EXHIBIT 12
NEW ENGLAND POWER COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
(Unaudited)
12 Months
Ended
March 31, 1997 Years Ended December 31,
Actual --------------------------------------------------------------
(Unaudited) 1996 1995 1994 1993 1992
-------------- ---- ---- ---- ---- ----
(In Thousands)
Net Income $149,455 $152,483 $151,427 $149,373 $141,468 $134,151
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Less undistributed income of
nuclear power companies 1,391 846 707 6 544 320
-------- -------- -------- -------- -------- --------
148,064 151,637 150,720 149,367 140,924 133,831
Add income taxes and fixed charges
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Current federal income taxes 83,654 84,885 55,094 61,350 62,454 64,417
Deferred federal income taxes (5,898) (6,206) 21,001 20,501 17,745 4,741
Investment tax credits - net (2,023) (2,023) (1,505) (3,577) (2,606) (1,328)
State income taxes 15,320 15,793 16,814 17,328 17,242 14,596
Interest on long-term debt 44,238 45,111 46,797 38,711 45,837 59,382
Interest on short-term debt
and other interest 9,549 10,066 10,525 1,956 5,427 2,071
Estimated interest component
of rentals 3,025 3,092 3,349 3,635 3,851 4,121
-------- -------- -------- -------- -------- --------
Net earnings available
for fixed charges $295,929 $302,355 $302,795 $289,271 $290,874 $281,831
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Fixed charges:
Interest on long-term debt $ 44,238 $45,111 $ 46,797 $ 38,711 $ 45,837 $ 59,382
Interest on short-term debt
and other interest 9,549 10,066 10,525 1,956 5,427 2,071
Estimated interest component
of rentals 3,025 3,092 3,349 3,635 3,851 4,121
-------- -------- -------- -------- -------- --------
Total fixed charges $ 56,812 $ 58,269 $ 60,671 $ 44,302 $ 55,115 $ 65,574
======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 5.21 5.19 4.99 6.53 5.28 4.30
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