Exhibit 12(d)
LOUISVILLE GAS AND ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
			Year		Year		Year		Year		Year
			Ended		Ended		Ended		Ended		Ended
			Dec. 31,		Dec. 31,		Dec. 31,		Dec. 31,		Dec. 31,
			2015		2014		2013		2012		2011
Earnings, as defined:
	Income Before Income Taxes		$	299	$	272	$	257	$	192	$	195
	Total fixed charges as below			61		51		36		44		46
		Total earnings	$	360	$	323	$	293	$	236	$	241
Fixed charges, as defined:
	Interest charges (a) (b)		$	57	$	49	$	34	$	42	$	44
	Estimated interest component of
	operating rentals			4		2		2		2		2
		Total fixed charges	$	61	$	51	$	36	$	44	$	46
Ratio of earnings to fixed charges				5.9		6.3		8.1		5.4		5.2

(a)	Includes interest on long-term and short-term debt, as well as amortization of debt discount, expense and premium - net.
(b)	Includes a credit for amortization of a fair market value adjustment of $7 million in 2013.

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