Exhibit 12

VECTREN UTILITY HOLDINGS, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In Thousands, Except Ratios)

	Twelve months		Twelve months		Twelve months		Twelve months		Twelve months		Twelve months
	Ended		Ended		Ended		Ended		Ended		Ended
	June 30,		December 31,		December 31,		December 31,		December 31,		December 31,
	2010		2009		2008		2007		2006		2005
Earnings: (1)
Net income (2)	$	116,245	$	107,428	$	111,136	$	106,506	$	91,377	$	95,128
Income taxes		67,259		59,244		67,560		66,741		47,691		57,500
Fixed Charges (See below) (3)		82,001		80,107		80,611		81,145		78,345		71,007
Less: Preferred stock dividend		-		-		-		-		-		4
Total adjusted earnings	$	265,505	$	246,779	$	259,307	$	254,392	$	217,413	$	223,631
Fixed charges: (3)
Total interest expense	$	8 1,130	$	79,203	$	79,877	$	80,576	$	77,538	$	69,942
Interest component of rents		871		904		734		569		807		1,061
Preferred stock dividend		-		-		-		-		-		4
Total fixed charges	$	82,001	$	80,107	$	80,611	$	81,145	$	78,345	$	71,007
Ratio of earnings to fixed charges		3.2		3.1		3.2		3.1		2.8		3.1

(1) For the purposes of computing these ratios, earnings consist of pretax net income before 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.