Ex. 12

VECTREN UTILITY HOLDINGS, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)
		Twelve months		Nine months		Nine months
		Ended		Ended		Ended
		September 30,		September 30,		September 30,
		2005		2005		2004
Earnings: (1)
Net income (2)	$	96,100	$	64,856	$	51,911
Income taxes		63,060		42,706		32,681
Equity in losses (income) of equity investee, net of distributions		-		-		(127	)
Fixed Charges (See below) (3)		68,885		51,411		50,890
Less: Preferred stock dividend		6		4		11
Total adjusted earnings	$	228,039	$	158,969	$	135,344
Fixed charges: (3)
Total interest expense	$	67,991	$	50,755	$	50,173
Interest component of rents		888		652		706
Preferred stock dividend		6		4		11
Total fixed charges	$	68,885	$	51,411	$	50,890
Ratio of earnings to fixed charges		3.3		3.1		2.7

(1)   For the purposes of computing these ratios, earnings consist of pretax net income before income (losses) from equity investees, fixed charges, and less preferred stock dividends of a consolidated subsidiary.

(2)   Net income, as defined, is before preferred stock dividend requirement of subsidiary and cumulative effect of change in accounting principle

(3)   Fixed charges consist of total interest, amortization of debt discount, premium and expense, the estimated portion of interest implicit in rentals, and preferred stock dividends of a consolidated subsidiary.