Exhibit 12.1
GEORGIA POWER COMPANY
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Computation of ratio of earnings to fixed charges for the
five years ended December 31, 2001
and the year to date June 30, 2002
Six
Months
Ended
Year ended December 31, June 30,
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1997 1998 1999 2000 2001 2002
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----------------------------Thousands of Dollars---------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Interest and Income Taxes $ 1,277,565 $ 1,249,768 $ 1,158,999 $ 1,192,370 $ 1,220,654 $ 587,912
AFUDC - Debt funds 9,030 7,117 12,429 23,396 13,574 4,414
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Earnings as defined $ 1,286,595 $ 1,256,885 $ 1,171,428 $ 1,215,766 $ 1,234,228 $ 592,326
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 196,707 $ 182,879 $ 164,375 $ 171,994 $ 162,546 $ 65,754
Interest on interim obligations 7,795 12,213 19,787 28,262 25,082 8,768
Amort of debt disc, premium and expense, net 14,191 13,378 15,127 14,257 15,106 8,008
Other interest charges 57,623 71,536 75,868 79,396 55,175 34,841
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Fixed charges as defined $ 276,316 $ 280,006 $ 275,157 $ 293,909 $ 257,909 $ 117,371
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RATIO OF EARNINGS TO FIXED CHARGES 4.66 4.49 4.26 4.14 4.79 5.05
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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.