EX-12 8 exhibit12clp.htm CLP EXH 12 Exhibit 12 CLP


The Connecticut Light and Power Company

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months

 

 

 

 

 

 

 

 

 

 

(Thousands of Dollars)

 

Ended

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2009

 

For the Years Ended December 31,

 

 

(unaudited)

 

2008

 

2007

 

2006

 

2005

 

2004

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Net income

$

158,074 

$

191,158 

$

133,564 

$

200,007 

$

94,845 

$

88,016 

   Income tax expense/(benefit)

 

87,178 

 

77,852 

 

52,353 

 

(43,961)

 

32,174 

 

45,539 

   Equity in (earnings)/losses of regional nuclear

 

 

 

 

 

 

 

 

 

 

 

 

     generating companies

 

(232)

 

(366)

 

(1,901)

 

854 

 

(1,153)

 

(568)

   Dividends received from regional equity investees

 

1,520 

 

- 

 

2,596 

 

1,407 

 

412 

 

2,577 

   Fixed charges, as below

 

122,531 

 

165,170 

 

155,557 

 

131,923 

 

133,321 

 

119,857 

   Less: Interest capitalized (including AFUDC)

 

(1,833)

 

(12,991)

 

(10,924)

 

(6,610)

 

(6,719)

 

(3,110)

Total earnings, as defined

$

367,238 

$

420,823 

$

331,245 

$

283,620 

$

252,880 

$

252,311 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

99,486 

$

104,954 

$

84,292 

$

64,873 

$

59,019 

$

43,308 

   Interest on rate reduction bonds

 

15,342 

 

29,129 

 

37,728 

 

46,692 

 

55,796 

 

63,667 

   Other interest (b)

 

1,420 

 

12,163 

 

16,413 

 

6,281 

 

5,220 

 

3,072 

   Rental interest factor

 

4,450 

 

5,933 

 

6,200 

 

7,467 

 

6,567 

 

6,700 

   Interest capitalized (including AFUDC)

 

1,833 

 

12,991 

 

10,924 

 

6,610 

 

6,719 

 

3,110 

Total fixed charges, as defined

$

122,531 

$

165,170 

$

155,557 

$

131,923 

$

133,321 

$

119,857 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

3.00 

 

2.55 

 

2.13 

 

2.15 

 

1.90 

 

2.11 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

For the nine months ended September 30, 2009 and for the years ended December 31, 2008 and 2007, other interest includes interest related to accounting for uncertain tax positions.