Exhibit 12.3

Idaho Power Company

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 before income taxes

 $

132,861 

 $

131,715 

 $

111,965 

 $

137,890 

 $

115,764 

 $

76,936 

Adjust for distributed income of equity investees

1,360 

(6,772)

(5,553)

(9,347)

(10,370)

1,990 

Equity in loss of equity method investments

- 

- 

- 

- 

- 

-  

Minority interest in losses of majority owned

subsidiaries

- 

- 

- 

- 

- 

- 

Fixed charges, as below

58,661 

77,568 

68,272 

60,687 

57,739 

55,530 

Total earnings, as defined

 $

192,882 

 $

202,511 

 $

174,684 

 $

189,230 

 $

163,133 

 $

134,456 

Fixed charges, as defined:

Interest charges¹

 $

57,987 

 $

76,711 

 $

67,386 

 $

59,955 

 $

56,866 

 $

54,297 

Rental interest factor

674 

857 

886 

732 

873 

1,233 

Total fixed charges, as defined

 $

58,661 

 $

77,568 

 $

68,272 

 $

60,687 

 $

57,739 

 $

55,530 

Ratio of earnings to fixed charges

3.29 x

2.61 x

2.56 x

3.12 x

2.83 x

2.42 x

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