##### 



Peoples Energy Corporation and Subsidiary Companies
 Statement Re: Computation of Ratio of Earnings to Fixed Charges
 Fiscal years ended September 30,2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001Net Income Before PreferredStock Dividends, as reported
    
    $
    78,133
    
    
    $
    81,564
    
    
    $
    103,934
    
    
    $
    89,071
    
    
    $
    96,939Change in undistributed earnings from equity investees
    
    
    (10,150
    )
    
    
    (8,327
    )
    
    
    4,740
    
    
    
    12,216
    
    
    
    (7,587
    )Add  Income Taxes
    
    
    44,704
    
    
    
    37,833
    
    
    
    59,182
    
    
    
    46,321
    
    
    
    51,372Fixed charges excluding capitalized interest
    
    
    50,615
    
    
    
    48,426
    
    
    
    49,441
    
    
    
    56,439
    
    
    
    72,051Earnings
    
    $
    163,302
    
    
    $
    159,496
    
    
    $
    217,297
    
    
    $
    204,047
    
    
    $
    212,775Fixed charges including capitalized interest
    
    $
    50,615
    
    
    $
    48,426
    
    
    $
    49,441
    
    
    $
    56,439
    
    
    $
    72,051Ratio of Earnings to Fixed Charges
    
    
    3.23
    
    
    
    3.29
    
    
    
    4.40
    
    
    
    3.62
    
    
    
    2.95




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##### 



The Peoples Gas Light and Coke Company and Subsidiary Companies
 Statement Re: Computation of Ratio of Earnings to Fixed Charges
 Fiscal years ended September 30,2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001Net Income Before PreferredStock Dividends
    
    $
    49,333
    
    
    $
    45,376
    
    
    $
    79,582
    
    
    $
    77,818
    
    
    $
    75,259Add  Income Taxes
    
    
    26,690
    
    
    
    24,397
    
    
    
    45,752
    
    
    
    47,832
    
    
    
    47,692Fixed Charges excluding capitalized interest
    
    
    23,781
    
    
    
    21,114
    
    
    
    22,314
    
    
    
    23,673
    
    
    
    36,737Earnings
    
    $
    99,804
    
    
    $
    90,887
    
    
    $
    147,648
    
    
    $
    149,323
    
    
    $
    159,688Fixed Charges including capitalized interest
    
    $
    23,781
    
    
    $
    21,114
    
    
    $
    22,314
    
    
    $
    23,673
    
    
    $
    36,737Ratio of Earnings to Fixed Charges
    
    
    4.20
    
    
    
    4.30
    
    
    
    6.62
    
    
    
    6.31
    
    
    
    4.35




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##### 



North Shore Gas Company and Subsidiary Companies
 Statement Re: Computation of Ratio of Earnings to Fixed Charges
 Fiscal years ended September 30,2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001Net Income Before PreferredStock Dividends
    
    $
    11,397
    
    
    $
    11,076
    
    
    $
    14,545
    
    
    $
    12,921
    
    
    $
    14,580Add  Income Taxes
    
    
    6,656
    
    
    
    6,743
    
    
    
    8,712
    
    
    
    7,916
    
    
    
    9,013Fixed Charges excluding capitalized interest
    
    
    3,706
    
    
    
    3,688
    
    
    
    3,603
    
    
    
    5,045
    
    
    
    5,434Earnings
    
    $
    21,759
    
    
    $
    21,507
    
    
    $
    26,860
    
    
    $
    25,882
    
    
    $
    29,027Fixed Charges including capitalized interest
    
    $
    3,706
    
    
    $
    3,688
    
    
    $
    3,603
    
    
    $
    5,045
    
    
    $
    5,434Ratio of Earnings to Fixed Charges
    
    
    5.87
    
    
    
    5.83
    
    
    
    7.45
    
    
    
    5.13
    
    
    
    5.34