Exhibit 12.3
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)
	2009		2008		2007		2006		2005		2004
Earnings, as defined:
Income before income taxes	$	29,057	$	131,715	$	111,965	$	137,890	$	115,764	$	76,936
Adjust for distributed income of equity investees	(3,302)		(6,772)		(5,553)		(9,347)		(10,370)		1,990
Equity in loss of equity method investments	-		-		-		-		-		-
Minority interest in losses of majority owned
subsidiaries	-		-		-		-		-		-
Fixed charges, as below	18,298		77,568		68,272		60,687		57,739		55,530
Total earnings, as defined	$	44,053	$	202,511	$	174,684	$	189,230	$	163,133	$	134,456
Fixed charges, as defined:
Interest charges1	$	18,106	$	76,711	$	67,386	$	59,955	$	56,866	$	54,297
Rental interest factor	192		857		886		732		873		1,233
Total fixed charges, as defined	$	18,298	$	77,568	$	68,272	$	60,687	$	57,739	$	55,530
Ratio of earnings to fixed charges	2.41 x		2.61 x		2.56 x		3.12 x		2.83 x		2.42 x
1 FIN 48 interest is not included in interest charges.