TC Pipelines (TCP) 10-K 2014 FY Annual report

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Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

December 31 (millions of dollars)		2014		2013(a)		2012(a)		2011(a)	2010(a)
Earnings
	Net income before adjustment for income from equity investees	116		124		130		115	74
	Fixed charges	45		44		41		50	51
	Distributed income of equity investees	88		67		99		135	126
	Non-controlling interests of subsidiaries that have not incurred fixed charges	(10	)	(14	)	(13	)	–	–
Total Earnings		239		221		257		300	251
Fixed Charges
	Interest expensed and capitalized	44		43		40		48	50
	Amortization of other assets	1		1		1		2	1
Total Fixed Charges		45		44		41		50	51
Ratio of Earnings/Fixed Charges		5.31x		5.02x		6.27x		6.00x	4.92x

(a)

An additional 45 percent membership interests in each of GTN and Bison were acquired from subsidiaries of TransCanada in 2013 resulting in a 70 percent ownership in each. As a result, the acquisition was accounted for as a transaction between entities under common control, similar to a pooling of interests, whereby the assets and liabilities of GTN and Bison were recorded at TransCanada's carrying value and the Partnership's historical financial information was recast to consolidate GTN and Bison for all periods presented.

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Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES