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May 30, 2015 12:00 PM ET

Electric Utilities

Company Overview of Gulf Power Company

Company Overview

Gulf Power Company, a vertically integrated utility company, is engaged in the generation, purchase, transmission, distribution, and sale of electricity to retail customers in northwest Florida and to wholesale customers in the southeast Florida. The company generates electricity through natural gas and coal. It sells electricity at retail in 71 communities, including Pensacola, Panama City, and Fort Walton Beach, as well as in rural areas; and at wholesale to a non-affiliated utility. The company was founded in 1925 and is based in Pensacola, Florida. Gulf Power Company is a subsidiary of The Southern Company.

One Energy Place

Pensacola, FL 32520

United States

Founded in 1925

1,384 Employees

Phone:

850-444-6111

Key Executives for Gulf Power Company

Chief Executive Officer, President and Director
Age: 44
Chief Financial Officer and Vice President
Age: 43
Chairman of the Southern Company, Chief Executive Officer of The Southern Company and President of The Southern Company
Age: 57
Corporate Secretary
Assistant Secretary
Compensation as of Fiscal Year 2014.

Gulf Power Company Key Developments

Gulf Power Reports Earnings Results for the First Quarter Ended March 31, 2015

Gulf Power reported earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported operating revenues of USD 357 million against USD 407 million a year ago. Earnings before income taxes were USD 62 million compared to USD 62 million a year ago. Net income available to common shareholders was USD 37 million compared to USD 37 million a year ago.

Gulf Power Wins Approval from FPSC for Three Renewable Projects

Gulf Power has announced a partnership with the US Navy and US Air Force to build solar energy farms at three different facilities across northwest Florida. The utility has reportedly received approval from the Florida Public Service Commission, or FPSC, for all three renewable projects. The solar energy farms will be constructed at Eglin Air Force Base in Fort Walton Beach (30 megawatts), Naval Air Station Whiting Field, Outlying Landing Field Holley in Navarre (40 megawatts), and Naval Air Station Pensacola, Outlying Landing Field Saufley in Pensacola (50 megawatts). Gulf Power will serve customers across Northwest Florida with power from these renewable energy-generating facilities. Together, these new solar facilities, which will be developed by HelioSage Energy, could produce enough energy to power approximately 18,000 homes for one year. As an intermittent energy resource, the solar farms will not replace Gulf Power's generation plants, but will have the capability to provide energy that will diversify the power supply and provide a cost-effective alternative during peak energy usage. Construction is scheduled to begin in February 2016 and the facilities are expected to be in service no later than December 2016. The company's first renewable energy project was the 3.2-megawatt Perdido Landfill Gas-to-Energy facility, which has produced more than 100 million kilowatt hours of electricity since starting commercial operation in 2010. Gulf Power also submitted a request in February to the FPSC to approve an agreement that would make the utility a purchaser of wind generation among Florida utilities. If approved, this would bring the company to a total of five renewable energy sources.

Gulf Power Gets Clearance for 120 MW of Florida Solar Projects

Gulf Power Co has received regulatory approval to develop three solar photovoltaic (PV) parks in Florida with a combined capacity of 120 MW. The Florida Public Service Commission (PSC) said on April 16, it has allowed Gulf Power to purchase power from three large-scale solar farms on military sites in the northwestern part of the state. The three power stations are expected to be up and running in late 2016. They are estimated to boost Gulf Power's renewable energy generation by more than 600%.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
January 30, 2015
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