Exhibit 12.1

MGE Energy, Inc. Ratio of Earnings to Fixed Charges Nine Months Ended September 30, 2003 (In thousands)

Earnings
Income before interest expense	$34,082
ATC equity earnings	(2,754)
Income before interest expense, net of ATC equity earnings	31,328
Add:
Income tax items	15,945
Income tax on other income	693
Income distribution from equity investee	1,959
AFUDC - borrowed funds	160
Interest on rentals*	627
Amortization of debt discount	358
Total Earnings Before Interest and Taxes	$51,070
Fixed Charges
Interest on long-term debt	$8,669
Amortization of debt discount	358
Other interest	97
Interest on rentals*	627
Total Fixed Charges	$9,751
Ratio of Earnings to Fixed Charges	5.24x

*Management believes that using one-third of the total rental expense gives a reasonable approximation for actual interest on rentals.