EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed
Charges January 1, 1994 - September 30, 1999
Twelve
Months
Year Ended December 31, Ended
------------------------------------------------------ Sept. 30,
1994 1995 1996 1997 1998 1999
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Fixed Charges, as Defined:
Interest on Long-Term
Debt ................... $ 21,921 $ 23,141 $ 23,176 $ 24,918 $ 27,567 $ 27,758
Other Interest ........... 2,473 2,252 3,448 4,500 4,902 3,307
Amortization of Debt
Discount and Expense ... 850 882 865 730 714 706
Interest Portion of
Rentals ................ 1,697 1,764 1,798 2,111 1,986 1,986
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Total Fixed Charges, as
defined ................ $ 26,941 $ 28,039 $ 29,287 $ 32,259 $ 35,169 $ 33,757
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Earnings, as defined:
Net Income ............... $ 35,461 $ 38,065 $ 46,793 $ 43,059 $ 27,301 $ 37,209
Taxes on Income .......... 20,473 22,120 27,347 21,106 12,254 20,260
Fixed Charges, as above .. 26,941 28,039 29,287 32,259 35,169 33,757
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Total Earnings, as defined $ 82,875 $ 88,224 $103,427 $ 96,424 $ 74,724 $ 91,226
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Ratio of Earnings to Fixed
Charges ..................... 3.08 3.15 3.53 2.99 2.12 2.70
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