EXHIBIT 12.01

XCEL ENERGY INC.
AND SUBSIDIARIES

COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS
TO CONSOLIDATED FIXED CHARGES

(not covered by Report of Independent Public Accountants)

			Year Ended December 31,
			2001		2000		1999		1998		1997
			(in thousands, except ratios)
Earnings:
	Net income		$	794,966	$	526,828	$	570,933	$	624,330	$	388,242
	Provisions for Federal and state taxes on income			336,723		304,865		179,673		240,391		230,629
	Fixed charges as below			934,072		791,187		472,364		402,608		375,176
	Less: Undistributed equity in earnings of unconsolidated affiliates			124,277		87,019		67,926		56,953		36,532
		Total	$	1,941,484	$	1,535,861	$	1,155,044	$	1,210,376	$	957,515
Fixed Charges:
	Interest charges, excluding AFC — debt		$	895,272	$	752,387	$	433,564	$	369,297	$	352,889
	Distributions on redeemable preferred securities of subsidiary trust			38,800		38,800		38,800		33,311		22,287
		Total	$	934,072	$	791,187	$	472,364	$	402,608	$	375,176
Ratio of earnings to fixed charges				2.1		1.9		2.4		3.0		2.6