Exhibit 12.1
IDACORP, Inc.
Consolidated Financial Information
Ratio of Earnings to Fixed Charges
	Three Months		Twelve Months Ended
	Ended		December 31,
	March 31,		(Thousands of Dollars)
	2009		2008		2007		2006		2005		2004
Earnings, as defined:
Income from continuing operations before income taxes	$	25,482	$	117,614	$	96,003	$	115,452	$	103,326	$	60,830
Adjust for distributed income of equity investees	3,238		5,176		6,064		(9,347)		(10,370)		1,990
Equity in loss of equity method investments	-		-		-		-		-		-
Minority interest in losses of majority owned
subsidiaries	-		-		-		-		-		(48)
Fixed charges, as below	18,765		81,172		72,879		65,745		64,379		66,137
Total earnings, as defined	$	47,485	$	203,962	$	174,946	$	171,850	$	157,335	$	128,909
Fixed charges, as defined:
Interest charges1	$	18,563	$	80,282	$	71,946	$	64,720	$	62,962	$	61,269
Preferred stock dividends of  subsidiaries - gross up -
IDACORP rate	-		-		-		-		-		3,216
Rental interest factor	202		890		933		1,025		1,417		1,652
Total fixed charges, as defined	$	18,765	$	81,172	$	72,879	$	65,745	$	64,379	$	66,137
Ratio of earnings to fixed charges	2.53 x		2.51 x		2.40 x		2.61 x		2.44 x		1.95 x
1 FIN48 interest is not included in interest charges.