EXHIBIT 12
NEW ENGLAND POWER COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
(Unaudited)
12 Months
Ended
September 30, 1996 Years Ended December 31,
Actual --- -----------------------------------------------------------
(Unaudited) 1995 1994 1993* 1992* 1991*
-------------- ---- ---- ---- ---- ----
(In Thousands)
Net Income $151,372 $151,427 $149,373 $141,468 $134,151 $134,747
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Less undistributed income of
nuclear power companies 1,067 707 6 544 320 (240)
-------- -------- -------- -------- -------- --------
150,305 150,720 149,367 140,924 133,831 134,987
Add income taxes and fixed charges
- ----------------------------------
Current federal income taxes 75,081 55,094 61,350 62,454 64,417 62,182
Deferred federal income taxes 3,633 21,001 20,501 17,745 4,741 11,134
Investment tax credits - net (1,597) (1,505) (3,577) (2,606) (1,328) (7,732)
State income taxes 16,505 16,814 17,328 17,242 14,596 15,526
Interest on long-term debt 45,791 46,797 38,711 45,837 59,382 67,426
Interest on short-term debt and
other interest 11,702 10,525 1,956 5,427 2,071 2,490
Estimated interest component of rentals 3,156 3,349 3,635 3,851 4,121 4,115
-------- -------- -------- -------- -------- --------
Net earnings available
for fixed charges $304,576 $302,795 $289,271 $290,874 $281,831 $290,128
======== ======== ======== ======== ======== ========
Fixed charges:
Interest on long-term debt $ 45,791 $ 46,797 $ 38,711 $ 45,837 $ 59,382 $ 67,426
Interest on short-term debt
and other interest 11,702 10,525 1,956 5,427 2,071 2,490
Estimated interest component
of rentals 3,156 3,349 3,635 3,851 4,121 4,115
-------- -------- -------- -------- -------- --------
Total fixed charges $ 60,649 $ 60,671 $ 44,302 $ 55,115 $ 65,574 $ 74,031
======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 5.02 4.99 6.53 5.28 4.30 3.92
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* The ratio of earnings to fixed charges for 1993 to 1991 have been restated to reflect the estimated interest component
of rentals.