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.

	Six months ended		Twelve months ended						Year ended Dec. 31,
$ millions	June 30, 2002		June 30, 2002			2001			2000			1999			1998			1997
Income before income tax	$	141	$	290		$	304		$	269		$	288		$	287		$	306
Interest expense (4)		99		194			192			176			131			109			111
Preferred dividends		—		—			—			—			—			—			1
Less: Income from equity investments		2		(1	)		(7	)		(8	)		(3	)		(3	)		(3	)
Earnings before taxes         and fixed charges	$	242	$	483		$	489		$	437		$	416		$	393		$	415
Interest expense (4)	$	99	$	194		$	192		$	176		$	131		$	109		$	111
Interest on refunding bonds		—		(1	)		(1	)		(1	)		(1	)		(1	)		(1	)
Preferred dividends		—		—			—			—			—			—			1
Total fixed charges	$	99	$	193		$	191		$	175		$	130		$	108		$	111
Ratio of earnings to fixed charges		2.44		2.50			2.56			4.14			3.20	(1)		3.64	(2)		3.74	(3)

            For the purposes of calculating these ratios, earnings consist of income from continuing operations before income taxes, income or loss from equity investees 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 other non-operating pretax items totaling $21.0 million recorded at Tampa Electric, TECO Investments and TECO Energy. The effect of these items was to reduce the ratio of earnings to fixed charges. Had these items been excluded from the calculation, the ratio of earnings to fixed charges would have been 3.55 for the year ended Dec. 31, 1999.

(2) Includes the effect of other non-operating pretax items totaling $30.5 million associated with write-offs at TECO Coal and Tampa Electric, and $0.6 million pretax of merger-related costs. The effect of these items was to reduce the ratio of earnings to fixed charges. Had these items been excluded from the calculation, the ratio of earnings to fixed charges would have been 3.93 for the year ended Dec. 31, 1998.

(3) 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 3.76 for the year ended Dec. 31, 1997.

(4) Interest expense includes total interest expense excluding AFUDC, and an estimate of the interest component of rentals.