EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Ratio of Earnings to Fixed Charges
Thousands, except per share amount
(Unaudited)
	Year Ended December 31,
	2011			2010			2009			2008			2007
Fixed Charges, as defined:
Interest on Long-Term Debt		$	37,515		$	39,198		$	37,447		$	33,605		$	34,294
Other Interest			2,976			1,587			1,937			4,022			4,116
Amortization of Debt Discount and Expense			1,729			1,766			1,503			700			711
Interest Portion of Rentals			2,213			2,130			1,735			1,551			1,523
Total Fixed Charges, as defined		$	44,433		$	44,681		$	42,622		$	39,878		$	40,644
Earnings, as defined:
Net Income		$	63,898		$	72,667		$	75,122		$	69,525		$	74,497
Taxes on Income			43,382			49,462			46,671			40,678			44,060
Fixed Charges, as above			44,433			44,681			42,622			39,878			40,644
Total Earnings, as defined		$	151,713		$	166,810		$	164,415		$	150,081		$	159,201
Ratio of Earnings to Fixed Charges			3.41			3.73			3.86			3.76			3.92