Independent Power and Renewable Electricity Producers
Company Overview of Southern Power Company
Southern Power Company, a public utility company, acquires, constructs, owns, and manages generation assets, primarily renewable energy projects. The company sells electricity in the wholesale market through purchase power agreements to investor-owned utilities, independent power producers, municipalities, and electric co-operatives. As of December 31, 2014, it had 9,074 megawatts of nameplate capacity in commercial operation. The company was founded in 2001 and is based in Atlanta, Georgia. Southern Power Company is a subsidiary of Southern Company.
30 Ivan Allen Jr. Boulevard, N.W.
Atlanta, GA 30308
Founded in 2001
Key Executives for Southern Power Company
Chief Executive Officer, President and Director
Chief Financial Officer, Vice President and Treasurer
Executive Vice President, General Counsel and Director
Compensation as of Fiscal Year 2015.
Southern Power Company Key Developments
Southern Power Announces Agreement to Acquire Second Wind Project the 151-Megawatt (MW) Grant Wind Facility in Oklahoma
Sep 9 15
Southern Power announced an agreement to acquire the company's second wind project the 151-megawatt (MW) Grant Wind facility in Oklahoma from Apex Clean Energy. The acquisition is expected to close in March 2016 upon successful completion of project construction. With the addition of the Grant Wind facility, Southern Power's renewable ownership is expected to reach more than 1,600 MW, with 21 solar, wind and biomass facilities either announced, acquired or under construction. Across its system, Southern Company has added or announced more than 3,400 MW of renewable generation since 2012. Located in Grant County, Oklahoma, the project is expected to utilize 66 wind turbines manufactured by Siemens and will be capable of generating enough electricity to help meet the energy needs of approximately 50,000 average U.S. homes. The electricity and associated renewable energy credits (RECs) generated by the facility will be sold under 20-year power purchase agreements with Western Farmers Electric Cooperative, East Texas Electric Cooperative and Northeast Texas Electric Cooperative. The companies have each contracted for approximately 50 MW and will have the option to either keep or sell the RECs. The Grant Wind project fits Southern Power's business strategy of growing its wholesale business through the acquisition and construction of generating assets substantially covered by long-term contracts.
Southern Power Company Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Jul 29 15
Southern Power Company announced earnings results for the second quarter and six months ended June 30, 2015. For the second quarter, operating revenues were $337 million against $329 million for the same period in the last year. Earnings before income taxes was $53 million against $29 million for the same period in the last year. Net income available to common was $46 million against $31 million for the same period in the last year.
For the six months, operating revenues were $684 million against $680 million for the same period in the last year. Earnings before income taxes was $98 million against $66 million for the same period in the last year. Net income available to common was $79 million against $64 million for the same period in the last year.
Southern Power Co. to Purchase 20-MW Ga. Solar Farm
Jun 26 15
Southern Co. announced that it adding another solar energy project to the portfolio of its Southern Power unit, increasing solar holdings in its home state of Georgia to more than 400 MW. Southern Co. said June 24 that its wholesale supply subsidiary Southern Power Co. has surpassed development of 400 MW of renewable energy capacity in Georgia by acquiring the proposed 20-MW Butler solar farm in Taylor County, Ga. Southern Power will acquire the facility from Strata Solar LLC under the Georgia Power Advanced Solar Initiative. The solar facility is expected to enter commercial operations during the fourth quarter, with Strata Solar managing the engineering, procurement and construction of the facility.
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