Exhibit 12

IDACORP, Inc.Consolidated Financial InformationRatio of Earnings to Fixed Charges

|                                     | ** **                               | ** **                       | ** ** | **Twelve Months Ended**    |
|-------------------------------------|------------------------------------------|----------------------------------|------------|----------------------------|
|                                     | ** **                               | ** **                       | ** ** | **December 31,**           |
|                                     | ** **                               | ** **                       | ** ** | **(Thousands of Dollars)** |
|                                     | ** **                               | ** **                       | ** ** | ** **                 | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|                                     | ** **                               | **2006**                         | ** ** | **2005**                   | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** |
|                                     | ** **                               | ** **                       | ** ** | ** **                 |  |
| Earnings, as defined:               |                                          |                                  |            |                            |  |  |  |  |  |  |  |  |  |  |  |
|                                     | Income from continuing  operations       |                                  |            |                            |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |                                          | before income taxes              |            | $                          | 115,452  |  | $ | 103,326  |  | $ | 60,830  |  | $ | 31,063  |  | $ | 22,036  |
|                                     | Adjust for distributed  income of equity |                                  |            |                            |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |                                          | investees                        |            |                            | (9,347) |  |  | (10,370) |  |  | 1,990  |  |  | (2,136) |  |  | (2,544) |
|                                     | Equity in loss of equity  method         |                                  |            |                            |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |                                          | investments                      |            |                            | -  |  |  | -  |  |  | -  |  |  | -  |  |  | -  |
|                                     | Minority interest in losses  of majority |                                  |            |                            |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |                                          | owned subsidiaries               |            |                            | -  |  |  | -  |  |  | (48) |  |  | (435) |  |  | (211) |
|                                     | Fixed charges, as below                  |                                  |            | 65,745                |  |  | 64,379  |  |  | 66,137  |  |  | 68,134  |  |  | 62,658  |
|                                     |                                          | Total earnings, as defined       |            | $                          | 171,850  |  | $ | 157,336  |  | $ | 128,909  |  | $ | 96,626  |  | $ | 81,939  |
|                                     |                                          |                                  |            |                            |  |  |  |  |  |  |  |  |  |  |  |
| Fixed charges, as defined:          |                                          |                                  |            |                            |  |  |  |  |  |  |  |  |  |  |  |
|                                     | Interest charges                         |                                  | $          | 64,720                |  | $ | 62,962  |  | $ | 61,269  |  | $ | 64,813  |  | $ | 60,031  |
|                                     | Preferred stock dividends of             |                                  |            |                            |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |                                          | subsidiaries - gross up -        |            |                            |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |                                          | IDACORP rate                     |            |                            | -  |  |  | -  |  |  | 3,216  |  |  | 1,915  |  |  | 857  |
|                                     | Rental interest factor                   |                                  |            | 1,025                 |  |  | 1,417  |  |  | 1,652  |  |  | 1,406  |  |  | 1,770  |
|                                     |                                          | Total fixed charges, as  defined |            |                            | 65,745  |  | $ | 64,379  |  | $ | 66,137  |  | $ | 68,134  |  | $ | 62,658  |
|                                     |                                          |                                  |            |                            |  |  |  |  |  |  |  |  |  |  |  |
| Ratio of earnings to fixed  charges |                                          |                                  | 2.61x      |                            |  | 2.44x |  |  | 1.95x |  |  | 1.42x |  |  | 1.31x |
|                                     |                                          |                                  |            |                            |  |  |  |  |  |  |  |  |  |  |  |

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