Ex12 IDACORP, Inc. Consolidated Financial Information Ratio of Earnings to Fixed Charges Twelve Months Twelve Months Ended December 31, Ended (Thousands of Dollars) September 30, 1994 1995 1996 1997 1998 1999 Earnings, as defined: Income before income taxes $ 101,775 $ 127,342 $ 135,247 $ 133,570 $ 133,806 $ 138,927 Adjust for distributed income of equity investees 326 (2,058) (1,413) (3,943) (4,697) (3,431) Equity in loss of equity method 0 0 0 0 458 289 investments Minority interest in losses of majority owned subsidiaries 0 0 0 0 (125) (62) Fixed charges, as below 66,324 70,215 70,418 69,634 69,923 71,463 Total earnings, as defined $ 168,425 $ 195,499 $ 204,252 $ 199,261 $ 199,365 $ 207,186 Fixed charges, as defined: Interest charges $ 54,433 $ 56,456 $ 57,348 $ 60,761 $ 60,677 $ 62,105 Preferred stock dividends of subsidiaries- gross up-Idacorp rate 11,097 12,834 12,079 7,891 8,445 8,401 Rental interest factor 794 925 991 982 801 957 Total fixed charges, as defined $ 66,324 $ 70,215 $ 70,418 $ 69,634 $ 69,923 $ 71,463 Ratio of earnings to fixed charges 2.54x 2.78x 2.90x 2.86x 2.85x 2.90x