|                                                                 |  |                       |  |          |  |          |  | EXHIBIT 12.1
|---------------------------------------------------------------- |  | --------------------- |  | -------- |  | -------- |  | ------------
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|WISCONSIN GAS COMPANY                                           
|STATEMENT OF COMPUTATION OF                                     
|RATIO OF EARNINGS TO FIXED CHARGES                              
|(Unaudited)                                                     
|                                                                 |  |                       |  |          |  |          |  |             
|                                                                 |  |                       |  |          |  |          |  |             
|                                                                 |  | Twelve Months Ended  
|                                                                 |  |                      
|                                                                 |  | 12/31/03              |  | 12/31/02 |  | 12/31/01 |  | 12/31/00    
|                                                                 |  |                       |  |          |  |          |  |             
|                                                                 |  | (Millions of Dollars)
|                                                                 |  |                       |  |          |  |          |  |             
|Income Before Income Taxes and the                               |  |                       |  |          |  |          |  |             
|Cumulative Effect of Change in Accounting Principle              |  | $57.4                 |  | $53.0    |  | $24.3    |  | $28.6       
|                                                                 |  |                       |  |          |  |          |  |             
|Fixed Charges                                                    |  |                       |  |          |  |          |  |             
|Interest on Long-Term Debt (a)                                   |  | 10.5                  |  | 10.1     |  | 10.1     |  | 10.1        
|Interest Expense - WICOR                                         |  | -                     |  | -        |  | 11.5     |  | 11.0        
|Other Interest Expense                                           |  | 3.2                   |  | 2.7      |  | 5.5      |  | 4.2         
|                                                                 |  |                       |  |          |  |          |  |             
|Total Fixed Charges As Defined                                   |  | 13.7                  |  | 12.8     |  | 27.1     |  | 25.3        
|                                                                 |  |                       |  |          |  |          |  |             
|                                                                 |  |                       |  |          |  |          |  |             
|Total Earnings as Defined                                        |  | $71.1                 |  | $65.8    |  | $51.4    |  | $53.9       
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|                                                                 |  |                       |  |          |  |          |  |             
|Ratio of Earnings to Fixed Charges                               |  | 5.2x                  |  | 5.1x     |  | 1.9x     |  | 2.1x        
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|(a) Includes amortization of debt premium, discount and expense. |  |                       |  |          |  |         





|EXHIBIT 12. 1
Page 2 of 2
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|WISCONSIN GAS COMPANY                              
|STATEMENT OF COMPUTATION OF                        
|RATIO OF EARNINGS TO FIXED CHARGES                 
|(Unaudited)                                        
|                                                   
|                                                   
|                                                   
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|                                                   
|                                                   
|Income Before Income Taxes and the                 
|Cumulative Effect of Change in Accounting Principle
|                                                   
|Fixed Charges                                      
|Interest Charges                                   
|Interest on Long-Term Debt (b)                     
|Interest Expense - WICOR                           
|Other Interest Expense                             
|                                                   
|Total Fixed Charges As Defined                     
|                                                   
|                                                   
|Total Earnings as Defined                          
|                                                   
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|Ratio of Earnings to Fixed Charges                 
|                                                   
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|(a) Earnings for this period were inadequate to cover fixed charges. The ratio for this period reflects a deficiency of
|-----------------------------------------------------------------------------------------------------------------------
|$5.9 million due to the impact of the non-heating season on earnings, as well as amortization of goodwill and          
|intercompany interest.                                                                                                 
|(b) Includes amortization of debt premium, discount and expense.