EXHIBIT 12

SOUTHWESTERN ELECTRIC POWER COMPANY CONSOLIDATED
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
Earnings:
Net Income Before Extraordinary Item
And Cumulative Effect of
Accounting Changes	$86,205		$72,672	$89,367		$82,992		$89,624		$83,863
Plus Federal Income Taxes	49,180		12,058	70,121		37,439		37,315		34,153
Plus State Income Taxes	6,162		2,538	8,385		5,687		8,140		6,909
Plus Provision for Deferred Income Taxes	(17,347	)	14,653	(31,396	)	(3,134	)	9,942		4,208
Plus Deferred Investment Tax Credits	(4,565	)	(4,482)	(4,453	)	(4,524	)	(4,325	)	(4,325)
Plus Fixed Charges (as below)	61,177		62,851	60,503		60,529		66,685		66,110
Total Earnings	$180,812		$160,290	$192,527		$178,989		$207,381		$190,918
Fixed Charges:
Interest on Long-term Debt	$38,380		$43,547	$41,401		$43,011		$53,309		$55,686
Interest on Short-term Debt	13,800		10,174	9,680		7,776		6,545		5,758
Distributions on Trust Preferred Securities	8,662		8,663	8,663		8,662		4,331		2,166
Interest Portion of Financing Leases	335		--	--		--		--		--
Estimated Interest Element in Lease Rentals	--		467	759		1,080		2,500		2,500
Total Fixed Charges	$61,177		$62,851	$60,503		$60,529		$66,685		$66,110
Ratio of Earnings to Fixed Charges	2.95		2.55	3.18		2.95		3.10		2.88

* Certain amounts have been reclassified between interest on short-term and long-term debt compared to periods prior to January 1, 2002. This reclassification had no affect on the ratio.