EXHIBIT 12.3
Page 1
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
---------------------------------------------------------------
1996 1997 1998 1999 2000
-------- -------- -------- -------- --------
(Dollars in Thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items $116,553 $114,481 $164,891 $194,089 $202,950
Interest and other charges, before
reduction for amounts capitalized 244,789 248,429 232,727 211,960 202,752
Provision for income taxes 69,120 92,969 110,611 123,869 126,701
Interest element of rentals charged
to income (a) 79,503 69,086 68,314 66,680 65,616
-------- -------- -------- -------- --------
Earnings as defined $509,965 $524,965 $576,543 $596,598 $598,019
======== ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest expense $244,789 $248,429 $232,727 $211,960 $202,752
Interest element of rentals charged to
income (a) 79,503 69,086 68,314 66,680 65,616
-------- -------- -------- -------- --------
Fixed charges as defined $324,292 $317,515 $301,041 $278,640 $268,368
======== ======== ======== ======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES 1.57 1.65 1.92 2.14 2.23
==== ==== ==== ==== ====
<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,
---------------------------------------------------------------
1996 1997 1998 1999 2000
-------- -------- -------- -------- --------
(Dollars in Thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items $116,553 $114,481 $164,891 $194,089 $202,950
Interest and other charges, before
reduction for amounts capitalized 244,789 248,429 232,727 211,960 202,752
Provision for income taxes 69,120 92,969 110,611 123,869 126,701
Interest element of rentals charged to
income (a) 79,503 69,086 68,314 66,680 65,616
-------- -------- -------- -------- --------
Earnings as defined $509,965 $524,965 $576,543 $596,598 $598,019
======== ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN REGULATION S-K
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
Interest expense $244,789 $248,429 $232,727 $211,960 $202,752
Preferred stock dividend requirements 38,743 45,029 24,794 33,524 20,843
Adjustments to preferred stock dividends
to state on a pre-income tax basis 22,976 36,568 16,632 21,395 13,012
Interest element of rentals charged to
income (a) 79,503 69,086 68,314 66,680 65,616
-------- -------- -------- -------- --------
Fixed charges as defined plus preferred
stock dividend requirements
(pre-income tax basis) $386,011 $399,112 $342,467 $333,559 $302,223
======== ======== ======== ======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES PLUS PREFERRED STOCK DIVIDEND
REQUIREMENTS (PRE-INCOME TAX BASIS) 1.32 1.32 1.68 1.79 1.98
==== ==== ==== ==== ====
<FN>
- --------------------
(a) Includes the interest component of Bruce Mansfield sale and leaseback
rentals, leased nuclear fuel in the reactor, and other miscellaneous
rentals.