EXHIBIT 12.4
PSEG ENERGY HOLDINGS LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
For the Nine
Months
Ended For the Years Ended
September 30, December 31,
------------------------------------------------------
2004 2003 2003 2002 2001 2000 1999
------------------------------------------------------
(Millions,except ratios)
Earnings as Defined in Regulation S-K (A):
Pre-tax Income from Continuing Operations $ 142 $ 207 $ 261 $ (365) $ 237 $ 183 $ 153
Loss/(Income) from Equity Investees, Net of
Distributions 33 2 60 (2) (59) (16) 10
Fixed Charges 198 167 230 231 199 161 108
Capitalized Interest (1) (8) (11) (12) (13) (21) (6)
------------------------------------------------------
Total Earnings $ 372 $ 368 $ 540 $ (148) $ 364 $ 307 $ 265
======================================================
Fixed Charges as Defined in Regulation S-K (B)
Interest Expense $ 198 $ 166 $ 229 $ 229 $ 196 $ 158 $ 105
Interest Factor in Rentals -- 1 1 2 3 3 3
------------------------------------------------------
Total Fixed Charges $ 198 $ 167 $ 230 $ 231 $ 199 $ 161 $ 108
======================================================
Ratio of Earnings to Fixed Charges (C) 1.88 2.20 2.35 (0.64) 1.83 1.91 2.45
======================================================
(A) The term "earnings" shall be defined as pre-tax income from continuing
operations before income or loss from equity investees plus distributed
income from equity investees. Add to pre-tax income the amount of fixed
charges adjusted to exclude (a) the amount of any interest capitalized
during the period.
(B) Fixed Charges represent (a) interest, whether expensed or capitalized, (b)
amortization of debt discount, premium and expense (c) an estimate of
interest implicit in rentals.
(C) The ratio of earnings to fixed charges for the year ended December 31, 2002
was (0.64), as noted above, which represents a deficiency of $379 million.