EXHIBIT 12
                              COLUMBUS SOUTHERN POWER COMPANY
              Computation of Consolidated Ratios of Earnings to Fixed Charges
                             (in thousands except ratio data)

                                                                     Year Ended December 31,           
                                                        1992      1993       1994      1995      1996  
                                                                                     
Fixed Charges:                                                                                         
  Interest on First Mortgage Bonds. . . . . . . .     $75,866   $74,119    $68,471   $ 66,811   $59,711
  Interest on Other Long-term Debt. . . . . . . .      11,430    10,436     10,221      8,829    12,125
  Interest on Short-term Debt . . . . . . . . . .       3,282     1,305        817      1,328     2,400
  Miscellaneous Interest Charges. . . . . . . . .       3,158     4,036      4,566      4,657     4,374
  Estimated Interest Element in Lease Rentals . .       4,100     3,700      3,700      4,100     4,600
       Total Fixed Charges. . . . . . . . . . . .     $97,836   $93,596    $87,775   $ 85,725   $83,210
                                                                                                       
Earnings:                                                                                              
  Net Income (Loss) . . . . . . . . . . . . . . .    $ 76,244  $(55,898)  $109,845   $110,616  $107,108
  Plus Federal Income Taxes . . . . . . . . . . .      27,389    34,154     49,838     58,648    60,302
  Plus State Income Taxes . . . . . . . . . . . .        -         -             1          7        11
  Plus Fixed Charges (as above) . . . . . . . . .      97,836    93,596     87,775     85,725    83,210
       Total Earnings . . . . . . . . . . . . . .    $201,469  $ 71,852   $247,459   $254,996  $250,631
                                                                                                       
Ratio of Earnings to Fixed Charges. . . . . . . .        2.05      0.76(a)    2.81       2.97      3.01
                                                                                                       
                             

(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.