<Table>
Exhibit 12
NORTHEAST UTILITIES
Ratio of Earnings to Fixed Charges
(Thousands of Dollars)
<Caption>
Year Year Year Year Year
1997 1998 1999 2000 2001
---- ---- ---- ---- ----
Earnings, as defined:
Net income (loss) before extraordinary
item and cumulative effect.................... $(129,962) $(146,753) $ 34,216 $205,295 $220,124
Income taxes................................ 1,948 5,939 98,611 161,725 171,483
Equity in earnings of regional
nuclear generating and transmission
companies................................. (4,653) (1,456) (2,905) 13,667 3,090
Minority interest........................... 9,300 9,300 9,300 9,300 3,100
Fixed charges, as below..................... 291,348 292,622 279,851 311,175 295,141
--------- --------- -------- -------- --------
Total earnings, as defined: $ 167,981 $ 159,652 $419,073 $701,162 $692,938
========= ========= ======== ======== ========
Fixed Charges, as defined:
Interest on long-term debt...................... $ 282,095 $ 273,824 $258,093 $200,696 $147,049
Interest on rate reduction bonds................ - - - - 87,616
Other interest.................................. (10,114) (4,735) 5,558 98,605 44,993
Rental interest factor - capital................ 13,600 18,300 13,700 8,657 13,144
Rental interest factor - 1/3 operating.......... 5,767 5,233 2,500 3,217 2,339
--------- --------- -------- -------- --------
Total fixed charges, as defined................. $ 291,348 $ 292,622 $279,851 $311,175 $295,141
========= ========= ======== ======== ========
Ratio of earnings to fixed charges................ 0.58 0.55 1.50 2.25 2.35
========= ========= ======== ======== ========
</Table>