EXHIBIT 12
	NORTHWEST NATURAL GAS COMPANY
	Ratio of Earnings to Fixed Charges
	Thousands, except per share amount
	(Unaudited)
																12 Months			Three months(1)
																Ended			Ended
	Year Ended December 31,															March 31,			March 31,
	2011			2010			2009			2008			2007			2012			2012
Fixed Charges, as defined:
Interest on Long-Term Debt		$	37,515		$	39,198		$	37,447		$	33,605		$	34,294		$	38,486		$	10,252
Other Interest			2,976			1,587			1,937			4,022			4,116			3,062			534
Amortization of Debt Discount and Expense			1,729			1,766			1,503			700			711			1,768			467
Interest Portion of Rentals			2,213			2,130			1,735			1,551			1,523			2,129			536
Total Fixed Charges, as defined		$	44,433		$	44,681		$	42,622		$	39,878		$	40,644		$	45,445		$	11,789
Earnings, as defined:
Net Income		$	63,898		$	72,667		$	75,122		$	69,525		$	74,497		$	63,732		$	40,607
Taxes on Income			43,382			49,462			46,671			40,678			44,060			43,401			27,873
Fixed Charges, as above			44,433			44,681			42,622			39,878			40,644			45,445			11,789
Total Earnings, as defined		$	151,713		$	166,810		$	164,415		$	150,081		$	159,201		$	152,578		$	80,269
Ratio of Earnings to Fixed Charges			3.41			3.73			3.86			3.76			3.92			3.36			6.81
(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.