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 operates as 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 Co. Announces Executive Changes
Feb 4 16
Southern Co. announced that Joseph 'Buzz' Miller will take the lead of Southern Power Co. as its president and CEO following Oscar Harper IV's retirement, effective March 7, 2016. Also, Mark Rauckhorst has been named executive vice president of construction for the Vogtle 3 & 4 project. Miller is Georgia Power Co.'s executive vice president of nuclear development and also Southern Nuclear's president of nuclear development, both Southern Co. businesses.
Southern Power Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
Feb 3 16
Southern Power reported earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported operating revenues of $304 million against $386 million a year ago. Earnings before income tax were $41 million against $18 million a year ago. Net income available to common was $34 million against $44 million a year ago.
For the year, the company reported operating revenues of $1,390 million against $1,501 million a year ago. Earnings before income tax were $250 million against $172 million a year ago. Net income available to common was $215 million against $172 million a year ago.
Southern Power Subsidiary Buys Controlling Interest in California Solar Facility
Dec 18 15
Southern Power bought a controlling interest in the 200-megawatt Garland solar facility under construction in California from Recurrent Energy, a subsidiary of Canadian Solar Inc. Southern Power (a Southern Co. subsidiary) now owns more than 650 MW across nine operating or planned facilities in California. Recurrent Energy is constructing the facility and will retain the remaining interest in the project. Construction of the Garland solar facility began in December and is being built on two sites totaling approximately 2,000 acres in Kern County, Calif. The project is expected to create more than 300 construction jobs. Additionally, the facility will consist of more than 800,000 polycrystalline photovoltaic solar modules, mounted on single-axis tracking tables and is expected to enter commercial operation in the fourth quarter of 2016. The company noted the electricity and associated renewable energy credits generated by the facility will be sold under two long-term power purchase agreements with Southern California Edison, which will have the option to keep or sell the RECs.
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