NORTHERN STATES POWER CO /MN/, 10-K405, 2000-03-29

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Exhibit 12.01

NORTHERN STATES POWER COMPANY AND SUBSIDIARY COMPANIES
STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
Thousands of Dollars

	1999			1998			1997			1996			1995
Earnings:
Net Income	$	224,336		$	282,373		$	237,320		$	274,539		$	275,795
Add
Taxes based on income(1)
Federal income taxes		95,540			112,003			105,733			153,515			142,492
State income taxes		25,164			26,005			23,008			40,635			34,988
Deferred income taxes-net		(19,023	)		(1,017	)		(5,902	)		(30,561	)		(11,076	)
Tax credits—net		(39,438	)		(34,554	)		(26,365	)		(17,395	)		(14,409	)
Foreign income taxes		4,040			2,358			236			616			233
Fixed charges		242,124			185,794			169,377			141,961			133,328
Deduct
Undistributed equity in earnings of unconsolidated affiliates(2)		27,956			22,754			5,364			25,976			41,870

Earnings	$	504,787		$	550,208		$	498,043		$	537,334		$	519,481

Fixed charges:
Interest charges, excluding AFC—debt, per statement of income		226,374			170,044			154,940			141,961			133,328
Distributions on redeemable preferred securities of subsidiary trust		15,750			15,750			14,437			—			—

Total fixed charges	$	242,124		$	185,794		$	169,377		$	141,961		$	133,328

Ratio of earnings to fixed charges		2.1			3.0			2.9			3.8			3.9

(1): Includes income taxes included in Other Income (Expense).
(2): Includes losses of unconsolidated affiliates accounted for under the equity method.

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