CLECO CORPORATION
                    COMPUTATION OF EARNINGS TO FIXED CHARGES
                     AND EARNINGS TO COMBINED FIXED CHARGES
                          AND PREFERRED STOCK DIVIDENDS
                                   (Unaudited)


                                                                                  (In thousands,
                                                                                  except ratios)

                                                                                  FOR THE TWELVE
                                                                                   MONTHS ENDED
                                                                                SEPTEMBER 30, 2000
                                                                               
Earnings                                                                          $     65,649
Income taxes                                                                            30,806
                                                                                  ------------

Earnings from continuing operations before income taxes                           $     96,455
                                                                                  ============

Fixed charges:
Interest, long-term debt                                                          $     31,758
Interest, other (including interest on short-term debt)                                  9,431
Amortization of debt expense, premium, net                                               1,309
Portion of rentals representative of an interest factor                                    709
                                                                                  ------------

Total fixed charges                                                               $     43,207
                                                                                  ============

Earnings from continuing operations before
    income taxes and fixed charges                                                $    139,662
                                                                                  ============

Ratio of earnings to fixed charges                                                        3.23x
                                                                                  ============

Fixed charges from above                                                          $     43,207
Preferred stock dividends*                                                               2,992
                                                                                  ------------

Total fixed charges and preferred stock dividends                                 $     46,199
                                                                                  ============

Ratio of earnings to combined fixed charges and
    preferred stock dividends                                                             3.02x
                                                                                  ============


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