Exhibit 12
MASSACHUSETTS ELECTRIC COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
(Unaudited)
12 Months
Ended
March 31, 1994 Years Ended December 31,
Actual -------------------------------------------------------------
(Unaudited) 1993 1992 1991 1990 1989
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(In Thousands)
Net Income $27,291 $23,779 $34,905 $25,243 $35,192 $19,389
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Add income taxes and fixed charges
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Current federal income taxes 1,334 5,606 3,977 8,568 14,681 8,169
Deferred federal income taxes 9,830 3,430 13,451 3,889 1,044 (845)
Investment tax credits - net (1,228) (1,228) (1,228) (1,194) (1,225) (1,412)
Massachusetts franchise tax 3,708 3,348 3,858 2,920 3,765 2,165
Interest on long-term debt 22,377 23,403 21,910 20,157 20,626 17,602
Interest on short-term debt and other4,099 3,638 3,657 3,643 3,090 5,257
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Net earnings available for fixed charges$67,411$61,976 $80,530 $63,226 $77,173 $50,325
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Fixed charges:
Interest on long-term debt $22,377 $23,403 $21,910 $20,157 $20,626 $17,602
Interest on short-term debt and other4,099 3,638 3,657 3,643 3,090 5,257
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Total fixed charges $26,476 $27,041 $25,567 $23,800 $23,716 $22,859
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Ratio of earnings to fixed charges 2.55 2.29 3.15 2.66 3.25 2.20
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