EX-12 6 ex12-4.htm EXHIBIT 12.4

EXHIBIT 12.4

PSEG ENERGY HOLDINGS L.L.C.

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

 

 

 

For the Nine
Months Ended

 

For the Years Ended

 

 

 

September 30,

 

December 31,

 

 

 

2006

 

2005

 

2005

 

2004

 

2003

 

2002

 

2001

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax (Loss) Income from Continuing Operations

 


$
(6

)

$

169

 

$

269

 

$

199

 

$

249

 

$

(369

)

$

237

 

(Income)/Loss from Equity Investees, Net of Distributions

 

(55

)

 

(77

)

 

(28

)

 

78

 

 

60

 

 

(2

)

 

(59

)

Fixed Charges

 

152

 

 

169

 

 

214

 

 

224

 

 

215

 

 

219

 

 

186

 

Capitalized Interest

 

(1

)

 

(1

)

 

(1

)

 

(3

)

 

(10

)

 

(12

)

 

(13

)

Total Earnings

$
90

 

$

260

 

$

454

 

$

498

 

$

514

 

$

(164

)

$

351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

$
151

 

$

168

 

$

213

 

$

223

 

$

214

 

$

218

 

$

183

 

Interest Factor in Rentals

 

1

 

 

1

 

 

1

 

 

1

 

 

1

 

 

1

 

 

3

 

Total Fixed Charges

$
152

 

$

169

 

$

214

 

$

224

 

$

215

 

$

219

 

$

186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (C)

 

0.59

 

 

1.53

 

 

2.12

 

 

2.22

 

 

2.39

 

 

(0.75

)

 

1.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)

The term “earnings” is defined as pre-tax income from continuing operations before income or loss from equity investees plus distributed income from equity investees. 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 (c) an estimate of interest implicit in rentals.

 

 

(C)

The ratio of earnings to fixed charges for the nine months ended September 30, 2006 was 0.59, as noted above, which represents a deficiency of $62 million. The ratio of earnings to fixed charges for the year ended December 31, 2002 was (0.75), as noted above, which represents a deficiency of $383 million.