EX-12 30 exhibit12wmeco.htm RATIO OF EARNINGS WMECO WMECO Ratio of Earnings


Western Massachusetts Electric Company

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Ended

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2008

 

Year Ended December 31,

Earnings, as defined:

 

(unaudited)

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net income

$

14,805 

$

23,604 

$

15,644 

$

15,085 

$

12,373 

$

16,212 

   Income tax expense

 

8,133 

 

14,586 

 

7,766 

 

9,294 

 

7,187 

 

11,687 

   Equity in (earnings)/losses of regional nuclear

 

 

 

 

 

 

 

 

 

 

 

 

     generating companies

 

 (78)

 

 (526)

 

241 

 

 (311)

 

 (149)

 

 (473)

   Dividends received from regional equity investees

 

 

701 

 

372 

 

103 

 

687 

 

1,715 

   Fixed charges, as below

 

16,430 

 

22,162 

 

21,087 

 

19,801 

 

17,156 

 

14,920 

   Less: Interest capitalized (including AFUDC)

 

 (722)

 

 (983)

 

 (853)

 

 (455)

 

 (220)

 

 (68)

 Total earnings, as defined

$

38,568 

$

59,544 

$

44,257 

$

43,517 

$

37,034 

$

43,993 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

9,964 

$

11,577 

$

10,671 

$

9,535 

$

6,655 

$

3,860 

   Interest on rate reduction bonds

 

3,922 

 

5,839 

 

6,723 

 

7,570 

 

8,332 

 

8,994 

   Other interest

 

822 

 

2,430 

 

1,507 

 

1,041 

 

782 

 

965 

   Rental interest factor

 

1,000 

 

1,333 

 

1,333 

 

1,200 

 

1,167 

 

1,033 

   Interest capitalized (including AFUDC)

 

722 

 

983 

 

853 

 

455 

 

220 

 

68 

 Total fixed charges, as defined

$

16,430 

$

22,162 

$

21,087 

$

19,801 

$

17,156 

$

14,920 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.35 

 

2.69 

 

2.10 

 

2.20 

 

2.16 

 

2.95 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Interest on long-term debt amounts include amortized premiums, discounts and capitalized expenses related to indebtedness.