EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Statement Re: Ratio of Earnings to Fixed Charges

Thousands, except per share amounts

(Unaudited)

	Year Ended Dec. 31,
	2006		2005		2004		2003		2002
Fixed Charges, as defined:
Interest on Long-Term Debt	$	34,651	$	34,330	$	33,776	$	33,258	$	32,264
Other Interest		4,648		2,665		2,184		2,048		1,620
Amortization of Debt Discount and Expense		716		808		773		696		799
Interest Portion of Rentals		1,465		1,357		1,489		1,622		1,578
Total Fixed Charges, as defined	$	41,480	$	39,160	$	38,222	$	37,624	$	36,261
Earnings, as defined:
Net Income	$	63,415	$	58,149	$	50,572	$	45,983	$	43,792
Taxes on Income		36,234		32,720		26,531		23,340		23,444
Fixed Charges, as above		41,480		39,160		38,222		37,624		36,261
Total Earnings, as defined	$	141,129	$	130,029	$	115,325	$	106,947	$	103,497
Ratio of Earnings to Fixed Charges		3.40		3.32		3.02		2.84		2.85