Public Service Company of New Hampshire

Exhibit 12

Ratio of Earnings to Fixed Charges

(Thousands of Dollars)

For the Years Ended December 31,

2009

2008

2007

2006

2005

Earnings, as defined:

 Net income

$

65,570 

$

58,067 

 $

54,434 

$

35,323 

$

41,739 

   Income tax expense

31,990 

21,996 

22,794 

39,183 

12,234 

   Equity in (earnings)/losses of regional nuclear

     generating companies

(50)

(62)

 (343)

74 

 (230)

   Dividends received from regional equity investees

220 

- 

521 

367 

172 

   Fixed charges, as below

51,227 

54,597 

50,637 

50,092 

49,751 

   Less: Interest capitalized (including AFUDC)

(3,138)

(2,967)

(2,985)

(2,768)

(1,896)

 Total earnings, as defined

$

145,819 

$

131,631 

 $

125,058 

$

122,271 

$

101,770 

Fixed charges, as defined:

   Interest on long-term debt (a)

$

33,045 

$

  32,655 

 $

26,029 

$

24,100 

$

20,481 

   Interest on rate reduction bonds

13,128 

15,969 

18,013 

20,828 

24,074 

   Other interest (b)

316 

1,539 

2,243 

829 

1,733 

   Rental interest factor

1,600 

1,467 

1,367 

1,567 

1,567 

   Interest capitalized (including AFUDC)

3,138 

2,967 

2,985 

2,768 

1,896 

 Total fixed charges, as defined

$

51,227 

$

54,597 

 $

50,637 

$

50,092 

$

49,751 

Ratio of Earnings to Fixed Charges

2.85 

2.41 

2.47 

2.44 

2.05 

(a)

Interest on long-term debt amounts include amortized premiums, discounts and capitalized expenses related to indebtedness.

(b)

For the years ended December 31, 2009, 2008 and 2007, other interest includes interest related to accounting for uncertain tax positions.