October 31, 2014 10:04 PM ET

Electric Utilities

Company Overview of Alabama Power Co.

Company Overview

Alabama Power Company, an integrated utility, generates, purchases, transmits, distributes, and sells electricity to residential, commercial, and industrial customers in Alabama. The company generates electricity through coal, nuclear, oil and gas, hydro plants. It sells electricity at retail in approximately 400 cities and towns, including Anniston, Birmingham, Gadsden, Mobile, Montgomery, and Tuscaloosa, as well as in rural areas; and at wholesale to 14 municipally-owned electric distribution systems. Alabama Power Company also sells electric appliances. The company was founded in 1906 and is based in Birmingham, Alabama. Alabama Power Company is a subsidiary of The Southern Company.

600 North 18th Street

Birmingham, AL 35291

United States

Founded in 1906

6,896 Employees

Phone:

205-257-1000

Key Executives for Alabama Power Co.

Chairman
Age: 51
Chief Financial Officer
Age: 54
Director
Age: 57
Vice President of Public Relations
Executive Vice President of the Customer Service Organization
Age: 58
Compensation as of Fiscal Year 2014.

Alabama Power Co. Key Developments

Alabama Power Company Declares Regular Quarterly Dividends for the Quarter Ending December 31, 2014, Payable January 1, 2015

The board of directors of Alabama Power Company has declared the regular quarterly dividends on the company's outstanding preferred stock and preference stock. Preferred Stock ($100 Par Value) of 4.20% - $1.05 per share; 4.52% - $1.13 per share; 4.60% - $1.15 per share; 4.64% - $1.16 per share; 4.72% - $1.18 per share; 4.92% - $1.23 per share. Class A Preferred Stock ($25 Capital Value), of 5.20% - $0.325 per share; 5.30% - $0.33125 per share; 5.83% - $0.3644 per share. Preference Stock ($25 Capital Value) of 5.625% - $0.3515625 per share; 6.45% - $0.403125 per share; 6.50% - $0.406250 per share. These dividends are for the quarter ending December 31, 2014, payable January 1, 2015, to shareholders of record on December 17, 2014.

Alabama Power Co. to Close Two Coal-Fired Units at Plant Gorgas in Walker County

Alabama Power Co. announced that the federal regulations are forcing it to close two coal-fired units at its Walker County power plant and to cease using coal at others. The company will close two coal-fired units at Plant Gorgas in Walker County and work toward eliminating the use of coal in favor of natural gas at Plant Barry in Mobile County and Plant Greene County by 2016. Its Plant Miller in Jefferson County will not be affected by the announcements. At its Greene County plant, Alabama Power will switch to natural gas a move expected to cut the plant's workforce in half. To avoid layoffs, the reductions would come from transfers and attrition. The changes will impact about 60 employees, all in Greene County, which currently has around 125 employees. At Plant Barry, two units will stop using coal but will be available on a limited basis using natural gas. A third unit will start using natural gas, but will be less limited than the other two units.

Alabama Power Company Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Alabama Power Company announced earnings results for the second quarter and six months ended June 30, 2014. For the quarter, operating revenues were $1,437 million against $1,392 million for the same period in the last year. Earnings before income taxes was $302 million against $302 million for the same period in the last year. Net income available to common was $173 million against $173 million for the same period in the last year. For the six months, operating revenues were $2,945 million against $2,700 million for the same period in the last year. Earnings before income taxes was $626 million against $550 million for the same period in the last year. Net income available to common was $360 million against $314 million for the same period in the last year.

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