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, 1997
1997 1996 1995 1994 1993
----------- ----------- ----------- ----------- -----------
OPERATING REVENUES $ 1,052,936 $ 1,019,645 $ 981,329 $ 944,744 $ 908,280
----------- ----------- ----------- ----------- -----------
OPERATING EXPENSES 824,596 840,288 793,320 776,215 688,587
Interest portion
of rentals (A) 4,236 4,490 4,911 3,632 3,406
----------- ----------- ----------- ----------- -----------
Net expense 820,360 835,798 788,409 772,583 685,181
----------- ----------- ----------- ----------- -----------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds
used during
construction 2,164 2,780 4,417 3,837 2,261
Other income/
(expense), net 2,469 (825) 56,454 (71,287) (7,021)
----------- ----------- ----------- ----------- -----------
Total other income
and deductions 4,633 1,955 60,871 (67,450) (4,760)
----------- ----------- ----------- ----------- -----------
EARNINGS AVAILABLE FOR FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS
(excluding taxes
based on income) $ 237,209 $ 185,802 $ 253,791 $ 104,711 $ 218,339
=========== =========== =========== =========== ===========
FIXED CHARGES:
Interest on funded
indebtedness $ 49,125 $ 49,654 $ 49,875 $ 46,439 $ 44,714
Other interest (B) 17,526 16,300 17,616 11,913 5,255
Interest portion
of rentals (A) 4,236 4,490 4,911 3,632 3,406
----------- ----------- ----------- ----------- -----------
Total fixed
charges $ 70,887 $ 70,444 $ 72,402 $ 61,984 $ 53,375
=========== =========== =========== =========== ===========
RATIO OF EARNINGS
TO FIXED CHARGES 3.35 2.64 3.51 1.69 4.09
=========== =========== =========== =========== ===========
Preferred stock
dividend requirement 665 1,503 1,544 2,937 4,987
Ratio of income before
provision for
income taxes to
net income (C) 175.0% 165.2% 163.4% 134.4% 172.3%
Preferred stock
dividend requirement
on a pretax basis 1,164 2,483 2,523 3,946 8,594
Fixed charges, as above 70,887 70,444 72,402 61,984 53,375
----------- ----------- ----------- ----------- -----------
Total fixed charges
and preferred
stock dividends $ 72,051 $ 72,927 $ 74,925 $ 65,930 $ 61,969
=========== =========== =========== =========== ===========
RATIO OF EARNINGS
TO COMBINED FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS 3.29 2.55 3.39 1.59 3.52
=========== =========== =========== =========== ===========
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)
<FN>
Notes:
(A) The Company 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 dividends on company-obligated mandatorily redeemable
preferred securities of $9,188, $9,188, $9,188 and $4,492 for the
years 1997, 1996, 1995 and 1994, respectively.
(C) Represents income before provision for income taxes divided by net
income as follows:
</FN>
Twelve Months Ended December 31, 1997
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
Income before provision
for income taxes $166,322 $115,358 $181,389 $ 42,727 164,964
Net Income 95,023 69,809 111,010 31,799 95,728