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EXHIBIT 12.1
NEVADA POWER COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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Amounts in 000's 3/31/2004 3/31/2003 2003 2002 2001 2000 1999
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EARNINGS AS DEFINED:
Income (Loss) From Continuing Operations
After Interest Charges $ (15,406) $ (15,246) $ 19,277 $(235,070) $ 63,405 $ (7,928) $ 38,787
Income Taxes (9,465) (8,034) (614) (131,784) 32,783 (9,386) 21,213
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Income (Loss) From Continuing Operations
before Income Taxes (24,871) (23,280) 18,663 (366,854) 96,188 (17,314) 60,000
Fixed Charges 43,199 41,618 198,042 141,380 114,484 104,402 98,203
Capitalized Interest (930) (1,056) (2,700) (3,412) (2,141) (7,855) (8,356)
Total $ 17,398 $ 17,282 $ 214,005 $(228,886) $ 208,531 $ 79,233 $ 149,847
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FIXED CHARGES AS DEFINED:
Interest Expensed and Capitalized (1) $ 43,199 $ 41,618 $ 198,042 $ 141,380 $ 114,484 $ 104,402 $ 98,203
Total $ 43,199 $ 41,618 $ 198,042 $ 141,380 $ 114,484 $ 104,402 $ 98,203
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RATIO OF EARNINGS TO FIXED CHARGES 0.40 0.42 1.08 -1.62 1.82 0.76 1.53
DEFICIENCY (2) $ 25,801 $ 24,336 $ -- $ 370,266 $ -- $ 25,169 $ --
(1) Includes amortization of premiums, discounts, and capitalized debt expense
and interest component of rent expense.
(2) For the years ended December 31, 2003 and 2000 and the three months ended
March 31, 2003 and March 31, 2004, earnings were insufficient to cover
fixed charges by $370,255, $25,169, $24,336 and $25,801, respectively.