Southern 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.
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