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)

     
Nine Months Ended
September 30, 2008
  
Year Ended December 31,
     
2008
  
2007
  
2007
  
2006
  
2005
  
2004
  
2003
                               
EARNINGS AS DEFINED:
                          
 
Income (Loss) From Continuing Operations
                          
   
After Interest Charges
 $  165,482
  
 $    161,280
  
 $ 165,694
  
 $ 224,540
  
 $   132,734
  
 $    104,312
  
 $      19,277
 
Income Taxes
       80,942
  
         83,498
  
      78,352
  
    117,510
  
        63,995
  
         56,572
  
            (614)
 
Income (Loss) From Continuing Operations
                          
   
before Income Taxes
     246,424
  
       244,778
  
    244,046
  
    342,050
  
      196,729
  
       160,884
  
         18,663
                               
 
Fixed Charges
     149,686
  
       143,497
  
    190,016
  
    190,333
  
      159,776
  
       145,055
  
       195,342
 
Capitalized Interest (allowance for borrowed funds used during construction)
      (16,503)
  
         (9,189)
  
     (13,196)
  
     (11,614)
  
      (23,187)
  
         (5,738)
  
         (2,700)
                               
   
Total
 $  379,607
  
 $    379,086
  
 $ 420,866
  
 $ 520,769
  
 $   333,318
  
 $    300,201
  
 $    211,305
                               
FIXED CHARGES AS DEFINED:
                          
 
Interest Expensed and Capitalized (1)
 $  149,686
  
 $    143,497
  
 $ 190,016
  
 $ 190,333
  
 $   159,776
  
 $    145,055
  
 $    195,342
                               
   
Total
 $  149,686
  
 $    143,497
  
 $ 190,016
  
 $ 190,333
  
 $   159,776
  
 $    145,055
  
 $    195,342
                               
RATIO OF EARNINGS TO FIXED CHARGES
2.54
  
2.64
  
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).