Northeast Utilities Exhibit 12

Ratio of Earnings to Fixed Charges

(Thousands of Dollars)

																First
	Year			Year			Year			Year			Year			Quarter
	1998			1999			2000			2001			2002			2003
Earnings, as defined:
Net income (loss) before extraordinary item and cumulative effect	$	(146,753	)	$	34,216		$	205,295		$	265,942		$	152,109		$	60,204
Income taxes		5,939			98,611			161,725			173,952			82,304			39,469
Equity in earnings of regional nuclear generating and transmission companies		(12,420	)		(5,034	)		(14,586	)		(3,970	)		(11,215	)		(1,276	)
Minority interest		9,300			9,300			9,300			3,100			—			—
Fixed charges, as below		319,062			302,606			328,431			293,940			279,270			65,735
Total earnings, as defined	$	175,128		$	439,699		$	690,165		$	732,964		$	502,468		$	164,132
Fixed charges, as defined:
Interest on long-term debt	$	273,824		$	258,093		$	194,406		$	140,497		$	134,471		$	32,940
Interest on rate-reduction bonds		—			—			—			87,616			115,791			27,861
Other interest		(4,735	)		5,558			104,896			51,545			20,249			2,744
Rental interest factor—capital		18,300			13,700			11,600			4,700			600			150
Rental interest factor—1/3 operating		5,233			2,500			3,367			2,333			2,600			650
Preference security dividend requirements of consolidated subsidiaries		26,440			22,755			14,162			7,249			5,559			1,390
Total fixed charges, as defined	$	319,062		$	302,606		$	328,431		$	293,940		$	279,270		$	65,735
Ratio of earnings to fixed charges		0.55			1.45			2.10			2.49			1.80			2.50