MASSACHUSETTS ELECTRIC COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
(Unaudited)
12 Months
Ended
June 30, 1999 Years Ended December 31,
Actual
- ----------------------------------------------------------------
(Unaudited) 1998 1997 1996 1995 1994
-------------- ---- ---- ---- ---- ----
(In Thousands)
Net Income $ 53,175 $ 50,386 $ 65,758 $37,926 $29,101
$34,726
- ----------
Add income taxes and fixed charges
- ----------------------------------
Current federal income taxes 30,334 10,978 34,244
25,867 9,437 (6,762)
Deferred federal income taxes 1,018 18,558 912
(6,052) 6,156 24,932
Investment tax credits - net (1,078) (1,086) (1,103)
(1,118) (1,132) (1,228)
Massachusetts franchise tax 7,488 6,999 7,514 4,479
3,935 4,681
Interest on long-term debt 27,242 27,073 27,612
27,089 25,901 20,967
Interest on short-term debt and other 7,666 7,368 7,214
6,473 6,784 6,366
-------- -------- ------- -------
- ------- -------
Net earnings available for fixed charges $125,845 $120,276
$142,151 $94,664 $80,182 $83,682
-------- -------- ------- -------
- ------- -------
Fixed charges:
Interest on long-term debt $ 27,242 $ 27,073 $ 27,612
$27,089 $25,901 $20,967
Interest on short-term debt and other 7,666 7,368 7,214
6,473 6,784 6,366
-------- -------- ------- -------
- ------- -------
Total fixed charges $ 34,908 $ 34,441 $ 34,826
$33,562 $32,685 $27,333
======== ======== ======= =======
======= =======
Ratio of earnings to fixed charges 3.61 3.49 4.08 2.82
2.45 3.06
- ----------------------------------