EXHIBIT 12

PORTLAND GENERAL ELECTRIC COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	3 Mos. Ended		For the Year Ended December 31,
(Thousands of Dollars)	March 31, 2007		2006		2005		2004		2003		2002
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	$	82,406	$	107,240	$	105,759	$	146,325	$	103,964	$	124,871
FIXED CHARGES FROM BELOW	23,501		91,846		85,330		84,803		95,334		89,004
TOTAL EARNINGS	105,907		199,086		191,089		231,128		199,298		213,875
FIXED CHARGES:
INTEREST EXPENSE	16,837		68,932		68,359		68,661		78,702		71,423
CAPITALIZED INTEREST	3,006		8,482		3,717		2,880		2,567		3,158
INTEREST ON LONG-TERM POWER CONTRACTS (PUD’S)	2,538		9,927		8,634		8,549		9,091		8,662
ESTIMATED INTEREST FACTOR IN RENTAL EXPENSE	1,120		4,505		4,620		4,713		4,974		5,761
TOTAL FIXED CHARGES	$	23,501	$	91,846	$	85,330	$	84,803	$	95,334	$	89,004
RATIO OF EARNINGS TO FIXED CHARGES	4.51		2.17		2.24		2.73		2.09		2.40