EXHIBIT 12
                     AMERICAN ELECTRIC POWER COMPANY, INC.
         Computation of Consolidated Ratio of Earnings to Fixed Charges
                        (in millions except ratio data)


                                                                      Year Ended December 31,
                                                           1998       1999       2000      2001       2002
                                                                                      
Fixed Charges:
  Interest on Long-term Debt . . . . . . . . . . . .      $  569     $  618    $  618     $  605     $  642
  Interest on Short-term Debt. . . . . . . . . . . .         134        149       259        148         67
  Miscellaneous Interest Charges . . . . . . . . . .          77         77       161        132        106
  Estimated Interest Element in Lease Rentals. . . .         222        212       223        222        229
  Preferred Stock Dividends. . . . . . . . . . . . .          29         28        32         15         84
        Total Fixed Charges. . . . . . . . . . . . .      $1,031     $1,084    $1,293     $1,122     $1,128

Earnings:
  Income Before Income Taxes . . . . . . . . . . . .      $1,357     $1,333    $  782     $1,463     $  235
  Plus Fixed Charges (as above). . . . . . . . . . .       1,031      1,084     1,293      1,122      1,128
  Less Undistributed Earnings in Equity Investments.          42         46        46         28         12
       Total Earnings. . . . . . . . . . . . . . . .      $2,346     $2,371    $2,029     $2,557     $1,351

Ratio of Earnings to Fixed Charges . . . . . . . . .        2.27       2.18      1.56       2.27       1.19