EXHIBIT 12.2 CENTRAL POWER AND LIGHT COMPANY RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1995 (Thousands Except Ratio) (Unaudited) Operating Income $279,332 Adjustments: Federal income taxes 60,792 Provision for deferred Federal income taxes (42,955) Deferred investment tax credits (5,789) Other income and deductions 12,695 Allowance for borrowed and equity funds used during construction 5,447 Mirror CWIP amortization 47,750 Earnings $357,272 Fixed Charges: Interest on long-term debt $117,385 Interest on short-term debt and other 18,487 Preferred stock dividend requirements 15,038 Fixed Charges and Preferred Requirements $150,910 Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends 2.37