EXHIBIT 12
RELIANT ENERGY RESOURCES CORP. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF RELIANT ENERGY, INCORPORATED)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(THOUSANDS OF DOLLARS)
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
------------------------------------------------------------
2001 2000 1999 1998 1997
-------- -------- -------- -------- --------
Income from continuing operations ................ $ 67,244 $ 98,228 $103,871 $ 93,824 $ 66,722
Income taxes for continuing operations ........... 58,287 93,272 88,781 111,830 55,781
-------- -------- -------- -------- --------
125,531 191,500 192,652 205,654 122,503
-------- -------- -------- -------- --------
Fixed charges, as defined:
Interest expense .............................. 154,965 142,861 119,500 111,337 126,150
Distribution on trust preferred securities .... 28 29 357 632 6,596
Interest component of rentals charged to
operating expense ........................... 10,739 10,934 10,975 8,485 7,988
-------- -------- -------- -------- --------
Total fixed charges ........................... 165,732 153,824 130,832 120,454 140,734
-------- -------- -------- -------- --------
Earnings, as defined ............................. $291,263 $345,324 $323,484 $326,108 $263,237
======== ======== ======== ======== ========
Ratio of earnings to fixed charges ............... 1.76 2.24 2.47 2.71 1.87
======== ======== ======== ======== ========
</Table>