Exhibit 12c

IDACORP, INC.Consolidated Financial InformationSupplemental Ratio of Earnings to Combined Fixed Charges and PreferredDividends Requirements
|                                         |                                     |                           |
|----------------------------------------------|------------------------------------------|--------------------------------|
|                                         |                                     | **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) |
|                                         | Supplemental  fixed charges and          |                           |   | 72,496  |   |   | 74,800  |   |   | 75,800  |   |   | 86,818  |   |   | 64,257  |   |   | 69,679  |
|                                         |                                     | Preferred  dividends, as below |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                         |                                     | Total  earnings, as defined    |   | $ | 201,938  |   | $ | 211,382  |   | $ | 282,103  |   | $ | 274,742  |   | $ | 72,027  |   | $ | 74,167  |
|                                         |                                     |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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           |   | $ | 69,923  |   | $ | 72,243  |   | $ | 73,261  |   | $ | 85,034  |   | $ | 62,658  |   | $ | 68,134  |
|                                         |                                     |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental  increment to fixed charges (A) |                                     |                           | 2,573  |   |   | 2,557  |   |   | 2,539  |   |   | 1,784  |   |   | 1,599  |   |   | 1,545  |
|                                         |                                     |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental  fixed charges                  |                                     |                           | 72,496  |   |   | 74,800  |   |   | 75,800  |   |   | 86,818  |   |   | 64,257  |   |   | 69,679  |
| Preferred  dividends requirements            |                                     |                           | -  |   |   | -  |   |   | -  |   |   | -  |   |   | -  |   |   | -  |
|                                         |                                     |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                         |                                     | Total  combined supplemental   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                         |                                     |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                         |                                     |                           |   |   | $ | 72,496  |   | $ | 74,800  |   | $ | 75,800  |   | $ | 86,818  |   | $ | 64,257  |   | $ | 69,679  |
|                                         |                                     |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental  ratio of earnings to           |                                     |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                         | combined  fixed charges and preferred    |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                         | Dividends  (B)                           |                           |   | 2.79x |   |   | 2.83x |   |   | 3.72x |   |   | 3.16x |   |   | 1.12x |   |   | 1.06x |
|                                         |                                     |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

*Explanationof increment - Interest on the guaranty of American Falls Reservoir Districtbonds and Milner Dam, Inc. notes which are already included in operationexpenses.