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Exhibit 12-2
NEW YORK STATE ELECTRIC & GAS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
<Table>
<Caption>
Calendar Year
--------------------------------------------------------------
2002 2001 2000 1999 1998
---- ---- ---- ---- ----
(Thousands)
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Net Income $ 132,718 $ 194,807 $ 219,595 $ 206,134 $ 213,798
Add:
Income tax - current 52,420 140,764 $ 138,804 124,268 105,495
Income tax - deferred 37,973 14,932 500 120,535 31,902
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Pre-tax Income From Continuing Operations 223,111 350,503 358,899 450,937 351,195
Fixed Charges 94,715 105,391 105,203 129,433 124,874
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Earnings, as defined $ 317,826 $ 455,894 $ 464,102 $ 580,370 $ 476,069
========== ========== ========== ========== ==========
Fixed Charges:
Interest on long-term debt $ 62,752 $ 79,355 $ 81,027 $ 93,678 $ 98,916
Other interest 23,407 19,381 17,203 28,163 18,132
Amortization of premium
and expense on debt 7,509 5,280 5,439 6,374 6,507
Interest portion of
rental charges 1,047 1,375 1,534 1,218 1,319
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Fixed Charges, as defined $ 94,715 $ 105,391 $ 105,203 $ 129,433 $ 124,874
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Preferred Stock Dividends* $ 602 $ 637 $ 587 $ 5,538 $ 13,510
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Fixed Charges and
Preferred Stock Dividends $ 95,317 $ 106,028 $ 105,790 $ 134,971 $ 138,384
========== ========== ========== ========== ==========
Ratio of Earnings to Fixed
Charges and Preferred Stock Dividends 3.33 4.30 4.39 4.30 3.44
========== ========== ========== ========== ==========
</Table>
<Table>
<Caption>
Calendar Year
--------------------------------------------------------------
2002 2001 2000 1999 1998
---- ---- ---- ---- ----
(Thousands)
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* Preferred Stock Dividends have
been calculated as follows:
Total preferred stock dividends $ 396 $ 396 $ 396 $ 2,706 $ 8,583
Less - dividends deductible
for tax purposes 94 94 94 322 920
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$ 302 $ 302 $ 302 $ 2,384 $ 7,663
Ratio of pre-tax income
to net income 1.681 1.799 1.634 2.188 1.643
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$ 508 $ 543 $ 493 $ 5,216 $ 12,590
Deductible dividends 94 94 94 322 920
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$ 602 $ 637 $ 587 $ 5,538 $ 13,510
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