EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 1993 - June 30, 1998
Twelve
Months
Year Ended December 31, Ended
---------------------------------------------- June 30,
1993 1994 1995 1996 1997 1998
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Fixed Charges, as Defined:
Interest on Long-
Term Debt $22,578 $21,921 $23,141 $23,176 $24,918 $27,090
Other Interest 1,906 2,473 2,252 3,448 4,500 3,975
Amortization of Debt
Discount and Expense 775 850 882 865 730 701
Interest Portion of
Rentals 1,701 1,697 1,764 1,798 2,111 2,111
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Total Fixed Charges,
as defined $26,960 $26,941 $28,039 $29,287 $32,259 $33,877
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Earnings, as defined:
Net Income $37,647 $35,461 $38,065 $46,793 $43,059 $43,226
Taxes on Income 22,096 20,473 22,120 27,347 21,106 17,579
Fixed Charges,
as above 26,960 26,941 28,039 29,287 32,259 33,877
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Total Earnings,
as defined $86,703 $82,875 $88,224 $103,427 $96,424 $94,682
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Ratio of Earnings to
Fixed Charges 3.22 3.08 3.15 3.53 2.99 2.79
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