EXHIBIT 12.1

COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES

XCEL ENERGY INC.
AND SUBSIDIARIES

COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS
TO CONSOLIDATED FIXED CHARGES

(not covered by Report of Independent Public Accountants)

			Six months ended
			June 30,					Year Ended December 31,
			2003			2002		2002			2001		2000		1999		1998
			(in thousands, except ratios)
Earnings:
	Net income		$	(163,549	)	$	179,546	$	(1,661,370	)	$	737,687	$	526,828	$	570,933	$	624,330
	Provisions for Federal and state taxes on income			52,430			70,835		(627,985	)		336,723		304,865		179,673		240,391
	Fixed charges as below			310,896			474,528		1,023,565			934,072		791,187		472,364		402,608
	Less: Undistributed equity in earnings of unconsolidated affiliates			(367,406	)		321		16,478			124,277		87,019		67,926		56,953
		Total	$	567,183		$	724,588	$	(1,282,268	)	$	1,884,205	$	1,535,861	$	1,155,044	$	1,210,376
Fixed Charges:
	Interest charges, excluding AFC — debt		$	291,744		$	455,356	$	985,221		$	895,272	$	752,387	$	433,564	$	369,297
	Distributions on redeemable preferred securities of subsidiary trust			19,152			19,172		38,344			38,800		38,800		38,800		33,311
		Total	$	310,896		$	474,528	$	1,023,565		$	934,072	$	791,187	$	472,364	$	402,608
Ratio of earnings to fixed charges				1.8			1.5		—	*		2.0		1.9		2.4		3.0

* Earnings as defined for the year ended December 31, 2002 were reduced by NRG asset impairment charges of $2.5 billion. The fixed charges exceeded earnings, as defined for this ratio by $2.3 billion in 2002.