Exhibit 12.1
12/6/2004
SAVANNAH POWER COMPANY
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Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2003
and the year to date September 30, 2004
Nine
Months
Ended
Year ended December 31, September 30,
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1999 2000 2001 2002 2003 2004
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-----------------------Thousands of Dollars-----------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings before income taxes $34,891 $36,543 $33,772 $35,313 $37,915 $36,589
Interest expense, net of amounts capitalized 11,938 12,737 12,517 11,608 9,590 9,155
Distributions on mandatorily redeemable preferred securities 2,740 2,740 2,740 2,740 2,740 109
AFUDC - Debt funds 485 324 271 165 220 918
Rentals 471 545 423 459 457 356
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Earnings as defined $50,525 $52,889 $49,723 $50,285 $50,922 $47,127
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 9,300 $ 9,259 $ 9,400 $ 9,685 $ 8,537 $ 8,444
Interest on affiliated loans 0 0 747 401 106 106
Interest on interim obligations 879 2,369 1,128 4 0 24
Amort of debt disc, premium and expense, net 948 963 950 904 981 994
Other interest charges 1,296 470 563 779 186 505
Distributions on mandatorily redeemable preferred securities 2,740 2,740 2,740 2,740 2,740 109
Rentals 471 545 423 459 457 356
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Fixed charges as defined $15,634 $16,346 $15,951 $14,972 $13,007 $10,538
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RATIO OF EARNINGS TO FIXED CHARGES 3.23 3.24 3.12 3.36 3.91 4.47
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