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DUQUESNE LIGHT EXHIBIT 12.1
Duquesne Light Company and Subsidiary
Calculation of Ratio of Earnings to Fixed Charges
(Thousands of Dollars)
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Nine Months Ended Year Ended
September 30, December 31,
2000 1999 1998 1997 1996 1995
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FIXED CHARGES:
Interest on long-term debt $ 54,482 $ 76,938 $ 75,810 $ 81,592 $ 82,505 $ 89,139
Other interest 3,039 4,809 1,290 752 1,632 2,599
Monthly Income Preferred Securities dividend requirements 9,422 12,562 12,562 12,562 7,921 --
Amortization of debt discount, premium and expense - net 1,721 2,516 5,266 5,828 5,973 6,252
Portion of lease payments representing an interest factor 5,480 42,973 44,146 44,208 44,357 44,386
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Total Fixed Charges $ 74,144 $ 139,798 $ 139,074 $ 144,942 $ 142,388 $ 142,376
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EARNINGS:
Income from continuing operations $ 59,748 $ 151,020 $ 148,548 $ 141,820 $ 149,860 $ 151,070
Income taxes 30,479 76,127* 74,912* 73,838* 83,008* 92,894*
Fixed charges as above 74,144 139,798 139,074 144,942 142,388 142,376
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Total Earnings $ 164,371 $ 366,945 $ 362,534 $ 360,600 $ 375,256 $ 386,340
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RATIO OF EARNINGS TO FIXED CHARGES 2.22 2.62 2.61 2.49 2.64 2.71
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*Earnings related to income taxes reflect a $3.0 million decrease for the
twelve months ended December 31, 1999, a $12 million, $17 million, $12 million,
and $13.5 million decrease for the twelve months ended December 31, 1998, 1997,
1996 and 1995, respectively, due to a financial statement reclassification
related to Statement of Financial Accounting Standards No. 109, Accounting for
Income Taxes. The ratio of earnings to fixed charges, absent this
reclassification equals 2.65, 2.69, 2.61, 2.72 and 2.81 for the twelve months
ended December 31, 1999, 1998, 1997, 1996 and 1995, respectively.
