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|--------------------------------------------------------------------------------- |  | ----------------------- |  | ------ |  | ------ |  | ------ | ------------ | ------ | 
|                                                                                  |  |                         |  |        |  |        |  |        | EXHIBIT 12.1 |       
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|WISCONSIN ELECTRIC POWER COMPANY                                                 
|STATEMENT OF COMPUTATION OF                                                      
|RATIO OF EARNINGS TO FIXED CHARGES                                               
|(Unaudited)                                                                      
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|                                                                                  |  | Year Ended December 31,
|                                                                                  |  |                        
|                                                                                  |  | 2003                    |  | 2002   |  | 2001   |  | 2000   |              | 1999   | 
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|                                                                                  |  | (Millions of Dollars)  
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|Adjusted Pretax Income (a)                                                        |  | $406.4                  |  | $414.6 |  | $393.4 |  | $267.9 |              | $329.3 | 
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|Fixed Charges                                                                     |  |                         |  |        |  |        |  |        |              |        | 
|Interest on Long-Term Debt (b)                                                    |  | 88.4                    |  | 91.7   |  | 102.9  |  | 105.6  |              | 99.6   | 
|Other Interest Expense                                                            |  | 4.2                     |  | 3.2    |  | 6.8    |  | 11.9   |              | 15.1   | 
|Interest Factors of Rents                                                         |  |                         |  |        |  |        |  |        |              |        | 
|Nuclear Fuel                                                                      |  | 1.4                     |  | 1.9    |  | 3.3    |  | 3.9    |              | 3.5    | 
|Long-Term Purchase Power Contract (c)                                             |  | 23.4                    |  | 22.3   |  | 21.5   |  | 21.0   |              | 20.4   | 
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|Total Fixed Charges                                                               |  | 117.4                   |  | 119.1  |  | 134.5  |  | 142.4  |              | 138.6  | 
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|Total Earnings                                                                    |  | $523.8                  |  | $533.7 |  | $527.9 |  | $410.3 |              | $467.9 | 
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
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|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|Ratio of Earnings to Fixed Charges                                                |  | 4.5x                    |  | 4.5x   |  | 3.9x   |  | 2.9x   |              | 3.4x   | 
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|                                                                                  |  |                         |  |        |  |        |  |        |              |        | 
|(a)  Excludes undistributed equity in earnings of unconsolidated affiliates.      |  |                         |  |        |  |        | 
|(b)  Includes amortization of debt premium, discount and expense.                 |  |                         |  |        |  |        |  |       
|(c)  Wisconsin Electric has entered into a long-term power purchase contract that |  |                         |  |        |  |       
|is being accounted for as a capital lease.                                        |  |                         |  |        |  |        |  |        |              |        |