Exhibit 12

WISCONSIN POWER AND LIGHT COMPANY

RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS

	2003		2002		2001		2000		1999
	(Dollars in thousands)
Income before cumulative effect of a change
in accounting principle, net of tax	$	114,874	$	80,924	$	73,490	$	71,401	$	70,830
Income taxes		65,843		44,724		41,238		42,918		45,758
Income before income taxes		180,717		125,648		114,728		114,319		116,588
Interest expense		37,873		40,202		43,483		44,644		40,992
Estimated interest component of rent expense		2,641		1,996		2,400		2,268		2,858
Fixed charges as defined		40,514		42,198		45,883		46,912		43,850
Preferred dividend requirements (pre-tax basis)		5,207		5,139		5,167		5,300		5,448
Fixed charges and preferred dividend requirements		45,721		47,337		51,050		52,212		49,298
Earnings as defined	$	221,231	$	167,846	$	160,611	$	161,231	$	160,438
Ratio of Earnings to Fixed Charges (Unaudited)		5.46		3.98		3.50		3.44		3.66
Ratio of Earnings to Combined Fixed Charges and
Preferred Dividend Requirements (Unaudited)		4.84		3.55		3.15		3.09		3.25