<PAGE> 1
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.
<TABLE>
<CAPTION>
NINE MONTHS TWELVE MONTHS YEAR ENDED DECEMBER 31,
ENDED ENDED ----------------------------------------------------------
SEPT. 30, 2000 SEPT. 30, 2000 1999 1998 1997 1996 1995
-------------- -------------- -------- -------- -------- ----- -----
<S> <C> <C> <C> <C> <C> <C>
2.77x 2.73 x (1) 3.25x(2) 3.67x(3) 3.77x(4) 3.72x 3.50x
</TABLE>
For the purposes of calculating these ratios, earnings consist of
income from continuing operations before income taxes 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 a non-recurring pretax charge totaling $3.5 million
recorded in the fourth quarter of 1999 at Tampa Electric to resolve
litigation filed by the U.S. Environmental Protection Agency 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 earning to fixed
charges would have been 2.76x for the twelve-months ended Sept. 30, 2000.
(2) Includes the effect of non-recurring pretax charges totaling $21.0 million
recorded at Tampa Electric, TECO Investments and TECO Energy described in
(1) above. The effect of these charges was to reduce the ratio of earnings
to fixed charges. Had these charges been excluded from the calculation,
the ratio of earnings to fixed charges would have been 3.60x for the year
ended Dec. 31, 1999.
(3) Includes the effect of non-recurring pretax charges totaling $30.5 million
associated with write-offs at TECO Coal and Tampa Electric, and $.6
million pretax of merger-related costs. The effect of these charges was to
reduce the ratio of earnings to fixed charges. Had these charges been
excluded from the calculation, the ratio of earnings to fixed charges
would have been 3.95x for the year ended Dec. 31, 1998.
(4) Includes a $2.6-million pretax charge for all costs 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
3.79x for the year ended Dec. 31, 1997.
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