Pricing Supplement No. 1 Dated July 24, 1996                 Rule 424(b)(5)
                                                               File No. 33-51215


     (To Prospectus dated December 8, 1993 and
     Prospectus Supplement dated December 17, 1993)

     $200,000,000
     IDAHO POWER COMPANY
     First Mortgage Bonds, Secured Medium-Term Notes, Series B
     Due From Nine Months to Forty Years From Date of Issue

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     Principal Amount:  $15,000,000     Original Issue Date:  July 29, 1996

     Interest Rate:  6.93%              Maturity Date:  July 30, 2001

     Issue Price:   100% payable in     Proceeds to Issuer After
                    in immediately      Commission:  99.50%
                    available funds
                                        Original Interest
                                        Accrual Date:  July 29, 1996

     Agent's Commission:  .50%

     Form:  Book-Entry

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     Redemption:  The Offered Notes cannot be redeemed prior to maturity.


     Capacity:  Agent


     Use of 
     Proceeds: The net proceeds from this sale and the other sale of Offered
               Notes of even date herewith will be used by the Company to repay
               a portion of its outstanding short-term debt.




                                        Agent:

                                 GOLDMAN, SACHS & CO.



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