Exhibit 12

Aquila, Inc.
Ratio of Earnings to Fixed Charges
(Dollars in Millions)

	Twelve Months Ended June 30, 2004
				Year Ended December 31,
				2003			2002			2001			2000			1999
Income (loss) from continuing operations before income taxes	$	(481.9	)	$	(492.3	)	$	(1,919.7	)	$	348.5		$	288.0		$	196.7
Add (Subtract):
Equity in earnings of investments	(10.6		)	(69.6		)	(166.9		)	(119.3		)	(159.8		)	(68.9		)
Dividends and fees from investments	16.5			48.6			87.9			55.5			74.4			33.9
Minority interest in income of subsidiaries	—			—			(7.8		)	20.1			1.4			11.5
Total interest expense	296.1			296.9			255.2			223.1			215.0			185.3
Interest capitalized	—			—			(1.3		)	(1.9		)	—			—
Portion of rents representative of an interest factor	18.6			20.5			22.3			16.5			13.9			14.0
Income, as adjusted	$	(161.3	)	$	(195.9	)	$	(1,730.3	)	$	542.4		$	432.9		$	372.5
Fixed Charges:
Interest on long-term debt	$	271.1		$	278.0		$	238.9		$	210.9		$	197.1		$	176.0
Interest on short-term debt	25.0			18.9			16.3			12.2			17.9			9.3
Portion of rents representative of an interest factor	18.6			20.5			22.3			16.5			13.9			14.0
Fixed charges	$	314.7		$	317.4		$	277.5		$	239.6		$	228.9		$	199.3
Ratio of Earnings to Fixed Charges	—		(a)	—		(a)	—		(a)	2.26			1.89			1.87

(a) Ratio amount not shown due to a coverage deficiency in the amount of $476.0 million for the twelve months ended June 30, 2004, and $513.3 million and $2,007.8 million for the years ended December 31, 2003 and 2002, respectively.