EX-12 5 a2138874zex-12.htm EXHIBIT 12
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Exhibit 12

Public Service Company of New Hampshire
Ratio of Earnings to Fixed Charges
(Thousands of Dollars)

 
    
   Year Ended December 31,
  
 
   Three Months
Ended
March 31, 2004
  
 
   1999
   2000
   2001
   2002
   2003
  
Net income/(loss)   11,760   84,209   (146,666 ) 81,776   62,897   45,624  
  Income tax expense   6,675   40,724   45,012   38,571   40,279   29,773  
  Equity in earnings of regional nuclear generating and transmission companies   26   (1,112 ) (1,896 ) (473 ) (1,331 ) (353 )
  Minority interest   —   —   —   —   —   —  
  Fixed charges, as below   11,785   53,779   43,433   54,270   51,417   47,251  
   
 
 
 
 
 
 
Total earnings, as defined   30,246   177,600   (60,117 ) 174,144   153,262   122,295  
   
 
 
 
 
 
 

Fixed charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest on long-term debt   4,007   42,728   37,510   30,201   16,752   15,408  
  Interest on rate-reduction bonds   6,957   —   —   20,721   30,499   29,081  
  Amortized premiums, discounts and capitalized expenses related to indebtness-   284   2,446   447   440   1,125   1,135  
  Other interest   312   547   47   22   1,874   727  
  Rental interest factor—capital   75   400   300   300   300   300  
  Rental interest factor—1/3 operating   150   1,033   1,167   1,300   867   600  
  Preference security dividend requirements of consolidated subsidiaries   —   6,625   3,962   1,286   —   —  
   
 
 
 
 
 
 
Total fixed charges, as defined   11,785   53,779   43,433   54,270   51,417   47,251  
   
 
 
 
 
 
 

Ratio of Earnings to Fixed Charges
 
2.57
 
3.30
 
(1.38
)
3.21
 
2.98
 
2.59
 
   
 
 
 
 
 
 



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