EXHIBIT 12(C)
- --------------------------------------------------------------------------------------------------------------------------
PSEG ENERGY HOLDINGS INCORPORATED
- --------------------------------------------------------------------------------------------------------------------------
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
9 Months
Ended
YEARS ENDED DECEMBER 31, September
30,
------------- ------------ ------------- ------------ ------------ -----------
1995 1996 1997 1998 1999 2000
------------- ------------ ------------- ------------ ------------ -----------
Earnings as Defined in
Regulation S-K (A):
Income from Continuing Operations $71 $73 $73 $98 $176 $82
(Income)/Loss from equity investees
net of distributions 13 50 (35) 30 9 5
Fixed Charges 60 61 79 94 106 105
Amortization of capitalized interest 0 0 0 0 0 0
Capitalized interest (2) (1) (5) (1) (8) (14)
------------- ------------ ------------- ------------ ----------- -----------
Earnings $142 $183 $113 $221 $282 $178
============= ============ ============= ============ =========== ===========
Fixed Charges as Defined in
Regulation S-K (B):
Total Interest Expense $59 $60 $77 $92 $103 $102
Interest in rental expense 1 1 2 2 3 2
------------- ------------ ------------- ------------ ----------- -----------
Total Fixed Charges $60 $61 $79 $94 $106 $104
============= ============ ============= ============ =========== ===========
Ratio of Earnings to Fixed Charges 2.38 3.01 1.42 2.35 2.66 1.71
============= ============ ============= ============ =========== ===========
<FN>
(A) The term "earnings" shall be defined as pretax income from continuing
operations before adjustment for minority interests or income or loss from
equity investees. Add fixed charges adjusted to exclude (a) the amount of
any interest capitalized during the period and (b) amortization of
capitalized interest and (c) distributed income of equity investees. From
the total, subtract interest capitalized.
(B) Fixed Charges represent (a) interest, whether expensed or capitalized, (b)
amortization of debt discount, premium and expense, and (c) an estimate of
interest implicit in rentals.
</FN>