EX-12.2 3 exhibit12-2.htm EXHIBIT 12.2 exhibit12-2.htm

EXHIBIT 12.2
NEVADA POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)


 
  
Three Months Ended
    
     
March 31,
  
Year Ended December 31,
   
 
2008
  
2007
  
2007
  
2006
  
2005
  
2004
  
2003
                               
EARNINGS AS DEFINED:
                          
 
Income (Loss) From Continuing Operations
                          
   
After Interest Charges
$   7,971
  
$     4,582
  
$165,694
  
$224,540
  
$132,734
  
$104,312
  
$  19,277
 
Income Taxes
     6,523
  
     2,366
  
    78,352
  
  117,510
  
     63,995
  
     56,572
  
        (614)
 
Income (Loss) From Continuing Operations
                          
   
before Income Taxes
   14,494
  
       6,948
  
 244,046
  
  342,050
  
   196,729
  
   160,884
  
      18,663
                               
 
Fixed Charges
   47,571
  
     47,140
  
  190,836
  
  190,333
  
   159,776
  
   145,055
  
    195,342
 
Capitalized Interest (allowance for borrowed funds used during construction)
        
(5,355)
  
         
(2,550)
  
     
(13,196)
  
     
(11,614)
  
      
(23,187)
  
         
(5,738)
  
         
(2,700)
                               
   
Total
$ 56,710
  
$   51,538
  
$421,686
  
$520,769
  
$ 333,318
  
$ 300,201
  
$  211,305
                               
FIXED CHARGES AS DEFINED:
                          
 
Interest Expensed and Capitalized (1)
$ 47,571
  
$   47,140
  
$190,836
  
$190,333
  
$ 159,776
  
$ 145,055
  
$  195,342
                               
   
Total
$ 47,571
  
$   47,140
  
$190,836
  
$190,333
  
$ 159,776
  
$ 145,055
  
$  195,342
                               
RATIO OF EARNINGS TO FIXED CHARGES
1.19
  
1.09
  
2.21
  
2.74
  
2.09
  
2.07
  
1.08
                               
(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 fixed charges (excluding capitalized interest).