Exhibit 12
NEVADA POWER COMPANY
Ratio of Earnings to Fixed Charges and Preferred Dividends
(Dollars in Thousands)
Combined Proforma
NevPwr Spr Combined
Twelve Months Ended 3/1/99 3/31/99 Adjust 3/31/99
---------- ---------- --------- ----------
Interest
long term debt 81,236 44,502 36,864 162,602
other interest 7,463 8,355 15,818
one third rentals 813 2,127 2,940
---------- ---------- --------- ----------
total fixed charges 89,512 54,984 36,864 181,360
---------- ---------- --------- ----------
Preferred dividends
requirements 172 5,459 -172 5,459
Ratio of income before
tax to net income 1.54 1.49 -- 1.56
---------- ---------- --------- ----------
total 265 8,134 -- 8,516
---------- ---------- --------- ----------
Total fixed charges
and preferred
dividends 89,777 63,118 -- 189,876
---------- ---------- --------- ----------
---------- ---------- --------- ----------
EARNINGS
Net income (before
preferred dividend
requirements) 81,220 81,618 -34,155 128,683
Add
fixed charges
(from above) 89,512 54,984 36,864 181,360
taxes on income 44,150 40,270 -12,902 71,518
---------- ---------- --------- ----------
Total earnings for
purpose of ratio 214,882 176,872 -10,193 381,561
---------- ---------- --------- ----------
---------- ---------- --------- ----------
Ratio of earnings
to fixed charges and
preferred dividends 2.39 2.80 -- 2.01
---------- ---------- --------- ----------
---------- ---------- --------- ----------
NEVADA POWER COMPANY
Ratio of Earnings to Fixed Charges and Preferred Dividends
(Dollars in Thousands)
Combined Proforma
NevPwr Spr Combined
Twelve Months Ended 1998 1998 Adjust 1998
---------- ---------- --------- ----------
FIXED CHARGES:
Interest
long term debt 79,787 44,567 36,864 161,218
other interest 6,018 7,659 13,677
one third rentals 1,132 2,093 3,225
---------- ---------- --------- ----------
total fixed charges 86,937 54,319 36,864 178,120
---------- ---------- --------- ----------
Preferred dividends
requirements 174 5,459 -174 5,459
Ratio of income before
tax to net income 1.54 1.50 -- 1.56
---------- ---------- --------- ----------
total 268 8,189 -- 8,516
---------- ---------- --------- ----------
Total fixed charges
and preferred
dividends 87,205 62,508 -- 186,636
---------- ---------- --------- ----------
---------- ---------- --------- ----------
EARNINGS
Net income (before
preferred dividend
requirements) 83,673 82,780 -34,155 132,298
Add
fixed charges
(from above) 86,937 54,319 36,864 178,120
taxes on income 45,471 41,632 -12,902 74,201
---------- ---------- --------- ----------
Total earnings for
purpose of ratio 216,081 178,731 -10,193 384,619
---------- ---------- --------- ----------
---------- ---------- --------- ----------
Ratio of earnings
to fixed charges and
preferred dividends 2.48 2.86 -- 2.06
---------- ---------- --------- ----------
---------- ---------- --------- ----------
NEVADA POWER COMPANY
Ratio of Earnings to Fixed Charges and Preferred Dividends
(Dollars in Thousands)
Nevada Power Company historical (stand-alone)
Twelve Months Ended 1994 1995 1996 1997 1998 3/31/99
---------- ---------- --------- ---------- ---------- ---------
Interest
long term debt 56,537 59,900 60,964 70,267 79,787 81,236
other interest 2,572 1,566 2,584 1,531 6,018 7,463
one third rentals 1,203 807 961 982 1,132 813
---------- ---------- --------- ---------- ---------- ---------
total fixed charges 60,312 62,273 64,509 72,780 86,937 89,512
---------- ---------- --------- ---------- ---------- ---------
Preferred dividends
requirements 3,976 3,966 3,956 1,125 174 172
Ratio of income before
tax to net income 1.55 1.49 1.54 1.54 1.54 1.54
---------- ---------- --------- ---------- ---------- ---------
total 6,148 5,913 6,107 1,736 268 265
---------- ---------- --------- ---------- ---------- ---------
Total fixed charges
and preferred
dividends 66,460 68,186 70,616 74,516 87,205 89,777
---------- ---------- --------- ---------- ---------- ---------
---------- ---------- --------- ---------- ---------- ---------
EARNINGS
Net income (before
preferred dividend
requirements) 81,870 76,971 78,868 83,216 83,673 81,220
Add
fixed charges
(from above) 60,312 62,273 64,509 72,780 86,937 89,512
taxes on income 44,716 37,791 42,884 45,225 45,471 44,150
---------- ---------- --------- ---------- ---------- ---------
Total earnings for
purpose of ratio 186,898 177,035 186,261 201,221 216,081 214,882
---------- ---------- --------- ---------- ---------- ---------
---------- ---------- --------- ---------- ---------- ---------
Ratio of earnings
to fixed charges and
preferred dividends 2.81 2.60 2.64 2.70 2.48 2.39
---------- ---------- --------- ---------- ---------- ---------
---------- ---------- --------- ---------- ---------- ---------