EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Ratios of Earnings to Fixed Charges

^(Unaudited) 

	Year Ended December 31,										Twelve Months Ended June 30,		Six Months Ended June 30,
In thousands, except share data	2015		2014		2013		2012		2011		2016		2016
Fixed Charges, as defined:
Interest on Long-Term Debt	$	37,918	$	40,066	$	40,825	$	39,175	$	37,515	$	36,250	$	17,143
Other Interest	3,173		2,718		2,709		2,314		2,976		3,459		1,706
Amortization of Debt Discount and Expense	1,760		1,963		1,877		1,848		1,729		1,719		822
Interest Portion of Rentals	1,976		2,302		1,910		1,864		2,213		1,939		964
Total Fixed Charges, as defined	44,827		47,049		47,321		45,201		44,433		43,367		20,635
Earnings, as defined:
Net Income	53,703		58,692		60,538		58,779		63,044		61,680		38,660
Taxes on Income	35,753		41,643		41,705		43,403		42,825		42,024		26,768
Fixed Charges, as above	44,827		47,049		47,321		45,201		44,433		43,367		20,635
Total Earnings, as defined	$	134,283	$	147,384	$	149,564	$	147,383	$	150,302	$	147,071	$	86,063
Ratios of Earnings to Fixed Charges	3.00		3.13		3.16		3.26		3.38		3.39		4.17