Exhibit 12 PENNSYLVANIA POWER & LIGHT COMPANY AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Thousands of Dollars) 1994 1993 1992 1991 1990 Fixed charges, as defined: Interest on long-term debt ........... $214,390 $225,800 $240,260 $232,092 $239,250 Interest on short-term debt and other interest ................ 18,108 12,645 11,955 20,875 26,130 Amortization of debt discount, expense and premium - net................... 2,151 1,798 1,447 1,379 1,429 Interest on capital lease obligations Charged to expense ............... 11,097 9,059 10,473 20,518 23,012 Capitalized ...................... 1,037 927 1,618 2,894 6,124 Estimated interest component of operating rentals .................. 5,947 5,411 5,357 4,854 4,995 Proportionate share of fixed charges of 50-percent-or-less-owned persons ............................ 1,142 1,299 1,456 1,567 1,662 Total fixed charges .......... $253,872 $256,939 $272,566 $284,179 $302,602 Earnings, as defined: Net income ........................... $244,340 $348,126 $346,724 $348,414 $343,906 Less undistributed income of less than 50-percent-owned persons .............. 244,340 348,126 346,724 348,414 343,906 Add (Deduct): Federal income taxes ................. 198,777 162,795 144,546 114,904 86,950 State income taxes ................... 76,903 63,508 64,648 49,534 30,564 Deferred income taxes ................ (45,198) 22,367 33,175 51,772 68,903 Investment tax credit - net .......... (12,253) (13,506) (14,029) 1,156 9,884 Income taxes on other income and deductions - net ................... (38,647) (1,280) 322 (903) (2,174) Amortization of capitalized interest on capital leases ......... 9,271 11,696 12,820 16,965 15,785 Total fixed charges as above (excluding capitalized interest on capital lease obligations) ...... 252,835 256,012 270,948 281,285 296,478 Total earnings ............... $686,028 $849,718 $859,154 $863,127 $850,296 Ratio of earnings to fixed charges .............................. 2.70 3.31 3.15 3.04 2.81