Nevada Power (NVP) 10-Q 2011 Q3 Quarterly report

EXHIBIT 12.3
SIERRA PACIFIC POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
			Nine Months Ended
			September 30,				Year Ended December 31,
			2011		2010		2010		2009		2008		2007		2006
EARNINGS AS DEFINED:
	Net Income (loss)		$	45,424	$	52,897	$	72,375	$	73,085	$	90,582	$	65,667	$	57,709
	Income tax expense (benefit)			23,341		30,066		40,404		31,225		37,603		26,009		27,829
	Fixed Charges			52,927		55,034		72,815		74,955		84,478		75,655		79,093
	Capitalized Interest (allowance for
	borrowed funds used during construction)			(1,409)		(1,586)		(1,912)		(3,044)		(9,464)		(12,771)		(5,505)
		Total	$	120,283	$	136,411	$	183,682	$	176,221	$	203,199	$	154,560	$	159,126
FIXED CHARGES AS DEFINED:
	Interest Expensed and Capitalized (1)		$	52,927	$	55,034	$	72,815	$	74,955	$	84,478	$	75,655	$	79,093
		Total	$	52,927	$	55,034	$	72,815	$	74,955	$	84,478	$	75,655	$	79,093
RATIO OF EARNINGS TO FIXED
CHARGES				2.27		2.48		2.52		2.35		2.41		2.04		2.01

(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, “Earnings” represent net income (loss) before, solely with respect to the year ended December 31, 2006, pre-tax preferred stock dividend requirement adjusted for income taxes and fixed charges excluding capitalized interest.  “Fixed Charges” represent the aggregate of interest charges on long-term debt (whether expensed or capitalized) and the portion of rental expense deemed attributable to interest.