IDAHO POWER CO
EX10.33
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>5
<FILENAME>ex10-331.htm
<DESCRIPTION>EX10.33
<TEXT>
<html>

<head>
<!-- Document Prepared With E-Services, LLC HTML Software-->
<!-- Copyright 2006 E-Services, LLC.-->
<!-- All rights reserved EDGAR2.com -->



<title>_</title>


</head>

<body lang=EN-US>















<p class=MsoHeader align=right style='text-align:right'>Exhibit 10.33</p>



<p class=MsoTitle><b>IDACORP, Inc. and Idaho Power Company 2008 Compensation
for<br>
Non-Employee Directors of the Board of Directors<br>
<br>
</b></p>

<p class=MsoTitle align=left style='text-align:left'>All directors of IDACORP
also serve as directors of Idaho Power Company.&nbsp; The fees and other
compensation discussed below is for service on both boards.&nbsp; Employee directors
receive no compensation for service on the boards.</p>

<p class=MsoTitle align=left style='text-align:left'><i>Fees</i></p>

<p class=MsoBodyText><u>Annual Retainer</u></p>

<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 width=420
 style='width:315.0pt;margin-left:41.4pt;border-collapse:collapse'>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>Chairman of the board</p>
  </td>
  <td width=101 valign=top style='width:1.05in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>$105,000</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>Chairman of audit committee</p>
  </td>
  <td width=101 valign=top style='width:1.05in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>$&nbsp; 47,500</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>Chairman of compensation committee</p>
  </td>
  <td width=101 valign=top style='width:1.05in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>$&nbsp; 45,000</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>Chairman of corporate governance committee</p>
  </td>
  <td width=101 valign=top style='width:1.05in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>$&nbsp; 41,000</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>Other directors</p>
  </td>
  <td width=101 valign=top style='width:1.05in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>$&nbsp; 35,000</p>
  </td>
 </tr>
</table>

<p class=MsoBodyText><u>Meeting Fees</u></p>

<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 width=420
 style='width:315.0pt;margin-left:41.4pt;border-collapse:collapse'>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>Board meeting</p>
  </td>
  <td width=101 valign=top style='width:1.05in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>$1,250</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>Committee meeting</p>
  </td>
  <td width=101 valign=top style='width:1.05in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>$1,250</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>Shareholder meeting</p>
  </td>
  <td width=101 valign=top style='width:1.05in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoBodyText>$1,250</p>
  </td>
 </tr>
</table>



<p class=MsoBodyTextFirstIndent>The chairman of the board does not receive
meeting fees.</p>

<p class=MsoBodyText><u>Stock Awards</u></p>

<p class=MsoBodyTextFirstIndent>$45,000 of IDACORP common stock annually</p>

<p class=MsoBodyText><u>Subsidiary Board Fees</u></p>

<p class=MsoBodyTextFirstIndent>IDACORP Financial Services and Ida-West Energy</p>

<p class=MsoBodyTextFirstIndent style='margin-left:58.5pt;text-indent:0in'>Monthly
retainer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750</p>

<p class=MsoBodyTextFirstIndent style='margin-left:58.5pt;text-indent:0in'>Meeting
fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $600</p>

<p class=MsoBodyText><i>Deferral Arrangements</i></p>



<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>



<br clear=all
style='page-break-before:always'>










<p class=MsoFooter>Directors may defer all or a portion of their monthly
retainers and meeting fees.&nbsp; At retirement, directors may elect to receive one
lump-sum payment of all amounts deferred with interest or a series of up to 10
equal annual payments.&nbsp; The interest rate is equal to the Moody's long-term
corporate bond yield average rate plus three percent. </p>

<div class=MsoBodyTextFirstIndent align=center style='margin-bottom:0in;
margin-bottom:.0001pt;text-align:center;text-indent:0in'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>







</body>

</html>
</TEXT>
</DOCUMENT>
