Exhibit 12

IDACORP, INC.
Consolidated Financial Information
Ratio of Earnings to Fixed Charges

			Twelve Months Ended										Twelve Months
			December 31,										Ended,
			(Thousands of Dollars)										September 30,
			1997		1998		1999		2000		2001		2002
Earnings, as defined:
	Income before income taxes		$	133,570	$	133,806	$	137,021	$	210,701	$	189,860	$	55,035
	Adjust for distributed income of equity
		investees		(3,943)		(4,697)		(837)		(3,116)		(1,620)		(4,105)
	Equity in loss of equity method
		investments		-		458		435		186		296		156
	Minority interest in losses of majority
		owned subsidiaries		-		(125)		(37)		(1,468)		(612)		(348)
	Fixed charges, as below			69,634		69,923		72,243		73,261		85,034		66,191
		Total earnings, as defined	$	199,261	$	199,365	$	208,825	$	279,564	$	272,958	$	116,929
Fixed charges, as defined:
	Interest charges		$	60,761	$	60,677	$	62,975	$	63,339	$	75,305	$	61,488
	Preferred stock dividends of
		subsidiaries - gross up -
		IDACORP rate		7,891		8,445		8,313		8,886		8,142		3,168
	Rental interest factor			982		801		955		1,036		1,587		1,535
		Total fixed charges, as defined	$	69,634	$	69,923	$	72,243	$	73,261	$	85,034	$	66,191
Ratio of earnings to fixed charges				2.86x		2.85x		2.89x		3.82x		3.21x		1.77x