LG&E & KU Energy 10-Q 2012 Q2 Quarterly report

Exhibit 12(c)
PPL ELECTRIC UTILITIES CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Millions of Dollars)
				6 Months
				Ended
				June 30,		Years Ended December 31,
				2012		2011		2010		2009		2008		2007
Earnings, as defined:
		Income Before Income Taxes		$	97	$	257	$	192	$	221	$	278	$	246
		Total fixed charges as below			52		105		102		121		114		143
			Total earnings	$	149	$	362	$	294	$	342	$	392	$	389
Fixed charges, as defined:
		Interest charges (a)		$	50	$	102	$	101	$	120	$	113	$	139
		Estimated interest component of operating rentals			2		3		1		1		1		4
			Total fixed charges (b)	$	52	$	105	$	102	$	121	$	114	$	143
Ratio of earnings to fixed charges					2.9		3.4		2.9		2.8		3.4		2.7
Preferred stock dividend requirements on a pre-tax
	basis			$	6	$	21	$	23	$	28	$	28	$	27
Fixed charges, as above					52		105		102		121		114		143
		Total fixed charges and preferred stock dividends		$	58	$	126	$	125	$	149	$	142	$	170
Ratio of earnings to combined fixed charges and
	preferred stock dividends				2.6		2.9		2.4		2.3		2.8		2.3

(a)	Includes interest on long-term and short-term debt, as well as amortization of debt discount, expense and premium - net.
(b)	Interest on unrecognized tax benefits is not included in fixed charges.

180