EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Statement Re: Ratio of Earnings to Fixed Charges

Thousands, except per share amounts

(Unaudited)

	Year Ended December 31,
	2008		2007		2006		2005		2004
Fixed Charges, as defined:
Interest on Long-Term Debt	$	33,605	$	34,294	$	34,651	$	34,330	$	33,776
Other Interest		4,022		4,116		4,648		2,665		2,184
Amortization of Debt Discount and Expense		700		711		716		808		773
Interest Portion of Rentals		1,551		1,523		1,465		1,357		1,489
Total Fixed Charges, as defined	$	39,878	$	40,644	$	41,480	$	39,160	$	38,222
Earnings, as defined:
Net Income	$	69,525	$	74,497	$	63,415	$	58,149	$	50,572
Taxes on Income		40,678		44,060		36,234		32,720		26,531
Fixed Charges, as above		39,878		40,644		41,480		39,160		38,222
Total Earnings, as defined	$	150,081	$	159,201	$	141,129	$	130,029	$	115,325
Ratio of Earnings to Fixed Charges		3.76		3.92		3.40		3.32		3.02