EXHIBIT 12
NEW ENGLAND POWER COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
12 Months
Ended
March 31, 1994 Years Ended December 31,
Actual --------------------------------------------------------------
(Unaudited) 1993 1992 1991 1990 1989
-------------- ---- ---- ---- ---- ----
(In Thousands)
Net Income $150,566 $141,468 $134,151 $134,747 $222,219 $124,617
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Less undistributed income of
nuclear power companies 570 544 320 (240) (133) 715
-------- -------- -------- -------- -------- --------
149,996 140,924 133,831 134,987 222,352 123,902
Add income taxes and fixed charges
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Current federal income taxes 64,220 62,454 64,417 62,182 50,543 42,885
Deferred federal income taxes 21,793 17,745 4,741 11,134 38,367 7,841
Investment tax credits - net (2,445) (2,606) (1,328) (7,732) (26,026) 950
State income taxes 17,955 17,242 14,596 15,526 21,867 14,002
Interest on long-term debt 42,738 45,837 59,382 67,426 67,385 66,654
Interest on short-term debt and other4,945 5,427 2,071 2,490 6,900 7,730
-------- -------- -------- -------- -------- --------
Net earnings available
for fixed charges $299,202 $287,023 $277,710 $286,013 $381,388 $263,964
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Fixed charges:
Interest on long-term debt $ 42,738 $ 45,837 $ 59,382 $ 67,426 $ 67,385 $ 66,654
Interest on short-term debt 1,300 3,039
Other interest 4,945 5,427 2,071 2,490 5,600 4,691
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Total fixed charges $ 47,683 $ 51,264 $ 61,453 $ 69,916 $ 74,285 $ 74,384
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Ratio of earnings to fixed charges 6.27 5.60 4.52 4.09 5.13 3.55
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