|                                                                                                                                        |                     |  |                |  |                |  |                | EXHIBIT 12.1 |               
|--------------------------------------------------------------------------------------------------------------------------------------- | ------------------- |  | -------------- |  | -------------- |  | -------------- | ------------ | --------------
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|WISCONSIN ELECTRIC POWER COMPANY                                                                                                        |                     | 
|STATEMENT OF COMPUTATION OF                                                                                                             |                     | 
|RATIO OF EARNINGS TO FIXED CHARGES                                                                                                      |                     | 
|(Unaudited)                                                                                                                             |                     | 
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|                                                                                                                                        | Twelve Months Ended |  |               
|                                                                                                                                        |                     |  |               
|                                                                                                                                        | 12/31/10            |  | 12/31/09       |  | 12/31/08       |  | 12/31/07       |              | 12/31/06      
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|Pre-tax Income                                                                                                                          | $        470.8      |  | $        435.3 |  | $        439.4 |  | $        468.7 |              | $        438.5
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|Subtract:                                                                                                                               |                     |  |                |  |                |  |                |              |               
|Capitalized Interest                                                                                                                    | (13.5)              |  | (6.6)          |  | (3.0)          |  | (1.8)          |              | (5.1)         
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|Earnings Before Adding Fixed Charges (a)                                                                                                | 457.3               |  | 428.7          |  | 436.4          |  | 466.9          |              | 433.4         
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|Fixed Charges                                                                                                                           |                     |  |                |  |                |  |                |              |               
|Interest on Long-Term Debt                                                                                                              | 113.7               |  | 104.2          |  | 77.7           |  | 82.6           |              | 79.2          
|Other Interest Expense                                                                                                                  | 1.3                 |  | 2.7            |  | 11.9           |  | 12.2           |              | 13.0          
|Estimated Interest Component of Rentals                                                                                                 | 107.1               |  | 65.6           |  | 57.6           |  | 48.5           |              | 47.8          
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|Total Fixed Charges as Defined (b)                                                                                                      | 222.1               |  | 172.5          |  | 147.2          |  | 143.3          |              | 140.0         
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|Total Earnings as Defined                                                                                                               | $        679.4      |  | $        601.2 |  | $        583.6 |  | $        610.2 |              | $        573.4
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|Ratio of Earnings to Fixed Charges                                                                                                      | 3.1x                |  | 3.5x           |  | 4.0x           |  | 4.3x           |              | 4.1x          
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|(a)   Earnings before adding fixed charges is determined by starting with pre-tax income (less undistributed equity in earnings of     
|unconsolidated affiliates) and subtracting capitalized interest.                                                                        |                     |  |                |  |               
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|(b)   Fixed Charges consists of interest charges on our long-term debt and short-term borrowings (including a representative portion of
|lease expense), capitalized interest and amortization of debt expenses.                                                                 |                     |  |                | 
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