EXHIBIT 12.4
PSEG ENERGY HOLDINGS L.L.C.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
For the Three
Months Ended For the Years Ended
March 31, December 31,
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2006 2005 2005 2004 2003 2002 2001
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Earnings as Defined in Regulation S-K (A):
Pre-tax Income (Loss) from Continuing
Operations $40 $81 $269 $199 $249 $(369) $237
(Income)/Loss from Equity Investees, Net of
Distributions (23) 1 (28) 78 60 (2) (59)
Fixed Charges 51 58 214 224 215 219 186
Capitalized Interest -- -- (1) (3) (10) (12) (13)
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Total Earnings $68 $140 $454 $498 $514 $(164) $351
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Fixed Charges as Defined in Regulation S-K (B)
Interest Expense $50 $58 $213 $223 $214 $218 $183
Interest Factor in Rentals 1 -- 1 1 1 1 3
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Total Fixed Charges $51 $58 $214 $224 $215 $219 $186
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Ratio of Earnings to Fixed Charges (C) 1.33 2.41 2.12 2.22 2.39 (0.75) 1.88
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(A) The term "earnings" is 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 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, were (0.64), as noted above, which represents a deficiency of $379
million.