Exhibit 12.1
2/15/01
GEORGIA POWER COMPANY
Computation of ratio of earnings to fixed charges for the
the five years ended December 31, 1999
and the twelve months ended December 31, 2000
Twelve
Months
Ended
Year ended December 31, December 31,
--------------------------------------------------------------------------------
1995 1996 1997 1998 1999 2000
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---------------------------------Thousands of Dollars----------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Interest and Income Taxes $1,407,861 $1,295,124 $1,277,565 $1,249,768 $1,158,999 $1,192,370
AFUDC - Debt funds 12,123 11,452 9,030 7,117 12,429 23,396
---------- ---------- ---------- ---------- ---------- ----------
Earnings as defined $1,419,984 $1,306,576 $1,286,595 $1,256,885 $1,171,428 $1,215,766
========== ========== ========== ========== ========== ==========
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 257,092 $ 210,149 $ 196,707 $ 182,879 $ 164,375 $ 171,994
Interest on interim obligations 21,463 15,478 7,795 12,213 19,787 28,262
Amort of debt disc, premium and expense, net 15,846 14,802 14,191 13,378 15,127 14,257
Other interest charges 20,400 21,296 57,623 71,536 75,868 79,396
---------- ---------- ---------- ---------- ---------- ----------
Fixed charges as defined $ 314,801 $ 261,725 $ 276,316 $ 280,006 $ 275,157 $ 293,909
========== ========== ========== ========== ========== ==========
RATIO OF EARNINGS TO FIXED CHARGES 4.51 4.99 4.66 4.49 4.26 4.14
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Note: The above figures have been adjusted to give effect to Georgia Power
Company's 50% ownership of Southern Electric Generating Company.