EX-12.1 6 c55441_ex12-1.htm

EXHIBIT 12.1

PSEG POWER LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine
Months Ended

 

For the Years Ended

 

 

 

 

 

 

September 30,

 

December 31,

 

 

 

 

 

 

2008

 

2007

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

 

 

 

 

(Millions, except ratios)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings as Defined in Regulation S-K (A):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax Income from Continuing Operations

 

$

1,414

 

$

1,263

 

$

1,590

 

$

878

 

$

752

 

$

594

 

$

815

 

Fixed Charges

 

 

157

 

 

143

 

 

193

 

 

190

 

 

197

 

 

198

 

 

219

 

Capitalized Interest

 

 

(22

)

 

(21

)

 

(23

)

 

(30

)

 

(89

)

 

(107

)

 

(106

)

Preferred Stock Dividend Requirements

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings

 

$

1,549

 

$

1,385

 

$

1,760

 

$

1,038

 

$

860

 

$

685

 

$

928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

$

156

 

$

142

 

$

192

 

$

189

 

$

195

 

$

197

 

$

217

 

Preferred Securities Dividend Requirements of Subsidiaries

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Interest Factor in Rentals

 

 

1

 

 

1

 

 

1

 

 

1

 

 

2

 

 

1

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

157

 

$

143

 

$

193

 

$

190

 

$

197

 

$

198

 

$

219

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

9.87

 

 

9.69

 

 

9.12

 

 

5.46

 

 

4.37

 

 

3.46

 

 

4.24

 

 

 

 

 

 

(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.