<PAGE>

                                                                      Exhibit 12

                             TAMPA ELECTRIC COMPANY

                       RATIO OF EARNINGS TO FIXED CHARGES

     The following table sets forth the company's ratio of earnings to fixed
charges for the periods indicated.

<TABLE>
<CAPTION>
$ millions                   Periods Ended Mar. 31, 2002                        Year Ended December 31,
                             ---------------------------     ------------------------------------------------------------
                               3 Months      12 Months        2001         2000          1999          1998          1997
                               --------      ---------       -----        -----         -----         -----         -----
<S>                            <C>           <C>             <C>          <C>           <C>           <C>           <C>
Income before income tax        $  70          $ 281         $ 274        $ 262         $ 226         $ 232         $ 235
Interest Expense (3)               20             80            82           85            82            68            69
Preferred dividends                --             --            --           --            --            --             1
                                -----          -----         -----        -----         -----         -----         -----
   Earnings before taxes

     and fixed charges          $  90          $ 361         $ 356        $ 347         $ 308         $ 300         $ 305
                                -----          -----         -----        -----         -----         -----         -----

Interest expense (3)            $  20          $  80         $  82        $  85         $  82         $  68         $  69
Interest on refunding bonds        --             (1)           (1)          (1)           (1)           (1)           (1)
Preferred dividends                --             --            --           --            --            --             1
                                -----          -----         -----        -----         -----         -----         -----
   Total fixed charges          $  20          $  79         $  81        $  84         $  81         $  67         $  69
                                -----          -----         -----        -----         -----         -----         -----

Ratio of earnings to
   fixed charges                 4.51x          4.57x         4.41x        4.14x          3.82x(1)      4.51x(2)     4.38x
</TABLE>

     For the purposes of calculating these ratios, earnings consist of income
before income taxes and fixed charges. Fixed charges consist of interest on
indebtedness, amortization of debt premium, the interest component of rentals
and preferred stock dividend requirements.



(1)  Includes the effect of one-time, pretax charges totaling $18.3 million
     recorded in the third and fourth quarters of 1999. Charges consisted of the
     following: $10.5 million recorded based on Florida Public Service
     Commission audits of Tampa Electric's 1997 and 1998 earnings which limited
     Tampa Electric's equity ratio to 58.7 percent; $3.5 million to resolve
     litigation filed by the U.S. Environmental Protection Agency; and $4.3
     million for corporate income tax settlements related to prior years' tax
     returns. The effect of these charges was to reduce the ratio of earnings to
     fixed charges. Had these charges been excluded from the calculation, the
     ratio of earnings to fixed charges would have been 4.61x for the year ended
     Dec. 31, 1999.

(2)  Includes the effect of one-time, pretax charges totaling $16.9 million, as
     more fully explained in Note I to Item 8, Financial Statements and
     Supplementary Data of the Company's Annual Report on Form 10-K for the 1998
     fiscal year. The effect of these charges was to reduce the ratio of
     earnings to fixed charges. Had these charges been excluded from the
     calculation, the ratio of earnings to fixed charges would have been 4.66x
     for the year ended Dec. 31, 1998.

(3)  Interest expense includes total interest expense excluding AFUDC and an
     estimate of the interest component of rentals.