Exhibit 12

Aquila, Inc.  Ratio of Earnings to Fixed Charges

|                                                    |                                                       | Year Ended December 31, |       
|--------------------------------------------------- | ----------------------------------------------------- | ----------------------- | ------
|
|
|Loss from continuing operations before income taxes |                                                       | $                       | (349.3
|                                                    | 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                          |                                                       | $                       | (145.7
|                                                    |                                                       |                         |       
|Fixed Charges:                                      |                                                       |                         |       
|                                                    | Interest on long-term debt                            |                         | $     
|                                                    | Interest on short-term debt                           |                         |       
|                                                    | Portion of rents representative of an interest factor |                         |       
|                                                    |                                                       |                         |       
|Fixed Charges                                       |                                                       | $                       | 203.7 
|                                                    |                                                       |                         |       
|Ratio of Earnings to Fixed Charges                  |                                                       |                         |      
|                                                    |                                                       |                         |       

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