Exhibit 12
TUCSON ELECTRIC POWER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
12 Months Ended
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Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1998 1997 1996 1995 1994
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FIXED CHARGES:
Interest on Long-Term Debt (1) $72,672 $66,247 $59,836 $69,174 $69,353
Other Interest (2) $13,207 $9,640 $11,721 $9,113 $7,591
Interest on Capital Lease Obligations (3) $81,823 $83,019 $84,383 $83,986 $82,511
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TOTAL FIXED CHARGES $167,702 $158,906 $155,940 $162,273 $159,455
NET INCOME $41,676 $83,572 $120,852 $54,905 $20,740
ADD (DEDUCT):
Income Taxes - Operating Expense $18,372 $19,297 $9,795 $8,920 ($91)
Income Taxes - Other ($794) ($41,401) ($91,950) ($29,356) ($4,820)
Total Fixed Charges $167,702 $158,906 $155,940 $162,273 $159,455
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TOTAL EARNINGS BEFORE TAXES
AND FIXED CHARGES $226,956 $220,374 $194,637 $196,742 $175,284
RATIO OF EARNINGS TO FIXED CHARGES 1.353 1.387 1.248 1.212 1.099
(1) Amounts have been restated for years ended 1996 and 1997 to conform to current year's
presentation.
(2) Excludes recognition of Allowance for Borrowed Funds Used During Construction.
(3) Capital Lease Interest Paid from Statement of Cash Flows.