EXHIBIT 12 EXHIBIT 12 NEVADA POWER COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1994 1995 1996 1997 1998 -------- -------- -------- -------- ------- Fixed Charges: Interest: Long-Term Debt $ 56,537 $ 59,900 $ 60,964 $ 70,267 $ 79,787 Other Interest 2,572 1,566 2,584 1,531 6,018 One-third Rentals 1,203 807 961 982 1,132 -------- -------- -------- -------- -------- Total Fixed Charges 60,312 62,273 64,509 72,780 86,937 -------- -------- -------- -------- -------- Preferred Dividends Requirements 3,976 3,966 3,956 1,125 174 Ratio of Income Before Tax to Net Income 1.55 1.49 1.54 1.54 1.54 -------- -------- -------- -------- -------- Total 6,163 5,909 6,092 1,732 268 -------- -------- -------- -------- -------- Total Fixed Charges and Preferred Dividends $ 66,475 $ 68,182 $ 70,601 $ 74,512 $ 87,205 ======== ======== ======== ======== ======== Earnings: Net Income (before preferred dividend requirements) $ 81,870 $ 76,971 $ 78,868 $ 83,216 $ 83,673 Add: Fixed Charges (from above) 60,312 62,273 64,509 72,780 86,937 Taxes on Income 44,716 37,791 42,884 45,225 45,471 -------- -------- -------- -------- -------- Total Earnings for Purpose of Ratio $186,898 $177,035 $186,261 $201,221 $216,081 ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges and Preferred Dividends 2.81 2.60 2.64 2.70 2.48 ======== ======== ======== ======== ========