Idaho Power 10-K 2007 FY Annual report

Exhibit 12.1
IDACORP, Inc.
Consolidated Financial Information
Ratio of Earnings to Fixed Charges
	Twelve Months Ended
	December 31,
	(Thousands of Dollars)
	2007		2006		2005		2004		2003
Earnings, as defined:
Income from continuing operations before income taxes	$	96,003	$	115,452	$	103,326	$	60,830	$	31,063
Adjust for distributed income of equity investees	6,064		(9,347)		(10,370)		1,990		(2,136)
Equity in loss of equity method investments	-		-		-		-		-
Minority interest in losses of majority owned
subsidiaries	-		-		-		(48)		(435)
Fixed charges, as below	72,879		65,745		64,379		66,137		68,134
Total earnings, as defined	$	174,946	$	171,850	$	157,335	$	128,909	$	96,626
Fixed charges, as defined:
Interest charges1	$	71,946	$	64,720	$	62,962	$	61,269	$	64,813
Preferred stock dividends of  subsidiaries - gross up -
IDACORP rate	-		-		-		3,216		1,915
Rental interest factor	933		1,025		1,417		1,652		1,406
Total fixed charges, as defined	$	72,879	$	65,745	$	64,379	$	66,137	$	68,134
Ratio of earnings to fixed charges	2.40 x		2.61 x		2.44 x		1.95 x		1.42 x
1 FIN 48 interest is not included in interest charges.