EXHIBIT 12
NEW ENGLAND POWER COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
(Unaudited)
12 Months
Ended
September 30, 1995 Years Ended December 31,
Actual --------------------------------------------------------------
(Unaudited) 1994 1993* 1992* 1991* 1990*
-------------- ---- ---- ---- ---- ----
(In Thousands)
Net Income $144,539 $149,373 $141,468 $134,151 $134,747 $222,219
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Less undistributed income of
nuclear power companies 39 6 544 320 (240) (133)
-------- -------- -------- -------- -------- --------
144,500 149,367 140,924 133,831 134,987 222,352
Add income taxes and fixed charges
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Current federal income taxes 46,876 61,350 62,454 64,417 62,182 50,543
Deferred federal income taxes 26,083 20,501 17,745 4,741 11,134 38,367
Investment tax credits - net (3,603) (3,577) (2,606) (1,328) (7,732) (26,026)
State income taxes 15,464 17,328 17,242 14,596 15,526 21,867
Interest on long-term debt 45,461 38,711 45,837 59,382 67,426 67,385
Interest on short-term debt
and other interest 6,551 1,956 5,427 2,071 2,490 6,900
Estimated interest component of rentals 3,416 3,635 3,851 4,121 4,115 1,447
-------- -------- -------- -------- -------- --------
Net earnings available
for fixed charges $284,748 $289,271 $290,874 $281,831 $290,128 $382,835
======== ======== ======== ======== ======== ========
Fixed charges:
Interest on long-term debt $ 45,461 $ 38,711 $ 45,837 $ 59,382 $ 67,426 $ 67,385
Interest on short-term debt
and other interest 6,551 1,956 5,427 2,071 2,490 6,900
Estimated interest component
of rentals 3,416 3,635 3,851 4,121 4,115 1,447
-------- -------- -------- -------- -------- --------
Total fixed charges $ 55,428 $ 44,302 $ 55,115 $ 65,574 $ 74,031 $ 75,732
======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 5.14 6.53 5.28 4.30 3.92 5.06
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*The ratio of earnings to fixed charges for 1993 to 1990 have been restated to reflect the estimated interest component of
rentals.