Exhibit 12(a)
                                                                               

                                   Arkansas Power and Light Company
                        Computation of Ratios of Earnings to Fixed Charges and
                  Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
                                                                               
                                                                     Twelve Months Ended December 31,
                                                               1990      1991      1992      1993      1994
                                                                     (In Thousands, Except for Ratios)
                                                                                       
Fixed charges, as defined:                                                                                   
  Interest on long-term debt                                 $101,412  $100,533   $89,317   $77,980   $71,704
  Interest on long-term debt - other                           31,195    33,321    31,000    29,791    29,735
  Interest on notes payable                                     1,027        --       117       349     1,311
  Amortization of expense and premium on debt-net(cr)           1,792     1,112     1,359     2,702     4,563
  Other interest                                                1,567     1,303     2,308     8,769     3,501
  Interest applicable to rentals                               24,233    21,969    17,657    16,860    19,140
                                                             ------------------------------------------------ 
                          
Total fixed charges, as defined                               161,226   158,238   141,758   136,451   129,954
                                                                                                             
Preferred dividends, as defined (a)                            30,851    31,458    32,195    30,334    23,234
                                                             ------------------------------------------------
                                              
Combined fixed charges and preferred dividends, as defined   $192,077  $189,696  $173,953  $166,785  $153,188
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Earnings as defined:                                                                                         
                                                                                                             
  Net Income                                                 $129,765  $143,451  $130,529  $205,297  $142,263
  Add:                                                                                                       
    Provision for income taxes:                                                                              
      Federal & State                                          50,921    44,418    57,089    58,162    83,300
    Deferred - net                                             17,943    11,048     3,490    34,748   (17,939)
    Investment tax credit adjustment - net                    (12,022)   (1,600)   (9,989)  (10,573)  (36,141)
    Fixed charges as above                                    161,226   158,238   141,758   136,451   129,954
                                                             ------------------------------------------------
                                                
Total earnings, as defined                                   $347,833  $355,555  $322,877  $424,085  $301,437
                                                             ================================================
                                                
Ratio of earnings to fixed charges, as defined                   2.16      2.25      2.28      3.11      2.32
                                                             ================================================
                                                
Ratio of earnings to combined fixed charges and                                                              
 preferred dividends, as defined                                 1.81      1.87      1.86      2.54      1.97
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(a) "Preferred dividends," as defined by SEC regulation S-K, are computed by
    dividing the preferred dividend requirement by one hundred percent (100%) 
    minus the income tax rate.