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