<PAGE> 1
EXHIBIT (12)
CMS ENERGY CORPORATION
Ratio of Earnings to Fixed Charges and Preferred
Securities Dividends and Distributions
(Millions of Dollars)
<TABLE>
<CAPTION>
Nine Months
Ended
September 30 Years Ended December 31 -
2000 1999 1998 1997 1996 1995
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(b)
<S> <C> <C> <C> <C> <C> <C>
Earnings as defined (a)
Consolidated net income $ 216 $ 277 $ 242 $ 244 $ 224 $ 195
Income taxes 88 64 100 108 137 113
Exclude equity basis subsidiaries (125) (84) (92) (80) (85) (57)
Fixed charges as defined, adjusted to exclude
capitalized interest of $35, $41, $29, $13, $5
and $4 million for the nine months ended
September 30, 2000 and for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995,
respectively 550 588 395 360 313 299
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Earnings as defined $ 729 $ 845 $ 645 $ 632 $ 589 $ 550
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Fixed charges as defined (a)
Interest on long-term debt $ 443 $ 502 $ 319 $ 273 $ 230 $ 224
Estimated interest portion of lease rental 6 7 8 8 10 9
Other interest charges 24 57 48 49 43 42
Preferred securities dividends and
distributions 111 96 77 67 54 42
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Fixed charges as defined $ 584 $ 662 $ 452 $ 397 $ 337 $ 317
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Ratio of earnings to fixed charges and
preferred securities dividends and distributions 1.25 1.28 1.43 1.59 1.75 1.74
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</TABLE>
NOTES:
(a) Earnings and fixed charges as defined in instructions for Item 503 of
Regulation S-K.
(b) Excludes a cumulative effect of change in accounting after-tax gain of
$43 million.
