EXHIBIT 1 SOUTHWESTERN ELECTRIC POWER COMPANY RATIO OF EARNINGS TO FIXED CHARGES FOR THE TWELVE MONTHS ENDED JUNE 30, 1994 (Thousands except Ratio) (Unaudited) Operating Income $123,669 Adjustments Federal and state income taxes 42,895 Provision for deferred Federal and state income taxes (2,348) Deferred investment tax credits (4,993) Other income and deductions 4,846 Allowance for borrowed and equity funds used during construction 3,614 Interest portion of financing leases 2,415 Earnings $170,098 Fixed Charges: Interest on long-term debt $ 42,254 Amortization of debt issuance cost 3,476 Other interest 1,767 Interest portion of financing leases 2,415 Fixed Charges $ 49,912 Ratio of Earnings to Fixed Charges 3.41