|Exhibit 12                                                       |         |         |        
|---------------------------------------------------------------- | ------- | ------- | -------
|                                                                 |         |         |        
|WPS Resources Corporation                                       
|Ratio of Earnings to Fixed Charges and                          
|Ratio of Earnings to Fixed Charges and Preferred
      Dividends
|                                                                 |         |         |        
|                                                                 | 2000    | 1999    | 1998   
|EARNINGS                                                         |         |         |        
|Net income                                                       | 66,993  | 59,565  | 46,631 
|Federal and state income taxes                                   | 6,005   | 29,741  | 23,445 
|                                                                 |         |         |        
|Net pretax income                                                | 72,998  | 89,306  | 70,076 
|                                                                 |         |         |        
|Fixed charges                                                    | 62,429  | 45,405  | 36,310 
|Subtract preference dividend                                     |         |         |        
|requirement                                                      | 3,378   | 4,588   | 4,606  
|                                                                 |         |         |        
|Total earnings as defined                                        | 132,049 | 130,123 | 101,780
|                                                                 |         |         |        
|FIXED CHARGES                                                    |         |         |        
|Interest on long-term debt,                                      |         |         |        
|including related amort.                                         | 41,677  | 27,162  | 23,987 
|Other interest                                                   | 11,855  | 8,507   | 4,827  
|Distributions-preferred securities                               |         |         |        
|of subsidiary trust                                              | 3,501   | 3,501   | 1,488  
|Interest factor applicable to                                    |         |         |        
|rentals                                                          | 2,018   | 1,647   | 1,402  
|                                                                 |         |         |        
|Fixed charges before preferred                                   |         |         |        
|dividend requirement                                             | 59,051  | 40,817  | 31,704 
|                                                                 |         |         |        
|Ratio of earnings to fixed                                       |         |         |        
|charges                                                          | 2.24    | 3.19    | 3.21   
|                                                                 |         |         |        
|Preferred dividends (grossed up)                                 |         |         |        
|(see below)                                                      | 3,378   | 4,588   | 4,606  
|                                                                 |         |         |        
|Total fixed charges including                                    |         |         |        
|preferred dividend                                               | 62,429  | 45,405  | 36,310 
|                                                                 |         |         |        
|Ratio of earnings to fixed charges                               |         |         |        
|and preferred dividends                                          | 2.12    | 2.87    | 2.80   
|                                                                 |         |         |        
|                                                                 |         |         |        
|PREFERRED DIVIDEND CALCULATION:                                  |         |         |        
|                                                                 |         |         |        
|Preferred dividends                                              | 3,111   | 3,111   | 3,132  
|                                                                 |         |         |        
|Tax rate                                                         | 7.90%   | 32.20%  | 32.00% 
|                                                                 |         |         |        
|Preferred dividends (grossed up)                                 | 3,378   | 4,588   | 4,606  
|                                                                 |         |         |