Exhibit 12
ONCOR ELECTRIC DELIVERY COMPANY
Ratio of Earnings to Fixed Charges
Millions of Dollars
Three Months Ended
March 31,
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2003 2002
EARNINGS:
Net income (loss) 61 71
Add: Total federal income taxes (benefit) 31 35
Fixed charges (see detail below) 83 64
Preferred dividends of subsidiaries 0 0
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Total earnings 175 170
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FIXED CHARGES:
Interest expense (excludes capitalized interest) 82 63
Rentals representative of the interest factor 1 1
Distributions on preferred trust securities of subsidiaries 0 0
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Fixed charges deducted from earnings 83 64
Preferred dividends of subsidiaries (pretax) 0 0
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Total fixed charges 83 64
Preferred dividends of registrant (pretax) 0 0
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Fixed charges and preferred dividends 83 64
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RATIO OF EARNINGS TO FIXED CHARGES 2.11 2.66
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS 2.11 2.66
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ONCOR ELECTRIC DELIVERY COMPANY
Ratio of Earnings to Fixed Charges
Millions of Dollars
Twelve Months Ended December 31,
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2002 2001 2000 1999
EARNINGS:
Income (loss) from continuing operations 245 228 226 223
Add: Total federal income taxes (benefit) 118 119 120 106
Fixed charges (see detail below) 274 280 270 286
Preferred dividends of subsidiaries 0 0 0 0
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Total earnings 637 627 616 615
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FIXED CHARGES:
Interest expense, excluding capitalized interest 270 274 264 281
Rentals representative of the interest factor 4 6 6 5
Distributions on preferred trust securities of subsidiaries 0 0 0 0
-------- -------- -------- --------
Fixed charges deducted from earnings 274 280 270 286
Preferred dividends of subsidiaries (pretax) 0 0 0 0
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Total fixed charges 274 280 270 286
Preferred dividends of registrant (pretax) 0 0 0 0
-------- -------- -------- --------
Fixed charges and preferred dividends 274 280 270 286
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RATIO OF EARNINGS TO FIXED CHARGES 2.32 2.24 2.28 2.15
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS 2.32 2.24 2.28 2.15
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