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Exhibit 12.01


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





                                              1994         1993          1992          1991          1990
                                                                   (Thousands of dollars)

<S>                                          <C>          <C>           <C>           <C>           <C>
Earnings
  Income from continuing
  operations before accounting
  change                                     $243,475     $211,740      $160,928      $207,012      $192,971
Add
  Taxes based on income (1)
    Federal income taxes                      114,484       99,952        71,549        75,905       120,686
    State income taxes                         34,805       28,076        19,148        22,209        34,442
    Deferred income taxes-net                  (2,262)      12,256         5,185        26,506       (31,794)
    Investment tax credit
    adjustment - net                          (13,979)      (9,544)       (9,708)       (9,189)      (10,048)
    Foreign income taxes                          219
  Fixed charges                               115,083      113,562       109,888       110,146       111,826
Deduct
  Undistributed equity in earnings of
    unconsolidated investees                   27,427        1,142         1,006             0         1,876
       Earnings                              $464,398     $454,900      $355,984      $432,589      $416,207


Fixed charges
  Interest charges per
    statement of income                      $115,083     $113,562      $109,888      $110,146      $111,826


Ratio of earnings to fixed
  charges                                         4.0          4.0           3.2           3.9           3.7




(1) Includes income taxes included in Other Income and Deductions - Net.
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