Exhibit 12.01

NORTHERN STATES POWER COMPANY — WISCONSIN

COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS

TO CONSOLIDATED FIXED CHARGES

	YEAR ENDED DEC. 31,
	2004			2003		2002		2001		2000
	(IN THOUSANDS, EXCEPT RATIOS)
EARNINGS:
Net income	$	54,385		$	57,470	$	54,373	$	36,392	$	30,296
Provisions for Federal and state taxes on income	35,215			27,036		36,925		21,158		20,690
Fixed charges as below	21,871			23,249		23,467		23,139		21,557
Less: Undistributed equity in earnings of unconsolidated affiliates	(10		)	21		232		553		411
Total	$	111,481		$	107,734	$	114,533	$	80,136	$	72,132
FIXED CHARGES:
Interest charges, excluding AFUDC – debt	$	21,871		$	23,249	$	23,467	$	23,139	$	21,557
Distributions on redeemable preferred securities of subsidiary trust	—			—		—		—		—
Total	$	21,871		$	23,249	$	23,467	$	23,139	$	21,557
RATIO OF EARNINGS TO FIXED CHARGES	5.1			4.6		4.9		3.5		3.3

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