EXHIBIT 12(a)
CLECO CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
AND EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(UNAUDITED)
		For the		For the		For the
		three		nine		twelve
		months ended		months ended		months ended
		September 30, 2003
		(Thousands, except ratios)
Earnings (loss) from operations		$        23,803		$       (24,785)			$       (21,604)
Income taxes (benefit)		15,143		(17,342)			(12,834)
Earnings (loss) from operations before income taxes		$        38,946		$       (42,127)			$       (34,438)
Fixed charges:
	Interest, long-term debt	$        15,126		$        43,736			$        57,429
	Interest, other (including interest on short-term debt)	1,883		7,956			13,097
	Amortization of debt expense, premium, net	952		2,466			3,046
	Portion of rentals representative of an interest factor	120		417			556
Total fixed charges		$        18,081		$        54,575			$        74,128
Earnings (loss) from operations before income taxes		38,946		(42,127)			(34,438)
	Total fixed charges	18,081		54,575			74,128
	Amortization of capitalized interest	182		544			725
Earnings (loss) from operations before income taxes
	and fixed charges	$        57,209		$        12,992			$        40,415
Ratio of earnings (loss) to fixed charges		3.16	x	0.24	x *		0.55	x *
Total fixed charges from above		$        18,081		$        54,575			$        74,128
Preferred stock dividends		513		1,583			2,115
Total fixed charges and preferred stock dividends		$        18,594		$        56,158			$        76,243
Ratio of earnings (loss) to combined fixed charges
	and preferred stock dividends	3.08	x	0.23	x **		0.53	x **
*	For the nine months and twelve months ended September 30, 2003, earnings were insufficient to cover fixed
	charges by $41.6 million and $33.7 million, respectively.
**	For the nine months and twelve months ended September 30, 2003, earnings were insufficient to cover fixed
	charges and preferred stock dividends by $43.2 million and $35.8 million, respectively.