Exhibit 12
PG&E GAS TRANSMISSION, NORTHWEST CORPORATION
SEC FILING—FORM 10-K—Year End 2002
RATIO OF EARNINGS TO FIXED CHARGES
Ratio of earnings to Fixed Charges | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||
Earnings | |||||||||||||||
Income from Continuing Operations | $ | 79.0 | $ | 76.4 | $ | 58.4 | $ | 61.5 | $ | 60.3 | |||||
Adjustments: | |||||||||||||||
Income taxes |
| 43.7 |
| 34.5 |
| 37.4 |
| 37.6 |
| 35.7 | |||||
Fixed charges (as below) |
| 38.9 |
| 38.0 |
| 40.9 |
| 42.8 |
| 44.1 | |||||
Total adjusted earnings | $ | 161.5 | $ | 148.9 | $ | 136.7 | $ | 141.9 | $ | 140.1 | |||||
Fixed charges: | |||||||||||||||
Net interest expense | $ | 35.2 | $ | 37.0 | $ | 40.4 | $ | 41.7 | $ | 43.0 | |||||
Adjustments: | |||||||||||||||
Interest component of rents |
| 0.4 |
| 0.3 |
| 0.1 |
| 0.0 |
| 0.1 | |||||
AFUDC debt |
| 3.3 |
| 0.7 |
| 0.4 |
| 1.1 |
| 1.0 | |||||
Total fixed charges | $ | 38.9 | $ | 38.0 | $ | 40.9 | $ | 42.8 | $ | 44.1 | |||||
Ratio of earnings to fixed charges |
| 4.2 |
| 3.9 |
| 3.3 |
| 3.3 |
| 3.2 | |||||