EXHIBIT 12.01 NEVADA POWER COMPANY Computation of Ratios of Earnings to Fixed Charges (In Thousands) September 30, December 31, ---------------------- --------------------------------------------------- 1996 1995 1995 1994 1993 1992 1991 ------- ------- --------------------------------------------------- EARNINGS: Net Income 88,083 74,536 76,971 81,870 73,548 56,780 35,176 Taxes on Income 43,744 41,333 37,790 44,716 39,665 29,223 14,993 ------- ------- --------------------------------------------------- Net Income Before Income Taxes 131,827 115,869 114,761 126,586 113,213 86,003 50,169 Fixed Charges 65,385 60,469 62,273 60,042 59,437 60,762 56,395 ------- ------- --------------------------------------------------- Total 197,212 176,338 177,034 186,628 172,650 146,765 106,564 ======= ======= =================================================== FIXED CHARGES Interest Charges 64,362 59,477 61,466 58,839 58,699 59,801 55,550 One-third Annual Rentals 1,023 992 807 1,203 738 961 845 ------- ------- --------------------------------------------------- Total 65,385 60,469 62,273 60,042 59,437 60,762 56,395 ======= ======= =================================================== 12 MONTHS RATIO OF EARNINGS TO FIXED CHARGES 3.02 2.92 2.84 3.11 2.90 2.42 1.89