EXHIBIT 12.5
Page 1

 
PENNSYLVANIA POWER COMPANY

RATIO OF EARNINGS TO FIXED CHARGES
 
   
Year Ended December 31,
  
   
2000
  
2001
  
2002
  
2003
  
2004
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                      
Income before extraordinary items
  
$
22,847
  
$
41,041
  
$
47,717
  
$
37,833
  
$
59,076
  
Interest before reduction for amounts capitalized
    
20,437
    
18,172
    
16,674
    
15,526
    
9,731
  
Provision for income taxes
    
26,121
    
39,921
    
43,044
    
35,959
    
49,752
  
Interest element of rentals charged to income (a)
    
2,791
    
1,316
    
326
    
167
    
285
  
Earnings as defined
  
$
72,196
  
$
100,450
  
$
107,761
  
$
89,485
  
$
118,844
  
                                 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                                
Interest on long-term debt
  
$
18,651
  
$
16,971
  
$
15,521
  
$
14,228
  
$
8,250
  
Interest on nuclear fuel obligations
    
364
    
141
    
8
    
--
    
--
  
Other interest expense
    
1,422
    
1,060
    
1,145
    
1,298
    
1,481
  
Interest element of rentals charged to income (a)
    
2,791
    
1,316
    
326
    
167
    
285
  
Fixed charges as defined
  
$
23,228
  
$
19,488
  
$
17,000
  
$
15,693
  
$
10,016
  
                                 
RATIO OF EARNINGS TO FIXED CHARGES
   
3.11
    
5.15
    
6.34
    
5.70
    
11.87
  


 

 
_________________

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



EXHIBIT 12.5
Page 2
 
PENNSYLVANIA POWER COMPANY

RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
 
   
Year Ended December 31,
  
   
2000
  
2001
  
2002
  
2003
  
2004
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                      
Income before extraordinary items
  
$
22,847
  
$
41,041
  
$
47,717
  
$
37,833
  
$
59,076
  
Interest before reduction for amounts capitalized
    
20,437
    
18,172
    
16,674
    
15,526
    
9,731
  
Provision for income taxes
    
26,121
    
39,921
    
43,044
    
35,959
    
49,752
  
Interest element of rentals charged to income (a)
    
2,791
    
1,316
    
326
    
167
    
285
  
Earnings as defined
  
$
72,196
  
$
100,450
  
$
107,761
  
$
89,485
  
$
118,844
  
                                 
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
Interest on long-term debt
  
$
18,651
  
$
16,971
  
$
15,521
  
$
14,228
  
$
8,250
  
Interest on nuclear fuel obligations
    
364
    
141
    
8
    
--
    
--
  
Other interest expense
    
1,422
    
1,060
    
1,145
    
1,298
    
1,481
  
Preferred stock dividend requirements
    
3,704
    
3,703
    
3,699
    
3,731
    
2,560
  
Adjustment to preferred stock dividends to state on a pre-income tax basis
    
4,018
    
3,534
    
3,274
    
3,469
    
2,097
  
Interest element of rentals charged to income (a)
    
2,791
    
1,316
    
326
    
167
    
285
  
Fixed charges as defined plus preferred stock dividend requirements
(pre-income tax basis)
  
$
30,950
  
$
26,725
  
$
23,973
  
$
22,893
  
$
14,673
  
                                 
RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
    
2.33
    
3.76
    
4.50
    
3,91
    
8.10
  


________________

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