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1996 Annual Rept for Alabama Power Co
	ML20138D721
Person / Time
Site:	Farley
Issue date:	12/31/1996
From:	; ALABAMA POWER CO.
To:	;
Shared Package
ML20138D709	List: ML20138D704; ML20138D721;
References
	NUDOCS 9705010221
	Download: ML20138D721 (58)
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More than 200 million Americans would love to pay electricity prices as low as Alabama Power's Electricity prices in four out of five states are higher than those in Alabama. That means that some 203 million Americans pay higher electricity bills than Alabamians. And for Alabama Power customers, the average retail price for electricity is lower than it was 10 years ago. That's just one reason why we think Alabama Power is in a great competitive position. Read on to find out more about how Alabama Power's prices are among the lowest in the nation and 10 more reasons why Alabama Power is set to be the electricity provider of choice for millions of people. t.

l Corporate profile Alabama Power serves electricity to some 1.2 million homes, businesses and industries in the southern two-thirds of Alabama. It is one of five U.S. utilities operated by Southern Company, the nation's largest producer of elec-tricity. Southern Company's other four U.S. utilities are Georgia Power, Gulf Power, Mississippi Power and Savannah Electric. Other subsidiaries include Southern Energy Inc., Southem Nuclear, Southern Communicatir is Services, Southern Development and Investment Group and Southern Company Services. Through its international subsidiaries and affiliates, Southern Company also provides electricity in Argentina, the Bahamas, Chile. China, England, the Philippines, Trinidad and op Tobago, and parts of the United States outside = its traditional service territory. Contents Financial highlights................. .... 1 Le t t e r t o sh a re h ol d e rs............................................................... 2 Reason 1: Alabama Power's average retail price is 8 percent lower than it was 10 years ago........... 4 Reason 2: Pricing flexibility gives customers options........................................ 6 Reason 3: Alabama Power's customer service is among the best in the nation..................8 Reason 4: Alabama Power continues to cut costs and improve efficiency, which keeps prices low..... 10 Reason 5: Alabama Power helps customers save money.................................... 12 Reason 6: Alabama Power's business strategies are preparing it for a more competitive market...... 14 Reason 7: Helping bring new business to Alabama is a priority................................ 16 Reason 8: Alabama Power offers services that go beyond simply " turning on the juice"............. 18 Reason 9: Alabama Power makes the state a better place to live............................... 20 Reason 10: Power is available to customers 99.9 percent of the time.............. . 22 The year in review...... .............. 24 F i n a n cia l repo rt.................................................................... 26 Boa rd of Directors a nd Officers........................................................ 52

Financial Highlights 1996 1995 Operating revenues (millions) S 3,121 $ 3,025 Operating expenses (millions) S 2,504 $ 2,399 Net income after dividends on preferred stock (millions) $371 $361 Return on average common equity (percent) 13.75 13.61 Allowance for funds used during construction, net, as a percent of net income arter dividends on preferred stock 1.1 1.7 Energy sales (thousands of kilowatt-hours): Retail 45,690,068 44,475,876 Sales for resale 19,783,303 14,751,363 Total energy sales 65,473,371 59,227,239 Peak-hour demand (thousands of kilowatts) includes Southeastern Power Administration allotment 9,912 10,090 Total customers (year-end) 1,251,218 1,230,740 Gross property additions during year (millions) $425 $552 15 11 55 14 10 E g 13 o y_%_ g, g ll so g 1'w-]_u I(-N-[-S { 3g l

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_Q_ 91 92 93 94 95 % 91 92 93 94 95 % 91 92 93 94 95 % Average Residential 11 sage TerritorialPeak Demand TotalTerritorialEnergy perCustomer oxiudessoutheastemrower Supplied Administration allotment) y Sqear compound annualgrowth rate = 28% Administratwn allotment) 5 year compoundannualgrowth rare = I4% 700 E Eamings Available for Common Dividends and Retained Eamings 600 E 500 - a /830% F J Interest Charges and Preferred Stock Dividends E 400 EE_ E "d' 5t' '"d ' *'5 3mEmEEEE 3 200 E E E E E E E Depreciationand^mortization 100 E E E E E E E OtherOperationandMaintenance 0EEEEEE E FuelandPurchasedPower 91 92 93 94 95 % Gross Property Additions Distribution of1996 Revenue Dollar 1

l Letter to Shareholders At Alabama Power, the bottom line is more than just price

Dear Shareholder:

The interest to restructure America's electric-utility industry con- ,g g tinued in 1996. While most of the - ?M action took place in high-cost states .p'( A. out West and up North, the ripple i' effect was felt even in low-cost states such as Alabama. That's why Alabama Power continues to position itself for a more competitive electricity market. In last year's annual report, I wrote that nobody really knows exactly what our business will look like in a few years. Even though some states have discussed industry restructuring, I can safely repeat that claim again this year. However, it's more apparent than ever that electric-utility re-regulation will happen. Already this year, major utill-ty restructuring bills have been introduced in the LI.S. Congress that would mandate retail competition as early as the turn of the century. Our position remains that retail electric re-regulation should be decided at the state level. Congress, on the other hand, should con-centrate on efforts to remove barriers to a competitive environment, such as outdated, inefficient federal laws and regulations as well as subsidies, taxation and finance issues. Congress and the industry can also learn from how re-regulation in other industries affected consumers. In many cases, prices for average consumers increased to offset price decreases seen by larger customers. Alabama Power will support competition that assures all customers -large and small-benefit from, or are not harmed by, competition from a cost, service or reliability perspective. We main-tain our position that the transition to competition must honor past regulatory commitments by providing for the recovery of stranded investments. So, what is Alabama Power doing to ensure it will be a successful competitor? First, we're ensuring that our financial condition remains strong. Alabama Power met its financial goals in 1996. Net income in 1996 was $371 million - a 2.9 percent increase over 1995.

This increase is primarily attributable to a 2.7 percent increase in retall kilowatt-hour sales when compared to the previous year. ] But not all of our goals are financial. We're continuing to focus on j the customer. We know that the best competitive advantage we can gain is by working with all of our customers to provide reliable elec-tricity at competitive prices. We know that competitors will try to come into Alabama with prices as low as ours. We also know that in a competitive environ-ment, customers will choose their electric supplier based on the rela-tive value that is offered. Therefore, to succeed, we must be better than our best competitors in providing customer value - making our customers' lives easier and better. This value is based almost exclu-sively on price, quality and service. Based on our research, we know we stack up well against our cur-rent peer companies. Our challenge will be to do equally as well against those competitors that are yet-unkncs. One way we're approaching this opportu,./ s to challenge all i Alabama Power employees to develop an enhanced sales and service mindset. Through education and training, employees are improving their competitive skills, generating creative ideas and providing unique ways to meet customer needs. Finally, I want to say a word about our new look that is showing up on our advertising, our service vehicles, our buildings and anywhere else you see our logo. The new look is part of a branding strategy of Alabama Power and its parent firm, Southern Company. A SOUTHERN COMPANY As Southern Company positions itself to compete in markets throughout the nation and world, its brand must be recognized for its quality, competitive prices and reliability. As Alabama Power positions itself here in Alabama, it also must be recognized for those same values. Therefore, the look must be consistent so that consumers recognize it. Alabama Power is proud to be part of such an aggressive, creative company. But it goes beyond just a common look. Being part of a financially strong Southern Company helps keep Alabama Power's prices low and adds value for our customers. And that's the bottom line. Thank you again for all of your confidence in 1996. Elmer B. Harris President and Chief Executive Officer March 3,1997 3

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Company matchmaking saves customer up to $200,000 a year Alabama Potter' Afarketing Department isplaying match-s maker these days. It's a simple concept that matches the needs ofone custor,.'er tvith the talents andprc> ducts of another customer. And the outcome can be dramatic. One customer can save money, the other makes money and Alabama Pouver increases its sales. Alabama Pou'er's Alike Little and otherIndustrial Afarketing employees made such a match helu'een DeaverIndustries and O'NealSteel, tu'a companies in the Birmingham area. Deaver makes aluminum reflec-tors used in lightfixtures and tras lookingfor another aluminum supplier. AJ1er doing a little research, Alabama Power's Afarketing teamfound a matchforDeaverin O'NealSteel. The match tvillsave Deaver bettveen $150,000 and $200,000 a year; and O'Neal got a new customer. "We saved one customer money and helped another expand its business, " Little says. "Ofering that t.)f>e ofsemice to customers builds credibilityfor us. " And customets like thepersonalized attention. "It shotos that Alabama Potter really cares about helping our business, "says Deat'er Industries'RandyRollins. "With Alabama Pou>er's broad customer base, it has access to information, contacts and resources that are bencficial to other customers. " Randy Rollins 13 l

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Building a better broom handle Conrad Smith ofAmerican Aletal Handle Inc. knoirs broom handles. And he knows that metal broom han-dies are less expensive to make than ivood handles. So, ichen Afarketing AfanagerDavid Bc>one told Smith that Alabama Pou'er could help American Aletal Handle in Irondale develop a one-of-a-kindproduction linefor metai 4 handles, Smith ,/ n'as su'ept aivay. "I never dreamed that Alabama Pou'er u!>uld come in here and help me develop myproduc-tion line, " Smith says. "I u'as shocked that such service tras available. " Boone and Afarket Specialist Susan Comensky teorked tvith Southern Ccnnpany's Technology b Application Center and other jh sales allies to help Smith research and test an electric-induction q curing systemfor the broom handles. That system now is part ofan all-electdc production line that can make 5,400 mop and broom handles an hour. Conrad Smith 19

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r>r\\ rd W c) The year in review ~ January Southern Company established a new set of Environmental Performance Initiatives (EPIs) to help Alabama Power and other subsidiaries demonstrate their commitment to environmental stewardship. The EPIs set performance indicators in 11 key environmental areas, all within the scope of environmental compliance and pollution prevention. February j g_ On Feb. 2, Alabama Power customers and employees got a big dose of freezing temperatures y and drenching rains that glazed the northern half of the state with a three-inch crust of ice. Employees and out-of-state crews restored power to some 62,000 customers in just three days. I March ,,f n The company's oldest facility, Powell Avenue Steam Plant, celebrated 100 years of operation. ,- } Consolidated Electric Light Company originally built the facility to provide power for J Birmingham's electric-streetcar system. A century later, the plant continues to provide steam to city businesses and hospitals for heating, cooking and sterilization. April The company launched an advertising campaign to address liliteracy. The campaign consisted / l of two 30-second television spots. The campaign was timely because April is tr - I month when most students drop out of school. May ,] The company ordered eight electric bicycles to provide to several police forces. The bikes help police officers chase down crooks in snarled traffic conditions, and the electric-powered boost gets officers to the scene in better shape to make an arrest. Electric bikes and other electric-transporta-tion forms are part of Alabama Power's environmental commitment. June ra-By the end of the month, about 800 of Alabama Power's largest industrial and commercial cus-e tomers had signed long-term contracts in which customers agree to continue buying electricity from Alabama Power for at least five years. Meter readers began a 21/2 month test of a high-tech, satellite-based navigational system called the Global Posit!on System. The system will allow the company to determine the coordi-nates and exact location of each meter. 24

i I l July ( To be competitive in the marketplace, Southern Company's Fossil / Hydro organization set a goal to reduce its costs by $401 million by 2000 and to continue reductions every year thereafter. l Alabama Power's portion of the overall goal is $183 million, half of which is related to fuel costs. The company donated $10,000 to a trust fund called Rebuild Alabama Churches. Proceeds from the fund benefitted community churches that have burned since March 1995. Employee efforts made Olympic soccer a success as they worked hand-in-hand with the j Birmingham Park and Recreation Board and the Birmingham Soccer Organizing Committee to { l Identify and provide for the event's energy needs. The company hosted a pep rally that drew more than 2,000 screaming fans to welcome the U.S. Men's Soccer team. August cj Praxalr, the largest industrial gas maker in North and South America, ranked Alabama Power as one of its best U.S. energy suppliers. September p3 In a two-day sales blitz for the company, eight two-person teams of Birmingham commercial I marketing representatives scoured randomly assigned territories and made $143,000 for the com-e d pany. The teams visited 433 customers and came back with 99 contracts for outdoor lights. 1 October r3 The new branding strategy for Alabama Power and Southern Company made news, as the j l L company got a fresh, bolder image, resulting from a new logo and new corporate colors-gray l O and red. On Oct. 7, Olin Corp., which operates a large chemical plant near McIntosh, north of Mobile, signed an amended power contract and a new cogeneration contract with Alabama Power. November The Southern Division's Distribution Operations Center expanded its coverage area to handle all operational aspects of the Southeast Division's distribution system. The center handles trouble calls, dispatches crews to work on power lines, coordinates and schedules maintenance, and issues work permits and switching orders for both divisions. December The Birmingham Division consolidated its Distribution Operations Center (DOC) and moved all DOC office employees into the Metro Ceatral building in downtown Birmingham. According to the division's estimates, the consolidation is saving the company about $570,000 annually. i On Dec. 2, The Alabama Public Service Commission approved a package of new price options that lowered electricity prices for industrial and commercial customers. The package includes two new general price options, nine new commercial options and four new industrial options. l 25

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i l l Management's Report i l The management of Alabama Power Company has pre-The audit committee of the board of directors, composed of pared-and is responsible for-the financial statements and directors who are not employees, provides a broad overview of related information included in this repot t.These statements management's finaricial reporting and control functions, were prepared in accordance with generally accepted account-Periodically,this committee meets with management,the inter-ing principles appropriate in the circumstances and necessarily nal auditors and the independent public accountants to ensure include amounts that are based on the best estimates and judg-that these groups are fulfilling their obligations and to discuss ments of management.Financialinformation throughout this auditing, internal controls, and financial reporting matters.The annual report is consistent with the financial statements. intemal auditors and independent public accountants have The company maintains a system of intemal accounting access to the members of the audit committee at any time. controls to provide reasonable assurance that assets are safe-Management believes that its policies and procedures pro-l guarded and that the books and records reflect only authorized vide reasonab!e assurance that the company's operations are transactions of the company. Limitations exist in any system of conducted according to a high standard of business ethics. j internal controls.however, based on a recognition that the cost in management's epinion,the financial statements present of the system should not exceed its benefits.The company fairly,in all material respects, the financial position results of believes its system of internal accounting controls maintains an operations and cash flows of Alabama Power Company in con-t appropriate cost / benefit relationship. formity with generally accepted accounting principles. l The company's system of intemal accounting controls is evaluated on an ongoing basis by the company's internal audit staff.The company's independent public accountants also con-l sider certain elements of the intemal control system in order to determine their auditing procedures for the purpose of expressing :.n opinion on the financial statements. Elmer 8. Harris William 8.Hutchins,lil President Executive Vice President and Chief Executive Officer and Chief Financial Officer February 12,1997 Ileport of Independent Public Accountants To the Board of Directors of Alabama Power Company: ments. An audit also includes ass.s' N W arounting princi-pies used and significant estimates made V/. inagement,as We have audited the accompanying balance sheets and well as evaluating the overall financial statemed aresentation. statements of capitalization of Alabama Power Company (an We believe that our audits provide a reasonable bcis for our Alabama corporation and a wholly owned subsidiary of opinion. Southern Company) as of December 31,1996 and 1995,and the in our opinion,the financial statements (pages 36-51) related statements of income, retained eamings,and cash flows referred to above present fairly,in all material respects, the finan-for each of the three years in the period ended December 31, cial position of Alabama Power Company as of December 31, 1996.These financial statements are the responsibility of the 1996 and 1995,and the results of its operations and its cash company's management.Our responsibility is to express an flows for each of the three years in the period ended December l opinion on these financial statements based on our audits. 31,1996.in conformity with generally accepted accounting l We conducted our audits in accordance with generally principles. I accepted auditing standards.Those standards require that w^ plan and perform the audit to obtain reasonable assurance Arthur Andersen LLP about whether the financial statements are free of material mis-statement. An audit includes examining,on a test basis, evidence Birmingham, Alabama supporting the amounts and disclosures in the financial state-February 12,1997 27
Selected Financial Data (Dollarsin Thousands) 1996* 1995* 1994* 1993* Condensed Statements ofIncome: r Operating Revenues Revenues" $2,904,155 $2,897,044 $2,770,380 $2,825,634 Revenues from Affiliates" 216,620 127,730 164,762 181,975 - Total operating revenues 3,120,775 3.024,774 2,935,142 3,007,609 Operating Expenses: Operation and maintenance ** - 1,769,755 1,679,804 1,639,013 1,735,980 Depreciation and amortization 320,102 303,050 292,420 290,310 Taxes other than income taxes 186,172 185,620 183,425 1 78,9 % Federal and state income taxes 228,108 230,982 224,280 _ 2,412,497 207,210 Total operating expenses 2,504,137 2.399,456 2,339.138 Operating income 616,638 625,318 596.004 595,112 Other income, Net 8,716 532 (3,464) 10,981 income BeforeInterest Charges 625,354 625,850 592,540 606,093 Net Interest Charges 227,262 237,887 209,967 230,040 Dividends on Preferred Stock 26,602 27,069 26,235 29,559 Net income after Dividends on Preferred Stock $ 371,490 $ 360,894 $ 356.338 $ 346,494 Cash Dividends on Common Stock. $ 347,500 $ 285,000 $ 268,000 $ 252,900 Return on Average Common Equity (Percent) 13.75 13.61 13.86 13.94 Total Assets $8,733,846 $8,744,360 $8,459,217 $8,248,683 i Gross Property Additions- $ 425,024 $ 551,781 $ 536,785 $ 435,843 Capitalization: Common stock equity $2,714,277 $2,690,374 $2,614,405 $2,526,348 Preferred stock 340,400 440,400 440,400 440,400 Preferred stock subject to mandatory redemption. Company obligated mandatorily redeemable preferred securities. 97,000 Long-term debt 2,354,006 2,374,948 2,455,013 2,362,852 Total Capitalization -- $5,505,683 $5,505,722 $5,509,818 $5,329.600 Kilowatt-hour Sales (In Thousands): Residential 14,593,761 14,383,231 13,183,147 13,185,062 Commercial 10,904,476 10,043.220 9,645,798 9,185,462 industrial 19,999,258 19,862,577 19,479,364 18,595,237 Sales for resale 3,217,320 3,153,478 3,097,700 3,052,740 Other 192,573 186,848 185.876 181.673 Total territorial sales 48,907,388 47,629,354 45,591,885 44,200,174 Sales for Resale - Non-Affiliates ** 6,273,917 4,892,711 3,677,476 4,090,932 Sales for Resale - Affiliates" 10,292,066 6,705,174 8.432,533 8,081,324 Total Kilowatt hour Sales 65,473,371 59,227,239 57,701,894 56,372,430 Operating Revenues: Hesidential - $ 998,806 $ 997,069 $ 913,146 $ 947,277 Commercial 696,453 670,453 647,202 634,895 Industrial 759,628 805,596 803,587 832,938 Sales for resale 120,032 120,247 114,501 115,214 Other 13,729 13,619 13,515 13.344 Total territorial revenues. 2,588,648 2,606,984 2,491,951 2,543,668 Sates for Resale - Non-Affiliates" 271,637 249,893 240,259 248,891 Sales for Resale - Affiliates" 216,620 127,730 164,762 181,975 Total revenues from sales of electricity 3,076,905 2,984,607 2,896,972 2,974,534 Other revenues 43,870 40,167 38,170 33,075 TotalOperating Revenues $3,120,775 $3,024,774 $2,935,142 $3,007,609 Customers (End of Year). 1,251,218 1,230,740 1,211,270 1,190,571 Employees (End of Year) 6,865 7,261 7,996 8,009 Average Revenue Per Kilowatt-hour Total Sales (Cents)" 4.70 5.04 5.02 5.28 Average Cost of Fuel Per Net Kilowatt-hour Generated (including SEGCO) (Cents) 1.48 1.49 1.57 1.74
~~Includes the effect of recognizing, beginning in February 1987, retail service rendered but not yet billed to customers.~~
28 " Includes the reclassification of certain bulk power sales.
1992* 199'" 1990* 1989* 1988* 1987* 1986 $ 2,688,752 $2,687,419 $2,628,951 $2,524,866 $2,399,935 $2,455,888 $2,428,663 158,088 159,375 93,473 104,488 76.691 118,746 120.911 2,846,840 2,846,794 2,72?,424 2.629,354 2,476,626 2,574.634 2,549,574 1,598,817 1,603,552 1,560,531 1,487,161 1,468,324 1,570,710 1,472,990 280,881 271,433 262,817 247,973 225.123 212,072 201,803 172,095 169,639 163,567 154,398 148,681 141,422 135,248 201,925 200,612 185,954 188,507 143,614 190,575 255.400 2,253,718 2,245,236 2,172,869 2,078,039 1,985,742 2,114,779 2.065,441 593,122 601,558 549,555 551,315 490,864 459,855 484,133 12.551 12.397 27,021 28,452 46.603 38,180 38,291 605,673 613,955 576,576 579,767 537,487 498,035 522,424 231,932 238,150 225,261 229,098 217,532 207,877 214,943 35,186 36,139 38,512 39.523 36,480 32,919 34,025 $ 338,555 $ 339,666 $ 312,803 $ 311,146 $ 283.475 $ 257,239 $ 273,456 $ 273,300 $ 232,900 $ 220,800 $ 217,300 $ 212,700 $ 201,100 $ 191,300 14.02 14.55 14.00 14.53 14.03 13.56 15.12 $6,593,618 $6,549,462 $6,362.293 $6,279,431 $6,180,945 $5,912,000 $5,570.653 $ 367,463 $ 397,011 $ 444,680 $ 459,199 $ 643,892 $ 600,589 $ 553,767 $2,443,493 $2,387,198 $2,280,590 $2,188.811 $2,094,815 $ 1,946,747 $1,847,608 489,400 484,400 484,400 484,400 484,400 384,400 384,400 12,500 17,500 22,500 27,500 30,000 2,202,473 2.382.635 2,397,931 2,435,129 2,496,492 2,386.258 2.210,108 $5.135,366 $5.254,233 $5,175.421 $ 5.125,840 $ 5,098,207 $4,744,905 $4,472,116 12,069,268 12,324,898 11,996,794 11,346,736 11,332.285 11,149,225 10,606,698 8,629,869 8,526,131 8,201,534 7,915,685 7,711,092 7,476,924 7,015,589 18,260,274 17,511,579 17,713,153 17,360,791 16,881,342 15,969,075 15,025,806 2,870,669 2,827,895 2,689,230 2,629,805 2,854,703 3,007,267 3,007,753 176,798 174.760 170.420 166,485 165,122 159,422 153,282 42,006,878 41,365,263 40,771,131 39,419,502 38,944,544 37,761,913 35,809,128 5,511,902 5,982,547 7,587,830 7,662,524 5,051,047 7,516,287 6,056,296 7,210.697 7,784,285 4.519,275 5,048.743 3,551,142 4 963,997 4,456.360 54,729,477 55,132,095 52,878,236 52,130,769 47,546,733 50,242.197 46,321,784 $ 845,660 $ 864,347 $ 825,645 $ 781,982 $ 761,805 $ 759,957 $ 738,864 589,816 582,730 551,634 533,487 510,910 501,088 481,676 800,311 790,224 777,580 762,274 738,755 721,298 705,395 106,720 107,361 106,864 98,552 108,119 118,907 124,412 12,734 12,662 12,103 11,743 11,255 10,968 10,811 2,355,241 2,357,324 2,273,826 2,188,038 2,130,844 2,112,218 2,061,158 301,071 300,551 328,132 310,650 247,243 324,973 348,526 158,08" 159.375 93.473 104,488 76,691 118,746 120,911 2,814,400 2,817,250 2,695,431 2,603,176 2,454,778 2,555,937 2.530,595 32,440 29.544 26.993 26,178 21,848 18,697 18,979 $ 2,846,840 $2.846,794 $2,722,424 $ 2,629,354 32,476.626 $2,574.634 $2,549,574 1,170,962 1,152,006 1,135,918 1,121,771 1,108,334 1,090,302 1,070,760 8,116 8,513 9,473 9,698 10,302 10,457 10,367 5.14 5.11 5.10 4.99 5.16 5.09 5.46 1.65 1.70 1,73 1.73 1.71 1.80 1.83 29
Management's Discussion and Analysis of Results of Operations and Financial Condition RESULTS OF OPERATIONS the primary reason for the decrease in 1996 retail revenues as compared to 1995. The hot weather during the summer of 1995 Earnings and higher fuel cost recovery were the primary reasons for the Alabama Power Company's 1996 net income after dividends increase in retail revenues over 1994. Fuel revenues genera!Iy on preferred stock was $371 million, representing a $10.6 million represent the direct recovery of fuel expense includinc the fuel (2.9 percent) increase from the prior year. This improvement can component of purchased energy,and,therefore,have no effect be attributed to an increase in retail energy sales of 2.7 percent on net income. from 1995 levels and lower net interest charges compared to Revenues from sales to utilities outside the service area the prior year. This irnprovement was partially offset by a 4.4 per-under long-term contracts consist of capacity and energy com-cent increase in operating costs. ponents. Capacity revenues reflect the recovery of fixed costs In 1995, earnings were $361 million, representing a 1.3 per-and a return on investment under the contracts. Energy is gen-cent increase from the prior year. This increase was due to an erally sold at variable cost. These capacity and energy compo-increase in retail energy sales of 4.7 percent, brought about by nents,as well as the components of the sales to affiliated com-extreme summer weather. This improvement was partially offset panies,were: by a 2.6 percent increase in operating costs. 1996 1995 1994 The return on average common equity for 19% was 13.75 (in thousands) percent compared to 13.61 percent in 1995,and 13.86 percent in 1994. Capacity $159,488 $158,825 $165,063 Energy 315,925 209,376 222,579 Total $475,413 $ 368.201 $ 38 7,642 Revenues Total revenues for 19% were $3.1 bi!Iion, reflecting a 3.2 per-Capacity revenues from non-affiliates remained relatively cent increase from 1995. The following table summarizes the constant over the past three years. Sales to affiliated companies principal factors that affected operating revenues for the past within the Southern electric system will vary from year to year three years: depending on demand,the ava!!abihty,and the variable produc-tion cost of generating resources at each company. Increase (Decrease) Kilowatt-hour (KWH) sales for 1996 and the percent change From Prior Year by year were as follows: 1996 1995 1994 On thousands) KWH Percent Change -~ 1995 1996 1995 1994 base rates $(19,380) $ 990 (mdkons) Unbilled Residential 14,594 1.5% 9.1% (1.7)% adjustment 28,000 Sales growth 61,765 18,174 45,304 Commercial
~~10,904 8.6 4.1 3.4 s~~
Weather (29,660) 54,888 (39,964) Industrial' 19,999 0.7 2.0 3.2 Fuel cost recovery Other 193 3.1 0.5 L1 and other (30,846) 35,235 (84,344) Total retail 45,690 2.7 4.7 3.3 Total retail (18,121) 109.287 (51,004) Sales for resale - Sales for resale - Non-affiliates 9,491 18.0 18.8 (5.2) Non-affiliates 21,529 15,380 (9.345) Affiliates 10,292 53.5 (20.5) 4.3 Affiliates 88,890 (37.032) (17,213) Total 65,473 10.5% 2.6% 2.4% Total sales for resale 110,419 (21,652) (26,558) .me kwH ues for 1996 reflect a rectassmcanon or apprommately 2m customers Other operatin9 from intstrial to commercial,which resulted in a shift of 473 mdkon KWH revenues 3,703 1,997 5,095 Absent the reclassificat.on,the percentage change in KWH dei for commerc al Total operating and industrial wouid have been 3 9% and 31% resp &tively revenues $ 96,001 $ 89.632 $(72.467) Percent change 3.2% 3.1% (2.4)% The increase in 1996 retail energy sales was primarily due to Retail revenues of $2.5 billion in 1996 decreased $18 million the strength of business and economic conditions in the com-(0 7 percent) from the prior year, compared with an increase of pany's service area. The 1995 retail sa!es growth was the result of $109 million (4.6 percent)in 1995. Lower fuel cost recovery was hotter-than-normal summer weather and a strong economy in 30
the company's service territory. Assuming normal weather, sales statements under" Natural Disaster Reserve *for additional infor-to retail customers are projected to grow approximately 2.7 per-mation. cent annually,on average,during 1997 through 2002. Depreciation and amortization expense increased 5.6 per-cent in 1996 and 3.6 percent in 1995. These increases reflect Enpenses additions to utility plant. Total operating expenses of $2.5 billion for 1996 were up The company contributed $6.8 milhon to the Alabama $ 105 miHion or 4.4 percent compared with 1995. The major Power Foundation,Inc.in 1996,which represents a decrease of components of this increase include $85 million in fuel costs, $4.7 million from the previous year. The Foundation makes dis- $15 milhon in maintenance expense,and $17 million in depreci-tributions to quahfied entities which are organized exclusively ation and amortization offset by a decrease in purchased power for charitable, educational, literary,and scientific purposes. of $15 million. The decline in net interest charges in 1996 by $11 million Total operating expenses of $2.4 billion for 1995 were up 2.6 (4.5 percent) was due primarily to a charge of $10 million in percent compared with the prior year. This increase was primari-1995 to the amortization of ri bt discount, premium,and e ly due to higher other operation expenses and increased pur-expense net, pursuant to an Alabama Public Service chased power. This was somewhat offset by decreases in fuel Commission (APSC) order. See Note 3 to the financial state-costs and maintenance expenses. ments under' Retail Rate Adjustment Procedures for additional Fuel costs constitute the single largest expense for the com-details. Total net interest charges and preferred stock dividends pany. The mix of fuel sources for generation of electricity is increased 12.2 percent in 1995. This increase results from (i) determined primanly by system load,the unit cost of fuel con-interest on interim obligations which rose due to higner average sumed,and the availability of hydro and nuclear generating interest rates on an increased average amount of short-term units. The amount and sources of generation and the average debt outstanding and (ii) amortization of debt discount premi-cost of fuel per net KWH generated were as follows: um, and expense net, pursuant to such order. 1996 1995 1994 Effects ofinflatiori Total generation The company is subject to rate regulation and income tax (biHions of KWHs) 65 58 57 laws that are based on the recovery of historical costs. Therefore, Sources of generation inflation creates an economic loss because the company is (percent) - recovering its costs ofinvestments in dollars that have less pur-Coat 72 73 68 chasing power. While the inflation rate has been relatively low in Nuclear 20 19 23 recent years,it continues to have an adverse effect on the com-Hydro 8 8 9 pany because of the large investment in long-lived utility plant. Average cost of fuel per net Conventional accounting for historical cost does not recognize KWH generated this economic loss nor the partially offsetting gain that arises (cents) - through financing facihties with fixed-money obligations, such Coat 1.71 1.71 1.92 as long-term debt and preferred stock. Any recognition ofinfla-Nuclear 0.50 0.50 0.49 tion by regu!atory authorities is reflected in the rate of return Total 1.46 1.48 1.56 allowed. Note-od & gas compf be less than 0.s% of generanon Fuel expense increased in 1996 by $85 million or 10.8 per-cent. This increase can be attributed to higher generation. Fuel expense decreased in 1995 by $10 mil! ion or 1.3 percent. This decrease resulted from lower average cost of fuel consumed. Purchased power consists primarily of purchases from the affiliates of the Southem electric system. Purchased power transactions among the company and its affiliates will vary from period to period depending on demand, the availability, and the variable production cost of generating resources at each com-pany. Total KWH purchases declined 9.3 percent from the prior year. The increase in maintenance expenses for 1996 is due to increased nuclear expenses, pnmarily outage-related accruals. The decrease in 1995 over 1994 reflects the establishment in 1994 of the Natural Disaster Reserve. See Note 1 to the financial 31
Futura Ecrnings Pct:nti:1 company to reduce balance sheet items - such as plant and The results of operations for the past three years are not deferred charges - at any time the company's actual base rate necessanly indicative of future earnings potential. The level of revenues exceed the budgeted revenues. See Note 3 to the ( future earnings depends on numerous factors ranging from financial statements for information about this and other l energy sales growth to a less regulated, more competitive envi-matters. The staff of the Securities and Exchange Commission has ronment. Future eamings in the near term will depend upon growth questioned certain of the current accounting practices of the in electric sales,which are subject to a number of factors. electric utility industry - including the company - regarding the Traditionally,these factors have included weather, competition, recognition, measurement,and classification of decommission-changes in contracts with neighboring utihties, energy conserva-ing costs for nuclear generating facilities in the financial state-tion practiced by customers,the elasticity of demand,and the ments. In response to these questions,the Financial Accountir g rate of economic growth in the company's service area. Standards Board (FASB) has decided to review the accounting However,the Energy Policy Act of 1992 (Energy Act) is having a for liabilities related to closure and removal of long-lived assets, dramatic effect on the future of the electric utility industry. The including nuclear decommissioning. If the FASB issues new Energy Act promotes energy efficiency, alternative fuel use,and accounting rules,the estimated costs of closing and removing increased competition for electric utihties. The company is posi-the company's nuclear and other facilities may be required to be tioning the business to meet the challenge of this major change recorded as liabilities in the Balance Sheets. Also,the annual in the traditional practice of selling electricity. The Energy Act provisions for wh costs could change. Because of the compa-a! lows independent power producers (IPPs) to access a utility's ny's curren*, ;ty to recover closure and removal costs through transmission network in order to sell electricity to other utilities. rates,these < oanges would not have a signiricant adverse effect This enhances the incentive for IPPs to build cogeneration plants on results of operations. See Note I to the financial statements for a utihty's large industrial and commercial customers and to under" Depreciation and Nuclear Decommissioning" for addi-sell excess energy generation to other utilities. Also, electricity tionalinformation. sales for resale rates are being driven down by wholesale trans-Compliance costs related to the Clean Air Act Arnendn ents mission access and numerous potential new energy suppliers, of 1990 (Clean Air Act) could affect earnings if such costs are not including power marketers and brokers. The company is aggres-fully recovered. The Clean Air Act and other important environ-sively working to maintain and expand its share of wholesale mental items are discussed later under" Environmental Matters." business in the Southeastem power markets. The company is subject to the provisions of FASB Statement Various federal and state initiatives designed to promote No.71, Accountiag for the Effects of Certain Types of Regulation. wholesale and retail competition,among other things, include in the event that a portion of the company's operations is no proposals that would allow customers to choose their electricity longer subject to these provisions,the company would be provider. As the initiatives matenalize,the structure of the utility required to write off related regulatory assets and liabilities,and industry could radically change. Certain initiatives could result in determine if any other assets have been impaired. See Note I to a change in the ownership and/or operation of generation and the financial statements under" Regulatory Assets and Liabilities" transmission facilities. Numerous issues must be resolved, for additionalinformation. includin'g significant ones relating to transmission pricPg and recovery of stranded investments. Being a low-cost producer could provide significant opportunities to increase market share and profitability in markets that evolve with changing regula-tion. Unless the company remains a low-cost producer and pro-vides quality service, the company's retail energy sales growth could be limited,and this could significantly erode earnings. The addition of four combustion turbine generating units in May 1996 increased related operation and maintenance expens-es and depreciation expenses. These additions are to ensure reli-able service to customers during critical peak times. Rates to retail customers served by the company are regu-lated by the APSC. Rates for the company can be adjusted peri-odically within certain limitations based on earned retail rate of return compared with an allowed return. In June 1995,the APSC issued an order granting the company's request for gradual adjustments to move toward parity among customer classes. This order also calls for a moratorium on any periodic retail rate increases (but not decreases) until 2001. In December 1995,the APSC issued an order authorizing the 32

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FINANCIAL CONDITION CapitalRequirements Capital expenditures are estimated to be $425 million for Overelew 1997, $519 million for 1998,and $622 milhon for 1999. The total The company's financial condition remained stable in 1996. is $1.6 billion for the three years. Actual capital costs may vary This stabihty is the continuation over recent years of growth in from this estimate because of factors such as changes in busi-energy sales and cost control measures combined with a signifi-ness conditions, revised load growth projections; changes in cant lowering af the cost of capital, achieved through the refi-environmental regulations; changes in the existing nuclear plant nancing and/or redemption of higher-cost long-term debt and to meet new regulatory requirements; increasing cost of labor, preferred stock. equipment,and materials;and cost of capital. In addition, there lhe company had gross property additions of $425 million can be no assurance that costs related to capital expenditures in 1996. The majority of funds needed for gross property addi-wil! be fully recovered. tions for the last several years have been provided from operat-The company has entered into agreements with two of its ing activities. principally from eamings and non-cash charges to industrial customers to locate cogeneration facilities at their income such as depreciation and deferred income taxes. The premises. These facilities will provide process steam to the Statements of Cash Flows provide additional details. respective customers concurrent with the production of electricity for use on the company's electric system. Each facility, Capital Structure which is primarily composed of a combustion turbine,will have The company's ratio of common equity to total capitaliza-approximately 100 megawatts of electric capacity and will serve tion -including short-term debt -- was 45.3 percent in 1996, as a base load resource for the company. These facihties are compared with 45.0 percc nt in 1995, and 45.9 percent in 1994 expected to be placed in service in 1999 at a total cost of in January 1996, Alabama Power Capital Trust I(Trust 0,of approximately $90 million. In addition,significant construction vvhich the company owns all of the common securities, issued of transmission and distobution facilities and upgrading of $97 milliori of 7.375 percent mandatorily redeemable preferred generating plants will continue. securities. Substantially all of the assets of Trust I are $100 million aggregate principal amount of the company's 7.375 percent Other Capital Requirements junior subordinated notes due March 31,2026. Additionally,in In additinn to the funds needed for the capital budget. November 1996,the company issued through public authorities approximately $220 million will be required by the end of 1999 $21 million of pollution control revenue refunding bonds. for maturities of first mortgage bonds. Also,the company will in January 1997, Alabama Power CaokalTrust il(Trust 10,of continue to retire higher-cost debt and preferred stock and which the company owns all of the common securities, issued replace these obligations with lower-cost capital if rnarket $200 million of 7.60 percent mandatori!y redeemable preferred conditions permit. securities. Substantially all of the assets of Trust il are $206 mil-lion aggregate principal amount of the company's 7.60 percent junior subordinated notes due December 31,2036. A portion of the proceeds of the January 1997 issuance will be used for the redemption of >100 million of preferred stock in February 1997. The company's current secunties ratings are as follows: Duff & Standard Phelps Moody's & Poor's First Mortgage Bonds AA-A1 A+ Company Obligated Mandatorily Redeemable Preferred Securitio A+ a2 A Preferred Stock A+ a2 A 33
Environm:ntl Mitt:rs The EPA and state environmental regulatory agencies are in Novembe< 1990,the Clean Air Act was signed into law. reviewing and evaluating various matters including: revisions to Title IV of the Clean Air Act - the acid rain cornpliance provision the ambient air standards for ozone and particulate matter; of the law -impacts Southern Company. Specific reductions in emission control strategies for ozone nonattainment areas;addi-sulfur dioxide and nitrogen oxide emissions from fossil-fired tional controls for hazardous air pollutant emissions;and haz-I generating plants am required in two phases. Phase I ardous waste disposal requirements. The impact of new stan-compliance began in 1995 and affected 28 generating units of dards will depend on the development and implementation of Southem Company. As a result of Southem Company's applicable regulations. l compliance strategy, an additional 22 generating units were The company must comply with other environmental laws brought into compliance with Phase I requirements. Phase 11 and regulations that cover the handling and disposal of haz-compliance is required in 2000,and all fossil-fired generating ardous waste. Under these various laws and regulations,the plants will be affected. company could incur costs to clean up properties. The company in 1995, the Environmental Protection Agency (EPA) began conducts studies to determine the extent of any required issuing annual sulfur dioxide emission allowances through the cleanup costs and has recognized in the financial statements allowance trading program. An emission allowance is the costs to clean up known sites. authority to emit one ton of sulfur dioxide during a calendar Several major pieces of environmental legislation are being year. The sulfur dioxide emission allowance program is expected considered for reauthorization or amendment by Congress. to minimize the cost of compliance. Southern Company's sulfur These include: the Clean Air Act;the Clean Water Act;the dioxide compliance strategy is designed to use allowances as a Comprehensive Environmental Response, Compensation,and compliance option. Liability Act;the Resource Conservation and Recovery Act;the Southern Company achieved Phase I sulfur dioxide compli-Toxic Substances Control Act;and the Endangered Species Act. ance at the affected plants by switching to low-sulfur coal,which Changes to these laws could affect many areas of Southem required some equipment upgrades. This compliance strategy Company's operations. The full impact of any such changes resulted in unused emission allowances being banked for later cannot be determined at this time. use. Construction expenditures for Phase I compliance totabd Compliance with possible additional legislation related to approximately $25 million for the company. global climate change, electromagnetic fields,and other envi-For Phase 11 sulfur dioxide compliance,the company could ronmental and health concerns could significantly affect use emission allowances, increase fuel switching,and/or install Southern Company. The impact of new legislation -if any - will flue gas desulfurization equipment at selected plants. Also, depend on the subsequent development and implementation equipment to control nitrogen oxide emissions will be installed of applicable regulations. In addition, the potential exists for on additional system fossil-fired units as required to meet Phase liability as the result of lawsuits alleging damages caused by Il limits. Therefore,the current compliance strategy could require electromagnetic fields. total Phase ll estimated construction expenditures of approxi-mately $40 million,of which $30 million remains to be spent. However,the full impact of Phase ll compliance cannot now be determined with certainty, pending the continuing develop-ment of a market for emission allowances,the completion of EPA regulations,and the possibility of new emission reduction tech-nologies. An average increase of up to 1 percent in annual revenue requirements from customers could be necessary to fully recov-er the company's cost of compliance for both Phase I and Phase 11 of Title IV of the Clean Air Act. Compliance costs include con-struction expenditures, increased costs for switching to low-sulfur coal,and costs related to emission allowances. A significant portion of costs related to the acid rain provi-sion of the Clean Air Act is expected to be recovered through existing ratemaking provisions. However,there can be no assur-ance that all Clean Air Act costs will be recovered. l 34
Sources of Capital it is anticipated that the funds required will be derived from sources in form and quantity similar to those used in the past. To issue additional first mortgage bonds and preferred stock,the company must comply with certain earnings coverage require-ments designated in its mortgage indenture and corporate charter. The company's coverages are at a level that would per-mit any necessary amount of security sales at current interest and dividend rates. As required by the Nuclear Regulatory Commission and as ordered by the APSC,the company has established external trust funds for nuclear decommissioning costs. In 1994, the company also established an external trust fund for postretirement bene-fits as ordered by the APSC. The cumulative effect of funding these items over a long period will diminish internally funded capital and may require capital from other sources. For addition-alinformation concerning nuclear decommissioning costs.see Note 1 to the financial statements under " Depreciation and Nuclear Decommissioning." 35
Statements of Income for the Years Ended December 31,1996,1995, and 1994 1996 1995 1994 on tnousands; Operating Revenues (Notes 1,3 and 7): $2,904,155 $2,897,044 $2,770,380 Revenues Revenues from affiliates 216,620 127,730 164,762 3,120,775 3,024,774 2,935,142 Total operating revenues Operating Expenses: Operation-Fuel 877,076 791,819 801,948 Purchased power from non-affiliates 36,813 30,%5 15,158 Purchased power from affiliates 91,500 112,826 100,888 Other 505,884 501,876 458,917 Maintenance 258,482 243,218 262,102 Depreciation and amortization 320,102 303,050 292,420 Taxes other than income taxes 186,172 185,620 183,425 Federal and state income taxes (Note 8) 228,108 230,982 224,280 Total operating expenses 2,504,137 2,399,456 2,339,138 616,638 625,318 596,004 Operating income Otherincome(Expense): Allowance for equity funds used during construction (Note 1) 1,649 3,239 income from subsidiary (Note 6) 3,851 4,051 3,588 Chantable foundation (6,800) (11,542) (13,500) Interest income 28,318 13,768 16,944 Other, net (39,053) (21,536) (30,569) Income taxes applicable to other income 22,400 14,142 16,834 ine:me Before Interest Charges and Other 625,354 625,850 592,540 Int: rest Charges and Other: Interest on long-term debt 169,390 180,714 178,045 Allowance for debt funds used during construction (Note 1) (6,480) (7,067) (3,548) Interest on interim obligations 20,617 16,917 5,939 Amortization of debt discount, premium,and expense, net 9,508 20,259 9,623 Other interest charges 27,510 27,064 19,908 Distributions on preferred securities of Alabama Power Capital Trust I (Note 9) 6,717 Interest charges and other, net 227,262 237,887 209,967 Netincome 398,092 387,% 3 382,573 Dividends on Preferred Stock 26,602 27,069 26,235 N;t income After Dividends on Preferred Stock $ 371,490 $ 360,894 $ 356,338 The accompanying notes are an integral part of these statements. 1 36
Statements of Cash Flows For the Years Ended December 31,1996,1995, and 1994 1996 1995 1994 On ITIOU$3nO5J Operating Activities: Net income $ 398,092 $ 387,963 $ 382,573 Adjustments to reconcile net income to net cash provided byoperating activities-Depreciation and amortization 383,438 371,382 359,791 Deferred income taxes and investment tax credits 16,585 32,627 (32,613) Allowance for equity funds used during construction Other, net (1,649) (3,239) 21,563 33,244 28,656 Changes in certain current assets and liabilities-Receivables, net 3,958 (54,209) 19,390 inventories 36,234 18,425 (38,946) Payables 1,006 (63,656) (21,240) Taxes accrued (5,756) 551 6,856 Energy cost recovery, retail 25,771 1,177 16,907 Other (7,111) (15,895) (14,235) Net cash provided from operating activities 873,780 709.960 703,900 investing Activities: Gross property additions (425,024) (551,781) (536,785) Other (61,119) (53,321) (26.632) Net cash used for investing activities (486,143) (605,102) (563,417) Financing Activities: Proceeds: Company obligated mandatorily. redeemable preferred securities 97,000 First mortgage bonds Other long-term debt 150,000 21,000 131,500 208,720 Retirements: First mortgage bonds (83,797) (20,387) Other long-term debt (21,907) (132,291) (305,380) Interim obligations, net (25,163) 210,134 139,882 Payment of preferred stock dividends (26,665) (27.118) (25,431) Payment of common stock dividends (347,500) (285,000) (268,000) Miscellaneous (3,634) (4,143) (8,444) Net cash used for financing activities (390,666) (106,918) (129,040) Net Changein Cash (3,029) (2,060) 11,443 Cash at Beginning of Year 12,616 14,676 3.233 Cash at End of Year 9,587 12,616 14,676 Supplemental Cash Flow information: Cash paid during the year for-Interest and other (net of amount capitalized) 193,871 $ 189,268 $ 183,445 Income taxes 195,214 172,777 231,831 () Denotes use of cash. The accompanying notes are an integral part of these statements. 37
Balance Sheets At December 31,1996 and 1995 1996 1995 ASSETS On thous)nds) Utility Plant: Plant in service, at original cost (Note 1) $ 10,806,921 $ 10,430,792 Less accumulated provision for depreciation 4,113,622 3,838,093 6,693,299 6,592,699 Nuclear fuel,at amortized cost 123,862 100,537 Construction work in progress 256,802 362,768 Total 7,073,963 7,056,004 Other Property and Investments: Southern Electric Generating Company,at equity (Note 6) 26,032 27,232 Nuclear decommissioning trusts (Note 1) 148,760 108,368 Miscellaneous 20,243 19,156 Total 195,035 154,756 Current Assets: Cash 9,587 12,616 Receivables - Customer accounts receivable 334,150 355,833 Other accounts and notes receivable 28,524 28,082 Affiliated companies 47,630 41,819 Accumulated provision for uncollectible accounts (1,171) (1,212) Refundableincome taxes 5,856 2,635 Fossil fuel stock,at average cost 81,704 106,627 Materials and supplies,at average cost 167,792 179,103 131,870 .116,331 Prepayments Vacation pay deferred 28,369 29,458 Total 834,311 871,292 Def;rred Charges: Deferred charges related to income taxes (Note 8) 410,010 436,837 Debt expense,being amortized 7,398 7,648 Premium on reacquired debt,being amortized 84,149 89,% 7 Uranium enrichment decontamination and decommissioning fund (Note 1) - 37,490 40,282 Miscellaneous 91,490 87,574 Total 630,537 662,308 Tot:1 Assets $ 8,733,846 $ 8,744,360 The accompanying notes are an integral part of these balance sheets. 1 38
5 . Balance Sheets At December 31,1996 and 1995 . CAPITALIZATION AND LIABILITIES 1996 1995 on mausana Capitalization (See accompanying statements): Common stock equity $ 2,714,277 $2,690,374 Preferred stock 340,400 440,400 Company obligated mandatorily redeemable preferred securities of Alabama Power Capital Trust I Holding Company Junior Subordinated Notes (Note 9) 97,000 Long-term debt 2,354,006 2,374,948 Total 5,505,683 5,505.722 Current Liabilities: Preferred stock due within one year (Note 11) 100,000 Long-term debt due within one year (Note 11) 20,753 84,682 Commercial paper 364,853 390,016 Accounts payable - Affiliated companies 64,307 76,326 Other 182,563 182,401 Customer deposits 32,003 30,353 Taxes accrued - Federal and state income 35,638 13,599 Other 15,271 18,158 Interest accrued 51,941 53,527 Vacation pay accrued 28,369 29,458 Miscellaneous 96,485 70,543 Total 992,183 949,063 Dsferred Credits and Other Liabilities: Accumulated deferred income taxes (Note 8) 1,177,687 1,191,591 Accumulated deferred investment tax credits 294,071 305,372 Prepaid capacity revenues, net (Note 7) 122,496 131,186 Uranium enrichment decontamination and decommissioning fund (Note 1) 33,741 36,620 Deferred credits related to income taxes (Note 8) 364,792 386,038 Natural disaster reserve (Note 1) 20,757 17,959 Miscellaneous 222,436 220.809 Total 2,235,980 2,289,575 Commitments and Contingent Matters (Notes 1,3,4,5,6,7, and 12) Total Capitalization and Liabilities $ 8,733,846 $8,744,360 The accompanying notes are an integral part of these balance sheets. 39 m
Statements of Capitalization At December 31,1996 and 1995 1996 1995 1996 1995 (in thousands) (percent of total) Ccmmon Stock Equity: Common stock, par value $40 per share-Authorized-6,000,000 shares Outstanding-5,608,955 shares in 1996 and 1995 $ 224,358 $ 224,358 Paid-in capital 1,304,645 1,304,645 Premium on preferred stock 146 146 Retained earnings (Note 13) 1,185,128 1,161,225 Total common stock equity 2,714,277 2,690,374 49.3 % 48.9% Cumulative Preferred Stock: $1 par value - Authorized - 27,500,000 shares Outstanding - 12,020,200 shares $25 stated capital-6.40% 50,000 50,000 6.80 % 38,000 38,000 7.60 % 150,000 150,000 Adjustable rate 5.17% - at January 1,1997 50,000 50,000 $100 stated capital-Auction rate - 4.09% at January 1,1997 50,000 50,000 $100,000 stated capital-Auction rate - 4.01% at January 1,1997 20,000 20,000 $100 par value - Authorized - 3,850,000 shares Outstanding - 824,000 shares 4.20% to 4.52% 41,400 41,400 4.60% to 4.92% 29,000 29,000 5.96% to 6.88% 12,000 12,000 Total cumulative preferred stock (annual dividend requirement - $26,500,000) 440,400 440,400 less amount due within one year (Note 11) 100,000 Cumulative preferred stock excluding amount due within one year 340,400 440,400 6.2 8.0 hmpany Obligated Mandatorily Redeemable Preferred Securities (Note 9): $25 liquidation value - 7.375% 97,000 Total (annual distribution requirement - $7,154,000) 97,000 1.7 Long-Term Debt: First mortgage tends - ( Maturity Interest Rates March 1,19% 41/2% 60,000 February 1,1998 51/2% 50,000 50,000 August 1,1999 63/8% 170,000 170,000 March 1,2000 6% 100,000 100,000 2002 through 2007 6 3/4% to 71/4% 575,000 575,000 2021 through 2024 7.30% to 91/4% 1,021,059 1,044.856 Total first mortgage bonds 1,916,059 1,999,856 Pollution control obligations 476,140 476,140 Other long-term debt 8,056 8,%3 Unamortized debt premium (discount), net (25,496) (25,329) Total long term debt (annual interest requirement - $171,420,000) 2,374,759 2,459,630 Less amount due within one year (Note 11) 20,753 84,682 Long-term debt excluding amount due within one year 2,354,006 2,374,948 42.8 43.1 T:tal Capitalization $ 5,505,683 $ 5,505,722 100.0 % 100.0 % l The accompanying notes are an integral part of these statements. j 40
Statements of Retained Earnings for the Years Ended December 31,1996,1995, and 1994 1996 1995 1994 on tnousanos; Balance at Beginning of Year $ 1,161,225 $ 1,085.256 $ 997,199 Net income after dividends on preferred stock 371,490 360,894 356,338 Cash dividends on common stock (347,500) (285,000) (268,000) Preferred stock transactions net (7) (118) Other adjustments to retained earnings (80) 75 (163) Balance at End of Year (Note 13) $ 1,185,128 $ I,161,225 $ 1,085,256 ihe accompanying notes are an integral part of these statements. 41
Notes to Financial Statements 1.
~~SUMMARY~~
OF SIGNIFICANT ACCOUNTING revenues associated with amounts that are to be credited to POLICIES customers through the ratemaking process. Regulatory assets and (liabilities) reflected in the Balance Sheets at December 31 G:neral relate to: Alabama Power Company (the company) is a wholly owned I subsidiary of Southem Company,which is the parent company 1996 1995 of five operating companies,a system service company, (in thouunds) Southem Communications Services (Southem Deferred income taxes $ 410,010 $ 436,837 I Communications),Southem Energy,Inc.(Southern Energy), Premium on reacquired debt 84,149 89 967 Southern Nuclear Operating Company (Southern Nuclear),The Department of Energy assessments 37,490 40,282 Southern Development and Investment Group (Southern Vacation pay 28,369 29,458 Development),and other direct and indirect subsidiaries. The Work force reduction costs 45,969 48,402 operating companies (Alabama Power Company, Georgia Power Deferred income tax credits (364,792) (386,038) Company, Gulf Power Company, Mississippi Power Company,and Natural disaster reserve (20,757) (17,959) Savannah Electric and Power Company) provide electric service Other, net 45,521 39.172 in four southeastern states. Contracts among the companies -- Total $ 265,959 $ 280.121 dealing with jointly-owned generating facilities, interconnecting transmission lines, and the exchange of electric power - are reg-In the event that a portion of the company's operations is ulated by the Federal Energy Regulatory Commission (FERC) or no longer subject to the provisions of Statement No 71,the the Securities and Exchange Commission (SEC). The system ser-company would be required to write off related regulatory vice company provides,at cost,specialeed services to Southern assets and liabilities. In addition,the company would be Company and subsidiary companies. Southern required to determine any impairment to other assets, including Communications provides digital wireless communications ser-plant,and wnte down the assets,if impaired,to their fair value. vices to the operating companies and also markets these ser-vices to the public within the Southeast. Southern Energy Revenues and FuelCosts designs, builds, owns and operates power production and deliv-The company accrues revenues for services rendered but ery facilities and provides a broad range of energy-related ser-unbilled at the end of each fiscal period Fuel costs are vices in the United States and international markets. Southem expensed as the fuel is used. The company's elecac rates Nuclear provides services to Southem Cornpany's nuclear power include provisions to adjust billings for fluctuations in fuel and plants. Southern Development develops new business opportu-the energy component of purchased power costs. Revenues are nities related to energy products and services. adjusted for differences between recoverable fuel costs and Southern Company is registered as a holding company amounts actually recovered in current rates. under the Public Utility Holding Company Act of 1935 (PUHCA). The company has a diversified base of customers. No single Both Southern Company and its subsidiaries are subject to the customer or industry comprises 10 percent or more of revenues. regulatory provisions of the PUHCA. The company is also sub-In 1996 uncollectible accounts continued to average less than ject to regulation by the FERC and the Alabama Public Service 1 percent of revenues. Commission (APSC). The company follows generally accepted Fuel expense includes the amortization of the cost of accounting principles and complies with the accounting poli-nuclear fuel and a charge, based on nuclear generation,for the cies and practices prescribed by the respective regulatory com-permanent disposal of spent nuclear fuel. Total charges for missions. The preparation of financial statements in conformity nuclear fuel included in fuel expense amounted to $64 million in with generally accepted accounting principles requires the use 1996,$54 million in 1995,and $65 million in 1994. The company of estimates,and the actual results may differ from those has a contract with the U.S. Department of Energy (DOE) that estimates, provides for the permanent disposal of spent nuclear fuel. Although disposal was scheduled to begin in 1998,the actual Regulatory Assets and Liabilities year this service wiil begin is uncertain. Sufficient storage capac-The company is subject to the provisions of Financial ity currently is available to permit operation into 2010 and 2013 Accounting Standards Board (FASB) Statement No. 71, at Plant Fadey Units 1 and 2,respectively. Accounting for the Effects of Certain Types of Regulation. Also,the Energy Policy Act of 1992 required the establish-Regulatory assets represent probable future revenues to the ment in 1993 of a Uraaium Enrichment Decontamination and ccmpany associated with certain costs that are expected to be Decommissioning Fund,which is to be funded in part by a spe-recovered from customers through the ratemaking process. cial assessment on utilities with nuclear plants. This assessment Regulatory liabilities represent probable future reductions in will be paid over a 15-year period,which began in 1993. This 42
fund will be used by the DOE for the decontamination and Site study basis (year) 1993 decommissioning of its nuclear fuel enrichment facilities. The law provides that utilities will recover these payments in the Decommissioning periods: same manner as any other fuel expense. The company esti-Beginning year 2017 mates its remaining liability at December 31,1996, under this law Completion year 2029 to be approxirnately $37 million. This obligation is recognized in 0n muons) the accompanying Balance Sheets. Site study costs: Radiated structures $489 Depreciation and Nuclear Decommissioning Non-radiated structures 89 Depreciation of the original cost of depreciable utility plant Total $578 in service is provided primarily by using composite straight-line On maons) rates,which approximated 3.3 percent in 19% and 3.2 percent in Ultimate costs: 1995 and 1994. When property subject to depreciation is retired Radiated structures $ 1,504 or otherwise disposed ofin the normal course of business,its Non-radiated structures 274 cost -- together with the cost of rernoval,less saivage -is Total $1,778 charged to the accumulated provision for depreciation. Minor en meons) items of property included in the original cost of the plant are Amount expensed in 19% $18 retired when the related property unit is retired. Depreciation expense includes an amount for the expected cost of decom-Accumulated provisions: missioning nuclear facilities and removal of other facilities. Balance in external trust funds $149 In 1988, the Nuclear Regulatory Commission (NRC) adopted Balance in internal reserves 47 regulations requiring all licensees operating commercial power Total $196 reactors to establish a plan for providing,with reasonable assur-ance, funds for decommissioning The company has established Significant assumptions: external trust funds to comply with the NRC's regulations. Inflation rate 4.5% Amounts previously recorded in internal reserves are being Trust earning rate 7.0 transferred into the external trust funds over periods approved by the APSC. The NRC's minimum extemal funding require-Annual provisions for nuclear decommissioning are based ments are based on a generic estimate of the cost to decommis-on an annuity method as approved by the APSC. All of the com-sion the radioactive portions of a nuclear unit based on the size pany's decommissioning costs are approved for ratemaking. and type of reactor. The company has filed plans with the NRC The decommissioning cost estimates are based on prompt to ensure that - over time - the deposits and eamings of the dismantlement and removal of the plant from service. The actu-extemal trust funds will proviJe the minimum funding amounts al decommissioning costs may vary from the above estimates prescribed by the NRC. because of changes in the assumed date of decommissioning, Site study cost is the estimate to decommission the facility changes in NRC requirements,or changes in the assumptions as of the site study year,and ultimate cost is the estimate to used in making estimates. decommission the facility as of retirement date. The estimated costs of decommissioning - both site study costs and ultimate income Taxes costs - at December 31,1996, for Plant Farley were as follows: The company uses the liability method of accounting for deferred income taxes and provides deferred income taxes for all significant income tax temporary differences. Investment tax credits utilized are deferred and amortized to income over the average lives of the related property. 43 _]
Allow:ncs F:r Funds Used During Csnstructi n (AFUDC) the reserve to its authorized level whenever the balance in the AFUDC represents the estimated debt and equity costs of reserve declines below $22.4 million. capital funds that are necessary to finance the construction of new facilities. While cash is not realized currently from such 2. RETIREMENT BENEFITS allowance it increases the revenue requirement over the service life of the plant through a higher rate base and higher deprecia-Pension Plan tion expense. The composite rate used to determine the The company has a defined benefit, trusteed,non-contribu-amount of allowance was 5.8 percent in 1996 7.1 percent in tory pension plan that covers substantially all regular employees. 1995,and 7.9 percent in 1994. AFUDC, net of income tax,as a Benefits are based on one of the following formulas: years of percent of net income after dividends on preferred stock,was service and final average pay or years of service and a flat-dollar 1.1 percent in 1996,1.7 percent in 1995 and 1.5 percent in 1994. benefit. The company uses the " entry age norma! method with a frozen initial liability" actuarial method for funding purposes, Utility Plant subject to limitations under federalincome tax regulations. Utility plant is stated at original cost. Original cost includes: Amounts funded to the pension trusts are primarily invested in materials; labor; minor items of property; appropriate administra-equity and fixed-income securities. FASB Statement No.87, tive and general costs; payroll-related costs such as taxes, pen-Employers' Accounting for Pensions, requires use of the " project-sions,and other benefits;and the estimated cost of funds used ed unit credit" actuarial method for financial reporting purposes. during construction. The cost of maintenance, repairs and replacement of minor items of property is charged to mainte-Postretirement Benefits nance expense. The cost of replacements of property (exclusive The company also provides certain medical care and life of minor items of property)is charged to utility plant. insurance benefits for retired employees. Substantially all j employees may become eligible for these benefits when they i FinincialInstruments retire. Amounts funded are primarily invested in debt and equity The company's or!y financial instruments for which the car-securities. In December 1993,the APSC issued an accounting rying amount did not approximate fair value at December 31 are policy statement which requires the company to externally fund as follows: net annual postretirement benefits. FASB Statement No.106, Employers' Accounting for Carrying Fair Postretirement Benefits Other Than Pensions, requires that med-Amount Value ical care and life insurance benefits for retired employees be cn neons) accounted for on an accrual basis using a specified actuarial Long-term debt: met hod. " benefit / yea rs-of-service? At December 31,1996 $2,367 $2,420 At December 31,1995 2,451 2,577 Funded Status and Cost of Benefits Preferred Securities: The following tables show actuarial results and assumptions At December 31,1996 97 94 for pension and postretirement insurance benefits as computed At December 31,1995 under the requirements of Statement Nos.87 and 106,respec-tively. The funded status of the plans at December 31 was as follows: The fair value for long-term debt and preferred securities Pension was based on either closing market prices or closing prices of 1996 1995 comparab!e instruments. On rnnons) Actuarial present value of Miterials and Supplies benefit obligations: Vested benefits $ 603 $ 604 Generally, materials and supplies include the cost of trans. Non-vested benefits 30 25 mission, distribution,and generating plant materials. Materials are charged to inventory when purchased and then expensed Accumulated benefit obligation 633 629 Additional amounts related to or capitalized to plant,as appropriate,when installed. projected salary increases 180 173 9"" N:tural Disaster Reserve Less-In September 1994,in response to a request by the compa-Fair value of plan assets 1,334 1,256 ny,the APSC issued an order allowing the company to establish Unrecognized net gain (413) (331) a Natural Disaster Reserve. Regulatory treatment allows the Unrecognized prior service cost 46 21 company to accrue $250 thousand per month,until the maxi-Unrecognized transition asset (40) (45) mum accumulated provision of $32 million is attained. However, Prepaid asset recognized in the in December 1995,the APSC approved higher accruals to restore Balance Sheets $ 114 $ 99 44
Postretirement credits to operating expenses,and the remainder was recorded Benefits as credits to construction and other accounts. 1996 1995 On nsons) Postretirement Actuarial present value of Benefits benefit obligation: 1996 1995 1994 Retirees and depenJents $116 $103 0n mAons) Employees eligible to retire 28 31 Benefits earned during the year $5 $7 $8 Other employees 98 104 Interest cost on accumulated Accumulated benefit obligation 242 238 benefit obligation 17 18 18 Less: Amortization of transition Fair value of plan assets 108 89 obligation 4 7 6 Unrecognized net loss 15 23 Actual (retum) loss on plan Unrecognized transition assets (7) (10) 1 obligation 65 72 Net amortization and deferral 2 5 (4) Accrued liability recognized Net postretirement costs $21 $27 $29 in the Calance Sheets $ 54 $ 54~ Of the above net postretirement costs recorded, $17.8 mil-In 1995,the system companies announced a cost sharing lion in 19%,$22.7 million in 1995,and $23 million in 1994 were program for postretirement benefits. The program establishes charged to operating expenses and the remainder was charged limits on amounts the company will pay to provide future retiree to construction and other accounts. postretirement benefits. This change reduced the 1995 accumu-lated postretirement benefit obligation by approximately Work Force Reduction Programs $41 million. The company has incurred costs for work force reduction The weighted average rates assumed in the actuarial calcu-programs. The costs related to these programs were $26.7 mil-lations were: lion, $14.3 million and $8.2 million for the years 19%,1995 and 1996 1995 1994 1994,respectively. In addition,certain costs of these programs Discount 7.8% 7.3% 8.0% were deferred and are being amortized in accordance with reg-Annual salary increase 5.3 4.8 5.5 ufatory treatment. The unamortized balance of these costs was long-term retum on $46.0 million at December 31.19%. plan assets 8.5 8.5 8.5 3. LITIGATION AND REGULATORY MATTERS An additional assumption used in measuring the accumu-lated postretirement benefit obligation was a weighted average Retail Rate Adjustment Procedures medica! care cost trend rate of 9.3 percent for 1996, decreasing gradually to 5.8 percent through the year 2005 and remaining at in November 1982,the APSC adopted rates that provide for that level thereafter. An annual increase in the assumed medical periodic adjustments based upon the company's earned return care cost trend rate of I percent would increase the accumulat-on end-of-period retail common equity. The rates also provide usams o r c gn ze the placing of new generating r ed benefit obligation as of December 31,1996,by $20 million and the aggregate of the service and interest cost components facilities in retail service.Both increases and decreases have been of the net retiree cost by $2 million. placed into effect since the adoption of these rates. The rate Components of the plans' net cost are shown below: diustment procedure: allow a return on common equity range of 13 0 percent to 14.5 percent and hmit increases or decreases Pension in rates to 4 percent in any calendar year. 1996 1995 1994 in June 1995,the APSC issued a rate order granting the On mnons) company's request for gradual adjustments to move toward par-Benefits earned during ity among customer classes. This order also calls for a moratori-the year $ 21.5 $ 212 $ 20.8 um on any periodic retail rate increases (but not decreases) until Interest cost on projected July 2001. benefit obligation 59.5 54.3 512 In December 1995,the APSC issued an order authorizing the Actual (return) loss on plan company to reduce balance sheet items -- such as plant and assets (148.9) (236.3) 23.5 deferred charges - at any time the company's actual base rate Net amortization and deferral 43.8 136.9 (116.2) revenues exceed the budgeted revenues. Net pension cost (income) $ (24.1) $ (23.9) $ (20.7) The ratemaking procedures will remain in effect until the APSC votes to modify or discontinue them. Of the above net pension income, $20.3 million in 19%, $17.1 million in 1995,and $15.7 million in 1994 were recorded as 45
Appli:ncsWirr:ntyLitig tiin projections; changes in environmental regulations; changes in in 1996 legal actions against the company were filed in sev-the existing nuclear plant to meet new regulatory requirements; eral counties in Alabama charging the company with fraud and increasing costs oflabor, equipment,and materials;and cost of non-compliance w;th regulatory statutes relating to the offer, capital. At December 31,1996 significant purchase commit-sale,ai financing of' extended service contracts
in connection ments were outstanding in connection with the construction with the sale of electric appliances. Some of these suits were program. The company has entered into agreements with two filed as class actions.while others were filed on behalf of multe of its industrial customers to locate cogeneration facilities at ple individual plaintiffs. The plaintiffs seek damages for an their premises. These facilities will provide process steam to the unspecified amount. The company has offered extended service respective customers concurrent with the production of elec-agreements to its customers since January 1984,and approxi-tricity for use on the company's electric system. Each facility, mately 175,000 extended service agreements could be involved which is primarily composed of a combustion turbine,will have in these proceedings. The final outcome of these cases cannot approximately 100 megawatts of electric capacity and will serve now be determined.
as a base load resource for the company. These facilities are expected to be placed in service in 1999 at a total cost of FERC Reviews Equity Returns approximately $90 million. In addition,significant construction in May 1991,the FERC ordered that hearings be conducted will continue related to transmission and distribution facilities conceming the reasonableness of the operating companies' and the upgrading of generatirig plants. wholesale rate schedules and contracts that have a return on common equity of 13.75 percent or greater. The contracts that could be affected by the hearings include substantially all of the S. FINANCING, INVESTMENT, AND transmission, unit power,long-term power and other similar COMMITMENTS contracts. In August 1992,a FERC administrative law judge issued an General opinion that changes in rate schedules and contracts were not To the extent possible,the company's construction program necessary and that the FERC staff failed to show how any is expected to be financed primarily from internal sources. changes were in the public interest. The FERC staff has filed Short-term debt is often utilized and the amounts available are exceptions to the administrative law judge's opinion,and the discussed below. The company may issue additional long-term matter remains pending before the FERC. debt and preferred securities for the purposes of debt maturi-In August 1994,the FERC instituted another proceeding ties, redeeming higher-cost securities,and meeting additional based on substantially the same issues as in the 1991 proceed-capital requirements. ing In November 1995,a FERC administrative lawjudge issued an opinion that the FERC staff failed to meet its burden of proof Financing j and,therefore,no change in the equity return was necessary. The ability of the company to finance its capital budget The FERC staff has filed exceptions to the administrative law depends on the amount of funds generated internally and the judge's opinion,and the matter is pending before the FERC. funds it can raise by external financing. The company's primary if the rates of return on common equity recommended by sources of external financing are sales of first mortgage bonds the FERC staff were applied to all of the schedules and contracts and preferred stock to the public and receipt of additional paid-involved in both proceedings, as well as certain other contracts in capital from Southern Company. In order to issue additional that reference these proceedings in determining return on com-first mortgage bonds and preferred stock,the company must mon equity,and if refunds were ordered,the amount of refunds comply with certain eamings coverage requirements contained could range up to approximately $160 million at December 31, in its mortgage indenture and corporate charter. The most 1996 for Southern Company,of which the company's portion restrictive of these provisions requires,for the issuance of addi-would be approximately $76 million. However, management tional first mortgage bonds, that before-income-tax earnings,as beheves that rates are not excessive,and that ref ands are not defined. cover pro forma annual interest charges on outstanding . justified first mortgage bonds at least twice;and for the issuance of addi-tional preferred stock, that gross income available for interest cover pro forma annual interest charges and preferred stock div-4. CAPITAL BUDGET idends at least one and one-half times. The company's cover-ages are currently at a level that would permit any necessary The company's capital expenditures are currently estimated amount of security sales at current interest and dividend rates. to total $425 million in 1997, $519 million in 1998,and $622 mil-lion in 1999. The capital budget is subject to periodic review Bank Credit Arrangements and revision,and actual capital cost incurred may vary from the The company,along with Southern Company and Georgia above estimates because of numerous factors. These factors Power Company,has entered into agreements with several include: changes in business conditions; revised load growth banks outside the service area to provide $400 million of 46
revolving credit to the companies through June 30,1999. Oper: ting L=s:s To provide liquidity support for commercial paper programs, the The company has entered into coal rail car rental agree-company and Georgia Power Company have exclusive right to ments with various terms and expiration dates. At December 31, $135 million and $165 million,respectively,of the available cred-1996, estimated minimum rental commitments for noncan-it. However,the allocations can be changed among the borrow-cellable operating leases were as follows: ers by notifying the respective banks. The companies have the option of converting the short-term borrowings into term loans, Year Amounts payable in 12 equal quarterly installments,with the first install-(in millions) rnent due at the end of the first calendar quarter after the 1997 $3 applicable termination date or at an earlier date at the compa, 1998 3 nies' option. In addition,these agreements require payment of 3 commitment fees based on the unused portions of the commit-ments or the maintenanc' of compensating balances with 3 2002 -2017 53 d" Total minimum payments $68 Additionally, the company maintains committed lines of credit in the amount of $680 million (including $208 million of such lines under which borrowings may be made only to fund purchase obligations relating to variable rate pollution control
~~6. JOINI OWNERSHIP bonds) which expire at various times during 1997 and,in certain AGREEMENTS cases, provide for average annual compensating balances.~~
Because the arrangements are based on an average balance, the The company and Georgia Power Company own equally all company does not consider any of its cash balances to be of the outstanding capital stock of Southern Electric Generating restricted as of any specific date. Moreover, the company bor-Company (SEGCO),which owns electric generating units with a rows from time to time pursuant to arrangements with banks for total rated capacity of 1,020 megawatts,together with associat-uncommitted lines of credit. ed transmission facilities. The capacity of these units is sold At December 31,1996,the company had regulatory equally to the company and Georgia Power Company under a approval to have outstanding up to $750 million of short-term contract which.in substance, requires payments sufficient to borrowings. provide for the operating expenses, taxes, interest expense and a return on equity,whether or not SEGCO has any capacity and Assets Subject to Lien energy available. The company's share of expenses totaled The company's mortgage,as amended and supplemented, $75 million in 1996, $ 71 million in 1995 and $74 million in 1994, securing the first mortgage bonds issued by the company, con-and is included in " Purchased power from affiliates" in the stitutes a direct lien on substantially all of the company's fixed Statements ofincome. property and franchises. In addition, the company has guaranteed unconditionally the obligation of SEGCO under an installment sale agreement Fu;l Commitments for the purchase of certain pollution control facilities at SEGCO's To supply a portion of the fuel requirements ofits generat-generating units, pursuant to which $24.5 million principal ing plants, the company has entered into various long-term amount of pollution control revenue bonds are outstanding. commitments for the procurement of fossil and nuclear fuel. In Georgia Power Company has agreed to reimburse the company most cases, these contracts contain provisions for price escala-for the pro rata portion of such obligation corresponding to its tions, minimum purchase levels and other financial commit-then proportionate ownership of stock of SEGCO if the company ments. Total estimated long-term obligations at December 31, is called upon to make such payment under its guaranty. 1996,were as follows: At December 31,1996,the capitalization of SEGCO consisted of $52 million of equity and $76 million oflong-term debt on Year Amounts which the annual interest requirement is $4.7 million. SEGCO U" *"O paid dividends totaling $10.1 million in 1996, $7.6 million in 1997 $ 808 1995,and $11.6 million in 1994,of which one-half of each was 1998 770 paid to the company. SEGCO's net income was $7.7 million, 1999 569 $8.1 million,and $72 million for 19961995 and 1994, 2000 300 respectively. 2001 317 The company's percentage ownership and investment in 2002-2013 2,594 Total commitments S 5,358 j ntly-owned generating plants at December 31,1996,follows: 47
Total Alibims Municipil Electric Authsrity (AMEA) j Megawatt Company Capicity Centr: cts Facility (Tvqd Qpildly OwnershiD in August 1986,the company entered into a firm power i purchase contract with AMEA entitling AMEA to scheduled Greene County 500 60.00 % (1) amounts of capacity (to a maximum 100 megawatts) for a peri-(coal) od of 15 years commencing September 1,1986 (1986 Contract). Pl ant Miller In October 1991,the company entered into a second firm power Units 1 and 2 1,320 91.84 % (2) purchase contract with AMEA entitling AMEA to scheduled (coal) amounts of additional capacity (to a maximum 80 megawatts)
~~0) Jantly owned with an aff diateys%ppi Power Company.~~
for a period of 15 years commencing October 1,1991 (1991 (2) jointly owned with Alabama Electnc Cooperative,Inc Company Accumulated its member municipalities that previously were served directly Facility Investment Deoreciati2D by the company as wholesale customers. Under the terms of (in m4tions) the contracts,the company received payments from AMEA rep-Greene County $ 90 $ 40 resenting the net present value of the revenues associated with , tant Miller the respective capacity entitlements, discounted at effective Units 1 and 2 714 296 annual rates of 9.96 percent and 11.19 percent for the 1986 and 1991 contracts,respectively. These payments are being recog-nized as operating revenues and the discounts are being amor-tized to other interest expense as scheduled capacity is made 7. LONG-TERM POWER SALES AGREEMENTS available over the terms of the contracts. In order to secure AMEA's advance payments and the com-GInml pany's performance obligation under the contracts,the compa-The company and the operating affiliates of Southern ny issued and delivered to an escrow agent first mortgage Company have entered into long-term contractual agreennts bonds representing the maximum amount of liquidated dam-for the sale of capacity and energy to certain non-affiliater' ot - ages payable by the company in the event of a default under ties located outside the system's service area. The agreewr c' the contracts. No principal or interest is payable on such bonds for noq firm capacity expired in 1994. Other agreements -- unless and until a default by the company occurs. As the liqui-expiring at various dates discussed below -- are firm and pertain dated damages decline under the contracts,a portion of the to capacity related to specific cenerating units. Because the bonds equaIto the decreases are retumed to the company. At energy is generally sold at cost under these agreements, prof-December 31,1996 $128.2 million of such bonds was held by itability is primarily affected by revenues from capacity sales. The the escrow agent under the contracts. company's capacity revenues have been as follows: Unit Other 8. INCOMETAXES Year Power Long-Term Total 1996 $151 $151 liabilities were $410 million and $365 mil! ion,respectively. These 1995 157 157 ssets are attributable to tax benefits flowed through to cus-1994 152 7 159 tomers in prior yeart and to taxes applicable to capitalized AFUDC. These liabilities are attributable to deferred taxes previ-Unit power from Plant Miller is being sold to Florida Power ously recognized at rates higher than current enacted tax law Corporation (FPC), Florida Power & Ught Company (FP&L), and to unamortized investment tax credits. Jacksonville Electric Authority UEA) and the City of Tallahassee, Florida. Under these agreements,approximately 1 ~a) megawatts of capacity is scheduled to be sold through 1999. Thercafter,these sales will remain at that approximate level-- l unless reduced by FP&L FPC.and JEA for the periods after 1999 j with a minimum of three years notice - until the expiration of the contracts in 2010 f 48
_ ~ 1 Details of the federal and state income tax provisions are as 1996,$12 mill 3n in 1995,and $13 million in 1994. At December follows: 31,1996,all invt.stment tax credits available to reduce federal income taxes pay able had been utilized. l 1996 1995 1994 A reconciliation of the federal statutory income tax rate to On thousand,) the effective income tax rate is as follows: Total provision for income taxes: Federal-1996 1995 1994 Currently payable $172,911 $166,105 $219,494 Federal statutory rate 35.0% 35.0% 35.0 % Deferred - State income tax, current year (6,309) 43,493
~~48,153) net of federal deduction 2.2 2.5 2.2 reversal of prior years 18,948 (15,8; 7) 15,932 Non-deductible book Deferred investment tax d preciation 1.5 1.6 1.6 credits (75)~~
(1)- 185,550 193,706 187,272 State -- deferred and current tax rates (1.6) (1.8) (2.9) ~ Other Currently payable 16,212 18,108 20,565 (3.0) (1.4) (0.7) Deferred - Effective income tax rate 34.1 % 35.9% 35.2 % current year 697 5,117 (4,067) reversal of prior years 3,249 (91) 3,676 Southern Company files a consolidatad federai income tax 20,158 23,134 20,174 return. Under a joint consolidated income tax agreement,each Total 205,708 216,840 207,446 subsidiary's current and deferred tax expense is computed on a Less income taxes credited stand-alone basis. Tax benefits from losses of the parent compa-to other income (22,400) (14,142) (16,834) ny are allocated to each subsidiary based on the ratio of taxable Totalincome taxes income to total consolidated taxable income. charged to operations $228,108 $230,982 $224.280 The tax effects of temporary differences between the carry ~ 9. COMPANY OBLIGATED MANDATMILY ing amounts of assets and liabilities in the financial REDEEMABLE PREFERRED SECURislES statements and their respective tax bases,which gi' W to deferred tax assets and liabilities, are as follors: In January 1996, Alabama Power Capital Trust I (Trust I), f which the company owns all of the common securities, issued 1996 19E (in millions) $97 milli n f 7.375 percent mandatorily redeemable preferred Deferred tax liabilities: securities. Substantially all of the assets of Trust I are $100 million Accelerated depreciation $ 816 $ 780 ggregate principal amount of the company's 7.375 percent junior subordinated notes due March 31,2026. Property b, sis differences 466 491 In January 1997, Alabama Power Capital Trust II (Trust II),of Premium on reacquired debt 31 31 which the company also owns all of the common securities, Other i-4 42 1 issued $200 million of 7.60 percent mandatorily redeemable pre-Total ~~,304 1,344 Deferred tax assets: ferred securities. Substantially all of the assets of Trust 11 are $206 million ggr g te principal amount of the company's 760 per-Capacity prepayments 14 35 cent jsor s@o@ad nohe Ncahr 31,2035. A por-Other deferred costs 7 26 Postretirement benefits 21 .25 tion of the proceeds of the January 1997 issuance will be used f r the redemption of $100 million of preferred stock in Unbilled revenue 15 13 February 1997. Other 54 43 Total 151 142 Net deferred tax liabilities 1,213 1,202 Portion included in current assets (liabilities), net (35) (10) Accumulated deferred income taxes i in the Balance Sheets $1,178 $ 1,192 i Deferred investment tax credits are amortized over the life l of the related property with such amortization normally applied as a credit to reduce depreciation in the Sntements of income. Credits amortized in this manner amounted to $11 million in W
~~10. OTHER LONG-TERM DEBT 19 %~~
1995 (in thousands) Details of other long term debt at December 31 are as Bond imptovement fund follows: requirements $ 19,410 $20,047 1996 1995 First mortgage bond maturities bn thousands) and redemptions 391 63,750 Obligations incurred in Other long-term debt matunties connection with the (Note 10) 952 885 sale of tax-exempt Totallong-term debt due within pollution control revenue one year 20,753 84,682 bonds by public authorities-Preferred stock to be reacquired 100,000 Collateralized - Total $120,753 $84,682 55% to 6.5 % due 2023 2024 $223,040 $223.040 The annual first mortgage bond improvement fund require-ment is 1 percent of the aggregate principal amount of bonds Variable rates (4.15% of each series authenticated,so long as a portion of that series is to 5.0% at 1/1/97) outstanding,and may be satisfied by the deposit of cash and/or due 2015-2017 89,800 89,800 reacquired bonds, the certification of unfunded property addi-Non-collateralized - tions or a combination thereof The 1997 requirement of $19.4 7.25% due 2003 1,000 1,000 million was satisfied by the deposit of cash in 1997,all of which 7.4% due 2016 21,000 was used for the redemption of outstanding first mortgage 5.8% due 2022 9,800 9,800 bonds. Also in early 1997,the company redeemed $391 thou-Variable rates (4.65% sand first mortgage bonds and announced the February 1997 to 5.1% at 1/1/97) redemption rf $100 million preferred stock. The preferred stock due 2021-2022 152,500 131,500 will be redeemed with a portion of the proceeds from the 476,140 476,140 Janua,y 1997 Trust Il security issuance. Scheduled maturities Capitalized lease obligations 8,056 8,963 amount to $952 thousand in connection with capitalized office Total $484,196 S485,103 building leases and a street light lease. Pollution control obligations represent installment purchas-es of pollution control facilities financed by funds derived from
~~12. NUCLEAR INSURANCE l~~
sales by public authorities of revenue bonds. The company is required to make payments sufficient for the authorities to meet Under the Price-Anderson Amendments Act of 1988 (Act), principal and interest requirements of such bonds. With respect the company maintains agreements of indemnity with the NRC to $ N.8 rnillion of such pollution control obligations, the com-that, together with private insurance, cover third-party liability pany ?. authenticated and delivered to the trustees a like prin-arising from any nuclear incident occurring at Plant farley. The cipal amount of first mortgage bonds as security for its obliga-Act provides funds up to $8.9 billion for public liability claims tions under the installment purchase agreements. No principal that could arise from a single nuclear incident. Plant Farley is or interest on these first mortgage bonds is payable unless and insured against this liability to a maximum of $200 million by pri-until a default occurs on the installment purchase agreements. vate insurance,with the remaining coverage provided by a The estimated aggregate annual maturities of other long-mandatory program of deferred premiums which could be term debt through 2001 are as follows: $1.0 million in 1997, assessed,after a nuclear incident,against all owners of nuclear $1.0 million in 1998,$12 million in 1999, $1.1 million in 2000 reactors. The company could be assessed up to $79 million per and $1.0 million in 2001. incident for each licensed reactor it operates but not more than an aggregate of $10 million per incident to be paid in a calendar year for each reactor. Such maximum assessment, excluding any l
11. SECURITIES DUE WITHIN ONE YEAR applicable state premium taxes, for the company is $159 million per incident but not more than an aggregate of $20 million to A summary of the improvement fund requirements and be paid for each incident in any one year.
scheduled maturities and redemptions of long-term debt The company is a rnember of Nuclear Mutual Limited and preferred stock due within one year at December 31 is (NML),a mutual insurer established to provide property damage as follows: insurance in an amount up to $500 million for members' nuclear generating facilities. The members are subject to a retrospective premium assessment in the event that losses exceed 50
accumulated reserve funds. The company's maximum annual
~~14. QUARTERLY FINANCIALINFORMATION assessment per incident is limited to $9 million under the cur-(Unrudited) rent policy.~~
Additionally, the company has policies that currently pro-Summarized quarterly financial data for 1996 and 1995 are vide decontamination, excess property insurance,and prema-as follows: ture decommissioning coverage up to $2.25 billion for losses in Net income excess of the $500 million NML coverage. This excess insurance After is provided by Nuclear Electric insurance Limited (NEIL),a mutual Dividends insurance company. Quaner Operating Operating on Preferred NEIL also covers the additional cost that would be incurred Ended Revenues Income Stock in obtaining replacement power during a prolonged accidental On thousands) outage at a member's nuclear plant. Members can be insured against increased cost of replacement power in an amount up March 1996 $732,809 $142,052 $ 73,159 to $3.5 mWion per week (starting 21 weeks after the outage) for June 1996 779,587 151,673 95,778 one year and up to 52.8 million per week for the second and September 1996 913,308 222,523 152,589 third years. December 1996 695,071 100,390 49,964 Under c3ch of the NEIL policies, members are subject to assessments if losses each year exceed the accumulated funds March 1995 $646,771 $122,949 $ 65,328 available to the insurer under that policy. The maximum annual June 1995 753,053 157,685 88,926 assessments per incident under current policies for the compa-September 1995 938,284 233,322 167,938 ny would be $15 million for excess property damage and $8 mil-December 1995 686,666 111,362 38,702 lion for replacement power. For all on-site property damage insurance policies for com-The company's business is influenced by seasonal weather mercial nuclear power plants,the NRC requires that the pro-conditions. ceeds of such policies issued or renewed on or after Apnl 2, 1991,shall be dedicated first for the sole purpose of placing the reactor in a safe and stabie condition after an accident. Any remaining proceeds are to be applied next toward the costs of decontamination and debris removal operations ordered by the NRC,and any further remaining proceeds are to be paid either to the ompany or to its bond trustees as may be appropriate under the policies and applicable trust indentures. The company participates in an insurance program for nuclear workers that provides coverage for worker tort claims filed for bodily injury caused at commercial nuclear power plants. In the event that claims for this insurance exceed the accumulated reserve funds, the company could be subject to a maximum total assessment of $6 million. All retrospective assessments,whether generated for liabili-ty, property or replacement power, may be subject to applicable state premium taxes. i 1
~~13. COMMON STOCK DIVIDEND RESTRICTIONS~~
( The company's first mortgage bond indentura contains var-ious common stock dividend restrictions that remain in effect as long as the bonds are outstanding. At December 31,1996, retained earnings of $7% million was restricted against the pay-ment of cash dividends on common stock under terms of the mortgage indenture. Supplemental indentures in connection with future first mortgage bond issues may contain more strin-get common stock dividend restoctions than those currently ir l effecc .51
Board of Directors As of March 3,1997 Elm:r B. Harris Gerald H.Powell Robert D. Powers i Birmingham + Jacksonville Eufaula President and Chief Executive Officer President President Alabama Power Company Dixie Clay Company The Eufaula Agency,Inc. Age 57; elected in 1989 of Alabama,Inc. (Real estate and insurance) i (Miriing and processing Age 47; elected 1992 Willi:m J. Rushton,lil refractory clay) Birmingham + Age 70; elected 1986 Dr. William V. Muse l Chairman Emeritus Auburn
~~Protective Life Corporation Dr. John W. Rouse President (Life and health insurance)~~
~~Birmingham +~~
~~Auburn University Age 67; elected 1970 President Age 57; elected 1993 i~~
and Chief Executive Officer J:hn W. Woods Southern Research institute Peter V.Gregerson, Sr. Birmingham + * (Science and engineering research) Gadsden Chairman (retired) Age 59; elected 1988 Chairman AmSouth Bar:orporation Gregerson's Foods,Inc. (Multibank holding company) Carl E. Jones, Jr. (Grocery retailer) Age 65; elected 1973 Mobile Age 68; elected 1993 Presiderit J:hn C.Webb,lV and Chief Operating Officer Dr. John T. Porter Demopolis Regions Financial Corporation Birmingham + President Age 56; elected 1988 Pastor Webb Lumber Company Sixth Avenue Baptist Church (Wholesale lumber) Bill M.Guthrie Age 65; elected 1993 i Age 54; elected 1977 Birmingham + Executive Vice President A.W.Dahlberg l Whit Armstrong Alabama Power Company Atlanta l Enterprise
~~Age 63; elected 1988~~
~~Chairman, l~~
President, Chairman President and Chief Executive Officer and Chief Executive Officer Wallace D.Malone,Jr. Southern Company l The Citizens Bank Birmingham + (Electric utility holding company) Age 49; elected 1982 Chairman Age 56; elected 1994 and Chief Executive Officer Jim:s H.Sanford SouthTrust Corporation Prattville (Multibank holding company) Chairman Age 60;e' acted 1990 HOME Place Farms,Inc. (Diversified farmers) Age 52; elected 1983 i + Executive Committee member i
~~Audit Committee member 4~~
52 I
l ~.- - -- _~.. Officers As of March 3,1997 Elmir B. Harris W.Roy Crow Julian H. Smith,Jr. President Vice President, Vice President, and Chief Executive Officer Eufaula Governmental Relations Age 57;38 years of service / ge 58;31 years of service Age 48;23 years of service l W. Ronald Smith l Sinks H.Farris Andrew J.Dearman Vice President, l Executive Vice President Vice President, Anniston i Age 61;38 years of service Montgomery Age 47;23 years of service l Age 43;21 years of service l Bill M.Guthrie Susan N. Story l ExecutiveVice President John E.Dorsett Vice President, l Age 63;45 years of service Vice President, Corporate Real Estate / l Power Generation Services Corporate Services l Willi:m B.Hutchins,lli Age 59;37 years of service Age 37;15 years of service t ExecutiveVice President and Chief FinancialOfficer Thomas A. Fanning Anthony J.Topazi Age 54;31 years of service Vice President and Chief Information Officer, Vice President, information Resources Birmingham l Ch rl:s D.McCrary Age 39;16 years of service Age 46;27 years of service l ExecutiveVice President Age 45:23 years of service C. Steve Fant Terry H. Waters Vice President, Vice President, Rob:rt A. Buettner Economic Development Tuscaloosa Senior Vice President Age 51:29 years of service Age 47;24 years of service i and Counsel j Age 55;8 years of service Robert Holmes,Jr. David L.Whitson Vice President, Vice President and Comptroller Micht:1 D. Garrett Ethics and Business Practices Age 44;22 years of service Senior Vice President, Age 48;26 years of service External Relations Robert C. Giddens Age 47;28 years of service Robin A.Hurst Assistant Comptroller Vice President, Age 49;23 years of service j E:rl B. Parsons,Jr. Powa, Deliv j 1 SeniorVice President, Age 50;26 yea s of service E. Wayne Boston Fossiland Hydro Generation Assistant Secretary Age 58;36 years of service J. Bruce Jones and AssistantTreasurer Vice President. Age 52;26 years of service l Fred D. Williams Mobile - Senior Vice President, Age 50;30 years of service J. Randy DeRieux Wholesale Marketing AssistantTreasurer Age 52:27 years of service C. Alan Martin Age 42;19 years of service Vice Presider". Christcpher C.Womack Human Resources Patsy B.Southerlar.d i Senior Vice President, Age 48;24 years of service Assistant Secretary l Corporate Services / Age 50;21 years of service !~ Public Relations Donald W.Reese l Age 39;9 years of service Vice President, William E.Zales,Jr. State Relations Assistant Secretary l Art P.Beattie. Age 51;27 years of service and AssistantTreasurer Vice President Secretary & Treasurer Age 48;16 years of service Age 42:21 years of service Michael L. Scott i Vice President. J:mes M.Corbitt Marketing 4 l Vice President, . Age 44;21 years of service Information Resources Age 52;23 years of service s 53
_ _ ~. _ l l l l l Alabama Power Company Corporate Headquarters 600 North 18th Street l Birmingham, Alabama m291 (205)257-1000 Stockholder Inquiries 4 Questions regarding ownership of Alabama Power preferred stock may be referred to Stockholder Services at 1-800-554 7626. i l Registrars and Transfer Agents Southern Company Services,Inc. Stockholder Services 64 Perimeter Center East Atlanta Georgia 30346 i _ All series except the Auction Class A 1988 ( and 1993 Series) 1 l BankersTrust Company Four Albany Street 4 New York,New York 10015 - (For the Auction Class A 1988 and 1993 Series) l } Legal Counsel Balch & Bingham,L.L.P. P.O. Box 306 ~ Birmingham, AL 35201 A copyofForm 10-Kas filed with the Securities and hchange Commission will be available to stockholders upon written request to Art RBeattie,Vice President, Secretary & Treasurer. I f Producedby Alabama Power 3 i PublicRelations Department. l i l 51
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ML20138D721

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