Exhibit 12a
PUGET SOUND POWER & LIGHT COMPANY
STATEMENT SETTING FORTH COMPUTATIONS OF
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Year Ended December 31
12 Months Ending ---------------------------------------------------
June 30, 1994 1993 1992 1991 1990 1989
---------------- ---------------------------------------------------
EARNINGS AVAILABLE FOR FIXED CHARGES
Pre-tax income:
Net income per statement of income $121,731 $138,327 $135,720 $132,777 $132,343 $117,749
Federal income taxes 81,632 83,970 72,449 56,180 64,094 50,456
Federal income taxes charged to
other income - net 218 (382) (2,106) (2,267) 12 (28,743)
Undistributed (earnings) or losses
of less-than-fifty-percent-owned
entities -- -- (567) (16) (114) (45)
------- ---------------------------------------------------
Total $203,581 $221,915 $205,496 $186,674 $196,335 $139,417
Fixed charges:
Interest on long-term debt $ 84,311 $ 86,030 $ 89,509 $ 84,791 $ 81,766 $ 81,593
Other interest 4,355 3,542 10,477 6,384 8,368 7,096
Portion of rentals representative
of the interest factor 3,833 3,937 4,474 4,463 4,388 4,505
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Total $ 92,499 $ 93,509 $104,460 $ 95,638 $ 94,522 $ 93,194
Earnings available for
fixed charges $296,080 $315,424 $309,956 $282,312 $290,857 $232,611
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RATIO OF EARNINGS TO FIXED CHARGES 3.20x 3.37x 2.97x 2.95x 3.08x 2.50x
Exhibit 12b
Page 1
PUGET SOUND POWER & LIGHT COMPANY
STATEMENT SETTING FORTH COMPUTATIONS OF
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
Year Ended December 31
12 Months Ending ----------------------------------------------------
June 30, 1994 1993 1992 1991 1990 1989
---------------- ----------------------------------------------------
EARNINGS AVAILABLE FO
CHARGES AND PREFERRED DIVIDEND REQUIREMENTS
Pretax Income:
Net Income per statement
of income $121,731 $138,327 $135,720 $132,777 $132,343 $117,749
Federal income taxes 81,632 83,970 72,449 56,180 64,094 50,456
Federal income taxes charged to
other income - net 218 (382) (2,106) (2,267) 12 (28,743)
------- ---------------------------------------------------
Subtotal 203,581 221,915 206,063 186,690 196,449 139,462
Undistributed (earnings) or losses
of less-than-fifty-percent-owned
entities -- -- (567) (16) (114) (45)
------- ---------------------------------------------------
Total $203,581 $221,915 $205,496 $186,674 $196,335 $139,417
Fixed charges:
Interest on long-term debt 84,311 $ 86,030 $ 89,509 $ 84,791 $ 81,766 $ 81,593
Other interest 4,355 3,542 10,477 6,384 8,368 7,096
Portion of rentals representative
of the interest factor 3,833 3,937 4,474 4,463 4,388 4,505
------- ---------------------------------------------------
Total $ 92,499 $ 93,509 $104,460 $ 95,638 $ 94,522 $ 93,194
Earnings available for combined
fixed charges and preferred
dividend requirements $296,080 $315,424 $309,956 $282,312 $290,857 $232,611
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Exhibit 12b
Page 2
PUGET SOUND POWER & LIGHT COMPANY
STATEMENT SETTING FORTH COMPUTATIONS OF
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
Year Ended December 31
12 Months Ending ----------------------------------------------------
June 30, 1994 1993 1992 1991 1990 1989
-------------- -----------------------------------------------------
DIVIDEND REQUIREMENT:
Fixed charges above $ 92,499 $ 93,509 $104,460 $ 95,638 $ 94,522 $ 93,194
Preferred dividend requirements 26,128 26,378 21,080 14,115 18,399 15,850
------- ---------------------------------------------------
Total $118,627 $119,887 $125,540 $109,753 $112,921 $109,044
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS 2.50 2.63 2.47 2.57 2.58 2.13
COMPUTATION OF PREFERRED DIVIDEND
REQUIREMENTS:
(a) Pre-tax income $203,581 $221,915 $206,063 $186,690 $196,449 $139,462
(b) Net income $121,731 $138,327 $135,720 $132,777 $132,343 $117,749
(c) Ratio of (a) to (b) 1.6724 1.6043 1.5183 1.4060 1.4844 1.1844
(d) Preferred dividends $ 15,623 $ 16,442 $ 13,884 $ 10,039 $ 12,395 $ 13,382
Preferred dividend requirements
[(d) multiplied by (c)] $ 26,128 $ 26,378 $ 21,080 $ 14,115 $ 18,399 $ 15,850
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