EX-12.C 4 exhibit12c.htm EXHIBIT 12(C) exhibit12c.htm
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)
 
   
6 Months
Ended
June 30,
 
12 Months Ended December 31,
   
2008
 
2007
 
2006
 
2005
 
2004
 
2003
Earnings, as defined:
                                               
Income Before Income Taxes
 
$
142
   
$
246
   
$
298
   
$
216
   
$
84
   
$
46
 
                                                 
Total fixed charges as below
   
57
     
143
     
159
     
190
     
198
     
219
 
Less capitalized interest
   
1
     
3
     
1
             
1
         
Total fixed charges included in pre-tax income from continuing operations
   
56
     
140
     
158
     
190
     
197
     
219
 
                                                 
Total earnings
 
$
198
   
$
386
   
$
456
   
$
406
   
$
281
   
$
265
 
                                                 
Fixed charges, as defined:
                                               
Interest on long-term debt
 
$
47
   
$
109
   
$
131
   
$
151
   
$
176
   
$
201
 
Interest on short-term debt and
  other interest
   
7
     
23
     
13
     
22
     
7
     
3
 
Amortization of debt discount,
  expense and premium - net
   
3
     
7
     
8
     
9
     
7
     
8
 
Estimated interest component of
  operating rentals
           
4
     
7
     
8
     
8
     
7
 
                                                 
Total fixed charges (a)
 
$
57
   
$
143
   
$
159
   
$
190
   
$
198
   
$
219
 
                                                 
Ratio of earnings to fixed charges
   
3.5
     
2.7
     
2.9
     
2.1
     
1.4
     
1.2
 
                                                 
Preferred stock dividend requirements on a
  pre-tax basis
 
$
14
   
$
27
   
$
24
   
$
4
   
$
4
   
$
5
 
Fixed charges, as above
   
57
     
143
     
159
     
190
     
198
     
219
 
Total fixed charges and preferred
stock dividends
 
$
71
   
$
170
   
$
183
   
$
194
   
$
202
   
$
224
 
Ratio of earnings to combined fixed charges
  and preferred stock dividends
   
2.8
     
2.3
     
2.5
     
2.1
     
1.4
     
1.2
 

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