EXHIBIT 12
NEW ENGLAND POWER COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
(Unaudited)
12 Months
Ended
June 30, 1996 Years Ended December 31,
Actual --------------------------------------------------------------
(Unaudited) 1995 1994 1993* 1992* 1991*
-------------- ---- ---- ---- ---- ----
(In Thousands)
Net Income $160,497 $151,427 $149,373 $141,468 $134,151 $134,747
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Less undistributed income of
nuclear power companies 854 707 6 544 320 (240)
-------- -------- -------- -------- -------- --------
159,643 150,720 149,367 140,924 133,831 134,987
Add income taxes and fixed charges
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Current federal income taxes 72,851 55,094 61,350 62,454 64,417 62,182
Deferred federal income taxes 9,169 21,001 20,501 17,745 4,741 11,134
Investment tax credits - net (1,566) (1,505) (3,577) (2,606) (1,328) (7,732)
State income taxes 17,520 16,814 17,328 17,242 14,596 15,526
Interest on long-term debt 46,605 46,797 38,711 45,837 59,382 67,426
Interest on short-term debt
and other interest 12,003 10,525 1,956 5,427 2,071 2,490
Estimated interest component of rentals 3,223 3,349 3,635 3,851 4,121 4,115
-------- -------- -------- -------- -------- --------
Net earnings available
for fixed charges $319,448 $302,795 $289,271 $290,874 $281,831 $290,128
======== ======== ======== ======== ======== ========
Fixed charges:
Interest on long-term debt $ 46,605 $ 46,797 $ 38,711 $ 45,837 $ 59,382 $ 67,426
Interest on short-term debt
and other interest 12,003 10,525 1,956 5,427 2,071 2,490
Estimated interest component
of rentals 3,223 3,349 3,635 3,851 4,121 4,115
-------- -------- -------- -------- -------- --------
Total fixed charges $ 61,831 $ 60,671 $ 44,302 $ 55,115 $ 65,574 $ 74,031
======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 5.17 4.99 6.53 5.28 4.30 3.92
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*The ratio earnings to fixed charges for 1993 to 1991 have been restated to reflect the estimated interest component of rentals.