EX-12.1 3 c54440_ex12-1.htm exh12-1.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

EXHIBIT 12.1

PSEG POWER LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

   
For the Six
                                         
   
Months Ended
 
For the Years Ended
    June 30,  
December 31,
    2008            2007            2007            2006              
2005
          
2004
          
2003
   
(Millions, except ratios)
Earnings as Defined in Regulation S-K (A):                                                          
 
Pre-tax Income from Continuing Operations   $         867     $         692     $ 1,590     $           878     $         752     $         594     $         815  
Fixed Charges     104       89       193         190       197       198       219  
Capitalized Interest     (15 )     (8 )     (23 )       (30 )     (89 )     (107 )     (106 )
Preferred Stock Dividend Requirements     —       —       —         —       —       —       —  
 
Total Earnings   $ 956     $ 773     $ 1,760     $   1,038     $ 860     $ 685     $ 928  
 
Fixed Charges as Defined in Regulation S-K (B)                                                          
 
 
Interest Expense   $ 103     $ 89     $ 192     $   189     $ 195     $ 197     $ 217  
Preferred Securities Dividend Requirements of                                                          
Subsidiaries     —       —       —         —       —       —       —  
 
Interest Factor in Rentals     1       —       1         1       2       1       2  
 
Total Fixed Charges   $ 104     $ 89     $ 193     $   190     $ 197     $ 198     $ 219  
 
                                                           
Ratio of Earnings to Fixed Charges     9.19       8.69       9.12         5.46       4.37       3.46       4.24  

 

(A)     The term "earnings" shall be defined as pre-tax Income from Continuing Operations. Add to pre-tax income the amount of fixed charges adjusted to exclude the amount of any interest capitalized during the period.
     
(B)   Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount, premium and expense and (c) an estimate of interest implicit in rentals.