Exhibit 12.3
WISCONSIN POWER AND LIGHT COMPANY
RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS
	Years Ended Dec. 31,
	2009			2008			2007			2006			2005
	(dollars in millions)
EARNINGS:
Net income	$	89.5		$	118.4		$	113.5		$	105.3		$	105.1
Income taxes (a)		45.8			68.4			59.3			62.2			60.9
Income before income taxes		135.3			186.8			172.8			167.5			166.0
Fixed charges as defined		99.9			90.7			84.8			81.9			73.9
Adjustment for undistributed equity earnings		(7.1	)		(6.1	)		(6.7	)		(3.8	)		(1.6	)
Total earnings as defined	$	228.1		$	271.4		$	250.9		$	245.6		$	238.3
FIXED CHARGES:
Interest expense	$	74.8		$	62.2		$	49.6		$	48.3		$	40.4
Estimated interest component of rent expense		25.1			28.5			35.2			33.6			33.5
Total fixed charges as defined	$	99.9		$	90.7		$	84.8		$	81.9		$	73.9
Ratio of Earnings to Fixed Charges		2.28			2.99			2.96			3.00			3.22
Preferred dividend requirements (pre-tax basis) (b)	$	5.0		$	5.2		$	5.0		$	5.2		$	5.2
Fixed charges and preferred dividend requirements	$	104.9		$	95.9		$	89.8		$	87.1		$	79.1
Ratio of Earnings to Combined Fixed Charges and
Preferred Dividend Requirements		2.17			2.83			2.79			2.82			3.01
(a) Includes net interest related to unrecognized tax benefits.
(b) Preferred dividend requirements (pre-tax basis) are computed by dividing the preferred dividend requirements by one
hundred percent minus the respective annual effective income tax rate.