the 1.2 kw is the output of ups. This is for running 4 GPUs, so 1400MHps at 1.2+ KW. I have 2 APC UPS units in parallel, not exceeding power rating of either. I'd guesstimate efficiency of ups is 95-98 percent... since post of the time its just a pass-through, not charge/discharge cycle.
Bottom line; it would cost me money to mine, unless i turn off A/C. With A/C off i'd pay $4 per day electric and make about $4.5 in bit coins. $15/month profit is not worth hot office.
FPGAs which yield 800MHash at 80watt cost $560 and would take about 8 month to pay off.
Are you sure you are even reading the UPS correctly? What is your computer doing when the UPS reports total power usage at 1.2kw? What does the power usage go down to at idle?
I'm not calling you a liar, but power usage fluctuates a LOT on any typical computer, as unused parts (CPU, or GPU) will not pull nearly as much power while idle.
I just don't see 1.2kw making any sense from mining alone, even given dual 6990 video cards. Are you under-clocking the RAM? Are you reducing voltage? There are lots of standard practices that make bitcoin mining more efficient that you could be using.
What is your computer doing when you aren't bitcoin mining? I can understand being upset about the power usage if you are talking about going from 0W to 1200W, but if your computer is drawing 900W idle and 1200W mining the difference isn't nearly as significant. Given your overclocking and dual GPU setup you don't come across as the kind of person who turns off the computer every time you walk away from it, but maybe I'm wrong.
Simple napkin math says a 6990 should use around 375W max, so 750 for the two of them. That is absolute max, like you get from playing with furmark, bitcoin mining doesn't stress the card that hard. Also that is stock, if you are properly underclocking the memory and reducing voltage for mining it should be significantly less. CPU *should* be 20W or less at idle. All in all with proper mining tweaks you shouldn't be anywhere close to 1.2KW, you should be around 700W max.