Attached files
The Connecticut Light and Power Company |
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| Exhibit 12 |
Ratio of Earnings to Fixed Charges |
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| Nine Months |
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(Thousands of Dollars) |
| Ended |
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September 30, 2009 |
| For the Years Ended December 31, | ||||||||
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(unaudited) |
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2008 |
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2007 |
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2006 |
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2005 |
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2004 |
Earnings, as defined: |
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Net income |
$ | 158,074 |
$ |
191,158 |
$ |
133,564 |
$ |
200,007 |
$ |
94,845 |
$ |
88,016 |
Income tax expense/(benefit) |
| 87,178 |
| 77,852 |
| 52,353 |
| (43,961) |
| 32,174 |
| 45,539 |
Equity in (earnings)/losses of regional nuclear |
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generating companies |
| (232) |
| (366) |
| (1,901) |
| 854 |
| (1,153) |
| (568) |
Dividends received from regional equity investees |
| 1,520 |
| - |
| 2,596 |
| 1,407 |
| 412 |
| 2,577 |
Fixed charges, as below |
| 122,531 |
| 165,170 |
| 155,557 |
| 131,923 |
| 133,321 |
| 119,857 |
Less: Interest capitalized (including AFUDC) |
| (1,833) |
| (12,991) |
| (10,924) |
| (6,610) |
| (6,719) |
| (3,110) |
Total earnings, as defined |
$ |
367,238 |
$ |
420,823 |
$ |
331,245 |
$ |
283,620 |
$ |
252,880 |
$ |
252,311 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) |
$ |
99,486 |
$ |
104,954 |
$ |
84,292 |
$ |
64,873 |
$ |
59,019 |
$ |
43,308 |
Interest on rate reduction bonds |
| 15,342 |
| 29,129 |
| 37,728 |
| 46,692 |
| 55,796 |
| 63,667 |
Other interest (b) |
| 1,420 |
| 12,163 |
| 16,413 |
| 6,281 |
| 5,220 |
| 3,072 |
Rental interest factor |
| 4,450 |
| 5,933 |
| 6,200 |
| 7,467 |
| 6,567 |
| 6,700 |
Interest capitalized (including AFUDC) |
| 1,833 |
| 12,991 |
| 10,924 |
| 6,610 |
| 6,719 |
| 3,110 |
Total fixed charges, as defined |
$ |
122,531 |
$ |
165,170 |
$ |
155,557 |
$ |
131,923 |
$ |
133,321 |
$ |
119,857 |
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Ratio of Earnings to Fixed Charges |
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3.00 |
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2.55 |
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2.13 |
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2.15 |
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1.90 |
| 2.11 |
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(a) Interest on long-term debt amounts include amortized premiums, discounts and capitalized expenses related to indebtedness. |
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(b) For the nine months ended September 30, 2009 and for the years ended December 31, 2008 and 2007, other interest includes interest related to accounting for uncertain tax positions. |