Exhibit 12
MASSACHUSETTS ELECTRIC COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
(Unaudited)
12 Months
Ended
March 31, 1995 Years Ended December 31,
Actual -------------------------------------------------------------
(Unaudited) 1994 1993 1992 1991 1990
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(In Thousands)
Net Income $30,280 $34,726 $23,779 $34,905 $25,243 $35,192
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Add income taxes and fixed charges
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Current federal income taxes (7,621) (6,762) 5,606 3,977 8,568 14,681
Deferred federal income taxes 23,391 24,932 3,430 13,451 3,889 1,044
Investment tax credits - net (1,204) (1,228) (1,228) (1,228) (1,194) (1,225)
Massachusetts franchise tax 4,230 4,681 3,348 3,858 2,920 3,765
Interest on long-term debt 22,069 20,967 23,403 21,910 20,157 20,626
Interest on short-term debt and other 7,840 6,366 3,638 3,657 3,643 3,090
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Net earnings available for fixed charges $78,985 $83,682 $61,976 $80,530 $63,226 $77,173
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Fixed charges:
Interest on long-term debt $22,069 $20,967 $23,403 $21,910 $20,157 $20,626
Interest on short-term debt and other 7,840 6,366 3,638 3,657 3,643 3,090
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Total fixed charges $29,909 $27,333 $27,041 $25,567 $23,800 $23,716
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Ratio of earnings to fixed charges 2.64 3.06 2.29 3.15 2.66 3.25
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