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, 2008
  
Year ended December 31,
     
2008
  
2007
  
2007
  
2006
  
2005
  
2004
  
2003
                               
EARNINGS AS DEFINED:
                          
 
Income (Loss) From Continuing Operations
                          
   
After Interest Charges
 $    68,052
  
 $   57,528
  
 $   65,667
  
 $   57,709
  
 $   52,074
  
 $    18,577
  
 $    (23,275)
 
Income Taxes
       29,423
  
      24,468
  
      26,009
  
      27,829
  
      28,379
  
            325
  
       (12,237)
 
Income (Loss) From Continuing Operations
                          
   
before Income Taxes
       97,475
  
      81,996
  
      91,676
  
      85,538
  
      80,453
  
       18,902
  
       (35,512)
                               
 
Fixed Charges
       62,553
  
      56,261
  
      75,655
  
      79,093
  
      72,652
  
       67,685
  
       101,514
 
Capitalized Interest (allowance for borrowed funds used during construction)
        (8,915)
  
      (9,080)
  
     (12,771)
  
       (5,505)
  
       (1,504)
  
       (2,849)
  
         (3,276)
     
 $  151,113
  
 $ 129,177
  
 $ 154,560
  
 $ 159,126
  
 $ 151,601
  
 $    83,738
  
 $      62,726
   
Total
                          
                               
FIXED CHARGES AS DEFINED:
 $    62,553
  
 $   56,261
  
 $   75,655
  
 $   79,093
  
 $   72,652
  
 $    67,685
  
 $    101,514
 
Interest Expensed and Capitalized (1)
                 -
  
               -
  
                -
  
                -
  
                -
  
                -
  
                  -
   
Total
 $    62,553
  
      56,261
  
      75,655
  
      79,093
  
      72,652
  
 $    67,685
  
 $    101,514
                               
RATIO OF EARNINGS TO FIXED CHARGES
2.42
  
          2.30
  
          2.04
  
          2.01
  
          2.09
  
1.24
    
                               
 
DEFICIENCY
 $              -
  
 $            -
  
 $             -
  
 $             -
  
 $             -
  
 $             -
  
 $      38,788
                               
                               
                               
(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).