Vectren Utility 8-K Financial Statements and Exhibits

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)
	Twelve months		Twelve months		Twelve months		Three months		Three months
	Ended		Ended		Ended		Ended		Ended
	March 31,		December 31,		December 31,		March 31,		March 31,
	2009		2008		2007		2009		2008
Earnings: (1)
Net income (2)	$	109,296	$	111,136	$	106,506	$	56,173	$	58,013
Income taxes		63,619		67,560		66,741		31,795		35,736
Equity in (income) losses of equity investees, net of distributions		-		-		-		-		-
Fixed Charges (See below) (3)		78,550		80,611		81,145		18,838		20,899
Less:  Preferred stock dividend		-		-		-		-		-
Total adjusted earnings	$	251,465	$	259,307	$	254,392	$	106,806	$	114,648
Fixed charges: (3)
Total interest expense	$	77,809	$	79,877	$	80,576	$	18,753	$	20,821
Interest component of rents		741		734		569		85		78
Preferred stock dividend		-		-		-		-		-
Total fixed charges	$	78,550	$	80,611	$	81,145	$	18,838	$	20,899
Ratio of earnings to fixed charges		3.2		3.2		3.1		5.7		5.5

1.    For the purposes of computing these ratios, earnings consist of pretax net income before income (losses) from equity investees, fixed charges, and less preferred stock dividends of consolidated subsidiaries.

2.    Net income, as defined, is before preferred stock dividend requirement of subsidiaries and cumulative effect of change in accounting principle.

3.    Fixed charges consist of total interest, amortization of debt discount, premium and expense, the estimated portion of interest implicit in rentals, and any preferred stock dividends of consolidated subsidiaries.