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EXHIBIT 12
TAMPA ELECTRIC COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the company's ratio of earnings to
fixed charges for the periods indicated.
NINE MONTHS TWELVE MONTHS YEAR ENDED DECEMBER 31,
ENDED ENDED --------------------------------------------
SEPT. 30, 2000 SEPT. 30, 2000 1999 1998 1997 1996(4) 1995(4)
-------------- -------------- ------- ------- ----- ------ ------
4.41x 4.10x (1) 3.82x(2) 4.51x(3) 4.38x 4.40x 4.28x
For the purposes of calculating these ratios, earnings consist of
income 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 non-recurring pretax charges 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 4.14x for the twelve-months ended Sept. 30,
2000.
(2) Includes the effect of one-time, pretax charges totaling $18.3 million
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
4.61x for the year ended Dec. 31, 1999.
(3) Includes the effect of one-time, pretax charges totaling $16.9 million.
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 4.66x for the year ended Dec.
31, 1998.
(4) Amounts have been restated to reflect the merger of Peoples Gas System,
Inc., with and into Tampa Electric Company.
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