EX-12.A 19 c56713_ex12a.htm

EXHIBIT 12a

PSEG POWER LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended

 

 

 

 

 

December 31,

 

 

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

 

 

(Millions, except Ratios)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax Income from Continuing Operations

 

$

1,711

 

$

1,590

 

$

878

 

$

752

 

$

594

 

Fixed Charges

 

 

197

 

 

193

 

 

190

 

 

197

 

 

198

 

Capitalized Interest

 

 

(31

)

 

(23

)

 

(30

)

 

(89

)

 

(107

)

Preferred Stock Dividend Requirements

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

 

Total Earnings

 

$

1,877

 

$

1,760

 

$

1,038

 

$

860

 

$

685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

$

195

 

$

192

 

$

189

 

$

195

 

$

197

 

Preferred Securities Dividend Requirements of Subsidiaries

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Factor in Rentals

 

 

2

 

 

1

 

 

1

 

 

2

 

 

1

 

 

 

Total Fixed Charges

 

$

197

 

$

193

 

$

190

 

$

197

 

$

198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

9.53

 

 

9.12

 

 

5.46

 

 

4.37

 

 

3.46

 

 

 

 

 

(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.