EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 1992 - June 30, 1997
Twelve
Months
Year Ended December 31, Ended
--------------------------------------- June 30,
1992 1993 1994 1995 1996 1997
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Fixed Charges, as Defined:
Interest on Long-
Term Debt $23,001 $22,578 $21,921 $23,141 $ 23,176 $ 23,148
Other Interest 3,223 1,906 2,473 2,252 3,448 4,565
Amortization of Debt
Discount and Expense 511 775 850 882 865 796
Interest Portion of
Rentals 1,439 1,701 1,697 1,764 1,798 1,798
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Total Fixed Charges,
as defined $28,174 $26,960 $26,941 $28,039 $ 29,287 $ 30,307
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Earnings, as defined:
Net Income $15,775 $37,647 $35,461 $38,065 $ 46,793 $ 45,042
Taxes on Income 6,951 22,096 20,473 22,120 27,347 25,217
Fixed Charges,
as above 28,174 26,960 26,941 28,039 29,287 30,307
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Total Earnings,
as defined $50,900 $86,703 $82,875 $88,224 $103,427 $100,566
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Ratio of Earnings to
Fixed Charges 1.81 3.22 3.08 3.15 3.53 3.32
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