Exhibit 12

PORTLAND GENERAL ELECTRIC COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Nine Months Ended September 30,		Years Ended December 31,
	2016		2015		2014		2013		2012		2011
	(Thousands of Dollars)
Income From Continuing Operations Before Income Taxes	$	164,433		216,818		236,679		125,758		205,406		204,714
Total Fixed Charges		99,590		135,956		128,515		118,189		122,851,		126,766
Total Earnings	$	264,023		352,774		365,194		243,947		328,257		331,480
Fixed Charges:
Interest Expense	$	82,256		113,816		96,068		100,818		107,992		110,413
Capitalized Interest		9,842		12,520		22,441		6,892		3,699		3,059
Interest On Certain Long-Term Power Contracts		3,855		5,140		5,137		5,996		6,643		8,764
Estimated Interest Factor In Rental Expense		3,637		4,435		4,869		4,483		4,517		4,530
Total Fixed Charges	$	99,590		135,956		128,515		118,189		122,851		126,766
Ratio Of Earnings To Fixed Charges		2.65		2.59		2.84		2.06		2.67		2.61

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