Northwest Natural Holding 10-Q 2008 Q2 Quarterly report

EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Computation of Ratio of Earnings to Fixed Charges

(Thousands, except ratio of earnings to fixed charges)

(Unaudited)

	3 months * ended June 30,				6 Months* ended June 30,				12 Months ended June 30,				Dec. 31, 2007
	2008		2007		2008		2007		2008		2007
Fixed Charges, as defined:
Interest on Long-Term Debt	$	8,436	$	8,529	$	16,871	$	17,424	$	33,741	$	34,659	$	34,294
Other Interest		522		975		1,564		1,260		4,420		4,978		4,116
Amortization of Debt Discount and Expense		176		177		351		361		701		717		711
Interest Portion of Rentals		379		377		772		756		1,539		1,490		1,523
Total Fixed Charges, as defined	$	9,513	$	10,058	$	19,558	$	19,801	$	40,401	$	41,844	$	40,644
Earnings, as defined:
Net Income	$	3,297	$	2,617	$	46,465	$	50,692	$	70,270	$	71,080	$	74,497
Taxes on Income		1,763		1,476		27,464		29,939		41,585		41,687		44,060
Fixed Charges, as above		9,513		10,058		19,558		19,801		40,401		41,844		40,644
Total Earnings, as defined	$	14,573	$	14,151	$	93,487	$	100,432	$	152,256	$	154,611	$	159,201
Ratio of Earnings to Fixed Charges		1.53		1.41		4.78		5.07		3.77		3.69		3.92

* A significant part of the business of NW Natural is of a seasonal nature; therefore, the ratio of earnings to fixed charges for the interim periods are not necessarily indicative of the results for a full year.