EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Ratio of Earnings to Fixed Charges
Thousands, except per share amount
(Unaudited)
	Year Ended December 31,
	2010			2009			2008			2007			2006
Fixed Charges, as defined:
Interest on Long-Term Debt		$	39,198		$	37,447		$	33,605		$	34,294		$	34,651
Other Interest			1,587			1,937			4,022			4,116			4,648
Amortization of Debt Discount and Expense			1,766			1,503			700			711			716
Interest Portion of Rentals			2,130			1,735			1,551			1,523			1,465
Total Fixed Charges, as defined		$	44,681		$	42,622		$	39,878		$	40,644		$	41,480
Earnings, as defined:
Net Income		$	72,667		$	75,122		$	69,525		$	74,497		$	63,415
Taxes on Income			49,462			46,671			40,678			44,060			36,234
Fixed Charges, as above			44,681			42,622			39,878			40,644			41,480
Total Earnings, as defined		$	166,810		$	164,415		$	150,081		$	159,201		$	141,129
Ratio of Earnings to Fixed Charges			3.73			3.86			3.76			3.92			3.40