EX-12.A 3 pseg-12312013xq4ex12a.htm POWER EARNINGS TO FIXED CHARGES PSEG-12/31/2013-Q4 EX 12a


EXHIBIT 12.a

PSEG POWER LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended
 
 
 
 
December 31,
 
 
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
 
 
(Millions, except ratios)
 
 
Earnings as Defined in Regulation S-K (A):
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax Income from Continuing Operations
 
$
1,063

 
$
1,099

 
$
1,703

 
$
1,932

 
$
1,969

 
 
(Income) Loss from Equity Investees, net of Distributions
 
(10
)
 
(6
)
 
(12
)
 
(8
)
 
(7
)
 
 
Fixed Charges
 
143

 
164

 
208

 
238

 
221

 
 
Capitalized Interest
 
1

 
(6
)
 
(10
)
 
(63
)
 
(43
)
 
 
Total Earnings
 
$
1,197

 
$
1,251

 
$
1,889

 
$
2,099

 
$
2,140

 
 
Fixed Charges as Defined in Regulation S-K (B)
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
139

 
$
161

 
$
205

 
$
235

 
$
219

 
 
Interest Factor in Rentals
 
4

 
3

 
3

 
3

 
2

 
 
Total Fixed Charges
 
$
143

 
$
164

 
$
208

 
$
238

 
$
221

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
8.37

 
7.63

 
9.08

 
8.82

 
9.68

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(A)
The term "earnings" shall be defined as pre-tax Income from Continuing Operations. Add to pre-tax income the amount of fixed charges adjusted to exclude the amount of any interest capitalized during the period.
(B)
Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount, premium and expense and (c) an estimate of interest implicit in rentals.