Exhibit 12.1

IDACORP, Inc.

Consolidated Financial Information

Ratio of Earnings to Fixed Charges and Supplemental Ratio of Earnings to Fixed Charges

(Thousands of Dollars)

	Twelve Months Ended
	December 31,
	2015		2014			2013		2012		2011
RATIO OF EARNINGS TO FIXED CHARGES
Earnings, as defined:
Income from continuing operations before income taxes	$	240,235	$	210,526		$	254,520	$	206,992	$	125,795
Adjust for distributed income of equity investees	1,330		(6,797		)	4,812		7,704		(8,993		)
Fixed charges, as below	93,409		90,012			90,236		87,635		86,758
Total earnings, as defined	$	334,974	$	293,741		$	349,568	$	302,331	$	203,560
Fixed charges, as defined:
Interest charges1	$	91,978	$	88,265		$	88,695	$	85,799	$	85,097
Rental interest factor	1,431		1,747			1,541		1,836		1,661
Total fixed charges, as defined	$	93,409	$	90,012		$	90,236	$	87,635	$	86,758
Ratio of earnings to fixed charges	3.59x		3.26x			3.87x		3.45x		2.35x
SUPPLEMENTAL RATIO OF EARNINGS TO FIXED CHARGES
Earnings, as defined:
Income from continuing operations before income taxes	$	240,235	$	210,526		$	254,520	$	206,992	$	125,795
Adjust for distributed income of equity investees	1,330		(6,797		)	4,812		7,704		(8,993		)
Supplemental fixed charges, as below	93,651		90,356			90,741		88,266		87,544
Total earnings, as defined	$	335,216	$	294,085		$	350,073	$	302,962	$	204,346
Supplemental fixed charges:
Interest charges1	$	91,978	$	88,265		$	88,695	$	85,799	$	85,097
Rental interest factor	1,431		1,747			1,541		1,836		1,661
Supplemental increment to fixed charges2	242		344			505		631		786
Total supplemental fixed charges	$	93,651	$	90,356		$	90,741	$	88,266	$	87,544
Supplemental ratio of earnings to fixed charges	3.58x		3.25x			3.86x		3.43x		2.33x
1 FIN 48 interest is not included in interest charges.
2 Explanation of increment - Interest on the guaranty of American Falls Reservoir District bonds and Milner Dam, Inc. notes which are already included in operation expenses.