Exhibit 12.1

IDACORP, Inc.

Consolidated Financial Information

Ratio of Earnings to Fixed Charges

Nine Months

Twelve Months Ended

Ended

December 31,

September 30,

(Thousands of Dollars)

2009

2008

2007

2006

2005

2004

Earnings, as defined:

Income from continuing operations before income taxes

 $

126,663 

 $

117,614 

 $

96,003 

 $

115,452 

 $

103,326 

 $

60,830 

Adjust for distributed income of equity investees

8,767 

5,176 

6,064 

(9,347)

(10,370)

1,990 

Equity in loss of equity method investments

- 

- 

- 

- 

- 

-  

Minority interest in losses of majority owned

subsidiaries

- 

- 

- 

- 

- 

(48)

Fixed charges, as below

59,484 

81,172 

72,879 

65,745 

64,379 

66,137 

Total earnings, as defined

 $

194,914 

 $

203,962 

 $

174,946 

 $

171,850 

 $

157,335 

 $

128,909 

Fixed charges, as defined:

Interest charges¹

 $

58,778 

 $

80,282 

 $

71,946 

 $

64,720 

 $

62,962 

 $

61,269 

Preferred stock dividends of  subsidiaries - gross up -

IDACORP rate

- 

- 

- 

- 

- 

3,216 

Rental interest factor

706 

890 

933 

1,025 

1,417 

1,652 

Total fixed charges, as defined

 $

59,484 

 $

81,172 

 $

72,879 

 $

65,745 

 $

64,379 

 $

66,137 

Ratio of earnings to fixed charges

3.28 x

2.51 x

2.40 x

2.61 x

2.44 x

1.95 x

¹Interest on uncertain tax positions is not included in interest charges.