Exhibit 99 (f)
System Energy Resources, Inc.
Computation of Ratios of Earnings to Fixed Charges and
Ratios of Earnings to Fixed Charges
Twelve Months Ended
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December 31, March 31,
1989 1990 1991 1992 1993 1994
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(In Thousands, Except for Ratios)
Fixed charges, as defined:
Interest on mortgage bonds $148,402 $138,689 $126,351 $104,429 $91,472 $89,777
Interest on other long-term debt 91,295 91,955 92,187 92,189 93,346 89,856
Interest on lease nuclear 18,298 13,830 10,007 6,265 6,790 6,875
Interest on notes payable -- -- -- -- -- 13
Amortization of expense and premium on debt-net 7,326 10,532 7,495 6,417 4,520 3,920
Other interest charges 2,790 1,460 3,617 1,506 1,600 2,061
Total fixed charges, as defined $268,111 $256,466 $239,657 $210,806 $197,728 $192,502
Earnings as defined:
Net Income ($655,524) $168,677 $104,622 $130,141 $93,927 $83,694
Add:
Provision for income taxes:
Federal and State (168,440) 4,620 (26,848) 35,082 48,314 62,960
Deferred Federal and State - net 93,048 52,962 37,168 23,648 60,690 45,972
Investment tax credit adjustment - net (14,321) 56,320 63,256 30,123 (30,452) (30,381)
Fixed charges as above 268,111 256,466 239,657 210,806 197,728 192,502
Total earnings, as defined ($477,126) $539,045 $417,855 $429,800 $370,207 $354,747
Ratio of earnings to fixed charges, as defined (a) 2.10 1.74 2.04 1.87 1.84
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(a) Earnings for the twelve months ended December 31, 1989 were inadequate to cover fixed charges due to
System Energy's cancellation and write-off of its investment in Grand Gulf 2 in September 1989.
The amount of the coverage deficiency for fixed charges was $745.2 million.