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<Caption>
Exhibit 12
NORTHEAST UTILITIES
Ratio of Earnings to Fixed Charges
(Thousands of Dollars)
Year Year Year Year Year
1998 1999 2000 2001 2002
---- ---- ---- ---- ----
Earnings, as defined:
Net income/(loss) before extraordinary
item and cumulative effect................ $(146,753) $ 34,216 $205,295 $220,124 $152,109
Income taxes............................ 5,939 98,611 161,725 171,483 82,304
Equity in earnings of regional
nuclear generating and transmission
companies............................. (1,456) (2,905) 13,667 3,090 11,215
Minority interest....................... 9,300 9,300 9,300 3,100 -
Fixed charges, as below................. 292,622 279,851 311,175 295,141 273,711
--------- -------- -------- -------- --------
Total earnings, as defined.................. $ 159,652 $419,073 $701,162 $692,938 $519,339
========= ======== ======== ======== ========
Fixed Charges, as defined:
Interest on long-term debt.................. $ 273,824 $258,093 $200,696 $147,049 $134,471
Interest on rate reduction bonds............ - - - 87,616 115,791
Other interest.............................. (4,735) 5,558 98,605 44,993 20,249
Rental interest factor - capital............ 18,300 13,700 8,657 13,144 600
Rental interest factor -1/3 operating....... 5,233 2,500 3,217 2,339 2,600
--------- -------- -------- -------- --------
Total fixed charges, as defined............. $ 292,622 $279,851 $311,175 $295,141 $273,711
========= ======== ======== ======== ========
Ratio of earnings to fixed charges............ 0.55 1.50 2.25 2.35 1.90
========= ======== ======== ======== ========
</Table>