|                                                                                                                |   |     |      |   |   |   |   |   |   | Exhibit                12.1 |   |
|---------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|--------|--------|--------|--------|--------|--------|-----------------------------|--------|
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |
| Integrys                Energy Group, Inc.                                                                          |   |
| Ratio                of                Earnings to Fixed Charges                                                    |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |
| (Millions)                                                                                                          |   | **2006** |      | 2005   |   | 2004   |   | 2003   |   | 2002                        |   |
| EARNINGS                                                                                                            |   |     |      |   |   |   |   |   |   |                        |   |
| Income                available to common shareholders                                                              |   | **$**    | **155.8** |   | $      | 157.4  |   | $      | 139.7  |                        | $      | 94.7 |   | $ | 109.4 |   |
| Discontinued                operations, net of tax                                                                  |   |     | **(7.30** | **)**  |   | (11.50 | )      |   | 13.80  |                        |   | 15.70 |   |   | 7.00 |   |
| Cumulative                effect of change in accounting principles, net of tax                                     |   |     | **-**     |   |   | 1.6    |   |   | -      |                        |   | (3.2 | ) |   | - |   |
| Federal                and                state income taxes                                                        |   |     | **45.0**  |   |   | 39.6   |   |   | 30.4   |                        |   | 33.3 |   |   | 28.7 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Pretax                earnings from continuing operations                                                           |   |     | **193.5** |   |   | 187.1  |   |   | 183.9  |                        |   | 140.5 |   |   | 145.1 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Loss                (income)                from less than 50% equity investees                                     |   |     | **(16.6** | **)**  |   | (10.3  | )      |   | (3.6   | )                           |   | 4.2 |   |   | 4.1 |   |
| Distributed                earnings of less than 50% equity investees                                               |   |     | **29.6**  |   |   | 17.8   |   |   | 11.7   |                        |   | 7.5 |   |   | 7.0 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Fixed                charges                                                                                        |   |     | **107.0** |   |   | 69.5   |   |   | 61.5   |                        |   | 63.2 |   |   | 63.5 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Subtract:                                                                                                           |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Preferred                dividend requirement                                                                       |   |     | **5.3**   |   |   | 4.9    |   |   | 4.7    |                        |   | 4.9 |   |   | 4.8 |   |
| Minority                interest                                                                                    |   |     | **3.8**   |   |   | 4.5    |   |   | 3.4    |                        |   | 5.6 |   |   | - |   |
| Total                earnings as defined                                                                            |   | **$**    | **304.4** |   | $      | 254.7  |   | $      | 245.4  |                        | $      | 204.9 |   | $ | 214.9 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| FIXED                CHARGES                                                                                        |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Interest                on                long-term debt, including related amortization                            |   | **$**    | **54.3**  |   | $      | 51.2   |   | $      | 48.9   |                        | $      | 47.6 |   | $ | 43.3 |   |
| Other                interest                                                                                       |   |     | **45.1**  |   |   | 11.2   |   |   | 6.0    |                        |   | 5.5 |   |   | 10.2 |   |
| Distributions                - preferred securities of subsidiary trust                                             |   |     | **-**     |   |   | -      |   |   | -      |                        |   | 3.5 |   |   | 3.5 |   |
| Interest                factor applicable to rentals                                                                |   |     | **2.3**   |   |   | 2.2    |   |   | 1.9    |                        |   | 1.7 |   |   | 1.7 |   |
| Preferred                dividends (grossed up) (see below)                                                         |   |     | **5.3**   |   |   | 4.9    |   |   | 4.7    |                        |   | 4.9 |   |   | 4.8 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Total                fixed                charges                                                                   |   | **$**    | **107.0** |   | $      | 69.5   |   | $      | 61.5   |                        | $      | 63.2 |   | $ | 63.5 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Ratio                of                earnings to fixed charges                                                    |   |     | **2.8**   |   |   | 3.7    |   |   | 4.0    |                        |   | 3.2 |   |   | 3.4 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| PREFERRED                DIVIDEND CALCULATION:                                                                      |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Preferred                dividends                                                                                  |   | **$**    | **3.1**   |   | $      | 3.1    |   | $      | 3.1    |                        | $      | 3.1 |   | $ | 3.1 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Tax                rate                *                                                                            |   |     | **41.7**  | **%**  |   | 36.9   | %      |   | 33.7   | %                           |   | 36.5 | % |   | 35.8 | % |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Preferred                dividends (grossed up)                                                                     |   | **$**    | **5.3**   |   | $      | 4.9    |   | $      | 4.7    |                        | $      | 4.9 |   | $ | 4.8 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| *                The tax                rate has been adjusted to exclude the impact of tax                credits. |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |