EX-12.C 11 ppl10qexhibit12c.htm EXHIBIT 12(C) Exhibit 12(c)
Exhibit 12(c)
PPL ELECTRIC UTILITIES CORPORATION AND SUBSIDIARIES
 
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Millions of Dollars)
 
   
12 Months
Ended
March 31,
  
12 Months
Ended
December 31,
   
2007
  
2006
  
2005
  
2004
  
2003
  
2002
Fixed charges, as defined:
                                                
Interest on long-term debt
  
$
124
    
$
131
    
$
151
    
$
176
    
$
201
    
$
209
  
Interest on short-term debt and
  other interest
    
14
      
13
      
22
      
7
      
3
      
3
  
Amortization of debt discount,
  expense and premium - net
    
8
      
8
      
9
      
7
      
8
      
7
  
Estimated interest component of
  operating rentals
    
6
      
7
      
8
      
8
      
7
      
7
  
Preferred security distributions of
  subsidiaries on a pre-tax basis
                                            
13
  
                                                 
Total fixed charges (a)
  
$
152
    
$
159
    
$
190
    
$
198
    
$
219
    
$
239
  
Earnings, as defined:
                                                
Net income
  
$
199
    
$
194
    
$
147
    
$
76
    
$
28
    
$
55
  
                                                 
Add:
                                                
Income taxes
    
105
      
104
      
69
      
8
      
18
      
18
  
Total fixed charges as above
  (excluding capitalized interest and
  preferred security distributions of
  subsidiaries on a pre-tax basis)
    
150
      
158
      
190
      
197
      
219
      
225
  
                                                 
Total earnings
  
$
454
    
$
456
    
$
406
    
$
281
    
$
265
    
$
298
  
                                                 
Ratio of earnings to fixed charges
    
3.0
      
2.9
      
2.1
      
1.4
      
1.2
      
1.2
  
                                                 
Preferred stock dividend requirements on a
  pre-tax basis
  
$
27
    
$
24
    
$
4
    
$
4
    
$
5
    
$
7
  
Fixed charges, as above
    
152
      
159
      
190
      
198
      
219
      
239
  
Total fixed charges and preferred
stock dividends
  
$
179
    
$
183
    
$
194
    
$
202
    
$
224
    
$
246
  
Ratio of earnings to combined fixed
  charges and preferred stock dividends
    
2.5
      
2.5
      
2.1
      
1.4
      
1.2
      
1.2
  

(a)
  
Interest on unrecognized tax benefits is not included in fixed charges.