|                                                                             |        |        |        |        |             
|---------------------------------------------------------------------------- | ------ | ------ | ------ | ------ | ------------
|                                                                             |        |        |        |        | Exhibit 12.1
|WPS Resources Corporation
      Ratio of Earnings to Fixed Charges          
|                                                                             |        |        |        |        |             
|                                                                             |        |        |        |        |             
|(Millions)                                                                   | 2002   | 2001   | 2000   | 1999   | 1998        
|EARNINGS                                                                     |        |        |        |        |             
|Income available to common
      shareholders                                | $109.4 | $77.6  | $67.0  | $59.6  | $46.6       
|Federal and state income taxes                                               | 24.8   | 4.8    | 6.0    | 29.7   | 23.4        
|                                                                             |        |        |        |        |             
|Net pretax income                                                            | 134.2  | 82.4   | 73.0   | 89.3   | 70.0        
|                                                                             |        |        |        |        |             
|Fixed charges                                                                | 69.3   | 68.1   | 63.6   | 45.8   | 36.3        
|                                                                             |        |        |        |        |             
|Subtract preferred dividend
      requirement                                | 4.8    | 4.5    | 4.6    | 4.7    | 4.6         
|                                                                             |        |        |        |        |             
|Total earnings as defined                                                    | $198.7 | $146.0 | $132.0 | $130.4 | $101.7      
|                                                                             |        |        |        |        |             
|FIXED CHARGES                                                                |        |        |        |        |             
|Interest on long-term debt,
      including related amortization             | $49.1  | $45.6  | $41.7  | $27.2  | $24.0       
|Other interest                                                               | 10.2   | 12.2   | 11.9   | 8.5    | 4.8         
|Distributions - preferred
      securities of subsidiary trust               | 3.5    | 3.5    | 3.5    | 3.5    | 1.5         
|Interest factor applicable to
      rentals                                  | 1.7    | 2.3    | 1.9    | 1.9    | 1.4         
|Preferred dividends (grossed
      up) (see below)                           | 4.8    | 4.5    | 4.6    | 4.7    | 4.6         
|                                                                             |        |        |        |        |             
|Total fixed charges                                                          | $69.3  | $68.1  | $63.6  | $45.8  | $36.3       
|                                                                             |        |        |        |        |             
|Ratio of earnings
      to fixed charges                                     | 2.9    | 2.1    | 2.1    | 2.8    | 2.8         
|                                                                             |        |        |        |        |             
|                                                                             |        |        |        |        |             
|PREFERRED DIVIDEND
      CALCULATION:                                        |        |        |        |        |             
|                                                                             |        |        |        |        |             
|Preferred dividends                                                          | $3.1   | $3.1   | $3.1   | $3.1   | $3.1        
|                                                                             |        |        |        |        |             
|Tax rate *                                                                   | 35.6%  | 31.7%  | 32.0%  | 33.8%  | 33.1%       
|                                                                             |        |        |        |        |             
|Preferred dividends (grossed
      up)                                       | $4.8   | $4.5   | $4.6   | $4.7   | $4.6        
|                                                                             |        |        |        |        |             
|                                                                             |        |        |        |        |             
|* The
      tax rate has been adjusted to exclude the impact of tax credits. |        |        |       
|                                                                             |        |        |        |        |             
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