Peoples Energy 10-Q 2003 Q1 Quarterly report

Exhibit 12
Peoples Energy Corporation and Subsidiary Companies
Statement Re: Computation of Ratio of Earnings to Fixed Charges *
(Dollars in Thousands)
	12 months ended	Fiscal years ended September 30,
	3/31/2003	2002	2001	2000	1999	1998
Net Income Before Preferred
Stock Dividends, as reported	$ 97,538	$ 89,071	$ 96,939	$ 82,942	$ 89,316	$ 79,394
Undistributed earnings from equity investees	7,175	12,216	(7,587)	(11,545)	(8,672)	(329)
Add - Income Taxes	53,122	46,321	51,372	41,195	50,525	45,107
Fixed charges excluding capitalized interest	51,866	56,439	72,051	52,919	39,546	38,545
Earnings	$209,701	$204,047	$212,775	$165,511	$170,715	$162,717
Fixed charges including capitalized interest	$ 51,866	$ 56,439	$ 72,051	$ 53,741	$ 42,153	$ 39,190
Ratio of Earnings to Fixed Charges	4.04	3.62	2.95	3.08	4.05	4.15
* Prior year amounts have been restated to reflect the conversion to successful efforts and
to adjust for undistributed equity income.