EX-12.1 3 c58983_ex12-1.htm

EXHIBIT 12.1

PSEG POWER LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months
September 30,

 

For the Years Ended
December 31,

 

 

2009

 

2008

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

 

(Millions, except ratios)

Earnings as Defined in Regulation S-K (A):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax Income from Continuing Operations

 

$

1,529

 

$

1,414

 

$

1,711

 

$

1,590

 

$

878

 

$

752

 

$

594

Fixed Charges

 

 

140

 

 

159

 

 

197

 

 

193

 

 

190

 

 

197

 

 

198

Capitalized Interest (B)

 

 

(20)

 

 

(33)

 

 

(31)

 

 

(23)

 

 

(30)

 

 

(89)

 

 

(107)

Preferred Stock Dividend Requirements

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

Total Earnings

 

$

1,649

 

$

1,540

 

$

1,877

 

$

1,760

 

$

1,038

 

$

860

 

$

685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges as Defined in Regulation S-K

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

$

139

 

$

158

 

$

195

 

$

192

 

$

189

 

$

195

 

$

197

Interest Factor in Rentals

 

 

1

 

 

1

 

 

2

 

 

1

 

 

1

 

 

2

 

 

1

Preferred Stock Dividend Requirements

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

Total Fixed Charges

 

$

140

 

$

159

 

$

197

 

$

193

 

$

190

 

$

197

 

$

198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

11.78

 

 

9.69

 

 

9.53

 

 

9.12

 

 

5.46

 

 

4.37

 

 

3.46

 

 

(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.