EXHIBIT 12.1

MGE Energy, Inc.

Ratio of Earnings to Fixed Charges

		Nine Months Ended
		September 30,				Twelve Months Ended December 31,
(In thousands)		2018		2017		2017		2016		2015		2014		2013
Earnings
Net income	$	67,858	$	61,472	$	97,606	$	75,560	$	71,343	$	80,319	$	74,905
Equity earnings		(5,888)		(7,219)		(9,814)		(8,394)		(7,701)		(9,150)		(9,434)
Income distribution from equity investees		5,336		4,070		8,803		7,926		6,645		7,740		7,404
Federal and state income taxes		21,792		35,487		22,094		42,513		41,363		48,185		44,859
Amortization of capitalized interest		396		396		527		527		527		527		527
Fixed charges		15,673		15,302		20,326		20,920		21,102		21,638		20,848
Total Earnings as Defined	$	105,167	$	109,508	$	139,542	$	139,052	$	133,279	$	149,259	$	139,109
Fixed Charges
Interest expense on long-term debt and other	$	13,884	$	13,853	$	18,449	$	18,963	$	19,256	$	18,975	$	18,248
Interest on rentals*		443		500		590		667		709		823		889
AFUDC - borrowed funds		683		295		412		387		231		1,142		1,035
Amortization of debt issuance costs		663		654		875		903		906		698		676
Total Fixed Charges	$	15,673	$	15,302	$	20,326	$	20,920	$	21,102	$	21,638	$	20,848
Ratio of Earnings to Fixed Charges		6.71X		7.16X		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.

1