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 | ||||||||||||||||||
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Total Earnings | $ | 155,159 | 328,257 | 331,480 | 309,644 | 261,584 | 233,414 | |||||||||||||||||
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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 | ||||||||||||||||||
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Total Fixed Charges | $ | 87,303 | 122,851 | 126,766 | 131,486 | 129,948 | 111,589 | |||||||||||||||||
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Ratio Of Earnings To Fixed Charges | 1.78 | 2.67 | 2.61 | 2.35 | 2.01 | 2.09 | ||||||||||||||||||
