EXHIBIT 12
NEW ENGLAND POWER COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
(Unaudited)
12 Months
Ended
March 31, 1995 Years Ended December 31,
Actual --------------------------------------------------------------
(Unaudited) 1994 1993 1992 1991 1990
-------------- ---- ---- ---- ---- ----
(In Thousands)
Net Income $131,166 $149,373 $141,468 $134,151 $134,747 $222,219
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Less undistributed income of
nuclear power companies (99) 6 544 320 (240) (133)
-------- -------- -------- -------- -------- --------
131,265 149,367 140,924 133,831 134,987 222,352
Add income taxes and fixed charges
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Current federal income taxes 50,800 61,350 62,454 64,417 62,182 50,543
Deferred federal income taxes 19,371 20,501 17,745 4,741 11,134 38,367
Investment tax credits - net (3,586) (3,577) (2,606) (1,328) (7,732) (26,026)
State income taxes 15,073 17,328 17,242 14,596 15,526 21,867
Interest on long-term debt 40,797 38,711 45,837 59,382 67,426 67,385
Interest on short-term debt
and other interest 4,032 1,956 5,427 2,071 2,490 6,900
Estimated interest component of rentals 3,573 3,635 3,851 4,121 4,115 1,447
-------- -------- -------- -------- -------- --------
Net earnings available
for fixed charges $261,325 $289,271 $290,874 $281,831 $290.129 $382,825
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Fixed charges:
Interest on long-term debt $ 40,797 $ 38,711 $ 45,837 $ 59,382 $ 67,426 $ 67,385
Interest on short-term debt
and other interest 4,032 1,956 5,427 2,071 2,490 6,900
Estimated interest component
of rentals 3,573 3,635 3,851 4,121 4,115 1,447
-------- -------- -------- -------- -------- --------
Total fixed charges $ 48,402 $ 44,302 $ 55,115 $ 65,574 $ 74,031 $ 75,732
======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 5.40 6.53 5.28 4.30 3.92 5.06
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