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
December 31, June 30,
1989 1990 1991 1992 1993 1994
(In Thousands, Except for Ratios)
Fixed charges, as defined:
Interest on mortgage bonds $148,402 $138,689 $126,351 $104,429 $91,472 $87,482
Interest on other long-term debt 91,295 91,955 92,187 92,189 93,346 86,815
Interest on lease nuclear 18,298 13,830 10,007 6,265 6,790 7,003
Interest on notes payable 0 0 0 0 0 28
Amortization of expense and premium on debt-net 7,326 10,532 7,495 6,417 4,520 5,716
Other interest charges 2,790 1,460 3,617 1,506 1,600 1,148
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Total fixed charges, as defined $268,111 $256,466 $239,657 $210,806 $197,728 $188,192
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Earnings as defined:
Net Income ($655,524) $168,677 $104,622 $130,141 $93,927 $87,638
Add:
Provision for income taxes:
Federal and State (168,440) 4,620 (26,848) 35,082 48,314 63,579
Deferred Federal and State - net 93,048 52,962 37,168 23,648 60,690 46,068
Investment tax credit adjustment - net (14,321) 56,320 63,256 30,123 (30,452) (30,311)
Fixed charges as above 268,111 256,466 239,657 210,806 197,728 188,192
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Total earnings, as defined ($477,126) $539,045 $417,855 $429,800 $370,207 $355,166
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Ratio of earnings to fixed charges, as defined (a) 2.10 1.74 2.04 1.87 1.89
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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.