Exhibit 12.1(C)

Public Service Company of New Hampshire

Ratio of Earnings to Fixed Charges

(In thousands)

	2006				2005			2004			2003			2002			2001
Earnings, as defined:
Net income	$			35,323	$	41,739		$	46,641		$	45,624		$	62,897		$	81,776
Income tax expense	39,183				12,234			12,993			29,773			40,279			38,571
Equity in losses/(earnings) of regional nuclear generating and transmission companies	74				(230		)	(165		)	(353		)	(1,331		)	(473		)
Dividends received from regional equity investees	367				172			614			1,219			1,421			919
Fixed charges, as below	48,805				49,274			48,104			47,751			51,817			52,984
Interest capitalized (not including AFUDC)	—				—			—			—			—			—
Total earnings, as defined	$			123,752	$	103,189		$	108,187		$	124,014		$	155,083		$	173,777
Fixed charges, as defined:
Interest on long-term debt	$		24,100		$	20,481		$	17,441		$	15,408		$	16,752		$	29,308
Interest on rate reduction bonds	20,828				24,074			26,901			29,081			30,499			20,721
Other interest	829				1,733			1,197			727			1,874			915
Rental interest factor	1,567				1,567			1,400			1,400			1,567			1,600
Amortized premiums, discounts and capitalized expenses related to indebtedness	1,481				1,419			1,165			1,135			1,125			440
Interest capitalized (not including AFUDC)	—				—			—			—			—			—
Total fixed charges, as defined	$	48,805			$	49,274		$	48,104		$	47,751		$	51,817		$	52,984
Ratio of Earnings to Fixed Charges	2.54				2.09			2.25			2.60			2.99			3.28