Exhibit 12.1
IDACORP, Inc.
Consolidated Financial Information
Ratio of Earnings to Fixed Charges and Supplemental Ratio of Earnings to Fixed Charges
(Thousands of Dollars)
		Twelve Months Ended
		December 31,
		2010		2009		2008		2007		2006
RATIO OF EARNINGS TO FIXED CHARGES
Earnings, as defined:
Income from continuing operations before income taxes		$	141,729	$	146,737	$	117,614	$	96,003	$	115,452
Adjust for distributed income of equity investees		3,522		13,724		5,176		6,064		(9,347)
Fixed charges, as below		86,806		79,461		81,172		72,879		65,745
Total earnings, as defined		$	232,057	$	239,922	$	203,962	$	174,946	$	171,850
Fixed charges, as defined:
Interest charges1		$	85,840	$	78,457	$	80,282	$	71,946	$	64,720
Rental interest factor		966		1,004		890		933		1,025
Total fixed charges, as defined		$	86,806	$	79,461	$	81,172	$	72,879	$	65,745
Ratio of earnings to fixed charges		2.67x		3.02x		2.51x		2.40x		2.61
SUPPLEMENTAL RATIO OF EARNINGS TO FIXED
	CHARGES
Earnings, as defined:
Income from continuing operations before income taxes		$	141,729	$	146,737	$	117,614	$	96,003	$	115,452
Adjust for distributed income of equity investees		3,522		13,724		5,176		6,064		(9,347)
Supplemental fixed charges, as below		87,870		80,946		82,962		74,631		67,521
Total earnings, as defined		$	233,121	$	241,407	$	205,752	$	176,698	$	173,626
Supplemental fixed charges:
Interest charges1		$	85,840	$	78,457	$	80,282	$	71,946	$	64,720
Rental interest factor		966		1,004		890		933		1,025
Supplemental increment to fixed charges2		1,064		1,485		1,790		1,752		1,776
Total supplemental fixed charges		$	87,870	$	80,946	$	82,962	$	74,631	$	67,521
Supplemental ratio of earnings to fixed charges		2.65x		2.98x		2.48x		2.37x		2.57x
1 FIN 48 interest is not included in interest charges.
2 Explanation of increment - Interest on the guaranty of American Falls Reservoir District bonds and Milner Dam, Inc.
notes which are already included in operation expenses.