EXHIBIT 12.2
NEVADA POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Six Months Ended June 30, 2008 | Year Ended December 31, | |||||||||||||||||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||||||||||
Income (Loss) From Continuing Operations | ||||||||||||||||||||||||||||
After Interest Charges | $ | (22,650 | ) | $ | 41,146 | $ | 151,431 | $ | 165,694 | $ | 224,540 | $ | 132,734 | $ | 104,312 | |||||||||||||
Income Taxes | (10,969 | ) | 22,519 | 71,382 | 78,352 | 117,510 | 63,995 | 56,572 | ||||||||||||||||||||
Income (Loss) From Continuing Operations | ||||||||||||||||||||||||||||
Before Income Taxes | (33,619 | ) | 63,665 | 222,813 | 244,046 | 342,050 | 196,729 | 160,884 | ||||||||||||||||||||
Fixed Charges | 124,937 | 95,440 | 210,067 | 190,836 | 190,333 | 159,776 | 145,055 | |||||||||||||||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (10,668 | ) | (11,375 | ) | (20,063 | ) | (13,196 | ) | (11,614 | ) | (23,187 | ) | (5,738 | ) | ||||||||||||||
Total | $ | 80,650 | $ | 147,730 | $ | 412,817 | $ | 421,686 | $ | 520,769 | $ | 333,318 | $ | 300,201 | ||||||||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 124,937 | $ | 95,440 | $ | 210,067 | $ | 190,836 | $ | 190,333 | $ | 159,776 | $ | 145,055 | ||||||||||||||
Preference Security Dividend Requirements | ||||||||||||||||||||||||||||
Total | $ | 124,937 | $ | 95,440 | $ | 210,067 | $ | 190,836 | $ | 190,333 | $ | 159,776 | $ | 145,055 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | - | 1.55 | 1.97 | 2.21 | 2.74 | 2.09 | 2.07 | |||||||||||||||||||||
DEFICIENCY | $ | 44,287 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
(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 plus fixed charges (excluding capitalized interest).