Public Service Company of New Hampshire and Subsidiary

Exhibit 12

Ratio of Earnings to Fixed Charges

(Unaudited)

Nine Months

Ended

September 30,

For the Years Ended December 31,

(Thousands of Dollars)

2014

2013

2012

2011

2010

2009 

Earnings, as defined:

   Net income

$

 84,955 

$

 111,397 

$

 96,882 

$

 100,267 

$

 90,067 

$

 65,570 

   Income tax expense

 52,199 

 71,101 

 60,993 

 49,945 

 50,801 

 31,990 

   Equity in earnings of regional nuclear

     generating companies

 (5)

 (12)

 (8)

 (7)

 (23)

 (50)

   Dividends received from regional equity investees

 - 

 42 

 - 

 - 

 80 

 220 

   Fixed charges, as below

 34,966 

 47,318 

 52,769 

 52,111 

 54,721 

 51,227 

   Less: Interest capitalized (including AFUDC)

 (489)

 (500)

 (1,579)

 (7,064)

 (6,621)

 (3,138)

 Total earnings, as defined

$

 171,626 

$

 229,346 

$

 209,057 

$

 195,252 

$

 189,025 

$

 145,819 

Fixed charges, as defined:

   Interest on long-term debt (a)

$

 33,812 

$

 44,370 

$

 46,228 

$

 36,832 

$

 36,220 

$

 33,045 

   Interest on rate reduction bonds

 - 

 (154)

 2,687 

 6,276 

 9,660 

 13,128 

   Other interest (b)

 183 

 1,960 

 1,313 

 1,039 

 1,187 

 316 

   Rental interest factor

 482 

 642 

 962 

 900 

 1,033 

 1,600 

   Interest capitalized (including AFUDC)

 489 

 500 

 1,579 

 7,064 

 6,621 

 3,138 

 Total fixed charges, as defined

$

 34,966 

$

 47,318 

$

 52,769 

$

 52,111 

$

 54,721 

$

 51,227 

Ratio of Earnings to Fixed Charges

 4.91 

 4.85 

 3.96 

 3.75 

 3.45 

 2.85 

(a) Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness.

(b) For the years ended December 31, 2011, 2010 and 2009, other interest includes interest related to accounting for uncertain tax positions.