EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Computation of Ratio of Earnings to Fixed Charges

January 1, 2000 – March 31, 2005

(Thousands, except ratio of earnings to fixed charges)

(Unaudited)

	Year Ended December 31										12 Months Ended March 31, 2005		Three Months Ended March 31, 2005*
	2004		2003		2002		2001		2000
Fixed Charges, as Defined:
Interest on Long-Term Debt	$	33,776	$	33,258	$	32,264	$	30,224	$	29,987	$	33,755	$	8,429
Other Interest		2,184		2,048		1,620		3,772		3,628		2,522		815
Amortization of Debt Discount and Expense		773		696		799		768		735		778		191
Interest Portion of Rentals		1,489		1,622		1,578		1,572		1,628		1,460		338
Total Fixed Charges, as defined	$	38,222	$	37,624	$	36,261	$	36,336	$	35,978	$	38,515	$	9,773
Earnings, as Defined:
Net Income	$	50,572	$	45,983	$	43,792	$	50,187	$	50,224	$	57,847	$	39,887
Taxes on Income		26,531		23,340		23,444		27,553		26,829		30,775		22,876
Fixed Charges, as above		38,222		37,624		36,261		36,336		35,978		38,515		9,773
Total Earnings, as defined	$	115,325	$	106,947	$	103,497	$	114,076	$	113,031	$	127,137	$	72,536
Ratio of Earnings to Fixed Charges		3.02		2.84		2.85		3.14		3.14		3.30		7.42

* 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.