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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 10-Q

[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2003

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number	Registrants; State of Incorporation; Address; and Telephone Number	IRS Employer Identification No.

1-11337	WPS RESOURCES CORPORATION (A Wisconsin Corporation) 700 North Adams Street P. O. Box 19001 Green Bay, WI 54307-9001 920-433-4901	39-1775292

1-3016	WISCONSIN PUBLIC SERVICE CORPORATION (A Wisconsin Corporation) 700 North Adams Street P. O. Box 19001 Green Bay, WI 54307-9001 800-450-7260	39-0715160

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.

WPS Resources Corporation	Yes [x] No [ ]
Wisconsin Public Service Corporation	Yes [x] No [ ]

Indicate by check mark whether the registrants are accelerated filers (as defined in Rule 12b-2 of the Act).

WPS Resources Corporation	Yes [x] No [ ]
Wisconsin Public Service Corporation	Yes [ ] No [x ]

Indicate the number of shares outstanding of each of the issuers' classes of common stock, as of the latest practicable date:

WPS RESOURCES CORPORATION	Common stock, $1 par value, 32,217,120 shares outstanding at April 30, 2003

WISCONSIN PUBLIC SERVICE CORPORATION	Common stock, $4 par value, 23,896,962 shares outstanding at April 30, 2003

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WPS RESOURCES CORPORATION AND WISCONSIN PUBLIC SERVICE CORPORATION FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2003 CONTENTS
		Page

	FORWARD-LOOKING STATEMENTS	4

PART I.	FINANCIAL INFORMATION

Item 1.	FINANCIAL STATEMENTS
	WPS RESOURCES CORPORATION
	Consolidated Statements of Income	5
	Consolidated Balance Sheets	6
	Consolidated Statements of Cash Flows	7

	WISCONSIN PUBLIC SERVICE CORPORATION
	Consolidated Statements of Income	8
	Consolidated Balance Sheets	9
	Consolidated Statements of Capitalization	10
	Consolidated Statements of Cash Flows	11
	Consolidated Statements of Retained Earnings	12

	CONDENSED NOTES TO FINANCIAL STATEMENTS OF
	WPS Resources Corporation and Subsidiaries Wisconsin Public Service Corporation and Subsidiaries	13-21

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations for
	WPS Resources Corporation	22-34
	Wisconsin Public Service Corporation	35-39

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40

Item 4.	Controls and Procedures	40

PART II.	OTHER INFORMATION

Item 5.	Other Information	41

Item 6.	Exhibits and Reports on Form 8-K	42

Signatures		43-49

EXHIBIT INDEX

3B-1	By-laws of WPS Resources Corporation, as amended through May 15, 2003

3B-2	By-laws of Wisconsin Public Service Corporation, as amended through May 15, 2003
12.1	WPS Resources Corporation Ratio of Earnings to Fixed Charges
12.2	Wisconsin Public Service Corporation Ratio of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges and Preferred Dividends
99.1	Written Statement of the WPS Resources Corporation Chief Executive Officer Pursuant to 18 U.S.C. Section 1350
99.2	Written Statement of the WPS Resources Corporation Chief Financial Officer Pursuant to 18 U.S.C. Section 1350
99.3	Written Statement of the Wisconsin Public Service Corporation Chief Executive Officer Pursuant to 18 U.S.C. Section 1350
99.4	Written Statement of the Wisconsin Public Service Corporation Chief Financial Officer Pursuant to 18 U.S.C. Section 1350.

FORWARD-LOOKING STATEMENTS

Except for historical data and statements of current fact, the information contained or incorporated by reference in this document constitutes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Any references to plans, goals, beliefs or expectations in respect to future events and conditions or to estimates are forward-looking statements. Although we believe that statements of our expectations are based on reasonable assumptions, forward-looking statements are inherently uncertain and subject to risks and should be viewed with caution. Actual results or experience could differ materially from the forward-looking statements as a result of many factors. Forward-looking statements included or incorporated in this document include, but are not limited to statements regarding:

expectations regarding future revenues or expenses,

estimated future capital expenditures,

expected costs of purchased power in the future,

costs of decommissioning nuclear generating plants,

recovery of deferred costs,

future cleanup costs associated with manufactured gas plant sites, and

statements regarding trends or estimates in Management's Discussion and Analysis of Financial Condition and Results of Operations.

We cannot predict the course of future events or anticipate the interaction of multiple factors beyond our control and their effect on revenues, project timing, and costs. Some risk factors that could cause results different from any forward-looking statement include those described in the Risk Factors Section of our Annual Report on Form 10-K for the year ended December 31, 2002 and the following:

General economic, business, and regulatory conditions

Legislative and regulatory initiatives regarding deregulation and restructuring of the utility industry which could affect costs and investment recovery

State and federal rate regulation, including the inability to obtain necessary regulatory approvals

Changes in generally accepted accounting principles

Growth and competition and the extent and timing of new business development in the markets of subsidiary companies

The performance of projects undertaken or acquired by subsidiary companies

Business combinations among our competitors and customers

Energy supply and demand

Financial market conditions, including availability, terms, and use of capital

Nuclear and environmental issues

Weather and other natural phenomena

Commodity price and interest rate risk

Counter-party credit risk

Federal and state tax policies

Acts of terrorism or war

We make no commitment to disclose any revisions to the forward-looking statements as a result of facts, events, or circumstances after the date of this report.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

WPS RESOURCES CORPORATION


CONSOLIDATED STATEMENTS OF INCOME (Unaudited)	Three Months Ended
	March 31
(Millions, except share amounts)	2003	2002

Nonregulated revenue	$921.4	$118.4
Utility revenue	361.9	278.7
Total revenues	1,283.3	397.1

Nonregulated cost of fuel, gas, and purchased power	880.9	94.6
Utility cost of fuel, gas, and purchased power	193.1	116.0
Operating and maintenance expense	121.5	105.2
Depreciation and decommissioning expense	25.3	26.1
Taxes other than income	10.8	10.1
Operating income	51.7	45.1

Miscellaneous income	1.4	5.7
Interest expense	(14.5)	(14.0)
Distributions - preferred securities of subsidiary trust	(0.9)	(0.9)
Minority interest	1.1	-
Other income (expense)	(12.9)	(9.2)

Income before taxes	38.8	35.9
Provision for income taxes	8.2	7.0
Net income before preferred dividends	30.6	28.9

Preferred stock dividends of subsidiary	0.8	0.8
Net income before cumulative effect of changes in accounting principles	29.8	28.1

Cumulative effect of changes in accounting principles, net of tax	3.2	-
Income available for common shareholders	$33.0	$28.1

Average shares of common stock	32.1	31.4
Earnings per share before cumulative effect of changes in accounting principles
Basic	$0.93	$0.89
Diluted	$0.92	$0.89
Impact per share of cumulative effect of changes in accounting principles
Basic	$0.10	-
Diluted	$0.10	-
Earnings per common share
Basic	$1.03	$0.89
Diluted	$1.02	$0.89
Dividends per common share	$0.535	$0.525

The accompanying condensed notes are an integral part of these statements.


WPS RESOURCES CORPORATION


CONSOLIDATED BALANCE SHEETS (Unaudited)	March 31	December 31
(Millions)	2003	2002

Assets
Cash and cash equivalents	$96.7	$43.3
Restricted funds	4.1	4.2
Accounts receivable - net of reserves of $8.1 and $7.0, respectively	496.3	293.3
Accrued unbilled revenues	118.5	105.9
Inventories	62.2	118.1
Current portion of assets from risk management activities	394.9	406.6
Other current assets	66.8	72.3
Current assets	1,239.5	1,043.7

Property, plant, and equipment - net of reserves of $1,618.3 and $1,832.4, respectively	1,980.2	1,610.2
Regulatory assets	110.3	110.9
Long-term assets from risk management activities	108.0	135.3
Other	310.0	307.8
Total assets	$3,748.0	$3,207.9

Liabilities and Shareholders' Equity
Short-term debt	$53.8	$29.8
Current portion of long-term debt	15.6	71.1
Accounts payable	656.8	452.0
Current portion of liabilities from risk management activities	392.8	443.8
Other current liabilities	67.8	53.7
Current liabilities	1,186.8	1,050.4

Long-term debt	814.9	824.4
Deferred income taxes	80.7	73.7
Deferred investment tax credits	18.9	19.3
Regulatory liabilities	102.3	49.7
Environmental remediation liabilities	40.2	40.2
Postretirement benefit obligations	52.3	51.8
Long-term liabilities from risk management activities	93.1	109.7
Asset retirement obligations	331.5	-
Other	115.1	104.8
Long-term liabilities	1,649.0	1,273.6

Company-obligated mandatorily redeemable trust preferred
securities of subsidiary trust holding solely
WPS Resources 7.00% subordinated debentures	50.0	50.0
Preferred stock of subsidiary with no mandatory redemption	51.1	51.1
Common stock equity	811.1	782.8
Total liabilities and shareholders' equity	$3,748.0	$3,207.9


The accompanying condensed notes are an integral part of these statements.


WPS RESOURCES CORPORATION


CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)			Three Months Ended
			March 31
(Millions)			2003	2002
Operating Activities
Net income before preferred dividends			$30.6	$28.9
Adjustments to reconcile net income to net cash provided by operating activities
	Depreciation and decommissioning		25.3	26.1
	Amortization of nuclear fuel and other		11.8	9.9
	Gain on nuclear decommissioning trust		(0.1)	(1.1)
	Deferred income taxes and investment tax credit		6.2	2.3
	Unrealized gains and losses on nonregulated energy contracts		8.3	9.0
	Other		2.1	1.4
	Changes in working capital
		Receivables	(214.4)	(2.3)
		Inventories	38.2	41.4
		Other current assets	5.0	4.4
		Accounts payable	204.6	(15.5)
		Other current liabilities	5.3	4.7
Net cash operating activities			122.9	109.2

Investing Activities
Capital expenditures			(28.7)	(48.1)
Dividends received from equity method investment			1.7	1.7
Equity infusion to equity investment			(3.6)	(3.3)
Sale of property, plant, and equipment			0.1	0.2
Decommissioning funding			(0.7)	(0.7)
Other			(0.8)	(2.5)
Net cash investing activities			(32.0)	(52.7)

Financing Activities
Short-term debt - net			24.0	(14.9)
Repayment of long-term debt and capital lease			(65.4)	(1.7)
Payment of dividends
	Preferred stock		(0.8)	(0.8)
	Common stock		(17.1)	(16.5)
Issuance of common stock			7.5	9.6
Purchase of common stock			(0.8)	(0.7)
Other			15.1	0.6
Net cash financing activities			(37.5)	(24.4)
Change in cash and cash equivalents			53.4	32.1
Cash and cash equivalents at beginning of period			43.3	43.9
Cash and cash equivalents at end of period			$96.7	$76.0


The accompanying condensed notes are an integral part of these statements.


WISCONSIN PUBLIC SERVICE CORPORATION


CONSOLIDATED STATEMENTS OF INCOME (Unaudited)	Three Months Ended
	March 31
(Millions)	2003	2002

Operating revenues
Electric	$178.1	$161.6
Gas	173.6	107.8
Total operating revenues	351.7	269.4
Operating expenses
Electric production fuels	34.2	27.9
Purchased power	23.9	18.9
Gas purchased for resale	130.8	68.3
Other operating expenses	70.0	60.4
Maintenance	19.5	18.6
Depreciation and decommissioning	20.5	22.9
Federal income taxes	11.5	11.9
Investment tax credit restored	(0.4)	(0.4)
State income taxes	2.9	3.0
Gross receipts tax and other	9.1	8.5
Total operating expense	322.0	240.0
Operating income	29.7	29.4
Other income and (deductions)
Allowance for equity funds used during construction	0.9	0.5
Other, net	3.2	5.7
Income taxes	(0.5)	(0.4)
Total other income	3.6	5.8
Income before interest expense	33.3	35.2
Interest expense
Interest on long-term debt	7.4	6.9
Other interest	1.1	1.9
Allowance for borrowed funds used during construction	(0.4)	(0.2)
Total interest expense	8.1	8.6
Minority interest	(0.5)	(0.5)
Net income	24.7	26.1
Preferred stock dividend requirements	0.8	0.8
Earnings on common stock	23.9	25.3


The accompanying condensed notes are an integral part of these statements.


WISCONSIN PUBLIC SERVICE CORPORATION


CONSOLIDATED BALANCE SHEETS (Unaudited)	March 31	December 31
(Millions)	2003	2002
ASSETS

Utility plant
Electric	$2,045.6	$1,906.3
Gas	427.9	427.3
Total	2,473.5	2,333.6
Less - Accumulated depreciation and decommissioning	1,240.4	1,465.0
Total	1,233.1	868.6
Nuclear decommissioning trusts	283.5	290.5
Construction in progress	101.9	98.4
Nuclear fuel, less accumulated amortization	22.7	24.6
Net utility plant	1,641.2	1,282.1

Current assets
Cash and equivalents	10.2	3.4
Customer and other receivables, net of reserves of $3.8 in both periods	123.4	101.2
Intercompany receivables	1.6	7.7
Accrued utility revenues	49.7	47.3
Fossil fuel, at average cost	16.0	16.3
Gas in storage, at average cost	8.2	31.0
Materials and supplies, at average cost	24.8	24.0
Assets from risk management	5.4	1.4
Prepayments and other	23.5	30.7
Total current assets	262.8	263.0

Regulatory assets	108.5	109.0
Pension assets	82.9	84.1
Goodwill	36.4	35.5
Investments and other assets	118.5	98.9
Total	$2,250.3	$1,872.6


CAPITALIZATION AND LIABILITIES

Capitalization
Common stock equity	$754.1	$745.9
Preferred stock with no mandatory redemption	51.2	51.2
Long-term debt to parent	12.7	12.8
Long-term debt	420.6	429.7
Total capitalization	1,238.6	1,239.6

Current liabilities
Current portion of long-term debt	9.1	50.0
Short-term debt	50.0	26.0
Accounts payable	162.2	160.2