EX-12 4 ex12-1.htm EXHIBIT 12-1

 

EXHIBIT 12.1

PUBLIC SERVICE ELECTRIC AND GAS COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

 

 

For the Six Months
Ended June 30,

 

For the Years Ended
December 31,

 

 

 

 

 

 

 

2003

 

2002

 

2002

 

2001

 

2000

 

1999

 

1998

 

 

 

 

 

 

 

 

 

 

 

 

(Millions, except ratios)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax Income from Continuing Operations

 

$

171

 

$

118

 

$

320

 

$

324

 

$

994

 

$

1,163

 

$

1,006

 

Fixed Charges

 

 

194

 

 

206

 

 

422

 

 

479

 

 

447

 

 

442

 

 

436

 

AFUDC

 

 

—

 

 

—

 

 

(1

)

 

(2

)

 

(1

)

 

(7

)

 

(44

)

Preferred Securities Dividends Requirements of Subsidiaries

 

 

(6

)

 

(6

)

 

(13

)

 

(24

)

 

(46

)

 

(46

)

 

(12

)

 

 

 

 

 

 

 

 

 

Earnings

 

$

359

 

$

318

 

$

728

 

$

777

 

$

1,394

 

$

1,552

 

$

1,386

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

$

188

 

$

200

 

$

407

 

$

452

 

$

398

 

$

394

 

$

390

 

Interest Factor in Rentals

 

 

—

 

 

—

 

 

2

 

 

3

 

 

3

 

 

2

 

 

2

 

Preferred Securities Dividends Requirements of Subsidiaries

 

 

6

 

 

6

 

 

13

 

 

24

 

 

46

 

 

46

 

 

44

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

194

 

$

206

 

$

422

 

$

479

 

$

447

 

$

442

 

$

436

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

1.85

 

 

1.54

 

 

1.73

 

 

1.62

 

 

3.12

 

 

3.51

 

 

3.18

 

 

 

 

 

 

 

 

 

 

(A)

The term “earnings” shall be defined as pretax income from continuing operations. Add to pretax 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.