ATLANTA, Sept. 20, 2001 – Southern Company announced today that it has signed a long-term wholesale power sale contract totaling 250 megawatts with Alabama Electric Cooperative, beginning in 2006.
“This purchase will enable AEC to continue to provide reliable, affordable electricity to our members,” said Gary Smith, president and CEO, Alabama Electric Cooperative.
“We are pleased to work with Alabama Electric Cooperative in meeting a portion of its future energy needs,” said Paul Bowers, president of Southern Company Generation and Energy Marketing, which manages and generates electricity for the company and markets energy in the competitive wholesale supply business. “As an energy company, we intend to provide generation across the Southeast in meeting the growth in our region and bringing value to our shareholders.”
Southern Company is the largest wholesale energy provider in the Southeast, supplying nearly 27 million megawatt-hours of electricity to wholesale customers in the region last year, representing more than 15 percent of the company’s total megawatt-hour sales. The company is adding more than 4,600 megawatts by the end of 2003 that will be dedicated to the competitive generation market.
In addition, Southern Company’s financial objectives target continued growth of the competitive generation business, with the expectations that net income from that business will double over the next five years.
Southern Company is a super-regional energy company with more than 32,000 megawatts of electric generating capacity in the Southeast. It is one of the largest producers of electricity in the U.S. Southern Company is the parent firm of Alabama Power, Georgia Power, Gulf Power, Mississippi Power, Savannah Electric, Southern Nuclear, Southern Company Generation and Energy Marketing, Southern Company Energy Solutions, Southern LINC and Southern Telecom. Southern Company brands are synonymous with excellent customer service, high reliability, and prices that are 15 percent below the national average.
Alabama Electric Cooperative (AEC), headquartered in Andalusia, Ala., is a $940 million generation and transmission cooperative that provides wholesale electricity to member owners in south and central Alabama and northwest Florida. A Touchstone Energy® cooperative, AEC is the seventh-oldest generation and transmission cooperative in the United States. Its member owners include 16 distribution cooperatives and four municipalities.