EXHIBIT 12 (C)
SIERRA PACIFIC POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
| Year ended December 31, | ||||||||||||||||||||
| Dollars in thousands | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||
| EARNINGS AS DEFINED: | ||||||||||||||||||||
| Net Income (Loss) After Interest Charges | $ | 18,577 | $ | (23,275 | ) | $ | (13,968 | ) | $ | 22,743 | $ | (4,077 | ) | |||||||
| Income Taxes | 325 | (12,237 | ) | (4,491 | ) | 10,260 | (1,362 | ) | ||||||||||||
| Net Income (Loss) before Income Taxes | 18,902 | (35,512 | ) | (18,459 | ) | 33,003 | (5,439 | ) | ||||||||||||
| Fixed Charges | 70,534 | 104,790 | 81,161 | 68,965 | 56,753 | |||||||||||||||
| Capitalized Interest | (2,849 | ) | (3,276 | ) | (1,858 | ) | (660 | ) | (2,779 | ) | ||||||||||
| Total | $ | 86,587 | $ | 66,002 | $ | 60,844 | $ | 101,308 | $ | 48,535 | ||||||||||
| FIXED CHARGES AS DEFINED: | $ | 70,534 | $ | 104,790 | $ | 81,161 | $ | 68,965 | $ | 56,753 | ||||||||||
| Interest Expensed and Capitalized (1) | — | — | — | — | — | |||||||||||||||
| Total | $ | 70,534 | $ | 104,790 | $ | 81,161 | $ | 68,965 | $ | 56,753 | ||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES | 1.23 | 1.47 | ||||||||||||||||||
| DEFICIENCY | $ | — | $ | 38,788 | $ | 20,317 | $ | — | $ | 8,218 | ||||||||||
| (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, allowance for borrowed funds used during construction (AFUDC) and capitalized interest, and the portion of rental expense deemed to be attributable to interest. “Earnings” represents pre-tax income (or loss) from continuing operations before pre-tax preferred stock dividend requirement, fixed charges and capitalized interest.