EX-12.2 8 exhibit12-2.htm EXHIBIT 12.2 exhibit12-2.htm
EXHIBIT 12.2
NEVADA POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)


     
Year Ended December 31,
  
     
2008
    
2007
    
2006
    
2005
    
2004
  
                                 
EARNINGS AS DEFINED:
                              
 
Income (Loss) From Continuing Operations
                              
 
After Interest Charges
   $ 151,431     $ 165,694     $ 224,540     $ 132,734     $ 104,312  
 
Income Taxes
     71,382       78,352       117,510       63,995       56,572  
 
Income (Loss) From Continuing Operations
                                        
 
before Income Taxes
     222,813       244,046       342,050       196,729       160,884  
                                           
 
Fixed Charges
     210,067       190,836       190,333       159,776       145,055  
 
Capitalized Interest (allowance for borrowed funds used during construction)
     (20,063 )     (13,196 )     (11,614 )     (23,187 )     (5,738 )
                                           
 
Total
   $ 412,817     $ 421,686     $ 520,769     $ 333,318     $ 300,201  
                                           
FIXED CHARGES AS DEFINED:
                                        
 
Interest Expensed and Capitalized (1)
   $ 210,067     $ 190,836     $ 190,333     $ 159,776     $ 145,055  
 
Preference Security Dividend Requirements
                                        
 
Total
   $ 210,067     $ 190,836     $ 190,333     $ 159,776     $ 145,055  
                                           
RATIO OF EARNINGS TO FIXED CHARGES
     1.97       2.21       2.74       2.09       2.07  
                                           
(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 plus fixed charges (excluding capitalized interest).