December 28, 2014 7:04 AM ET

Electric Utilities

Company Overview of Mississippi Power Co.

Company Overview

Mississippi Power Company, a vertically integrated utility, provides electricity to retail customers in the State of Mississippi and to wholesale customers in the Southeast. It is involved in the generation, transmission, and distribution of electricity. It serves various customers, including rural electric cooperative associations and municipalities. The company was founded in 1924 and is based in Gulfport, Mississippi. Mississippi Power Company is a subsidiary of The Southern Company.

2992 West Beach Boulevard

Gulfport, MS 39501

United States

Founded in 1924

1,344 Employees

Phone:

228-864-1211

Key Executives for Mississippi Power Co.

Chairman of the Board
Age: 61
Chief Financial Officer
Age: 49
Chairman of Southern Company
Age: 57
Principal Accounting Officer and Comptroller
Vice President
Compensation as of Fiscal Year 2014.

Mississippi Power Co. Key Developments

Mississippi Power Appoints Troxclair as Vice President of Kemper Development

Mississippi Power announced that Emile "Chip" Troxclair has been named vice president of Kemper development, effective immediately. Troxclair will be the executive responsible for leading the Kemper County energy facility project through the final stages of construction and startup, into ongoing commercial operations. Troxclair brings more than 34 years of industry experience, primarily in gasification and power generation, to Mississippi Power.

Mississippi Supreme Court Strikes Down Pollution Control Regulation in a Case Against Mississippi Power

The Mississippi Supreme Court has ruled that the Mississippi Department of Revenue regulation for the exemption of pollution control equipment contradicts the plain language of the statutory exemption. In Mississippi Department of Revenue v. Mississippi Power Company, No. 2013-CA-01234-SCT, the Court upheld the finding of a lower court that the MDOR interpretation of Miss. Code section 27-65-101(1)(w) was incorrect. The case arose from an audit by the MDOR of Mississippi Power Company's 2007 through 2009 state tax returns. The MDOR assessed use tax on the purchase of burners that Mississippi Power had claimed as pollution control equipment. The audit assessment was appealed to the MDOR's internal Board of Review and then to the Board of Tax Appeals, both of which upheld the assessment on the equipment. Mississippi Power Company filed a Petition for Appeal and Review in the Chancery Court of Harrison County, who ruled in favor of Mississippi Power Company. The MDOR then appealed that ruling to the Court.

Mississippi Power Co. and Sierra Club Reach a Settlement

Mississippi Power Co. and the Sierra Club have reached a settlement that ends at least four years of legal uncertainty around the under-construction Plant Ratcliffe integrated gasification combined-cycle facility, widely expected to be the first commercial power plant in the U.S. to use a type of carbon capture technology to burn coal but with lowered CO2 emissions. As part of the settlement, the Sierra Club will be dropping a lawsuit that was pending before the Mississippi Supreme Court in which the group was trying to overturn the underlying state approval for the plant, being built in Kemper County, Miss. If it had been successful in that suit, the Sierra Club was aiming to stop the plant from running with its coal gasification technology, forcing it to run like a conventional natural gas-fired plant instead. That would have been a disastrous result for Southern, which is spending billions of dollars on the project and has sunk more than two decades into developing the proprietary TRIG technology that will be used to gasify lignite coal to produce power and separate out much of the usual CO2 emissions created from coal. Southern is hoping that once the Kemper County facility is up and running next year, its progress can demonstrate that the technology works, helping the company sell TRIG to other power plants around the world. The settlement does not remove all legal challenges against the project, however. The Sierra Club's appeal was combined with a lawsuit filed by a Mississippi Power customer named Thomas Blanton, who has asked the court to find that allowing the utility to recover $2.4 billion in Ratcliffe costs from its ratepayers in the form of rate increases is an 'unconstitutional tax.' Since this challenge was not filed by the Sierra Club, the settlement does not affect Blanton's action. In return for the Sierra Club moving to dismiss its lawsuit, Mississippi Power has agreed to stop burning coal or any other solid fuel at units 4 and 5 at the Jack Watson power plant by 2015. At both units at the gas-fired Sweatt plant, Mississippi Power has until the end of 2018 to retire the plant, repower it with more advanced technology or convert it to a non-fossil-fuel power source. Sweatt and Watson 4 and 5 add up to more than 970 MW of nameplate capacity, or nearly 60% of all coal-fired capacity owned by Mississippi Power, according to SNL data. The settlement also commits the utility to stop using coal at the Greene County plant by 2016, a facility that co-owner Alabama Power Co. has already said would be converting to natural gas. Mississippi Power will not oppose net-metering plan. Other elements of the settlement will prevent the need for future power plants like Ratcliffe to be built in the first place, the Sierra Club is arguing. Mississippi Power agreed that it will not oppose or appeal a net-metering rule that could be approved by the Mississippi Public Service Commission. The rule, as outlined in the settlement, would require utilities in the state to provide nondiscriminatory rates to customers who generate their own power with home solar installations. In addition, under the rule utilities must carry over excess kilowatt-hour credits earned by the customer and apply those credits to electric bills in the future. The settlement also obliges Mississippi Power to pay a nonprofit group $15 million to help schools and charities put in renewable energy installations. The Sierra Club also has agreed not to voice opposition in hearings planned by the PSC in which the commission will consider whether Mississippi Power has prudently managed the project, a key step in allowing the utility to recover the project's costs from customers. The plant's construction costs have soared from a previously estimated $2.8 billion to $4.4 billion, plus $1.1 billion for other project-related costs such as financing charges and the CO2 pipeline, according to the most recent status report filed by Mississippi Power.

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Date
Target
Merger/Acquisition
October 29, 2014
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