IDACORP (IDA) 10-Q 2004 Q2 Quarterly report

Exhibit 12(c)

IDACORP, INC.
Consolidated Financial Information
Supplemental 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 before income taxes		$	137,021	$	210,701	$	189,860	$	10,525	$	25,459	$	63,367
	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		435		186		296		-		-		-
	Minority interest in losses of majority
		owned subsidiaries		(37)		(1,468)		(612)		(211)		(435)		(174)
	Supplemental fixed charges and			74,800		75,800		86,818		64,257		69,679		67,316
		Preferred dividends, as below
		Total earnings, as defined	$	211,382	$	282,103	$	274,742	$	72,027	$	74,167	$	152,293
Fixed charges, as defined:
	Interest charges		$	62,975	$	63,339	$	75,305	$	60,031	$	64,813	$	61,650
	Preferred stock dividends of
		subsidiaries - gross up -
		IDACORP rate		8,313		8,886		8,142		857		1,915		2,627
	Rental interest factor			955		1,036		1,587		1,770		1,406		1,515
		Total fixed charges	$	72,243	$	73,261	$	85,034	$	62,658	$	68,134	$	65,792
Supplemental increment to fixed charges *				2,557		2,539		1,784		1,599		1,545		1,524
Supplemental fixed charges				74,800		75,800		86,818		64,257		69,679		67,316
Preferred dividends requirements				-		-		-		-		-		-
		Total combined supplemental
			$	74,800	$	75,800	$	86,818	$	64,257	$	69,679	$	67,316
Supplemental ratio of earnings to
	combined fixed charges and preferred
	Dividends			2.83x		3.72x		3.16x		1.12x		1.06x		2.26x

*Explanation of increment - Interest on the guaranty of American Falls Reservoir District bonds and Milner Dam, Inc. notes which are already included in operation expenses.