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