EXHIBIT 12.1
Duquesne Light Company and Subsidiary
Calculation of Ratio of Earnings to Fixed Charges
(Thousands of Dollars)
Year Ended December 31,
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1995 1994 1993 1992 1991
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FIXED CHARGES:
Interest on long-term debt $ 89,139 $94,646 $102,938 $119,179 $127,606
Other interest 2,599 1,095 2,387 1,749 1,773
Amortization of debt discount, premium and
expense-net 6,252 6,381 5,541 4,223 3,892
Portion of lease payments representing an interest
factor 44,386 44,839 45,925 60,721 64,189
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Total Fixed Charges $142,376 $146,961 $156,791 $185,872 $197,460
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EARNINGS:
Income from continuing operations $151,070 $147,449 $144,787 $149,768 $143,133
Income taxes 92,894* 84,191* 77,237 110,993 104,067
Fixed charges as above 142,376 146,961 156,791 185,872 197,460
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Total Earnings $386,340 $378,601 $378,815 $446,633 $444,660
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RATIO OF EARNINGS TO FIXED CHARGES 2.71 2.58 2.42 2.40 2.25
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Duquesne's share of the fixed charges of an unaffiliated coal supplier,
which amounted to approximately $3.4 million for the twelve months ended
December 31, 1995, has been excluded from the ratio.
*Earnings related to income taxes reflect a $13.5 million decrease for the
twelve months ended December 31, 1995, and December 31, 1994, due to a
financial statement reclassification related to SFAS 109. The Ratio of
Earnings to Fixed Charges absent this reclassification equals 2.81 and 2.67 for
the twelve months ended December 31, 1995 and December 31, 1994, respectively.