Exhibit 12

Aquila, Inc.
Ratio of Earnings to Fixed Charges

|                                                             |                                                       | Year Ended December 31, |       
|------------------------------------------------------------ | ----------------------------------------------------- | ----------------------- | ------
|
|
|Income (loss) from continuing operations before income taxes |                                                       | $                       | (562.5
|                                                             | Add (Subtract):                                       |                         |       
|                                                             | Equity in earnings of investments                     |                         |       
|                                                             | Dividends and fees from investments                   |                         |       
|                                                             | Minority interest in income (loss) of subsidiaries    |                         |       
|                                                             | Total interest expense                                |                         |       
|                                                             | Interest capitalized                                  |                         |       
|                                                             | Portion of rents representative of an interest factor |                         |       
|                                                             |                                                       |                         |       
|Income (loss), as adjusted                                   |                                                       | $                       | (276.4
|                                                             |                                                       |                         |       
|Fixed Charges:                                               |                                                       |                         |       
|                                                             | Interest on long-term debt                            |                         | $     
|                                                             | Interest on short-term debt                           |                         |       
|                                                             | Portion of rents representative of an interest factor |                         |       
|                                                             |                                                       |                         |       
|Fixed Charges                                                |                                                       | $                       | 286.7 
|                                                             |                                                       |                         |       
|Ratio of Earnings to Fixed Charges                           |                                                       |                         |      
|                                                             |                                                       |                         |       

---

---



QuickLinks