EX-12.C 4 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)
 
   
Nine Months Ended September 30,
  
Years Ended December 31,
   
2010
  
2009
  
2008
  
2007
  
2006
  
2005
Earnings, as defined:
                                                
Income Before Income Taxes
  
$
152
    
$
221
    
$
278
    
$
246
    
$
298
    
$
216
  
                                                 
Total fixed charges as below
    
77
      
121
      
114
      
143
      
159
      
190
  
Less interest component of AFUDC
    
2
      
2
      
2
      
3
      
1
          
Total fixed charges included in Income Before Income Taxes
    
75
      
119
      
112
      
140
      
158
      
190
  
                                                 
Total earnings
  
$
227
    
$
340
    
$
390
    
$
386
    
$
456
    
$
406
  
                                                 
Fixed charges, as defined:
                                                
Interest on long-term debt
  
$
67
    
$
105
    
$
94
    
$
109
    
$
131
    
$
151
  
Interest on short-term debt and
  other interest
    
3
      
9
      
13
      
23
      
13
      
22
  
Amortization of debt discount,
  expense and premium - net
    
6
      
6
      
6
      
7
      
8
      
9
  
Estimated interest component of
  operating rentals
    
1
      
1
      
1
      
4
      
7
      
8
  
                                                 
Total fixed charges (a)
  
$
77
    
$
121
    
$
114
    
$
143
    
$
159
    
$
190
  
                                                 
Ratio of earnings to fixed charges
    
2.9
      
2.8
      
3.4
      
2.7
      
2.9
      
2.1
  
                                                 
Preferred stock dividend requirements on a
  pre-tax basis
  
$
18
    
$
28
    
$
28
    
$
27
    
$
24
    
$
4
  
Fixed charges, as above
    
77
      
121
      
114
      
143
      
159
      
190
  
Total fixed charges and preferred
stock dividends
  
$
95
    
$
149
    
$
142
    
$
170
    
$
183
    
$
194
  
Ratio of earnings to combined fixed charges and preferred stock dividends
    
2.4
      
2.3
      
2.7
      
2.3
      
2.5
      
2.1
  

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