EXHIBIT 12.01 KENTUCKY UTILITIES COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED) 12 Months Ended Dec. 31, 1995 (in thousands, except ratio) Earnings Net Income $ 76,842 Adjustments Fixed charges 40,116 Income taxes - Current Federal 23,597 Current State 5,134 Deferred Federal-Net 12,165 Deferred State-Net 3,845 Deferred investment tax credit-Net (71) Income taxes included in Other Income and Deductions - Current Federal and State 1,044 Deferred Federal and State (508) Amortization of investment tax credit (4,024) Undistributed income of Electric Energy, Inc. 99 Total Earnings $158,239 Fixed Charges Interest on long-term debt $ 36,094 Other interest charges 4,022 Total Fixed Charges $ 40,116 Ratio of Earnings to Fixed Charges 3.94 Note--Rentals are not material and have not been included in fixed charges. -5-