SOUTHERN CALIFORNIA EDISON COMPANY AND CONSOLIDATED UTILITY-RELATED SUBSIDIARIES
RATIOS OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
Year Ended December 31, 9 Months 9 Months 12 Months
------------------------------------------------- Ended Ended Ended
Sept. 30, Sept. 30, Sept. 30,
2000 2001 2002 2003 2004 2004 2005 2005
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EARNINGS BEFORE INCOME
TAXES AND FIXED
CHARGES:
Income before interest
expense(1) $(2,478,036) $4,850,848 $2,473,121 $1,727,267 $1,767,449 $1,304,196 $1,050,457 $1,501,738
Add:
Rentals(2) 2,905 2,128 1,240 638 776 537 900 1,141
Allocable portion of
interest on long-term
Contracts for the
purchase of power(3) 1,699 1,659 1,616 1,568 1,515 1,142 1,099 1,472
Amortization of
previously capitalized
fixed charges 1,390 1,083 1,440 1,638 1,405 1,155 1,206 1,456
---------- --------- --------- --------- --------- --------- -------- ----------
Total earnings before
income taxes and
fixed charges (A) $(2,472,042) $4,855,718 $2,477,417 $1,731,111 $1,771,145 $1,307,030 $1,053,662 $1,505,807
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FIXED CHARGES:
Interest and amortization $ 571,760 $ 784,858 $ 584,442 $ 451,792 $ 399,169 $ 294,823 $ 285,677 $ 378,051
Rentals (2) 2,905 2,128 1,240 638 776 537 900 1,141
Capitalized fixed
charges- nuclear
fuel(4) 1,538 756 520 97 839 570 536 805
Allocable portion of
interest on long-term
contracts for the
purchase of power(3) 1,699 1,659 1,616 1,568 1,515 1,142 1,099 1,472
---------- ---------- --------- ---------- -------- ---------- --------- ---------
Total fixed charges (B) $ 577,902 $ 789,401 $ 587,818 $ 454,095 $ 402,299 $ 297,072 $ 288,212 $ 381,469
========== ========== ========== ========== ========== ========== ========== =========
RATIO OF EARNINGS TO
FIXED CHARGES (A) / (B): (4.28)(5) 6.15 4.21 3.81 4.40 4.40 3.66 3.95
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(1) Includes allowance for funds used during construction and accrual of unbilled revenue.
(2) Rentals include the interest factor relating to certain significant rentals plus one-third of all remaining annual
rentals.
(3) Allocable portion of interest included in annual minimum debt service requirement of supplier.
(4) Includes fixed charges associated with Nuclear Fuel.
(5) Ratio for 2000 is less than 1.00. In 2000, SCE needed an additional $3,049,944,000 in earnings before income taxes
and fixed charges to achieve a 1.00 ratio.
