO; and Darrel Anderson, IDACORP and Idaho Power Senior Vice President of Administrative Services and CFO. We also have other officers here today to help answer your questions during the Q&A period. Before turning the presentation over to LaMont, I will cover a few details with you. First, our presentation today may contain forward-looking statements, and it is important to note that the corporation’s future results could differ materially from those discussed. A full discussion of the factors that could cause future results to differ materially can be found in our filings with the Securities and Exchange Commission. Also the information that we are required to provide in connection with certain non-GAAP financial information presented during the call may be found in our earnings release located on our IDACORP Web site. Now, I’ll briefly discuss the financial results from today’s earnings press release. IDACORP’s second quarter 2008 net income was $17.5 million, $1 million less than last year’s second quarter. Idaho Power’s second quarter 2008 net income was $17.7 million, $1.6 million more than the second quarter of 2007. IDACORP earnings decreased by $0.03 per diluted share quarter-over-quarter to $0.39 per diluted share. With that, I’ll now turn the presentation over to LaMont.

Thank you, Larry. And greetings to our call participants, we thank you for your interest in IDACORP. 2008 has not been without its share of challenges, but I am pleased with the progress we have made thus far. Idaho Power is just beginning to see earnings and cash flow benefits from recent regulatory efforts, and we have other regulatory initiatives under way. We are responding operationally and financially to the challenge of growing peak loads and rising costs while also recognizing a slowdown in the local economy. The results Larry just summarized include the first full quarter of collections of new rates that became effective March 1. These new rates resulted from a settlement of our 2007 general rate case in the Idaho jurisdiction. That increased our annual revenue an average of 5.2% or $32 million annually. As we have previously disclosed, the settlement also changed the methodology for recording power supply costs. While this change is expected to be neutral over a 12-month period, you will see significant differences in the results when compared quarter-over-quarter. This quarter, the results were negatively impacted by the new methodology, while next quarter will see a significant benefit. This summer, the Idaho PUC is conducting workshops to address this and other important PCA related issues. We continue our strategy of making timely regulatory filings in order to recover our investments as quickly as possible. In our first quarter conference call, I went through a list of pending filings. They were resolved in Idaho PUC orders issued on May 30. The Commission approved the following items. A 10.7% increase or $73 million to our annual power cost adjustment. This enables us to collect revenue to recover excess power supply costs previously incurred, and we had an increase to our conservation program funding charge by…

Thanks LaMont and good afternoon everyone. Today, I will review some of the key points related to our second quarter 2008 results, discuss updates to the 2008 key operating and financial metrics and update you on our 2008 financing plans. We will then look forward to taking your questions. I’ll begin with our recent results. As previously summarized by Larry, IDACORP reported second quarter net income of 17.5 million or $0.39 per share compared to 18.5 million or $0.42 per share in 2007. Idaho Power contributed 17.7 million or $0.39 per share compared to 16.2 million or $0.37 per share in the second quarter of 2007. At Idaho Power, second quarter 2008 general business revenues increased by 26.5 million or 16%, when compared to 2007. Changes in Idaho base and PCA rates from last year accounted for 31.2 million of the increase. Growth in customers added an additional 2.2 million, although lower electricity usage due to weather-related factors accounted for a decrease of $6.9 million. Our irrigation customers were the customer class primarily impacted by these weather related factors. This increase in general business revenues, combined with better hydroelectric operating conditions and reduced operation and maintenance expenses contributed to an increase in quarterly operating income of $4.5 million. A change in the PCA methodology for allocating base power supply expenses that became effective March 1 reduced operating income 9.2 million in the second quarter of 2008. The methodology change is expected to increase operating income in the third quarter by approximately $17 million, but as LaMont mentioned, the new method is expected to be neutral over a 12-month period. Favorable hydro conditions during the second quarter resulted in an increase in hydroelectric generation of approximately 35% or 538,000 megawatt hours over second quarter 2007. This decreased the company’s reliance on…

Thank you, sir. (Operator instructions) We’ll go first to Steve Gambuzza with Longbow Capital. Steve Gambuzza – Longbow Capital: Good afternoon.

Hi Steve. Steve Gambuzza – Longbow Capital: For the rate case in Idaho, do you exclude short-term debt from the capital structure?

We’ll have Steve Keen kind of talk about the capital structure related to the Idaho Power rate case.

Short-term debt isn’t looked at in that capital structure; it’s left out. Steve Gambuzza – Longbow Capital: It is not, it’s left out.

That’s correct. Steve Gambuzza – Longbow Capital: Okay. But your target is for like – that’s for a 50/50 kind of all-in capital structure?

It is, and it’s not an exact science, it does move. We’ve been both sides of 50/50, but that’s – we try to bring it back in line, if we get 1% or 2% one direction or the other, we do what we can to bring it back in line. Steve Gambuzza – Longbow Capital: Okay. And what equity ratio did you file for in the case?

I don’t have that exact number. Steve Gambuzza – Longbow Capital: Roughly 50%?

It is roughly 50%. I believe it’s off like a percentage point, like 1% higher on debt. Steve Gambuzza – Longbow Capital: Okay.

It’s just – Steve, this is Darrel. It’s actually in the 8-K that we filed, it’s 49.27%. Steve Gambuzza – Longbow Capital: Okay. I’m just looking at the balance sheet at the end of the quarter, and it looks like it was – total debt to total capital was about 54%? I’m just wondering do you have to adjust that during the time period of the rate case or was 49% the rate – was that the regulatory capital structure based on the test year that you filed?

It was and it’s a forecast. So, we were looking ahead and it encompasses getting though the entire year. So, wherever you are at right now, you are missing two quarters of earnings and whatever we do on the equity side going [ph] forward. Steve Gambuzza – Longbow Capital: Okay, so it includes –

So that was looking at the entire year of 2008. Steve Gambuzza – Longbow Capital: And so it includes the assumption of financing in 2008?

Yes, it included – I think the financing we did was very close to what we had in the rate case. It might have been slightly smaller by maybe $5 million. Steve Gambuzza – Longbow Capital: I guess really what I am asking is do you have to issue equity in 2008 to meet – to true up your capital structure to what you filed?

I would say, it is fair to guess, there is a little bit in there, yes. Earnings are going to drive part of that. Steve Gambuzza – Longbow Capital: Okay. All right, great. Thanks a lot.

It's based on the utility. There has to be some equity infused into the utility. Steve Gambuzza – Longbow Capital: Understood, thank you.

Thanks Steve.

(Operator instructions) We’ll go next to Emily Christy with RBC Capital Markets. Emily Christy – RBC Capital Markets: Good afternoon.

Hi Emily. Emily Christy – RBC Capital Markets: Question on these water leases that you mentioned, I am just kind of – one of you go into a little more detail as to how they work, how available they are and kind of how it affects the overall hydro generation in terms of quarterly or what not...?

Emily, this is Darrel. I am going to have Jim Miller talk about that, but the other thing is we do have a fair amount of disclosure in the Q we just filed this morning, it’s there, but we will have Jim Miller who heads up the power supply side of things to talk about those leases. Emily Christy – RBC Capital Markets: Okay, thanks.

Okay.

Hi, Emily, when it comes to water leases, it’s a questionable thing. It’s based on precip and climatology during the year. And in the last several years there hasn’t been water available to lease upstream. This year because we did have more normal snow pack, some of the upstream reservoirs ultimately did fill. There was surplus water available that was for lease out of the water bank and we’ve been negotiating with a couple of other parties that might have excess water. So, we’re moving forward on that, but quantity isn’t great. The numbers we’re talking about now may amount to 100,000 megawatt hours of additional energy out of the hydro system. But we are moving forward on that and every bit will help. Emily Christy – RBC Capital Markets: Okay. And then just one follow-up and I apologize if you went into this earlier, I was a little bit late on the call, the irrigation impact for the quarter, is that almost entirely correlated with rainfall? I mean that demand obviously dropped quite a bit more than the rest.

It was a combination of precip and temperatures. Emily Christy – RBC Capital Markets: Okay. Thank you very much.

You bet.

And then we’ll take our next question from Eric McCarthy with Praesidis Asset Management. Eric McCarthy – Praesidis Asset Management: Hi, guys. Just to confirm, you said that generation from hydro was about 2076 megawatt hours in the quarter?

Yes. For the quarter, could you just hang on one second? I don’t have it right at the fingertips, but I’ll have it in a second.

Yes, 2077.

Yes, 2077. Eric McCarthy – Praesidis Asset Management: And then you said going forward the rest of the year, it was based on above average precipitation, what’s driving that?

Now, what we said was that – in order for us to hit the upper end of the ranges, we would have to see above normal precipitation to hit the higher end of our expected annual generation. Eric McCarthy – Praesidis Asset Management: Okay. Great, thanks.

You bet.

There are currently no further questions. (Operator instructions) And there appear to be no further questions at this time. I’d like to turn the conference back over to Mr. LaMont Keen for any additional or closing comments.

Okay. Thank you all for participating on our call this afternoon. You can rest assured that we apply ourselves each day to not only meeting our customers' electrical needs, but also to establishing a firm foundation for fair and consistent financial performance for our owners. Thanks again for your interest in IDACORP and good day.

And that does conclude today’s conference call. We again thank you for your participation and you can disconnect at this time.