Southern Co. announces first quarter earnings



ATLANTA, April 30, 2003 -- Southern Co. has reported earnings of $298 million, or 41 cents per share, in the first quarter.

Cold weather and continued customer growth in the Southeast helped boost demand for electricity, and the company also had a solid performance from its competitive generation business.

The results compared with earnings of $224 million, or 32 cents per share, in the same period a year ago.

"By continuing to focus on the fundamentals that have made us successful, we are off to a good start in 2003," said Allen Franklin, chairman, president and chief executive officer. "Our commitment is to execute our strategy to meet our financial, operational and customer satisfaction goals for the full year."

As of March 31, Southern Co. had 64,000 more customers than at the end of the first quarter a year earlier, as people and businesses continued to move into the region. Lower than normal temperatures in January and February also contributed to increased electricity sales. In addition, the first quarter results included a continued positive overall impact from rate proceedings in Alabama and Florida. These factors helped offset the negative effect of higher operating costs related to new generating units that were placed in service last year.

First quarter revenues were $2.55 billion, compared with $2.21 billion in the first quarter of 2002.

Southern Co. also said it expects to realize a one-time after-tax gain of about $88 million, or 12 cents per share, in the second quarter upon the closing of the previously announced early termination of all long-term wholesale power contracts between the company and Dynegy, Inc.

Reviewing operations, Franklin said electricity use by retail customers in Southern Co.'s four-state service area increased 3.2 percent in the first quarter, compared with the same period in 2002. In-home electricity needs were up 4.3 percent. Electricity use by commercial customers -- offices, stores and other non-manufacturing firms -- increased 1.1 percent. Industrial energy use increased 4.0 percent.

Total sales of electricity to Southern Co.'s customers in the Southeast, including sales to other utilities, increased 9.1 percent.

In conjunction with this earnings announcement, Southern Co. has posted on its Web site a package of detailed financial information on its first quarter performance. These materials are available at 7:30 a.m. EDT April 30 at www.southerncompany.com .

With 4 million customers and nearly 37,000 megawatts of generating capacity, Atlanta-based Southern Co. is a super- regional energy company in the Southeast and a leading U.S. producer of electricity.

Southern Co. owns electric utilities in four states, a growing competitive generation company, an energy services business and a competitive retail natural gas business, as well as fiber optics and wireless communications. Southern Co. brands are known for excellent customer service, high reliability and retail electric prices that are 15 percent below the national average. Visit the Southern Co. Web site at www.southerncompany.com .


Sponsored by FLSmidth

Related Articles

Nuclear Power International’s Top Stories of 2014

Kemper County IGCC power plant project Mississippi Power Southern Co. combined-cycle gasifier

Kemper County IGCC power plant cost increases $25mn

A filing with the Securities and Exchange Commission shows the cost of the Kemper County power project has increased by another $25 million.

Follow Power Engineering on Twitter
Latest News
Sendai nuclear Unit 1 in Japan connects to power grid Kyushu Electric Power Co.

Sendai nuclear Unit 1 connects to grid

The Sendai 1 nuclear power unit in Japan is expected to reach commercial operations, almost t...
EPA allows one claim to stand in Sierra Club appeal of Schiller air permit

EPA allows one claim to stand in Sierra Club appeal of Schiller air permit

U.S. Environmental Protection Agency (EPA) Administrator Gina McCarthy signed a July 28 order...
Western states win injunction against ‘Waters of the United States’ rule

Western states win injunction against ‘Waters of the United States’ rule

A federal judge in North Dakota on Aug. 27 granted a request by Colorado and twelve other sta...
Exelon-Pepco release statement, say D.C. Public Service Commission failed to see merger's 'substantial' customer benefits

Exelon-Pepco: Regulators failed to see merger's 'substantial' customer benefits

Despite a unanimous rejection from regulators in the nation’s capital, power companies Exelon...
Makai’s plant will generate 100 kW of sustainable, continuous electricity – enough to power 120 homes in Hawaii each year.

Makai Ocean Engineering connects world's largest OTEC plant to U.S. grid

Makai’s plant will generate 100 kW of sustainable, continuous electricity – enough to power 1...
Canadian Solar sells stake in Tranquility solar power project in California to Southern Power

Canadian Solar unit sells solar power project stake to Southern

Canadian Solar Inc. said its subsidiary sold its ownership stake in a 200-MW solar power proj...
Plant Vogtle construction costs down in first half 2015

Plant Vogtle nuclear expansion spending down in first half of 2015

Georgia Power said in a report that the utility estimates it will spend less on construction ...
Renewable energy developer Cypress Creek Renewables building 2 utility-scale solar farms in South Carolina

Renewable energy developer Cypress Creek Renewables building 2 utility-scale solar farms in South Carolina

Cypress Creek Renewables is investing more than $20 million in new projects in South Carolina.

Power Engineering Current Issue

12/01/2014
Volume 118, Issue 12
1412pe-cover1
Products Showcase
Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Industry Wire News

EnerJex Resources Declares Monthly Cash Dividend on 10% Series A Preferred Stock

EnerJex Resources Declares Monthly Cash Dividend on 10% Series A Preferred Stock

Poll Shows Americans United in Need for Police Body Cameras: Vast Majority of Americans Prefer 2nd Generation Police Body Cameras

Poll Shows Americans United in Need for Police Body Cameras: Vast Majority of Americans...

Sunergy Management and Its IPP Partner Has Received an Invitation From the Government of Liberia to Attend the US-Liberia Trade and Investment Forum Held in NY on September 16

Sunergy Management and Its IPP Partner Has Received an Invitation From the Government o...

UGE International and Alpha Energy to Collaborate on Microgrid Projects

UGE International and Alpha Energy to Collaborate on Microgrid Projects

Mid-Atlantic Aviation Partnership to Explore Tethered Drone Commercialization With Drone Aviation Holding Corp.

Mid-Atlantic Aviation Partnership to Explore Tethered Drone Commercialization With Dron...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>