Cleveland Electric Illuminating 10-K2004 FY Annual report

Filed: 10 Mar 05, 12:00am

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New words: absent, acknowledgement, Adequacy, advice, Advocate, age, aging, Allison, ancillary, aquatic, arguably, Attachment, attempt, Attorney, attract, award, background, Baltimore, bargaining, benchmark, beneficial, bind, binding, BPU, broad, Bulletin, call, capability, care, Cascading, cast, Catalytic, CEO, certainty, Chack, challenge, compared, compensatory, Complex, congestion, consumption, context, cooling, datedMarch, death, Deed, demographic, demonstration, difficult, Dindo, disability, dissolution, docket, drawn, duration, earlier, economy, eligible, Elser, endorsed, entrainment, Ernest, EUOC, Evidentiary, exercise, expedited, expressly, Fall, false, Fifteenth, Fiftieth, FirstCom, fish, flexibility, flow, FMB, focused, forfeiture, formula, Framework, Fronting, GLEP, good, grand, Grantor, Grigg, grow, Guy, harmful, harmonize, hearing, hereto, highly, hoc, HVAC, IBEW, IBJ, impingement, inability, incurrence, inInternal, inoperability, inquiry, insider, instruction, intake, issuer, Jeffrey, job, join, jury, Kathryn, Kevin, key, kilovolt, Krueger, Lantzy, Lastly, leadership, lessen, lignite, liquidity, Loan, Lynn, Manhattan, meaningful, median, Meridian, Mitigate, Mitigating, mix, Monongahela, monthly, mortality, motivate, MOU, multiplier, Murray, NA, Navin, negotiate, negotiating, NERC, Network, neutral, NJPBU, NOAC, Noncurrent, notification, Novak, NYSE, OCC, occurrence, ofJersey, ofMetropolitan, ofPennsylvania, Painesville, pension, PEPCO, personal, personnel, phenomenon, pinned, plate, PNNP, PNPP, point, postponed, prevailing, priority, protested, publicly, PUHCA, QUALITATIVE, quantification, QUANTITATIVE, Ratepayer, ratified, reactive, Realty, recipient, recruiting, relatedconsolidated, rely, Renunciation, reorganization, reportdated, rescheduling, Ronald, sabotage, salary, satisfied, satisfy, Schroder, Seller, settling, shellfish, sitting, Sixteenth, skilled, SRM, Staffing, stoppage, storm, stray, strike, Successor, sum, summit, supervision, Sustained, talent, Taylor, Temperature, tendered, terrorist, TheCleveland, theconsolidated, TheToledo, Thirteenth, threshold, Tier, timetable, Today, Treadway, turn, Twentieth, Unasserted, unclear, Understanding, undertook, Unified, union, unknown, unsuccessful, USA, vegetation, verification, view, weekend, withholding, workforce, zone

Removed: accompanied, acted, American, Appalachian, Ashtabula, attributed, auditing, balancing, Basin, Bay, bondable, Burger, capped, certifying, Chairman, check, Chicago, circular, circumferential, combination, competed, conditioning, conform, contest, contrary, Controller, cracking, Creek, cubic, cumulative, Dayton, deem, discontinued, Distribuidora, divested, divestiture, drilling, Electrica, Employer, enter, equivalent, evaluate, exceeded, exploration, expressed, extending, feet, forming, frozen, Gill, Great, growth, guaranteed, heating, Heisler, holder, Holland, identified, impaired, impede, impossible, inspect, Interconnection, IRS, Island, issuable, Jan, John, kind, Lakeshore, Lorain, Loughhead, making, marbel, modify, northeast, NRG, observe, offering, Oyster, PA, par, Peter, Philadelphia, Pietruski, positioned, precise, preparing, protect, proved, qualifying, record, relation, remanding, replace, representation, residential, restrictive, securitize, separately, Shippingport, shorter, SIP, societal, sponsor, Standard, Stratton, subjected, Supplementary, supplied, targeted, Telephone, thereon, traditionally, ultrasonic, unamortized, unbundled, unconditionally, unqualified, unreasonable, valid, ventilating, venture, Village, vintage, WASHINGTON

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EXHIBIT 12.8

Page 1

PENNSYLVANIA ELECTRIC COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,		Jan. 1-		Nov. 7-		Year Ended December 31,

	2000		Nov. 6, 2001		Dec. 31, 2001		2002		2003			2004
	*(Dollars in thousands)*
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items	$	39,250	$	23,718	$	10,795	$	50,910	$	20,237		$	36,030
Interest and other charges, before reduction for amounts capitalized		48,544		40,998		7,052		42,373		37,660			40,022
Provision for income taxes		29,754		19,402		8,231		34,248		24,836			30,001
Interest element of rentals charged to income(a)		3,020		891		311		1,849		3,076			3,016
Earnings as defined	$	120,568	$	85,009	$	26,389	$	129,380	$	85,809		$	109,069

FIXED CHARGES AS DEFINED IN REGULATION S-K:											��
Interest on long-term debt	$	29,964	$	28,751	$	3,972	$	31,758	$	29,565		$	30,029
Other interest expense		11,546		6,008		1,979		3,061		4,318			9,993
Subsidiary's preferred stock dividend requirements		7,034		6,239		1,101		7,554		3,777			--
Interest element of rentals charged to income (a)		3,020		891		311		1,849		3,076			3,016
Fixed charges as defined	$	51,564	$	41,889	$	7,363	$	44,222	$	40,736		$	43,038

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES		2.34		2.03		3.58		2.93		2.11			2.53

__________________

(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.

EXHIBIT 12.8

Page 2

PENNSYLVANIA ELECTRIC COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS

PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)

	Year Ended
	December 31,		Jan. 1-		Nov. 7-		Year Ended December 31,
	2000		Nov. 6, 2001		Dec. 31, 2001		2002		2003		2004
	*(Dollars in thousands)*
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items	$	39,250	$	23,718	$	10,795	$	50,910	$	20,237	$	36,030
Interest and other charges, before reduction for
amounts capitalized		48,544		40,998		7,052		42,373		37,660		40,022
Provision for income taxes		29,754		19,402		8,231		34,248		24,836		30,001
Interest element of rentals charged to income (a)		3,020		891		311		1,849		3,076		3,016
Earnings as defined	$	120,568	$	85,009	$	26,389	$	129,380	$	85,809	$	109,069
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
Interest on long-term debt	$	29,964	$	28,751	$	3,972	$	31,758	$	29,565	$	30,029
Other interest expense		11,546		6,008		1,979		3,061		4,318		9,993
Preferred stock dividend requirements		7,034		6,239		1,101		7,554		3,777		--
Adjustments to preferred stock dividends to state on a
pre-income tax basis		--		--		--		--		--		--
Interest element of rentals charged to income (a)		3,020		891		311		1,849		3,076		3,016
Fixed charges as defined plus preferred stock
dividend requirements (pre-income tax basis)	$	51,564	$	41,889	$	7,363	$	44,222	$	40,736	$	43,038
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS)		2.34		2.03		3.58		2.93		2.11		2.53

____________________

(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.