EX-12.1 4 pseg-3312018xq1ex121.htm PSE&G EARNINGS TO FIXED CHARGES
EXHIBIT 12.1
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

|  | Three Months Ended |  | Years Ended |
|  | March 31, |  | December 31, |
|  | 2018 |  | 2017 |  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013 |
|  | (Millions, except ratios) |
| Earnings as Defined in Regulation S-K (A): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Pre-tax Income from Continuing Operations | $ | 436 |  |  | $ | 470 |  |  | $ | 1,536 |  |  | $ | 1,404 |  |  | $ | 1,257 |  |  | $ | 1,174 |  |  | $ | 993 |  |
| Fixed Charges | 89 |  |  | 82 |  |  | 331 |  |  | 316 |  |  | 306 |  |  | 303 |  |  | 316 |  |
| Capitalized Interest | (4 | ) |  | (5 | ) |  | (18 | ) |  | (17 | ) |  | (17 | ) |  | (16 | ) |  | (16 | ) |
| Total Earnings | $ | 521 |  |  | $ | 547 |  |  | $ | 1,849 |  |  | $ | 1,703 |  |  | $ | 1,546 |  |  | $ | 1,461 |  |  | $ | 1,293 |  |
| Fixed Charges as Defined in Regulation S-K (B) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest Expense | $ | 85 |  |  | $ | 80 |  |  | $ | 321 |  |  | $ | 306 |  |  | $ | 297 |  |  | $ | 293 |  |  | $ | 309 |  |
| Interest Factor in Rentals | 4 |  |  | 2 |  |  | 10 |  |  | 10 |  |  | 9 |  |  | 10 |  |  | 7 |  |
| Total Fixed Charges | $ | 89 |  |  | $ | 82 |  |  | $ | 331 |  |  | $ | 316 |  |  | $ | 306 |  |  | $ | 303 |  |  | $ | 316 |  |
| Ratio of Earnings to Fixed Charges | 5.85 |  |  | 6.67 |  |  | 5.59 |  |  | 5.39 |  |  | 5.05 |  |  | 4.82 |  |  | 4.09 |  |

(A) | The term "earnings" shall be defined as pre-tax Income from Continuing Operations. 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.