<TABLE>
<CAPTION>
EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
Jan.1, 1995 - Sept. 30, 2000
(Thousands, except ratio amounts)
(Unaudited)
12 Months Nine Months
Year Ended Dec. 31 Ended Ended
--------------------------------------------------------- Sept. 30, Sept. 30,
1995 1996 1997 1998 1999 2000 2000
--------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Fixed Charges, as Defined:
Interest on Long-Term Debt $ 23,141 $ 23,176 $ 24,904 $ 27,389 $ 27,728 $ 29,844 $ 22,658
Other Interest 2,252 3,448 4,500 4,909 2,778 2,976 2,166
Amortization of Debt
Discount and Expense 882 865 730 714 699 725 547
Interest Portion of
Rentals 1,764 1,798 2,111 1,986 1,707 1,640 1,212
--------- --------- --------- --------- --------- --------- ---------
Total Fixed Charges, as
defined $ 28,039 $ 29,287 $ 32,245 $ 34,998 $ 32,912 $ 35,185 $ 26,583
========= ========= ========= ========= ========= ========= =========
Earnings, as Defined:
Net Income $ 38,065 $ 46,793 $ 43,059 $ 27,301 $ 45,296 $ 43,269 $ 29,240
Taxes on Income 22,120 27,347 21,034 14,604 24,591 22,056 14,772
Fixed Charges, as above 28,039 29,287 32,245 34,998 32,912 35,185 26,583
--------- --------- --------- --------- --------- --------- ---------
Total Earnings, as defined $ 88,224 $ 103,427 $ 96,338 $ 76,903 $ 102,799 $ 100,510 $ 70,595
========= ========= ========= ========= ========= ========= =========
Ratio of Earnings to Fixed
Charges 3.15 3.53 2.99 2.20 3.12 2.86 2.66
========= ========= ========= ========= ========= ========= =========
</TABLE>
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.
