<TABLE>
Exhibit 12
ENRON CORP. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO
FIXED CHARGES
(Dollars in Millions)
(Unaudited)
<CAPTION>
Nine Months
Ended Year Ended December 31,
9/30/00 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Earnings available for fixed charges
Net income before cumulative
effect of accounting changes $ 919 $1,024 $ 703 $105 $ 584 $ 520
Less:
Undistributed earnings and
losses of less than 50% owned
affiliates (29) (12) (44) (89) (39) (14)
Capitalized interest of
nonregulated companies (34) (61) (66) (16) (10) (8)
Add:
Fixed charges(a) 866 948 809 674 454 436
Minority interests 109 135 77 80 75 27
Income tax expense 244 137 204 (65) 297 310
Total $2,075 $2,171 $1,683 $689 $1,361 $1,271
Fixed Charges
Interest expense(a) $ 833 $ 900 $ 760 $624 $ 404 $ 386
Rental expense representative
of interest factor 33 48 49 50 50 50
Total $ 866 $ 948 $ 809 $674 $ 454 $ 436
Ratio of earnings to fixed charges 2.40 2.29 2.08 1.02 3.00 2.92
<FN>
(a) Amounts exclude costs incurred on sales of accounts receivables.
</TABLE>
