UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 10-K

(Mark One)

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

For the fiscal year ended December 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 920-433-1598	39-0715160

Securities registered pursuant to Section 12(b) of the Act:

	Title of each class	Name of each exchange on which registered

WPS RESOURCES CORPORATION	Common Stock, $1 par value	New York Stock Exchange

	Rights to purchase Common Stock pursuant to Rights Agreement dated December 12, 1996, as amended	New York Stock Exchange

<PAGE>

Securities registered pursuant to Section 12(g) of the Act:

WISCONSIN PUBLIC SERVICE CORPORATION

Preferred Stock, Cumulative, $100 par value

	5.00% Series 5.04% Series	5.08% Series 6.76% Series

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.
Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ]

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]

State the aggregate market value of the voting and non-voting common equity held by nonaffiliates of the Registrants.

WPS RESOURCES CORPORATION	$1,304,892,442 as of June 30, 2003

WISCONSIN PUBLIC SERVICE CORPORATION	$0 as of June 30, 2003

Number of shares outstanding of each class of common stock, as of February 29, 2004

WPS RESOURCES CORPORATION	Common Stock, $1 par value, 36,910,610 shares

WISCONSIN PUBLIC SERVICE CORPORATION	Common Stock, $4 par value, 23,896,962 shares. WPS Resources Corporation is the sole holder of Wisconsin Public Service Corporation Common Stock.

DOCUMENT INCORPORATED BY REFERENCE

Definitive proxy statement for the WPS Resources Corporation Annual Meeting of Shareholders to be held on May 13, 2004 is incorporated by reference into Part III.

<PAGE>

WPS RESOURCES CORPORATION
and
WISCONSIN PUBLIC SERVICE CORPORATION

ANNUAL REPORT ON FORM 10-K
For the Year Ended December 31, 2003

TABLE OF CONTENTS


					Page

Forward-Looking Statements					1

PART I					2

ITEM 1.	BUSINESS				2

	A.	GENERAL			2

			WPS Resources Corporation		2
			Wisconsin Public Service Corporation		2
			Upper Peninsula Power Company		3
			WPS Resources Capital Corporation		3
			WPS Energy Services, Inc.		3
			WPS Power Development, Inc.		3

	B.	REGULATED ELECTRIC OPERATIONS			3

			Facilities		4
				De Pere Energy Center	4
				Weston Unit 4	5
				Other Generation Facilities	5
				Kewaunee Nuclear Power Plant	5
				Plant Regulation	6
				Radioactive Waste Storage	7
				Plant Capacity	7
				Depreciation and Decommissioning	7
				Other Facilities	7
			Fuel Supply		8
				Electric Supply Mix	8
				Fuel Costs	8
				Coal	8
				Nuclear Fuel Cycle	9
				Spent Nuclear Fuel Disposal	9
				Funding Decontamination and Decommissioning of Federal Facilities	10
			Regulatory Matters		10
				Wisconsin Regulatory Matters	10
				Michigan Regulatory Matters	11
				Federal Energy Regulatory Commission Matters	12
				Hydroelectric Licenses	12
			Other Matters		12
				Research and Development	12
				Customer Segmentation	12
				Seasonality	12
				Competition	12
				Working Capital Requirements	13
			Electric Operating Statistics		14
i <PAGE>
				Wisconsin Public Service Corporation	14
				Upper Peninsula Power Company	15

	C.	REGULATED NATURAL GAS OPERATIONS			16

			Facilities		16
			Natural Gas Supply		16
			Regulatory Matters		17
			Other Matters		17
				Customer Segmentation	17
				Seasonality	17
				Competition	18
				Working Capital Requirements	18
			Natural Gas Operating Statistics		19
				Wisconsin Public Service Corporation	19

	D.	NONREGULATED ENERGY SERVICES			20

			Facilities		21
			Licenses		21
			Other Matters		21
				Customer Segmentation	21
				Seasonality	21
				Competition	22
				Working Capital	22

	E.	NONREGULATED ELECTRIC GENERATION			23

			Facilities		23
			Fuel Supply		24
			Licenses		24
			Other Matters		24
				Customer Segmentation	24
				Seasonality	24
				Competition	24
				Working Capital	25

	F.	ENVIRONMENTAL MATTERS			25

			Manufactured Gas Plant Remediation		25
			Clean Air Regulations		26
			United States Environmental Protection Agency Section 114 Request		26
			Mercury and Interstate Quality Rules		27
			WPS Power Development Generation Facilities		28
			Columbia (Jointly Owned Generation Facility)		28
			Other Environmental Issues		29

	G.	CAPITAL REQUIREMENTS			29

	H.	EMPLOYEES			30

	I.	RISK FACTORS			30

			Clean Air Act Enforcement Initiative		30
			Sunbury Generation Plant		31
			Kewaunee Nuclear Power Plant		31
			Completion of Planned Hydro Land Sales		32
ii <PAGE>
			Increasingly Competitive and Changing Industry		32
			Availability of Suitable Projects for Purchase or Development		32
			Changes in State and Federal Regulatory Policy and Authorized Rates of Utility Subsidiaries		33
			Ability to Sell Electricity Generated from our Nonregulated Facilities at Market Prices		33
			Market Prices for Nonregulated Electric Energy Sales		33
			Increases in Costs of Nonregulated Fuel and Purchased Power		33
			Energy Commodity Markets		33
			Safe Operation, Maintenance, and Decommissioning of our Share of our Generating Facilities		33
			Compliance with Existing and New Environmental Laws and Regulations		34
			Limitations on Access to the Revenues and Assets of our Subsidiaries		34
			Synthetic Fuel Production Facility		34
			Wisconsin Public Utility Holding Company Law		35
			Provisions in our Articles of Incorporation, Bylaws and the Wisconsin Business Corporation Law and our Shareholder Rights Plan		35

	J.	AVAILABLE INFORMATION			36

ITEM 2.	PROPERTIES				37

	A.	UTILITY			37

			Wisconsin Public Service Facilities		37
			Upper Peninsula Power Facilities		38

	B.	NONREGULATED			39

			WPS Resources Corporation		39
				Asset Management Strategy	39
				Guardian Pipeline	39
			WPS Power Development Facilities		40

ITEM 3.	LEGAL PROCEEDINGS				41

		Stray Voltage Claims			41
		Kewaunee Nuclear Steam Generator Fabrication Contract			41
		Dead River Flooding			42
		Quest Energy, L.L.C.			42
		Kewaunee Spent Nuclear Fuel Lawsuit			43
		Environmental			43
		Weston Power Plant			43
		Combined Locks Energy Center			43

ITEM 4.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS				44

ITEM 4A.	EXECUTIVE OFFICERS OF THE REGISTRANTS				45

	A.	Executive Officers of WPS Resources Corporation as of January 1, 2004			45
	B.	Executive Officers of Wisconsin Public Service Corporation as of January 1, 2004			46

iii <PAGE>
PART II							47

ITEM 5.	MARKET FOR REGISTRANTS' COMMON EQUITY AND RELATED STOCKHOLDER MATTERS						47

		WPS Resources Corporation Common Stock Two-Year Comparison					47
		Dividend Restrictions					47
		Common Stock					48

ITEM 6.	SELECTED FINANCIAL DATA						49

		WPS Resources Corporation Comparative Financial Statements and Financial Statistics (1999 to 2003)					49
		Wisconsin Public Service Corporation Comparative Financial Statements and Financial Statistics (1999 to 2003)					49

ITEM 7.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION						50

		WPS Resources Corporation					50
					Introduction		50
						Regulated Utilities	50
						WPS Power Development	51
						WPS Energy Services	51
					Results of Operations - WPS Resources Corporation 2003 Compared with 2002		55
						WPS Resources Corporation Overview	55
						Overview of Utility Operations	55
						Overview of Nonregulated Operations	57
						Overview of Holding Company and Other Segment Operations	59
						Operating Expenses	59
						Other Income (Expense)	60
						Provision for Income Taxes	61
						Discontinued Operations	61
						Cumulative Effect of Change in Accounting Principles	62
					2002 Compared with 2001		62
						WPS Resources Corporation Overview	62
						Overview of Utility Operations	62
						Overview of Nonregulated Operations	64
						Overview of Holding Company and Other Segment Operations	65
						Operating Expenses	66
						Other Income (Expense)	66
						Provision for Income Taxes	67
						Discontinued Operations	67
					Balance Sheet - WPS Resources 2003 Compared with 2002		67
					Liquidity and Capital Resources - WPS Resources		69
						Operating Cash Flows	69
						Investing Cash Flows	69
						Financing Cash Flows	72
						Future Capital Requirements and Resources	75
						Other Future Considerations	77
					Off Balance Sheet Arrangements - WPS Resources		79
					Trading Activities - WPS Resources		82
					Critical Accounting Policies - WPS Resources		83
					Risk Management Activities		83
					Asset Impairment		84
					Receivables and Reserves		85
iv <PAGE>
					Pension and Postretirement Benefits		85
					Regulatory Accounting		87
					Tax Provision		87
					Related Party Transactions - WPS Resources		88
					Trends - WPS Resources		89
						Environmental	89
						Energy and Capacity Prices	91
						Synthetic Fuel Operation	91
						Industry Restructuring	92
						New Accounting Pronouncements	93
					Impact of Inflation - WPS Resources		95

		Wisconsin Public Service Corporation					96
					2003 Compared with 2002		96
						Wisconsin Public Service Corporation Overview	96
						Electric Utility Operations	96
						Gas Utility Operations	97
						Other Expenses/Income	97
						Other Nonutility Income	98
					2002 Compared with 2001		98
						Wisconsin Public Service Corporation Overview	98
						Electric Utility Operations	98
						Gas Utility Operations	99
						Other Expenses/Income	99
						Other Nonutility Income	100
					Balance Sheet - Wisconsin Public Service 2003 Compared with 2002		100
					Liquidity and Capital Resources - Wisconsin Public Service		101
						Operating Cash Flows	101
						Investing Cash Flows	101
						Financing Cash Flows	103
						Future Capital Requirements and Resources	105
						Other Future Considerations	106
					Off Balance Sheet Arrangements - Wisconsin Public Service		108
					Critical Accounting Policies - Wisconsin Public Service		108
						Risk Management Activities	108
						Asset Impairment	108
						Revenues	108
						Accruals for Pension and Postretirement Benefits	109
						Regulatory Accounting	109
					Related Party Transactions - Wisconsin Public Service		109
					Trends - Wisconsin Public Service		110
					Impact of Inflation - Wisconsin Public Service		110

ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK						111

		Market Risks					111
		Interest Rate Risk					111
		Commodity Price Risk					111
		Value-at-Risk					112
		Equity Return and Principal Preservation Risk					112
		Foreign Currency Exchange Rate Risk					113

ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA						114

	WPS RESOURCES CORPORATION						114
	A.			Consolidated Statements of Income			114
	B.			Consolidated Balance Sheets			115
v <PAGE>
	C.			Consolidated Statements of Common Shareholders' Equity			116
	D.			Consolidated Statements of Cash Flows			117
	E.			Notes to Consolidated Financial Statements			118
	F.			Independent Auditors' Report			175

	WISCONSIN PUBLIC SERVICE CORPORATION						176
	G.			Consolidated Statements of Income			176
	H.			Consolidated Balance Sheets			177
	I.			Consolidated Statements of Capitalization			178
	J.			Consolidated Statements of Common Shareholder's Equity			179
	K.			Consolidated Statements of Cash Flows			180
	L.			Notes to Consolidated Financial Statements			181
	M.			Independent Auditors' Report			189

ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE						190

ITEM 9A.	CONTROLS AND PROCEDURES						190

	Evaluation of Disclosure Controls and Procedures						190
	Changes in Internal Controls						190

PART III							190

ITEM 10.	DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANTS						190

ITEM 11.	EXECUTIVE COMPENSATION						191

		WPS Resources Corporation					191
		Wisconsin Public Service Corporation					191
						Summary Compensation Table	191
						Agreements with Named Executive Officers	193
						Option Grants to Named Executives in Last Fiscal Year	193
						Aggregated Options Exercises in Last Fiscal Year and Fiscal Year End Option Values for the Named Executive Officers	194
						Performance Share (Long-Term Incentive Plan) Awards to the Named Executive Officers	194
						Pension Compensation for the Named Executive Officers	195

ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS						195

		WPS Resources Corporation					195
		Wisconsin Public Service Corporation					196
						Ownership of Voting Securities	196
		Equity Compensation Plan Information					196

ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS						197

ITEM 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES						197

vi <PAGE>
PART IV							199

ITEM 15.	EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K						199

	Documents Filed as Part of this Report						199
		Consolidated Financial Statements					199
		Financial Statement Schedules					199
		Listing of Exhibits					200
	Reports on Form 8-K						205

SIGNATURES							206

SCHEDULE I - CONDENSED PARENT COMPANY FINANCIAL STATEMENTS WPS RESOURCES CORPORATION (PARENT COMPANY ONLY)							207
	A.		Statements of Income and Retained Earnings				207
	B.		Balance Sheets				208
	C.		Statements of Cash Flows				209
	D.		Notes to Parent Company Financial Statements				210

SCHEDULE II - WPS RESOURCES CORPORATION VALUATION AND QUALIFYING ACCOUNTS							214

SCHEDULE II - WISCONSIN PUBLIC SERVICE CORPORATION VALUATION AND QUALIFYING ACCOUNTS							215

EXHIBITS FILED HEREWITH

10.10