Exhibit 12(a)
TUCSON ELECTRIC POWER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
12 Months Ended
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Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2004 2003 2002 2001 2000
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- Thousands of Dollars -
FIXED CHARGES:
Interest on Long-Term Debt $ 71,743 $ 76,585 $ 65,620 $ 68,678 $ 75,076
Other Interest (1) 1,414 1,820 273 441 211
Interest on Capital Lease Obligations 85,869 84,053 87,783 90,506 92,815
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TOTAL FIXED CHARGES 159,026 162,458 153,676 159,625 168,102
NET INCOME 46,127 128,913 55,390 77,778 52,762
LESS:
Extraordinary Income & Accounting Change -
Net of Tax - 67,471 - 470 -
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NET INCOME FROM CONTINUING OPERATIONS 46,127 61,442 55,390 77,308 52,762
ADD (DEDUCT):
(Income) Losses from Equity Investees (2) (131) (76) 17 700 1,543
Income Taxes 34,815 21,090 36,434 57,545 27,610
Total Fixed Charges 159,026 162,458 153,676 159,625 168,102
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TOTAL EARNINGS BEFORE TAXES
AND FIXED CHARGES $ 239,837 $ 244,914 $ 245,517 $ 295,178 $ 250,017
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RATIO OF EARNINGS TO FIXED CHARGES 1.508 1.508 1.598 1.849 1.487
<FN>
(1) Excludes recognition of Allowance for Borrowed Funds Used During Construction.
(2) Inncom International, Inc. and TruePricing, Inc. (income) losses.
</FN>