Eversource Energy (ES) 10-K 2014 FY Annual report

Northeast Utilities and Subsidiaries											Exhibit 12
Ratio of Earnings to Fixed Charges
		For the Years Ended December 31,
(Thousands of Dollars)			2014		2013		2012 (a)		2011		2010
Earnings, as defined:
	Net income	$	827,065	$	793,689	$	533,077	$	400,513	$	394,107
	Income tax expense		468,297		426,941		274,926		170,953		210,409
	Equity in earnings of regional nuclear   generating and transmission companies		(1,044)		(1,318)		(1,154)		(671)		(1,429)
	Dividends received from regional equity investees		-		582		733		940		1,488
	Fixed charges, as below		386,451		362,403		353,616		275,948		263,393
	Less: Interest capitalized (including AFUDC)		(5,766)		(4,062)		(5,261)		(11,758)		(10,165)
	Preferred dividend security requirements of   consolidated subsidiaries		(12,532)		(12,803)		(11,715)		(9,265)		(10,170)
Total earnings, as defined		$	1,662,471	$	1,565,432	$	1,144,222	$	826,660	$	847,633
Fixed charges, as defined:
	Interest on long-term debt (b)	$	345,001	$	340,970	$	316,987	$	231,630	$	231,089
	Interest on rate reduction bonds		-		422		6,168		8,611		20,573
	Other interest (c)		17,105		(2,693)		6,790		10,184		(14,371)
	Rental interest factor		6,047		6,839		6,695		4,500		5,767
	Preferred dividend security requirements of   consolidated subsidiaries		12,532		12,803		11,715		9,265		10,170
	Interest capitalized (including AFUDC)		5,766		4,062		5,261		11,758		10,165
Total fixed charges, as defined		$	386,451	$	362,403	$	353,616	$	275,948	$	263,393
Ratio of Earnings to Fixed Charges			4.30		4.32		3.24		3.00		3.22
(a) NSTAR amounts were included in NU beginning April 10, 2012.
(b) Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness.
(c) For all years presented, other interest includes interest related to accounting for uncertain tax positions.