EXHIBIT 12 OHIO POWER COMPANY Computation of Consolidated Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements Combined (in thousands except ratio data) Twelve Months Year Ended December 31, Ended 1990 1991 1992 1993 1994 9/30/95 Fixed Charges: Interest on First Mortgage Bonds . . . . . . . $ 67,079 $ 71,765 $ 83,572 $ 74,121 $ 63,805 $ 62,913 Interest on Other Long-term Debt . . . . . . . 28,425 28,575 26,611 24,510 21,453 21,696 Interest on Short-term Debt. . . . . . . . . . 4,943 5,973 2,711 1,122 992 2,652 Miscellaneous Interest Charges . . . . . . . . 3,177 3,237 2,800 2,958 5,140 6,891 Estimated Interest Element in Lease Rentals. . 25,000 22,800 22,800 15,300 13,900 42,000 Total Fixed Charges . . . . . . . . . . . 128,624 132,350 138,494 118,011 105,290 136,152 Preferred Stock Dividend Requirements (1) . . . 24,915 24,972 24,895 22,801 22,253 22,681 Total Fixed Charges and Preferred Stock Dividend Requirements Combined. . . . . $153,539 $157,322 $163,389 $140,812 $127,543 $158,833 Earnings: Net Income . . . . . . . . . . . . . . . . . . $179,990 $166,102 $160,553 $185,770 $162,626 $174,365 Plus Federal Income Taxes. . . . . . . . . . . 72,816 78,480 75,783 64,244 74,822 84,180 Plus State Income Taxes. . . . . . . . . . . . 2,771 1,898 1,082 2,626 3,375 2,920 Plus Fixed Charges (as above). . . . . . . . . 128,624 132,350 138,494 118,011 105,290 136,152 Total Earnings. . . . . . . . . . . . . . $384,201 $378,830 $375,912 $370,651 $346,113 $397,617 Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements . . . . . 2.50 2.40 2.30 2.63 2.71 2.50 (1) Represents preferred stock dividend requirements less the effect of preferred stock dividend deduction for federal income tax purposes ($872,000 in each period 1990 through 1992 and $847,000 in each period 1993 through 1995) multiplied by the ratio of earnings before income taxes to net income with the preferred stock dividend deduction added to the result of the calculation.