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 Company Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
Oct 28 15
Southern Power Company announced earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported operating revenues of $401 million compared with $435 million for the same period a year ago. Earnings before income taxes was $112 million compared with $87 million for the same period a year ago. Net earnings available to common shareholders was $102 million compared with $64 million for the same period a year ago.
For the nine months, the company reported operating revenues of $1,086 million compared with $1,115 million for the same period a year ago. Earnings before income taxes was $210 million compared with $154 million for the same period a year ago. Net income available to common shareholders was $181 million compared with $128 million for the same period a year ago.
Southern Power Company to Report Q3, 2015 Results on Oct 28, 2015
Oct 28 15
Southern Power Company announced that they will report Q3, 2015 results on Oct 28, 2015
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.
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