Exhibit 12.1
8/16/2004
GEORGIA POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2003
and the year to date June 30, 2004
Six
Months
Ended
Year ended December 31, June 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 $ 896,272 $ 921,857 $ 976,319 $ 977,583 $ 998,324 $485,664
Interest expense, net of amounts capitalized 196,953 211,409 185,231 169,417 184,138 109,594
Distributions on mandatorily redeemable preferred
securities 65,774 59,104 59,104 62,553 59,675 15,839
AFUDC - Debt funds 12,429 23,396 13,574 8,405 5,415 2,763
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Earnings as defined $1,171,428 $1,215,766 $1,234,228 $1,217,958 $1,247,552 $613,860
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K
Interest on long-term debt $ 164,375 $ 171,994 $ 162,546 $ 138,850 $ 158,587 $ 82,122
Interest on affiliated loans 0 0 12,389 9,793 3,194 15,753
Interest on interim obligations 19,787 28,262 12,692 3,074 0 0
Amort of debt disc, premium and expense, net 15,127 14,257 15,106 16,108 15,598 7,724
Other interest charges 10,093 20,292 (3,928) 9,995 12,174 6,758
Distributions on mandatorily redeemable preferred
securities 65,774 59,104 59,104 62,553 59,675 15,839
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Fixed charges as defined $ 275,156 $ 293,909 $ 257,909 $ 240,373 $ 249,228 $128,196
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RATIO OF EARNINGS TO FIXED CHARGES 4.26 4.14 4.79 5.07 5.01 4.79
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