THE NARRAGANSETT 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
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(In Thousands)
Net Income $28,888 $27,932 $22,954 $23,910 $14,589 $14,274
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Add income taxes and fixed charges
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Current federal income taxes 9,828 14,185 6,918 7,212 1,020 2,183
Deferred federal income taxes 5,008 79 4,675 3,512 3,930 2,199
Investment tax credits - net (493) (495) (498) (503) (508) (508)
Interest on long-term debt 15,295 16,179 17,205 16,627 14,334 12,715
Interest on short-term debt and other 3,202 2,475 2,883 3,663 2,897 2,074
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Net earnings available for fixed charges $61,728 $60,355 $54,137 $54,421 $36,262 $32,937
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Fixed charges:
Interest on long-term debt $15,295 $16,179 $17,205 $16,627 $14,334 $12,715
Interest on short-term debt and other 3,202 2,475 2,883 3,663 2,897 2,074
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Total fixed charges $18,497 $18,654 $20,088 $20,290 $17,231 $14,789
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Ratio of earnings to fixed charges 3.34 3.24 2.69 2.68 2.10 2.23
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