EXHIBIT 12.1
PSEG POWER LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
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| For the Nine |
| For the Years Ended |
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| September 30, |
| December 31, |
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| 2008 |
| 2007 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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| (Millions, except ratios) |
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Earnings as Defined in Regulation S-K (A): |
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Pre-tax Income from Continuing Operations |
| $ | 1,414 |
| $ | 1,263 |
| $ | 1,590 |
| $ | 878 |
| $ | 752 |
| $ | 594 |
| $ | 815 |
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Fixed Charges |
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| 157 |
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| 143 |
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| 193 |
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| 190 |
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| 197 |
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| 198 |
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| 219 |
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Capitalized Interest |
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| (22 | ) |
| (21 | ) |
| (23 | ) |
| (30 | ) |
| (89 | ) |
| (107 | ) |
| (106 | ) |
Preferred Stock Dividend Requirements |
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Total Earnings |
| $ | 1,549 | �� | $ | 1,385 |
| $ | 1,760 |
| $ | 1,038 |
| $ | 860 |
| $ | 685 |
| $ | 928 |
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Fixed Charges as Defined in Regulation S-K (B) |
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Interest Expense |
| $ | 156 |
| $ | 142 |
| $ | 192 |
| $ | 189 |
| $ | 195 |
| $ | 197 |
| $ | 217 |
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Preferred Securities Dividend Requirements of Subsidiaries |
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| — |
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Interest Factor in Rentals |
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| 1 |
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| 1 |
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| 1 |
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| 1 |
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| 2 |
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| 1 |
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| 2 |
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Total Fixed Charges |
| $ | 157 |
| $ | 143 |
| $ | 193 |
| $ | 190 |
| $ | 197 |
| $ | 198 |
| $ | 219 |
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Ratio of Earnings to Fixed Charges |
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| 9.87 |
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| 9.69 |
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| 9.12 |
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| 5.46 |
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| 4.37 |
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| 3.46 |
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| 4.24 |
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(A) | The term “earnings” shall be defined as pre-tax Income from Continuing Operations. Add to pre-tax income the amount of fixed charges adjusted to exclude the amount of any interest capitalized during the period. |
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(B) | Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount, premium and expense and (c) an estimate of interest implicit in rentals. |