EX-12.3 8 exhibit12-3.htm EXHIBIT 12.3 exhibit12-3.htm
EXHIBIT 12.3


SIERRA PACIFIC POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)



   
Nine Months Ended
September 30,
    
Year ended December 31,
  
   
2010
    
2009
    
2009
    
2008
    
2007
    
2006
    
2005
  
                                           
EARNINGS AS DEFINED:
                                          
                                           
Net Income
   $ 52,897     $ 58,206     $ 73,085     $ 90,582     $ 65,667     $ 57,709     $ 52,074  
Income Taxes
     30,066       25,926       31,225       37,603       26,009       27,829       28,379  
Fixed Charges
     55,034       56,248       74,955       84,478       75,655       79,093       72,652  
Capitalized Interest (allowance for borrowed funds used during construction)
     (1,586 )     (2,364 )     (3,044 )     (9,464 )     (12,771 )     (5,505 )     (1,504 )
    $ 136,411     $ 138,016     $ 176,221     $ 203,199     $ 154,560     $ 159,126     $ 151,601  
Total
                                                        
                                                         
FIXED CHARGES AS DEFINED:
   $ 55,034     $ 56,248     $ 74,955     $ 84,478     $ 75,655     $ 79,093     $ 72,652  
Interest Expensed and Capitalized (1)
     -       -       -       -       -       -       -  
Total
   $ 55,034     $ 56,248     $ 74,955     $ 84,478     $ 75,655     $ 79,093     $ 72,652  
                                                         
RATIO OF EARNINGS TO FIXED CHARGES
     2.48       2.45       2.35       2.41       2.04       2.01       2.09  

(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, “Earnings” represent net income before, solely with respect to the years ended December 31, 2006, 2005 and 2004, pre-tax preferred stock dividend requirement adjusted for income taxes and fixed charges excluding capitalized interest.  “Fixed charges” represent the aggregate of interest charges on long-term debt (whether expensed or capitalized) and the portion of rental expense deemed attributable to interest.