Exhibit 12d

Idaho Power CompanyConsolidated Financial InformationRatio of Earnings to Fixed Charges
|                                |                                     |                             |
|-------------------------------------|------------------------------------------|----------------------------------|
|                                |                                     | **Twelve Months Ended**          |
|                                |                                     | **December 31,**                 |
|                                |                                     | **(Thousands of Dollars)**       |
|                                |                                     |                             |
|                                |                                     | **1998**                         |   | **1999** |   | **2000** |   | **2001** |   | **2002** |   | **2003** |
|                                |                                     |                             |   |   |   |   |   |   |   |   |   |   |
| Earnings,  as defined:              |                                     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                | Income  from continuing operations       |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                |                                     | before  income taxes             |   | $ | 133,021  |   | $ | 119,872  |   | $ | 128,139  |   | $ | 48,250  |   | $ | 86,326  |   | $ | 80,319  |
|                                | Adjust  for distributed income of equity |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                |                                     | investees                        |   |   | (4,697) |   |   | (837) |   |   | (3,116) |   |   | (1,620) |   |   | (2,544) |   |   | (20,536) |
|                                | Equity  in loss of equity method         |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                |                                     | investments                      |   |   | 476  |   |   | -  |   |   | -  |   |   | -  |   |   | -  |   |   | -  |
|                                | Minority  interest in losses of majority |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                |                                     | owned  subsidiaries              |   |   | (125) |   |   | -  |   |   | -  |   |   | -  |   |   | -  |   |   | -  |
|                                | Fixed  charges, as below                 |                             |   | 61,394  |   |   | 62,969  |   |   | 58,833  |   |   | 64,964  |   |   | 61,403  |   |   | 60,304  |
|                                |                                     | Total  earnings, as defined      |   | $ | 190,069  |   | $ | 182,004  |   | $ | 183,856  |   |   | 111,594  |   | $ | 145,185  |   | $ | 120,087  |
|                                |                                     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed  charges, as defined:         |                                     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                | Interest  charges                        |                             | $ | 60,593  |   | $ | 62,014  |   | $ | 57,797  |   | $ | 64,002  |   | $ | 60,317  |   | $ | 59,363  |
|                                | Rental  interest factor                  |                             |   | 801  |   |   | 955  |   |   | 1,036  |   |   | 962  |   |   | 1,086  |   |   | 941  |
|                                |                                     | Total  fixed charges, as defined |   | $ | 61,394  |   |   | 62,969  |   | $ | 58,833  |   |   | 64,964  |   | $ | 61,403  |   | $ | 60,304  |
|                                |                                     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio  of earnings to fixed charges |                                     |                             | 3.10x |   |   | 2.89x |   |   | 3.13x |   |   | 1.72x |   |   | 2.36x |   |   | 1.99x |
|                                |                                     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |