EXHIBIT E
SIERRA PACIFIC POWER COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Twelve
Months
Ended
Nov. 30,
1991 1992 1993 1994 1995 1996
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EARNINGS
Income After Interest Charges $ 50,224 $ 49,843 $ 57,457 $ 60,863 $ 65,983 $ 83,019
Deferral Mechanism Adjustments (1,2) $ 0 $ 1,050 ($ 409) $ 2 ($ 552) ($ 471)
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Adjusted Income $ 50,224 $ 50,893 $ 57,048 $ 60,865 $ 65,431 $ 82,548
Income Taxes, Operating 24,810 26,029 27,499 29,113 37,370 44,228
Income Taxes, Non-Operating (390) (787) 301 751 (231) (253)
Fixed Charges (1,2) 46,095 41,975 43,823 43,493 40,326 43,143
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Earnings Available
for Fixed Charges $120,739 $118,110 $128,671 $134,222 $142,896 $169,666
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FIXED CHARGES
Interest on Long-Term Debt $ 39,331 $ 37,184 $ 39,091 $ 35,193 $ 35,326 $ 38,055
Deferral Mechanism Adjustments (1) $ 0 ($ 980) $ 459 $ 52 $ 554 $ 414
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Adjusted Interest $ 39,331 $ 36,204 $ 39,550 $ 35,245 $ 35,880 $ 38,469
Amortization of Debt Discount
and Expense, Less Premium 549 680 1,001 1,247 1,225 1,285
Other Interest Expense 3,482 2,528 822 4,588 556 1,250
Deferral Mechanism Adjustments (2) 0 (70) (50) (54) (2) (57)
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Adjusted Interest 3,482 2,458 772 4,534 554 1,307
Interest Component
of all Rental Charges 2,733 2,633 2,500 2,467 2,667 2,082
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Total Fixed Charges $ 46,095 $ 41,975 $ 43,823 $ 43,493 $ 40,326 $ 43,143
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RATIO OF EARNINGS
TO FIXED CHARGES 2.62 2.81 2.94 3.09 3.54 3.93
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(1) Adjusted for the deferral portion of the variable rate interest deferral
mechanism (Bal. 427-080).
(2) Adjusted for the carrying charges on the variable rate interest deferral
mechanism (Bal. 431-080).