EXHIBIT 12.1

WISCONSIN ELECTRIC POWER COMPANY

STATEMENT OF COMPUTATION OF

RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited)

Nine

Months

Ended

Twelve Months Ended

9/30/10

9/30/10

12/31/09

12/31/08

12/31/07

12/31/06

12/31/05

(Millions of Dollars)

Pre-tax Income

$        347.1 

$        477.2 

$        435.3 

$        439.4 

$        468.7 

$        438.5 

$        443.6 

Subtract:

    Capitalized Interest

(9.1)

(11.2)

(6.6)

(3.0)

(1.8)

(5.1)

(4.6)

Earnings Before Adding Fixed Charges (a)

338.0 

466.0 

428.7 

436.4 

466.9 

433.4 

439.0 

Fixed Charges

    Interest on Long-Term Debt

85.3 

111.4 

104.2 

77.7 

82.6 

79.2 

82.9 

    Other Interest Expense

0.9 

1.6 

2.7 

11.9 

12.2 

13.0 

7.4 

    Estimated Interest Component of Rentals

79.6 

95.5 

65.6 

57.6 

48.5 

47.8 

36.9 

Total Fixed Charges as Defined (b)

165.8 

208.5 

172.5 

147.2 

143.3 

140.0 

127.2 

Total Earnings as Defined

$        503.8 

$        674.5 

$        601.2 

$        583.6 

$        610.2 

$        573.4 

$        566.2 

Ratio of Earnings to Fixed Charges

3.0x

3.2x

3.5x

4.0x

4.3x

4.1x

4.5x

 (a)   Earnings before adding fixed charges is determined by starting with pre-tax income (less undistributed equity in earnings of

         unconsolidated affiliates) and subtracting capitalized interest.

 (b)   Fixed Charges consists of interest charges on our long-term debt and short-term borrowings (including a representative portion of

         lease expense), capitalized interest and amortization of debt expenses.