EXHIBIT 12.1
NV ENERGY, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)

     
Year Ended December 31,
  
     
2008
    
2007
    
2006
    
2005
    
2004
  
                                 
EARNINGS AS DEFINED:
                              
 
Income (Loss) From Continuing Operations
                              
 
After Interest Charges
   $ 208,887     $ 197,295     $ 279,792     $ 86,137     $ 30,842  
 
Income Taxes
     95,354       87,555       145,605       43,118       18,050  
 
Income (Loss) From Continuing Operations
                                        
 
before Income Taxes
     304,241       284,850       425,397       129,255       48,892  
                                           
 
Fixed Charges
     335,868       310,876       336,024       319,654       324,969  
 
Capitalized Interest (allowance for borrowed funds used during construction)
     (29,527 )     (25,967 )     (17,119 )     (24,691 )     (8,587 )
 
Preferred Stock Dividend Requirement
     -       -       (3,602 )     (6,000 )     (6,000 )
                                           
 
Total
   $ 610,582     $ 569,759     $ 740,700     $ 418,218     $ 359,274  
                                           
FIXED CHARGES AS DEFINED:
                                        
 
Interest Expensed and Capitalized (1)
   $ 335,868     $ 310,876     $ 332,422     $ 313,654     $ 318,969  
 
Preferred Stock Dividend Requirement
     -       -       3,602       6,000       6,000  
                                           
 
Total
   $ 335,868     $ 310,876     $ 336,024     $ 319,654     $ 324,969  
                                           
RATIO OF EARNINGS TO FIXED CHARGES
     1.82       1.83       2.20       1.31       1.11  
                                           
                                           
(1)
Includes amortization of premiums, discounts, and capitalized debt expense and interest component of rent expense.
          
                                           
 
For the purpose of calculating the ratios of earnings to fixed charges, “Fixed charges” represent the aggregate of interest charges on short-term and long-term debt (whether expensed or capitalized), the portion of rental expense deemed to be attributable to interest, and the pre-tax preferred stock dividend requirement of SPPC.  “Earnings” represents pre-tax income (or Loss) from continuing operations before, solely with respect to the years ended December 31, 2006, 2005 and 2004, pre-tax preferred stock dividend requirement of SPPC plus fixed charges (excluding capitalized interest and the pre-tax preferred stock dividend requirement of SPPC for the years ended December 31, 2006, 2005 and 2004).