EXHIBIT 12.3
Page 1
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
------------------------------------------------
Jan 1- Nov. 8-
Nov. 7, Dec. 31,
1997 1997 1998 1999 2000 2001
---- ---- ---- ---- ---- ----
(Dollars in Thousands)
|
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items.................. $ 95,191 | $19,290 $164,891 $194,089 $202,950 $219,044
Interest and other charges, before reduction for |
amounts capitalized.............................. 212,957 | 35,472 232,727 211,960 202,752 192,198
Provision for income taxes......................... 78,940 | 14,029 110,611 123,869 126,701 158,648
Interest element of rentals charged to income (a).. 59,078 | 10,008 68,314 66,680 65,616 59,497
-------- | -------- -------- -------- -------- --------
Earnings as defined.............................. $446,166 | $78,799 $576,543 $596,598 $598,019 $629,387
======== | ======= ======== ======== ======== ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest expense................................... $212,957 | $35,472 $232,727 $211,960 $202,752 $192,198
Interest element of rentals charged to income (a).. 59,078 | 10,008 68,314 66,680 65,616 59,497
-------- | ------- -------- -------- -------- --------
Fixed charges as defined......................... $272,035 | $45,480 $301,041 $278,640 $268,368 $251,695
======== | ======= ======== ======== ======== ========
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES....... 1.64 | 1.73 1.92 2.14 2.23 2.50
==== | ==== ==== ==== ==== ====
<FN>
- -------------------------
(a) Includes the interest component of Bruce Mansfield sale and leaseback
rentals, leased nuclear fuel in the reactor, and other miscellaneous
rentals.
</FN>
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,
------------------------------------------------
Jan 1- Nov. 8-
Nov. 7, Dec. 31,
1997 1997 1998 1999 2000 2001
---- ---- ---- ---- ---- ----
(Dollars in Thousands)
|
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items.................. $ 95,191 | $19,290 $164,891 $194,089 $202,950 $219,044
Interest and other charges, before reduction |
for amounts capitalized.......................... 212,957 | 35,472 232,727 211,960 202,752 192,198
Provision for income taxes......................... 78,940 | 14,029 110,611 123,869 126,701 158,648
Interest element of rentals charged to income (a).. 59,078 | 10,008 68,314 66,680 65,616 59,497
-------- | ------- -------- -------- -------- --------
Earnings as defined.............................. $446,166 | $78,799 $576,543 $596,598 $598,019 $629,387
======== | ======= ======== ======== ======== ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS |
PREFERRED STOCK DIVIDEND REQUIREMENTS |
(PRE-INCOME TAX BASIS): |
Interest expense................................... $212,957 | $35,472 $232,727 $211,960 $202,752 $192,198
Preferred stock dividend requirements.............. 45,029 | -- 24,794 33,524 20,843 25,838
Adjustments to preferred stock dividends |
to state on a pre-income tax basis............... 36,568 | -- 16,632 21,395 13,012 18,714
Interest element of rentals charged to income (a).. 59,078 | 10,008 68,314 66,680 65,616 59,497
-------- | ------- -------- -------- --------- --------
Fixed charges as defined plus preferred stock |
dividend requirements (pre-income tax basis)... $353,632 | $45,480 $342,467 $333,559 $302,223 $296,247
======== | ======= ======== ======== ========= ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES |
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS |
(PRE-INCOME TAX BASIS)............................. 1.26 | 1.73 1.68 1.79 1.98 2.12
==== | ==== ==== ==== ==== ====
<FN>
- -------------------------
(a) Includes the interest component of Bruce Mansfield sale and leaseback
rentals, leased nuclear fuel in the reactor, and other miscellaneous
rentals.
</FN>