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
                                                    1993       1994       1995      1996       1997   9/30/98 
                                                                                   
Fixed Charges:                                                                                      
  Interest on First Mortgage Bonds. . . . . . . . $74,119    $68,471    $66,811    $59,711   $55,156  $49,855
  Interest on Other Long-term Debt. . . . . . . .  10,436     10,221      8,829     12,125    15,525   21,755
  Interest on Short-term Debt . . . . . . . . . .   1,305        817      1,328      2,400     5,104    3,804
  Miscellaneous Interest Charges. . . . . . . . .   4,036      4,566      4,657      4,374     4,729    4,439
  Estimated Interest Element in Lease Rentals . .   3,700      3,700      4,100      4,600     4,100    4,100
       Total Fixed Charges. . . . . . . . . . . . $93,596    $87,775    $85,725    $83,210   $84,614  $83,953
                                                                                                    
Earnings:                                                                                           
  Net Income (Loss) . . . . . . . . . . . . . . .$(55,898)  $109,845   $110,616   $107,108  $119,379 $137,815
  Plus Federal Income Taxes . . . . . . . . . . .  34,154     49,838     58,648     60,302    69,760   80,346
  Plus State Income Taxes . . . . . . . . . . . .    -             1          7         11         6        6
  Plus Fixed Charges (as above) . . . . . . . . .  93,596     87,775     85,725     83,210    84,614   83,953
       Total Earnings . . . . . . . . . . . . . .$ 71,852   $247,459   $254,996   $250,631  $273,759 $302,120
                                                                                                    
Ratio of Earnings to Fixed Charges. . . . . . . .    0.76(a)    2.81       2.97       3.01      3.23     3.59

(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.