EXHIBIT 12
                                                   COLUMBUS SOUTHERN POWER COMPANY
                                   Computation of Consolidated Ratios of Earnings to Fixed Charges
                                                  (in thousands except ratio data)
            
                                                                                  Year Ended December 31,           
                                                                    1990       1991       1992      1993       1994
                                                                                              
            Fixed Charges:
              Interest on First Mortgage Bonds. . . . . . . . . . $ 76,181   $ 80,245   $75,866   $74,119    $68,471
              Interest on Other Long-term Debt. . . . . . . . . .   12,276     11,489    11,430    10,436     10,221
              Interest on Short-term Debt . . . . . . . . . . . .    7,539      3,665     3,282     1,305        817
              Miscellaneous Interest Charges. . . . . . . . . . .    2,361      2,663     3,158     4,036      4,566
              Estimated Interest Element in Lease Rentals . . . .    4,900      5,600     4,100     3,700      3,700
                   Total Fixed Charges. . . . . . . . . . . . . . $103,257   $103,662   $97,836   $93,596    $87,775

            Earnings:
              Net Income. . . . . . . . . . . . . . . . . . . . . $ 96,000   $ 66,979  $ 76,244  $(55,898)  $109,845
              Plus Federal Income Taxes . . . . . . . . . . . . .    6,178      1,074    27,389    34,154     49,838
              Plus State Income Taxes . . . . . . . . . . . . . .        2          1      -         -             1
              Plus Fixed Charges (as above) . . . . . . . . . . .  103,257    103,662    97,836    93,596     87,775
                   Total Earnings . . . . . . . . . . . . . . . . $205,437   $171,716  $201,469  $ 71,852   $247,459

            Ratio of Earnings to Fixed Charges. . . . . . . . . .     1.98       1.65      2.05      0.76(a)    2.81

                                         

            (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.