Ex-12 Idaho Power Company Consolidated Financial Information Ratio of Earnings to Fixed Charges Twelve Months Twelve Months Ended December 31, Ended (Thousands of Dollars) September 30, 1993 1994 1995 1996 1997 1998 Computation of Ratio of Earnings to Fixed Charges: Consolidated net income..................... $84,464 $74,930 $86,921 $90,618 $92,274 $95,654 Income taxes: Income taxes (incl amounts charged to other income and deductions)............ 38,057 35,307 49,498 51,316 47,559 45,376 Investment tax credit adjustment............ (1,583) (1,064) (1,086) 776 (1,087) (376) Total income taxes.................... 36,474 34,243 48,412 52,092 46,472 45,000 Income before income taxes...................... 120,938 109,173 135,333 142,710 138,746 140,654 Fixed Charges: Interest on long-term debt................. 53,706 51,172 51,147 52,165 53,215 52,309 expense and premium - net.................. 507 567 567 594 653 652 Interest on short-term bank loans........... 220 1,157 3,144 2,269 2,902 2,939 Other interest.............................. 2,023 1,538 1,598 2,319 3,990 5,321 Interest portion of rentals................. 1,077 794 925 991 982 947 Total fixed charges................... 57,533 55,228 57,381 58,338 61,742 62,168 Earnings - as defined.......................... $178,471 $164,401 $192,714 $201,048 $200,488 $202,822 Ratio of earnings to fixed charges.............. 3.10x 2.98x 3.36x 3.45x 3.25x 3.26x Exhibit 12