MASSACHUSETTS ELECTRIC COMPANY
                             Computation of Ratio of Earnings to Fixed Charges
                                              (SEC Coverage)
                                                (Unaudited)

                                     12 Months
                                       Ended
                                   June 30, 1998                Years Ended December 31,
                                     Actual                    ----------------------------------------------------------------
                                    (Unaudited)   1997       1996        1995        1994        1993
                                 --------------   ----       ----        ----        ----        ----
                                                                   (In Thousands)
                                                                           
Net Income                          $ 63,192   $ 65,758     $37,926     $29,101    $34,726     $23,779
- ----------

Add income taxes and fixed charges
- ----------------------------------
  Current federal income taxes        24,327     34,244      25,867       9,437     (6,762)      5,606
  Deferred federal income taxes        9,773        912      (6,052)      6,156     24,932       3,430
  Investment tax credits - net        (1,095)    (1,103)     (1,118)     (1,132)    (1,228)     (1,228)
  Massachusetts franchise tax          7,566      7,514       4,479       3,935      4,681       3,348
  Interest on long-term debt          27,066     27,612      27,089      25,901     20,967      23,403
  Interest on short-term debt and other6,574      7,214       6,473       6,784      6,366       3,638
                                    --------   --------     -------     -------    -------     -------
Net earnings available for fixed charges       $137,403    $142,151     $94,664    $80,182     $83,682   $61,976
                                    --------   --------     -------     -------    -------     -------

Fixed charges:
  Interest on long-term debt        $ 27,066   $ 27,612     $27,089     $25,901    $20,967     $23,403
  Interest on short-term debt and other6,574      7,214       6,473       6,784      6,366       3,638
                                    --------   --------     -------     -------    -------     -------
     Total fixed charges            $ 33,640   $ 34,826     $33,562     $32,685    $27,333     $27,041
                                    ========   ========     =======     =======    =======     =======

Ratio of earnings to fixed charges      4.08        4.08       2.82        2.45       3.06        2.29
- ----------------------------------