Company Overview of Mississippi Power Co.
Mississippi Power Company, a vertically integrated utility, provides electricity to retail customers in the State of Mississippi and to wholesale customers in the Southeast. The company is involved in the generation and purchase, transmission, distribution, and sale of electricity. It generates electricity through natural gas powered plants. Mississippi Power Company sells its 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 i...
2992 West Beach Boulevard
Gulfport, MS 39501
Founded in 1924
Key Executives for Mississippi Power Co.
Chairman of the Board, Chief Executive Officer and President
Chief Financial Officer, Vice President and Treasurer
Executive Vice President of Operations
Chairman of Southern Company, Chief Executive Officer of Southern Company and President of Southern Company
Vice President, Associate General Counsel and Corporate Secretary
Compensation as of Fiscal Year 2015.
Mississippi Power Co. Key Developments
Mississippi Public Service Commission's Hearing is Scheduled for Aug. 6 on a Request by Mississippi Power
Jul 30 15
Mississippi Public Service Commission hearings are scheduled for Aug. 6, 2015, on a request by Mississippi Power for $159 million annually in interim rate relief to recover costs associated with the components of its integrated gasification combined-cycle generation project in Kemper County, Miss., that have entered service. Warning of the 'immediate and dangerously negative effect', on its financial position due to a $350 million customer refund ordered by the PSC, Mississippi Power had asked on July 10 for its interim rate increase to begin immediately, but the commission opted for a hearing on request. The $350 million refund ordered by the PSC on July 7 was required by a February Supreme Court decision overturning a rate increase granted to help pay for the Kemper facility, finding the commission had exceeded its authority. In a July 28 filing, Mississippi Power estimated the total project costs for the Kemper facility, formally known as Plant Ratcliffe, at $6.23 billion, and Southern disclosed a pretax charge of $23 million in its second-quarter earnings results associated with the plant. The PSC staff on July 24 recommended approval for Mississippi Power's interim rate request, based on certain conditions, including an agreement by Southern Co. to immediately make a $200 million equity infusion, and assurance the parent company would take any necessary steps to maintain the utility's investment-grade credit rating.
Mississippi Power Company Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Jul 29 15
Mississippi Power Company announced earnings results for the second quarter and six months ended June 30, 2015. For the second quarter, operating revenues were $275 million against $311 million for the same period in the last year. Earnings before income taxes was $66 million against $79 million for the same period in the last year. Net income available to common was $49 million against $62 million for the same period in the last year.
For the six months, operating revenues were $552 million against $642 million for the same period in the last year. Earnings before income taxes was $105 million against loss of $223 million for the same period in the last year. Net earnings available to common was $84 million against loss $110 million for the same period in the last year.
The Mississippi Supreme Court Denies Motions for Rehearing Filed by Mississippi Power, Mississippi Public Service Commission on Kemper Decision
Jun 15 15
The Mississippi Supreme Court on June 11 denied motions for a rehearing filed by Mississippi Power Co. and state regulators related to the court's February decision invalidating rate increases for the utility's integrated gasification combined-cycle project in Kemper County. The February decision by the court ruled the Mississippi Public Service Commission had exceeded its authority in granting millions of dollars in rate increases to help pay for the over-budget and long-delayed IGCC generation project formally known as Plant Ratcliffe. Mississippi Power has estimated the amount it has to refund ratepayers at approximately $257 million. The rate hike was approved by Mississippi regulators in 2013 to help pay for Kemper, costs for which have ballooned from an initial estimate of $2.2 billion in 2009 to a projected cost of $6.22 billion. In March, Mississippi Power and the PSC filed motions for a rehearing of the court's decision, arguing it had been based on a "misunderstanding" of the commission's authority and that the PSC does have the authority to adjudicate ratemaking and develop new ways to regulate under the state's Public Utility Act. But the court on June 11 reaffirmed its decision overturning the rate increases for Kemper and criticized the PSC for conducting "public business in private" in a prior rate settlement. Because the commission lacked the authority to enter into what the court described as a private rate settlement agreement, according to the decision, the agreement is unenforceable.
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