EXHIBIT 12.01(b)
NORTHERN STATES POWER COMPANY -- WISCONSIN
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS
TO CONSOLIDATED FIXED CHARGES
YEAR ENDED DECEMBER 31,
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2003 2002 2001 2000 1999
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(IN THOUSANDS, EXCEPT RATIOS)
EARNINGS:
Net income $ 57,470 $ 54,373 $ 36,392 $ 30,296 $ 36,366
Provisions for Federal and state taxes on income 27,036 36,925 21,158 20,690 25,302
Fixed charges as below 23,250 23,467 23,139 21,557 19,627
Less: Undistributed equity in earnings of
unconsolidated affiliates 21 232 553 411 409
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Total $ 107,735 $ 114,533 $ 80,136 $ 72,132 $ 80,886
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FIXED CHARGES:
Interest charges, excluding AFC -- debt $ 23,250 $ 23,467 $ 23,139 $ 21,557 $ 19,627
Distributions on redeemable preferred
securities of subsidiary trust -- -- -- -- --
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Total $ 23,250 $ 23,467 $ 23,139 $ 21,557 $ 19,627
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RATIO OF EARNINGS TO FIXED CHARGES 4.6 4.9 3.5 3.3 4.1
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