THE NARRAGANSETT ELECTRIC COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
(Unaudited)
12 Months
Ended
September 30, 1997 Years Ended December 31,
Actual -------------------------------------------------------------
(Unaudited) 1996 1995 1994 1993 1992
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(In Thousands)
Net Income $28,019 $22,954 $23,910 $14,589 $14,274 $21,052
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Add income taxes and fixed charges
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Current federal income taxes 12,333 6,918 7,212 1,020 2,183 4,608
Deferred federal income taxes 2,471 4,675 3,512 3,930 2,199 4,560
Investment tax credits - net (495) (498) (503) (508) (508) (507)
Interest on long-term debt 16,606 17,205 16,627 14,334 12,715 13,290
Interest on short-term debt and other 2,095 2,883 3,663 2,897 2,074 1,277
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Net earnings available for fixed charges $61,029 $54,137 $54,421 $36,262 $32,937 $44,280
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Fixed charges:
Interest on long-term debt $16,606 $17,205 $16,627 $14,334 $12,715 $13,290
Interest on short-term debt and other 2,095 2,883 3,663 2,897 2,074 1,277
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Total fixed charges $18,701 $20,088 $20,290 $17,231 $14,789 $14,567
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Ratio of earnings to fixed charges $3.26 2.69 2.68 2.10 2.23 3.04
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