Exhibit 12
PP&L RESOURCES, INC. AND SUBSIDIARIES
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
12 Months
Ended 12 Months Ended
September 30, December 31,
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1999(a) 1998(a) 1997 1996 1995 1994
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Fixed charges, as defined:
Interest on long-term debt............................. $ 220 $ 203 $ 196 $ 207 $ 213 $ 214
Interest on short-term debt
and other interest.................................. 51 33 26 17 18 18
Amortization of debt discount, expense
and premium - net.................................... 3 2 2 2 2 2
Interest on capital lease obligations
Charged to expense................................. 8 8 9 13 15 12
Capitalized........................................ 1 2 2 2 2 1
Estimated interest component of
operating rentals.................................... 20 18 15 8 8 6
Proportionate share of fixed charges
of 50-percent-or-less-owned persons.................. 1 1 1 1 1 1
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Total fixed charges............................ $ 304 $ 267 $ 251 $ 250 $ 259 $ 254
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Earnings, as defined:
Net income............................................. $ 433 $ 379 $ 296 $ 329 $ 323 $ 216
Preferred and Preference Stock
Dividend Requirements (b)............................ 25 25 24 28 28 28
Less undistributed income of less
than 50-percent-owned persons........................ - - - - - -
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458 404 320 357 351 244
Add (Deduct):
Income taxes........................................... 150 259 238 253 286 180
Amortization of capitalized interest
on capital leases...................................... 2 2 2 4 5 9
Total fixed charges as above
(excluding capitalized interest
on capital lease obligations)........................ 303 265 248 248 257 253
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Total earnings................................. $ 913 $ 930 $ 808 $ 862 $ 899 $ 686
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Ratio of earnings to fixed
charges................................................ 3.00 3.48 3.22 3.45 3.47 2.70
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(a) Excluding extraordinary items and deferred tax adjustments related to
securitization.
(b) Includes distributions on company-obligated mandatorily redeemable
preferred securities of subsidiary trusts holding solely company
debentures.
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