EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Ratios of Earnings to Fixed Charges

^(Unaudited) 

	Year Ended December 31,
In thousands, except share data	2012		2011		2010		2009		2008
Fixed Charges, as defined:
Interest on Long-Term Debt	$	39,175	$	37,515	$	39,198	$	37,447	$	33,605
Other Interest	2,314		2,976		1,587		1,937		4,022
Amortization of Debt Discount and Expense	1,848		1,729		1,766		1,503		700
Interest Portion of Rentals	1,864		2,213		2,130		1,735		1,551
Total Fixed Charges, as defined	45,201		44,433		44,681		42,622		39,878
Earnings, as defined:
Net Income	59,855		63,898		72,667		75,122		69,525
Taxes on Income	44,104		43,382		49,462		46,671		40,678
Fixed Charges, as above	45,201		44,433		44,681		42,622		39,878
Total Earnings, as defined	$	149,160	$	151,713	$	166,810	$	164,415	$	150,081
Ratios of Earnings to Fixed Charges	3.30		3.41		3.73		3.86		3.76