EXHIBIT (12)

NORTHWEST NATURAL GAS COMPANY

Computation of Ratio of Earnings to Fixed Charges

January 1, 1999 – June 30, 2004

(Thousands, except ratio of earnings to fixed charges)

(Unaudited)

	Year Ended December 31										12 Months Ended June 30, 2004		Six Months Ended June 30, 2004*		12 Months Ended March 31, 2004		Three 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	$	32,972	$	16,901	$	33,411	$	8,450
Other Interest		2,778		3,628		3,772		1,620		2,048		1,996		818		1,914		477
Amortization of Debt Discount and Expense		699		735		768		799		696		704		381		697		186
Interest Portion of Rentals		1,707		1,628		1,572		1,578		1,622		2,598		1,804		1,568		367
Total Fixed Charges, as defined	$	32,912	$	35,978	$	36,336	$	36,261	$	37,624	$	38,270	$	19,904	$	37,590	$	9,480
Earnings, as Defined:
Net Income	$	45,296	$	50,224	$	50,187	$	43,792	$	45,983	$	47,013	$	31,896	$	52,191	$	32,612
Taxes on Income		24,591		26,829		27,553		23,444		23,340		24,354		17,904		27,372		18,632
Fixed Charges, as above		32,912		35,978		36,336		36,261		37,624		38,270		19,904		37,590		9,480
Total Earnings, as defined	$	102,799	$	113,031	$	114,076	$	103,497	$	106,947	$	109,637	$	69,704	$	117,153	$	60,724
Ratio of Earnings to Fixed Charges		3.12		3.14		3.14		2.85		2.84		2.86		3.50		3.12		6.41

For the twelve months ended Dec. 31, 2003, March 31, 2004 and June 30, 2004, other interest includes dividends on redeemable preferred stock which have been reclassified as interest expense beginning July 1, 2003 upon adoption of SFAS No. 150.

* 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.