EX-12.2 9 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,
  
   
2009
    
2008
    
2008
    
2007
    
2006
    
2005
    
2004
  
                                           
EARNINGS AS DEFINED:
                                          
Income (Loss) From Continuing Operations After Interest
    Charges
   $ (35,151 )   $ 7,971     $ 151,431     $ 165,694     $ 224,540     $ 132,734     $ 104,312  
Income Taxes
     (16,365 )     6,523       71,382       78,352       117,510       63,995       56,572  
Income (Loss) From Continuing Operations before
    Income Taxes
     (51,516 )     14,494       222,813       244,046       342,050       196,729       160,884  
                                                         
Fixed Charges
     60,513       47,571       210,067       190,836       190,333       159,776       145,055  
Capitalized Interest (allowance for borrowed funds used
    during construction)
     (4,562 )     (5,355 )     (20,063 )     (13,196 )     (11,614 )     (23,187 )     (5,738 )
                                                         
Total
   $ 4,435     $ 56,710     $ 412,817     $ 421,686     $ 520,769     $ 333,318     $ 300,201  
                                                         
FIXED CHARGES AS DEFINED:
                                                        
Interest Expensed and Capitalized (1)
   $ 60,513     $ 47,571     $ 210,067     $ 190,836     $ 190,333     $ 159,776     $ 145,055  
Preference Security Dividend Requirements
                                                        
Total
   $ 60,513     $ 47,571     $ 210,067     $ 190,836     $ 190,333     $ 159,776     $ 145,055  
                                                         
RATIO OF EARNINGS TO FIXED CHARGES
     -       1.19       1.97       2.21       2.74       2.09       2.07  
                                                         
DEFICIENCY
   $ 56,078     $ -     $ -     $ -     $ -     $ -     $ -  
                                                         

(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 plus fixed charges (excluding capitalized interest).