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
                                                    1992       1993       1994      1995       1996   9/30/97 
                                                                                    
Fixed Charges:                                                                                      
  Interest on First Mortgage Bonds. . . . . . . . $ 75,866    $74,119   $68,471   $66,811    $59,711   $55,385
  Interest on Other Long-term Debt. . . . . . . .   11,430     10,436    10,221     8,829     12,125    13,920
  Interest on Short-term Debt . . . . . . . . . .    3,282      1,305       817     1,328      2,400     4,841
  Miscellaneous Interest Charges. . . . . . . . .    3,158      4,036     4,566     4,657      4,374     4,782
  Estimated Interest Element in Lease Rentals . .    4,100      3,700     3,700     4,100      4,600     4,600
       Total Fixed Charges. . . . . . . . . . . .  $97,836    $93,596   $87,775   $85,725    $83,210   $83,528
                                                                                                               
Earnings:                                                                                           
  Net Income (Loss) . . . . . . . . . . . . . . . $ 76,244   $(55,898) $109,845  $110,616   $107,108  $117,969
  Plus Federal Income Taxes . . . . . . . . . . .   27,389     34,154    49,838    58,648     60,302    67,146
  Plus State Income Taxes . . . . . . . . . . . .     -          -            1         7         11        11
  Plus Fixed Charges (as above) . . . . . . . . .   97,836     93,596    87,775    85,725     83,210    83,528
       Total Earnings . . . . . . . . . . . . . . $201,469   $ 71,852  $247,459  $254,996   $250,631  $268,654
                                                                                                    
Ratio of Earnings to Fixed Charges. . . . . . . .     2.05       0.76(a)   2.81      2.97       3.01      3.21

(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.