A Chandra LETGS X-ray observation of alpha Centauri with an exposure time of 81.5 ks is presented with the two components (K1V and G2V) spectrally resolved for the first time. We use the emission lines from the individual spectra to determine plasma temperatures and find similar temperatures as for the Sun with higher temperatures for the K1V star than for the G2V star. Global fitting techniques are used in order to construct an emission measure distribution for each star and we find emission measure distributions consistent with what is found from the line ratios. A two-temperature model is used in order to derive abundances normalized to iron and relative to solar photosheric values. For both stars we find a FIP effect with a slight but not significant tendency of a stronger FIP effect for the K1V component.