<PAGE> 1
EXHIBIT 12.2
SOUTHERN ENERGY INC., AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED DIVIDEND REQUIREMENTS FOR THE FIVE YEARS ENDED
DECEMBER 31, 1999 AND THE SIX MONTHS ENDED JUNE 30, 2000
<TABLE>
<CAPTION>
SIX MONTHS
YEAR ENDED DECEMBER 31, ENDED
------------------------------------ JUNE 30,
1995 1996 1997 1998 1999 2000
---- ---- ----- ----- ------ ------------
(IN MILLIONS, EXCEPT RATIO)
<S> <C> <C> <C> <C> <C> <C>
EARNINGS, AS DEFINED:
Income (loss) from continuing operations
before income taxes and minority interest $ 35 $140 $ 180 $ (55) $ 674 $ 195
Add:
Fixed charges less interest capitalized 67 136 350 440 509 303
Amortization of capitalized interest 0 0 3 3 5 3
Distributed income of equity investees 139 11 29 67 58 11
Less: equity in income of affiliates, and
minority interest in losses 10 14 58 143 128 74
---- ---- ----- ----- ------ -----
Total earnings, as defined $231 $273 $ 504 $ 312 $1,118 $ 438
==== ==== ===== ===== ====== =====
FIXED CHARGES, AS DEFINED:
Interest expensed, including amortization of
debt premiums, discounts and expenses $ 64 $133 $ 345 $ 430 $ 502 $ 300
Interest capitalized 8 5 17 49 64 14
Interest element of rentals 3 3 5 10 7 3
---- ---- ----- ----- ------ -----
Total fixed charges, as defined $ 75 $141 $ 367 $ 489 $ 573 $ 317
---- ---- ----- ----- ------ -----
Tax deductible preferred dividends $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Gross up to pre-tax 33.33 0.31 1.23 0.87
---- ---- ----- ----- ------ -----
Preferred dividend requirements before income
taxes $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
---- ---- ----- ----- ------ -----
Fixed charges plus preferred dividend
requirement $ 75 $141 $ 367 $ 489 $ 573 $ 317
---- ---- ----- ----- ------ -----
Ratio of earnings to fixed charges 3.1 1.9 1.4 0.6 2.0 1.4
==== ==== ===== ===== ====== =====
</TABLE>
