Exhibit 12(a)

XCEL ENERGY INC. AND SUBSIDIARIES

STATEMENT OF COMPUTATION OF

RATIO OF EARNINGS TO FIXED CHARGES

(amounts in thousands, except ratio)

	Year Ended Dec. 31
	2014		2013		2012		2011		2010
Earnings, as defined:
Pretax income from continuing operations	$	1,545,121	$	1,432,210	$	1,355,402	$	1,309,690	$	1,188,591
Add: Fixed charges		677,390		686,258		734,564		725,375		708,529
Add: Dividends from unconsolidated subsidiaries		36,707		36,416		33,470		34,034		32,538
Deduct: Equity earnings of unconsolidated subsidiaries		30,151		30,020		29,971		30,527		29,948
Total earnings, as defined	$	2,229,067	$	2,124,864	$	2,093,465	$	2,038,572	$	1,899,710
Fixed charges, as defined:
Interest charges	$	566,608	$	575,199	$	601,582	$	591,098	$	577,291
Interest charges on life insurance policy borrowings		214		245		310		332		372
Interest component of leases		110,568		110,814		132,672		133,945		130,866
Total fixed charges, as defined	$	677,390	$	686,258	$	734,564	$	725,375	$	708,529
Ratio of earnings to fixed charges		3.3		3.1		2.8		2.8		2.7

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS

TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(amounts in thousands, except ratio)

	Year Ended Dec. 31
	2014		2013		2012		2011		2010
Earnings, as defined:
Pretax income from continuing operations	$	1,545,121	$	1,432,210	$	1,355,402	$	1,309,690	$	1,188,591
Add: Fixed charges		677,390		686,258		734,564		727,644		711,214
Add: Dividends from unconsolidated subsidiaries		36,707		36,416		33,470		34,034		32,538
Deduct: Equity earnings of unconsolidated subsidiaries		30,151		30,020		29,971		30,527		29,948
Total earnings, as defined	$	2,229,067	$	2,124,864	$	2,093,465	$	2,040,841	$	1,902,395
Fixed charges, as defined:
Interest charges	$	566,608	$	575,199	$	601,582	$	591,098	$	577,291
Interest charges on life insurance policy borrowings		214		245		310		332		372
Interest component of leases		110,568		110,814		132,672		133,945		130,866
Dividend requirements on preferred stock (a)		—		—		—		2,269		2,685
Total fixed charges, as defined	$	677,390	$	686,258	$	734,564	$	727,644	$	711,214
Ratio of earnings to fixed charges		3.3		3.1		2.8		2.8		2.7

^(a)  No shares of preferred stock were outstanding during the years ended Dec. 31, 2014, 2013 and 2012.