Sierra Pacific Power 10-Q 2009 Q2 Quarterly report

EXHIBIT 12.1

NV ENERGY, INC.

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	$	(3,861	)	$	60,192		$	208,887		$	197,295		$	279,792		$	86,137		$	30,842
Income Taxes		(1,821	)		33,735			95,354			87,555			145,605			43,118			18,050
Income (Loss) From Continuing Operations
Before Income Taxes		(5,682	)		93,927			304,241			284,850			425,397			129,255			48,892
Fixed Charges		182,767			158,674			335,868			310,876			336,024			319,654			324,969
Capitalized Interest (allowance for borrowed funds used during construction)		(12,168	)		(19,240	)		(29,527	)		(25,967	)		(17,119	)		(24,691	)		(8,587	)
Preferred Stock Dividend Requirement		-			-			-			-			(3,602	)		(6,000	)		(6,000	)
Total	$	164,917		$	233,361		$	610,582		$	569,759		$	740,700		$	418,218		$	359,274
FIXED CHARGES AS DEFINED:
Interest Expensed and Capitalized (1)	$	182,767		$	158,674		$	335,868		$	310,876		$	332,422		$	313,654		$	318,969
Preferred Stock Dividend Requirement		-			-			-			-			3,602			6,000			6,000
Total		182,767			158,674			335,868			310,876			336,024			319,654		$	324,969
RATIO OF EARNINGS TO FIXED CHARGES		-			1.47			1.82			1.83			2.20			1.31			1.11
DEFICIENCY	$	17,850		$	-		$	-		$	-		$	-		$	-		$	-

(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), the portion of rental expense deemed to be attributable to interest, and the pre-tax preferred stock dividend requirement of SPPC.  “Earnings” represents pre-tax income (or Loss) from continuing operations before, solely with respect to the years ended December 31, 2006, 2005 and 2004, pre-tax preferred stock dividend requirement of SPPC plus fixed charges (excluding capitalized interest and the pre-tax preferred stock dividend requirement of SPPC for the years ended December 31, 2006, 2005 and 2004).