PPL Electric Utilities 10Q 2003 Q1 Quarterly report | SEC Filing

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Exhibit 12(d)
PPL MONTANA, 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

Fixed charges, as defined:
	Interest expense on credit facility		$	2	$	2	$	2	$	18
	Amortization of debt expenses							1		3
	Amortization of wholesale energy commitments			4		4		6		7
	Estimated interest component of operating rentals			15		15		15		6


		Total fixed charges	$	21	$	21	$	24	$	34


Earnings, as defined:
	Net income		$	53	$	47	$	103	$	86


Add:
	Income taxes			39		35		68		57

	Total fixed charges as above			21		21		24		34


		Total earnings	$	113	$	103	$	195	$	177


Ratio of earnings to fixed charges				5.4		4.9		8.1		5.2

PPL Electric Utilities 10-Q2003 Q1 Quarterly report

Content analysis