Exhibit 12
INTEGRYS ENERGY GROUP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
	2009
(Millions)	6 months			2008			2007			2006			2005			2004
EARNINGS
Net income (loss) from continuing operations	$	(144.2	)	$	124.8		$	181.1		$	151.6		$	150.6		$	156.6
Provision for income taxes		31.3			51.2			86.0			45.0			39.6			30.4
Income (loss) from continuing operations before income taxes		(112.9	)		176.0			267.1			196.6			190.2			187.0
Less:
Undistributed earnings of less than 50% owned affiliates		(7.7	)		(16.4	)		3.8			13.0			7.5			8.1
Preferred stock dividends of subsidiary (b)		(1.2	)		(5.1	)		(5.2	)		(5.3	)		(4.9	)		(4.7	)
Interest capitalized (d)		(0.2	)		-			-			-			-			-
Noncontrolling interest		(0.3	)		(0.1	)		(0.1	)		(3.8	)		(4.5	)		(3.4	)
Adjusted income (loss) from continuing operations before income taxes		(122.3	)		154.4			265.6			200.5			188.3			187.0
Total fixed charges as defined		87.8			170.8			174.6			107.0			69.5			61.5
Total earnings as defined	$	(34.5	)	$	325.2		$	440.2		$	307.5		$	257.8		$	248.5
FIXED CHARGES
Interest expense	$	82.7		$	158.1		$	164.5		$	99.2		$	62.0		$	54.2
Interest capitalized (c)		1.3			2.0			0.3			0.2			0.4			0.7
Interest factor applicable to rentals		2.6			5.6			4.6			2.3			2.2			1.9
Preferred stock dividends of subsidiary (b)		1.2			5.1			5.2			5.3			4.9			4.7
Total fixed charges as defined	$	87.8		$	170.8		$	174.6		$	107.0		$	69.5		$	61.5
RATIO OF EARNINGS TO FIXED CHARGES	(a)				1.9			2.5			2.9			3.7			4.0
(a) For the six months ended June 30, 2009, earnings as defined were inadequate to cover fixed charges as defined by $122.3 million, driven by a pre-tax goodwill impairment loss of $291.1 million.
(b) Preferred stock dividends of subsidiary are computed by dividing the preferred stock dividends of subsidiary by 100% minus the income tax rate.
(c) Includes allowance for funds used during construction.
(d) Includes interest capitalized for the unregulated segment.