EXHIBIT 12B
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
STATEMENT SHOWING COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO
OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year Ended December 31,
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1999 1998 1997 1996 1995
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A. Net Income (Loss) per
Statements of Income . . $ (2,062) $(120,825) $183,335 $110,390 $248,036
B. Taxes Based on Income or
Profits. . . . . . . . . 6,064 (66,728) 126,595 66,221 159,393
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C. Earnings, Before Income
Taxes. . . . . . . . . . 4,002 (187,553) 309,930 176,611 407,429
D. Fixed Charges (a) 518,165 433,313 304,451 308,323 314,973
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E. Earnings Before Income
Taxes and Fixed Charges. 522,167 245,760 614,381 484,934 722,402
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PREFERRED DIVIDEND FACTOR:
F. Preferred Dividend
Requirements . . . . . . $ 36,808 $ 36,555 $ 37,397 $ 38,281 $ 39,596
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G. Ratio of Pre-Tax Income
to Net Income (C/A). . . N/A N/A 1.69 1.60 1.64
H. Preferred Dividend Factor
(FxG) . . . . . . . . . $ 36,808 $ 36,555 $ 63,201 $ 61,250 $ 64,937
I. Fixed Charges . . . . . 518,165 433,313 304,451 308,323 314,973
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J. Fixed Charges and Preferred
Dividends Combined . . . $554,973 $ 469,868 $367,652 $369,573 $379,910
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K. Ratio of Earnings to
Fixed Charges (E/D). . . 1.01 0.57 2.02 1.57 2.29
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L. Ratio of Earnings to Fixed
Charges and Preferred
Dividends Combined (E/J) 0.94 0.52 1.67 1.31 1.90
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(a) Includes a portion of rentals deemed representative of the interest
factor: $25,673, $25,907 for 1998, $26,149 for 1997, $26,600 for 1996,
and $27,312 for 1995.
N/A - Not applicable due to net loss displayed in line A.