Exhibit No. 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.

	Year Ended December 31,
	2008		2007		2006		2005		2004
	(dollars in millions)
Earnings as defined for fixed charges calculation
Add:
Pre-tax income from continuing operations(a)	$	1,993	$	2,078	$	1,421	$	1,169	$	723
Fixed charges		883		797		1,382		1,159		1,433
Distributed income of equity investees		195		147		893		473		140
Deduct:
Preference security dividend requirements of consolidated subsidiaries		—		—		27		27		31
Interest capitalized(b)		93		71		56		23		18
Total earnings (as defined for the Fixed Charges calculation)	$	2,978	$	2,951	$	3,613	$	2,751	$	2,247
Fixed charges:
Interest on debt, including capitalized portions	$	834	$	756	$	1,311	$	1,096	$	1,365
Estimate of interest within rental expense		49		41		44		36		37
Preference security dividend requirements of consolidated subsidiaries		—		—		27		27		31
Total fixed charges	$	883	$	797	$	1,382	$	1,159	$	1,433
Ratio of earnings to fixed charges		3.4		3.7		2.6		2.4		1.6

(a) Excludes minority interest expense and income or loss from equity investees.

(b) Excludes equity costs related to Allowance for Funds Used During Construction that are included in Other Income and Expenses in the Consolidated Statements of Operations.