February 28, 2015 8:57 AM 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, transmission, and distribution of electricity. It serves various customers, including rural electric cooperative associations and municipalities. The company was founded in 1924 and is based in Gulfport, Mississippi. Mississippi Power Company is a subsidiary of The Southern Company.

2992 West Beach Boulevard

Gulfport, MS 39501

United States

Founded in 1924

1,344 Employees

Phone:

228-864-1211

Key Executives for Mississippi Power Co.

Chairman of the Board, Chief Executive Officer and President
Age: 61
Chief Financial Officer, Vice President and Treasurer
Age: 49
Chairman of Southern Company, Chief Executive Officer of Southern Company and President of Southern Company
Age: 57
Principal Accounting Officer and Comptroller
Vice President, Associate General Counsel and Corporate Secretary
Compensation as of Fiscal Year 2014.

Mississippi Power Co. Key Developments

Mississippi Power Co. Announces Earnings Results for the Fourth Quarter and Year Ended December 31, 2014

Mississippi Power Co. announced earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported operating revenues of $278 million compared to $268 million a year ago. Loss before income taxes were $29 million compared to income before income taxes of $1 million a year ago. Net loss available to common shareholders was $7 million compared to net income available to common shareholders of $13 million a year ago. For the year, the company reported operating revenues of $1,275 million compared to $1,145 million a year ago. Loss before income taxes were $585 million compared to loss before income taxes of $843 million a year ago. Net loss available to common shareholders was $312 million compared to net loss available to common shareholders of $477 million a year ago.

Mississippi Power Appoints Troxclair as Vice President of Kemper Development

Mississippi Power announced that Emile "Chip" Troxclair has been named vice president of Kemper development, effective immediately. Troxclair will be the executive responsible for leading the Kemper County energy facility project through the final stages of construction and startup, into ongoing commercial operations. Troxclair brings more than 34 years of industry experience, primarily in gasification and power generation, to Mississippi Power.

Mississippi Supreme Court Strikes Down Pollution Control Regulation in a Case Against Mississippi Power

The Mississippi Supreme Court has ruled that the Mississippi Department of Revenue regulation for the exemption of pollution control equipment contradicts the plain language of the statutory exemption. In Mississippi Department of Revenue v. Mississippi Power Company, No. 2013-CA-01234-SCT, the Court upheld the finding of a lower court that the MDOR interpretation of Miss. Code section 27-65-101(1)(w) was incorrect. The case arose from an audit by the MDOR of Mississippi Power Company's 2007 through 2009 state tax returns. The MDOR assessed use tax on the purchase of burners that Mississippi Power had claimed as pollution control equipment. The audit assessment was appealed to the MDOR's internal Board of Review and then to the Board of Tax Appeals, both of which upheld the assessment on the equipment. Mississippi Power Company filed a Petition for Appeal and Review in the Chancery Court of Harrison County, who ruled in favor of Mississippi Power Company. The MDOR then appealed that ruling to the Court.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 29, 2014
Nacco Industries Inc., Certain Asset
 

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