<TABLE>
Exhibit 12
ENRON CORP. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO
FIXED CHARGES
(Dollars in Millions)
(Unaudited)
<CAPTION>
Six Months
Ended Year Ended December 31,
6/30/00 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Earnings available for fixed charges
Net income $ 627 $1,024 $ 703 $105 $ 584 $ 520
Less:
Undistributed earnings and
losses of less than 50% owned
affiliates (27) (12) (44) (89) (39) (14)
Capitalized interest of
nonregulated companies (29) (61) (66) (16) (10) (8)
Add:
Fixed charges(1) 529 948 809 674 454 436
Minority interests 74 135 77 80 75 27
Income tax expense 163 137 204 (65) 297 310
Total $1,337 $2,171 $1,683 $689 $1,361 $1,271
Fixed Charges
Interest expense(1) $ 508 $ 900 $ 760 $624 $ 404 $ 386
Rental expense representative
of interest factor 21 48 49 50 50 50
Total $ 529 $ 948 $ 809 $674 $ 454 $ 436
Ratio of earnings to fixed charges 2.53 2.29 2.08 1.02 3.00 2.92
<FN>
(1) Amounts exclude costs incurred on sales of accounts receivables.
</TABLE>
