EXHIBIT 12
	NORTHWEST NATURAL GAS COMPANY
	Ratio of Earnings to Fixed Charges
	Thousands, except per share amount
	(Unaudited)
																12 Months			Six Months(1)
																Ended			Ended
	Year Ended December 31,															June 30,			June 30,
	2011			2010			2009			2008			2007			2012			2012
Fixed Charges, as defined:
Interest on Long-Term Debt		$	37,515		$	39,198		$	37,447		$	33,605		$	34,294		$	38,708		$	19,748
Other Interest			2,976			1,587			1,937			4,022			4,116			2,932			797
Amortization of Debt Discount and Expense			1,729			1,766			1,503			700			711			1,800			927
Interest Portion of Rentals			2,213			2,130			1,735			1,551			1,523			2,160			1,027
Total Fixed Charges, as defined		$	44,433		$	44,681		$	42,622		$	39,878		$	40,644		$	45,600		$	22,499
Earnings, as defined:
Net Income		$	63,898		$	72,667		$	75,122		$	69,525		$	74,497		$	62,948		$	42,016
Taxes on Income			43,382			49,462			46,671			40,678			44,060			42,972			28,760
Fixed Charges, as above			44,433			44,681			42,622			39,878			40,644			45,600			22,499
Total Earnings, as defined		$	151,713		$	166,810		$	164,415		$	150,081		$	159,201		$	151,520		$	93,275
Ratio of Earnings to Fixed Charges			3.41			3.73			3.86			3.76			3.92			3.32			4.15
(1)	A significant part of the business of NW Natural is of a seasonal nature; therefore, the ratios of earnings to fixed charges for the interim periods are not necessarily indicative of the results for a full year.