EX-12 6 ex12-3.txt EXHIBIT 12.3 EXHIBIT 12.3 PSEG POWER LLC COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
For the Six Months For the Years Ended Ended June 30, December 31, ------------------------------------------------------ 2004 2003 2003 2002 2001 2000 1999 ------------------------------------------------------ (Millions, except ratios) Earnings as Defined in Regulation S-K (A): Pre-tax Income from Continuing Operations $ 259 $ 483 $ 800 $ 781 $ 644 $ 521 $ 807 Fixed Charges 131 116 225 219 213 209 126 Capitalized Interest (62) (59) (109) (95) (63) (11) (2) Preferred Stock Dividend Requirements -- -- -- -- -- -- (12) ------------------------------------------------------ Total Earnings $ 328 $ 540 $ 916 $ 905 $ 794 $ 719 $ 919 ====================================================== Fixed Charges as Defined in Regulation S-K (B) Interest Expense $ 131 $ 115 $ 223 $ 217 $ 206 $ 209 $ 114 Interest Factor in Rentals -- 1 2 2 7 -- -- Preferred Securities Dividends Requirements of Subsidiaries -- -- -- -- -- -- 12 ------------------------------------------------------ Total Fixed Charges $ 131 $ 116 $ 225 $ 219 $ 213 $ 209 $ 126 ====================================================== Ratio of Earnings to Fixed Charges 2.50 4.66 4.07 4.13 3.73 3.44 7.29 ======================================================
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.