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October 09, 2015 10:23 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



Key Executives for Gulf Power Company

Chief Executive Officer, President and Director
Age: 45
Chief Financial Officer and Vice President
Age: 45
Chairman of the Southern Company, Chief Executive Officer of The Southern Company and President of The Southern Company
Age: 58
Corporate Secretary
Assistant Secretary
Compensation as of Fiscal Year 2015.

Gulf Power Company Key Developments

Gulf Power Company Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Gulf Power Company announced earnings results for the second quarter and six months ended June 30, 2015. for the second quarter, operating revenues were $384 million against $384 million for the same period in the last year. Earnings before income taxes was $59 million against $58 million for the same period in the last year. Net income available to common was $35 million against $34 million for the same period in the last year. For the six months, operating revenues were $741 million against $791 million for the same period in the last year. Earnings before income taxes was $121 million against $120 million for the same period in the last year. Net income available to common was $72 million against $71 million for the same period in the last year.

Gulf Power Settles Florida Coal Ash Court Case

Southern Co.'s Gulf Power has agreed to drain the ash ponds at its Herbert Scholz coal-fired plant and move the residuals to another site to settle a federal lawsuit accusing the company of violating the Clean Water Act. Southern and the Apalachicola Bay and River Keeper, Southern Alliance for Clean Energy and Waterkeeper Alliance filed an agreement requiring Gulf Power to dry out, or "dewater," the coal ash ponds so the waste can be moved to dry storage away from the river. The company also agreed to build a cutoff wall designed to divert the groundwater flow so it bypasses the area where the ponds are located. All plans need Florida Department of Environmental Protection approval. The environmental groups filed suit against Gulf Power on 4 June 2014 in U.S. District Court for the Northern District of Florida, claiming that by not using impermeable liners the utility allowed excessive levels of heavy metals and toxins to leak from the ash ponds at the Scholz plant. Gulf Power retired the 80MW coal-fired plant near Sneads, Florida, in April. The company said that the ponds would be drained and disposed of anyway as part of the retirement plan. The utility is known to have a good working relationship with the Department of Environmental Protection and expects the settlement to be approved. The company said it did not have cost estimates for how much draining and moving the ash ponds will cost. In reaching the settlement, Gulf Power did not admit liability.

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.

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