NORTHEAST UTILITIES Exhibit 12
Ratio of Earnings to Fixed Charges
(Thousands of Dollars)
YEAR YEAR YEAR YEAR YEAR
1996 1997 1998 1999 2000
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Earnings, as defined:
Net income (loss) before
extraordinary item $ 38,929 $(129,962) $(146,753) $ 34,216 $ 205,295
Income taxes 96,110 1,948 5,939 98,611 161,725
Equity in earnings of regional
nuclear generating and
transmission companies (6,649) (4,653) (1,456) (2,905) (13,667)
Minority interest 9,300 9,300 9,300 9,300 9,300
Fixed charges, as below 298,193 291,348 292,622 279,851 311,176
--------- --------- --------- --------- ---------
Total earnings, as defined: $ 435,883 $ 167,981 $ 159,652 $ 419,073 $ 673,829
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Fixed Charges, as defined:
Interest on long-term debt $ 285,463 $ 282,095 $ 273,824 $ 258,093 $ 200,697
Other interest (7,470) (10,114) (4,735) 5,558 98,605
Rental interest factor - capital 14,100 13,600 18,300 13,700 8,657
Rental interest factor - 1/3 operating 6,100 5,767 5,233 2,500 3,217
--------- --------- --------- --------- ---------
Total fixed charges, as defined $ 298,193 $ 291,348 $ 292,622 $ 279,851 $ 311,176
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Ratio of earnings to fixed charges 1.46 0.58 0.55 1.50 2.17
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