Exhibit 12

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

			Twelve Months Ended										Twelve
			December 31,										Months
			(Thousands of Dollars)										Ended
													March 31,
			1998		1999		2000		2001		2002		2003
Earnings, as defined:
	Income before income taxes		$	133,806	$	137,021	$	210,701	$	189,860	$	10,525	$	(26,572)
	Adjust for distributed income of equity
		investees		(4,697)		(837)		(3,116)		(1,620)		(2,544)		(10,309)
	Equity in loss of equity method
		investments		458		435		186		296		-		-
	Minority interest in losses of majority
		owned subsidiaries		(125)		(37)		(1,468)		(612)		(211)		(232)
	Fixed charges, as below			69,923		72,243		73,261		85,034		62,658		65,002
		Total earnings, as defined	$	199,365	$	208,825	$	279,564	$	272,958	$	70,428	$	27,889
Fixed charges, as defined:
	Interest charges		$	60,677	$	62,975	$	63,339	$	75,305	$	60,031	$	66,269
	Preferred stock dividends of
		subsidiaries - gross up -
		IDACORP rate		8,445		8,313		8,886		8,142		857		(3,049)
	Rental interest factor			801		955		1,036		1,587		1,770		1,782
		Total fixed charges, as defined	$	69,923	$	72,243	$	73,261	$	85,034	$	62,658	$	65,002
Ratio of earnings to fixed charges				2.85x		2.89x		3.82x		3.21x		1.12x		0.43x