EX-12 3 h82756ex12.txt STATEMENTS RE COMPUTATION OF RATIOS 1 EXHIBIT 12 SEC Earnings to Fixed Charges PORTLAND GENERAL ELECTRIC COMPANY EARNINGS TO FIXED CHARGES - SEC BASIS Prepared by: Larry Anderson
(Thousands of Dollars) 31-Dec-00 31-Dec-99 31-Dec-98 31-Dec-97 31-Dec-96 ----------------------------------------------------- -------------- --------- --------- --------- --------- NET INCOME $141,191 $127,891 $137,490 $125,986 $155,915 INCOME TAXES 97,100 90,757 82,453 70,019 114,112 -------- -------- -------- -------- -------- INCOME BEFORE CUMULATIVE EFFECT ITEMS AND INCOME TAXES 238,291 218,648 219,943 196,005 270,027 FIXED CHARGES, EXCLUDING PREFERRED DIVIDEND REQUIREMENT 90,643 87,257 91,006 91,268 92,809 -------- -------- -------- -------- -------- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES 328,934 305,905 310,949 287,273 362,836 -------- -------- -------- -------- -------- FIXED CHARGES: INTEREST EXPENSE (long & short-term) 75,065 71,074 75,943 75,587 77,158 INTEREST ON LONG-TERM POWER CONTRACTS (PUD'S) 8,977 8,877 9,112 9,594 9,507 INTEREST FACTOR IN LONG-TERM LEASES 6,601 7,306 5,951 6,087 6,144 -------- -------- -------- -------- -------- TOTAL FIXED CHARGES $ 90,643 $ 87,257 $ 91,006 $ 91,268 $ 92,809 ======== ======== ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES BEFORE INCOME TAXES 3.63 3.50 3.41 3.15 3.91 ======== ======== ======== ======== ========