EX-12.C 9 ppl10k2007exhibit12c.htm EXHIBIT 12(C) Unassociated Document
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)
 
   
2007
  
2006
  
2005
  
2004
  
2003
                               
Earnings, as defined:
                                        
Net income
  
$
163
    
$
194
    
$
147
    
$
76
    
$
28
  
Income taxes
    
83
      
104
      
69
      
8
      
18
  
Total fixed charges as below
  (excluding capitalized interest and
  preferred security distributions of
  subsidiaries on a pre-tax basis)
    
140
      
158
      
190
      
197
      
219
  
                                         
Total earnings
  
$
386
    
$
456
    
$
406
    
$
281
    
$
265
  
                                         
Fixed charges, as defined:
                                        
Interest on long-term debt
  
$
109
    
$
131
    
$
151
    
$
176
    
$
201
  
Interest on short-term debt and
  other interest
    
23
      
13
      
22
      
7
      
3
  
Amortization of debt discount,
  expense and premium - net
    
7
      
8
      
9
      
7
      
8
  
Estimated interest component of
  operating rentals
    
4
      
7
      
8
      
8
      
7
  
                                         
Total fixed charges (a)
  
$
143
    
$
159
    
$
190
    
$
198
    
$
219
  
                                         
Ratio of earnings to fixed charges
    
2.7
      
2.9
      
2.1
      
1.4
      
1.2
  
                                         
Preferred stock dividend requirements
  on a pre-tax basis
  
$
27
    
$
24
    
$
4
    
$
4
    
$
5
  
Fixed charges, as above
    
143
      
159
      
190
      
198
      
219
  
Total fixed charges and preferred
stock dividends
  
$
170
    
$
183
    
$
194
    
$
202
    
$
224
  
Ratio of earnings to combined fixed
   charges and preferred stock
   dividends
    
2.3
      
2.5
      
2.1
      
1.4
      
1.2
  

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