PPL ENERGY SUPPLY, LLC AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of Dollars) |
12 Months Ended March 31, | 12 Months Ended December 31, | |||||||||||||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 (b) | 1998 (b) | |||||||||||||||||||||||
| Fixed charges, as defined: | ||||||||||||||||||||||||||||
| Interest on long-term debt | $ | 152 | $ | 169 | $ | 36 | $ | 54 | $ | 20 | $ | 11 | ||||||||||||||||
| Interest on short-term debt and other interest | 56 | 52 | 33 | 75 | 32 | 14 | ||||||||||||||||||||||
| Amortization of debt discount, expense and premium - net | 11 | 9 | 2 | 11 | 1 | |||||||||||||||||||||||
| Estimated interest component of operating rentals | 32 | 23 | 19 | 9 | ||||||||||||||||||||||||
| Preferred securities distributions of subsidiaries on a pre-tax basis | 12 | 12 | ||||||||||||||||||||||||||
| Total fixed charges | $ | 263 | $ | 265 | $ | 90 | $ | 149 | $ | 53 | $ | 25 | ||||||||||||||||
| Earnings, as defined: | ||||||||||||||||||||||||||||
| Net income (loss) (a) | $ | 491 | $ | 507 | $ | 168 | $ | 246 | $ | (20 | ) | $ | 12 | |||||||||||||||
| Preferred security dividend requirement | 9 | 9 | ||||||||||||||||||||||||||
| Less undistributed income (loss) of equity method investments | (7 | ) | (22 | ) | 20 | 74 | 56 | 3 | ||||||||||||||||||||
507 | 538 | 148 | 172 | (76 | ) | 9 | ||||||||||||||||||||||
| Add: | ||||||||||||||||||||||||||||
| Income taxes (benefit) | 229 | 266 | 274 | 125 | (29 | ) | (6 | ) | ||||||||||||||||||||
| Total fixed charges as above (excluding capitalized interest and preferred stock dividends of subsidiaries on a pre-tax basis) | 234 | 234 | 66 | 135 | 52 | 24 | ||||||||||||||||||||||
| Total earnings | $ | 970 | $ | 1,038 | $ | 488 | $ | 432 | $ | (53 | ) | $ | 27 | |||||||||||||||
| Ratio of earnings to fixed charges | 3.7 | 3.9 | 5.4 | 2.9 | (1.0 | ) | 1.1 | |||||||||||||||||||||
| Deficiency | $ | 106 | ||||||||||||||||||||||||||
| (a) | Net income (loss) excludes minority interest and the cumulative effect of a change in accounting principle. | |
| (b) | Due to the corporate realignment on July 1, 2000, data in 2000 and subsequent years are not comparable to prior years. See Note 19 in PPL Energy Supply's Form 10-K for the year ended December 31, 2002 for additional information. |