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**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**      |              |
|------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|-----------------------------|------------------------|--------------|
|                                                      |                                                                                                                                                  | ** three**        | ** **                  | ** twelve**       |              |
|                                                      |                                                                                                                                                  | ** months ended** | ** **                  | ** months ended** |              |
|                                                      |                                                                                                                                                  |                        | **March 31, 2004**          |                        |
|                                                      |                                                                                                                                                  |                        | (Thousands, except  ratios) |                        |
|                                                      |                                                                                                                                                  |                        |                             |                        |              |  |  |
| Earnings (loss) from  operations                     | **$**                                                                                                                                            | **13,378 **       | ** **                  | $                      | (39,364)     |  |
| Income taxes (benefit)                               |                                                                                                                                                  | **5,653 **        | ** **                  | ** **             | (26,560)     |  |
|                                                      |                                                                                                                                                  |                        | ** **                  | ** **             | ** **   |  |  |
| Earnings (loss) from  operations before income taxes | **$**                                                                                                                                            | **19,031 **       | ** **                  | $                      | (65,924)     |  |
|                                                      |                                                                                                                                                  |                        | ** **                  | ** **             | ** **   |  |  |
| Fixed charges:                                       |                                                                                                                                                  | ** **             | ** **                  | ** **             |              |  |
|                                                      | Interest, long-term  debt                                                                                                                        | **$**                  | **15,107 **            | ** **             | $            | 61,592  |  |
|                                                      | Interest, other  (including interest on short-term debt)                                                                                         |                        | **1,921 **             | ** **             | ** **   | 7,173  |  |
|                                                      | Amortization of debt  expense, premium, net                                                                                                      |                        | **905 **               | ** **             | ** **   | 3,702  |  |
|                                                      | Portion of rentals  representative of an interest factor                                                                                         |                        | **172 **               | ** **             | ** **   | 582  |  |
|                                                      |                                                                                                                                                  |                        | ** **                  | ** **             | ** **   |  |  |
| Total fixed charges                                  | **$**                                                                                                                                            | **18,105 **       | ** **                  | $                      | 73,049  |  |
|                                                      |                                                                                                                                                  |                        | ** **                  | ** **             | ** **   |  |  |
| Earnings (loss) from  operations before income taxes |                                                                                                                                                  | **19,031 **       | ** **                  | ** **             | (65,924)     |  |
|                                                      | Total fixed charges                                                                                                                              |                        | **18,105 **            | ** **             | ** **   | 73,049  |  |
|                                                      | Amortization of  capitalized interest                                                                                                            |                        | **182 **               | ** **             | ** **   | 725  |  |
|                                                      |                                                                                                                                                  |                        | ** **                  | ** **             | ** **   |  |  |
| Earnings from  operations before income taxes        |                                                                                                                                                  |                        |                             | ** **             |              |  |
|                                                      | and fixed charges                                                                                                                                | **$**                  | **37,318 **            | ** **             | $            | 7,850  |  |
|                                                      |                                                                                                                                                  |                        | ** **                  | ** **             | ** **   |  |  |
| Ratio of earnings to  fixed charges                  |                                                                                                                                                  | **2.06 **         | **x**                       |                        | 0.11    | x * |
|                                                      |                                                                                                                                                  |                        | ** **                  | ** **             | ** **   |  |  |
| Total fixed charges  from above                      | **$**                                                                                                                                            | **18,105 **       | ** **                  | $                      | 73,049  |  |
| Preferred stock  dividends                           |                                                                                                                                                  | **565 **          | ** **                  | ** **             | 2,121   |  |
|                                                      |                                                                                                                                                  |                        | ** **                  | ** **             | ** **   |  |  |
| Total fixed charges and  preferred stock dividends   | **$**                                                                                                                                            | **18,670 **       | ** **                  | $                      | 75,170  |  |
|                                                      |                                                                                                                                                  |                        | ** **                  | ** **             | ** **   |  |  |
| Ratio of earnings to  combined fixed charges         |                                                                                                                                                  | ** **             | ** **                  | ** **             |              |  |
|                                                      | and preferred stock  dividends                                                                                                                   |                        | **2.00 **              | **x**                  |              | 0.10  | x ** |
|                                                      |                                                                                                                                                  |                        |                             |                        |              |  |  |
|                                                      |                                                                                                                                                  |                        |                             |                        |              |  |  |
| *                                                    | *For the twelve months ended March 31, 2004, earnings  were insufficient by $65.2 million to cover fixed charges.*                               |
|                                                      |                                                                                                                                                  |                        |                             |                        |              |  |  |
| **                                                   | *For the twelve months ended March 31, 2004, earnings  were insufficient by $67.3 million to cover fixed charge and preferred stock  dividends.* |

 

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