EXHIBIT 12.3
IDAHO POWER COMPANY
CONSOLIDATED FINANCIAL INFORMATION
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS REQUIREMENTS
TWELVE MONTHS
ENDED
TWELVE MONTHS ENDED DECEMBER 31, JUNE 30,
---------------------------------------------------------- --------------
1993 1994 1995 1996 1997 1998
---------- ---------- ---------- ---------- ---------- --------------
(THOUSANDS OF DOLLARS)
Computation of Ratio of Earnings to Fixed
Charges:
Consolidated net income............... $ 84,464 $ 74,930 $ 86,921 $ 90,618 $ 92,274 $ 93,079
---------- ---------- ---------- ---------- ---------- --------------
Income taxes:
Income taxes (incl amounts charged to
other income and deductions)........ 38,057 35,307 49,498 51,316 47,559 43,793
Investment tax credit adjustment...... (1,583) (1,064) (1,086) 776 (1,087) (470)
---------- ---------- ---------- ---------- ---------- --------------
Total income taxes.................. 36,474 34,243 48,412 52,092 46,472 43,323
---------- ---------- ---------- ---------- ---------- --------------
Income before income taxes................ 120,938 109,173 135,333 142,710 138,746 136,402
---------- ---------- ---------- ---------- ---------- --------------
Fixed Charges:
Interest on long-term debt............ 53,706 51,172 51,147 52,165 53,215 52,350
Expense and premium--net.............. 507 567 567 594 653 656
Interest on short-term bank loans..... 220 1,157 3,144 2,269 2,902 3,050
Other interest........................ 2,023 1,538 1,598 2,319 3,990 4,104
Interest portion of rentals........... 1,077 794 925 991 982 1,002
---------- ---------- ---------- ---------- ---------- --------------
Total fixed charges................. 57,533 55,228 57,381 58,338 61,742 61,162
---------- ---------- ---------- ---------- ---------- --------------
Preferred dividends requirements...... 8,547 10,682 12,392 12,146 7,803 8,663
---------- ---------- ---------- ---------- ---------- --------------
Total fixed charges and preferred
dividends......................... 66,080 65,910 69,773 70,484 69,545 69,825
---------- ---------- ---------- ---------- ---------- --------------
Earnings--as defined...................... $ 178,471 $ 164,401 $ 192,714 $ 201,048 $ 200,488 $ 197,564
---------- ---------- ---------- ---------- ---------- --------------
---------- ---------- ---------- ---------- ---------- --------------
Ratio of earnings to fixed charges and
preferred dividends..................... 2.70x 2.49x 2.76x 2.85x 2.88x 2.83x
---------- ---------- ---------- ---------- ---------- --------------
---------- ---------- ---------- ---------- ---------- --------------