EXHIBIT 12.1


                           MIDAMERICAN ENERGY COMPANY
               COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
             AND COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
                  PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
                                (IN THOUSANDS)
                                  (UNAUDITED)






                                       NINE MONTHS                          TWELVE MONTHS ENDED DECEMBER 31,
                                          ENDED        --------------------------------------------------------------------------
                                    SEPTEMBER 30, 2003      2002           2001           2000           1999           1998
                                   ------------------- -------------- -------------- -------------- -------------- --------------
                                                                                                 
Income from continuing
 operations ......................     $  156,129        $  175,821     $  152,778     $  165,456     $  127,331     $  115,593
                                       ----------        ----------     ----------     ----------     ----------     ----------
Add (Deduct):
Total income taxes ...............        121,945           120,230        112,452        110,461         88,453         76,042
Interest on long-term debt .......         54,441            71,401         60,880         61,120         65,649         70,193
Other interest charges ...........          2,867             3,412          8,401          9,056         11,249         14,128
Preferred stock dividends of
 subsidiary trust ................             --             1,574          7,980          7,980          7,980          7,980
Interest on leases ...............            267               201            137            154            176            212
                                       ----------        ----------     ----------     ----------     ----------     ----------
                                          179,520           196,818        189,850        188,771        173,507        168,555
                                       ----------        ----------     ----------     ----------     ----------     ----------
 Earnings available for fixed
   charges .......................        335,649           372,639        342,628        354,227        300,838        284,148
                                       ----------        ----------     ----------     ----------     ----------     ----------
Fixed Charges:
Interest on long-term debt .......         54,441            71,401         60,880         61,120         65,649         70,193
Other interest charges ...........          2,867             3,412          8,401          9,056         11,249         14,128
Preferred stock dividends of
 subsidiary trust ................             --             1,574          7,980          7,980          7,980          7,980
Interest on leases ...............            267               201            137            154            176            212
                                       ----------        ----------     ----------     ----------     ----------     ----------
 Total fixed charges .............         57,575            76,588         77,398         78,310         85,054         92,513
                                       ----------        ----------     ----------     ----------     ----------     ----------
Ratio of earnings to fixed
 charges .........................           5.83              4.87           4.43           4.52           3.54           3.07
                                       ==========        ==========     ==========     ==========     ==========     ==========
Preferred stock dividends ........     $    1,091        $    2,933     $    4,544     $    4,955     $    4,955     $    4,952
Ratio of net income before
 income taxes to net income ......         1.7811            1.6838         1.7360         1.6676         1.6947         1.6578
                                       -----------       -----------    -----------    -----------    -----------    -----------
Preferred stock dividend
 requirements before income
 tax .............................          1,943             4,939          7,888          8,263          8,397          8,209
                                       -----------       -----------    -----------    -----------    -----------    -----------
Fixed charges plus preferred
 stock dividend requirements .....         59,518            81,527         85,286         86,573         93,451        100,722
                                       -----------       -----------    -----------    -----------    -----------    -----------
Ratio of earnings to fixed
 charges plus preferred stock
 dividend requirements
 (pre-income tax basis) ..........           5.64              4.57           4.02           4.09           3.22           2.82
                                       ===========       ===========    ===========    ===========    ===========    ===========