EX-12 15 ppl10k_2003-exhibit12b.htm Exhibit 12(b)

 

Exhibit 12(b)

PPL ENERGY SUPPLY, LLC AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
                                         
   

2003 (b)

    

2002 (b)

   

2001 (b)

   

2000 (b)

    

1999

  
   

   

   

   

   

 

Fixed charges, as defined:

                                        
 

Interest on long-term debt

  

$

149

    

$

169

    

$

36

    

$

54

    

$

20

  
 

Interest on short-term debt and
  other interest

    

25

      

52

      

33

      

75

      

32

  
 

Amortization of debt discount,
  expense and premium - net

    

31

      

9

      

2

      

11

      

1

  
 

Estimated interest component of
  operating rentals

    

38

      

23

      

19

      

9

          
 

Preferred security distributions of   subsidiaries on a pre-tax basis

    

8

      

12

                          
           

   

   

   

   

 
       

Total fixed charges

  

$

251

    

$

265

    

$

90

    

$

149

    

$

53

  
           

   

   

   

   

 

Earnings, as defined:

                                        
 

Net income (loss) (a)

  

$

719

    

$

509

    

$

168

    

$

246

    

$

(20

)
 

Preferred security dividend requirement

    

5

      

9

                          
 

Less undistributed income (loss) of
  equity method investments

    

(15

)

    

(22

)

    

20

      

74

      

56

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
       

739

      

540

      

148

      

172

      

(76

)

Add:

                                        
 

Income taxes (benefit)

    

185

      

266

      

274

      

125

      

(29

)
 

Total fixed charges as above
  (excluding capitalized interest and
  preferred security distributions
  of subsidiaries on a pre-tax basis)

    

237

      

234

      

66

      

135

      

52

  
           

   

   

   

   

 
       

Total earnings

  

$

1,161

    

$

1,040

    

$

488

    

$

432

    

$

(53

)
           

   

   

   

   

 

Ratio of earnings to fixed charges

    

4.6

      

3.9

      

5.4

      

2.9

      

(1.0

)
           

   

   

   

   

 

Deficiency

                                  

$

106

  
                                   

 

(a)

  

Net income (loss) excludes minority interest, loss from discontinued operations and the cumulative effects of changes in accounting principles.

(b)

  

Due to the corporate realignment on July 1, 2000, data in 2000 and subsequent years are not comparable to 1999.