Exhibit 12.2 Madison Gas and Electric Company Ratio of Earnings to Fixed Charges Three Months Ended June 30, 2003 (In thousands)

Earnings
Income before interest expense	$20,995
ATC equity earnings	(1,821)
Income before interest expense, net of ATC equity earnings	19,174
Add:
Income tax items	9,212
Income tax on other income	660
Income distribution from equity investee	1,280
AFUDC - borrowed funds	102
Interest on rentals*	458
Amortization of debt discount	239
Total Earnings Before Interest and Taxes	$31,125
Fixed Charges
Interest on long-term debt	$5,784
Amortization of debt discount	239
Other interest	65
Interest on rentals*	458
Total Fixed Charges	$6,546
Ratio of Earnings to Fixed Charges	4.75x

*Represents one-third of the total rental expense.