EX-12.C 6 form10q_exhibit12c.htm EXHIBIT 12(C) form10q_exhibit12c.htm
Exhibit 12(c)
PPL ELECTRIC UTILITIES CORPORATION AND SUBSIDIARIES
 
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Millions of Dollars)
 
   
3 Months Ended
March 31,
  
Years Ended December 31,
   
2010
  
2009
  
2008
  
2007
  
2006
  
2005
Earnings, as defined:
                                                
Income Before Income Taxes
  
$
63
    
$
221
    
$
278
    
$
246
    
$
298
    
$
216
  
                                                 
Total fixed charges as below
    
26
      
121
      
114
      
143
      
159
      
190
  
Less interest component of AFUDC
            
2
      
2
      
3
      
1
          
Total fixed charges included in Income Before Income Taxes
    
26
      
119
      
112
      
140
      
158
      
190
  
                                                 
Total earnings
  
$
89
    
$
340
    
$
390
    
$
386
    
$
456
    
$
406
  
                                                 
Fixed charges, as defined:
                                                
Interest on long-term debt
  
$
22
    
$
105
    
$
94
    
$
109
    
$
131
    
$
151
  
Interest on short-term debt and
  other interest
    
2
      
9
      
13
      
23
      
13
      
22
  
Amortization of debt discount,
  expense and premium - net
    
2
      
6
      
6
      
7
      
8
      
9
  
Estimated interest component of
  operating rentals
            
1
      
1
      
4
      
7
      
8
  
                                                 
Total fixed charges (a)
  
$
26
    
$
121
    
$
114
    
$
143
    
$
159
    
$
190
  
                                                 
Ratio of earnings to fixed charges
    
3.4
      
2.8
      
3.4
      
2.7
      
2.9
      
2.1
  
                                                 
Preferred stock dividend requirements on a
  pre-tax basis
  
$
7
    
$
28
    
$
28
    
$
27
    
$
24
    
$
4
  
Fixed charges, as above
    
26
      
121
      
114
      
143
      
159
      
190
  
Total fixed charges and preferred
stock dividends
  
$
33
    
$
149
    
$
142
    
$
170
    
$
183
    
$
194
  
Ratio of earnings to combined fixed charges
  and preferred stock dividends
    
2.7
      
2.3
      
2.7
      
2.3
      
2.5
      
2.1
  

(a)
  
Interest on unrecognized tax benefits is not included in fixed charges.