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|--------------------------------------------------- | ----------------------- | ----------------------- | ---------------------- | ---------------------- | ---------------------- | ----------------------
|Ratio of Earnings to Fixed Charges                  |                         |                         |                        |                        |                        | Exhibit 12            
|(In thousands)                                      |                         |                         |                        |                        |                        |                       
|                                                    |                         | Year Ended              | Year Ended             | Year Ended             | Year Ended             | Year Ended            
|Earnings, as defined:                               |                         | December 31, 2005       | December 31, 2004      | December 31, 2003      | December 31, 2002      | December 31, 2001     
|                                                    |                         |                         |                        |                        |                        |                       
|Net (loss)/income from continuing operations before |                         |                         |                        |                        |                        |                       
|extraordinary item and cumulative effect of         |                         |                         |                        |                        |                       
|accounting change                                   | $             (229,223) | $              112,995  | $              116,434 | $              148,529 | $              265,942
|Income tax (benefit)/expense                        |                         | (162,765)               | 50,728                 | 47,628                 | 72,682                 | 173,952               
|Equity in earnings of regional nuclear              |                         |                         |                        |                        |                        |                       
|generating and transmission companies               |                         | (3,311)                 | (2,592)                | (4,487)                | (11,215)               | (3,970)               
|Dividends received from regional equity investees   |                         | 687                     | 3,879                  | 8,904                  | 11,056                 | 7,060                 
|Fixed charges, as below                             |                         | 294,525                 | 271,948                | 264,822                | 290,590                | 304,663               
|Interest capitalized (not including AFUDC)          |                         | (395)                   | (600)                  | (1,058)                | (2,085)                | (684)                 
|Preferred dividend security requirements of         |                         |                         |                        |                        |                        |                       
|consolidated subsidiaries                           |                         | (9,265)                 | (9,265)                | (9,265)                | (9,265)                | (12,082)              
|Total (loss)/earnings, as defined                   |                         | $             (109,747) | $              427,093 | $              422,978 | $500,292               | $734,881              
|                                                    |                         |                         |                        |                        |                        |                       
|Fixed charges, as defined:                          |                         |                         |                        |                        |                        |                       
|                                                    |                         |                         |                        |                        |                        |                       
|Interest on long-term debt                          |                         | $              163,012  | $              139,988 | $              121,887 | $              134,471 | $              140,497
|Interest on rate reduction bonds                    |                         | 87,439                  | 98,899                 | 108,359                | 115,791                | 87,616                
|Other interest                                      |                         | 19,350                  | 8,610                  | 10,333                 | 16,998                 | 51,545                
|Rental interest factor                              |                         | 7,145                   | 7,433                  | 7,667                  | 5,433                  | 7,033                 
|Amortized premiums, discounts and                   |                         |                         |                        |                        |                        |                       
|capitalized expenses related to indebtedness        |                         | 7,919                   | 7,153                  | 6,253                  | 6,547                  | 5,206                 
|Preferred dividend security requirements of         |                         |                         |                        |                        |                        |                       
|consolidated subsidiaries                           |                         | 9,265                   | 9,265                  | 9,265                  | 9,265                  | 12,082                
|Interest capitalized (not including AFUDC)          |                         | 395                     | 600                    | 1,058                  | 2,085                  | 684                   
|Total fixed charges, as defined                     |                         | $              294,525  | $              271,948 | $              264,822 | $              290,590 | $              304,663
|                                                    |                         |                         |                        |                        |                        |                       
|                                                    |                         |                         |                        |                        |                        |                       
|Ratio of Earnings to Fixed Charges - Pro Forma      |                         | (0.37)                  | 1.57                   | 1.60                   | 1.72                   | 2.41                  
|                                                    |                         |                         |                        |                        |                        |                       
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