Exhibit 12.1
WPS Resources Corporation
Ratio of Earnings to Fixed Charges
	2006
(Millions)	3 Months			2005			2004			2003			2002			2001
EARNINGS
Income available to common shareholders	$	60.1		$	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		28.3			46.7			21.7			27.0			24.8			4.8
Pretax earnings		88.4			205.7			161.4			118.5			134.2			82.4
Loss (income) from less than 50% equity investees		(5.4	)		(10.3	)		(3.6	)		4.2			4.1			(6.5	)
Distributed earnings of less than 50% equity investees		5.8			17.8			11.7			7.5			7.0			3.5
Fixed charges		20.0			80.0			66.9			69.6			69.4			68.2
Subtract:
Preferred dividend requirement		1.3			4.9			4.6			5.1			4.9			4.6
Minority interest		1.2			4.5			3.4			5.6			-			-
Total earnings as defined	$	106.3		$	283.8		$	228.4		$	189.1		$	209.8		$	143.0
FIXED CHARGES
Interest on long-term debt, including related amortization	$	13.1		$	62.1		$	54.4		$	53.8		$	49.1		$	45.6
Other interest		5.1			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		0.5			2.2			1.9			1.7			1.7			2.3
Preferred dividends (grossed up) (see below)		1.3			4.9			4.6			5.1			4.9			4.6
Total fixed charges	$	20.0		$	80.0		$	66.9		$	69.6		$	69.4		$	68.2
Ratio of earnings to fixed charges		5.3			3.5			3.4			2.7			3.0			2.1
PREFERRED DIVIDEND CALCULATION:
Preferred dividends	$	0.8		$	3.1		$	3.1		$	3.1		$	3.1		$	3.1
Tax rate *		39.2	%		36.9	%		33.3	%		38.7	%		36.4	%		32.9	%
Preferred dividends (grossed up)	$	1.3		$	4.9		$	4.6		$	5.1		$	4.9		$	4.6
* The tax rate has been adjusted to exclude the impact of tax credits.