Exhibit 12
Peoples Energy Corporation and Subsidiary Companies
Statement Re: Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
		12 months ended		Fiscal years ended September 30,
		3/31/04		2003		2002		2001		2000		1999
Net Income Before Preferred
Stock Dividends, as reported		$ 95,707		$ 103,934		$ 89,071		$ 96,939		$ 82,942		$ 89,316
Undistributed earnings from equity investees		(3,859)		4,740		12,216		(7,587)		(11,545)		(8,672)
Add - Income Taxes		48,655		59,182		46,321		51,372		41,195		50,525
Fixed charges excluding capitalized interest		48,730		49,441		56,439		72,051		52,919		39,546
Earnings		$ 189,233		$ 217,297		$ 204,047		$ 212,775		$ 165,511		$ 170,715
Fixed charges including capitalized interest		$ 48,730		$ 49,441		$ 56,439		$ 72,051		$ 53,741		$ 42,153
Ratio of Earnings to Fixed Charges		3.88		4.40		3.62		2.95		3.08		4.05