EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Computation of Ratio of Earnings to Fixed Charges

January 1, 2001 – March 31, 2006

(Thousands, except ratio of earnings to fixed charges)

(Unaudited)

											12 Months Ended March 31, 2006		Three Months Ended March 31, 2006*
	Year Ended December 31
	2005		2004		2003		2002		2001
Fixed Charges, as Defined:
Interest on Long-Term Debt	$	34,330	$	33,776	$	33,258	$	32,264	$	30,224	$	34,613	$	8,712
Other Interest		2,665		2,184		2,048		1,620		3,772		2,946		1,096
Amortization of Debt Discount and Expense		808		773		696		799		768		797		180
Interest Portion of Rentals		1,357		1,489		1,622		1,578		1,572		1,376		357
Total Fixed Charges, as Defined	$	39,160	$	38,222	$	37,624	$	36,261	$	36,336	$	39,732	$	10,345
Earnings, as Defined:
Net Income	$	58,149	$	50,572	$	45,983	$	43,792	$	50,187	$	59,295	$	41,033
Taxes on Income		32,720		26,531		23,340		23,444		27,553		33,288		23,444
Fixed Charges, as above		39,160		38,222		37,624		36,261		36,336		39,732		10,345
Total Earnings, as defined	$	130,029	$	115,325	$	106,947	$	103,497	$	114,076	$	132,315	$	74,822
Ratio of Earnings to Fixed Charges		3.32		3.02		2.84		2.85		3.14		3.33		7.23

* 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.