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**EXHIBIT 12(b)**

**CLECO POWER COMPUTATION OF EARNINGS TO FIXED CHARGES**

**(UNAUDITED)**

 

|                                               |                                                          | ** For the**      | ** **                  | ** For the**      |              |
|-----------------------------------------------|----------------------------------------------------------|------------------------|-----------------------------|------------------------|--------------|
|                                               |                                                          | ** three**        | ** **                  | ** twelve**       |              |
|                                               |                                                          | ** months ended** | ** **                  | ** months ended** |              |
|                                               |                                                          |                        | **March 31, 2004**          |                        |
|                                               |                                                          |                        | (Thousands, except  ratios) |                        |
|                                               |                                                          |                        |                             |                        |              |  |  |
| Earnings from  operations                     | **$**                                                    | **11,819 **       | ** **                  | $                      | 52,890  |  |
| Income taxes                                  |                                                          | **5,936 **        | ** **                  | ** **             | 29,354  |  |
|                                               |                                                          |                        | ** **                  | ** **             | ** **   |  |  |
| Earnings from  operations before income taxes | **$**                                                    | **17,755 **       | ** **                  | $                      | 82,244  |  |
|                                               |                                                          |                        | ** **                  | ** **             | ** **   |  |  |
| Fixed charges:                                |                                                          | ** **             | ** **                  | ** **             |              |  |
|                                               | Interest, long-term  debt                                | **$**                  | **6,716 **             | ** **             | $            | 26,567  |  |
|                                               | Interest, other  (including interest on short-term debt) |                        | **490 **               | ** **             | ** **   | 1,832  |  |
|                                               | Amortization of debt  expense, premium, net              |                        | **440 **               | ** **             | ** **   | 1,708  |  |
|                                               | Portion of rentals  representative of an interest factor |                        | **160 **               | ** **             | ** **   | 543  |  |
|                                               |                                                          |                        | ** **                  | ** **             | ** **   |  |  |
| Total fixed charges                           | **$**                                                    | **7,806 **        | ** **                  | $                      | 30,650  |  |
|                                               |                                                          |                        | ** **                  | ** **             | ** **   |  |  |
| Earnings from  operations before income taxes |                                                          |                        |                             | ** **             |              |  |
|                                               | and fixed charges                                        | **$**                  | **25,561 **            | ** **             | $            | 112,894  |  |
|                                               |                                                          |                        | ** **                  | ** **             | ** **   |  |  |
| Ratio of earnings to  fixed charges           |                                                          | **3.27 **         | **x**                       | ** **             | 3.68    | x |
|                                               |                                                          |                        | ** **                  | ** **             | ** **   |  |  |

 

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