EXHIBIT 12 PG&E GAS TRANSMISSION, NORTHWEST CORPORATION SEC FILING - FORM 10-Q - 1Q 1999 EXHIBIT 12 - RATIO OF EARNINGS TO FIXED CHARGES For the Three Months Ended Ratio of Earnings to Fixed Charges 1999 1998 - --------------------------------------------------------------------------------------------- Earnings Net Income $ 13.1 $ 15.8 Adjustments Income taxes 8.1 10.2 Fixed charges (as below) 10.6 11.0 --------------------------- Total adjusted earnings $ 31.8 $ 37.0 =========================== Fixed charges: (a) Net interest expense $ 10.2 $ 10.9 Adjustments: Interest component of rents - - AFUDC debt 0.4 0.1 --------------------------- Total fixed charges $ 10.6 $ 11.0 =========================== Ratio of earnings to fixed charges 3.0 3.4 =========================== (a) There were no shares of preferred stock issued or outstanding during the three months ended March 31, 1999 or March 31, 1998, and therefore, there were no fixed charges related to preferred stock during these periods.