Exhibit 12

IDACORP, INC.Consolidated Financial InformationRatio of Earnings to Fixed Charges
|                                | ** **                               | **Twelve Months Ended**          | ** ** | ** **    |
|-------------------------------------|------------------------------------------|----------------------------------|------------|---------------|
|                                | ** **                               | **December 31,**                 | ** ** | ** **    |
|                                | ** **                               | **(Thousands of Dollars)**       | ** ** | ** **    |
|                                | ** **                               | ** **                       | ** ** | ** **    |
|                                | ** **                               | **2001**                         | ** ** | **2002**      | ** ** | **2003** | ** ** | **2004** | ** ** | **2005** |
|                                | ** **                               |                             |
| Earnings,  as defined:              |                                     |                             |       |          |   |   |   |   |   |   |   |   |   |   |   |
|                                | Income  before income taxes              |                             | $          | 189,860  |   | $ | 10,525  |   | $ | 25,459  |   | $ | 48,213  |   | $ | 76,582 |
|                                | Adjust  for distributed income of equity |                             |       |          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                |                                     | investees                        |       |          | (1,620) |   |   | (2,544) |   |   | (20,536) |   |   | 26,616  |   |   | 4,069 |
|                                | Equity  in loss of equity method         |                             |       |          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                |                                     | investments                      |       |          | 296  |   |   | -  |   |   | -  |   |   | -  |   |   | - |
|                                | Minority  interest in losses of majority |                             |       |          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                |                                     | owned  subsidiaries              |       |          | (612) |   |   | (211) |   |   | (435) |   |   | (48) |   |   | - |
|                                | Fixed  charges, as below                 |                             |       | 85,034   |   |   | 62,658  |   |   | 68,134  |   |   | 66,137  |   |   | 64,379 |
|                                |                                     | Total  earnings, as defined      |       | $             | 272,958  |   | $ | 70,428  |   | $ | 72,622  |   | $ | 140,918  |   | $ | 145,030 |
|                                |                                     |                             |       |          |   |   |   |   |   |   |   |   |   |   |   |
| Fixed  charges, as defined:         |                                     |                             |       |          |   |   |   |   |   |   |   |   |   |   |   |
|                                | Interest  charges                        |                             | $          | 75,305   |   | $ | 60,031  |   | $ | 64,813  |   | $ | 61,269  |   | $ | 62,962 |
|                                | Preferred  stock dividends of            |                             |       |          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                |                                     | subsidiaries  - gross up -       |       |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                |                                     | IDACORP  rate                    |       |          | 8,142  |   |   | 857  |   |   | 1,915  |   |   | 3,216  |   |   | - |
|                                | Rental  interest factor                  |                             |       | 1,587    |   |   | 1,770  |   |   | 1,406  |   |   | 1,652  |   |   | 1,417 |
|                                |                                     | Total  fixed charges, as defined |       | $             | 85,034  |   | $ | 62,658  |   | $ | 68,134  |   | $ | 66,137  |   | $ | 64,379 |
|                                |                                     |                             |       |          |   |   |   |   |   |   |   |   |   |   |   |
| Ratio  of earnings to fixed charges |                                     |                             | 3.21x      |          |   | 1.12x |   |   | 1.07x |   |   | 2.13x |   |   | 2.25x |
|                                |                                     |                             |       |          |   |   |   |   |   |   |   |   |   |   |   |