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Stock Market & Financial Investment News

News Breaks
April 30, 2014
06:23 EDTSOSouthern Company to take $380M charge in Q1 for cost of Kemper County plant
On April 28, Mississippi Power further revised its cost estimate for the Kemper IGCC to include an adjustment of approximately $61M related to the construction issues as well as approximately $135M related to extension of the expected in-service date for a total of approximately $4.44B net of the DOE Grants and excluding the Cost Cap Exceptions. Mississippi Power does not intend to seek any rate recovery or joint owner contributions for any costs related to the construction and start-up of the Kemper IGCC that exceed the $2.88B cost cap, net of the DOE Grants and excluding the Cost Cap Exceptions. As a result of the revised cost estimate, Southern Company and Mississippi Power recorded total pre-tax charges to income for the estimated probable losses on the Kemper IGCC of $380M in their first quarter 2014 financial statements, in addition to charges totaling $1.2B recognized through December 31, 2013. Comments taken from an 8-K filing.
News For SO From The Last 14 Days
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February 26, 2015
14:37 EDTSOSouthern Company management to meet with SunTrust
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February 23, 2015
06:13 EDTSOSouthern Company implied volatility of 18 at upper end of index mean range
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February 20, 2015
09:05 EDTSOSouthern Company subsidiary acquires two Georgia solar projects
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09:04 EDTSOSouthern Company subsidiary acquires two Georgia solar projects
Southern Company subsidiary Southern Power announced the acquisition of two photovoltaic solar projects totaling 99 megawatts in Georgia the 80-MW Decatur Parkway Solar Project and the 19-MW Decatur County Solar Project from Tradewind Energy. The projects were proposed by Tradewind Energy and selected by Southern Company subsidiary Georgia Power in a competitive process through the nationally recognized Georgia Power Advanced Solar Initiative. The electricity and associated renewable energy credits generated by the 80-MW facility will be sold under a 25-year power purchase agreement with Georgia Power. Construction of the 80-MW facility is currently scheduled to begin this month. Georgia Power will purchase the energy generated from the 19-MW project under a 20-year PPA. Southern Power will retain the associated RECs, which it may sell to third parties. Construction of the 19-MW facility is currently scheduled to begin in June. Both projects, which are expected to enter commercial operation in late 2015, will be constructed on separate sites totaling approximately 950 acres in south Georgia's Decatur County using single-axis tracking technology optimizing efficiency by directing solar panels to track the sun.

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