Exhibit 12-D
Page 1 of 2
PENNSYLVANIA ELECTRIC COMPANY AND SUBSIDIARY COMPANIES
STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS BASED ON SEC REGULATION S-K, ITEM 503
(In Thousands)
Twelve Months Ended December 31,
-----------------------------------------------------
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- -------
OPERATING REVENUES $ 921,965 $1,032,226 $1,052,936 $1,019,645 $ 981,329
--------- --------- --------- --------- ---------
OPERATING EXPENSES 730,365 861,453 824,596 840,288 793,320
Interest portion
of rentals (A) 4,306 4,970 4,236 4,490 4,911
--------- --------- --------- --------- ---------
Net expense 726,059 856,483 820,360 835,798 788,409
--------- --------- --------- --------- ---------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds
used during
construction 1,342 1,897 2,164 2,780 4,417
Other income/
(expense), net 59,081 (6,429) 2,469 (825) 56,454
--------- --------- --------- --------- ---------
Total other income
and deductions 60,423 (4,532) 4,633 1,955 60,871
--------- --------- --------- --------- ---------
EARNINGS AVAILABLE FOR FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS
(excluding taxes
based on income) $ 256,329 $ 171,211 $ 237,209 $ 185,802 $ 253,791
========= ========= ========= ========= =========
FIXED CHARGES:
Interest on funded
indebtedness $ 34,588 $ 54,907 $ 56,095 $ 49,654 $ 49,875
Other interest (B) 10,561 10,207 10,556 16,300 17,616
Interest portion
of rentals (A) 4,306 4,970 4,236 4,490 4,911
--------- --------- --------- --------- ---------
Total fixed
charges $ 49,455 $ 70,084 $ 70,887 $ 70,444 $ 72,402
========= ========= ========= ========= =========
RATIO OF EARNINGS
TO FIXED CHARGES 5.18 2.44 3.35 2.64 3.51
==== ==== ==== ==== ====
Preferred stock
dividend requirement 154 695 665 1,503 1,544
Ratio of income before
provision for
income taxes to
net income (C) 135.7% 172.6% 175.0% 165.2% 163.4%
Preferred stock
dividend requirement
on a pretax basis 209 1,200 1,164 2,483 2,523
Fixed charges, as above 49,455 70,084 70,887 70,444 72,402
--------- --------- --------- --------- ---------
Total fixed charges
and preferred
stock dividends $ 49,664 $ 71,284 $ 72,051 $ 72,927 $ 74,925
========= ========= ========= ========= =========
RATIO OF EARNINGS
TO COMBINED FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS 5.16 2.40 3.29 2.55 3.39
==== ==== ==== ==== ====
Exhibit 12-D
Page 2 of 2
PENNSYLVANIA ELECTRIC COMPANY AND SUBSIDIARY COMPANIES
STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS BASED ON SEC REGULATION S-K, ITEM 503
(In Thousands)
Notes:
(A) Penelec has included the equivalent of the interest portion of all
rentals charged to income as fixed charges for this statement and has
excluded such components from Operating Expenses.
(B) Includes amount for company-obligated mandatorily redeemable preferred
securities of $4,977, $9,188, $9,188, $9,188 and $9,188 for the years
1999, 1998, 1997, 1996 and 1995, respectively,
(C) and amount for trust preferred securities of $3,976 for the year ended 1999.
(C) Represents income before provision for income taxes divided by income
before extraordinary item/net income as follows:
Twelve Months Ended December 31,
-----------------------------------------------------
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- -------
Income before provision
for income taxes $206,874 $101,127 $166,322 $115,358 $181,389
Income before extraordinary
item/Net Income 152,491 58,590 95,023 69,809 111,010