Exhibit 12.1
												11/2/2006
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2005
and the year to date September 30, 2006
												Nine
												Months
												Ended
	Year ended December 31,											September 30,
		2001		2002		2003		2004		2005		2006
	----------------------------------------------------------------------------------------------------Thousands of Dollars----------------------------------------------------------------------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings before income taxes	$	89,716	$	104,397	$	110,104	$	108,135	$	120,951	$	114,388
Interest expense, net of amounts capitalized		25,034		31,452		31,069		34,925		40,317		32,531
Distributions on mandatorily redeemable preferred securities		6,477		8,524		7,085		1,113		0		0
AFUDC - Debt funds		2,510		1,392		314		819		515		59
Earnings as defined	$	123,737	$	145,765	$	148,572	$	144,992	$	161,783	$	146,978
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt	$	24,520	$	28,815	$	27,194	$	27,693	$	29,718	$	21,476
Interest on affiliated loans		396		629		202		3,530		5,018		4,816
Interest on interim obligations		768		446		197		241		1,472		2,733
Amort of debt disc, premium and expense, net		2,059		2,591		2,895		3,050		2,963		2,181
Other interest charges		(199)		363		895		1,230		1,661		1,384
Distributions on mandatorily redeemable preferred securities		6,477		8,524		7,085		1,113		0		0
Fixed charges as defined	$	34,021	$	41,368	$	38,468	$	36,857	$	40,832	$	32,590
RATIO OF EARNINGS TO FIXED CHARGES		3.64		3.52		3.86		3.93		3.96		4.51