Exhibit 12.3
WISCONSIN POWER AND LIGHT COMPANY
RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS

| Year ended December 31,
| 2012 | 2011 | 2010 | 2009 | 2008
EARNINGS: |  |  |  |  |
Net income |  | $165.7 |  |  | $163.5 |  |  | $152.3 |  |  | $89.5 |  |  | $118.4 |
Income taxes (a) | 94.6 |  | 81.9 |  | 98.3 |  | 45.8 |  | 68.4 |
Income before income taxes | 260.3 |  | 245.4 |  | 250.6 |  | 135.3 |  | 186.8 |
Fixed charges as defined | 103.9 |  | 103.3 |  | 101.6 |  | 99.9 |  | 90.7 |
Adjustment for undistributed equity earnings | (7.9 | ) | (6.4 | ) | (5.6 | ) | (7.1 | ) | (6.1 | )
Total earnings as defined |  | $356.3 |  |  | $342.3 |  |  | $346.6 |  |  | $228.1 |  |  | $271.4 |
FIXED CHARGES: |  |  |  |  |
Interest expense |  | $80.2 |  |  | $79.9 |  |  | $78.6 |  |  | $74.8 |  |  | $62.2 |
Estimated interest component of rent expense | 23.7 |  | 23.4 |  | 23.0 |  | 25.1 |  | 28.5 |
Total fixed charges as defined |  | $103.9 |  |  | $103.3 |  |  | $101.6 |  |  | $99.9 |  |  | $90.7 |
Ratio of Earnings to Fixed Charges | 3.43 |  | 3.31 |  | 3.41 |  | 2.28 |  | 2.99 |
Preferred dividend requirements (pre-tax basis) (b) |  | $5.2 |  |  | $5.0 |  |  | $5.4 |  |  | $5.0 |  |  | $5.2 |
Fixed charges and preferred dividend requirements |  | $109.1 |  |  | $108.3 |  |  | $107.0 |  |  | $104.9 |  |  | $95.9 |
Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements | 3.27 |  | 3.16 |  | 3.24 |  | 2.17 |  | 2.83 |

(a) Includes net interest related to unrecognized tax benefits.
(b) Preferred dividend requirements (pre-tax basis) are computed by dividing the preferred dividend requirements by one hundred percent minus the respective annual effective income tax rate.