Exhibit 12.1

PUBLIC SERVICE COMPANY OF COLORADO (CONSOLIDATED)
STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
Thousands of Dollars

				9 Months Ended		9 Months Ended
				Sept. 30, 2002		Sept. 30, 2001		2001		2000		1999		1998		1997
Earnings:
	Net Income			$	196,020	$	221,638	$	273,033	$	196,128	$	204,265	$	200,103	$	204,042
Add:
	Income Taxes				97,087		109,205		132,501		102,770		96,574		101,494		90,813
	Fixed charges				177,066		169,869		226,651		244,952		234,544		210,539		197,658
Deduct:
	Undistributed equity in earnings of unconsolidated affiliates				—		—		—		—		—		—		—
			Earnings		470,173		500,712		632,185		543,850		535,383		512,136		492,513
Fixed charges:
	Interest charges, excluding AFC — debt, per statement of income				166,008		158,469		211,451		229,752		219,344		200,828		197,658
		Distributions on redeemable preferred securities of subsidiary trust			11,058		11,400		15,200		15,200		15,200		9,711		—
			Total fixed charges	$	177,066	$	169,869	$	226,651	$	244,952	$	234,544	$	210,539	$	197,658
Ratio of earnings to fixed charges					2.7		2.9		2.8		2.2		2.3		2.4		2.5