CLECO CORPORATION
                    COMPUTATION OF EARNINGS TO FIXED CHARGES
                     AND EARNINGS TO COMBINED FIXED CHARGES
                          AND PREFERRED STOCK DIVIDENDS
                    FOR THE TWELVE MONTHS ENDED JUNE 30, 2000
                                   (Unaudited)



                                                        (In thousands,
                                                        except ratios)

                                                       
Earnings                                                  $ 61,123
Income taxes                                                28,173
                                                          --------

Earnings from continuing operations before income taxes   $ 89,296
                                                          ========
Fixed charges:
Interest, long-term debt                                  $ 28,123
Interest, other (including interest on short-term debt)      4,755
Amortization of debt expense, premium, net                   1,312
Portion of rentals representative of an interest factor        674
                                                          --------

Total fixed charges                                       $ 34,864
                                                          ========
Earnings from continuing operations before
    income taxes and fixed charges                        $124,160
                                                          ========
Ratio of earnings to fixed charges                            3.56x
                                                          ========

Fixed charges from above                                  $ 34,864
Preferred stock dividends*                                   2,315
                                                          --------

Total fixed charges and preferred stock dividends         $ 37,179
                                                          ========

Ratio of earnings to combined fixed charges and
    preferred stock dividends                                 2.58x
                                                          ========


*  Preferred stock dividends multiplied by the ratio of pretax income to net
   income.