Exhibit 12.5
Idaho Power Company
Consolidated Financial Information
Ratio of Earnings to Fixed Charges
	Three Months		Twelve Months Ended
	Ended		December 31,
	March 31,		(Thousands of Dollars)
	2008		2007		2006		2005		2004		2003
Earnings, as defined:
Income before income taxes	$	31,522	$	111,965	$	137,890	$	115,764	$	76,936	$	80,319
Adjust for distributed income of equity investees	796		(5,553)		(9,347)		(10,370)		1,990		(2,136)
Equity in loss of equity method investments	-		-		-		-		-		-
Minority interest in losses of majority owned
subsidiaries	-		-		-		-		-		-
Fixed charges, as below	19,244		68,272		60,687		57,739		55,530		60,304
Total earnings, as defined	$	51,562	$	174,684	$	189,230	$	163,133	$	134,456	$	138,487
Fixed charges, as defined:
Interest charges1	$	18,998	$	67,386	$	59,955	$	56,866	$	54,297	$	59,363
Rental interest factor	246		886		732		873		1,233		941
Total fixed charges, as defined	$	19,244	$	68,272	$	60,687	$	57,739	$	55,530	$	60,304
Ratio of earnings to fixed charges	2.68 x		2.56 x		3.12 x		2.83 x		2.42 x		2.30 x
1 FIN 48 interest is not included in interest charges.