|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |
|---------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|--------|--------|--------|--------|--------|--------|-----------------------------|--------|
|                                                                                                                |   |     |      |   |   |   |   |   |   | Exhibit                12.1 |   |
| WPS                Resources                Corporation                                                             |   |
| Ratio                of                Earnings to Fixed Charges                                                    |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |
| (Millions)                                                                                                          |   | **2005** |      | 2004   |   | 2003   |   | 2002   |   | 2001                        |   |
| EARNINGS                                                                                                            |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Income                available to common shareholders                                                              |   | **$**    | **157.4** |   | $      | 139.7  |   | $      | 94.7   |                        | $      | 109.4 |   | $ | 77.6 |   |
| Cumulative                effect of change in accounting principles                                                 |   |     | **1.6**   |   |   | -      |   |   | (3.2   | )                           |   | - |   |   | - |   |
| Federal                and                state income taxes                                                        |   |     | **46.7**  |   |   | 21.7   |   |   | 27.0   |                        |   | 24.8 |   |   | 4.8 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Pretax                earnings                                                                                      |   |     | **205.7** |   |   | 161.4  |   |   | 118.5  |                        |   | 134.2 |   |   | 82.4 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Loss                (income)                from less than 50% equity investees                                     |   |     | **(10.3** | **)**  |   | (3.6   | )      |   | 4.2    |                        |   | 4.1 |   |   | (6.5 | ) |
| Distributed                earnings of less than 50% equity investees                                               |   |     | **17.8**  |   |   | 11.7   |   |   | 7.5    |                        |   | 7.0 |   |   | 3.5 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Fixed                charges                                                                                        |   |     | **80.0**  |   |   | 66.9   |   |   | 69.6   |                        |   | 69.4 |   |   | 68.2 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Subtract:                                                                                                           |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Preferred                dividend requirement                                                                       |   |     | **4.9**   |   |   | 4.6    |   |   | 5.1    |                        |   | 4.9 |   |   | 4.6 |   |
| Minority                interest                                                                                    |   |     | **4.5**   |   |   | 3.4    |   |   | 5.6    |                        |   | - |   |   | - |   |
| Total                earnings as defined                                                                            |   | **$**    | **283.8** |   | $      | 228.4  |   | $      | 189.1  |                        | $      | 209.8 |   | $ | 143.0 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| FIXED                CHARGES                                                                                        |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Interest                on                long-term debt, including related amortization                            |   | **$**    | **62.1**  |   | $      | 54.4   |   | $      | 53.8   |                        | $      | 49.1 |   | $ | 45.6 |   |
| Other                interest                                                                                       |   |     | **10.8**  |   |   | 6.0    |   |   | 5.5    |                        |   | 10.2 |   |   | 12.2 |   |
| Distributions                - preferred securities of subsidiary trust                                             |   |     | **-**     |   |   | -      |   |   | 3.5    |                        |   | 3.5 |   |   | 3.5 |   |
| Interest                factor applicable to rentals                                                                |   |     | **2.2**   |   |   | 1.9    |   |   | 1.7    |                        |   | 1.7 |   |   | 2.3 |   |
| Preferred                dividends (grossed up) (see below)                                                         |   |     | **4.9**   |   |   | 4.6    |   |   | 5.1    |                        |   | 4.9 |   |   | 4.6 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Total                fixed                charges                                                                   |   | **$**    | **80.0**  |   | $      | 66.9   |   | $      | 69.6   |                        | $      | 69.4 |   | $ | 68.2 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Ratio                of                earnings to fixed charges                                                    |   |     | **3.5**   |   |   | 3.4    |   |   | 2.7    |                        |   | 3.0 |   |   | 2.1 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| PREFERRED                DIVIDEND CALCULATION:                                                                      |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Preferred                dividends                                                                                  |   | **$**    | **3.1**   |   | $      | 3.1    |   | $      | 3.1    |                        | $      | 3.1 |   | $ | 3.1 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Tax                rate                *                                                                            |   |     | **36.9**  | **%**  |   | 33.3   | %      |   | 38.7   | %                           |   | 36.4 | % |   | 32.9 | % |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| Preferred                dividends (grossed up)                                                                     |   | **$**    | **4.9**   |   | $      | 4.6    |   | $      | 5.1    |                        | $      | 4.9 |   | $ | 4.6 |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
| *                The tax                rate has been adjusted to exclude the impact of tax                credits. |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |
|                                                                                                                |   |     |      |   |   |   |   |   |   |                        |   |   |   |   |   |   |