EXHIBIT 12.2

Madison Gas and Electric Company

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 before minority interest	$	62,775	$	57,686	$	93,072	$	74,592	$	71,465	$	81,938	$	76,445
Equity earnings		-		-		-		(6,366)		(7,728)		(9,150)		(9,434)
Income distribution from equity investees		-		-		-		5,032		6,645		7,740		7,404
Minority interest in pre-tax investees		-		-		-		(2,355)		(3,628)		(4,149)		(4,022)
Amortization of capitalized interest		396		396		527		527		527		527		527
Federal and state income taxes		19,919		32,834		18,990		41,791		41,406		49,145		45,822
Fixed charges		16,853		15,701		21,026		21,200		21,323		21,812		20,955
Total Earnings as Defined	$	99,943	$	106,617	$	133,615	$	134,421	$	130,010	$	147,863	$	137,697
Fixed Charges
Interest expense on long-term debt and other	$	15,043	$	14,252	$	19,149	$	19,235	$	19,477	$	19,149	$	18,355
Interest on rentals*		443		500		590		667		709		823		889
Amortization of debt issuance costs		684		654		875		903		906		698		676
AFUDC - borrowed funds		683		295		412		395		231		1,142		1,035
Total Fixed Charges	$	16,853	$	15,701	$	21,026	$	21,200	$	21,323	$	21,812	$	20,955
Ratio of Earnings to Fixed Charges		5.93X		6.79X		6.35X		6.34X		6.10X		6.78X		6.57X
*Management believes that using one-third of the total rental expense gives a reasonable approximation for actual
interest on rentals.

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