EXHIBIT 12

KENTUCKY POWER COMPANY
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data)

	Year Ended December 31,
	1999	2000	2001	2002	2003
Fixed Charges:
Interest on First Mortgage Bonds	$12,712	$9,503	$6,178	$2,206	$-
Interest on Other Long-term Debt	13,525	16,367	18,300	23,429	26,467
Interest on Short-term Debt	2,552	3,295	2,329	1,751	1,104
Miscellaneous Interest Charges	869	2,523	1,059	1,084	1,772
Estimated Interest Element in Lease Rentals	1,200	1,700	1,200	1,000	600
Total Fixed Charges	$30,858	$33,388	$29,066	$29,470	$29,943
Earnings:
Net Income Before Cumulative Effect
of Accounting Change	$25,430	$20,763	$21,565	$20,567	$33,464
Plus Federal Income Taxes	12,993	17,884	9,553	9,235	9,764
Plus State Income Taxes (Credits)	2,784	2,457	489	1,627	(89	)
Plus Fixed Charges (as above)	30,858	33,388	29,066	29,470	29,943
Total Earnings	$72,065	$74,492	$60,673	$60,899	$73,082
Ratio of Earnings to Fixed Charges	2.33	2.23	2.08	2.06	2.44