EXHIBIT 12


                             TAMPA ELECTRIC COMPANY

                       RATIO OF EARNINGS TO FIXED CHARGES

         The following table sets forth the company's ratio of earnings to fixed
charges for the periods indicated.



     THREE MONTHS           TWELVE MONTHS                            YEAR ENDED DECEMBER 31,
        ENDED                    ENDED            -----------------------------------------------------------
   MARCH 31, 2001            MARCH 31, 2001       2000         1999          1998           1996       1996(3)
   --------------            --------------       ----        -----         --------       -----      -----
                                                                                     
       3.92x                   4.07x              4.14x        3.82x(1)     4.51x(2)        4.38x      4.40x


         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.

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(1)      Includes the effect of one-time, pretax charges totaling $18.3 million
         recorded in the third and fourth quarters of 1999. Charges consisted of
         the following: $10.5 million recorded based on FPSC audits of its 1997
         and 1998 earnings which limited its equity ratio to 58.7 percent; $3.5
         million to resolve litigation filed by the U.S. Environmental
         Protection Agency; and $4.3 million for corporate income tax
         settlements related to prior years' tax returns. 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 4.61x for the year ended Dec. 31, 1999.

(2)      Includes the effect of one-time, pretax charges totaling $16.9 million.
         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 4.66x for the
         year ended Dec. 31, 1998.

(3)      Amounts have been restated to reflect the merger of Peoples Gas System,
         Inc., with and into Tampa Electric Company.