Exhibit 12
TXU CORP.
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 (loss) $ 984,694 $ 739,959 $ 660,454 $ 753,606 $(138,645)
Add: Total federal income taxes (benefit) 448,813 526,832 376,898 375,232 (60,035)
Fixed charges (see detail below) 1,622,493 1,473,403 854,822 851,482 732,313
Preferred dividends of subsidiaries 13,665 16,514 27,983 53,358 84,914
---------- ---------- ---------- ---------- ---------
Total earnings $3,069,665 $2,756,708 $1,920,157 $2,033,678 $ 618,547
========== ========== ========== ========== =========
FIXED CHARGES:
Interest expense $1,456,694 $1,299,315 $ 762,937 $ 797,893 $ 706,183
Rentals representative of the interest factor 69,656 100,087 22,184 20,588 24,329
Distributions on preferred trust securities
of subsidiaries* 96,143 74,001 69,701 33,001 1,801
---------- ---------- ---------- ---------- ---------
Fixed charges deducted from earnings 1,622,493 1,473,403 854,822 851,482 732,313
Preferred dividends of subsidiaries (pretax)** 19,893 28,271 43,952 79,926 121,683
---------- ---------- ---------- ---------- ---------
Total fixed charges 1,642,386 1,501,674 898,774 931,408 853,996
---------- ---------- ---------- ---------- ---------
Preferred dividends of registrant 0 0 0 0 0
---------- ---------- ---------- ---------- ---------
Fixed charges and preferred dividends $1,642,386 $1,501,674 $ 898,774 $ 931,408 $ 853,996
========== ========== ========== ========== =========
RATIO OF EARNINGS TO FIXED CHARGES (a) 1.87 1.84 2.14 2.18 0.72
========== ========== ========== ========== =========
RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS (a) 1.87 1.84 2.14 2.18 0.72
========== ========== ========== ========== =========
* Distributions on preferred trust securities are deductible for tax purposes.
** Preferred dividends multiplied by the ratio of pre-tax income to net income.
(a) For the year ended December 31, 1995, fixed charges and combined fixed
charges and preferred dividends exceeded earnings by $235 million.