Exhibit 12
TXU ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES,
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
Year Ended December 31,
----------------------------------------------------------
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ----------
Thousands of Dollars, Except Ratios
EARNINGS:
Net income $ 779,278 $ 797,653 $ 771,874 $ 862,695 $ 452,631
Add: Total federal income taxes 356,524 485,670 409,546 405,499 212,953
Fixed charges (see detail below) 518,220 568,902 618,773 649,295 655,678
---------- ---------- ---------- ---------- ----------
Total earnings $1,654,022 $1,852,225 $1,800,193 $1,917,489 $1,321,262
========== ========== ========== ========== ==========
FIXED CHARGES:
Interest expense $ 423,647 $ 476,219 $ 527,266 $ 595,706 $ 629,548
Rentals representative of the interest factor 26,066 24,068 69,701 33,001 1,801
Distributions on preferred trust securities
of subsidiaries* 68,507 68,615 21,806 20,588 24,329
---------- ---------- ---------- ---------- ----------
Fixed charges deducted from
earnings 518,220 568,902 618,773 649,295 655,678
---------- ---------- ---------- ---------- ----------
Preferred dividends (pretax)** 14,553 20,069 41,096 78,438 124,864
---------- ---------- ---------- ---------- ----------
Fixed charges and preferred
dividends $ 532,773 $ 588,971 $ 659,869 $ 727,733 $ 780,542
========== ========== ========== ========== ==========
RATIO OF EARNINGS TO FIXED CHARGES 3.19 3.26 2.91 2.95 2.02
========== ========== ========== ========== ==========
RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS 3.10 3.14 2.73 2.63 1.69
========== ========== ========== ========== ==========
* Distributions on preferred trust securities are deductible for tax purposes.
** Preferred dividends multiplied by the ratio of pre-tax income to net income.