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<CAPTION>
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Twelve Months Ended June 30, 2000 and Each of the Five Years Ended September 30
(Thousands of Dollars)
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12 Months
Ended Fiscal year Ended September 30,
June 30,
2000 1999 1998 1997 1996 1995
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Fixed charges as defined:
<S> <C> <C> <C> <C> <C> <C>
Interest on long-term debt 12,786 13,657 15,040 15,139 12,252 11,116
Amortization of debt expense 149 353 162 163 152 137
Other interest 7,189 4,643 3,145 2,294 2,589 1,974
AFUDC (759) (630) (569) (341) (251) (370)
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Total Fixed Charges (A) 19,365 18,023 17,778 17,255 14,742 12,857
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Earnings as defined:
Net income 22,854 24,451 24,837 26,347 23,898 21,421
Income taxes 14,473 15,489 15,127 15,711 14,496 13,521
Total fixed charges above 19,365 18,023 17,778 17,255 14,742 12,857
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Total Earnings (B) 56,692 57,963 57,742 59,313 53,136 47,799
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Ratio of Earnings to Fixed
Charges (B/A) 2.93 3.22 3.25 3.44 3.60 3.72
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