EXHIBIT 12.1

MGE Energy, Inc.

Ratio of Earnings to Fixed Charges

		Three Months
		Ended
		March 31,				Twelve Months Ended December 31,
(In thousands)		2018		2017		2017		2016		2015		2014		2013
Earnings
Net income	$	20,001	$	19,300	$	97,606	$	75,560	$	71,343	$	80,319	$	74,905
Equity earnings		(2,363)		(2,475)		(9,814)		(8,394)		(7,701)		(9,150)		(9,434)
Income distribution from equity investees		-		-		8,803		7,926		6,645		7,740		7,404
Federal and state income taxes		6,367		11,167		22,094		42,513		41,363		48,185		44,859
Amortization of capitalized interest		132		132		527		527		527		527		527
Fixed charges		5,088		5,153		20,236		20,920		21,102		21,638		20,848
Total Earnings as Defined	$	29,225	$	33,277	$	139,452	$	139,052	$	133,279	$	149,259	$	139,109
Fixed Charges
Interest expense on long-term debt and other	$	4,518	$	4,676	$	18,449	$	18,963	$	19,256	$	18,975	$	18,248
Interest on rentals*		148		167		590		667		709		823		889
AFUDC - borrowed funds		201		92		412		387		231		1,142		1,035
Amortization of debt issuance costs		221		218		875		903		906		698		676
Total Fixed Charges	$	5,088	$	5,153	$	20,326	$	20,920	$	21,102	$	21,638	$	20,848
Ratio of Earnings to Fixed Charges		5.74X		6.46X		6.87X		6.65X		6.32X		6.90X		6.67X
*Management believes that using one-third of the total rental expense gives a reasonable approximation for actual
interest on rentals.