----

 

|                                                 |                                                                                                               |                                                                   |                                                                   |                                                                   |                                                                   | **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**                                                       |                                                                   | ** For the**                                                 |  |
|                                                      |                                                                                                               | ** three**                                                   |                                                                   | **nine**                                                          |                                                                   | ** twelve**                                                  |  |
|                                                      |                                                                                                               | ** months ended**                                            |                                                                   | **months ended**                                                  |                                                                   | ** months ended**                                            |  |
|                                                      |                                                                                                               | **September 30, 2003**                                            | ** **                                                        |
|                                                      |                                                                                                               | (Thousands, except  ratios)                                       |                                                                   |
|                                                      |                                                                                                               |                                                                   |                                                                   |                                                                   |                                                                   |                                                                   |  |
| Earnings (loss) from  operations                     | **$        23,803 **                                             | ** **                                                        | **$       (24,785)**           | ** **                                                        | **$       (21,604)**           | ** **                                                        |
| Income taxes (benefit)                               | **15,143 **                                                                                              | ** **                                                        | **(17,342)**                                                      | ** **                                                        | **(12,834)**                                                      | ** **                                                        |
|                                                      |                                                                                                               | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** ** |
| Earnings (loss) from  operations before income taxes | **$        38,946 **                                             | ** **                                                        | **$       (42,127)**           | ** **                                                        | **$       (34,438)**           | ** **                                                        |
|                                                      |                                                                                                               | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** ** |
| Fixed charges:                                       | ** **                                                                                                    | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        |
|                                                      | Interest, long-term  debt                                                                                     | **$        15,126 ** | ** **                                                        | **$        43,736 ** | ** **                                                        | **$        57,429 ** | ** ** |
|                                                      | Interest, other  (including interest on short-term debt)                                                      | **1,883 **                                                   | ** **                                                        | **7,956 **                                                   | ** **                                                        | **13,097 **                                                  | ** ** |
|                                                      | Amortization of debt  expense, premium, net                                                                   | **952 **                                                     | ** **                                                        | **2,466 **                                                   | ** **                                                        | **3,046 **                                                   | ** ** |
|                                                      | Portion of rentals  representative of an interest factor                                                      | **120 **                                                     | ** **                                                        | **417 **                                                     | ** **                                                        | **556 **                                                     | ** ** |
|                                                      |                                                                                                               | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** ** |
| Total fixed charges                                  | **$        18,081 **                                             | ** **                                                        | **$        54,575 ** | ** **                                                        | **$        74,128 ** | ** **                                                        |
|                                                      |                                                                                                               | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** ** |
| Earnings (loss) from  operations before income taxes | **38,946 **                                                                                              | ** **                                                        | **(42,127)**                                                      | ** **                                                        | **(34,438)**                                                      | ** **                                                        |
|                                                      | Total fixed charges                                                                                           | **18,081 **                                                  | ** **                                                        | **54,575 **                                                  | ** **                                                        | **74,128 **                                                  | ** ** |
|                                                      | Amortization of  capitalized interest                                                                         | **182 **                                                     | ** **                                                        | **544 **                                                     | ** **                                                        | **725 **                                                     | ** ** |
|                                                      |                                                                                                               | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** ** |
| Earnings (loss) from  operations before income taxes |                                                                                                               | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        |
|                                                      | and fixed charges                                                                                             | **$        57,209 ** | ** **                                                        | **$        12,992 ** | ** **                                                        | **$        40,415 ** | ** ** |
|                                                      |                                                                                                               | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** ** |
| Ratio of earnings  (loss) to fixed charges           | **3.16 **                                                                                                | **x**                                                             | **0.24 **                                                    | **x ***                                                           | **0.55 **                                                    | **x * **                                                     |
|                                                      |                                                                                                               | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** ** |
| Total fixed charges  from above                      | **$        18,081 **                                             | ** **                                                        | **$        54,575 ** | ** **                                                        | **$        74,128 ** | ** **                                                        |
| Preferred stock  dividends                      | **513 **                                                                                                 | ** **                                                        | **1,583 **                                                   | ** **                                                        | **2,115 **                                                   | ** **                                                        |
|                                                      |                                                                                                               | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** ** |
| Total fixed charges and  preferred stock dividends   | **$        18,594 **                                             | ** **                                                        | **$        56,158 ** | ** **                                                        | **$        76,243 ** | ** **                                                        |
|                                                      |                                                                                                               | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** ** |
| Ratio of earnings  (loss) to combined fixed charges  | ** **                                                                                                    | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        | ** **                                                        |
|                                                      | and preferred stock  dividends                                                                                | **3.08 **                                                    | **x**                                                             | **0.23 **                                                    | **x ****                                                          | **0.53 **                                                    | **x **** |
|                                                      |                                                                                                               |                                                                   |                                                                   |                                                                   |                                                                   | ** **                                                        | ** ** |
|                                                      |                                                                                                               |                                                                   |                                                                   |                                                                   |                                                                   |                                                                   |  |
|                                                      | * *                                                                                                      |                                                                   |                                                                   |                                                                   |                                                                   |                                                                   |  |
| *                                                    | *For the nine months  and twelve months ended September 30, 2003, earnings were  insufficient to cover fixed* |                                                                   |
|                                                      | *charges by $41.6  million and $33.7 million, respectively.*                                                  |                                                                   |
|                                                      | * *                                                                                                      | * *                                                          | * *                                                          | * *                                                          | * *                                                          | * *                                                          |  |
| **                                                   | *For the nine months  and twelve months ended September 30, 2003, earnings were  insufficient to cover fixed* |                                                                   |
|                                                      | *charges and  preferred stock dividends by $43.2 million and $35.8 million, respectively.*                    |                                                                   |
|                                                      |                                                                                                               |                                                                   |                                                                   |                                                                   |                                                                   |                                                                   |  |
|                                                      |                                                                                                               |                                                                   |                                                                   |                                                                   |                                                                   |                                                                   |  |   |