EX-12.3 5 exhibit12-3.htm EXHIBIT 12.3 exhibit12-3.htm
Exhibit 12.3


SIERRA PACIFIC POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 

     
Six Months Ended June 30,
    
Year ended December 31,
  
 
 
  
2007
    
2006
    
2006
    
2005
    
2004
    
2003
    
2002
  
                                             
EARNINGS AS DEFINED:
                                          
 
Income (Loss) From Continuing Operations
                                          
 
After Interest Charges
   $
31,976
     $
22,271
     $
57,709
     $
52,074
     $
18,577
     $ (23,275 )   $ (13,968 )
 
Income Taxes
    
13,539
      
11,749
      
27,829
      
28,379
      
325
       (12,237 )     (4,491 )
  Income (Loss) From Continuing                                                        
 
   Operations before Income
                                                        
 
Taxes
    
45,515
      
34,020
      
85,538
      
80,453
      
18,902
       (35,512 )     (18,459 )
                                                           
 
Fixed Charges
    
37,482
      
39,912
      
79,093
      
72,652
      
67,685
      
101,514
      
79,303
  
  Capitalized Interest - (allowance for                                                        
 
   borrowed funds used during construction)
     (5,455 )     (1,937 )     (5,505 )     (1,504 )     (2,849 )     (3,276 )     (1,858 )
      $
77,542
     $
71,995
     $
159,126
     $
151,601
     $
83,738
     $
62,726
     $
58,986
  
 
Total
                                                        
                                                           
FIXED CHARGES AS DEFINED:
   $
37,482
     $
39,912
     $
79,093
     $
72,652
     $
67,685
     $
101,514
     $
79,303
  
 
Interest Expensed and Capitalized (1)
    
-
      
-
      
-
      
-
      
-
      
-
      
-
  
 
Total
   $
37,482
      $
39,912
      $
79,093
      $
72,652
     $
67,685
     $
101,514
     $
79,303
  
                                                           
RATIO OF EARNINGS TO FIXED CHARGES
    
2.07
      
1.80
      
2.01
      
2.09
      
1.24
                  
                                                           
 
DEFICIENCY
   $
-
     $
-
     $
-
     $
-
     $
-
     $
38,788
     $
20,317
  
                                                           
                                                           
                                                           
(1)
Includes amortization of premiums, discounts, and capitalized debt expense and interest component of
                          
 
rent expense.
                                                        
 
For the purpose of calculating the ratios of earnings to fixed charges, “Fixed charges” represent the aggregate of interest charges on short-term and long-term debt (whether expensed or capitalized) and the portion of rental expense deemed attributable to interest. “Earnings” represents pre-tax income (or loss) from continuing operations before pre-tax preferred stock dividend requirement and fixed charges (excluding capitalized interest).