Exhibit 12
MASSACHUSETTS ELECTRIC
COMPANY
Computation of Ratio of Earnings to
Fixed Charges
(SEC Coverage)
(Unaudited)
12 Months
Ended
March 31, 1996
Years Ended December 31,
Actual
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(Unaudited) 1995 1994
1993 1992 1991
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(In Thousands)
Net Income $34,709 $29,101
$34,726 $23,779 $34,905 $25,243
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Add income taxes and fixed charges
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Current federal income taxes 16,586 9,437
(6,762) 5,606 3,977 8,568
Deferred federal income taxes 1,998 6,156
24,932 3,430 13,451 3,889
Investment tax credits - net (1,128) (1,132)
(1,228) (1,228) (1,228) (1,194)
Massachusetts franchise tax 4,595 3,935
4,681 3,348 3,858 2,920
Interest on long-term debt 26,521 25,901
20,967 23,403 21,910 20,157
Interest on short-term debt and other5,530 6,784
6,366 3,638 3,657 3,643
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Net earnings available for fixed charges $88,811
$80,182 $83,682 $61,976 $80,530 $63,226
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Fixed charges:
Interest on long-term debt $26,521 $25,901
$20,967 $23,403 $21,910 $20,157
Interest on short-term debt and other5,530 6,784
6,366 3,638 3,657 3,643
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Total fixed charges $32,051 $32,685
$27,333 $27,041 $25,567 $23,800
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Ratio of earnings to fixed charges 2.77 2.45
3.06 2.29 3.15 2.66
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