EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 1991 - September 30, 1996
($000)
Twelve
Months
Year Ended December 31 Ended
------------------------------------------ Sept.30,
1991 1992 1993 1994 1995 1996
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Fixed Charges, as
defined:
Interest on Long-
Term Debt $21,977 $23,001 $22,578 $21,921 $23,141 $ 23,136
Other Interest 4,266 3,223 1,906 2,473 2,252 2,528
Amortization of Debt
Discount and Expense 348 511 775 850 882 885
Interest Portion of
Rentals 1,485 1,439 1,701 1,697 1,764 1,764
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Total Fixed
Charges, as
defined $28,076 $28,174 $26,960 $26,941 $28,039 $28,313
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Earnings, as defined:
Net Income $14,377 $15,775 $37,647 $35,461 $38,065 $ 48,972
Taxes on Income 2,321 6,951 22,096 20,473 22,120 29,008
Fixed Charges,
as above 28,076 28,174 26,960 26,941 28,039 28,313
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Total Earnings,
as defined $44,774 $50,900 $86,703 $82,875 $88,224 $106,293
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Ratio of Earnings to
Fixed Charges 1.59 1.81 3.22 3.08 3.15 3.75
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