Public Service Company of New Hampshire and Subsidiary

Exhibit 12

Ratio of Earnings to Fixed Charges

(Unaudited)

Six Months

Ended

June 30,

For the Years Ended December 31,

(Thousands of Dollars)

2015

2014

2013

2012

2011

2010

Earnings, as defined:

Net income

$

 59,990 

$

 113,944 

$

 111,397 

$

 96,882 

$

 100,267 

$

 90,067 

Income tax expense

 35,977 

 72,135 

 71,101 

 60,993 

 49,945 

 50,801 

Equity in earnings of regional nuclear

  generating companies

 (3)

 (8)

 (12)

 (8)

 (7)

 (23)

Dividends received from regional equity investees

 -   

 -   

 42 

 -   

 -   

 80 

Fixed charges, as below

 23,569 

 46,530 

 47,318 

 52,769 

 52,111 

 54,721 

Less: Interest capitalized (including AFUDC)

 (363)

 (640)

 (500)

 (1,579)

 (7,064)

 (6,621)

Total earnings, as defined

$

 119,170 

$

 231,961 

$

 229,346 

$

 209,057 

$

 195,252 

$

 189,025 

Fixed charges, as defined:

Interest on long-term debt (a)

$

 22,758 

$

 45,116 

$

 44,370 

$

 46,228 

$

 36,832 

$

 36,220 

Interest on rate reduction bonds

 -   

 -   

 (154)

 2,687 

 6,276 

 9,660 

Other interest (b)

 177 

 233 

 1,960 

 1,313 

 1,039 

 1,187 

Rental interest factor

 271 

 541 

 642 

 962 

 900 

 1,033 

Interest capitalized (including AFUDC)

 363 

 640 

 500 

 1,579 

 7,064 

 6,621 

Total fixed charges, as defined

$

 23,569 

$

 46,530 

$

 47,318 

$

 52,769 

$

 52,111 

$

 54,721 

Ratio of Earnings to Fixed Charges

 5.06 

 4.99 

 4.85 

 3.96 

 3.75 

 3.45 

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

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