EXHIBIT 12.8
Page 1
PENNSYLVANIA ELECTRIC COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
------------------------------------------------
Jan 1- Nov. 7-
Nov. 6, Dec. 31,
1997 1998 1999 2000 2001 2001
---- ---- ---- ---- ---- ----
(Dollars in Thousands)
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items.................. $ 95,023 $ 58,590 $152,491 $ 39,250 $23,718 | $10,795
Interest and other charges, before reduction |
for amounts capitalized.......................... 66,651 65,114 45,149 48,544 40,998 | 7,052
Provision for income taxes......................... 71,299 42,537 54,383 29,754 19,402 | 8,231
Interest element of rentals charged to |
income (a)....................................... 4,236 4,970 4,306 3,020 891 | 311
-------- -------- -------- -------- ------- | -------
Earnings as defined............................ $237,209 $171,211 $256,329 $120,568 $85,009 | $26,389
======== ======== ======== ======== ======= | =======
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt......................... $ 49,125 $ 47,729 $ 31,837 $ 29,964 $28,751 | $ 3,972
Other interest expense............................. 8,338 8,197 4,359 11,546 6,008 | 1,979
Subsidiary's preferred stock dividend |
requirements..................................... 9,188 9,188 8,953 7,034 6,239 | 1,101
Interest element of rentals charged to |
income (a)....................................... 4,236 4,970 4,306 3,020 891 | 311
-------- -------- -------- -------- ------- | -------
Fixed charges as defined......................... $ 70,887 $ 70,084 $ 49,455 $ 51,564 $41,889 | $ 7,363
======== ======== ======== ======== ======= | =======
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED |
CHARGES............................................ 3.35 2.44 5.18 2.34 2.03 | 3.58
==== ==== ==== ==== ==== | ====
<FN>
- -------------------------
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined
interest element can be determined.
</FN>
EXHIBIT 12.8
Page 2
PENNSYLVANIA ELECTRIC COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
Year Ended December 31,
------------------------------------------------
Jan 1- Nov. 7-
Nov. 6, Dec. 31,
1997 1998 1999 2000 2001 2001
---- ---- ---- ---- ---- ----
(Dollars in Thousands)
|
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items.................. $ 95,023 $ 58,590 $152,491 $ 39,250 $23,718 | $10,795
Interest and other charges, before |
reduction for amounts capitalized................ 66,651 65,114 45,149 48,544 40,998 | 7,052
Provision for income taxes......................... 71,299 42,537 54,383 29,754 19,402 | 8,231
Interest element of rentals charged to |
income (a)....................................... 4,236 4,970 4,306 3,020 891 | 311
-------- -------- -------- -------- ------- | -------
Earnings as defined.............................. $237,209 $171,211 $256,329 $120,568 $85,009 | $26,389
======== ======== ======== ======== ======= | =======
|
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS |
PREFERRED STOCK DIVIDEND REQUIREMENTS |
(PRE-INCOME TAX BASIS): |
Interest on long-term debt......................... $ 49,125 $ 47,729 $ 31,837 $ 29,964 $28,751 | $ 3,972
Other interest expense............................. 8,338 8,197 4,359 11,546 6,008 | 1,979
Preferred stock dividend requirements.............. 9,853 9,883 9,107 7,034 6,239 | 1,101
Adjustments to preferred stock dividends to |
state on a pre-income tax basis.................. 499 505 55 -- -- | --
Interest element of rentals charged to |
income (a)....................................... 4,236 4,970 4,306 3,020 891 | 311
-------- -------- -------- -------- ------- | -------
Fixed charges as defined plus preferred stock |
dividend requirements (pre-income tax basis)... $ 72,051 $ 71,284 $ 49,664 $ 51,564 $41,889 | $ 7,363
======== ======== ======== ======== ======= | =======
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES |
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS |
(PRE-INCOME TAX BASIS) .......................... 3.29 2.40 5.16 2.34 2.03 | 3.58
==== ==== ==== ==== ==== | ====
<FN>
- -------------------------
(a) Includes the interest element of rentals where determinable plus 1/3 of
rental expense where no readily defined interest element can be determined.
</FN>