Exhibit 12
NORTHERN STATES POWER COMPANY – MINNESOTA (CONSOLIDATED)
STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
| | | | | | Year Ended December 31, | |
| | | YTD 9/10 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | | | 2005 | |
| | | | | | | | | | | | | | | | | | | |
| Earnings as defined: | | | | | | | | | | | | | | | | | | |
| Pretax income from continuing operations | | $ | 358,795 | | | $ | 468,891 | | | $ | 463,377 | | | $ | 449,327 | | | $ | 399,916 | | | $ | 349,527 | |
| Add: Fixed charges | | | 180,420 | | | | 239,022 | | | | 240,539 | | | | 211,660 | | | | 176,169 | | | | 158,352 | |
| Earnings as defined | | $ | 539,215 | | | $ | 707,913 | | | $ | 703,916 | | | $ | 660,987 | | | $ | 576,085 | | | $ | 507,879 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed charges: | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest charges | | $ | 149,940 | | | $ | 194,808 | | | $ | 198,369 | | | $ | 186,293 | | | $ | 165,381 | | | $ | 150,261 | |
| Interest component of operating leases | | | 30,480 | | | | 44,214 | | | | 42,170 | | | | 25,367 | | | | 10,788 | | | | 8,091 | |
| Total fixed charges | | $ | 180,420 | | | $ | 239,022 | | | $ | 240,539 | | | $ | 211,660 | | | $ | 176,169 | | | $ | 158,352 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of earnings to fixed charges | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 3.0 | | | | 3.0 | | | | 2.9 | | | | 3.1 | | | | 3.3 | | | | 3.2 | |
