Exhibit 12
TUCSON ELECTRIC POWER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
12 Months Ended
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Dec.31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2001 2000 1999 1998 1997
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- Thousands of dollars -
Fixed Charges:
Interest on Long-Term Debt $61,218 $66,377 $66,836 $72,672 $66,247
Other Interest (1) 8,058 9,067 13,081 13,207 9,640
Interest on Capital Lease Obligations (2) 90,348 92,658 82,414 81,823 83,019
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Total Fixed Charges 159,624 168,102 162,331 167,702 158,906
Net Income 75,284 51,169 73,475 41,676 83,572
Less:
Extraordinary Income and Accounting
Change - Net of Tax 470 - 22,597 - -
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Net Income from Continuing Operations 74,814 51,169 50,878 41,676 83,572
Add (Deduct):
Losses from Equity Investees 700 1,543 - - -
Income Taxes 55,910 26,566 22,350 17,578 (22,104)
Total Fixed Charges 159,624 168,102 162,331 167,702 158,906
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Total Earnings before Taxes and
Fixed Charges $291,048 $247,380 $235,559 $226,956 $220,374
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Ratio of Earnings to Fixed Charges 1.823 1.472 1.451 1.353 1.387
<FN>
(1) Excludes recognition of Allowance for Borrowed Funds Used during Construction.
(2) Amounts have been restated for years ended 2001 - 2000 to conform to current year's presentatio
</FN>