EXHIBIT 12
	NORTHWEST NATURAL GAS COMPANY
	Ratio of Earnings to Fixed Charges
	Thousands, except per share amount
	(Unaudited)
																12 Months			Six Months(1)
																Ended			Ended
	Year Ended December 31,															June 30,			June 30,
	2010			2009			2008			2007			2006			2011			2011
Fixed Charges, as defined:
Interest on Long-Term Debt		$	39,198		$	37,447		$	33,605		$	34,294		$	34,651		$	38,060		$	18,555
Other Interest			1,587			1,937			4,022			4,116			4,648			1,790			841
Amortization of Debt Discount and Expense			1,766			1,503			700			711			716			1,735			856
Interest Portion of Rentals			2,130			1,735			1,551			1,523			1,465			2,383			1,080
Total Fixed Charges, as defined		$	44,681		$	42,622		$	39,878		$	40,644		$	41,480		$	43,968		$	21,332
Earnings, as defined:
Net Income		$	72,667		$	75,122		$	69,525		$	74,497		$	63,415		$	65,137		$	42,966
Taxes on Income			49,462			46,671			40,678			44,060			36,234			44,270			29,170
Fixed Charges, as above			44,681			42,622			39,878			40,644			41,480			43,968			21,332
Total Earnings, as defined		$	166,810		$	164,415		$	150,081		$	159,201		$	141,129		$	153,375		$	93,468
Ratio of Earnings to Fixed Charges			3.73			3.86			3.76			3.92			3.40			3.49			4.38
(1)	A significant part of the business of NW Natural is of a seasonal nature; therefore, the ratios of earnings to fixed charges for the interim periods are not necessarily indicative of the results for a full year.