Exhibit 12

IDACORP, INC.Consolidated 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  before income taxes              |                             | $ | 133,806  |   | $ | 137,021  |   | $ | 210,701  |   | $ | 189,860  |   | $ | 10,525  |   | $ | 25,459  |
|                                    | 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                      |   |   | 458  |   |   | 435  |   |   | 186  |   |   | 296  |   |   | -  |   |   | -  |
|                                    | Minority  interest in losses of majority |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    |                                     | owned  subsidiaries              |   |   | (125) |   |   | (37) |   |   | (1,468) |   |   | (612) |   |   | (211) |   |   | (435) |
|                                    | Fixed  charges, as below                 |                             |   | 69,923  |   |   | 72,243  |   |   | 73,261  |   |   | 85,034  |   |   | 62,658  |   |   | 68,134 |
|                                    |                                     | Total  earnings, as defined      |   | $ | 199,365  |   | $ | 208,825  |   | $ | 279,564  |   | $ | 272,958  |   | $ | 70,428  |   | $ | 72,622  |
|                                    |                                     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed  charges, as defined:             |                                     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    | Interest  charges                        |                             | $ | 60,677  |   | $ | 62,975  |   | $ | 63,339  |   | $ | 75,305  |   | $ | 60,031  |   | $ | 64,813  |
|                                    | Preferred  stock dividends of            |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    |                                     | subsidiaries  - gross up -       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    |                                     | IDACORP  rate                    |   |   | 8,445  |   |   | 8,313  |   |   | 8,886  |   |   | 8,142  |   |   | 857  |   |   | 1,915  |
|                                    | Rental  interest factor                  |                             |   | 801  |   |   | 955  |   |   | 1,036  |   |   | 1,587  |   |   | 1,770  |   |   | 1,406  |
|                                    |                                     | Total  fixed charges, as defined |   | $ | 69,923  |   | $ | 72,243  |   | $ | 73,261  |   | $ | 85,034  |   | $ | 62,658  |   | $ | 68,134  |
|                                    |                                     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio  of earnings to fixed charges (A) |                                     |                             | 2.85x |   |   | 2.89x |   |   | 3.82x |   |   | 3.21x |   |   | 1.12x |   |   | 1.07x |
|                                    |                                     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |