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

                                                                     Year Ended December 31,           
                                                       1993      1994       1995      1996      1997  
                                                                                   
Fixed Charges:                                                                                         
  Interest on First Mortgage Bonds. . . . . . . .     $74,119   $68,471   $ 66,811   $59,711   $55,156
  Interest on Other Long-term Debt. . . . . . . .      10,436    10,221      8,829    12,125    15,525
  Interest on Short-term Debt . . . . . . . . . .       1,305       817      1,328     2,400     5,104
  Miscellaneous Interest Charges. . . . . . . . .       4,036     4,566      4,657     4,374     4,729
  Estimated Interest Element in Lease Rentals . .       3,700     3,700      4,100     4,600     4,100
       Total Fixed Charges. . . . . . . . . . . .     $93,596   $87,775   $ 85,725   $83,210   $84,614
                                                                                                       
Earnings:                                                                                              
  Net Income (Loss) . . . . . . . . . . . . . . .    $(55,898) $109,845   $110,616  $107,108  $119,379
  Plus Federal Income Taxes . . . . . . . . . . .      34,154    49,838     58,648    60,302    69,760
  Plus State Income Taxes . . . . . . . . . . . .        -            1          7        11         6
  Plus Fixed Charges (as above) . . . . . . . . .      93,596    87,775     85,725    83,210    84,614
       Total Earnings . . . . . . . . . . . . . .    $ 71,852  $247,459   $254,996  $250,631  $273,759
                                                                                                       
Ratio of Earnings to Fixed Charges. . . . . . . .        0.76(a)   2.81       2.97      3.01      3.23

                             

(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.