Exhibit 12.1



TECO ENERGY, INC.

RATIO OF EARNINGS
TO FIXED CHARGES



The following table sets forth TECO
Energys ratio of earnings to fixed charges for the periods indicated.



|$ millions                                  |  | Six monthsEndedJune 30, 2003 |        |       | Twelve monthsEnded June 30, 2003 |      |        | Year Ended December 31,(1) |     
|------------------------------------------- |  | ---------------------------- | ------ | ----- | -------------------------------- | ---- | ------ | -------------------------- | ----
|                                            |  |                              | 2002   |       |                                  | 2001 |        |                            | 2000
|Income before income tax                    |  | $                            | (247.5 | )     |                                  | $    | (124.7 | )                          |     
|Interest expense (2)                        |  |                              | 179.7  |       |                                  |      | 315.9  |                            |     
|Less: Capitalized interest                  |  |                              | (17.1  | )     |                                  |      | (57.3  | )                          |     
|Less: (Income) loss from equity investments |  |                              | 3.4    |       |                                  |      | 7.5    |                            |     
|                                            |  |                              |        |       |                                  |      |        |                            |     
|Earnings before taxes and fixed charges     |  | $                            | (81.5  | )     |                                  | $    | 141.4  |                            |     
|                                            |  |                              |        |       |                                  |      |        |                            |     
|Interest expense(2)                         |  | $                            | 179.7  |       |                                  | $    | 315.9  |                            |     
|Interest on refunding bonds                 |  |                              | (0.4   | )     |                                  |      | (0.8   | )                          |     
|                                            |  |                              |        |       |                                  |      |        |                            |     
|Total fixed charges                         |  | $                            | 179.3  |       |                                  | $    | 315.1  |                            |     
|                                            |  |                              |        |       |                                  |      |        |                            |     
|Ratio of earnings to fixed charges          |  |                              | -0.45  | x (3) |                                  |      | 0.45   | x (4)                      |     
|                                            |  |                              |        |       |                                  |      |        |                            |     



For the purposes of calculating these
ratios, earnings consist of income from continuing operations before income taxes, income or loss from equity investments and fixed charges, less capitalized interest. Fixed charges consist of interest expense on indebtedness and interest
capitalized, amortization of debt premium, the interest component of rentals and preferred stock dividend requirements. Certain prior year amounts have been adjusted to conform to the current year presentation.

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|(1) |  | All prior periods presented reflect the reclassifications of TECO Coalbed Methanes results from continuing operations to discontinued operations. In December 2002, TECO Energy
sold substantially all of its coalbed methane assets to the Municipal Gas Authority of Georgia.
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|(2) |  | Interest expense includes total interest expensed and capitalized, excluding AFUDC, and an estimate of the interest component of rentals.
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|(3) |  | Includes the effect of pretax charges totaling $353.2 million for: $95.2 million for goodwill impairment at TECO Power Services (TPS), $153.9 million at TPS related to the TPGC
joint venture termination and resulting consolidation by TPS and asset impairments totaling $104.1 million related to turbine purchase cancellations recorded at Tampa Electric and TECO Power Services. The effect of these items was to reduce the
ratio of earnings to fixed charges resulting in an earnings to fixed charges coverage deficiency of approximately $260.8 million for the six months ended June 30, 2003. Had these items been excluded from the calculation, the ratio of earnings to
fixed charges would have been 1.52x for the six months ended June 30, 2003. See Note 9.
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|(4) |  | Includes the effect of pretax items totaling $401.4 million, including $95.2 million for goodwill impairments at TPS, $153.9 million at TPS related to joint venture termination and
resulting consolidation by TPS, asset impairments totaling $104.1 million at Tampa Electric and TECO Power Services related to turbine purchase cancellations, $34.1 million at TECO Energy related to debt refinancing, and asset impairments of $9.2
million and $4.9 million at TPS and TECO Investments, respectively. The effect of these items was to reduce the ratio of earnings to fixed charges resulting in an earnings to fixed charges coverage deficiency of approximately $173.7 million for the
twelve months ended June 30, 2003. Had these items been excluded from the calculation, the ratio of earnings to fixed charges would have been 1.72x for the twelve months ended June 30, 2003. See note 9.
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|(5) |  | Includes the effect of pretax items totaling $48.2 million, including $34.1 million at TECO Energy related to a debt refinancing, and asset valuations of $9.2 million and $4.9
million at TPS and TECO Investments, respectively. The effect of these items was to reduce the ratio of earnings to fixed charges. Had these items been excluded from the calculation, the ratio of earnings to fixed charges would have been 1.97x for
the year ended Dec. 31, 2002. See Note 9.
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|(6) |  | Includes the effect of pretax items totaling $11.1 million for asset valuations recorded at TECO Power Services and TECO Investments. The effect of these items was to reduce the
ratio of earnings to fixed charges. Had these items been excluded from the calculation, the ratio of earnings to fixed charges would have been 2.20x for the year ended Dec. 31, 2001. See Note 9.
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|(7) |  | Includes the effect of pretax items totaling $21.0 million recorded at Tampa Electric, TECO Investments and TECO Energy. The effect of these items was to reduce the ratio of
earnings to fixed charges. Had these items been excluded from the calculation, the ratio of earnings to fixed charges would have been 3.49x for the year ended Dec. 31, 1999. See Note 9.
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|(8) |  | Includes the effect of pretax items totaling $30.5 million associated with write-offs at TECO Coal and Tampa Electric, and $.6 million pretax of merger-related costs. The effect of
these items was to reduce the ratio of earnings to fixed charges. Had these items been excluded from the calculation, the ratio of earnings to fixed charges would have been 3.84x for the year ended Dec. 31, 1998. See Note 9.
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|(9) |  | The following table sets forth a reconciliation of TECO Energys ratio of earnings to fixed charges excluding certain charges and adjustments for the periods indicated.
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|$ millions                                                                |  | Six monthsEnded June 30, 2003 |       |   | Twelve monthsEnded June 30, 2003 |      |       | Year Ended December 31, |     
|------------------------------------------------------------------------- |  | ----------------------------- | ----- | - | -------------------------------- | ---- | ----- | ----------------------- | ----
|                                                                          |  |                               | 2002  |   |                                  | 2001 |       |                         | 1999
|Earnings before taxes and fixed charges  as reported                     |  | $                             | (81.5 | ) |                                  | $    | 141.4 |                         |     
|Adjustment for:                                                           |  |                               |       |   |                                  |      |       |                         |     
|Tax adjustment                                                            |  |                               |      |   |                                  |      |      |                         |     
|Interest on tax adjustment                                                |  |                               |      |   |                                  |      |      |                         |     
|Asset impairments                                                         |  |                               | 104.1 |   |                                  |      | 118.2 |                         |     
|Goodwill impairment                                                       |  |                               | 95.2  |   |                                  |      | 95.2  |                         |     
|Loss on joint venture                                                     |  |                               | 153.9 |   |                                  |      | 153.9 |                         |     
|FPSC adjustment                                                           |  |                               |      |   |                                  |      |      |                         |     
|Debt refinancing charges                                                  |  |                               |      |   |                                  |      | 34.1  |                         |     
|Investment residuals                                                      |  |                               |      |   |                                  |      |      |                         |     
|EPA resolution                                                            |  |                               |      |   |                                  |      |      |                         |     
|Merger-related costs                                                      |  |                               |      |   |                                  |      |      |                         |     
|                                                                          |  |                               |       |   |                                  |      |       |                         |     
|Adjusted earnings before taxes and fixed charges, excluding other charges |  | $                             | 271.7 |   |                                  | $    | 542.8 |                         |     
|                                                                          |  |                               |       |   |                                  |      |       |                         |     
|Total fixed charges  as reported                                         |  | $                             | 179.3 |   |                                  | $    | 315.2 |                         |     
|Adjustments for:                                                          |  |                               |       |   |                                  |      |       |                         |     
|Interest on tax adjustment                                                |  |                               |      |   |                                  |      |      |                         |     
|                                                                          |  |                               |       |   |                                  |      |       |                         |     
|Adjusted total fixed charges, Excluding other charges                     |  | $                             | 179.3 |   |                                  | $    | 315.2 |                         |     
|                                                                          |  |                               |       |   |                                  |      |       |                         |     
|Adjusted ratio of earnings to fixed charges, excluding other charges      |  |                               | 1.52  | x |                                  |      | 1.72  | x                       |     
|                                                                          |  |                               |       |   |                                  |      |       |                         |