|                                   |                                                                              |                                            |                       |        |          |        |          |        |             
|---------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------ | --------------------- | ------ | -------- | ------ | -------- | ------ | ------------
|                                   |                                                                              |                                            |                       |        |          |        |          |        | EXHIBIT 12.1
|                                   |                                                                              |                                            |                       |        |          |        |          |        |             
|WISCONSIN ELECTRIC POWER COMPANY  
|STATEMENT OF COMPUTATION OF       
|RATIO OF EARNINGS TO FIXED CHARGES
|(Unaudited)                       
|                                   |                                                                              |                                            |                       |        |          |        |          |        |             
|                                   |                                                                              |                                            |                       |        |          |        |          |        |             
|                                   |                                                                              |                                            | Twelve Months Ended  
|                                   |                                                                              |                                            | 12/31/02              |        | 12/31/01 |        | 12/31/00 |        | 12/31/99    
|                                   |                                                                              |                                            | (Millions of Dollars)
|                                   |                                                                              |                                            |                       |        |          |        |          |        |             
|Pretax Income                      |                                                                              |                                            |                       |        |          |        |          |        |             
|                                   | Net Income                                                                   | $259.2                                     |                       | $246.5 |          | $164.7 |          | $213.1 |             
|                                   | Income Taxes                                                                 | 157.7                                      |                       | 156.6  |          | 103.2  |          | 116.2  |             
|Total Pretax Income                | 416.9                                                                        |                                            | 403.1                 |        | 267.9    |        | 329.3    |        | 280.9       
|Less                               |                                                                              |                                            |                       |        |          |        |          |        |             
|                                   | Undistributed equity in earnings of                                          |                                            |                       |        |          |        |          |        |             
|                                   |                                                                              | unconsolidated affiliate                   | 2.3                   |        | 9.7      |        | -        |        | -           
|Total Pretax Income, Net           | 414.6                                                                        |                                            | 393.4                 |        | 267.9    |        | 329.3    |        | 280.9       
|                                   |                                                                              |                                            |                       |        |          |        |          |        |             
|Fixed Charges                      |                                                                              |                                            |                       |        |          |        |          |        |             
|                                   | Interest on Long-Term Debt (a)                                               | 91.7                                       |                       | 102.9  |          | 105.6  |          | 99.6   |             
|                                   | Other Interest Expense                                                       | 3.2                                        |                       | 6.8    |          | 11.9   |          | 15.1   |             
|                                   | Interest Factors of Rents                                                    |                                            |                       |        |          |        |          |        |             
|                                   |                                                                              | Nuclear Fuel                               | 1.9                   |        | 3.3      |        | 3.9      |        | 3.5         
|                                   |                                                                              | Long-Term Purchase Power Contract (b)      | 22.3                  |        | 21.5     |        | 21.0     |        | 20.4        
|Total Fixed Charges As Defined     | 119.1                                                                        |                                            | 134.5                 |        | 142.4    |        | 138.6    |        | 135.6       
|                                   |                                                                              |                                            |                       |        |          |        |          |        |             
|Total Earnings as Defined          | $533.7                                                                       |                                            | $527.9                |        | $410.3   |        | $467.9   |        | $416.5      
|                                   |                                                                              |                                            | =====                 |        | =====    |        | =====    |        | =====       
|                                   |                                                                              |                                            |                       |        |          |        |          |        |             
|Ratio of Earnings to Fixed Charges | 4.5x                                                                         |                                            | 3.9x                  |        | 2.9x     |        | 3.4x     |        | 3.1x        
|                                   |                                                                              |                                            |                       |        |          |        |          |        |             
|                                   |                                                                              |                                            |                       |        |          |        |          |        |             
|(a)                                | Includes amortization of debt premium, discount and expense.                 |                                            |                       |        |          |        |         
|(b)                                | Wisconsin Electric has entered into a long-term power purchase contract that |                                            |                       |        |         
|                                   |                                                                              | is being accounted for as a capital lease. |                       |        |          |        |          |        |             
|                                   |                                                                              |                                            |                       |        |          |        |          |        |