Exhibit 12.01

NSP-MINNESOTA AND SUBSIDIARIES

STATEMENT OF COMPUTATION OF

RATIO OF EARNINGS TO FIXED CHARGES

(amounts in thousands, except ratio)

	Year Ended Dec. 31
	2012		2011		2010		2009		2008
Earnings, as defined:
Pretax income from operations	$	515,665	$	544,630	$	455,416	$	468,891	$	463,377
Add: Fixed charges		243,317		249,587		243,620		239,022		240,539
Total earnings, as defined	$	758,982	$	794,217	$	699,036	$	707,913	$	703,916
Fixed charges, as defined:
Interest charges	$	201,158	$	208,003	$	201,431	$	194,808	$	198,369
Interest component of leases		42,159		41,584		42,189		44,214		42,170
Total fixed charges, as defined	$	243,317	$	249,587	$	243,620	$	239,022	$	240,539
Ratio of earnings to fixed charges		3.1		3.2		2.9		3.0		2.9