EXHIBIT (12)

NORTHWEST NATURAL GAS COMPANY

Computation of Ratio of Earnings to Fixed Charges

January 1, 1999 – March 31, 2004

(Thousands, except ratio of earnings to fixed charges)

(Unaudited)

	Year Ended December 31										12 Months Ended March 31, 2004		3 Months Ended March 31, 2004*
	1999		2000		2001		2002		2003
Fixed Charges, as Defined:
Interest on Long-Term Debt	$	27,728	$	29,987	$	30,224	$	32,264	$	33,258	$	33,411	$	8,450
Other Interest		2,778		3,628		3,772		1,620		2,048		1,914		477
Preferred and Preference Stock Dividends		2,515		2,456		2,401		2,280		294		147		—
Amortization of Debt Discount and Expense		699		735		768		799		696		697		186
Interest Portion of Rentals		1,707		1,628		1,572		1,578		1,622		1,568		367
Total Fixed Charges, as defined	$	35,427	$	38,434	$	38,737	$	38,541	$	37,918	$	37,737	$	9,480
Earnings, as Defined:
Net Income	$	45,296	$	50,224	$	50,187	$	43,792	$	45,983	$	52,191	$	32,612
Taxes on Income		24,591		26,829		27,553		23,444		23,340		27,372		18,632
Fixed Charges, as above		35,427		38,434		38,737		38,541		37,918		37,737		9,480
Total Earnings, as defined	$	105,314	$	115,487	$	116,477	$	105,777	$	107,241	$	117,300	$	60,724
Ratio of Earnings to Fixed Charges		2.97		3.00		3.01		2.74		2.83		3.11		6.41

For consistency in reporting, total fixed charges in all years include dividends on redeemable preferred and preference stock, which were reclassified as interest expense beginning July 1, 2003, upon adoption of SFAS No. 150. All shares of redeemable preferred and preference stock were redeemed prior to Dec. 31, 2003.

* A significant part of the business of the Company is of a seasonal nature; therefore, the ratio of earnings to fixed charges for the interim period is not necessarily indicative of the results for a full year.