EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 1995 - March 31, 2000
Twelve
Months
Year Ended Dec. 31, Ended
--------------------------------------------------------------------- March 31,
1995 1996 1997 1998 1999 2000
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Fixed Charges, as Defined:
Interest on Long-Term
Debt $ 23,141 $ 23,176 $ 24,904 $ 27,389 $ 27,728 $ 28,163
Other Interest 2,252 3,448 4,500 4,909 2,778 2,766
Amortization of Debt
Discount and Expense 882 865 730 714 699 696
Interest Portion of
Rentals 1,764 1,798 2,111 1,986 1,707 1,707
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Total Fixed Charges, as
defined $ 28,039 $ 29,287 $ 32,245 $ 34,998 $ 32,912 $ 33,332
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Earnings, as defined:
Net Income $ 38,065 $ 46,793 $ 43,059 $ 27,301 $ 45,296 $ 52,915
Taxes on Income 22,120 27,347 21,034 14,604 24,591 27,640
Fixed Charges, as above 28,039 29,287 32,245 34,998 32,912 33,332
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Total Earnings, as defined $ 88,224 $ 103,427 $ 96,338 $ 76,903 $ 102,799 $ 113,887
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Ratio of Earnings to Fixed
Charges 3.15 3.53 2.99 2.20 3.12 3.42
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