EX-12.3 6 pseg-6302015xq2ex123.htm POWER EARNINGS TO FIXED CHARGES PSEG-6/30/2015-Q2 EX 12.3


EXHIBIT 12.3

PSEG POWER LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended
 
Years Ended
 
 
 
 
June 30,
 
December 31,
 
 
 
 
2015
 
2014
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
(Millions, except ratios)
 
 
Earnings as Defined in Regulation S-K (A):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax Income from Continuing Operations
 
807

 
351

 
$
1,251

 
$
1,063

 
$
1,099

 
$
1,703

 
$
1,932

 
 
(Income) Loss from Equity Investees, net of Distributions
 
1

 
1

 
3

 
(10
)
 
(6
)
 
(12
)
 
(8
)
 
 
Fixed Charges
 
78

 
75

 
150

 
143

 
164

 
208

 
238

 
 
Capitalized Interest
 
2

 
2

 
1

 
1

 
(6
)
 
(10
)
 
(63
)
 
 
Total Earnings
 
$
888

 
$
429

 
$
1,405

 
$
1,197

 
$
1,251

 
$
1,889

 
$
2,099

 
 
Fixed Charges as Defined in Regulation S-K (B)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
75

 
72

 
$
146

 
$
139

 
$
161

 
$
205

 
$
235

 
 
Interest Factor in Rentals
 
3

 
3

 
4

 
4

 
3

 
3

 
3

 
 
Total Fixed Charges
 
$
78

 
$
75

 
$
150

 
$
143

 
$
164

 
$
208

 
$
238

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
11.38

 
5.72

 
9.37

 
8.37

 
7.63

 
9.08

 
8.82

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(A)
The term “earnings” shall be defined as pre-tax Income from Continuing Operations before income or loss from equity method investees plus distributed income from equity investees. 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.