Exhibit 12.01 MOUNTAIN FUEL SUPPLY COMPANY RATIO OF EARNINGS TO FIXED CHARGES 12 Months Ended March 31, 1994 1993 (Dollars in Thousands) EARNINGS Income before income taxes $23,957 $35,360 Plus debt expense 15,690 15,264 Plus allowance for borrowed funds used during construction 189 281 Plus interest portion of rental expense 121 99 $39,957 $51,004 FIXED CHARGES Debt expense $15,690 $15,264 Plus allowance for borrowed funds used during construction 189 281 Plus interest portion of rental expense 121 99 $16,000 $15,644 RATIO OF EARNINGS TO FIXED CHARGES 2.50 3.26