EXHIBIT 12.4
Page 1
THE TOLEDO EDISON 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 $96,762 $57,289 $49,385 $106,582 $99,945
Interest and other charges, before
reduction for amounts capitalized 112,344 97,329 98,423 88,263 78,496
Provision for income taxes 43,828 31,501 39,703 72,696 56,821
Interest element of rentals charged
to income (a) 110,977 109,935 102,795 100,245 98,445
-------- -------- -------- -------- --------
Earnings as defined $363,911 $296,054 $290,306 $367,786 $333,707
======== ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest expense $112,344 $97,329 $98,423 $88,263 $78,496
Interest element of rentals charged to
income (a) 110,977 109,935 102,795 100,245 98,445
-------- -------- -------- -------- --------
Fixed charges as defined $223,321 $207,264 $201,218 $188,508 $176,941
======== ======== ======== ======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES 1.63 1.43 1.44 1.95 1.89
==== ==== ==== ==== ====
<FN>
- ---------------------
(a) Includes the interest component of Beaver Valley and Bruce Mansfield sale and leaseback rentals,
leased nuclear fuel in the reactor, and other miscellaneous rentals.
EXHIBIT 12.4
Page 2
THE TOLEDO EDISON 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 $96,762 $57,289 $49,385 $106,582 $99,945
Interest and other charges, before
reduction for amounts capitalized 43,828 31,501 39,703 72,696 56,821
Provision for income taxes 112,344 97,329 98,423 88,263 78,496
Interest element of rentals charged
to income (a) 110,977 109,935 102,795 100,245 98,445
-------- -------- -------- -------- --------
Earnings as defined $363,911 $296,054 $290,306 $367,786 $333,707
======== ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN REGULATION
S-K PLUS PREFERRED STOCK DIVIDEND
REQUIREMENTS
(PRE-INCOME TAX BASIS):
Interest expense $112,344 $ 97,329 $ 98,423 $ 88,263 $ 78,496
Preferred stock dividend requirements 18,252 16,926 19,435 13,609 16,238
Adjustments to preferred stock dividends
to state on a pre-income tax basis 8,266 9,307 15,783 8,335 10,363
Interest element of rentals charged to
income (a) 110,977 109,935 102,795 100,245 98,445
-------- -------- -------- -------- --------
Fixed charges as defined plus preferred
stock dividend requirements
(pre-income tax basis) $249,839 $233,497 $236,436 $210,452 $203,542
======== ======== ======== ======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES PLUS PREFERRED STOCK DIVIDEND
REQUIREMENTS
(PRE-INCOME TAX BASIS) 1.46 1.27 1.23 1.75 1.64
==== ==== ==== ==== ====
<FN>
- ------------------------
(a) Includes the interest component of Beaver Valley and Bruce Mansfield sale and leaseback rentals,
leased nuclear fuel in the reactor, and other miscellaneous rentals.