|Ratio of Earnings to Fixed Charges           |  |                |               |               |                 |                
|-------------------------------------------- |  | -------------- | ------------- | ------------- | --------------- | ---------------
|(In thousands)                               |  |                |               |               |                 |                
|                                             |  |                |               |               |                 |                
|Earnings, as defined:                        |  | 2004           | 2003          | 2002          | 2001            | 2000           
|                                             |  |                |               |               |                 |                
|Net income before extraordinary item and     |  |                |               |               |                 |                
|cumulative effect of accounting change       |  | $      116,588 | $     121,152 | $     152,109 | $       220,124 | $       205,295
|Income taxes                                 |  | 51,756         | 59,862        | 82,304        | 171,483         | 161,725        
|Equity in earnings of regional nuclear       |  |                |               |               |                 |                
|generating and transmission companies        |  | 2,592          | 4,487         | 11,215        | 3,090           | 13,667         
|Fixed charges, as below                      |  | 277,965        | 267,805       | 291,610       | 313,113         | 344,108        
|Interest capitalized (not including AFUDC)   |  | (600)          | (1,058)       | (2,085)       | (684)           | (15)           
|Preferred dividend security requirements of  |  |                |               |               |                 |                
|consolidated subsidiairies                   |  | (9,265)        | (9,265)       | (9,265)       | (12,082)        | (23,603)       
|Total earnings, as defined                   |  | $      439,036 | $     442,983 | $     525,888 | $       695,044 | $       701,177
|                                             |  |                |               |               |                 |                
|Fixed charges, as defined:                   |  |                |               |               |                 |                
|                                             |  |                |               |               |                 |                
|Interest on long-term debt                   |  | $      139,853 | $     126,259 | $     134,471 | $       147,049 | $       200,696
|Interest on rate reduction bonds             |  | 98,899         | 108,359       | 115,791       | 87,616          | -              
|Other interest                               |  | 14,762         | 11,740        | 20,249        | 44,993          | 98,605         
|Rental interest factor                       |  | 7,433          | 4,833         | 3,200         | 15,483          | 11,874         
|Amortized premiums, discounts and            |  |                |               |               |                 |                
|capitalized expenses related to indebtedness |  | 7,153          | 6,291         | 6,549         | 5,206           | 9,315          
|Preferred dividend security requirements of  |  |                |               |               |                 |                
|consolidated subsidiairies                   |  | 9,265          | 9,265         | 9,265         | 12,082          | 23,603         
|Interest capitalized (not including AFUDC)   |  | 600            | 1,058         | 2,085         | 684             | 15             
|Total fixed charges, as defined              |  | $      277,965 | $     267,805 | $     291,610 | $       313,113 | $       344,108
|                                             |  |                |               |               |                 |                
|                                             |  |                |               |               |                 |                
|Ratio of Earnings to Fixed Charges           |  | 1.58           | 1.65          | 1.80          | 2.22            | 2.04           
|                                             |  |                |               |               |                 |