EXHIBIT 12.3
Page 1
CLEVELAND ELECTRIC ILLUMINATING COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
-------------------------------------------------------------
1995 1996 1997 1998 1999
---- ---- ---- ---- ----
(Dollars in Thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items $183,719 $116,553 $114,481 $164,891 $194,089
Interest and other charges, before
reduction for
amounts capitalized 251,793 244,789 248,429 232,727 211,960
Provision for income taxes 95,561 69,120 92,969 110,611 123,869
Interest element of rentals charged
to income (a) 79,642 79,503 69,086 68,314 66,680
-------- -------- -------- -------- --------
Earnings as defined $610,715 $509,965 $524,965 $576,543 $596,598
======== ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest expense $251,793 $244,789 $248,429 $232,727 $211,960
Interest element of rentals charged
to income (a) 79,642 79,503 69,086 68,314 66,680
-------- -------- -------- -------- --------
Fixed charges as defined $331,435 $324,292 $317,515 $301,041 $278,640
======== ======== ======== ======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES 1.84 1.57 1.65 1.92 2.14
==== ==== ==== ==== ====
<FN>
- ------------------------
(a) Includes the interest component of Bruce Mansfield sale and leaseback rentals, leased nuclear fuel
in the reactor, and other miscellaneous rentals.
EXHIBIT 12.3
Page 2
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
Year Ended December 31,
-------------------------------------------------------------
1995 1996 1997 1998 1999
---- ---- ---- ---- ----
(Dollars in Thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items $183,719 $116,553 $114,481 $164,891 $194,089
Interest and other charges, before
reduction for amounts capitalized 95,561 69,120 92,969 110,611 123,869
Provision for income taxes 251,793 244,789 248,429 232,727 211,960
Interest element of rentals charged to
income (a) 79,642 79,503 69,086 68,314 66,680
-------- -------- -------- -------- ---------
Earnings as defined $610,715 $509,965 $524,965 $576,543 $596,598
======== ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN REGULATION
S-K PLUS PREFERRED STOCK DIVIDEND
REQUIREMENTS
(PRE-INCOME TAX BASIS):
Interest expense $251,793 $244,789 $248,429 $232,727 $211,960
Preferred stock dividend requirements 42,444 38,743 45,029 24,794 33,524
Adjustments to preferred stock dividends
to state on a pre-income tax basis 22,077 22,976 36,568 16,632 21,395
Interest element of rentals charged to
income (a) 79,642 79,503 69,086 68,314 66,680
-------- -------- -------- -------- ---------
Fixed charges as defined plus
preferred stock dividend requirements
(pre-income tax basis) $395,956 $386,011 $399,112 $342,467 $333,559
======== ======== ======== ======== ========
CONSOLIDATED RATIO OF EARNINGS TO
FIXED CHARGES PLUS PREFERRED STOCK
DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS) 1.54 1.32 1.32 1.68 1.79
==== ==== ==== ==== ====
<FN>
- ----------------------------
(a) Includes the interest component of Bruce Mansfield sale and leaseback rentals, leased nuclear fuel
in the reactor, and other miscellaneous rentals.