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Exhibit 12
TUCSON ELECTRIC POWER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
-In Thousands-
9 Months
Ended ----------------------12 Months Ended---------------------------
Sept. 30, Sept. 30, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2000 2000 1999 1998 1997 1996 1995
------- ------- ------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
FIXED CHARGES:
Interest on Long-Term Debt $50,229 $67,281 $66,836 $72,672 $66,247 $59,836 $69,174
Other Interest (1) $7,096 $10,574 $13,081 $13,207 $ 9,640 $11,721 $ 9,113
Interest on Capital Lease Obligations (2) $90,315 $91,663 $82,414 $81,823 $83,019 $84,383 $83,986
-------- -------- -------- -------- -------- -------- --------
TOTAL FIXED CHARGES $147,640 $169,518 $162,331 $167,702 $158,906 $155,940 $162,273
NET INCOME $33,136 $67,644 $73,475 $41,676 $83,572 $120,852 $54,905
LESS:
Extraordinary Income - Net of Tax $0 $22,597 $22,597 $0 $0 $0 $0
-------- -------- -------- -------- -------- -------- --------
NET INCOME FROM CONTINUING OPERATIONS $33,136 $45,047 $50,878 $41,676 $83,572 $120,852 $54,905
ADD (DEDUCT):
Income Taxes - Operating Expense $ 7,944 $2,811 $18,268 $18,372 $19,297 $9,795 $8,920
Income Taxes - Other $5,790 $6,043 $4,082 ($ 794) ($41,401) ($91,950) ($29,356)
Total Fixed Charges $147,640 $169,518 $162,331 $167,702 $158,906 $155,940 $162,273
-------- -------- -------- -------- -------- -------- --------
TOTAL EARNINGS BEFORE TAXES
AND FIXED CHARGES $194,510 $223,419 $235,559 $226,956 $220,374 $194,637 $196,742
RATIO OF EARNINGS TO FIXED CHARGES 1.317 1.318 1.451 1.353 1.387 1.248 1.212
(1) Excludes recognition of Allowance for Borrowed Funds Used During Construction.
(2) Capital Lease Interest Paid from Statement of Cash Flows.
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