1
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY Exhibit 12
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Computation of Ratio of Earnings to Fixed Charges Page 1 of 1
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(Thousands of Dollars)
Statement Setting Forth Computations Showing Satisfaction of the Requirements Specified in Regulation S-K, Item 503(d):
Year Ended December 31 12 Months
------------------------------------------------------ Ended
1992 1993 1994 1995 1996 6/30/97
-------- --------- -------- -------- -------- --------
Consolidated Net Income (Loss) $204,939 ($587,147) $185,431 $183,719 $116,553 $108,754
Add
Federal Income Taxes Expense (Credit) 94,627 (247,966) 85,455 95,561 69,120 73,518
Interest (a) 253,042 252,479 254,248 251,793 244,789 235,751
Provision for Interest Element of Rentals (b) 81,948 81,131 79,462 79,642 79,503 79,217
-------- --------- -------- -------- -------- --------
Total Earnings $634,556 ($501,503) $604,596 $610,715 $509,965 $497,240
-------- --------- -------- -------- -------- --------
Fixed Charges
Interest (a) $253,042 $ 252,479 $254,248 $251,793 $244,789 $235,751
Provision for Interest Element of Rentals (b) 81,948 81,131 79,462 79,642 79,503 79,217
-------- --------- -------- -------- -------- --------
Total Fixed Charges $334,990 $ 333,610 $333,710 $331,435 $324,292 $314,968
-------- --------- -------- -------- -------- --------
Ratio of Earnings to Fixed Charges 1.89 (1.50) 1.81 1.84 1.57 1.58
======== ========= ======== ======== ======== ========
<FN>
- ---------------------------
(a) Includes interest on first mortgage bonds, bank loans, commercial paper,
pollution control notes, and other interest included in operation expenses;
amortization of net premium, discount and expense on debt; and capitalized
interest on nuclear fuel lease obligations.
(b) Includes the interest component of Bruce Mansfield sale and leaseback
rentals, leased nuclear fuel in the reactor, and other miscellaneous
rentals.
2
THE TOLEDO EDISON COMPANY Exhibit 12
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Computation of Ratio of Earnings to Fixed Charges Page 1 of 1
----------------------
(Thousands of Dollars)
Statement Setting Forth Computations Showing Satisfaction of the Requirements
Specified in Regulation S-K, Item 503(d):
Year Ended December 31 12 Months
------------------------------------------------------ Ended
1992 1993 1994 1995 1996 6/30/97
-------- --------- -------- -------- -------- --------
Consolidated Net Income (Loss) $ 70,677 ($289,275) $ 82,531 $ 96,762 $ 57,289 $ 68,340
Add
Federal Income Taxes Expense (Credit) 33,905 (139,479) 34,342 43,828 31,501 43,530
Interest (a) 128,779 121,221 119,421 112,344 97,329 94,955
Provision for Interest Element of Rentals (b) 115,638 112,266 111,163 110,977 109,935 109,743
-------- --------- -------- -------- -------- --------
Total Earnings $348,999 ($195,267) $347,457 $363,911 $296,054 $316,568
-------- --------- -------- -------- -------- --------
Fixed Charges
Interest (a) $128,779 $ 121,221 $119,421 $112,344 $ 97,329 $ 94,955
Provision for Interest Element of Rentals (b) 115,638 112,266 111,163 110,977 109,935 109,743
-------- --------- -------- -------- -------- --------
Total Fixed Charges $244,417 $ 233,487 $230,584 $223,321 $207,264 $204,698
-------- --------- -------- -------- -------- --------
Ratio of Earnings to Fixed Charges 1.43 (0.84) 1.51 1.63 1.43 1.55
======== ========= ======== ======== ======== ========
<FN>
- -----------------------------
(a) Includes interest on first mortgage bonds, bank loans, commercial paper,
pollution control notes, and other interest included in operation expenses;
amortization of net premium, discount and expense on debt; and capitalized
interest on nuclear fuel lease obligations.
(b) Includes the interest component of Beaver Valley and Bruce Mansfield sale
and leaseback rentals, leased nuclear fuel in the reactor, and other
miscellaneous rentals.