Exhibit 12(b)
PPL ELECTRIC UTILITIES CORPORATION AND SUBSIDIARIES, CONSOLIDATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
1999 1998 1997 1996 1995
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Fixed charges, as defined:
Interest on long-term debt..................................... $205 $188 $195 $207 $213
Interest on short-term debt and other interest................. 10 14 17 11 18
Amortization of debt discount, expense and premium - net....... 5 2 2 2 2
Interest on capital lease obligations
Charged to expense......................................... 9 8 9 13 15
Capitalized ............................................... 1 2 2 2 2
Estimated interest component of operating rentals.............. 19 18 15 8 8
Proportionate share of fixed charges
of 50-percent-or-less-owned persons ......................... 1 1 1 1 1
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Total fixed charges.................................... $250 $233 $241 $244 $259
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Earnings, as defined:
Net income (a)................................................. $444 $409 $348 $357 $352
Less undistributed income of less
than 50-percent-owned persons................................ -- -- -- -- --
---- ---- ---- ---- ----
444 409 348 357 352
Add (Deduct):
Income taxes .................................................. 151 273 248 251 287
Amortization of capitalized interest on capital leases......... 2 2 2 4 6
Total fixed charges as above
(excluding capitalized interest
on capital lease obligations)................................ 249 231 239 243 257
---- ---- ---- ---- ----
Total earnings......................................... $846 $915 $837 $855 $902
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Ratio of earnings to fixed charges (b)........................... 3.38 3.93 3.47 3.50 3.48
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(a) 1999 and 1998 net income excluding extraordinary items.
(b) Based on earnings excluding one-time adjustments, the ratio of earnings to
fixed charges are: 1999, 3.09; 1998, 3.52; and 1995, 3.09.