Exhibit 12

PORTLAND GENERAL ELECTRIC COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Nine Months Ended September 30,		Years Ended December 31,
	2013		2012		2011		2010		2009		2008
	(Thousands of Dollars)
Income From Continuing Operations Before Income Taxes	$	67,856		205,406		204,714		178,158		131,636		121,825
Fixed Charges From Below		87,303		122,851		126,766		131,486		129,948		111,589
Total Earnings	$	155,159		328,257		331,480		309,644		261,584		233,414
Fixed Charges:
Interest Expense	$	75,353		107,992		110,413		110,240		103,389		90,257
Capitalized Interest		4,250		3,699		3,059		9,097		11,816		6,184
Interest On Certain Long-Term Power Contracts		4,582		6,643		8,764		8,068		10,038		10,010
Estimated Interest Factor In Rental Expense		3,118		4,517		4,530		4,081		4,705		5,138
Total Fixed Charges	$	87,303		122,851		126,766		131,486		129,948		111,589
Ratio Of Earnings To Fixed Charges		1.78		2.67		2.61		2.35		2.01		2.09