EXHIBIT 12.1
WISCONSIN ENERGY CORPORATION
STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
					Twelve Months Ended
					12/31/02	12/31/01	12/31/00	12/31/99	12/31/98
					(Millions of Dollars)
Pretax Income
	Net Income				$167.0	$219.0	$154.2	$209.0	$188.1
	Cumulative Effect of Change in
		Accounting Principle, Net of Tax			-	(10.5)	-	-	-
	Income Taxes				105.7	150.4	125.9	111.1	92.2
Total Pretax Income					272.7	358.9	280.1	320.1	280.3
Minority Interest Losses					0.1	(0.8)	-	-	-
Less
	Undistributed equity in earnings of
		unconsolidated affiliates			(8.4)	3.5	-	-	-
Total Pretax Income, Net					281.2	354.6	280.1	320.1	280.3
Fixed Charges
	Interest Charges
		Interest on Long-Term Debt (a)			206.0	186.0	137.3	124.2	108.5
		Other Interest Expense			21.2	60.3	106.2	24.1	19.3
			Interest Factors of Rents
				Nuclear Fuel	1.9	3.3	3.9	3.5	3.1
				Long-Term Purchase Power Contract (b)	22.3	21.5	21.0	20.4	20.3
	Total Interest Charges				251.4	271.1	268.4	172.2	151.2
	Preferred Stock Dividend Requirements of
		Wisconsin Electric Power Company
		Amount Not Tax Deductible			0.7	0.7	0.7	0.7	0.7
		Ratio of Pretax Income to Net Income			1.6	1.6	1.8	1.5	1.5
					1.1	1.1	1.3	1.1	1.1
		Amount Tax Deductible			0.5	0.5	0.5	0.5	0.5
	Total Preferred Stock Dividend Requirements
		of Wisconsin Electric Power Company			1.6	1.6	1.8	1.6	1.6
	Distributions on Preferred
		Securities of Subsidiary Trust			13.7	13.7	13.7	10.5	-
Total Fixed Charges As Defined					266.7	286.4	283.9	184.3	152.8
Total Earnings as Defined					$547.9	$641.0	$564.0	$504.4	$433.1
					=====	=====	=====	=====	=====
Ratio of Earnings to Fixed Charges					2.1x	2.2x	2.0x	2.7x	2.8x
(a)		Includes amortization of debt premium, discount and expense.
(b)		Wisconsin Electric has entered into a long-term power purchase contract that
		is being accounted for as a capital lease.