EXHIBIT (12)

Computation of Ratios of Earnings to Fixed Charges and
Earnings to Combined Fixed Charges and Preferred Stock Dividend
Requirements


                                        Year ended December 31, 2000
                      2000       1999        1998         1997         1996
                                                    
Income before provision
for income taxes And
fixed charges  $ 63,197,851 $ 60,689,149 $ 63,261,581 $ 54,880,632 $ 49,713,981
 (Note A)
Fixed charges:
 Interest on first
mortgage bonds $ 17,414,513 $ 18,528,871 $ 17,012,160 $ 15,704,380 $ 14,014,643

Amortization of debt
discount and Expense
 less premium     1,042,217      873,863      861,673      888,662      866,921
Interest on       1,247,690    1,673,077      659,741    1,143,254      675,890
 short-term debt
Interest on       7,899,171      929,150        1,500           -         3,000
 notes payable
Other interest      437,621      363,632      345,590      336,642      276,880
Rental expense
representative of an
Interest factor      39,485      150,417      157,579      164,715      127,440
(Note B)
Total fixed
 charges       $ 28,080,697 $ 22,519,010 $ 19,038,243 $ 18,237,653 $ 15,964,774

Preferred stock dividend
requirements:
 Preferred stock
 dividend requirements
 Not deductible for
 tax purposes  $          0 $  1,600,210 $  2,334,444 $  2,338,304 $  2,338,304
   Ratio of income before
 provision for Income
 taxes to net income  1.487        1.722        1.561        1.540        1.531
Nondeductible dividend    0    2,755,562    3,644,067    3,600,988    3,579,943
requirements
Deductible dividends      0            0       78,036       78,036       78,036
Total preferred stock
 Dividend
 requirements  $          0 $  2,755,562 $  3,722,103 $  3,679,024 $  3,657,979
Total combined fixed
charges and Preferred
stock dividend
requirements   $ 28,080,697 $ 25,274,572 $ 22,760,346 $ 21,916,677 $ 19,622,753


Ratio of earnings      2.25         2.70         3.32         3.01         3.11
to fixed charges

Ratio of earnings to
combined fixed charges
And preferred stock    2.25         2.40         2.78         2.50         2.53
dividend requirements

NOTE A:  For the purpose of determining earnings in the calculation of
the ratio, net income has been increased by the           provision
for income taxes, non-operating income taxes and by the sum of fixed
charges as shown above.

NOTE B:  One-third of rental expense (which approximates the interest
factor).