EX-12 9 exhibit12clp.htm RATIO OF EARNINGS CL&P Exhibit 12 - CL&P





The Connecticut Light and Power Company

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

(In thousands)

 

Six Months
Ended

 

 

 

 

June 30, 2008

 

Year Ended December 31,

Earnings, as defined:

 

(unaudited)

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net income

 

$          92,323 

 

$        133,564 

 

$        200,007 

 

$         94,845 

 

$          88,016 

 

$          68,908 

   Income tax expense/(benefit)

 

37,453 

 

52,353 

 

 (43,961)

 

32,174 

 

45,539 

 

18,135 

   Equity in (earnings)/losses of regional
    nuclear generating companies

 

 (200)

 

 (1,901)

 

854 

 

 (1,153)

 

 (568)

 

 (1,776)

   Dividends received from regional
     equity investees

 

 

2,596 

 

1,407 

 

412 

 

2,577 

 

6,359 

   Fixed charges, as below

 

81,168 

 

155,557 

 

131,923 

 

133,321 

 

119,857 

 

119,550 

   Less: Interest capitalized
     (including AFUDC)

 

 (6,697)

 

 (10,924)

 

 (6,610)

 

 (6,719)

 

 (3,110)

 

 (2,976)

 Total earnings, as defined

 

$        204,047 

 

$        331,245 

 

$        283,620 

 

$        252,880 

 

$        252,311 

 

$        208,200 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

 

$         48,999 

 

$          84,292 

 

$          64,873 

 

$          59,019 

 

$          43,308 

 

$          39,815 

   Interest on rate reduction bonds

 

15,811 

 

37,728 

 

46,692 

 

55,796 

 

63,667 

 

70,284 

   Other interest (b)

 

6,561 

 

16,413 

 

6,281 

 

5,220 

 

3,072 

 

508 

   Rental interest factor

 

3,100 

 

6,200 

 

7,467 

 

6,567 

 

6,700 

 

5,967 

   Interest capitalized (including AFUDC)

 

6,697 

 

10,924 

 

6,610 

 

6,719 

 

3,110 

 

2,976 

 Total fixed charges, as defined

 

$          81,168 

 

$        155,557 

 

$        131,923 

 

$        133,321 

 

$        119,857 

 

$        119,550 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.51 

 

2.13 

 

2.15 

 

1.90 

 

2.11 

 

1.74 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Interest on long-term debt amounts include amortized premiums, discounts and capitalized expenses related to indebtedness.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

For the six months ended June 30, 2008 and for the year ended December 31, 2007, other interest includes interest expense related to Financial Accounting Standards Board Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an Interpretation of FASB Statement No. 109."