Exhibit 12.2
NEVADA POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||||
2007 | 2006 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||||||||
EARNINGS AS DEFINED: | |||||||||||||||||||||||||||||
Income (Loss) From Continuing Operations | |||||||||||||||||||||||||||||
After Interest Charges | $ | 28,186 | $ | 25,160 | $ | 224,540 | $ | 132,734 | $ | 104,312 | $ | 19,277 | $ | (235,070 | ) | ||||||||||||||
Income Taxes | 14,573 | 12,814 | 117,510 | 63,995 | 56,572 | (614 | ) | (131,784 | ) | ||||||||||||||||||||
Income (Loss) From Continuing | |||||||||||||||||||||||||||||
Operations before Income Taxes | 42,759 | 37,974 | 342,050 | 196,729 | 160,884 | 18,663 | (366,854 | ) | |||||||||||||||||||||
Fixed Charges | 94,906 | 97,292 | 190,333 | 159,776 | 145,055 | 195,342 | 137,968 | ||||||||||||||||||||||
Capitalized Interest - (allowance for | |||||||||||||||||||||||||||||
borrowed funds used during construction) | (5,253 | ) | (8,072 | ) | (11,614 | ) | (23,187 | ) | (5,738 | ) | (2,700 | ) | (3,412 | ) | |||||||||||||||
Total | $ | 132,412 | $ | 127,194 | $ | 520,769 | $ | 333,318 | $ | 300,201 | $ | 211,305 | $ | (232,298 | ) | ||||||||||||||
FIXED CHARGES AS DEFINED: | |||||||||||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 94,906 | $ | 97,292 | $ | 190,333 | $ | 159,776 | $ | 145,055 | $ | 195,342 | $ | 137,968 | |||||||||||||||
Total | $ | 94,906 | $ | 97,292 | $ | 190,333 | $ | 159,776 | $ | 145,055 | $ | 195,342 | $ | 137,968 | |||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.40 | 1.31 | 2.74 | 2.09 | 2.07 | 1.08 | |||||||||||||||||||||||
DEFICIENCY | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 370,266 | |||||||||||||||
(1) | Includes amortization of premiums, discounts, and capitalized debt expense and interest component of | ||||||||||||||||||||||||||||
rent expense. |
For the purpose of calculating the ratios of earnings to fixed charges, “Fixed charges” represent the aggregate of interest charges on short-term and long-term debt (whether expensed or capitalized) and the portion of rental expense deemed attributable to interest. “Earnings” represents pre-tax income (or loss) from continuing operations before fixed charges (excluding capitalized interest).