EX-12.1 3 d320289dex121.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

EXHIBIT 12.1

PSEG POWER LLC

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

     For the Three Months     For the Years Ended  
     Ended March 31,     December 31,  
     2012     2011     2011     2010     2009     2008     2007  
     (Millions, except ratios)  

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

              

Pre-tax Income from Continuing Operations

   $ 421      $ 506      $ 1,687      $ 1,914      $ 1,958      $ 1,711      $ 1,590   

Fixed Charges

     39        58        208        238        221        210        193   

Capitalized Interest

     (4     (1     (10     (62     (43     (31     (23
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Earnings

   $ 456      $ 563      $ 1,885      $ 2,090      $ 2,136      $ 1,890      $ 1,760   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

              

Interest Expense

   $ 39      $ 57      $ 205      $ 235      $ 219      $ 208      $ 192   

Interest Factor in Rentals

     0        1        3        3        2        2        1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

   $ 39      $ 58      $ 208      $ 238      $ 221      $ 210      $ 193   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges

     11.69        9.71        9.06        8.78        9.67        9.00        9.12   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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.