EX-12 4 exh12nu.htm NU EXHIBIT 12 Exh 12 NU





Northeast Utilities

 

 

 

 

 

 

 

 

 

 

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/(loss) from continuing

 

 

 

 

 

 

 

 

 

 

 

 

 

     operations before cumulative

 

 

 

 

 

 

 

 

 

 

 

 

 

     effect of accounting change

$

262,884 

$

335,592 

$

266,387 

$

251,455 

$

138,495 

$

(251,344)

 

   Income tax expense/(benefit)

 

161,126 

 

179,947 

 

105,661 

 

109,420 

 

(76,326)

 

(184,862)

 

   Equity in earnings of regional nuclear

 

 

 

 

 

 

 

 

 

 

 

 

 

     generating and transmission

 

 

 

 

 

 

 

 

 

 

 

 

 

     companies

 

(798)

 

(1,762)

 

(1,637)

 

(3,983)

 

(334)

 

(3,311)

 

   Dividends received from regional equity

 

 

 

 

 

 

 

 

 

 

 

 

 

    investees

 

687 

 

3,794 

 

1,017 

 

4,542 

 

2,145 

 

687 

 

   Fixed charges, as below

 

220,199 

 

296,764 

 

304,374 

 

275,611 

 

267,243 

 

265,046 

 

   Less: Interest capitalized (including

 

 

 

 

 

 

 

 

 

 

 

 

 

     AFUDC)

 

(6,943)

 

(5,929)

 

(17,797)

 

(17,568)

 

(14,482)

 

(10,463)

 

   Preferred dividend security requirements

 

 

 

 

 

 

 

 

 

 

 

 

 

     of consolidated subsidiaries

 

(6,949)

 

(9,265)

 

(9,265)

 

(9,265)

 

(9,265)

 

(9,265)

 

Total earnings/(loss), as defined

$

630,206 

$

799,141 

$

648,740 

$

610,212 

$

307,476 

$

(193,512)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

173,594 

$

224,712 

$

193,883 

$

162,841 

$

141,579 

$

131,870 

 

   Interest on rate reduction bonds

 

16,985 

 

36,524 

 

50,231 

 

61,580 

 

74,242 

 

87,439 

 

   Other interest (b)

 

9,778 

 

12,401 

 

25,031 

 

15,824 

 

22,375 

 

19,276 

 

   Rental interest factor

 

5,950 

 

7,933 

 

8,167 

 

8,533 

 

5,300 

 

6,733 

 

   Preferred dividend security requirements

 

 

 

 

 

 

 

 

 

 

 

 

 

     of consolidated subsidiaries

 

6,949 

 

9,265 

 

9,265 

 

9,265 

 

9,265 

 

9,265 

 

   Interest capitalized (including AFUDC)

 

6,943 

 

5,929 

 

17,797 

 

17,568 

 

14,482 

 

10,463 

 

Total fixed charges, as defined

$

220,199 

$

296,764 

$

304,374 

$

275,611 

$

267,243 

$

265,046 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.86 

 

2.69 

 

2.13 

 

2.21 

 

1.15 

 

(0.73)

(c)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

 

(c)

Consolidated earnings were inadequate to cover fixed charges by $458.6 million for the year ended December 31, 2005.