EX-12.3 4 exhibit12-3.htm EXHIBIT 12.3 exhibit12-3.htm
EXHIBIT 12.3
SIERRA PACIFIC POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)



       
Three Months Ended
    
     
March 31,
  
Year ended December 31,
   
 
2008
  
2007
  
2007
  
2006
  
2005
  
2004
  
2003
                               
EARNINGS AS DEFINED:
                          
 
Income (Loss) From Continuing Operations
                          
   
After Interest Charges
$   24,284
  
$ 21,968
  
$  65,667
  
$  57,709
  
$  52,074
  
$  18,577
  
$  (23,275)
 
Income Taxes
     13,233
  
     9,571
  
    26,009
  
    27,829
  
    28,379
  
         325
  
    (12,237)
 
Income (Loss) From Continuing Operations
                          
   
before Income Taxes
     37,517
  
   31,539
  
    91,676
  
    85,538
  
    80,453
  
   18,902
  
    (35,512)
                               
 
Fixed Charges
     21,445
  
  18,486
  
    75,655
  
    79,093
  
    72,652
  
    67,685
  
    101,514
 
Capitalized Interest (allowance for borrowed funds used during construction)
        
(3,797)
  
      
(2,784)
  
     
(12,771)
  
       
(5,505)
  
      
 (1,504)
  
       
(2,849)
  
         
(3,276)
                               
    Total
$   55,165
  
$ 47,241
  
$154,560
  
$159,126
  
$151,601
  
$  83,738
  
$    62,726
                               
FIXED CHARGES AS DEFINED:
$   21,445
  
$ 18,486
  
$  75,655
  
$  79,093
  
$  72,652
  
$  67,685
  
$  101,514
 
Interest Expensed and Capitalized (1)
               -
  
             -
  
              -
  
              -
  
              -
  
              -
  
                -
                               
   
Total
$   21,445
  
   18,486
  
    75,655
  
    79,093
  
    72,652
  
$  67,685
  
$  101,514
                               
RATIO OF EARNINGS TO FIXED CHARGES
2.57
  
       2.56
  
        2.04
  
        2.01
  
        2.09
  
1.24
    
                               
 
DEFICIENCY
$             -
  
$           -
  
$            -
  
$            -
  
$            -
  
$            -
  
$    38,788
                               
                               
                               
(1)
Includes amortization of premiums, discounts, and capitalized debt expense and interest component of rent expense.
      

For the purpose of calculating the ratios of earnings to fixed charges, “Fixed charges” represent the aggregate of interest charges on short-term and long-term debt (whether expensed or capitalized) and the portion of rental expense deemed attributable to interest.  “Earnings” represents pre-tax income (or loss) from continuing operations before pre-tax preferred stock dividend requirement and fixed charges (excluding capitalized interest).