EXHIBIT 12
NEW ENGLAND POWER COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
(Unaudited)
12 Months
Ended
September 30, 1994 Years Ended December 31,
Actual --------------------------------------------------------------
(Unaudited) 1993 1992 1991 1990 1989
-------------- ---- ---- ---- ---- ----
(In Thousands)
Net Income $152,550 $141,468 $134,151 $134,747 $222,219 $124,617
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Less undistributed income of
nuclear power companies 1,674 544 320 (240) (133) 715
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150,876 140,924 133,831 134,987 222,352 123,902
Add income taxes and fixed charges
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Current federal income taxes 64,038 62,454 64,417 62,182 50,543 42,885
Deferred federal income taxes 20,234 17,745 4,741 11,134 38,367 7,841
Investment tax credits - net (2,026) (2,606) (1,328) (7,732) (26,026) 950
State income taxes 17,459 17,242 14,596 15,526 21,867 14,002
Interest on long-term debt 38,937 45,837 59,382 67,426 67,385 66,654
Interest on short-term debt and other6,077 5,427 2,071 2,490 6,900 7,730
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Net earnings available
for fixed charges $295,595 $287,023 $277,710 $286,013 $381,388 $263,964
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Fixed charges:
Interest on long-term debt $ 38,937 $ 45,837 $ 59,382 $ 67,426 $ 67,385 $ 66,654
Interest on short-term debt and other6,077 5,427 2,071 2,490 6,900 7,730
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Total fixed charges $ 45,014 $ 51,264 $ 61,453 $ 69,916 $ 74,285 $ 74,384
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Ratio of earnings to fixed charges 6.57 5.60 4.52 4.09 5.13 3.55
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