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February 11, 2016 11:44 AM ET

Electric Utilities

Company Overview of Georgia Power Co.

Company Overview

Georgia Power Co. generates, purchases, transmits, distributes, and sells electricity in Georgia. The company generates electricity from nuclear fuel, coal, and natural gas, as well as renewable sources, such as solar, hydroelectric, and wind. It serves to 2.4 million customers in 4 of Georgia's 159 counties. The company sells electricity at retail in approximately 600 communities, including Athens, Atlanta, Augusta, Columbus, Macon, Rome, and Savannah, as well as in rural areas; and at wholesale to various electric membership corporations and non-affiliated utilities. It primarily serves residential, commercial, and industrial clients. The company was founded in 1927 and is based in Atlanta...

241 Ralph McGill Boulevard, N.E.

Atlanta, GA 30308

United States

Founded in 1927

Phone:

404-506-6526

Key Executives for Georgia Power Co.

Chairman, Chief Executive Officer, President and Chairman of Executive Committee
Age: 58
Chief Financial Officer, Executive Vice President, Comptroller and Treasurer
Age: 58
Executive Vice President of Nuclear Development
Age: 53
Senior Vice President and Senior Production Officer of Generation - Southern Company
Age: 43
Senior Vice President of Metro Atlanta Regions
Compensation as of Fiscal Year 2015.

Georgia Power Co. Key Developments

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

Georgia Power reported earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported operating revenues of $1,679 million against $1,902 million a year ago. Earnings before income tax were $312 million against $196 million a year ago. Net income available to common was $196 million against $123 million a year ago. For the year, the company reported operating revenues of $8,364 million against $8,988 million a year ago. Earnings before income tax were $2,046 million against $1,971 million a year ago. Net income available to common was $1,260 million against $1,225 million a year ago.

Georgia Power Completes Settlement Process Between Oglethorpe Power Corporation and Municipal Electric Authority of Georgia and Dalton Utilities

Georgia Power announced the completion of the settlement process between the co-owners (Georgia Power, Oglethorpe Power Corporation, the Municipal Electric Authority of Georgia and Dalton Utilities) of the Vogtle nuclear expansion and the project's contractors, Westinghouse and CB&I. The agreement settles all claims currently in litigation with the contractors, reaffirms the current in-service dates, adds additional contractual protections and positions Westinghouse and its affiliates as the primary contractor over the project. Including the settlement agreement, the project's remaining projected customer rate impact will total approximately 2.5%, which is an average of less than 1% per year through completion. Georgia Power's portion of the settlement cost is approximately $350 million, significantly less than the claims that were in litigation. Georgia Power plans to submit the settlement agreement to the Georgia Public Service Commission (PSC) in the coming weeks.

Georgia Power Collaborates with University of Georgia for New Solar Project in Athens, Georgia

Georgia Power has collaborated with University of Georgia, or UGA, for a new 1MW solar tracking demonstration project in Athens, Georgia. The new project is located on a 10-acre site owned by UGA and is the result of a utility/university collaboration to further demonstrate and advance solar energy in Georgia. Research will be conducted under a two-year collaboration with UGA researchers, spearheaded by the College of Engineering, to study solar forecasting and the effects of solar panel soiling versus performance. Data analysis and performance reporting will occur through a Georgia Power partnership with the Electric Power Research Institute (EPRI). The new solar project will demonstrate optimal orientation and tracking technology suited for Georgia's climate and energy demand with project partners studying the performance and reliability of various fixed and tracking configurations of five separate sub-arrays. Georgia Power owns and will operate the facility under a 20-year lease agreement with UGA. Energy produced by the facility will flow to the state's electric grid to serve customers. UGA will receive the renewable energy credits, or RECs.

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