EX-12 3 exh12nu.htm NU EXHIBIT 12 Exh. 12 NU





Northeast Utilities

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Thousands of Dollars)

 

Six Months

 

 

 

 

 

 

 

 

 

 

 

Ended

 

For the Years Ended December 31,

 

 

 

June 30, 2010

 

2009 

 

2008 

 

2007 

 

2006 

 

2005 

 

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

   Net income/(loss) from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

    before cumulative effect of

 

 

 

 

 

 

 

 

 

 

 

 

 

    accounting change

$

160,948 

$

335,592 

$

266,387 

$

251,455 

$

138,495 

$

(251,344)

 

   Income tax expense/(benefit)

 

119,209 

 

179,947 

 

105,661 

 

109,420 

 

(76,326)

 

(184,862)

 

   Equity in earnings of regional nuclear

 

 

 

 

 

 

 

 

 

 

 

 

 

     generating and transmission companies

 

(312)

 

(1,762)

 

(1,637)

 

(3,983)

 

(334)

 

(3,311)

 

   Dividends received from regional

 

 

 

 

 

 

 

 

 

 

 

 

 

      equity investees

 

583 

 

3,794 

 

1,017 

 

4,542 

 

2,145 

 

687 

 

   Fixed charges, as below

 

147,245 

 

296,764 

 

304,374 

 

275,611 

 

267,243 

 

265,046 

 

   Less: Interest capitalized (including AFUDC)

 

(4,187)

 

(5,929)

 

(17,797)

 

(17,568)

 

(14,482)

 

(10,463)

 

   Preferred dividend security requirements of

 

 

 

 

 

 

 

 

 

 

 

 

 

     consolidated subsidiaries

 

(4,633)

 

(9,265)

 

(9,265)

 

(9,265)

 

(9,265)

 

(9,265)

 

 Total earnings/(loss), as defined

$

418,853 

$

799,141 

$

648,740 

$

610,212 

$

307,476 

$

(193,512)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

115,791 

$

224,712 

$

193,883 

$

162,841 

$

141,579 

$

131,870 

 

   Interest on rate reduction bonds

 

12,324 

 

36,524 

 

50,231 

 

61,580 

 

74,242 

 

87,439 

 

   Other interest (b)

 

6,343 

 

12,401 

 

25,031 

 

15,824 

 

22,375 

 

19,276 

 

   Rental interest factor

 

3,967 

 

7,933 

 

8,167 

 

8,533 

 

5,300 

 

6,733 

 

   Preferred dividend security requirements of

 

 

 

 

 

 

 

 

 

 

 

 

 

     consolidated subsidiaries

 

4,633 

 

9,265 

 

9,265 

 

9,265 

 

9,265 

 

9,265 

 

   Interest capitalized (including AFUDC)

 

4,187 

 

5,929 

 

17,797 

 

17,568 

 

14,482 

 

10,463 

 

 Total fixed charges, as defined

$

147,245 

$

296,764 

$

304,374 

$

275,611 

$

267,243 

$

265,046 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.84 

 

2.69 

 

2.13 

 

2.21 

 

1.15 

 

(0.73)

(c)

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

(a)

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

 

(b)

For the six months ended June 30, 2010 and for the years ended December 31, 2009, 2008 and 2007, other interest includes interest related to accounting for uncertain tax positions.

 

(c)

Consolidated earnings were inadequate to cover fixed charges by $458.6 million for the year ended December 31, 2005.