Ratio of Earnings to Fixed Charges										Exhibit 12
(In thousands)
		Years Ended December 31,
Earnings, as defined:		2006		2005		2004		2003		2002
Net income/(loss) from continuing operations before
cumulative effect of accounting change	$	126,150	$	(266,576)	$	69,776	$	77,266	$	148,529
Income tax (benefit)/expense		(81,429)		(187,796)		21,765		19,879		72,682
Equity in earnings of regional nuclear
generating and transmission companies		(334)		(3,311)		(2,592)		(4,487)		(11,215)
Dividends received from regional equity investees		2,145		687		3,879		8,904		11,056
Fixed charges, as below		258,524		260,907		236,500		228,908		290,590
Interest capitalized (not including AFUDC)		-		-		-		-		(2,085)
Preferred dividend security requirements of
consolidated subsidiaries		(9,265)		(9,265)		(9,265)		(9,265)		(9,265)
Total earnings/(loss), as defined	$	295,791	$	(205,354)	$	320,063	$	321,205	$	500,292
Fixed charges, as defined:
Interest on long-term debt	$	141,579	$	131,870	$	107,365	$	88,700	$	134,471
Interest on rate reduction bonds		74,242		87,439		98,899		108,359		115,791
Other interest		22,217		19,755		8,762		10,398		16,998
Rental interest factor		5,300		6,733		7,067		7,366		5,433
Amortized premiums, discounts and
capitalized expenses related to indebtedness		5,921		5,845		5,142		4,820		6,547
Preferred dividend security requirements of
consolidated subsidiaries		9,265		9,265		9,265		9,265		9,265
Interest capitalized (not including AFUDC)		-		-		-		-		2,085
Total fixed charges, as defined	$	258,524	$	260,907	$	236,500	$	228,908	$	290,590
Ratio of Earnings to Fixed Charges		1.14		(0.79)	(a)	1.35		1.40		1.72
(a) Earnings were inadequate to cover fixed charges by $466.4 million for the year ended December 31, 2005.