Exhibit 12

Ratio of Earnings to Fixed Charges – CL&P

(Thousands of Dollars)

	Six Months Ended June 30, 2004 (unaudited)		Year Ended December 31,
				2003		2002		2001		2000		1999
Net income (loss)		46,258		6 8,908		85,612		109,803		148,135		(13,568	)
Income tax expense		22,419		25,421		66,866		84,901		100,054		85,138
Equity in earnings of regional nuclear generating and transmission companies		22		(1,776	)	(5,982	)	(1,128	)	(8,246	)	(1,506	)
Minority interest		—		—		—		3,100		9,300		9,300
Fixed charges, as below		60,857		122,680		133,050		134,829		120,200		170,652
Total earnings, as defined		129,556		215,233		279,546		331,505		369,443		250,016
Fixed charges, as defined:
Interest on long-term debt		20,245		39,815		41,332		56,527		89,841		127,533
Interest on rate-reduction bonds		32,718		70,284		75,705		60,644		—		—
Amortized premiums, discounts and capitalized expenses related to indebtedness		993		2,081		2,229		2,374		2,765		5,201
Other interest		1,905		508		3,925		3,958		9,025		10,918
Rental interest factor – capital		1,000		2,000		2,000		3,400		7,900		9,400
Rental interest factor - 1/3 operating		1,217		2,433		2,300		2,367		3,267		4,767
Preference security dividend requirements of consolidated subsidiaries		2,779		5,559		5,559		5,559		7,402		12,833
Total fixed charges, as defined		60,857		122,680		133,050		134,829		120,200		170,652
Ratio of Earnings to Fixed Charges		2.13		1.75		2.10		2.46		3.07		1.47