Public Service Company of New Hampshire										Exhibit 12
Ratio of Earnings to Fixed Charges
(Thousands of Dollars)
	For the Years Ended December 31,
		2008		2007		2006		2005		2004
Earnings, as defined:
Net income	$	58,067	$	54,434	$	35,323	$	41,739	$	46,641
Income tax expense		21,996		22,794		39,183		12,234		12,993
Equity in (earnings)/losses of regional nuclear
generating companies		(62)		(343)		74		(230)		(165)
Dividends received from regional equity investees		-		521		367		172		614
Fixed charges, as below		54,597		50,637		50,092		49,751		47,211
Less: Interest capitalized (including AFUDC)		(2,967)		(2,985)		(2,768)		(1,896)		(272)
Total earnings, as defined	$	131,631	$	125,058	$	122,271	$	101,770	$	107,022
Fixed charges, as defined:
Interest on long-term debt (a)	$	32,655	$	26,029	$	24,100	$	20,481	$	17,441
Interest on rate reduction bonds		15,969		18,013		20,828		24,074		26,901
Other interest		1,539		2,243		829		1,733		1,197
Rental interest factor		1,467		1,367		1,567		1,567		1,400
Interest capitalized (including AFUDC)		2,967		2,985		2,768		1,896		272
Total fixed charges, as defined	$	54,597	$	50,637	$	50,092	$	49,751	$	47,211
Ratio of Earnings to Fixed Charges		2.41		2.47		2.44		2.05		2.27
(a) Interest on long-term debt amounts include amortized premiums, discounts and capitalized expenses related to indebtedness.