Exhibit 12.1
11/20/98
GEORGIA POWER COMPANY
Computation of ratio of earnings to fixed charges for the
the five years ended December 31, 1997
and the twelve months ended September 30, 1998
Twelve
Months
Ended
Year ended December 31, September 30,
============================================================= =============
1993 1994 1995 1996 1997 1998
--------------------------Thousands of Dollars------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Income Before Interest Charges $1,034,795 $ 927,336 $ 959,692 $ 875,626 $ 880,209 $ 877,504
Federal and state income taxes 266,771 360,380 411,675 383,668 419,230 491,924
Deferred income taxes, net 168,372 34,130 35,367 35,830 (21,874) (66,280)
Deferred investment tax credits (18,274) (489) 1,127 - - 7,187
AFUDC - Debt funds 8,294 11,613 12,123 11,452 9,030 7,606
---------- ---------- ---------- ---------- ---------- ----------
Earnings as defined $1,459,958 $1,332,970 $1,419,984 $1,306,576 $1,286,595 $1,317,941
========== ========== ========== ========== ========== ==========
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 345,552 $ 308,611 $ 257,092 $ 210,149 $ 196,707 $ 184,369
Interest on interim obligations 15,530 17,529 21,463 15,478 7,795 12,075
Amort of debt disc, premium and expense, net 14,087 15,776 15,846 14,802 14,191 13,286
Other interest charges 47,393 23,483 20,400 21,296 57,623 72,591
---------- ---------- ---------- ---------- --------- ----------
Fixed charges as defined $ 422,562 $ 365,399 $ 314,801 $ 261,725 $ 276,316 $ 282,321
========== ========== ========== ========== ========== ==========
RATIO OF EARNINGS TO FIXED CHARGES 3.46 3.65 4.51 4.99 4.66 4.67
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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.