<PAGE>
                                                                    EXHIBIT 12.3
                                                                          Page 1


                   THE CLEVELAND ELECTRIC ILLUMINATING COMPANY

                 CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

<TABLE>
<CAPTION>
                                                                          YEAR ENDED DECEMBER 31,
                                                         --------------------------------------------------------
                                                           1998        1999        2000        2001         2002
                                                         --------    --------    --------    --------    --------
                                                         RESTATED    RESTATED    RESTATED    RESTATED    RESTATED
                                                                          (DOLLARS IN THOUSANDS)

<S>                                                      <C>         <C>         <C>         <C>         <C>
EARNINGS AS DEFINED IN REGULATION S-K:
   Income before extraordinary items ................    $175,765    $204,963    $210,424    $177,905    $136,952
   Interest and other charges, before reduction for
     amounts capitalized ............................     232,727     211,960     201,739     192,102     189,502
   Provision for income taxes .......................     121,937     135,195     138,426     137,887      84,938
   Interest element of rentals charged to income (a)       68,314      66,680      65,616      59,497      51,170
                                                         --------    --------    --------    --------    --------
     Earnings as defined ............................    $598,743    $618,798    $616,205    $567,391    $450,662
                                                         ========    ========    ========    ========    ========

FIXED CHARGES AS DEFINED IN REGULATION S-K:
   Interest expense .................................    $232,727    $211,960    $201,739    $191,727     180,602
   Subsidiary's preferred stock dividend requirements        --          --          --           375       8,900
   Interest element of rentals charged to income (a)       68,314      66,680      65,616      59,497      51,170
                                                         --------    --------    --------    --------    --------
     Fixed charges as defined .......................    $301,041    $278,640    $267,355    $251,599    $240,672
                                                         ========    ========    ========    ========    ========

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES .....        1.99        2.22        2.30        2.26        1.92
                                                         ========    ========    ========    ========    ========
</TABLE>



-------------------------

(a)   Includes the interest element of rentals where determinable plus 1/3 of
      rental expense where no readily defined interest element can be
      determined.

                                       53
<PAGE>
                                                                    EXHIBIT 12.3
                                                                          PAGE 2

                   THE CLEVELAND ELECTRIC ILLUMINATING COMPANY

         CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED
               STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)

<TABLE>
<CAPTION>
                                                                                YEAR ENDED DECEMBER 31,
                                                               --------------------------------------------------------
                                                                 1998        1999        2000        2001        2002
                                                               --------    --------    --------    --------    --------
                                                               RESTATED    RESTATED    RESTATED    RESTATED    RESTATED

                                                                                (DOLLARS IN THOUSANDS)

<S>                                                            <C>         <C>         <C>         <C>         <C>
EARNINGS AS DEFINED IN REGULATION S-K:
   Income before extraordinary items ......................    $175,765    $204,963    $210,424    $177,905    $136,952
   Interest and other charges, before reduction for amounts
     capitalized ..........................................     232,727     211,960     201,739     192,102     189,502
   Provision for income taxes .............................     121,937     135,195     138,426     137,887      84,938
   Interest element of rentals charged to income (a) ......      68,314      66,680      65,616      59,497      51,170
                                                               --------    --------    --------    --------    --------
     Earnings as defined ..................................    $598,743    $618,798    $616,205    $567,391    $462,562
                                                               ========    ========    ========    ========    ========

FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
   PREFERRED STOCK DIVIDEND REQUIREMENTS
   (PRE-INCOME TAX BASIS):
   Interest expense .......................................    $232,727    $211,960    $201,739    $191,727    $180,602
   Preferred stock dividend requirements ..................      24,794      33,524      20,843      25,213      24,590
   Adjustments to preferred stock dividends
     to state on a pre-income tax basis ...................      16,632      21,395      13,012      18,714      15,406
   Interest element of rentals charged to income (a) ......      68,314      66,680      65,616      59,497      51,170
                                                               --------    --------    --------    --------    --------
     Fixed charges as defined plus preferred stock
       dividend requirements (pre-income tax basis) .......    $342,467    $333,559    $301,210    $295,151    $271,768
                                                               ========    ========    ========    ========    ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
   PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS

   (PRE-INCOME TAX BASIS) .................................        1.75        1.86        2.05        1.92        1.70
                                                               ========    ========    ========    ========    ========
</TABLE>





-------------------------

(a)   Includes the interest element of rentals where determinable plus 1/3 of
      rental expense where no readily defined interest element can be
      determined.

                                       54