EXHIBIT 12.1
PSEG POWER LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
For the Six | |||||||||||||||||||||||||||||
Months Ended | For the Years Ended | ||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||||
(Millions, except ratios) | |||||||||||||||||||||||||||||
Earnings as Defined in Regulation S-K (A): | |||||||||||||||||||||||||||||
Pre-tax Income from Continuing Operations | $ | 867 | $ | 692 | $ | 1,590 | $ | 878 | $ | 752 | $ | 594 | $ | 815 | |||||||||||||||
Fixed Charges | 104 | 89 | 193 | 190 | 197 | 198 | 219 | ||||||||||||||||||||||
Capitalized Interest | (15 | ) | (8 | ) | (23 | ) | (30 | ) | (89 | ) | (107 | ) | (106 | ) | |||||||||||||||
Preferred Stock Dividend Requirements | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total Earnings | $ | 956 | $ | 773 | $ | 1,760 | $ | 1,038 | $ | 860 | $ | 685 | $ | 928 | |||||||||||||||
Fixed Charges as Defined in Regulation S-K (B) | |||||||||||||||||||||||||||||
Interest Expense | $ | 103 | $ | 89 | $ | 192 | $ | 189 | $ | 195 | $ | 197 | $ | 217 | |||||||||||||||
Preferred Securities Dividend Requirements of | |||||||||||||||||||||||||||||
Subsidiaries | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest Factor in Rentals | 1 | — | 1 | 1 | 2 | 1 | 2 | ||||||||||||||||||||||
Total Fixed Charges | $ | 104 | $ | 89 | $ | 193 | $ | 190 | $ | 197 | $ | 198 | $ | 219 | |||||||||||||||
Ratio of Earnings to Fixed Charges | 9.19 | 8.69 | 9.12 | 5.46 | 4.37 | 3.46 | 4.24 |
(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. | |
(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. |