Exhibit No. 12

Madison Gas and Electric Company RATIO OF EARNINGS TO FIXED CHARGES 12 Months Ended Dec. 31, 2000 (In thousands)

Earnings
Income before interest expense	$41,484
Add:
Income tax items	15,416
Income tax on other income	814
Amortization of debt discount, premium expense	322
Allowance for funds used during construction - borrowed funds	176
Interest on rentals	905
Total earnings before interest and taxes	$59,117
Fixed Charges
Interest on long-term debt	$12,622
Other interest	1,683
Amortization of debt discount, premium expense	322
Interest on rentals	905
Total fixed charges	$15,532
Ratio of Earnings to Fixed Charges	3.81x