EXHIBIT 12.8
Page 1
PENNSYLVANIA ELECTRIC COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
------------------------------- Jan. 1- Nov. 7 Year Ended
1998 1999 2000 Nov. 6, 2001 Dec. 31, 2001 Dec. 31, 2002
--------- --------- -------- ------------ ------------- -------------
(Dollars in Thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items................... $ 58,590 $152,491 $ 39,250 $23,718 | $10,795 $ 50,910
Interest and other charges, before reduction |
for amounts capitalized........................... 65,114 45,149 48,544 40,998 | 7,052 42,373
Provision for income taxes.......................... 42,537 54,383 29,754 19,402 | 8,231 34,248
Interest element of rentals charged to income (a)... 4,970 4,306 3,020 891 | 311 1,849
-------- -------- -------- ------- | ------- --------
Earnings as defined............................... $171,211 $256,329 $120,568 $85,009 | $26,389 $129,380
======== ======== ======== ======= | ======= ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt.......................... $ 47,729 $ 31,837 $ 29,964 $28,751 | $ 3,972 $ 31,758
Other interest expense.............................. 8,197 4,359 11,546 6,008 | 1,979 3,061
Subsidiary's preferred stock dividend requirements.. 9,188 8,953 7,034 6,239 | 1,101 7,554
Interest element of rentals charged to income (a)... 4,970 4,306 3,020 891 | 311 1,849
-------- -------- -------- ------- | ------- --------
Fixed charges as defined.......................... $ 70,084 $ 49,455 $ 51,564 $41,889 | $ 7,363 $ 44,222
======== ======== ======== ======= | ======= ========
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED |
CHARGES............................................. 2.44 5.18 2.34 2.03 | 3.58 2.93
==== ==== ==== ==== | ==== ====
- -------------------------
<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 Year Ended
1998 1999 2000 Nov. 6, 2001 Dec. 31, 2001 Dec. 31, 2002
--------- --------- -------- ------------ ------------- -------------
(Dollars in Thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items.................... $ 58,590 $152,491 $ 39,250 $23,718 | $10,795 $ 50,910
Interest and other charges, before reduction |
for amounts capitalized............................ 65,114 45,149 48,544 40,998 | 7,052 42,373
Provision for income taxes........................... 42,537 54,383 29,754 19,402 | 8,231 34,248
Interest element of rentals charged to income (a).... 4,970 4,306 3,020 891 | 311 1,849
-------- -------- -------- ------- | ------- --------
Earnings as defined................................ $171,211 $256,329 $120,568 $85,009 | $26,389 $129,380
======== ======== ======== ======= | ======= ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS |
PREFERRED STOCK DIVIDEND REQUIREMENTS |
(PRE-INCOME TAX BASIS): |
Interest on long-term debt........................... $ 47,729 $ 31,837 $ 29,964 $28,751 | $ 3,972 $ 31,758
Other interest expense............................... 8,197 4,359 11,546 6,008 | 1,979 3,061
Preferred stock dividend requirements................ 9,883 9,107 7,034 6,239 | 1,101 7,554
Adjustments to preferred stock dividends to |
state on a pre-income tax basis.................... 505 55 -- -- | -- --
Interest element of rentals charged to income (a).... 4,970 4,306 3,020 891 | 311 1,849
-------- -------- -------- ------- | ------- --------
Fixed charges as defined plus preferred stock |
dividend requirements (pre-income tax basis)..... $ 71,284 $ 49,664 $ 51,564 $41,889 | $ 7,363 $ 44,222
======== ======== ======== ======= | ======= ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES |
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS |
(PRE-INCOME TAX BASIS)............................. 2.40 5.16 2.34 2.03 | 3.58 2.93
==== ==== ==== ==== | ==== ====
- -------------------------
<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>