EX-12.3 5 pseg-3312015xq1ex123.htm POWER EARNINGS TO FIXED CHARGES
EXHIBIT 12.3
PSEG POWER LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

|  |  | Three Months Ended |  | Years Ended |
|  |  | March 31, |  | December 31, |
|  |  | 2015 |  | 2014 |  | 2014 |  | 2013 |  | 2012 |  | 2011 |  | 2010 |
|  |  | (Millions, except ratios) |
| Earnings as Defined in Regulation S-K (A): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Pre-tax Income from Continuing Operations |  | 569 |  |  | 275 |  |  | $ | 1,251 |  |  | $ | 1,063 |  |  | $ | 1,099 |  |  | $ | 1,703 |  |  | $ | 1,932 |  |
| (Income) Loss from Equity Investees, net of Distributions |  | 1 |  |  | — |  |  | 3 |  |  | (10 | ) |  | (6 | ) |  | (12 | ) |  | (8 | ) |
| Fixed Charges |  | 38 |  |  | 39 |  |  | 150 |  |  | 143 |  |  | 164 |  |  | 208 |  |  | 238 |  |
| Capitalized Interest |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | (6 | ) |  | (10 | ) |  | (63 | ) |
| Total Earnings |  | $ | 609 |  |  | $ | 315 |  |  | $ | 1,405 |  |  | $ | 1,197 |  |  | $ | 1,251 |  |  | $ | 1,889 |  |  | $ | 2,099 |  |
| Fixed Charges as Defined in Regulation S-K (B) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest Expense |  | 37 |  |  | 38 |  |  | $ | 146 |  |  | $ | 139 |  |  | $ | 161 |  |  | $ | 205 |  |  | $ | 235 |  |
| Interest Factor in Rentals |  | 1 |  |  | 1 |  |  | 4 |  |  | 4 |  |  | 3 |  |  | 3 |  |  | 3 |  |
| Total Fixed Charges |  | $ | 38 |  |  | $ | 39 |  |  | $ | 150 |  |  | $ | 143 |  |  | $ | 164 |  |  | $ | 208 |  |  | $ | 238 |  |
| Ratio of Earnings to Fixed Charges |  | 16.03 |  |  | 8.08 |  |  | 9.37 |  |  | 8.37 |  |  | 7.63 |  |  | 9.08 |  |  | 8.82 |  |

(A) | The term “earnings” shall be defined as pre-tax Income from Continuing Operations before income or loss from equity method investees plus distributed income from equity investees. Add to pre-tax income the amount of fixed charges adjusted to exclude the amount of any interest capitalized during the period.

(B) | Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount, premium and expense, and (c) an estimate of interest implicit in rentals.