Exhibit 12

VECTREN UTILITY HOLDINGS, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In Thousands, Except Ratio)

	Twelve months		Twelve months		Twelve months		Three months		Three months
	Ended		Ended		Ended		Ended		Ended
	March 31,		December 31,		December 31,		March 31,		March 31,
	2008		2007		2006		2008		2007
Earnings: (1)
Net income (2)	$	113,634	$	106,506	$	91,377	$	58,013	$	50,885
Income taxes		73,182		66,741		47,691		35,736		29,295
Equity in (income) losses of equity investees, net of distributions		-		-		-		-		-
Fixed Charges (See below) (3)		82,426		81,145		78,345		20,899		19,618
Less:  Preferred stock dividend		-		-		-		-		-
Total adjusted earnings	$	269,242	$	254,392	$	217,413	$	114,648	$	99,798
Fixed charges: (3)
Total interest expense	$	81,960	$	80,576	$	77,538	$	20,821	$	19,437
Interest component of rents		466		569		807		78		181
Preferred stock dividend		-		-		-		-		-
Total fixed charges	$	82,426	$	81,145	$	78,345	$	20,899	$	19,618
Ratio of earnings to fixed charges		3.3		3.1		2.8		5.5		5.1

   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.