EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12

 

PG&E GAS TRANSMISSION, NORTHWEST CORPORATION

SEC FILING—FORM 10-Q—Second Quarter 2003

EXHIBIT 12—RATIO OF EARNINGS TO FIXED CHARGES

($ in millions)

 

     For the Six Months Ended
     2003
    2002
Ratio of Earnings to Fixed Charges              

Earnings:

              

Net income

    $ 29.3    $ 34.5

Adjustments:

              

Income taxes

      19.0      18.6

Fixed charges (as below)

      20.2      18.7
    
  

Total adjusted earnings

    $ 68.5    $ 71.8
    
  

Fixed charges:

              

Net interest expense

    $ 19.8    $ 17.0

Adjustments:

              

Interest component of rents

      0.2      0.2

AFUDC debt

      0.2      1.5
    
  

Total fixed charges

    $ 20.2    $ 18.7
    
  

Ratio of earnings to fixed charges

      3.4      3.8