Exhibit 12.3
IDACORP, Inc.
Consolidated Financial Information
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends Requirements
	Three Months		Twelve Months Ended
	Ended		December 31,
	March 31,		(Thousands of Dollars)
	2008		2007		2006		2005		2004		2003
Earnings, as defined:
Income from continuing operations before income taxes	$	27,300	$	96,003	$	115,452	$	103,327	$	60,830	$	31,063
Adjust for distributed income of equity investees	4,036		6,064		(9,347)		(10,370)		1,990		(2,136)
Equity in loss of equity method investments	-		-		-		-		-		-
Minority interest in losses of majority owned
subsidiaries	-		-		-		-		(48)		(435)
Fixed charges, as below	20,223		72,879		65,745		64,379		66,137		68,134
Total earnings, as defined	$	51,559	$	174,946	$	171,850	$	157,336	$	128,909	$	96,626
Fixed charges, as defined:
Interest charges1	$	19,971	$	71,946	$	64,720	$	62,962	$	61,269	$	64,813
Preferred stock dividends of  subsidiaries - gross up -
IDACORP rate	-		-		-		-		3,216		1,915
Rental interest factor	252		933		1,025		1,417		1,652		1,406
Total fixed charges	$	20,223	$	72,879	$	65,745	$	64,379	$	66,137	$	68,134
Preferred dividends requirements	$	-	$	-	$	-	$	-	$	-	$	-
Total combined fixed charges	$	20,223	$	72,879	$	65,745	$	64,379	$	66,137	$	68,134
Ratio of earnings to combined fixed charges and preferred
dividends	2.55 x		2.40 x		2.61 x		2.44 x		1.95 x		1.42 x
1 FIN 48 interest is not included in interest charges.