Wisconsin Electric Power Company PFD 3.60% (WELPP) 10-Q 2008 Q3 Quarterly report

								EXHIBIT 12.1
WISCONSIN ELECTRIC POWER COMPANY
STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
	Nine
	Months
	Ended		Twelve Months Ended
	9/30/08		9/30/08	12/31/07	12/31/06	12/31/05	12/31/04		12/31/03
		(Millions of Dollars)
Pre-tax Income	$        328.6		$        457.0	$        468.7	$        438.5	$        443.6	$        397.1		$        406.4
Subtract:
Capitalized Interest	(2.2)		(2.9)	(1.8)	(5.1)	(4.6)	(0.9)		(1.2)
Earnings Before Adding Fixed Charges (a)	326.4		454.1	466.9	433.4	439.0	396.2		405.2
Fixed Charges
Interest on Long-Term Debt	54.1		74.9	82.6	79.2	82.9	85.1		88.4
Other Interest Expense	10.6		12.4	12.2	13.0	7.4	5.4		4.2
Estimated Interest Component of Rentals	42.7		54.2	48.5	47.8	36.9	27.7		18.2
Total Fixed Charges as Defined (b)	107.4		141.5	143.3	140.0	127.2	118.2		110.8
Total Earnings as Defined	$        433.8		$        595.6	$        610.2	$        573.4	$        566.2	$        514.4		$        516.0
Ratio of Earnings to Fixed Charges	4.0x		4.2x	4.3x	4.1x	4.5x	4.4x		4.7x
(a)   Earnings before adding fixed charges is determined by starting with pre-tax income (less undistributed equity in earnings of
unconsolidated affiliates) and subtracting 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 and amortization of debt expenses.