Monongahela Power (MPNC) 10-K 2002 FY Annual report

EXHIBIT 12

COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES

For Years Ended December 31

(Dollar Amounts in Thousands)

	Monongahela Power Company
	2002			2001			2000			1999		1998
Earnings:
Income from continuing operations	$	33,738	*	$	89,457		$	94,579	**	$	92,327	$	82,425
Fixed charges (see below)		54,743			58,111			49,086			36,034		38,723
Income taxes		8,824			38,548			52,484	**		40,726		49,421
Amortization of capitalized interest		320			30			5			—		—
Income distributions of equity investees		3,216			7,673			8,640			—		—
Less: capitalized interest		(2,604	)		(1,911	)		(487	)		—		—
Less: income from unconsolidated equity investees		(1,057	)		(5,008	)		(5,907	)		—		—
Total Earnings (as defined)	$	97,180		$	186,900		$	198,400		$	169,087	$	170,569
Fixed Charges:
Interest expensed and capitalized	$	52,342		$	54,830		$	45,733		$	34,603	$	36,153
Estimated interest component of rental expense		2,401			3,281			3,348			1,431		2,570
Total Fixed Charges (as defined)	$	54,743		$	58,111		$	49,086		$	36,034	$	38,723
Ratio of Earnings to Fixed Charges		1.78			3.22			4.04			4.69		4.40

* Excludes extraordinary charge and change in accounting principle.

** Excludes the effect of the extraordinary charge.