Exhibit 12.01(a)
NORTHERN STATES POWER COMPANY -- MINNESOTA
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS
TO CONSOLIDATED FIXED CHARGES
YEAR ENDED DECEMBER 31,
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2003 2002 2001 2000 1999
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(IN THOUSANDS, EXCEPT RATIOS)
EARNINGS:
Net income $ 192,942 $ 200,222 $ 207,865 $ 111,224 $ 158,980
Provisions for Federal and state taxes on income 76,524 108,141 132,732 92,191 97,431
Fixed charges as below 144,950 123,220 112,780 146,192 125,431
Less: Undistributed equity in earnings of
unconsolidated affiliates -- -- -- -- --
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Total $ 414,416 $ 431,583 $ 453,377 $ 349,607 $ 381,842
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FIXED CHARGES:
Interest charges, excluding AFC -- debt $ 135,763 $ 107,470 $ 97,030 $ 130,442 $ 109,681
Distributions on redeemable preferred
securities of subsidiary trust 9,187 15,750 15,750 15,750 15,750
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Total $ 144,950 $ 123,220 $ 112,780 $ 146,192 $ 125,431
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RATIO OF EARNINGS TO FIXED CHARGES 2.9 3.5 4.0 2.4 3.0
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