GULF POWER CO - FORM 8-K - EX-12.1

Exhibit 12.1

3/31/2010

GULF POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2008
and the year to date December 31, 2009

												Twelve
												Months
												Ended
	Year ended December 31,											December 31,
		2004		2005		2006		2007		2008		2009
	----------------------------------------Thousands of Dollars-----------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings before income taxes	$	108,135	$	120,951	$	124,582	$	135,082	$	158,651	$	170,461
Interest expense, net of amounts capitalized		34,925		40,317		44,134		44,680		43,098		38,358
Distributions on mandatorily redeemable preferred securities		1,113		0		0		0		0		0
AFUDC - Debt funds		819		515		160		1,048		3,973		9,489
Earnings as defined	$	144,992	$	161,783	$	168,876	$	180,810	$	205,722	$	218,308


FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt	$	27,693	$	29,718	$	28,863	$	36,351	$	41,174	$	42,166
Interest on affiliated loans		3,529		5,018		6,887		4,510		739		80
Interest on interim obligations		241		1,472		3,713		169		513		701
Amort of debt disc, premium and expense, net		3,050		2,963		2,894		2,837		2,755		2,890
Other interest charges		1,231		1,661		1,937		1,861		1,890		2,010
Distributions on mandatorily redeemable preferred securities		1,113		0		0		0		0		0
Fixed charges as defined	$	36,857	$	40,832	$	44,294	$	45,728	$	47,071	$	47,847



RATIO OF EARNINGS TO FIXED CHARGES		3.93		3.96		3.81		3.95		4.37		4.56

GULF POWER CO - FORM 8-K - EX-12.1 - April 13, 2010