Oglethorpe Power Corporation
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)

		Three Months Ended March 31,			Year ended December 31,

		2010			2009			2008			2007			2006			2005
					(In thousands, except ratios)
Computation of Ratio of Earnings
to Fixed Charges:
Net margin		$	14,604		$	26,390		$	19,259		$	19,061		$	18,201		$	17,653
Less: income from equity investees			—			(1,508	)		(1,369	)		(1,418	)		(1,455	)		(1,385	)

	Adjusted net margin		14,604			24,882			17,890			17,643			16,746			16,268
Interest expense			65,588			240,743			218,042			214,256			207,363			206,445
Less: interest capitalized during period			(9,462	)		(19,345	)		(12,259	)		(6,962	)		(3,437	)		(1,681	)
Amortization of deferred debt expense			6,102			19,062			15,418			15,727			15,584			15,782
Interest portion of rental expense			671			2,671			2,078			1,766			1,742			1,750

	Earnings	$	77,503		$	268,013		$	241,169		$	242,430		$	237,998		$	238,564

Interest expense			65,588			240,743			218,042			214,256			207,363			206,445
Amortization of deferred debt expense			6,102			19,062			15,418			15,727			15,584			15,782
Interest portion of rental expense			671			2,671			2,078			1,766			1,742			1,750

	Fixed Charges	$	72,361		$	262,476		$	235,538		$	231,749		$	224,689		$	223,977

Ratio of Earnings to Fixed Charges			1.07			1.02			1.02			1.05			1.06			1.07