EX-12 10 exh12clp.htm EXH. 12 CL&P Exh 12 CL&P





The Connecticut Light and Power Company

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Thousands of Dollars)

 

Nine Months

 

 

 

 

 

 

 

 

 

 

 

 

Ended

For the Years Ended December 31,

 

 

September 30, 2010

 

2009

 

2008

 

2007

 

2006

 

2005

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 Net income

$

161,543 

$

216,316 

$

191,158 

$

133,564 

$

200,007 

$

94,845 

   Income tax expense/(benefit)

 

101,739 

 

118,847 

 

77,852 

 

52,353 

 

(43,961)

 

32,174 

   Equity in (earnings)/losses of regional

 

 

 

 

 

 

 

 

 

 

 

 

     nuclear generating companies

 

(101)

 

(282)

 

(366)

 

(1,901)

 

854 

 

(1,153)

   Dividends received from regional equity

 

 

 

 

 

 

 

 

 

 

 

 

      investees

 

 

1,520 

 

 

2,596 

 

1,407 

 

412 

   Fixed charges, as below

 

118,860 

 

163,887 

 

165,170 

 

155,557 

 

131,923 

 

133,321 

   Less: Interest capitalized (including AFUDC)

 

(2,045)

 

(2,203)

 

(12,991)

 

(10,924)

 

(6,610)

 

(6,719)

 Total earnings, as defined

$

379,996 

$

498,085 

$

420,823 

$

331,245 

$

283,620 

$

252,880 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

100,918 

$

133,422 

$

104,954 

$

84,292 

$

64,873 

$

59,019 

   Interest on rate reduction bonds

 

6,805 

 

19,061 

 

29,129 

 

37,728 

 

46,692 

 

55,796 

   Other interest (b)

 

4,692 

 

3,334 

 

12,163 

 

16,413 

 

6,281 

 

5,220 

   Rental interest factor

 

4,400 

 

5,867 

 

5,933 

 

6,200 

 

7,467 

 

6,567 

   Interest capitalized (including AFUDC)

 

2,045 

 

2,203 

 

12,991 

 

10,924 

 

6,610 

 

6,719 

 Total fixed charges, as defined

$

118,860 

$

163,887 

$

165,170 

$

155,557 

$

131,923 

$

133,321 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

3.20 

 

3.04 

 

2.55 

 

2.13 

 

2.15 

 

1.90 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Interest on long-term debt amounts include amortized premiums, discounts and capitalized expenses related to indebtedness.

 

 

 

 

 

(b)

For the nine months ended September 30, 2010 and for the years ended December 31, 2009, 2008 and 2007, other interest includes interest related to accounting for uncertain tax positions.