Exhibit 12.1
												9/1/2010
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2009
and the year to date June 30, 2010
												Six
												Months
												Ended
	Year ended December 31,											June 30,
		2005		2006		2007		2008		2009		2010
	--------------------------------------------------Thousands of Dollars-------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings before income taxes	$	120,951	$	124,582	$	135,082	$	158,651	$	170,461	$	95,226
Interest expense, net of amounts capitalized		40,317		44,134		44,680		43,098		38,358		24,522
Distributions on mandatorily redeemable preferred securities		0		0		0		0		0		0
AFUDC - Debt funds		515		160		1,048		3,973		9,489		1,228
Earnings as defined	$	161,783	$	168,876	$	180,810	$	205,722	$	218,308	$	120,976
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt	$	29,718	$	28,863	$	36,351	$	41,174	$	42,166	$	23,010
Interest on affiliated loans		5,018		6,887		4,510		739		80		40
Interest on interim obligations		1,472		3,713		169		513		701		30
Amort of debt disc, premium and expense, net		2,963		2,894		2,837		2,755		2,890		1,534
Other interest charges		1,661		1,937		1,861		1,890		2,010		1,136
Distributions on mandatorily redeemable preferred securities		0		0		0		0		0		0
Fixed charges as defined	$	40,832	$	44,294	$	45,728	$	47,071	$	47,847	$	25,750
RATIO OF EARNINGS TO FIXED CHARGES		3.96		3.81		3.95		4.37		4.56		4.70