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|  |  |  |  |  | Exhibit 12.1
      WPS Resources Corporation
      Ratio of Earnings to Fixed Charges
(Millions)**2003
      2002
      2001
      2000
      1999
      EARNINGS
      Income available to common shareholders**$94.7
      $109.4
      $77.6
      $67.0
      $59.6
      Loss (income) from discontinued operations, net of tax**16.0
      6.0
      6.9
      5.5
      (0.8)
      Cumulative effect of change in accounting principles, net of tax**(3.2)
      -
      -
      -
      -
      Federal and state income taxes**33.7
28.7
9.2
9.7
29.1
      Pretax earnings from continuing operations**141.2
      144.1
      93.7
      82.2
      87.9
      Loss (income) from less than 50% equity investees**4.2
      4.1
      (6.5)
      -
      -
      Distributed earnings of less than 50% equity investees**7.5
      7.0
      3.5
      -
      -
      Fixed charges**63.2
      63.5
      62.1
      58.9
      46.0
      Subtract
      Preferred dividend requirement**(4.9)
      (4.8)
      (4.6)
      (4.6)
      (4.9)
      Minority interest**(5.6)
-
-
-
-
      Total earnings as defined**$205.6
      $213.9
      $148.2
      $136.5
      $129.0
      FIXED CHARGES
      Interest on long-term debt, including related amortization**$47.6
      $43.3
      $39.5
      $37.0
      $27.2
      Other interest**5.5
      10.2
      12.2
      11.9
      8.5
      Distributions - preferred securities of subsidiary trust**3.5
      3.5
      3.5
      3.5
      3.5
      Interest factor applicable to rentals**1.7
      1.7
      2.3
      1.9
      1.9
      Preferred dividends (grossed up) (see below)**4.9
4.8
4.6
4.6
4.9
      Total fixed charges**$63.2
      $63.5
      $62.1
      $58.9
      $46.0
      Ratio of earnings to fixed charges**3.3
      3.4
      2.4
      2.3
      2.8
      PREFERRED DIVIDEND CALCULATION:
      Preferred dividends**$3.1
      $3.1
      $3.1
      $3.1
      $3.1
      Tax rate ***36.5%
      35.8%
      32.5%
      32.0%
      36.5%
      Preferred dividends (grossed up)**$4.9
      $4.8
      $4.6
      $4.6
      $4.9
      * The tax rate has been adjusted to exclude the impact of tax credits.******************************************** |