IDACORP (IDA) 10-Q 2004 Q2 Quarterly report

Exhibit 12(f)

Idaho Power Company
Consolidated Financial Information
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends Requirements

				Twelve Months Ended
				December 31,
				(Thousands of Dollars)
														June 30,
				1999		2000		2001		2002		2003		2004
Earnings, as defined:
	Income from continuing operations
		before income taxes		$	119,872	$	128,139	$	48,250	$	86,326	$	80,319	$	85,250
	Adjust for distributed income of equity
		investees			(837)		(3,116)		(1,620)		(2,544)		(20,536)		21,784
	Equity in loss of equity method
		investments			-		-		-		-		-		-
	Minority interest in losses of majority
		owned subsidiaries			-		-		-		-		-		-
	Fixed charges, as below				62,969		58,833		64,964		61,403		60,304		56,317
		Total earnings, as defined		$	182,004	$	183,856	$	111,594	$	145,185	$	120,087	$	163,351
Fixed charges, as defined:
	Interest charges			$	62,014	$	57,797	$	64,002	$	60,317	$	59,363	$	55,191
	Rental interest factor				955		1,036		962		1,086		941		1,126
		Total fixed charges		$	62,969	$	58,833	$	64,964	$	61,403	$	60,304	$	56,317
Preferred stock dividends - gross up Idaho
	Power rate				8,133		9,564		9,033		4,456		4,668		4,764
		Total combined fixed charges
			and preferred dividends	$	71,102	$	68,397	$	73,997	$	65,859	$	64,972	$	61,081
Ratio of earnings to fixed charges					2.56x		2.69x		1.51x		2.20x		1.85x		2.67x