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 Three Months Ended For the Years Ended --------------------------------------------------------------- March 31, December 31, --------------------------------------------------------------- 2006 2005 2005 2004 2003 2002 2001 --------------------------------------------------------------- (Millions, except ratios) Earnings as Defined in Regulation S-K (A): Pre-tax Income from Continuing Operations $192 $198 $705 $551 $815 $781 $644 Fixed Charges 60 53 228 225 219 219 213 Capitalized Interest (20) (25) (89) (107) (106) (93) (62) Preferred Stock Dividend Requirements -- -- -- -- -- -- -- --------------------------------------------------------------- Total Earnings $232 $226 $844 $669 $928 $907 $795 =============================================================== Fixed Charges as Defined in Regulation S-K (B) Interest Expense $60 $53 $226 $224 $217 $217 $206 Preferred Securities Dividend Requirements of Subsidiaries -- -- -- -- -- -- -- Interest Factor in Rentals -- -- 2 1 2 2 7 --------------------------------------------------------------- Total Fixed Charges $60 $53 $228 $225 $219 $219 $213 =============================================================== Ratio of Earnings to Fixed Charges 3.87 4.26 3.70 2.97 4.24 4.14 3.73 ===============================================================
(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.