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<PAGE>
Exhibit 12.2
NSTAR
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
Twelve Months Ended June 30, 2000
(in thousands)
Net income from continuing operations $160,676
Income taxes 70,949
Fixed charges (including securitization certificates) 197,359
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Total $428,984
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Interest expense $180,359
Interest component of rentals 17,000
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Subtotal 197,359
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Preferred stock dividend requirements 8,592
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Total $205,951
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Ratio of earnings to fixed charges and preferred 2.08
stock dividends requirements ========
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