EXHIBIT 12.1

COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES

NORTHERN STATES POWER COMPANY
AND SUBSIDIARIES

COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS
TO CONSOLIDATED FIXED CHARGES

(not covered by Report of Independent Public Accountants)

			Nine months ended
			September 30,					Year Ended December 31,
			2003		2002			2002		2001		2000		1999		1998
			(in thousands, except ratios)
Earnings:
	Net income		$	36,980	$	42,865		$	54,373		36,392		30,296		36,366		32,195
	Provisions for Federal and state taxes on income			25,127		27,439			36,925		21,158		20,690		25,302		20,468
	Fixed charges as below			17,528		17,583			23,467		23,139		21,557		19,627		19,189
	Less: Undistributed equity in earnings of unconsolidated affiliates			92		(147	)		232		553		411		409		3
		Total	$	79,543	$	88,034		$	114,533	$	80,136	$	72,132	$	80,886	$	71,849
Fixed Charges:
	Interest charges, excluding AFC — debt		$	17,528	$	17,583		$	23,467	$	23,139		21,557		19,627		19,189
	Distributions on redeemable preferred securities of subsidiary trust			—		—			—		—		—		—		—
		Total	$	17,528	$	17,583		$	23,467	$	23,139		21,557		19,627		19,189
Ratio of earnings to fixed charges				4.5		5.0			4.9		3.5		3.3		4.1		3.7