Exhibit 12.1
1/14/2004
GEORGIA POWER COMPANY
Computation of ratio of earnings to fixed charges for the
five years ended December 31, 2002
and the year to date September 30, 2003
Nine
Months
Ended
Year ended December 31, September 30,
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1998 1999 2000 2001 2002 2003
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-----------------------------Thousands of Dollars-------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Income Taxes $ 976,879 $ 896,272 $ 921,856 $ 976,318 $ 977,583 $ 875,926
Interest expense, net of amounts capitalized 218,562 196,953 211,410 185,232 169,417 137,608
Distrib on shares subj to mandatory redemption 54,327 65,774 59,104 59,104 62,553 44,756
AFUDC - Debt funds 7,117 12,429 23,396 13,574 8,405 3,975
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Earnings as defined $1,256,885 $1,171,428 $1,215,766 $1,234,228 $1,217,958 $1,062,265
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 182,879 $ 164,375 $ 171,994 $ 162,546 $ 138,850 $ 116,967
Interest on affiliated loans 0 0 0 12,389 9,793 3,028
Interest on interim obligations 12,213 19,787 28,262 12,693 3,074 0
Amort of debt disc, premium and expense, net 13,378 15,127 14,257 15,106 16,108 11,745
Other interest charges 17,209 10,094 20,292 (3,929) 9,996 9,843
Distrib on shares subj to mandatory redemption 54,327 65,774 59,104 59,104 62,553 44,756
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Fixed charges as defined $ 280,006 $ 275,157 $ 293,909 $ 257,909 $ 240,374 $ 186,339
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RATIO OF EARNINGS TO FIXED CHARGES 4.49 4.26 4.14 4.79 5.07 5.70
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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.