		2011				2010
(In thousands)		MGE Energy		MGE		MGE Energy		MGE
First Mortgage Bonds^(a):
7.70%, 2028 Series	$	1,200	$	1,200	$	1,200	$	1,200
Tax Exempt Debt:
4.875% 2012 Series, Industrial Development
Revenue Bonds^(b)		19,300		19,300		19,300		19,300
5.875% 2034 Series, Industrial Development
Revenue Bonds^(c)		28,000		28,000		28,000		28,000
Total Tax Exempt Debt		47,300		47,300		47,300		47,300
Medium-Term Notes^(d):
5.26%, due 2017		20,000		20,000		20,000		20,000
5.25%, due 2017		30,000		30,000		30,000		30,000
7.12%, due 2032		25,000		25,000		25,000		25,000
6.12%, due 2028		20,000		20,000		20,000		20,000
6.247%, due 2037		25,000		25,000		25,000		25,000
Total Medium Term Notes		120,000		120,000		120,000		120,000
Other Long-Term Debt:
5.59%, due 2018^(e)		40,000		40,000		40,000		40,000
5.68%, due 2033^(f)		30,000		30,000		30,000		30,000
5.19%, due 2033^(f)		20,000		20,000		20,000		20,000
5.04%, due 2040^(g)		46,806		46,806		48,473		48,473
3.38%, due 2020^(e)		15,000		15,000		15,000		15,000
5.26%, due 2040^(e)		15,000		15,000		15,000		15,000
4.74%, due 2041^(g)		29,167		29,167		0		0
Total Other Long-Term Debt		195,973		195,973		168,473		168,473
Long-term debt due within one year		(2,667)		(2,667)		(1,667)		(1,667)
Unamortized discount		(903)		(903)		(955)		(955)
Total Long-Term Debt	$	360,903	$	360,903	$	334,351	$	334,351

(a) MGE's utility plant is subject to the lien of its Indenture of Mortgage and Deed of Trust, under which its first mortgage bonds are issued. The Mortgage Indenture provides that dividends or any other distribution or purchase of shares may not be made if the aggregate amount thereof since December 31, 1945 would exceed the earned surplus (retained earnings) accumulated subsequent to December 31, 1945.

(b) On April 1, 2012, MGE's $19.3 million, 4.875%, Series B, Industrial Development Revenue Bonds, issued through the City of Madison, Wisconsin, are subject to a mandatory repurchase and remarketing, as the result of the expiration of the current interest rate period on those bonds. The actual maturity date for these IRB's is October 1, 2027, and are shown as long-term debt due to MGE's intent and ability to market the bonds for a subsequent interest period ending on their maturity date.

(c) On April 1, 2012, MGE's $28.0 million, 5.875%, Industrial Development Revenue Bonds, issued through the City of Madison, Wisconsin, have an optional call provision, allowing the bonds to be called at par value. The maturity date for these IRB's is October 1, 2034.

(d) The indenture under which MGE's medium-term notes are issued provides that those notes will be entitled to be equally and ratably secured in the event that MGE issues any additional first mortgage bonds.

(e) Issued by MGE pursuant to a Note Purchase Agreement. Under that Note Purchase Agreement: (i) note holders have the right to require MGE to repurchase their notes at par in the event of an acquisition of beneficial ownership of 30% or more of the outstanding voting stock of MGE Energy, (ii) MGE must maintain a ratio of its consolidated indebtedness to consolidated total capitalization not to exceed a maximum of 65% and (iii) MGE cannot issue "Priority Debt" in an amount exceeding 20% of its consolidated assets. Priority Debt is defined as any indebtedness of MGE secured by liens other than specified liens permitted by the Note Purchase Agreement and certain unsecured indebtedness of certain subsidiaries. As of December 31, 2011, MGE is in compliance with the covenant requirements.

(f) Issued by MGE Power West Campus. The agreements require it to maintain a projected debt service coverage ratio of not less than 1.25 to 1.00, and debt to total capitalization ratio of not more than .65 to 1.00. The notes are secured by a collateral assignment of lease payments that MGE is making to MGE Power West Campus for use of its ownership interest in the West Campus Cogeneration Facility pursuant to a long-term lease. As of December 31, 2011, MGE Power West Campus is in compliance with the covenant requirements.

(g) Issued by MGE Power Elm Road pursuant to a Note Purchase Agreement. The Note Purchase Agreement requires MGE Power Elm Road to maintain a projected and actual debt service coverage ratio at the end of any calendar quarter of not less than 1.25 to 1.00 for the trailing 12-month period. The notes are secured by a collateral assignment of lease payments that MGE is making to MGE Power Elm Road for use of its ownership interest in the Elm Road Units pursuant to long-term leases. As of December 31, 2011, MGE Power Elm Road is in compliance with the covenant requirements.

Below is MGE Energy's and MGE's aggregate maturities for all long-term debt for years following the December 31, 2011, balance sheet.

*Includes $30.0 million and $20.0 million maturity for MGE Power West Campus, and $46.8 million and $29.2 million for MGE Power Elm Road, all of which are consolidated with MGE's debt (see Footnote 2).

MGE Energy and MGE have $19.3 million of 4.875% Industrial Development Revenue Bonds issued through the City of Madison, Wisconsin, which are subject to a mandatory repurchase and remarketing as the result of the expiration of the current interest rate period on those bonds. The bonds have a stated maturity date of October 1, 2027. These bonds are included in the 2027 maturities due to MGE's intent and ability to market the bonds for a subsequent interest period ending on their maturity date.