GEORGIA POWER COMPANY
Computation of ratio of earnings to fixed charges for the
five years ended December 31, 2001
and the year to date September 30, 2002
Nine
Months
Ended
Year ended December 31, September 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 $ 1,077,452
AFUDC - Debt funds 9,030 7,117 12,429 23,396 13,574 6,505
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Earnings as defined $ 1,286,595 $ 1,256,885 $ 1,171,428 $ 1,215,766 $ 1,234,228 $ 1,083,957
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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 $ 101,540
Interest on affiliated loans 0 0 0 0 12,389 8,602
Interest on interim obligations 7,795 12,213 19,787 28,262 12,693 3,074
Amort of debt disc, premium and expense, net 14,191 13,378 15,127 14,257 15,106 12,021
Other interest charges 57,623 71,536 75,868 79,396 55,175 53,427
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Fixed charges as defined $ 276,316 $ 280,006 $ 275,157 $ 293,909 $ 257,909 $ 178,664
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RATIO OF EARNINGS TO FIXED CHARGES 4.66 4.49 4.26 4.14 4.79 6.07
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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.