EXHIBIT 12-19
THE DETROIT EDISON COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Six Months |
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Year Ended December 31 |
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Ended |
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6/30/99 |
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1998 |
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1997 |
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1996 |
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(Millions, except for ratio) |
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Net income |
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$ |
211 |
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$ |
418 |
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$ |
417 |
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$ |
328 |
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Taxes based on income: |
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Income taxes |
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99 |
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260 |
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288 |
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225 |
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Municipal and state |
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2 |
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3 |
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4 |
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3 |
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Total taxes based on income |
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101 |
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263 |
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292 |
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228 |
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Fixed charges: |
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Interest expense |
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137 |
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278 |
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282 |
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291 |
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Allowance for funds used during construction |
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3 |
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— |
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— |
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— |
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Interest factor of rents |
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17 |
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34 |
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34 |
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34 |
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Total fixed charges |
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157 |
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312 |
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316 |
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325 |
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Earnings before taxes based on income and fixed charges |
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$ |
469 |
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$ |
933 |
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$ |
1,025 |
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$ |
881 |
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Ratio of earnings to fixed charges |
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2.99 |
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3.18 |
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3.24 |
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2.71 |
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