Ratio of Earnings to Fixed Charges										Exhibit 12
(In thousands)
		Years Ended December 31,
Earnings, as defined:		2007		2006		2005		2004		2003
Net income/(loss) from continuing operations before
cumulative effect of accounting change	$	245,896	$	132,936	$	(256,903)	$	70,423	$	77,105
Income tax expense/(benefit)		109,420		(76,326)		(184,862)		22,388		19,751
Equity in earnings of regional nuclear
generating and transmission companies		(3,983)		(334)		(3,311)		(2,592)		(4,487)
Dividends received from regional equity investees		4,542		2,145		687		3,879		8,904
Fixed charges, as below		264,311		258,682		260,428		236,324		228,764
Preferred dividend security requirements of
consolidated subsidiaries		(9,265)		(9,265)		(9,265)		(9,265)		(9,265)
Total earnings/(loss), as defined	$	610,921	$	307,838	$	(193,226)	$	321,157	$	320,772
Fixed charges, as defined:
Interest on long-term debt	$	162,841	$	141,579	$	131,870	$	107,365	$	88,700
Interest on rate reduction bonds		61,580		74,242		87,439		98,899		108,359
Other interest		15,824		22,375		19,276		8,586		10,254
Rental interest factor		8,533		5,300		6,733		7,067		7,366
Amortized premiums, discounts and
capitalized expenses related to indebtedness		6,268		5,921		5,845		5,142		4,820
Preferred dividend security requirements of
consolidated subsidiaries		9,265		9,265		9,265		9,265		9,265
Total fixed charges, as defined	$	264,311	$	258,682	$	260,428	$	236,324	$	228,764
Ratio of Earnings to Fixed Charges		2.31		1.19		(0.74)	(a)	1.36		1.40
(a) Earnings were inadequate to cover fixed charges by $453.7 million for the year ended December 31, 2005.