|Ratio of Earnings to Fixed Charges                |     |                         |       |                        |       | Exhibit 12            
|------------------------------------------------- | --- | ----------------------- | ----- | ---------------------- | ----- | ----------------------
|(In thousands)                                    |     |                         |       |                        |       |                       
|                                                  |     | Three Months Ended      |       | Year Ended             |       | Year Ended            
|Earnings, as defined:                             |     | March 31, 2005          |       | December 31, 2004      |       | December 31, 2003     
|                                                  |     |                         |       |                        |       |                       
|Net (loss)/income before extraordinary item and   |     |                         |       |                        |       |                       
|cumulative effect of accounting change            |     | $             (117,719) |       | $              116,588 |       | $              121,152
|Income tax (benefit)/expense                      |     | (67,352)                |       | 51,756                 |       | 59,862                
|Equity in earnings of regional nuclear            |     |                         |       |                        |       |                       
|generating and transmission companies             |     | (868)                   |       | (2,592)                |       | (4,487)               
|Dividends received from regional equity investees | 140 |                         | 3,879 |                        | 8,904
|Fixed charges, as below                           |     | 72,123                  |       | 277,965                |       | 267,805               
|Interest capitalized (not including AFUDC)        |     | (67)                    |       | (600)                  |       | (1,058)               
|Preferred dividend security requirements of       |     |                         |       |                        |       |                       
|consolidated subsidiaries                         |     | (2,317)                 |       | (9,265)                |       | (9,265)               
|Total earnings, as defined                        |     | $             (116,060) |       | $              437,731 |       | $              442,913
|                                                  |     |                         |       |                        |       |                       
|Fixed charges, as defined:                        |     |                         |       |                        |       |                       
|                                                  |     |                         |       |                        |       |                       
|Interest on long-term debt                        |     | $                38,449 |       | $              139,853 |       | $              126,259
|Interest on rate reduction bonds                  |     | 23,038                  |       | 98,899                 |       | 108,359               
|Other interest                                    |     | 4,342                   |       | 14,762                 |       | 11,740                
|Rental interest factor                            |     | 1,858                   |       | 7,433                  |       | 4,833                 
|Amortized premiums, discounts and                 |     |                         |       |                        |       |                       
|capitalized expenses related to indebtedness      |     | 2,052                   |       | 7,153                  |       | 6,291                 
|Preferred dividend security requirements of       |     |                         |       |                        |       |                       
|consolidated subsidiaries                         |     | 2,317                   |       | 9,265                  |       | 9,265                 
|Interest capitalized (not including AFUDC)        |     | 67                      |       | 600                    |       | 1,058                 
|Total fixed charges, as defined                   |     | $                72,123 |       | $              277,965 |       | $              267,805
|                                                  |     |                         |       |                        |       |                       
|                                                  |     |                         |       |                        |       |                       
|Ratio of Earnings to Fixed Charges - Pro Forma    |     | (1.61)                  |       | 1.57                   |       | 1.65                  
|                                                  |     |                         |       |                        |       |                       
|                                                  |     |                         |       |                        |       |                       





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|Ratio of Earnings to Fixed Charges                |        |                        |       |                        |        |                       
|------------------------------------------------- | ------ | ---------------------- | ----- | ---------------------- | ------ | ----------------------
|(In thousands)                                    |        |                        |       |                        |        |                       
|                                                  |        | Year Ended             |       | Year Ended             |        | Year Ended            
|Earnings, as defined:                             |        | December 31, 2002      |       | December 31, 2001      |        | December 31, 2000     
|                                                  |        |                        |       |                        |        |                       
|Net (loss)/income before extraordinary item and   |        |                        |       |                        |        |                       
|cumulative effect of accounting change            |        | $              152,109 |       | $              220,124 |        | $              205,295
|Income tax (benefit)/expense                      |        | 82,304                 |       | 171,483                |        | 161,725               
|Equity in earnings of regional nuclear            |        |                        |       |                        |        |                       
|generating and transmission companies             |        | (11,215)               |       | (3,090)                |        | (13,667)              
|Dividends received from regional equity investees | 11,056 |                        | 7,060 |                        | 27,334
|Fixed charges, as below                           |        | 291,610                |       | 313,113                |        | 344,108               
|Interest capitalized (not including AFUDC)        |        | (2,085)                |       | (684)                  |        | (15)                  
|Preferred dividend security requirements of       |        |                        |       |                        |        |                       
|consolidated subsidiaries                         |        | (9,265)                |       | (12,082)               |        | (23,603)              
|Total earnings, as defined                        |        | $514,514               |       | $695,924               |        | $701,177              
|                                                  |        |                        |       |                        |        |                       
|Fixed charges, as defined:                        |        |                        |       |                        |        |                       
|                                                  |        |                        |       |                        |        |                       
|Interest on long-term debt                        |        | $              134,471 |       | $              147,049 |        | $              200,696
|Interest on rate reduction bonds                  |        | 115,791                |       | 87,616                 |        | -                     
|Other interest                                    |        | 20,249                 |       | 44,993                 |        | 98,605                
|Rental interest factor                            |        | 3,200                  |       | 15,483                 |        | 11,874                
|Amortized premiums, discounts and                 |        |                        |       |                        |        |                       
|capitalized expenses related to indebtedness      |        | 6,549                  |       | 5,206                  |        | 9,315                 
|Preferred dividend security requirements of       |        |                        |       |                        |        |                       
|consolidated subsidiaries                         |        | 9,265                  |       | 12,082                 |        | 23,603                
|Interest capitalized (not including AFUDC)        |        | 2,085                  |       | 684                    |        | 15                    
|Total fixed charges, as defined                   |        | $              291,610 |       | $              313,113 |        | $              344,108
|                                                  |        |                        |       |                        |        |                       
|                                                  |        |                        |       |                        |        |                       
|Ratio of Earnings to Fixed Charges - Pro Forma    |        | 1.76                   |       | 2.22                   |        | 2.04