IDACORP, Inc. (IDA) will raise its quarterly dividend by 7.8 percent to $0.55 per share in 2016.

"Today's action by the Board of Directors maintains the dividend payout ratio within IDACORP's stated long-term goal of between 50 and 60 percent of sustainable IDACORP earnings, based on the midpoint of projected 2016 annual earnings," said Darrel Anderson, IDACORP President and Chief Executive Officer. "IDACORP's Board of Directors has now approved dividend increases in each of the last five years, representing a cumulative increase of 83 percent in IDACORP's quarterly dividend. These increases are reflective of continued strong performance by the company.

"IDACORP remains committed to the target dividend payout ratio, and management anticipates recommending to the Board of Directors future annual increases of 5 percent or more until we reach the upper end of our target payout range," added Anderson.

IDACORP, Inc. is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978.