EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT 12.1

PORTLAND GENERAL ELECTRIC COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Years Ended December 31,
     2009    2008    2007    2006    2005
     (Dollars in thousands)

Income from continuing operations before income taxes

    $ 131,636    $ 121,825    $ 220,123    $ 107,240    $ 105,759

Total fixed charges

      129,948      111,589      98,682      91,846      85,330
                                  

Total earnings

    $ 261,584    $ 233,414    $ 318,805    $ 199,086    $ 191,089
                                  

Fixed charges:

               

Interest expense

    $ 103,389    $ 90,257    $ 74,362    $ 68,932    $ 68,359

Capitalized interest

      11,816      6,184      9,596      8,482      3,717

Interest on long-term power contracts (PUDs)

      10,038      10,010      9,552      9,927      8,634

Estimated interest factor in rental expense

      4,705      5,138      5,172      4,505      4,620
                                  

Total fixed charges

    $ 129,948    $ 111,589    $ 98,682    $ 91,846    $ 85,330
                                  

Ratio of earnings to fixed charges

      2.01      2.09      3.23      2.17      2.24