Exhibit 12

                           TECO Energy, Inc.

                  RATIO OF EARNINGS TO FIXED CHARGES

     The following table sets forth the company's ratio of earnings to

fixed charges for the periods indicated.

                              Year Ended December 31,         
                        1998     1997     1996    1995     1994  

                     3.61x(1)    3.77x(2)  3.72x  3.48x   3.06x(3)

     For the purposes of calculating these ratios, earnings consist of
income before income taxes and fixed charges. Fixed charges consist of
interest  on  indebtedness, amortization of debt premium, the interest
component of rentals and preferred stock dividend requirements.
                                                                      

(1)  Includes  the  effect  of  non-recurring  pretax charges totaling
     $33.2  million associated with write-offs at TECO Coal, TeCom and
     Tampa  Electric,  and $.6 million pretax of merger-related costs.
     The  effect  of these charges was to reduce the ratio of earnings
     to  fixed  charges.  Had  these  charges  been  excluded from the
     calculation,  the  ratio  of earnings to fixed charges would have
     been 3.92x for the year ended Dec. 31, 1998.

(2)  Includes  a  $2.6-million  pretax  charge  for  all  transactions
     associated with the mergers completed in June 1997. The effect of
     this charge was to reduce the ratio of earnings to fixed charges.
     Had  this charge been excluded from the calculation, the ratio of
     earnings  to  fixed  charges  would  have been 3.79x for the year
     ended Dec. 31, 1997.

(3)  Includes the effect of a $25-million pretax restructuring charge.
     The  effect of this charge was to reduce the ratio of earnings to
     fixed  charges.  Had this non-recurring charge been excluded from
     the  calculation,  the  ratio  of earnings to fixed charges would
     have been 3.30x for the year ended Dec. 31, 1994.













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