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
	2000			2001			2002			2003			2004			9/30/05
FIXED CHARGES
Interest on Long-term Debt	$	43,547		$	41,401		$	43,011		$	53,309		$	46,080		$	43,861
Interest on Short-term Debt		10,174			9,680			7,776			6,545			7,581			7,412
Distributions on Trust Preferred Securities		8,663			8,663			8,662			4,331			-			-
Estimated Interest Element in Lease Rentals		467			759			1,080			2,500			3,700			3,700
Total Fixed Charges	$	62,851		$	60,503		$	60,529		$	66,685		$	57,361		$	54,973
EARNINGS
Income Before Cumulative Effect of     Accounting Changes	$	72,672		$	89,367		$	82,992		$	89,624		$	89,457		$	90,519
Plus Federal Income Taxes		12,058			70,121			37,439			37,315			21,305			4,477
Plus State Income Taxes		2,538			8,385			5,687			8,140			4,966			1,870
Plus Provision for Deferred Income Taxes		14,653			(31,396	)		(3,134	)		9,942			12,782			31,637
Plus Deferred Investment Tax Credits		(4,482	)		(4,453	)		(4,524	)		(4,325	)		(4,326	)		(4,301	)
Plus Fixed Charges (as above)		62,851			60,503			60,529			66,685			57,361			54,973
Total Earnings	$	160,290		$	192,527		$	178,989		$	207,381		$	181,545		$	179,175
Ratio of Earnings to Fixed Charges		2.55			3.18			2.95			3.10			3.16			3.25

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 effect on the ratio.

Certain amounts have been reclassified between Distributions on Trust preferred Securities and Interest on Long-term Debt due to the implementation of FIN 46R "Consolidation of Variable Interest Entities" effective March 31, 2004 on a prospective basis.  This reclassification had no effect on this ratio.