EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Statement Re: Ratio of Earnings to Fixed Charges

Thousands, except per share amounts

(Unaudited)

	Year Ended December 31,
	2007		2006		2005		2004		2003
Fixed Charges, as defined:
Interest on Long-Term Debt	$	34,294	$	34,651	$	34,330	$	33,776	$	33,258
Other Interest		4,116		4,648		2,665		2,184		2,048
Amortization of Debt Discount and Expense		711		716		808		773		696
Interest Portion of Rentals		1,523		1,465		1,357		1,489		1,622
Total Fixed Charges, as defined	$	40,644	$	41,480	$	39,160	$	38,222	$	37,624
Earnings, as defined:
Net Income	$	74,497	$	63,415	$	58,149	$	50,572	$	45,983
Taxes on Income		44,060		36,234		32,720		26,531		23,340
Fixed Charges, as above		40,644		41,480		39,160		38,222		37,624
Total Earnings, as defined	$	159,201	$	141,129	$	130,029	$	115,325	$	106,947
Ratio of Earnings to Fixed Charges		3.92		3.40		3.32		3.02		2.84