Exhibit 12
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
(In Thousands of Dollars)
12 Months Ending
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March 31, December 31, December 31, December 31, December 31, December 31,
1998 1997 1996 1995 1994 1993
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Fixed Charges:
Interest on Long-Term Debt 66,567 63,573 59,647 69,174 69,353 68,053
Other Interest* 10,560 9,640 11,721 9,113 7,591 9,175
Interest on Capital Lease
Obligations** 86,826 83,019 84,383 83,986 82,511 81,932
------- ------ ------- ------- ------- -------
Total Fixed Charges 163,953 15,232 155,751 162,273 159,455 159,160
Net Income 70,472 83,572 120,852 54,905 20,740 (25,816)
Add (Deduct):
Income Taxes - Operating
Expense 19,709 19,297 9,795 8,920 (91) (91)
Income Taxes - Other (22,443) (41,401) (91,950) (29,356) (4,820) (5,186)
Total Fixed Charges 163,953 156,232 155,751 162,273 159,455 159,160
-------- -------- -------- -------- -------- --------
Total Earnings before Taxes and
Fixed Charges 231,691 217,700 194,448 196,742 175,284 128,067
Ratio of Earnings to Fixed 1.413 1.393 1.248 1.212 1.099 0.805
Charges
<FN>
* Excludes recognition of Allowance for Borrowed Funds Used During Construction.
** Capital Lease Interest Paid from Statement of Cash Flows.