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                                                                         Exhibit 12(d)
                                                                                           
                        Mississippi Power and Light Company
                Computation of Ratios of Earnings to Fixed Charges and
        Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
                                                                                                            
                                                                                                       
                                                                                                       
                                                             1991      1992      1993      1994      1995
<S>                                                          <C>       <C>       <C>       <C>       <C>                      
Fixed charges, as defined:                                                                                  
  Interest on long-term debt                                 $63,628   $60,709   $52,099   $46,081   $46,241
  Interest on notes payable                                      953        36         7     1,348       474
  Other interest charges                                       1,444     1,636     1,795     3,581     4,164
  Amortization of expense and premium on debt-net(cr)          1,617     1,685     1,458     1,754       756
  Interest applicable to rentals                                 574       521     1,264     1,716     2,173
                                                             -----------------------------------------------
Total fixed charges, as defined                               68,216    64,587    56,623    54,480    53,808
                                                                                                            
Preferred dividends, as defined (a)                           14,962    12,823    12,990     9,447     9,004
                                                             -----------------------------------------------
Combined fixed charges and preferred dividends, as defined   $83,178   $77,410   $69,613   $63,927   $62,812
                                                             ===============================================
Earnings as defined:                                                                                        
                                                                                                            
  Net Income                                                 $63,088   $65,036  $101,743   $48,779   $68,667
  Add:                                                                                                      
    Provision for income taxes:                                                                             
      Federal and State                                       (1,001)    4,463    54,418    46,884    71,651
    Deferred Federal and State - net                          32,491    20,430       539   (26,763)  (35,224)
    Investment tax credit adjustment - net                    (1,634)   (1,746)    1,036    (7,645)   (1,550)
    Fixed charges as above                                    68,216    64,587    56,623    54,480    53,808
                                                            ------------------------------------------------
Total earnings, as defined                                  $161,160  $152,770  $214,359  $115,735  $157,352
                                                            ================================================
Ratio of earnings to fixed charges, as defined                  2.36      2.37      3.79      2.12      2.92
                                                            ================================================
Ratio of earnings to combined fixed charges and                                                             
 preferred dividends, as defined                                1.94      1.97      3.08      1.81      2.51
                                                            ================================================
                                                                                           
------------------------                                                                   
(a) "Preferred dividends," as defined by SEC regulation S-K, are computed by 
    dividing the preferred dividend requirement by one hundred percent     
    (100%) minus the income tax rate.
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