EXHIBIT 12
                     COLUMBUS SOUTHERN POWER COMPANY
     Computation of Consolidated Ratios of Earnings to Fixed Charges
                    (in thousands except ratio data)

                                                                                                      Twelve
                                                                                                      Months
                                                                  Year Ended December 31,             Ended
                                                    1990       1991       1992      1993       1994   6/30/95 
                                                                                   
Fixed Charges:                                                                                      
  Interest on First Mortgage Bonds. . . . . . . . $ 76,181   $ 80,245   $75,866   $74,119    $68,471   $66,894
  Interest on Other Long-term Debt. . . . . . . .   12,276     11,489    11,430    10,436     10,221     9,403
  Interest on Short-term Debt . . . . . . . . . .    7,539      3,665     3,282     1,305        817       590
  Miscellaneous Interest Charges. . . . . . . . .    2,361      2,663     3,158     4,036      4,566     4,652
  Estimated Interest Element in Lease Rentals . .    4,900      5,600     4,100     3,700      3,700     3,700
       Total Fixed Charges. . . . . . . . . . . . $103,257   $103,662   $97,836   $93,596    $87,775   $85,239
                                                                                                    
Earnings:                                                                                           
  Net Income (Loss) . . . . . . . . . . . . . . . $ 96,000   $ 66,979  $ 76,244  $(55,898)  $109,845  $106,026
  Plus Federal Income Taxes . . . . . . . . . . .    6,178      1,074    27,389    34,154     49,838    45,873
  Plus State Income Taxes . . . . . . . . . . . .        2          1      -         -             1         3
  Plus Fixed Charges (as above) . . . . . . . . .  103,257    103,662    97,836    93,596     87,775    85,239
       Total Earnings . . . . . . . . . . . . . . $205,437   $171,716  $201,469  $ 71,852   $247,459  $237,141
                                                                                                    
Ratio of Earnings to Fixed Charges. . . . . . . .     1.98       1.65      2.05      0.76(a)    2.81      2.78

(a) Ratio includes the effect of the Loss from Zimmer Plant Disallowance of $144,533,000 (net of applicable
income taxes  of $14,534,000).  As a result, earnings for  the twelve  months ended  December 31, 1993 were
inadequate to cover fixed charges by $21,744,000.  If the effect of the Loss from Zimmer Plant Disallowance
were excluded, the ratio would be 2.46 for the twelve months ended December 31, 1993.