Exhibit 12
MASSACHUSETTS ELECTRIC COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
(Unaudited)
12 Months
Ended
September 30, 1996 Years Ended December 31,
Actual -------------------------------------------------------------
(Unaudited) 1995 1994 1993 1992 1991
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(In Thousands)
Net Income $38,719 $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 24,928 9,437 (6,762) 5,606 3,977 8,568
Deferred federal income taxes (4,186) 6,156 24,932 3,430 13,451 3,889
Investment tax credits - net (1,121) (1,132) (1,228) (1,228) (1,228) (1,194)
Massachusetts franchise tax 4,982 3,935 4,681 3,348 3,858 2,920
Interest on long-term debt 26,865 25,901 20,967 23,403 21,910 20,157
Interest on short-term debt and other 6,377 6,784 6,366 3,638 3,657 3,643
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Net earnings available for fixed charges $96,564 $80,182 $83,682 $61,976 $80,530 $63,226
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Fixed charges:
Interest on long-term debt $26,865 $25,901 20,967 $23,403 $21,910 $20,157
Interest on short-term debt and other 6,377 6,784 6,366 3,638 3,657 3,643
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Total fixed charges $33,242 $32,685 $27,333 $27,041 $25,567 $23,800
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Ratio of earnings to fixed charges $2.90 2.45 3.06 2.29 3.15 2.66
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