IDACORP Inc (IDA)

[ciciagt]

BOISE, Idaho, Sept. 19, 2013 /PRNewswire/ -- IDACORP, Inc. (NYSE: IDA) announced today the approval by the IDACORP Board of Directors of an increase to IDACORP's quarterly common stock dividend.

At its meeting on September 19, 2013, the IDACORP Board of Directors approved a 13.2 percent increase in the regular quarterly cash dividend on IDACORP's common stock to $0.43 per share. At the new rate, the dividend on an annualized basis is $1.72 per share. The next quarterly dividend at the new rate is payable December 2, 2013 to IDACORP shareholders of record on November 6, 2013.

"Based on IDACORP's current estimates for earnings and cash flow, assuming the company meets those estimates and depending on other factors influencing dividend decisions, IDACORP's management anticipates recommending to the IDACORP Board of Directors additional annual increases to the quarterly common stock dividend of greater than five percent, with the next recommended increase by September 2014. Management anticipates recommending these increases until the dividend reaches the upper end of the target dividend payout ratio of between 50 and 60 percent of sustainable IDACORP earnings," stated IDACORP President and Chief Executive Officer and Idaho Power Chief Executive Officer J. LaMont Keen.