Exhibit 12.3
Idaho Power Company
Consolidated Financial Information
Ratio of Earnings to Fixed Charges
			Twelve Months Ended
			December 31,
			(Thousands of Dollars)
	2008		2007		2006		2005		2004
Earnings, as defined:
Income before income taxes	$	131,715	$	111,965	$	137,890	$	115,764	$	76,936
Adjust for distributed income of equity investees	(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	77,568		68,272		60,687		57,739		55,530
Total earnings, as defined	$	202,511	$	174,684	$	189,230	$	163,133	$	134,456
Fixed charges, as defined:
Interest charges1	$	76,711	$	67,386	$	59,955	$	56,866	$	54,297
Rental interest factor	857		886		732		873		1,233
Total fixed charges, as defined	$	77,568	$	68,272	$	60,687	$	57,739	$	55,530
Ratio of earnings to fixed charges	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.