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**Exhibit 12.3**                                              |
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| **IDACORP, Inc.**                                                                     |
| **Consolidated Financial Information**                                                |
| **Ratio of Earnings to Combined Fixed Charges and  Preferred Dividends Requirements** |
| ** **                                                                            |
| ** **                                                                            | **Twelve Months Ended** |
| ** **                                                                            | **December 31,** |
| ** **                                                                            | **(Thousands of Dollars)** |
| ** **                                                                            |
| ** **                                                                            | **2007** | **2006** | **2005** | **2004** | **2003** |
|                                                                                       |  |  |  |  |  |
| Earnings, as defined:                                                                 |  |  |  |  |  |
|                                                                                       |  |  |  |  |  |
| Income  from continuing operations before income taxes                                |  $ | 96,003  |  $ | 115,452  |  $ | 103,327  |  $ | 60,830  |  $ | 31,063  |
| Adjust  for distributed income of equity investees                                    | 6,064  | (9,347) | (10,370) | 1,990  | (2,136) |
| Equity  in loss of equity method investments                                          | -  | -  | -  | -   | -  |
| Minority  interest in losses of majority owned                                        |  |  |  |  |  |
| subsidiaries                                                                          | -  | -  | -  | (48) | (435) |
| Fixed  charges, as below                                                              | 72,879  | 65,745  | 64,379  | 66,137  | 68,134  |
| Total  earnings, as defined                                                           |  $ | 174,946  |  $ | 171,850  |  $ | 157,336  |  $ | 128,909  |  $ | 96,626  |
|                                                                                       |  |  |  |  |  |
| Fixed charges, as defined:                                                            |  |  |  |  |  |
|                                                                                       |  |  |  |  |  |
| Interest  charges1                                                                    |  $ | 71,946  |  $ | 64,720  |  $ | 62,962  |  $ | 61,269  |  $ | 64,813  |
| Preferred  stock dividends of  subsidiaries - gross up -                         |  |  |  |  |  |
| IDACORP  rate                                                                         | -  | -  | -  | 3,216  | 1,915  |
| Rental  interest factor                                                               | 933  | 1,025  | 1,417  | 1,652  | 1,406  |
| Total  fixed charges                                                                  |  $ | 72,879  |  $ | 65,745  |  $ | 64,379  |  $ | 66,137  |  $ | 68,134  |
|                                                                                       |  |  |  |  |  |
| Preferred  dividends requirements                                                     |  $ | -  |  $ | -  |  $ | -  |  $ | -  |  $ | -  |
|                                                                                       |  |  |  |  |  |
| Total  combined fixed charges                                                         |  $ | 72,879  |  $ | 65,745  |  $ | 63,379  |  $ | 66,137  |  $ | 68,134  |
|                                                                                       |  |  |  |  |  |
| Ratio of earnings to  combined fixed charges and preferred                            |  |  |  |  |  |
| dividends                                                                             | 2.40 x | 2.61 x | 2.44 x | 1.95 x | 1.42 x |
|                                                                                       |  |  |  |  |  |
| 1 FIN 48 interest is not included in interest charges.                                |  |  |  |  |  |

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