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


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

     
Nine Months Ended September 30,
    
Year ended December 31,
     
2007
    
2006
    
2006
    
2005
    
2004
    
2003
  
2002
                                         
EARNINGS AS DEFINED:
                                      
                                         
 
Income (Loss) From Continuing Operations After Interest Charges
   $
57,528
     $
42,299
     $
57,709
     $
52,074
     $
18,577
     $ (23,275 )   $ (13,968 )
 
Income Taxes
    
24,468
      
22,249
      
27,829
      
28,379
      
325
       (12,237 )     (4,491 )
                                                   
 
Income (Loss) From Continuing Operations before Income Taxes
    
81,996
      
64,548
      
85,538
      
80,453
      
18,902
       (35,512 )     (18,459 )
                                                   
 
Fixed Charges
    
56,261
      
59,529
      
79,093
      
72,652
      
67,685
      
101,514
      
79,303
  
 
Capitalized Interest (allowance for  borrowed funds used during construction)
     (9,080 )     (2,819 )     (5,505 )     (1,504 )     (2,849 )     (3,276 )     (1,858 )
      $
129,177
     $
121,258
     $
159,126
     $
151,601
     $
83,738
     $
62,726
     $
58,986
  
 
Total
                                                
                                                   
FIXED CHARGES AS DEFINED:
                                                
 
Interest Expensed and Capitalized (1)
   $
56,261
     $
59,529
     $
79,093
     $
72,652
     $
67,685
     $
101,514
     $
79,303
  
 
Total
   $
56,261
      
59,529
      
79,093
      
72,652
     $
67,685
     $
101,514
     $
79,303
  
                                                   
RATIO OF EARNINGS TO FIXED CHARGES
    
2.30
      
2.04
      
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).