EXHIBIT 12 PG&E GAS TRANSMISSION, NORTHWEST CORPORATION SEC FILING - FORM 10-Q - Third Quarter 2000 EXHIBIT 12 - RATIO OF EARNINGS TO FIXED CHARGES For the Nine Months Ended ------------------------------------- Ratio of earnings to Fixed Charges 2000 1999 - ---------------------------------- ------------- ------------ Earnings Net income 43.3 40.8 Adjustments: Income taxes 27.4 25.3 Fixed charges (as below) 30.6 32.0 ------------- ------------ Total adjusted earnings 101.3 98.1 ============= ============ Fixed charges: Net interest expense 30.2 31.1 Adjustments: Interest component of rents 0.0 0.0 AFUDC debt 0.4 0.9 ------------- ------------ Total fixed charges 30.6 32.0 ============= ============ Ratio of earnings to fixed charges 3.3 3.1 ============= ============