EX-12.1 4 pseg-3312013xq1ex121.htm POWER EARNINGS TO FIXED CHARGE RATIO PSEG-3/31/2013-Q1 EX 12.1


EXHIBIT 12.1

PSEG POWER LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Years Ended
 
 
 
 
March 31,
 
December 31,
 
 
 
 
2013
 
2012
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
(Millions, except ratios)
 
 
Earnings as Defined in Regulation S-K (A):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax Income from Continuing Operations
 
$
228

 
$
421

 
$
1,080

 
$
1,687

 
$
1,914

 
$
1,958

 
$
1,711

 
 
Fixed Charges
 
36

 
39

 
163

 
208

 
238

 
221

 
210

 
 
Capitalized Interest
 
1

 
(4
)
 
(4
)
 
(10
)
 
(62
)
 
(43
)
 
(31
)
 
 
Total Earnings
 
$
265

 
$
456

 
$
1,239

 
$
1,885

 
$
2,090

 
$
2,136

 
$
1,890

 
 
Fixed Charges as Defined in Regulation S-K (B)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
35

 
$
39

 
$
161

 
$
205

 
$
235

 
$
219

 
$
208

 
 
Interest Factor in Rentals
 
1

 
—

 
2

 
3

 
3

 
2

 
2

 
 
Total Fixed Charges
 
$
36

 
$
39

 
$
163

 
$
208

 
$
238

 
$
221

 
$
210

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
7.36

 
11.69

 
7.60

 
9.06

 
8.78

 
9.67

 
9.00

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(A)
The term "earnings" shall be defined as pre-tax Income from Continuing Operations. Add to pre-tax income the amount of fixed charges adjusted to exclude the amount of any interest capitalized during the period.
(B)
Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount, premium and expense and (c) an estimate of interest implicit in rentals.