EXHIBIT 12.2
PACIFIC GAS AND ELECTRIC COMPANY
A DEBTOR-IN-POSSESSION
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
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2001 | 2000 | 1999 | 1998 | 1997 | 1996 | ||
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Earnings: | |||||||
Net income (loss) | $ 452 | $(3,483) | $ 788 | $ 729 | $ 768 | $ 755 | |
Adjustments for minority interest |
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Income tax provision (benefit) | 272 | (2,154) | 648 | 629 | 609 | 555 | |
Net fixed charges | 738 | 648 | 637 | 673 | 628 | 683 | |
Total Earnings (Loss) | 1,462 | (4,989) | 2,073 | 2,031 | 2,005 | 1,996 | |
Fixed Charges: | |||||||
Interest on short-term borrowings |
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Interest on capital leases | 1 | 2 | 3 | 2 | 2 | 3 | |
AFUDC debt | 9 | 6 | 7 | 12 | 17 | 8 | |
Earnings required to cover the |
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Total Fixed Charges | 739 | 648 | 638 | 673 | 629 | 684 | |
Preferred Stock Dividends: | |||||||
Tax deductible dividends | 7 | 9 | 9 | 9 | 10 | 10 | |
Pretax earnings required to cover |
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Total Preferred Stock Dividends | 27 | 36 | 36 | 40 | 49 | 49 | |
Total Combined Fixed Charges and |
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Ratios of Earnings (Loss) to Combined Fixed Charges and |
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Note:
For the purpose of computing Pacific Gas and Electric Company's (Utility) ratios of earnings to combined fixed charges and preferred stock dividends, "earnings" represent net income adjusted for the minority interest in losses of less than 100% owned affiliates, cash distributions from and equity in undistributed income or loss of the Utility's less than 50% owned affiliates, income taxes and fixed charges (excluding capitalized interest). "Fixed charges" include interest on long-term debt and short-term borrowings (including a representative portion of rental expense), amortization of bond premium, discount and expense, interest on capital leases, interest of subordinated debentures held by trust, and earnings required to cover the preferred stock dividend requirements of majority owned subsidiaries. "Preferred stock dividends" represent pretax earnings, which would be required to cover such dividend requirements.
(1) The ratio of earnings to combined fixed charges and preferred stock dividends indicates a deficiency of less than one-to-one coverage $5,673 million.