Exhibit 12
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Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
3 Months Ended 12 Months Ended 12 Months Ended
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Mar. 31 Mar. 31 Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2004 2004 2003 2002 2001 2000 1999
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- Thousands of Dollars -
Fixed Charges:
Interest on Long-Term Debt $ 20,381 $ 77,694 $ 76,585 $ 65,620 $ 68,678 $ 75,076 $ 78,220
Other Interest (1) 309 1,922 1,820 273 441 211 1,696
Interest on Capital Lease Obligations 20,037 83,356 84,053 87,783 90,506 92,815 82,414
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Total Fixed Charges 40,727 162,972 162,458 153,676 159,625 168,102 162,330
Net Income 794 70,336 128,913 55,390 77,778 52,762 76,371
Less:
Extraordinary Income & Accounting Change -
Net of Tax - - 67,471 - 470 - 22,597
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Net Income from Continuing Operations 794 70,336 61,442 55,390 77,308 52,762 53,774
Add (Deduct):
(Income) Losses from Equity Investees (2) (21) (123) (76) 17 700 1,543 -
Income Taxes 2,074 27,244 21,090 36,434 57,545 27,610 24,249
Total Fixed Charges 40,727 162,972 162,458 153,676 159,625 168,102 162,330
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Total Earnings before Taxes
and Fixed Charges $ 43,574 $ 260,429 $ 244,914 $ 245,517 $ 295,178 $ 250,017 $ 240,353
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Ratio of Earnings to Fixed Charges 1.070 1.598 1.508 1.598 1.849 1.487 1.481
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(1) Excludes recognition of Allowance for Borrowed Funds Used During
Construction.
(2) Truepricing and Inncom (income) losses.
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