Idacorp said its board has approved an increase of over 2% to the company's quarterly dividend.

The holding company of Idaho Power and Ida-West Energy said their board has approved a dividend increase every year since 2011.

On an annual basis, the $3.60 dividend represents a yield of 2.7%, based on the latest closing price of $131.58 per share.

In September of last year, the company raised its dividend to 88 cents per share.