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| Exhibit 12.2 |
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| 8/20/2007 |
GEORGIA POWER COMPANY | |||||||||||||||||
Computation of ratio of earnings to fixed charges plus preferred | |||||||||||||||||
dividend requirements for the five years ended December 31, 2006 | |||||||||||||||||
and the year to date June 30, 2007 | |||||||||||||||||
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| Six |
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| Months |
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| Ended |
| Year ended December 31, |
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| June 30, | |||||||||||||
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| 2002 |
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| 2003 |
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| 2004 |
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| 2005 |
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| 2006 |
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| 2007 |
| --------------------------------------------------Thousands of Dollars-------------------------------------------------- | ||||||||||||||||
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Earnings before income taxes | $ | 1,010,350 |
| $ | 1,037,301 |
| $ | 1,081,028 |
| $ | 1,197,831 |
| $ | 1,236,845 |
| $ | 493,528 |
Interest expense, net of amounts capitalized |
| 181,024 |
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| 193,728 |
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| 240,572 |
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| 297,313 |
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| 319,894 |
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| 173,563 |
Distributions on mandatorily redeemable preferred securities | 65,293 |
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| 62,415 |
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| 15,948 |
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| 0 |
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| 0 |
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| 0 | |
AFUDC - Debt funds |
| 8,570 |
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| 5,634 |
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| 10,295 |
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| 11,812 |
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| 12,354 |
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| 11,283 |
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Earnings as defined | $ | 1,265,237 |
| $ | 1,299,078 |
| $ | 1,347,843 |
| $ | 1,506,956 |
| $ | 1,569,093 |
| $ | 678,374 |
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Interest on long-term debt | $ | 148,534 |
| $ | 167,125 |
| $ | 179,219 |
| $ | 215,264 |
| $ | 217,954 |
| $ | 121,509 |
Interest on affiliated loans |
| 10,195 |
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| 3,299 |
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| 46,512 |
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| 68,735 |
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| 87,672 |
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| 44,978 |
Interest on interim obligations |
| 3,078 |
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| 0 |
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| 24 |
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| 0 |
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| 0 |
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| 0 |
Amort of debt disc, premium and expense, net |
| 17,012 |
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| 16,579 |
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| 16,812 |
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| 17,109 |
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| 17,054 |
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| 8,757 |
Other interest charges |
| 10,774 |
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| 12,359 |
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| 8,301 |
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| 8,017 |
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| 9,571 |
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| 9,603 |
Distributions on mandatorily redeemable preferred securities | 65,293 |
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| 62,415 |
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| 15,948 |
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| 0 |
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| 0 |
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Fixed charges as defined |
| 254,886 |
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| 261,777 |
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| 266,816 |
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| 309,125 |
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| 332,251 |
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| 184,847 |
Tax deductible preferred dividends |
| 268 |
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| 268 |
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| 268 |
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| 268 |
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| 12 |
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| 0 |
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| 255,154 |
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| 262,045 |
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| 267,084 |
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| 309,393 |
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| 332,263 |
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| 184,847 |
Non-tax deductible preferred and preference dividends |
| 402 |
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| 402 |
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| 1,902 |
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| 3,125 |
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| 4,827 |
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| 1,378 |
Ratio of net income before taxes to net income | x | 1.580 |
| x | 1.584 |
| x | 1.578 |
| x | 1.602 |
| x | 1.562 |
| x | 1.537 |
Pref dividend requirements before income taxes |
| 635 |
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| 637 |
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| 3,001 |
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| 5,006 |
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| 7,540 |
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| 2,118 |
Fixed charges plus pref dividend requirements | $ | 255,789 |
| $ | 262,682 |
| $ | 270,085 |
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| 314,399 |
| $ | 339,803 |
| $ | 186,965 |
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RATIO OF EARNINGS TO FIXED CHARGES PLUS |
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PREFERRED DIVIDEND REQUIREMENTS |
| 4.95 |
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| 4.95 |
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| 4.99 |
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| 4.79 |
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| 4.62 |
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| 3.63 |