Item 2.03       Creation of a Direct Financial Obligation or an Obligation under an Off-Balance
                Sheet Arrangement of a Registrant.

On January 6, 2023, Northwest Natural Gas Company (NW Natural), a wholly owned subsidiary of Northwest Natural Holding Company, issued and sold $100,000,000 aggregate principal amount of its First Mortgage Bonds, 5.43% Series due January 6, 2053 (the Bonds), to certain institutional investors pursuant to a Bond Purchase Agreement dated December 13, 2022, in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. The Bonds were issued pursuant to the Twenty-fifth Supplemental Indenture to NW Natural's Mortgage and Deed of Trust, dated as of July 1, 1946, with Deutsche Bank Trust Company Americas as trustee (the Mortgage).

The Bonds bear interest at the rate of 5.43% per annum, payable semi-annually on January 6 and July 6 of each year, commencing July 6, 2023, and will mature on January 6, 2053. The Bonds will be subject to redemption prior to maturity at the option of NW Natural, in whole or in part, (i) at any time prior to July 6, 2052, at a redemption price equal to 100% of the principal amount thereof plus a "make-whole" premium and accrued and unpaid interest thereon to the date of redemption, and (ii) at any time on and after July 6, 2052, at 100% of the principal amount thereof plus accrued and unpaid interest thereon to the date of redemption.

The description set forth above is qualified in its entirety by reference to the Supplemental Indenture filed as Exhibit 4.1 to this Current Report on Form 8-K and to the Mortgage.

Item 9.01 Financial Statements and Exhibits.




(d) Exhibits

See Exhibit Index below.

                                 Exhibit Index
Exhibit             Description

  4.1                 Twenty-fifth Supplemental Indenture, providing for, among other things, First
                    Mortgage Bonds, 5.43% Series due 2053, dated as of December 1, 2022, by and
                    between Northwest Natural Gas Company and Deutsche Bank Trust Company
                    Americas.
104                 Inline XBRL for the cover page of this Current Report on Form 8-K.

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