EXHIBIT (12)
PACIFICORP
STATEMENTS OF COMPUTATION OF RATIO
OF EARNINGS TO FIXED CHARGES
(IN MILLIONS OF DOLLARS)
YEAR ENDED DECEMBER 31,
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1989 1990 1991 1992 1993
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Fixed Charges, as defined:*
Interest expense.................................... $ 473.1 $ 431.2 $ 428.0 $ 409.7 $ 377.8
Estimated interest portion of rentals charged to
expense............................................ 29.9 23.3 20.4 17.1 20.1
Preferred dividend requirement of majority-owned
subsidiary......................................... 4.5 4.2 -- -- --
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Total fixed charges............................. $ 507.5 $ 458.7 $ 448.4 $ 426.8 $ 397.9
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Earnings, as defined:*
Income from continuing operations................... $ 403.0 $ 413.4 $ 446.8 $ 150.2 $ 422.7
Add (deduct):
Provision for income taxes........................ 207.1 179.1 176.7 90.8 187.4
Minority interest................................. 12.3 18.1 14.1 8.4 11.3
Undistributed losses (income) of less than 50%
owned affiliates................................. 14.7 -- (1.8) (5.7) (16.2)
Fixed charges as above............................ 507.5 458.7 448.4 426.8 397.9
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Total earnings.................................. $ 1,144.6 $ 1,069.3 $ 1,084.2 $ 670.5 $ 1,003.1
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Ratio of Earnings to Fixed Charges.................... 2.3x 2.3x 2.4x 1.6x 2.5x
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<FN>
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* "Fixed charges" represents consolidated interest charges, an estimated amount
representing the interest factor in rents and preferred stock dividend
requirements of majority-owned subsidiaries. "Earnings" represent the
aggregate of (a) income from continuing operations, (b) taxes based on income
from continuing operations, (c) minority interest in the income of
majority-owned subsidiaries that have fixed charges, (d) fixed charges and (e)
undistributed losses (income) of less than 50% owned affiliates without loan
guarantees.
S-1