May 02, 2016 3:50 PM 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 and purchase, transmission, distribution, and sale of electricity. The company generates electricity through natural gas powered plants. It sells electricity at retail in 123 communities, including Biloxi, Gulfport, Hattiesburg, Laurel, Meridian, and Pascagoula, as well as in rural areas; and at wholesale to 1 municipality, 6 rural electric distribution cooperative associations, and 1 generating and transmitting cooperative. The company was founded in 1924 and is based in Gulfport, Missis...

2992 West Beach Boulevard

Gulfport, MS 39501

United States

Founded in 1924

1,478 Employees

Phone:

228-864-1211

Key Executives for Mississippi Power Co.

Chief Executive Officer, President and Director
Age: 51
Chief Financial Officer, Vice President and Treasurer
Age: 50
Chairman of Southern Company, Chief Executive Officer of Southern Company and President of Southern Company
Age: 58
Senior Vice President of Southern Company Services and Vice President of Kemper Development
Age: 57
Corporate Secretary
Compensation as of Fiscal Year 2015.

Mississippi Power Co. Key Developments

Mississippi Power Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015

Mississippi Power reported earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported operating revenues of $245 million against $246 million a year ago. Loss before income tax were $130 million against $56 million a year ago. Net loss available to common was $70 million against $24 million a year ago. For the year, the company reported operating revenues of $1,138 million against $1,243 million a year ago. Loss before income tax were $78 million against $612 million a year ago. Net loss available to common was $8 million against $329 million a year ago.

The Mississippi Public Service Commission Approves Mississippi Power's Utility-Scale Solar Projects

The Mississippi Public Service Commission approved the solar installations in Mississippi. Mississippi Power is collaborating with three solar energy businesses and the U.S. Navy to build 105 MW of utility-scale solar electric generating farms at three different locations in the company's service territory. Together, these new solar facilities can produce the amount of energy used annually by approximately 15,500 homes. The developers of the solar energy projects will finance each installation with Mississippi Power receiving all of the energy and associated renewable energy credits generated by the projects. The energy and RECs may be used to serve customers with renewable energy, for future renewable energy programs or to sell at wholesale to third parties. The power will be purchased through long-term purchased power agreements with the developers. The projects include: Mississippi Power and Strata Solar are partnering on a 450-acre, 50-MW electric solar generating station to be located in Hattiesburg. The company is also partnering with Origis Energy on a 52-MW utility-scale solar energy project to be located in Sumrall. Mississippi Power, Hannah Solar, and the U.S. Navy are partnering on a 23-acre, 3-4-MW solar project to be located at The Naval Construction Battalion Center (Seabee Base) in Gulfport. As an intermittent energy resource, the solar facilities will not replace Mississippi Power's generating plants, but will have the capability to provide energy that will help diversify the company's generation portfolio and help keep rates affordable for customers. Construction on all three projects is slated to begin in early 2016.

Mississippi Power Co. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015

Mississippi Power Co. announced earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported operating revenues of $341 million compared with $355 million for the same period a year ago. Loss before income taxes was $52 million compared with $334 million for the same period a year ago. Net loss available to common shareholders was $21 million compared with $195 million for the same period a year ago. For the nine months, the company reported operating revenues of $893 million compared with $997 million for the same period a year ago. Earnings before income taxes was $52 million compared with loss before tax of $556 million for the same period a year ago. Net income available to common shareholders was $62 million compared with net loss available to common shareholders of $305 million for the same period a year ago.

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