EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 1996 - September 30, 2001
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)
12 Months Nine Months
Year Ended December 31, Ended Ended
--------------------------------------------------- Sept. 30 Sept. 30,
1996 1997 1998 1999 2000 2001 2001 *
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Fixed Charges, as Defined:
Interest on Long-Term Debt $ 23,176 $ 24,904 $ 27,389 $ 27,728 $ 29,987 $ 30,124 $ 22,795
Other Interest 3,448 4,500 4,909 2,778 3,628 3,244 1,782
Amortization of Debt
Discount and Expense 865 730 714 699 735 771 583
Interest Portion of
Rentals 1,798 2,111 1,986 1,707 1,628 1,602 1,186
-------- -------- -------- -------- -------- -------- --------
Total Fixed Charges, as
defined $ 29,287 $ 32,245 $ 34,998 $ 32,912 $ 35,978 $ 35,741 $ 26,346
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Earnings, as Defined:
Net Income $ 46,793 $ 43,059 $ 27,301 $ 45,296 $ 50,224 $ 46,780 $ 25,796
Taxes on Income 27,347 21,034 14,604 24,591 26,829 26,068 14,011
Fixed Charges, as above 29,287 32,245 34,998 32,912 35,978 35,741 26,346
-------- -------- -------- -------- -------- -------- --------
Total Earnings, as defined $103,427 $96,338 $ 76,903 $102,799 $113,031 $108,589 $ 66,153
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Ratio of Earnings to Fixed
Charges 3.53 2.99 2.20 3.12 3.14 3.04 2.51
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<FN>
* A significant part of the business of the Company is of a seasonal nature; therefore, the ratio of earnings
to fixed charges for the interim period is not necessarily indicative of the results for a full year.
</FN>