EXHIBIT 12 (B)
NEVADA POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||
Income (Loss) From Continuing Operations After Interest Charges | $ | 19,277 | $ | (235,070 | ) | $ | 63,405 | $ | (7,928 | ) | $ | 38,787 | ||||||||
Income Taxes | (614 | ) | (131,784 | ) | 32,783 | (9,386 | ) | 21,213 | ||||||||||||
Income (Loss) From Continuing Operations before Income Taxes | 18,663 | (366,854 | ) | 96,188 | (17,314 | ) | 60,000 | |||||||||||||
Fixed Charges | 198,042 | 141,380 | 114,484 | 104,402 | 98,203 | |||||||||||||||
Capitalized Interest | (2,700 | ) | (3,412 | ) | (2,141 | ) | (7,855 | ) | (8,356 | ) | ||||||||||
Total | $ | 214,005 | $ | (228,886 | ) | $ | 208,531 | $ | 79,233 | $ | 149,847 | |||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 198,042 | $ | 141,380 | $ | 114,484 | $ | 104,402 | $ | 98,203 | ||||||||||
Total | $ | 198,042 | $ | 141,380 | $ | 114,484 | $ | 104,402 | $ | 98,203 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.08 | — | 1.82 | — | 1.53 | |||||||||||||||
DEFICIENCY | $ | — | $ | 370,266 | $ | — | $ | 25,169 | $ | — | ||||||||||
| (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 fixed charges and capitalized interest.