Exhibit 12.1

GULF POWER COMPANY

Computation of ratio of earnings to fixed charges for

the five years ended December 31, 2016

and the year to date March 31, 2017

	Year Ended December 31,													Three Months Ended March 31,
		2012		2013		2014		2015			2016			2017
	---------------------------------------------Millions of Dollars-----------------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Income Taxes	$	211	$	212	$	237	$	249		$	231		$	34
Interest expense, net of amounts capitalized		60		56		53		49			47			12
Interest component of rental expense		15		13		21		30			28			7
AFUDC - Debt funds		3		3		6		5			—			—
Earnings as defined	$	289	$	284	$	317	$	333		$	306		$	53
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt	$	58	$	55	$	55	$	57		$	50		$	10
Amortization of debt discount, premium and expense, net		3		3		3		3			3			1
Other interest charges		2		1		1		(5	)		(6	)		1
Interest component of rental expense		15		13		21		30			28			7
Fixed charges as defined	$	78	$	72	$	80	$	85		$	75		$	19
RATIO OF EARNINGS TO FIXED CHARGES		3.72		3.93		3.98		3.94			4.08			2.84