EXHIBIT 12.1

WISCONSIN ENERGY CORPORATION

STATEMENT OF COMPUTATION OF

RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited)

	Three
	Months
	Ended			Twelve Months Ended
	3/31/2015			12/31/2014			12/31/2013			12/31/2012			12/31/2011			12/31/2010
	(Millions of Dollars)
Pre-tax Income	$	312.4		$	941.4		$	901.2		$	839.3		$	763.5		$	693.4
Add:
Nonutility Amortization of Capitalized Interest	1.8			7.3			7.3			7.3			7.3			4.8
Subtract:
Capitalized Interest	(0.8		)	(3.0		)	(9.4		)	(15.9		)	(26.7		)	(52.3		)
Earnings Before Adding Fixed Charges (a)	313.4			945.7			899.1			830.7			744.1			645.9
Fixed Charges
Interest Expense	60.2			243.3			260.3			262.9			261.3			257.5
Estimated Interest Component of Rentals	4.2			15.9			15.7			18.4			20.1			19.2
Preferred Stock Dividend Requirements of
Wisconsin Electric Power Company	0.4			1.6			1.6			1.6			1.6			1.6
Total Fixed Charges as Defined (b)	64.8			260.8			277.6			282.9			283.0			278.3
Total Earnings as Defined	$	378.2		$	1,206.5		$	1,176.7		$	1,113.6		$	1,027.1		$	924.2
Ratio of Earnings to Fixed Charges	5.8x			4.6x			4.2x			3.9x			3.6x			3.3x
(a) Earnings before adding fixed charges is determined by starting with pre-tax income from continuing operations (less undistributed equity in
earnings of unconsolidated affiliates) and nonutility amortization of capitalized interest, and subtracting from the total, capitalized interest.
(b) Fixed Charges consists of interest charges on our long-term debt and short-term borrowings (including a representative portion of lease
expense), capitalized interest, amortization of debt expenses and an amount equal to the earnings before income taxes required to pay preferred
dividends of a wholly owned subsidiary.