Idaho Power 10-Q2003 Q2 Quarterly report

Filed: 7 Aug 03, 12:00am

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New words: ago, appellate, ARB, argued, arrange, behavior, bidder, biological, budgeted, callable, challenged, concert, consecutive, constitute, constituted, controversy, Corrupt, creation, deducting, deemed, disgorgement, dysfunction, engineering, environment, equipment, Evelyn, excluding, expended, expenditure, facie, failure, FIN, forum, GAAP, gaming, good, heavily, inappropriate, innovation, input, instrument, interaction, issuer, lastly, lender, low, mandatory, megawatthour, Montana, municipal, native, permission, played, pollution, PPL, PPLM, premium, prima, proven, purpose, quantity, Racketeering, recourse, reinforcement, repair, reverse, small, sound, spending, spent, stability, standing, technological, transparent, unknown, unsuccessfully, VIE, workshop

Removed: Anderson, auction, Boardman, bond, booked, Bryan, Carty, Center, check, Cliff, cumulative, Darrel, Deed, Deutsche, draft, duly, Employer, employment, enter, Exhibit, fall, Fixed, Flexible, floating, furnish, guarantee, Guaranty, handling, hydro, hydropower, informed, Jan, Kearney, Keen, LaMont, leaseback, located, Maine, mark, Marlene, Merger, Migrating, Miller, monitor, Northside, obtaining, Olson, Packwood, Page, par, registrant, Replacement, Restated, Riazzi, Richard, Robert, Secretary, senior, Serial, shorter, Sierra, Stahman, Station, Street, Supplemental, Swan, Telephone, thereunto, Trust, trustee, undersigned, Valmy

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Exhibit 12

IDACORP, INC.
Consolidated Financial Information
Ratio of Earnings to Fixed Charges

			Twelve Months Ended										Twelve
			December 31,										Months
			(Thousands of Dollars)										Ended
													June 30,
			1998		1999		2000		2001		2002		2003

Earnings, as defined:
	Income before income taxes		$	133,806	$	137,021	$	210,701	$	189,860	$	10,525	$	(21,199)
	Adjust for distributed income of equity
		investees		(4,697)		(837)		(3,116)		(1,620)		(2,544)		(11,402)
	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)		(452)
	Fixed charges, as below			69,923		72,243		73,261		85,034		62,658		65,387
		Total earnings, as defined	$	199,365	$	208,825	$	279,564	$	272,958	$	70,428	$	32,334

Fixed charges, as defined:
	Interest charges		$	60,677	$	62,975	$	63,339	$	75,305	$	60,031	$	66,103
	Preferred stock dividends of
		subsidiaries - gross up -
		IDACORP rate		8,445		8,313		8,886		8,142		857		(2,439)
	Rental interest factor			801		955		1,036		1,587		1,770		1,723
		Total fixed charges, as defined	$	69,923	$	72,243	$	73,261	$	85,034	$	62,658	$	65,387

Ratio of earnings to fixed charges (A)				2.85x		2.89x		3.82x		3.21x		1.12x		0.49x

(A) The ratio of earnings to fixed charges for the twelve months ended June 30, 2003 was 0.49, as noted above, which represents a deficiency of $33 million.