EXHIBIT 12

INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)

	Year Ended December 31,							Twelve Months Ended
	1999		2000		2001	2002	2003	3/31/04
Fixed Charges:
Interest on First Mortgage Bonds	$31,442		$24,154		$21,647	$19,458	$8,655	$6,328
Interest on Other Long-term Debt	38,623		55,977		56,597	71,837	71,110	68,125
Interest on Short-term Debt	9,207		19,263		13,088	439	1,200	1,605
Miscellaneous Interest Charges	6,754		20,356		3,929	4,961	5,242	5,056
Estimated Interest Element in Lease Rentals	73,800		74,100		74,000	72,400	69,900	69,900
Total Fixed Charges	$159,826		$193,850		$169,261	$169,095	$156,107	$151,014
Earnings:
Net Income (Loss) Before
Cumulative Effect of Accounting Change	$32,776		$(132,032	)	$75,788	$73,992	$89,548	$101,237
Plus Federal Income Taxes	18,866		(4,524	)	49,725	44,647	34,018	40,286
Plus State Income Taxes	(7,352	)	9,237		9,442	190	7,130	10,186
Plus Fixed Charges (as above)	159,826		193,850		169,261	169,095	156,107	151,014
Total Earnings	$204,116		$66,531		$304,216	$287,924	$286,803	$302,723
Ratio of Earnings to Fixed Charges	1.27		0.34		1.79	1.70	1.83	2.00

For the year ended December 31, 2000, the Earnings to cover Fixed Charges were deficient by $127,319,000.