Peoples Gas Light & Coke S-4 Registration of securities issued in business combination transactions

Exhibit 12

The Peoples Gas Light and Coke Company and Subsidiary Companies

Statement Re: Computation of Ratio of Earnings to Fixed Charges

(Dollars in Thousands)

	6 months ended		12 months ended		Fiscal years ended September 30,
	03/31/2003		03/31/2003		2002		2001		2000		1999		1998
Net Income Before Preferred
Stock Dividends	$	77,991	$	78,513	$	77,818	$	75,259	$	73,576	$	78,217	$	68,378
Add—Income Taxes		47,088		46,913		47,832		47,692		41,954		44,115		38,188
Fixed Charges excluding capitalized interest		11,804		22,430		23,673		36,737		33,640		31,398		33,141
Earnings	$	136,883	$	147,856	$	149,323	$	159,688	$	149,170	$	153,730	$	139,707
Fixed Charges including capitalized interest	$	11,804	$	22,430	$	23,673	$	36,737	$	34,462	$	34,040	$	33,786
Ratio of Earnings to Fixed Charges		11.60		6.59		6.31		4.35		4.33		4.52		4.14