EX-12.2 4 exhibit12-2.htm EXHIBIT 12.2 exhibit12-2.htm


NEVADA POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
     
Six Months Ended
    
     
June 30,
  
Year Ended December 31,
     
2008
  
2007
  
2007
  
2006
  
2005
  
2004
  
2003
                               
EARNINGS AS DEFINED:
                          
 
Income (Loss) From Continuing Operations
                          
   
After Interest Charges
 $    41,146
  
$    28,186
  
$   165,694
  
$   224,540
  
 $    132,734
  
 $    104,312
  
     $      19,277
 
Income Taxes
       22,519
  
      14,573
  
    78,352
  
  117,510
  
        63,995
  
         56,572
  
           (614)
 
Income (Loss) From Continuing Operations
                          
   
Before Income Taxes
       63,665
  
      42,759
  
  244,046
  
  342,050
  
      196,729
  
       160,884
  
            18,663
                               
 
Fixed Charges
       95,440
  
      94,906
  
  190,836
  
  190,333
  
      159,776
  
       145,055
  
          195,342
 
Capitalized Interest (allowance for borrowed funds used during construction)
      (11,375
 )
     (5,253
)
  (13,196
)
  (11,614
 ) 
      (23,187
 ) 
        (5,738
 ) 
        (2,700)
                               
   
Total
 $  147,730
  
$  132,412
  
$   421,686
  
$   520,769
  
 $   333,318
  
 $    300,201
  
    $    211,305
                               
FIXED CHARGES AS DEFINED:
                          
 
Interest Expensed and Capitalized (1)
 $    95,440
  
$    94,906
  
$   190,836
  
$   190,333
  
 $   159,776
  
 $    145,055
  
    $    195,342
                               
   
Total
 $    95,440
  
$    94,906
  
$   190,836
  
$   190,333
  
 $   159,776
  
 $    145,055
  
    $    195,342
                               
RATIO OF EARNINGS TO FIXED CHARGES
1.55
  
1.40
  
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).