EX-12.8 48 ex12_8.htm EXHIBIT 12.8 - FIXED CHARGE RATIO - PENELEC ex12_8.htm
                               
EXHIBIT 12.8
  
                               
Page 1
  
PENNSYLVANIA ELECTRIC COMPANY
                                   
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                                   
     
Year Ended December 31,
       
2003
    
2004
    
2005
    
2006
    
2007
  
     
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                              
Income before extraordinary items
$
           20,237
  
$
           36,030
  
$
           27,553
  
$
           84,182
  
$
           92,938
  
Interest and other charges, before reduction for amounts capitalized
                          
 
and deferred
  
           37,660
    
           40,022
    
           39,900
    
           45,278
    
           54,840
  
Provision for income taxes
  
           24,836
    
           30,001
    
           16,613
    
           56,539
    
           64,015
  
Interest element of rentals charged to income (a)
  
             3,076
    
             3,016
    
             3,225
    
             3,247
    
             3,214
  
                                   
 
Earnings as defined
$
           85,809
  
$
         109,069
  
$
           87,291
  
$
         189,246
  
$
         215,007
  
                                   
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                              
Interest before reduction for amounts capitalized and deferred
$
           33,883
  
$
           40,022
  
$
           39,900
  
$
           45,278
  
$
           54,840
  
Subsidiary's preferred stock dividend requirements
  
             3,777
    
                     -
    
                     -
    
 -
    
                     -
  
Interest element of rentals charged to income (a)
  
             3,076
    
             3,016
    
             3,225
    
             3,247
    
             3,214
  
                                   
 
Fixed charges as defined
$
           40,736
  
$
           43,038
  
$
           43,125
  
$
           48,525
  
$
           58,054
  
                                   
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
2.11
    
2.53
    
2.02
    
3.90
    
3.70
  
                                   
                                   
                               
                                   
 
(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.
                                   
                                   
                                   
                                   
                                   


 
 
 
 

 
                             
EXHIBIT 12.8
  
                               
Page 2
  
PENNSYLVANIA ELECTRIC COMPANY
                                   
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
                                   
     
Year Ended December 31,
  
       
2003
    
2004
    
2005
    
2006
    
2007
  
     
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                              
Income before extraordinary items
$
           20,237
  
$
           36,030
  
$
           27,553
  
$
         84,182
  
$
       92,938
  
Interest and other charges, before reduction for amounts capitalized
                          
 
and deferred
  
           37,660
    
           40,022
    
           39,900
    
         45,278
    
       54,840
  
Provision for income taxes
  
           24,836
    
           30,001
    
           16,613
    
         56,539
    
       64,015
  
Interest element of rentals charged to income (a)
  
             3,076
    
             3,016
    
             3,225
    
           3,247
    
         3,214
  
                                   
 
Earnings as defined
$
           85,809
  
$
         109,069
  
$
           87,291
  
$
       189,246
  
$
     215,007
  
                                   
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
                          
 
PREFERRED STOCK DIVIDEND REQUIREMENTS
                              
 
(PRE-INCOME TAX BASIS):
                              
Interest before reduction for amounts capitalized and deferred
$
           33,883
  
$
           40,022
  
$
           39,900
  
$
         45,278
  
$
       54,840
  
Preferred stock dividend requirements
  
             3,777
    
                     -
    
                     -
    
                  -
    
                 -
  
Adjustments to preferred stock dividends
                              
 
to state on a pre-income tax basis
  
                     -
    
                     -
    
                     -
    
                  -
    
                 -
  
Interest element of rentals charged to income (a)
  
             3,076
    
             3,016
    
             3,225
    
           3,247
    
         3,214
  
                                   
Fixed charges as defined plus preferred stock
                              
 
dividend requirements (pre-income tax basis)
$
           40,736
  
$
           43,038
  
$
           43,125
  
$
         48,525
  
$
       58,054
  
                                   
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                          
 
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
                          
 
(PRE-INCOME TAX BASIS)
  
2.11
    
2.53
    
2.02
    
3.90
    
3.70
  
                                   
                               
                                   
 
(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.