Exhibit 12.1
3/1/2005
GEORGIA POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2004
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2000 2001 2002 2003 2004
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EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings before income taxes $ 921,857 $ 976,319 $ 977,583 $ 998,324 $1,040,005
Interest expense, net of amounts capitalized 211,409 185,231 169,417 184,138 228,526
Distributions on mandatorily redeemable preferred securities 59,104 59,104 62,553 59,675 15,839
AFUDC - Debt funds 23,396 13,574 8,405 5,415 8,824
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Earnings as defined $1,215,766 $1,234,228 $1,217,958 $1,247,552 $1,293,194
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 171,994 $ 162,546 $ 138,850 $ 158,587 $ 167,821
Interest on affiliated loans 0 12,389 9,793 3,194 46,315
Interest on interim obligations 28,262 12,692 3,074 0 0
Amort of debt disc, premium and expense, net 14,257 15,106 16,108 15,598 15,533
Other interest charges 20,292 (3,928) 9,995 12,174 7,682
Distributions on mandatorily redeemable preferred securities 59,104 59,104 62,553 59,675 15,839
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Fixed charges as defined $ 293,909 $ 257,909 $ 240,373 $ 249,228 $ 253,190
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RATIO OF EARNINGS TO FIXED CHARGES 4.14 4.79 5.07 5.01 5.11
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