ML20206C808
| ML20206C808 | |
| Person / Time | |
|---|---|
| Site: | Farley  |
| Issue date: | 12/31/1998 |
| From: | Harris E ALABAMA POWER CO. |
| To: | |
| Shared Package | |
| ML20206C807 | List: |
| References | |
| NUDOCS 9905030206 | |
| Download: ML20206C808 (55) | |
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.-.g Financial highlights i6 14 g12
- 10 3
f8 b
4 1998 Imr 2
( hwunng revenues (inillnins)
$3,386
$ 4.149 Average Residential
( hwunng expenses (unlinins)
$2,729
$2 s22 Usageper Customer Net int ornc atter dmdends on pretened sna L (nulin3ns)
$ p7 5
3,(,
12
'U Rena n on aveugc u rnnuin equus (perient )
13.63 13 ~6 8
6 Allowan< c tor innds uscJ dunng t onstr ut rion.
3 6 nci, as a pert ern of net int onw afici E
g 4 1
dividends on picier red siot L 1.8 0.8 2
l nergs sales (thonsands of kilowan hoursi l
9 Rei.nl 49,480,816 46, s ~ s,021
%(s foi resah 17,817,008 ' 21,422,80(>
7hritorialPrah Demand
' 3' (includes Southeastem Power Adrmmstration allotment)
Iotal cncrgs sales 67,297,824 6".H'r.8 2 '
s yea, compound annuai gmwth rate, i es l' cal hoin drinand ohons.mds of kilow ans) g.
in< Indes Niuihcaswin Powei 50 -
Adnninsnarnin alloinwnt 10,329 9.~~M
{40 loul i usionwi s tscar end)
I,294,708 1.2 ~ s.3 2 ~
3 3g E
< iniss propcin addinons i nnlinins) 5 610 s 4sl i 20 10-( h lotal lbrritorial Energy Supplied hncludes Southeastem Power Admimstration allotment) 5 year compound annual growth rate = 3 2%
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Gross Iroperty Additions 3
0 Excellent performance, Every strategic decision at Alabama Power is rnade with a determination to be better than we are. Excellent performance, strong growth, and a solid commitment to surpassing our achievements are how Alabama Power raised the bar in 1998. Our customers enjoyed prices that were-and still are-19 percent below the national o
d,,@
average. Our ner income increased over the previous
,.+
u 1
year. Throughout this report you will see how the strength of Alabama Power is tied directly to the people c
who work every day to improve and secure your invest-
- t.a.f.pe xg w-f..Q g g, -
4 (fg ment. We are proud to be the personal energy company q
to every customer, every employee and every shareholder.
Our accomplishments in 1998 provide a base for
%mN continued development, strengthening of our business 4
4.
and earning the loyalty of our customers, employees and
-d shareholders. For the third straight year, Alabama Power ranked number one in the nation in overall customer satisfaction based on the opinions of our residential, 4
commercial and large industrial customers. We are extremely proud of our standing with our customers and s
the communities we serve. Alabama Power has worked diligently in its business endeavors, community involve-ment and environmental service to achieve this high ranking. We will continue to be responsive and sensitive to changes in the industry.
For the thirdstraghtyear Alabama Power ranked number one in the nation in overallcustomer satis action...
The direction, extent and timing of restructuring of the electric-utility industry cannot be predicted, but we can be prepared. The Clinton administration released a restructuring plan in 1998. However, there was no definitive restructuring legislation on the federal level.
The Alabama Public Service Commission began a l
l 4 1
1
strong growth raise the bar in 1998 three-phase study of restructuring that will continue into anyone else in the industry m carn your trust and 2000, approaching the issue deliberately while watching respect, and to earn our customers' loyalty. Alabama developments in other states. Alabama Power is partici-Power is positioned for growth and will move in that pating in the study and supports movement toward a direction with a determination to hold fast to our 92-competitive environment that is fair to all customers.
year tradition of being the electricity provider ofchoice Whatever and whenever the business environment by offering low-priced, changes, we will be prepared.
reliable electricity to We are helping to build a better Alabama through our customers.
our economic-development efforts. During 1998 we We are moving partnered with other economic-development organiza-into the future with tions in the state to attract companies such as Eli Lily confidence and pride, Co., IPSCO Steel Inc., Ayres Corp., Continental and we appreciate your Carbon Co., and hicNeil Specialty Products Company.
support. Vision and Alabama Power will remain at the forefront in creating preparation are essential and nurturing partnerships that will aggressively lead our in our business.
company and our state forward.
Alabama Power will In addition, we are preparing for the future with continue to work hard plans for additional generating capacity. 'Ib ensure we every day to meet the are able to meet our customers' growing demand for needs and earn the loy-electricity, we began construction this year on additional alty of our customers, generating units at our J.hi. Barry Electric Generating employees, communi-Plant near hiobile. These combined-cycle units will ties and sharehoklers.
ensure adequate capacity to serve our customers for the We thank you for immediate future.
your confidence and A'abama Power will continue to move forward with look forward to an even better year in 1999.
aggressive strategies to grow sales, manage expenses to provide superior earnings, and build loyalty in partner-bi"'I 'T ships. We will continue to be a reliable and efTicient company for our customers and our shareholders.
Alabama Power will also continue to make environ-mental stewardship a high priority. We have found ways to reduce emissions and operate our plants more efli-Dmer B. Hanis ciently for the future. In addition, we have progressive strategies in place to handle an increased public aware-President and Chief Executive OfEcer ness of environmental issues. Again, we are prepared.
Afarch 3,1999 In the coming years we will continue to demonstrate to you that we are working harder and better than 5
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1 TedSelf Diesel Mechanic Gorgas Electric Generating Plant 13-year employee liow many people can say they saved their company and customers a million dollars a year? I can, along with my team at Plant Gorgas. And let me tell you, that is satisfying.
Last year my company was looking for ways to save money on getting coal to the plant. Until now, the only way was by truck. We thought we could save money by bringing in some coal on barges. The initial thought was to hire a firm to unload the coal barges. We asked our management to give us a shot. To make a long story short, our team came up with a plan to buy equipment so our employees could unload the barges-at a savings of more than a million dollars a year.
A lot ofemployees are figuring out more and more ways to cut the cost of making electricity.
We know that keeping Alabama Power's electricity prices among the lowest in the nation helps Alabama's economy stay healthy. It means more companies might be interested in coming to the state. It means companies in Alabama will be able to compete, grow and create more jobs for the people in our state. Most of all, it means low prices for our customers.
Sure, every cost-saving story isn't as big as this
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r pe 1 t i b L Faye Parker Customer Service Representative Gadsden 23-year employee i About 800 customers walk up to my desk every week. I know it's not good to take my work - home with me, but sometimes it's hard to set aside i the stories thq tell me. I serve them all with a smile and pud humor, but when I know a family b"e; is in troubk-a family faced with climbing med-ical expenses or a crippling job loss-1 go home wanting to do more for them. 1 T '- This why a group of employees here in 'A Gadslen set up a system to help those cmtomers. i h We're using the small change we save from our vending machines to provide simple, anonymous gifts to those who need them mmt. h A blanket. A bag of groceries. A needed pre-scription. They're gifts you or I might take for granted, but to others they are pressing needs. Such volunteer efforts echo the personal j anennon Alabama Power employees give their cus-tomers every day. I think that's why our customers have ranked Alabama Power first in customer $h satisfaction fhr three years in a row. And we're ',ja$6 alwavs h>oking to get better. ,_[ There are hundreds ofother ways we help
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y ' customers as Alabama's personal energy company. j! I like working for a company that encourages %k - creative solutions ,A to make life better s' y for our customers ~ 4 -cven ifit's one g 'l"3""' ""C kdI y'.. ' y, ~ blanket or one i Ulllllll bag of groceries l l l l 4 ,k at a time. jij l l ~ 3 i'O lI I ['# ( I( ,I1 f 1 ~, { -[3, -4 el 1.l 1 j i 3, s: t f, 1,I (;. - f l Ill lI ll kD 11
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Robert Crowe Land Supervisor Mobile Division 27-year employee I feel like I'm in a cathedral when I stand under a 50-year-old pine tree. As a fifth-genera-tion landowner, I feel strongly about protecting our forests so future generations can enjoy that same experience. In my job, I often talk to customers about preserving and protecting trees. Alabama Power sponsors many programs to help our environ-ment. Our Openland Tree Planting program has encouraged landowners to plant six million tree seedlings all over the state. Aside from their nat-ural beauty. trees improve air quality and help Alabama's economy. I am proud of my company and its environ-I mental record. We are active in a multitude of environmental projects. I work with an Alabama Power project in Mobile that creates about two and a half acres of wetlands for every acre of wetlands filled for development-presening the natural environment for wildlife. We helped develop the Nozoner program to cut auto emissions around Birmingham by pro-moting carpooling, telecommuting and flexible work schedules. We are also using the latest, most eflicient technology in the new generating units we're building at Plant Barry. I'm just one person. But, working together with my family and my company, I know I can make a difference for the environment. I lhll' iif I l lM i 1il ll l ll l l 13
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Bill Clemon Compliance Coordinator Corporate Headquarters 27-year employee "Why did it have to hit here? Why did 34 people have to dier Those were my thoughts after seeing the terrible devastation caused by the tornadoes that hit Ilirmingham in April. My next thoughts were to figure out how I could help. Come to find out, hundreds of my fellow employ-ees were thinking the same thing. Alabama Power people were among the first in the area, clearing trees and power lines and helping with rescue efforts. We brought in a caravan of people to restore power quickly. It was an anwing accomplishment. In the meantime, we set up tents to feed the E'< 1 tornado victims until the American Red Cross and other agencies could get in the area to set up. We helped clean up the debris. We gathered truckloads ofcanned goods and raised more than $125,000 to support tornado victims. But we longed to do more. The Alabama Power Senice Organization and z" Habitar for liumanity teamed up to help people who lost their homes. As a volunteer, I worked g with a 13-year-old boy who was helping rebuild g; his grandmother's place. I thought this was so good, that he could k>ok back and say he helped her home rise out of the r' ground. We .g weren't just build-ing homes, we were helping 1 people restore hope in their lives. i 15
A strong team of employees and customers E We participated in a public/ private research delivered yet another top year in 1998 despite partnership to study ways to grow and harvest facing two natural disasters and several storms that switchgrass to blend with coal as a fuel for affected the lives of Alabamians. Here are some more economical power generation. The key events and issues that shaped our year: success of the project could result in a cleaner environment, as well as an economic boost for Keepingpdces low and sewing customers - some of Alabama's farmers. We are committed to providing low-priced elec-tric service and delivering outstanding customer satisfaction. Providir#8 reliable electric semice - Strides in all key areas of our business helped increase E Our electricity prices were 19 percent below the Al bama Power's effectiveness and helped us national average. mntinue m f cus on reliabihty. E For the third year in a row, we ranked number E Employees had the safest year in. Alabama one in customer satisfaction in a national Power's history, recording the lowest number of survey of peer utilities. injuries. Employees at our electric generating plants worked an entire calendar year without a E We opened the Ilusiness Call Center to lost-ume injury. personalize service to middle-tier commercial and industrial businesses. E We began construction on new units at E We enhanced our 24-hour Customer Service J.hi. Barry Electric Generating Plant near hiobile using the comb.ined-cycle process and Center by improving access for customers. natural gas as fuel. E hiarketing employees ser records in residential, E Sizzling temperatures in June and July led commercial and industnal customer marxets and achieved 106 percent of the 1998 sales goal. customers to set a record-breaking peak demand for electncity-- mclud.ing an all-time Avtecting the environment-Te will continue record one-hour peak demand in July for to keep environmental stewardship a high priority 10,329,185 kilowatts. for our company and aggressively pursue initiatives E J.H. hiillerJr. Electric Generating Plant's Unit 4 to help everyone in our state gain a better under-sa an operating record of 254 davs without an standing of environmental issues. outage, which helped improve reliability for E Alabama Power wntinued to find ways to reduce emissions and opetate our plants more 5 The International Brotherhood of Electrical efficiently. Workers ratified a new three-year contract with Alabama Power, demonstrating a significant E Alabama Power also ma.intained partnersh.ips with environmental groups throughout the cooperative effort from both parties to continue to enhance reliability for our state to gain a better understanding ofissues at customers. l hand and discover possible solutions. l l 16
>i.:L i P Q Storm restoration - Seven major storms hit E We enhanced our community involvement our state, including an ice storm during the efforts with the formation of the Community Christmas holiday, requiring our employees and Development and Relations Department. citizens of many communities to pitch in and hcip. g.yy,ing hminess in our state - We are hdp O Deadly tornadoes m. the Birmmgham area ing to build a better Alabama through economic-April 8 caused 34 deaths, knocked out power development partnersh.ips that bring prosperirv to our state. to about 21,000 customers and caused $4.6 million in damage to Alabama Power equipment. Employs es displayed Herculean E Alabama Power hdped bring more than $770 efforts to help wuh the extraordinary million in economic development to the state. restoration and relief activities. President E We worked with 20 companies that chose Clinton specifically praised Alabama Power Alabama as the place they would locate or when he visited the devastated area. expand their business. This partnership will U Hurricane Georges barreled through the states help to create more than 3,000 jobs in the state' coastal areas with sustained winds of more than 100 mph, interrupting power to more than E We continued to pursue economic-development l 148,000 customers and causing $10 million in opportunities in traditional areas including the damage to Alabama Power equipment. United States, Europe, Asia and Canada, and Alabama Power brought in more than 2,000 expanded our recruitment efkrts to the employees and contractors to restore service to Middle East, including Israel and the United the majority of customers within 48 hours. Arab Emirates. O Alabama Power received an Emergency Response Award from the Edison Electric + Institute for going beyond the call ofduty to / />< m/m m.um" am/ du dorn ' m.d'o n /W restore service quickly and assist in other ways ,/>mc />ou om < mp/om ' tah p< n4 m ain/ in the aftermath of two natural disasters. me,n o/,,p of d,c ys,asi do,n,i dai /Au; w/>at mah, a ddfoco, e 2 llabama l'on o Building Alabamas communities - We con-I'" 'k P'"rI' " '/'" " '" ' I " ' '" L "~ " tinue to develop partnerships and lay foundations "I d// /"'"*'"J"""" to create a brighter future for our state. \\\\ < n prmal of om p, i fm ma n, a m l'Pm D The Alabama Power Service Organization, a \\\\, ma,a m<a,o ds n a/n or o m,n,nn" m o volunteer group ofemployees and their om,mp/onnom,omonmun andom f;unilies, raised more than $1 million and ./,a,c/,,,44 o m,4/,n, a,m d,c,,,m asysme na, invested more than 53,000 volunteer hours in ,,, f,, v ; it, n,//,4, g,n /y n.,,, t, ys, /,a,', /,o Alabama communities. ,,s,rm, sys j; 3,,y ,y,,, y,y,,up,,, O The 2,000 members of Energizers, the retiree rom r'"""s/ < "N < "mrs" t service organization, raised more than $100,000 for Alabama charities. 17
JVT E ~ nggg .w -.g g fy q ) h y s l Whit Armstrong - Patricia M. King Enterprise Anniston President, Chairman and Chief President and Chief Executive Officer Executive Oflicer King hiotor Company The Citizens Bank (Multiple car dealerships) Age 51; elected 1982 Age 53; elected 1997 David J. Cooper James K. Lowder Mobile Montpmery President, President and Chief Executive Oflicer Cooper /T. Smith Corporation The Colonial Company (Stevedoring) (Real estate development and sales) Age 53; elected 1998 Age 49; elected 1997 i Pictured. standing left'to riglit s A.W. Dahlberg Wallace D. Malone Jr.t Pam.. M. Km.g csa Atlanta Birmingham Dr. W' liamV. Muse Chairman, President and Chief Chairman and Chief Executive Oflicer d SouthTrust CorSing company) Executive Officer oration . AE Dahlbergi Southern Company (Multibank hol ' John C. Webb IV l (Electric-utility holding company) Age 62; elected 1990 Age 58; elected 1994 Carl E. Jones Jr.. Dr. Thomas C. Meredith 4 C. Dowd RNter-j Peter V. Gregerson Sr. Tuscaloosa Gadsden Chancellor - Elmer B. Harris ' Chairman The University of Alabama Svstem G egerson's Foods Inc. Age 57; electe'd 1998 Andreas Renschler (Grocery retader) Dr. Wilh.am V. Muse
- Dr. Thomas C. Meredith !
Age 70; elected 1993 Auburn Dr. John T. Ibrier ? l Bill M. Guthrie t' President i William J. Rushton III. Birmingham Auburn University J f Executive Vice President Age 59, elected 1993 Whit Armstrong:- Alabama Power Company Dr. John T. Porter t Age 65; elected 1988 Birmingham Pirtased seated k[t y right:1 Elmer B. Harris t Pastor Wallace D* MalhneJr* Birmingham Sixth Avenue Baptist Church l 4 President and Chief Executive Ollicer Age 67; elected 1993 -' James K. Lowder Alabama Power Company ^8' 59; CICed 1989 I bert D. Powers Peter V. Gregerson Sr. : g, 4 --' Robert D. Powers Carl E. Jones Jr.t President Birmingham The Eufaula Agency Inc. ,. James H,tSanford President and Chief Executive Omcer (Real estate and insiirance) i David J. Cooper Re[' ions Financial Corporation Age 49; elected 1992 h; (h dribank holdin company) ., 4 Age 58; elected 19 8 i 1' t t V 1 g g
h Officers { Elmer B. Harris Robert IIolmes Jr. President and Chief Executive Officer Vice President, Age 59 Ethics and Business Practices Banks II. Farris Age 50 Executive Vice President Robin A. Hurst Age 63 Vice President, Power Delivery Michael D. Garrett Age 52 Executive Vice President C. Alan Martin Age 49 Vice President, hiarketing Bill M. Guthrie ' Age 50 Executive Vice President Donald W. Reese Age 65 Vice President, State Relations William B. Hutchins III Age 53 Executive Vice President, Chief Financial David C. Rickey Officer and Treasurer Vice President, Public Relations Age 56 Age 43 Robert A. Buettner 2 Julian H. Smith Jr. Senior Vice President and Counsel Vice President, Governmental Relations Age 57 Age 50 Rodney O. Mundy
- W. Ronald Smith Senior Vice President and Counsel Vice President, Eastern Division Andreas Renschler Age 57 Age 49 Escaloosa James H. Miller HI Susan N. Story Global Executive Management Developer Senior Vice President Vice President, Corporate Real Estate /
Daimler-Chrysler Age 49 Corporate Services (Auto manuf accuring) A # 39 Age 40; elected 1998 Ibl B. Parsons Jr. E Sern.or Vice President, Cheryl A. Thompson C. Dowd Ritter *t Fossil and Hydro Generation Vice President, Mobile Division Birmingham Age 60 Age 50 ti ( Michael L Scott
- Anthony J. T azi AmSouth Bancorporation Senior Vice President, Marketing Vice President, Ibrmingham Division (Muhibank holding company)
Age 46 Age 48 Age 51; elected 1997 Jacquelyn S. Shaia Terry H. Waters Dr. John W. Rouse 't2 Senior Vice President Vice President, Western Division Birmingham ^8e 41 Age 49 President of The Rouse Group LLC (Technology consulung) and Christopher C. Womack E. Wayne Boston President Emeritus of Southern Research Senior Vice President Assistant Secretary and Assistant Treasurer Institute (Science and engineering research) Age 41 Age 54 Age 61; elected 1988 Art P. Beattie J. Randy DeRieux Vice President, Assistant Treasurer William J. Rushton III t Secretary and Comptroller Age 44 Birnyingham Age 44 Robert C. Giddens ri e1i oration William W. Cooper Assistant Comptroller (Life and heahh insurance) Vice President, Southern D,v,,on Age 51 im A e 51 Age 69; elected 1970 S Patsy B. Southerland James H. Sanford W. Roy Crow Assis' tant Secretary Pranville Vice President, Southeast Division Age 52 Chairman Age 60 HOMij Place Farms Inc. William E. Zales Jr. (Dnersified farmers) James M. Corbitt Assistant Secretary and Assistant Age 54; elected 1983 Vice President, Information Resources Treasurer Age 54 Age 50 fohn C. Webb IV
- Thomas A. Fanning
)enmpohs President Vice President 3,, 4 i Webb Lumber Company b ' Retired 6/98 (Wholesale lumber) C. Steve Fant
- Retired 2/99 Age 56; elected 1977 Vice President Economic Development Elected i1/9s t Executive Commince member Age 53
- Elected 4/98
- Auda Commitice member
' Retired 6/98 ' Retired 4/98 /9 . ~ _
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~ g,', m. ..g l c, CherylBrakefield Coordinating Accountant O #. Corporate Headquarters j i .A m-7-yearemployee .. 4% 4., 3 i; ;. .y i j . ( I'm part of a financial team that 3. _ $ f; ]. f.' I gets to see almost every transaction ,. ' 7 4 %gg Nabama Power makes, no matter s ;; ,.-7 i how small or how big. By k>oking at n. ,1
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. the past and keeping an eye on trends, [%W - the future. we help lay out the road map for S 1,.:,,.;2+MM - . A. Our job is not to just crunch ^"
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If you k>ok at the past 10 years, youll see that our performance is solid and it's stable. This kind of performance demonstrces the strength and finan-cial integrity of our company. A lot of people depend on us-Road man for the future -e' ">~""'"<" "d :" " r importantly, our customers. I m proud to tell you that Alabama Power' finan-cial road map is an excellent one.
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The management ofAlabama Power Company has composed of directors who are not employees, prepared - and is responsible for - the financial provides a broad overview of management's financial statements and related information included in this reporting and contml functions. Periodically, this . report. These statements were prepared in accordance committee meets with management, the internal with generally accepted accounting principles auditors and the independent public accountann to appmpriate in the circumstances and necessarily ensure that these groups are fulfilling their obligations include amounts that are based on the best estimates and to discuss auditing, internal controls, and financial and judgments of management. Financial information, reporting matters. The internal auditors and throughout this annual report is consistent with the independent public accountants have access to the financial statements. members of the audit committee at any time. The Company maintains a system ofinternal Management believes that its policies and accoundng controls to provide reasonable assurance procedures pro ide reasonable assurance that the that assets are safeguarded and that the books and Company's operations are conducted according to a ~ records reflect only authorized transactions of the high standard of business ethics. Company. Limitations exist in any system ofinternal In management's opinion, the financial statements controls, however, based on a recognition that the cost present fairly, in all material respects, the financial of the system should not exceed its benefits. The position, results of operations and cash flows of Company believes its system ofinternal accounting Alabama Power Company in conformity with controls nyintains an appropriate cost / benefit . generally accepted accounting principles. relationshi'p. j The Company's system ofinternal accounting-
- d controls is evaluated on an ongoing basis by the and Chief Executive Officer i
Companys m:ernal audit staff. The Company's j independent public accountants also consider certain William B. Hutchins,111 i I ejements of the internal control system in order to Executive Vice President, I determine their auditing procedures for the purpose of Chief Financial Officer, and Treasurer expressing an opinion on the financial statements. The audit committee of the board of directors, February 10,1999 lb Alabama Pourr Gwipany: We have audited the accompanying balance sheets and statements of capitalization of Alabama Power Company (an Alabama corporation and a wholly owned subsidiary of Southern Company) as of December 31,1998 and 1997, and the related statements ofincome, retained earnings, paid-in capital, and cash flows for each of the three years in the period ended December 31,1998.These financial statements are the responsibility of the Company's management Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits l provide a reasonable basis for our opinion. j In our opinion, the financial statements (pages 34-52) referred to above present fairly, in all material respects, the j financial position of Alabama Power Company as of December 31,1998 and 1997, and the results ofits operations and its cash flows for each of the three years in the period ended December 31,1998, in conformity with generally accepted accounting principles. Arthur Andersen LLP Birmingham, Alabama February 10,1999 ) 21 O r
Manage, ment's Report The management of Alabama Power Company has composed of directors who are not employees, prepared -. and is responsible for - the financial provides a broad overview of management's financial statements and related information induded in this reporting and contml functions. Periodically, this . report. These statements were prepared in accordance committee meets with management, the internal with generally accepted accounting principles ' auditors and the independent public accountants to appropriate in the circumstances and necessarily ensure that these groups are fulfilling their obligations indude amounts that are based on the best estimates and to discuss audhing, internal controls, and financial and judgments of management. Financial information, reporting matters. The internal auditors and throughout this annual report is consistent with the independent public accountants have access to the financial statements. members of the audit committee at any time. The Company maintains a system ofinternal. Management believes that its policies and accounting controls to provide reasonable assurance procedures provide reasonable assurance that the that assers'are safeguarded and that the books and Compan/s operations are conducted according to a records reflect only authorized transactions of the high standard of business ethics. Company. Limitations exist in any system ofinternal In management's opinion, the financial statements controls, however, based on a recognition that the cost present fairly, in all material respects, the financial of the system should not exceed its benefits. The position, result's ofoperations and cash flows of Company believes its system ofinternal accounting Alabama Power Cornpany in conformity with controls.nyintains an appropriate cost / benefit . generally accepted accounting principles. relauonship. The Companis system ofinternal accounting-
- d controls is evaluated on an ongomg basis by the and Chief h,xecutive Officer Companis internal audit staff. The Companfs s independent public accountants also consider certain William B. Hutchins, III dements of the internal control system in order to Executive Vice President, determine their auditing procedures for the purpose of
' Chief Financial Officer, and Treasurer, expressing an opinion on the financial statements. The audit committee of the board of directors, February 10,1999 To Alabama Pourr Company: We have audited the accompanying balance sheets and statements of capitalization ofAlabama Power Company (an Alabama corporation and a wholly owned subsidiary of Southern Company) as of Deamber 31,1998 and 1997, and the related statements ofincome, retained camini;s, paid-in capital, and cash flows for each of the three years in the period ended December 31,1998. These financial statements are the responsibility of the Companis management Our s irsponsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtai'n reasonable assurance about whether the financial statements are fye of material misstatement. An audit indudes examining, on a test basis, evidence supporting the amounts and disdosures in the financial statements. An audit also indudes assessing the accounting principles used and signifi. cant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a trasonable basis for our opinion. In our opinion, the financial statements (pages 34-52) referred to above present fairly, in all material respects, the financial position ofAlabama Power Company as of December 31,-1998 and 1997, and the results ofits operations and its cash flows for each of the three years in the period ended December 31,1998, in conformity with generally accepted accounting principles. Arthur Andersen LLP Birmingham, Alabama February 10,1999 21
F + e Selected Financial and Operating Data 1998 1997 1996 1995 j Operating Revenues (in thousands) $3,386,373 $3,149,111 $3,120,775 $3,024,774 1 Net Income after Dividends e2 Preferred Stock (in thousands) $ 377,223 $ 375,939 $ 371,490 $ 360,894 Cash Dividends on Common Stock (in thousands) $ 367,100 $ 339,600 $ 347,500 $ 285,000 Return on Average Common Equity (percent) 13.63 13.76 13.75 13.61* Tctal Assets (in thousands) $9,225,698 $8,812,867 $8,733,846 $8,744,360 Gross Property Additions (in thousands) $ 610,132 $ 451,167 5 425,024 $ 551,781 C:pitali::ation (in thousands): Common stock equity $2,784,067 $2,750,569 $2,714,277 $2,690,374 Preferred stock 317,512 255,512 .340,400 440,400 Preferred stock subject to mandatory redemption Subsidiary obligated mandatorily redeemable preferred securities 297,000 297,000 97,000 IAnn-term debt 2,646,566 2,473,202 2,354,006 2,374,948 'Ibtal (excluding. amounts due within one year) $6,045,145 $5,776.283 ~ $5,505,683 $5,505,722 l Capitalization Ratios (percent): Common stock equity 46.1 47.6 49.3 48,9 Preferred stock 5.2 4.4 6.2 8.0 Company obligated mandatorily redeemable preferred securities. 4.9 5.2 1.7-long-term debt 43.8 42.8 42.8 43.1 i Total (excluding amounts due within one year) 100.0 100.0 100.0 100.0 First Mortgage Bonds (in thousands): Issued ~ Retired 771,108 74,951 83,797 Ccmpany Obligated Mandatority Redeemable Preferred Securities (in thousands): s issued 200,000 97,000 - Senirr Notes (in thousands): Issued 1,356,200 193,800 ' Preferred Stock (in thousands): e Issued 200,000 Retired 88,000 184,888 Secuiity Ratings: First Mortgage Bonds - Moody's Al Al' Al Al Standard and Poor'. A+ A+ A+ A+ Duff & Phelps AA-AA-AA-A+ Preferred Stock - Moody's a2 a2 ,a2 a2 Standard and Poor's A A A A , Duff & Phelps A A+ eT+ A Unsecured Ibng-Ter n Debt - Moody's A2 A2 Standard and Poor's A A Duff & Phelps A+ A+ ~ Cust;mers (year-end): Residential 1,106,217 1,092,161 1,073,559 1,058,197 Commercial 182,738 ,177,362. 171,827 166,480 Industrial 5,020 5,076 5,100 5.338 Other 733 728 732. 725 ' local 1,294,708 1.275,327 1,251,218 1,230,740 Employees (year-end) 6,631 6,531 6,865 7,261 f l e/ -~
is ) 1994 1993 1992 1991 1990 1989 1988 $2,935,142 $3,007,609. $2,846,840 $2,846,794 $2,722,424 $2,629,354 $2,476,626 $ 356,338 $ 346,494 $ 338,555 5 339,666 $ 312,803 5 311,146 5 283,475 $ 268,000 $ 252,900 $ 273,300 $ 232,900 $ 220,800 $ 217,300 5 212,700 13.86 13.94 14.02 14.55 14.00 14.53 14.03 $8,459,217 $8,248,683 $6,593,618 $6,549,462 $6,362,293 $6,279,431 $6,180,945 5 536,785 $ 435,843 $ 367,463 $ 397,011 5 444,680 $ 459,199 $ 643,892 $2,614,405 $2,526.348 $2,443,493 $2,387,198 $2,280,590 $2,188,811 $2,094,815 440,400 440,400 489,400 484,400 484,400 484,400 484,400 12,500 17,'500 22,500 2,455,013 2,362,852 2,202,473 2,382,635 2,397,931 2,435,129 2,496,492 $5,509.818 55.329,600 $5,135,366 $5,254,233 55,175.421 $5.125,840 55,098,207 47.4 47.4 ' 47'.6 45.4, 44.1 42.7 41.1 8.0 8.3 9.5 9.2 9.6 9.8 9.9 i 44.6 44.3 42.9 45.4 46.3 47.5 49.0 l00.0 100.0 100.0 100.0 100.0 100.0 100.0 150,000 860,000 745,000 250,000 150,000 20,387 699,788 931,797 227,695 33,122 75,650 42,445 158,000 150,000 ~ '100,000 P 207,000, 145,000 17,500 5,000 5,000 2,500 Al Al Al Al A l' Al Al A A .A A A A A 1 A+ A+ A A A A 6 i I l u a2 a2 a2 a2 a2 a2 a2 l A-A- A-A- A-A- A-A- A-A- A-A- A-7 1,012,294 997,585 985,566 974,622 964,581 1,0,42,974 1,027,130 x 162,239 157,337 152,530 148,228 144,340 141,265 137,955 5,341 5,391 5,434 5,476 5,322 5,200 5,120 716 713 704 697 ' 690 684 678 1,211,270 1,190,571 1,170,962 1,152,006 1,135,918 1,121,771 1,108,334 7,996 8,009 8,i10 8,513 9,473 9,698 10,302
v O Selected Financial and Operati'ng Data (continuca) 1998 1997 1996 1995 Operating Revenues (in thousands): Residential $1,133,435 $ 997,507 $ 998,806 $ 997,069 Commercial 779,169 724,148 696,453 670,453 . Industrial. 853,550 775,591 759,628 805,596 Other 14,523 13,563 13,729 13,619 Total retail 2,780,677 2,510,809 2,468,616 2,486,737 Sales for resale - r.on-affiliates 448,973 431,023 391,669 370,140 Sales for resale - affiliates 103,562 161,795 216,620 127,730 Total r.evenues from sales of electricity 3,333,212 3,103,627 3,076,905 2,984,607 Other revenues 53,161 45.484-43,870 40,167 'Iotal $3,386,373 $3,149,111 $3,120,775 $3.024,774 Kilowatt-Hour Sales (in thousands): Rtsidential 15,794,543 14,336,408-14,593,761 14,383,231 ' Commercial 11,904,509 11,330,312 10,904,476 10,043,220 Industrial 21,585,117 20,727,912 19,999,258 - 19,862,577 Other 196,647 180,389 192,573 186,848 Total retail 49,480,816 46,575,021 45,690,068 44,475,876 Sales for resale. non-affiliates 11,840,909 12,329,480 9,491,237 8,046,189 Sales for resale - afIiliates 5,976,099 8,993,326 10,292,066 6,705,174 foral 67,297,824 67,897.827 65,473,371 59,227,239 Average Revenue Per Kilowatt-liour (cents): Residential 7.18 -6.96 6.84 6.93 Commercial 6.55 6.39 6.39 6.68 Industrial 3.95 3.74 3.80 4.06 Total retail 5.62 5.39 5.40-5.59 Sales for resale 3.10 2.78 3.07 3.38 Total sales 4.95 4.57 4.70 5.04 Residential Average Annual Kilowatt-Hour Use Per Customer 14,370. 13,254 13,705 13,686 Residential Average Annual Revenue s Per Customer $1,031.21 $922.21 $937.95 $948.71 Plant Nameplate Capacity Ratings (Note 1) (year-erid) (megawatts) 11,151 I1,151 11;151 10,831 Territorial Peak-Hour Demand (megawatts) (Note 2): Winter 7,757 8,478 8,413 7,958 Summer 10,329 9,778 9,912 10,090 Annual Load Factor (percent) (Note 2) 62.9 62.7 61:3 - 59.2 Plant Availability (percent): Fossil-steam 85.6 86.3 86.6 88.3 Nuclear 80.2 88.8 90.5 81.1 Source of Energy Supply (percent): i Coal 65.3 65.7 67.0 67.1 Nuclear. 16.3 17.9 18.5 17.1 q Hydro 6.9 7.5 7.1 7.0 Oil and gas 1.5 0.7 0.4 0.4 j Purchased power - From non-affiliates 3.3 2s4 2.4 2.7 From affiliates 6.7 5.8' 4.6' 5.7 Total 100.0 100.0 100.0 100.0 Total Fuel Economy Data (Note 1): BTU per net kilowatt-hour generated 8,938 9,984 .10,035 10,025 Cost of fuel per million BTU (cents) 171.85 148.61 147.09 148.68 Average cost of fuel per net kilowatt-hour generated (cents)' 1.54 1.48 1.48 1.49 Notes: (1) Generating capacity and fuel data includes Alabama Power Company's 50% portion of St.GLO. J (2) Includes Southeastern Power Administration allotment. 24 less than one-tenth of one isercent. .~ o
1994 1993 1992 1991 1990 1989 1988 $ 913,146 5 947,277 $ 845,660 $ 864,347 $ 825,645 $ 781,982 $ 761,805 647,202 634'895 589,816 582,730 551,634 533,487 510,910 603,587 832,938 800,311 790,224 777,580 762,274 738,755 13,515 13,344 12,734 12,662 12,103 , 11,743 11,255 2,377,450 2,428,454 2,248,521 2,249,963 2,166,962 - 2,089,486 2,022,725 354,760 364,105 407,791 407,912 434,996 409,202 355,362-164,762 181,975 158,088 159,375 93,473 104,488 76.691 2,896,972 2,974,534 2,814,400 2,817,250 2,695,431 2,603,176 2,454,778 38,170 33,075 32,440 29,544 26,993. 26,178 21,848 $2,935,142 5's,007,609 $2,846,840 $2,846,794 $2,722,424 $2,629,354 $2,476,626 13,183,147 13,185,062 12,069,268 12,324,898 11,996,794 11,346,736 11,332,285 9,645,798 9,185,462 8,629,869 8,526,131 8,201,534 7,915,685 7,711,092 19,479,364 18,595,237 18,260,274 17,511,579 17,713,153 17,360,791 16,881,342 185,876 181,673 176,798 174,760 170,420 166,485 165,122 42,494,185 41,147,434 39,136,209 38,537,368 38,081,901 36,789,697 36,089,841 6,775,176 7,143,672 '8,382,571 8,810,442 10,277,060 10,292,329 7,905,750 8,432,533 8,081,324 7,210,697 7,784,285 4,519,275 5,048,743 3,551,142 57,701,894 56.372,'430 54,729,477 55,132,095 52,878.236 52,130.769 47,546,733 6.93 7.I 8 - 7.01 - 7.01 6.88 6.89 6.72 6.71 6.91 6.83 6.83 6.73, 6.74 - 4.63 4.13 4.48 4.38 4.51 4.39, 4.39 4.38 5.59 5.90 5.75 5.84 5.69 5.68 5.60 3.42 3.59 3.63 3.42 3.57 3.35 3.77 5.02 5.28 5.14 5.I 1 5.10 4.99 5.16 12,746 12,936 12,017 12,435 12,256 ' 11,717 - 11,839 $882.88 $929.36 $842.00 $872.04 $843.50 $807.50 $795.84 J 10,431 10,431 10,431 10,539 9,879 9,879 9,279 ] J 8,217 7,152 7,077 6,586 6,293 7,264 6,377 9,028 9.457 8,801 8,627 8,878 8,256 7,991 - 62.2 58.6 59.6 59.9 57.4 59.5 59.6 86.9 89.7 88.9 93.1 92.2 . 90.7 91.3 92.5 86.6 80.2 87.0. 86.5 83.1 91.9 62.9 63.9 64.3 61.5 57.0 54.1 53.9 21.7 20.1 19.0 20.8 21.6 21.0 26.1 8.4 6.9 8.5 8.2 ~ 8.7 11.0 4.8 0.1 0.1 0.1 s 1.3 1.1 1.2 1.6 0.9 1.8 0.5 5.7 - 8.0 7.0 7.9 11.7 12.0 14.6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 9,961 10,003 10,000 9,985 10,072 10.061 10,137 157.62 173.66 164.57 170.49 171.55 172.20 168.21 1.57 1.74 1.65 1.70 1.73 1.73 1.71 25
m Management's Discussion and Analysisof Results of Operations and Financial Condition Results ofOpemtions Reyenues ) Operating revenues for 1998 were $3.4 'oillion, Earnings reflecting a 7.5 percent increase from 1997. The ' ' Alabama I'ower Company's 1998 net income after f 11 wing table summarizes the principal factors that dividends on preferred stock was $377 million, affected operating revenues for the past three years: representing a $1.3 million (0.3 percent) increase Increase (Decrease)From Prior Year 1998 1997 1996 from the prior year.This improvement can be attributed primarily to increased retail energy sales as Gn timan@ Retail-a result of hot weather in the second quarter of 1998, cornpared to very mild weather for the same period Growth and price in 1997 and a strong economy in the Co{npany's change $.75,642 $ 33,813 $ 42,385 We ther 55,282 (22,973) (29,660) service territory. However, camings were offset by an increase in non-fuel operation and maintenance Fuel cost recovery and other 138,944 31,353 (30,846) expensdand an increase in the amortization of debt Total retail '269 868 42,193 (18,121) discount, premium, and expense, net pursuant to an Alabama Public Service Commission (APSC) order. Sales f r resale ^- See Note 3 to the financial statements under " Retail Non-afliliates ' 17,950 39,354 21,529 Affili tes (58,233) (54,825) 88,890 Rate Adjustment Procedures" for additional details. Total sales for resale' (40,283) (15,471) 110,419 In 1997, camings were $376 million, representing Other operating. a 1.2 percent increase from the prior year.This revehues 7,677 1,614 3,703 increase was due to lower non-fuel related operating. Total operating ex;ienses. Despite the mild weather experienced revenues $237,262 $ 28,336 $ 96,00'1 during 1997, retail kilowatt-hour (KWH) sales Percent change 7.5% 0.9% 3.2% increased approdmately 2 percent. However, the s - expected ner inmme effect was offset by the effect of Retail revenues of $2.8 billion in 1998 increased ' reductions in cc rtain industrial and commercial piices. $270 million (10.7 percent) from the prior year, c mpared with an increase of $42 million (1.7 percent) The return on average commor(equity for 1998 in 1997. The predominant factors causing the rise in was 13.63 percent compared to 13.76 percent in 1997, and 13.75 p'ercent in 1996. revenues in 1998 were the posmve impact of weather on energy sales, continued growth throughout the state, a'nd increased fuel revenues. Fuel revenues were higher in the current year due to. higher fuel costs and an increase in purchard power. Retai) revenues in 1997 increased $42 million (1.7 percent) over 1996. The primary reason for this increase was an increase in fuel revenues due to slightly higher generation and higher fuel costs in 1997 as compared to 1996. Fuel revenues generally represent the direct recovery offuel expense, including the fuel component of purchased energy,_ and therefore have no effect on net income. Revenues from sales to utilities outside the senice area under long-term contracts consist ofcapacity and 26
.T energy components. C'apacity revenues reflect the result of hot weather in the second quarter, compared ' recovery of fixed costs and a return on investment to very mild weather in the second quarter of 1997. under the contracts. Energy is generally sold at Assuming normal weather, sales to tetail customers are - variable cost. These capacity and energy components projected to grow approximately i3 percent annually on average,during 1999 through 2003. were: 1998 -1997 1996 (in thousands) Expenses Capacity $141,814 $136,248 $150,797 Total operating expenses of $2.7 billion for 1998 Energy 118,252 134,498 107,996 were up $207 million or 8.2 percent compared with Total $260,066 $270.746 $258.793 1997. This increase was mainly due to a $107 million ~ increase in purchased power expenses, accompanied Capacity revenues from non-affiliates increased by a $58 million increase in maintenance expense. 4.1 percent in 1998 compared to the prior year. 8 Capacity revenues from non-afIlliates in 1997 Total operating expenses of $2.5 billion for 1997 decreased 9.6 percent compared to 1996 primarily were up $18 milhon or 0.7 percent compared with due to a one-time unit power sales adjustment in 1997. 1996. This mcrease was pnmarily due to a $19 million - mcrease m fuel costs and a $10 million increase in Revenues from sales to afliliated companies within depreciation and amortization expense.These , the Southern electric system, as well as purchases of increases were somewhat offset by a $16 million energy, will vary from year to year depending on decrease m mamtenance expenses. demand and the availability and cost of generating Fuel costs constitute the s.mgle largest expense for resources at each company. These transactions do not have a s.ignd. iamt impact on eanungs. the Company. The mix of fuel sources for generation of electncity is determmed primarily by system load, KWH sales for 1998 and the percent change by' the unit cost of fuel consumed, and the availability of year were as follows: - hydro and nuclear generating units. The amount and sources of generation and the average cost of fuel per KWH Percent Change net KWH generated were as follows: 1998 1998 1997 1996 (millions) 1998 1997 1996 ~ Total generation Residential 15,795 10.2 % (1.8)% 1.5% (billions of KWHs) 63 65 65 ~ Commercial
- 11,905 5.1 3.9 8.6 Sources of generation Industrial
- 21,585 4.2 3.6 0.7 (percent) -
Other .1% 8.3 (6.3) 3.1 Coal 72 72 72 Total retail 49,481 6.2 1.9 2.7 Nuclear 18 20 20 Sales for resale - Hydro 8 8 8 Non-affiliates 11,841 (3.2) 29.9 18.0 Oil & Gas 2 Afliliates 5,976 (33.5) (12.6)- 53.5 Average cost of fuel per net Total 67,298 (0.9)% 3.7 % 10.5 % KWH generated 'The Kwmales for 1996 refixt a reciadication of approximateli, (cents)- 1.54. 1.49 1.46 ft 7 m on 11. n th r ifi n h
- Not meaningfid because of minim.d generation from fuel source.
percentage change in KWil sales for commercial and industrial would have been 3.9% and 3.1% respectively. Total fuel and purchased power costs o,f $1.1 billion The inctrases in 1998 and 1997 retail energy sales in 1998' increased $111 million (11 percent) over I997 'I"*'El d" 1 **'l#"*l' I""'l**'*"d were primarily due to the strength of business and P f economic conditions in the Company's service area. In hydro generation, which were replaced by the use of 1998, residential energy sales experienced a peaking units and purchased power. 10.2 percent increase over the prior year primarily as a. 27 ~
1 Fuel and purchased power costs in 1997 increased historical cost does not recognize this economic loss $27 million (3 perclnt) over 1996 due primarily to nor the partially offsetting gain that arises through x slightly h'igher generation and fuel costs in 1997. ' financing facilities with fixed-money obligations, such as long-term debt and preferred securities. Any c Purchased power consists primarily of purc.nases recogni' tion ofinflan.on by regulatory authon..nes is from the affiliates of the Southern elcaric system. . reflected m. the rate of return allowed. . Purchased power transactions'among the Company and its affiliates will vary from period to period Future Earnings Potential depending on demand, the availability, and the variab:e production cost of generating resources at The results of operations for the past three years each company. Total KWH purchases increased are not necessarily indicative of future earnings 24.5 percent from the prior year. potential. The level of future earnings depends'on . numerous factors ranging from energy sales growth to , The 23.8 percent mcrease m mamtenance expense a less regulated more competitive environment. m 1998 as compared to 1997 is attributable to (i) an increase in the maintenance of overhead lines, (ii) the ne Company currently operates as a vertically write-off ofobsolete steam and nuclear generating integrated utility providing electricity to customers plant itwentory, and (iii) additional accruals to partially within its traditional service area 16cated in the state replenish the natural disaster reserve.The 6.1 percent, of Alabama. Prices for electricity prwided by the decrease in maintenanm expenses in 1997 is attributable Company to retail customers are set by the APSC primarily to.a decreas'e in distribution expenses. under cost-based regulatory principles. Depreciation and amortization expense increased Future earnings in the near term will depend 2.6 percent in 1998 and 3.2 percent in 1997. These upon growth in electric sales, which are subject to a increases reflect additions to utility plant. number of factors. Traditionally, these factdrs have included weather, competition, changes in contracts Total net interest and other charges increased with neighboring un.lities, energy conservation practiced $55.7 milh.on (22 percent) in 1998. This increase , by customers, the elasticity of demand, and the rate of results primarily from an mcrease in the amortization economic growth in the Company's service area. ofdebt discount, premium, and expense, net pursuant to an APSC order. See Note 3 to the financial The electric utility industry in the United States is statements under " Retail Rate Adjustment Procedures" currently undergoing a period of dramatic change as a for additional details. Total net interest and other result of reg' latory and competitive factors. Ampng u charges increased $25.4 million (11.2 percent) in the pritpari agents of change has been the Energy 1997 primarily due to an increase in company Policy Act of 1992 (Energy Act). The Energy Act obligated mandatorily redeemable preferred securities allows 5 dependent power producers (IP'Ps) to access outstanding. This increase was offset by a $12 million a utility's transmission network in order to sell (45.2 pettent) decrease in dividends on preferred stock. electricity to other utilities. This enhances the \\ FEccts ofInflation ~ incentive for IPPs to build cogeneration plants for a utility's large industrial and commercial customers and sell excess energy generation to other utilities. [ The C,ompany is subject to rate regulan,on and Also, electncny sales for resale rates are being dn. ven f income tax laws that are based on the recovery of down by wholesale transmission access and numerous-histoncal costs. Therefore, m. flation creates an potennal new energy supph.ers, mcluding power economic loss because the Company is recovering marketers and broker The Company is aggressively s. its costs ofinvestments in dollars that have less work.mg to maintain and expand.as share of wholesale purchasing power. While the. flan.on rate has been m bus. mess m the Southeastern power markets. relan.vely low m. recent years, it continues to ha"e an adverse effect on the Company because of the Although the Energy Act does not permit retail farge investment in u'tility plants with long customer access, it was a major catalyst for the economic life. Conventional accounting for current restructuring and consolidation taking place 28
O within the utility industry. Numerous federal and year portion ofdate emries to just two digits. state initiatives are in varying stages to promote Computers assumed, in effect, that all years began wholesale and retail competition. Among other with "19 "This practice was widely adopted and things, these initiatives allow customers to choose hard-coded into computer chips and processors their electricity provider. As,these initiatives found in some equipment. This approach, intended materialize, the structure of the utility industry could to save processing time and storage space, was used radically change. Some states have approved until the mid-1990s. Unless corrected before the Year initiatives that result in a separation of the ownership 2000, affected seftware systems and devices and/or operation of generating facilities from the containing a chip or microprocessor with date and ownership and/or operation of' transmission and time functions could incorrectly process dates or the distribution facilities. While various restructuring systems may cease to function. and competition initiatives have been or are being discussed in Alabama, Flor,ida, Georgia, and. - The Company depends on complex computer Mississippi, none have been enacted to date. sysems r many aspeas f us perano,ns, which Enactment would require numerous issues to be mclude generation, transmission, and distribunon of, "I"""..'"Y' ^' *e as ther business support activities. resolved, includrng significant ones relating to transmission pricing and recovery of any stranded The Company,s goal is to have crmcal devices or
- '* ** *'" " 9" * * * * "** "
P" investmenu. The inability of the Company to recover its mvestments, mcludm.g the regulatory assets be Year.2000 ready by June 1999. Year 2000 ready described in Note 1 to the fmancial statements, means that a sysem or apph. canon is determmed could have a materiai adverse effect on the financial suitable for continued use through the Year 2000 condm..on of the Company. The Company is and beyond. Critical systems include, but are not
- h.. d to, reactor c6ntrol systems, safe shutdown mite attempting to minimize or reduce stmnded cost systems, turbine generatpr systems, control center _
computer systems, customer service systems, energy Continuing to be a low-cost producer could management systems, and telephone switches and provide opportunities to. increase market share and . equipment.' profitability in markets that evolve with changing regulation. Conversely, unless the Company remains a Mar 2000 Pmgram andStatm low-cost producer and provides quality service, the Company's retail energy sales growth could be h.. d, The Company's executive management recognizes mne and th.is could s.igmficandy erode earnings. the seriousness of the l, ear 2000 challeng.e and has . dedicated what a believes to be adequate resources to Rates to ' retail customers ' served by the Company address the issue. The Millennium Project is a team are regulated by the APSC. Rates for the Company of employees, IBM consultants, and other contractors can be adjusted periodically within certain limitations. whose progress is reviewed on a monthly basis by a based on earned retail rate of return compared with steering comrni,ttee of Southern Company executives. an alk>wed ' return. In June 1995, the APSC issued an order granting the Company's request for gradual .,The Company's l, ear 2000 program was divMed adjustments to move toward parity among customer mto two phases. Phase I began.m 1996 2nd consisted classes..Th.is order also calls for a moratorium on ofidentify.mg and assessing corporate assets related to any period.ic retad rate increases (but not decreases) software systems and devices that contain a computer ch.ip or clock. The first phase was completed in June untd 2001* 1997. Phase 2 consists of testing and remediating Year 2000 high priority systems and devices. Also,rontingency ~' planning is included in this phase. Completion of Mar 2000 Cha#enge Phase 2 is targeted for June 1999. The Millennium In order to save storage space, computer Project will continue to monitor the affected computer programmers in the 1960s and 1970s shortened the systems, devices, and apph. canons mto the l, ear 2000, 29 4
7 i _The Southern Company has completed nore those devices are in progress. Following risk / than 70 percent of the activities contained in its work assessment, the Company is preparing contingency plan. The percentage of completion and projected plans as appropriate and is participating in Nonh completion by function are as follows: Amerfcan Electric Reliability Council-coordinated Work Plan national drills duri~ng 1999. The Company is currently reviewing the Year I""*"Y ^""' % U"O"' 2000 readiness of material third parties that provide Generation 100% ~100% 70 % 6/99 goods and services crucial to the Company's Energy operations. Among such critical third parties are fuel, Man ~agement 100 100 90 6/99 transportation, telecommunications, water, chemical, 1ransnussmn and and other suppliers. Contingency plans based on the Distribution 100 100 100 * '- 1/99 9 - assessment ofeach third party's ability to continue i Telecommunications 100 100 50 6/99 supplying critical goods and services to the Company Corporate are being developed. Applications 100 100 90 3/99 There is a potential for some earnings erosion 'e br2000 Costs caused by reduced electrical demand by customers because of their Year 2000 issues. Cunent projected total costs for Year 2000 readiness, including the Company's share of costs of br2000 Contingency Plans Southern Nuclear Operating Company, are approximately $36 million. These costs include labor Because of experience with hurricanes and other necessary to identify, test, and renovate affected devices storms, the Company is skilled at developing and ' and systems. Froro its inception through December using contingency plans in unusual circumstances. As 31,1998, the Year 2000 program costs, recognized pan of Year 2000 business continuity and primarily as expen'se, amounted to $21 million. ' contingency planning, the Company is drawing on that experience to make risk: assessments and is Nd'200 developing additional plans to deal specifically with The Company is implementing a detailed process situations that could arise relative to Year 2000 to minimize the possibility of service interruptions challenges. The Company is identifying critical related to the Year 2000. The Company believes, operational locations, and key employees will be on based on current tests,.that the system cIm provide duty at those locations during the Year 2000 customers with electricity. These tests increase transition. In September 1999, drills are scheduled to confidence, but do not guarantee error-free operation. be conducted to test contingency plans. Because of The Compa6y is taking wha't it believes to be prudent the level of detail of the contingency planning steps to prepare for the Year 2000, and it expects any - process, management feels that' the contingency plans interruptions in senice that may occur within the will keep any senice interruptions that may occur senice territory to be isolated and shon in duration. within the service territory isolated and shon in duration. The Company expects the risks associated with Year 2000 to be no more severe than the scenarios Exposure to Market Risk that its electric system is routinely prepared to handle. The most lik'ly worst case scenario consists of the Due to cost-based rate regulation, the Company e service loss of one of the largest generating units has limited exposure to market volatility in interest and/or the sesvice' loss of any single bulk transmission, r tes a'nd piices ofelectricity.'Ib mitigue residual. element in its service territory. The Company has risks relative to movements in electricity prices, the followed a proven methodology for identifying and Company enten inm ftxed price contracts for the assessing software and devices containing potential purchase and sale of electricity through the wholesale Year 2000 challenges Remediation and testing of electricity market. Realized gains and losses are s 30
recognized in the income statement as incurred. At power. Energy trading contracts are defined as energy December 31,1998, exposure from these activities contracts entered into with the objective ofgenerating was not material to the Companis financial position, profits on or from exposure to shifts or changes in results of operations, or cash flows. Also, based on the market prices. The Company adopted the required Companis overall interest rate exposure at December accounting in January 1999, and it is not expected to '31,1998, a near-term 100 basis point change in have a material impact on the financial statements. interest rates would not materially affect the financial statements. Financial Condition New Accounting Standards Overview The.FASB has issued Statement No.133, . Accounting for Derivative Instruments and Hedging The Compan/s financial co'ndition remained Activities, which must be adopted by the year 2000. stable in 1998. This stability is the continuation over This statement establishes accounting and reporting recent years of growth in retail energy sales'and cost standards for derivative instruments - including control measures combined with a significant lowering certain derivative instruments embedded in other of the cost ofcapital, achieved through the refinancing contracts - and for hedging activities. The and/or redemption of higher-cost long-term debt and Company has not yet quantified the impact of preferred stock. adopting this statement on its financial statements; - The Company had gross property addm..ons of however, the adopuon could increase volatih.ty in $610 million in 1998. The majority of funds needed
- '"'"8*'
for gross propeny additions for the last several years in March 1998, the American Institute of has been provided from operating activities, Cenified Public Accountants (AICPA) issued a new principally from carnings and non-cash charges to Statement ofIosition, Accounting for the Costs of ihcome such as depreciation and deferred incorhe Computer Software Developed or Obtained for taxes. The Statements of Cash Fhnvs provide Internd Use. This statement requires capitalization of additional details. certain costs ofinternal-use software. The Company adopted this statement in January 1999, and it is not Gpital Structure expected to have a material impact on the financial The Companfs ratio of common equity to total statements. capitalization -including short-term debt iwas in April 1998, the AICPA issued a new Statement 4'2.4 percent in 1998, compared with 44.7. percent in of Position, Reporting on the Costs of Stan-up 1997, and 45.3 percent in 1996. Activities.This statement requires that the costs of During 1998, the Company issued $1.4 billion start-up activities and organizational costs be of senior notes, the proceeds of which were used expensed as incurred. Any of these costs previously primarily to redeem first mortgage bonds and repay capitalized by a cornpany must be written offin the shon-term indebtedness. Additionally in 1998, the year of adoption. The Company adopted this Company redeemed $88 million of preferred stock statement ir) January 1999, and it is not expected to-and issued an additional $200 million. have a material impact on the financial statements. In, December 1998, the Emerging Issues Task bpital Requirements Force (EITF) of the FASB issued EITF No. 98-10, Capital expenditures are estimated to be l Accounting for Contracts Imolved in Energy Trading $875 million for 1999, $653 million for 2000, and and Risk Management Activities. The EITF requires $668 million for 2001. The total is $2.2 billion for 'that energy trading contracts'must be marked to the three years. Included in these estimates are the market through the income statement, with gains and following: the Company will replace all six steam-losses seflected rather than revenues and purchased 3]
e generators at Plant Farley at a total cert of Phase I compliance totaled approximately $25 million approximately $234 million. Additionally, the ' for the Company. J Company plans to construct and install 1,075 For Phase II sulfur d.ioxide compliance, the megawatts of new generating capacity and associated substation facilities at Plant Barry.The projected Company could use emission allowancer, increase capital expenditures for tlu.s project amount to fuel swachmg, and/or mstall flue gas desulfunzanon '9"N*"'""##'
- " Al' #9"i **"* '
approximately $384 million. P controf nitrogen oxide ermssions wdl be installed on Actual capital costs 'may ' vary from estimates additional system fossil-fired units as necessary to because of factors such as changes in business. meet Phase Il limits. Current compliance strategy for conditions; revised load growth projections; changes Phase Il could require total estimated construction . In environmental regulationis; changes in the existing expenditures dfapproximately $38 million, ofwhidi nudear plant to meet new regulatory requirements; $19 million remains to be spent. increasing costs oflabor, equipment, and materials; and cost ofcapital. In addm..on, there can be no A sigmficant portion of costs related to the acid urance t costs ated to capital expenditures rain provision of the Clean Air Act is expected to be However, there can be no assurance that all Clean Air Other Capital Requirements Ac c sts will be recovered. In addition'to the funds needed for the capital' In July 1997, the Environmental' Protection budget, approximately $270 million will be required Agency (EPA) revised the national ambient air quality - by the end of 2000 for maturities of first mortgage standards for ozone and particulate matter. This ' bonds. Also, the Company will continue to' retire revisi n makes the standards significandy more higher-cost debt and preferred stock and rep!.y* these Stringent. In September 1998, the EPA issued the obligations with lower-cost capital if market finaW nal nitt gen xide rules to the states for .wnditions permit. implementati n. The states have one year to adopt and implement the new rules. The final rules affect
- Environmental Matters 22 states induding Alabama.The EPh rules are being challenged in the courtsby several states and industry In November 1990, the Clean Air Act was signed groups. Implementation of the final state rules could into law. Title IV of the Clean Air Act : the acid require substantial further reductions in nitrogen rain compliance' provision of the law - significantly oxide emissions from fossil: fired generating facilities impacted the operating companies of Southern and other industry in these states. Implementation of Company, induding Alabama Power. Specific the standards could result in significant additional reductions in sulfur dioxide and nitrogen oxide compliance costs and capital expenditures that cannot emissions from fossil-fired generating' plants are be determined until the results oflegal challenges are
. required in two phases. Phase I compliance began in known and the states have adopted their final rules. 1995 and initially affected 28 generating units of Southern Company. As a result of Southem Company's The EPA and state environmental regulatory compliance strategy, an additional 22 generating tmits agencies are reviewing and evaluarmg v,anous other were brought info com'pliance with Phase I matters induding: nitropen oxide emission control . requirements. Phase 11 a>mpliance is required in 2000, suategies for ozone nonanainmen,t areas; additional c ntrols for hazanious air pollutant emissions; control and all fossil-fired generating plants will be affect 6d. ' ~_ strategies to reduce regional haze; and hazardous Southern Company achieved Phase I sulfur waste disposal requirements. The impact of new dioxide ccnnpliance at the affected plants by. standards will depend on the development and switching to low-sulfur coal, which required some implementation of applicable regulations. equipment upgrades. Construct; ion expenditures for 32 4
4 o The Company must comply with other As required by the Nudear Regulatory environmentallaws'and regulations that cover the Commission and as ordered by the APSC, the handling and disposal of haza'rdous waste. Under Company has established external trust funds for these various laws and regulations, the Company nuclear dec5mmissioning costs. In 1994, the could incur costs to clean up properties. The Company also established an external trust fund for Company conducts studies to determine the extent of postretirement bene its as ordered by the APSC. The any required cleanup costs and has recognized in the cumulative effect of funding these items over a long fmancial statements costs to clean up known sites. period will diminish internally funded capit!d and Several maj.or pieces ofenvironmental legislan. ' may require capital from other sources. For additional on are bem.g considered for reauthorization or information concerning nuclear decommissiomng amendment by Congress. These,mdude: the Clean costs, see Note I to the financial statements under Air Act; the Clean Water Act; the Comprehensive Deprecianon and Nudear Decomm..issionmg. Environmental Response,, Compensation, and Liability $ct; the Resource Conservation and Cautionary Statement Regarding Recovery Act; the Toxic Subsninces Control Act; and - Forward-Looking Information the Endangered Species Act. Changes to these laws could affect many areas of the Company's operations. - The Company,s 1998 Annual Report contains ~ forward-loola.ng and h.istoncal information. The The full impact of any sudi changes cannot be determined at this time. Company cautions that there are various important factors that could cause actual results to differ Compliance with possible additional legislation materially from those indicated in the forward-related to global climate change, electromagnetic looking information; accordingly, there can be no fields, and other envirodmental and health concems assurance that such indicated results will be realized. could significandy affect Southern Company. The These factors indude legislative and regulatory impact of new legislation - if any - will depend on initiatives regarding deregulation and restructuring of the subsequent developnTent and implementation of the electric utility industry; the extent and timing of applicable regulations. In addition, the potential exists the entry of additional competition in the Company's for liability as the result oflawsuits alleging damages ' markets; pote' tial business strategies - induding n , caused by electromagnetic fields. acquisitions or dispositions of assets or internal restructuring - that may be pursued by Southern Somtes of Capital Cdmpany; state and federal rate regulation; Year 2000 issues; changes in or application of environmental The Company h.istoncally has relied on issuances of first mortgage bonds and preferred stock, m. and other laws and regulations to which the ' addinon to pollution control revenue bonds issued Company is subj. ect; poh... l, legal and economic nca for its benefn by pubh.c authorities, to meet its long-condinons and developments; financial market tenn external financing requirements. Recently, the condinons and the results of financing efforts; C,ompany's fmancings have consisted of unsecured changes.in commodity prices and m.terest rates: - debt and trust preferred securities. In this regard, the weather and other natural phenomena; and other factors discussed m. the reports -indudm.g Form Company sought and obtained stockholder approval 10-h,- filed from time to time by the Company m 1997 to amend a.s corporate charter eh..mmanng restrictions on the amounts of unsecured wah the Secun..nes and Exchange Commissmn.- s -indebtedness it may incur. To issue additional debt and equity securities, the Company musicomply with certain earnings coverage requirements designated in its mortgage indenture and corporate charter The Company's coverages are at a level that would permit any necessary amount ofsecurity sales at current interest and dividend rates. 33
e ~ Statements OfIncome ~ For the Years Ended December 31,1998,1997, and 1996 1998 1997 1996 (in thousands) Operating Revenues: - Revenues (Notes 1,3, and 7) ~ $ 3,282,811 5 2,987.316 $ 2,904,155 Revenues from affiliates 103,562 161,795 216,620 Total operating revenues 3,386,373 3,149,111 3,120,775. Operating Expenses: Operation - Fuer 900,309 896,014 877,076 = Purchased power from non-affdiates 92,998 41,795 36,813 Purchased power from affiliates 150,897 95,538 91,500 Other 527,954 510,203 505,884 Maintenance 300,383 242,691 258,482 Depreciation and amortization 338,822 330,377 320,102 Taxes other than income taxes 193,049 ' 185,062 186,172 Fede'ral and state income taxes (Note 8) 224,922 220,228 228,108 Total operating expenses 2,729,334 2,521,908 2,504,137 Operating Income '657,039 627,203 616,638 _ Other Income (Expense): Allowance for equity funds used during construction (Note 1) 3,811 Equity in earnings of subsidiaries (Note 6) 5,271 5,250 4,676 Charitable foundation (6,800) Interest income 68,553 37,844 28,318 Other, net (40,861) (39,506) (39,878) Income taxes applicable to other income 6,347 12,351 22,400 Income Before Interest Charges and Other 700,160 643,142 625,354 Interest Charges and Other: Interest on long-term debt 192,426 167,172 169,390 Allowance for debt funds used during construction (Note 1) (4,664) (4,787) (6,480) Interest on interim obligations 11,012 ~22,787 20,617 Amortization of debt discount, premium, and expense, net (Note 3) 42,494 9,645 9,508 Other interest charges 44,672, 36,037 27,510 Distributions on preferred securities of Alabama hver Capital Trust I & II (Note 9) 22,354 21,763 6,717 Interest charges and other, net 308,294 252,617 ' 227,262 Net Income 391',866 390,525 398,092 Dividends on Preferred Stock 14,643 14,586 26,602 Net Income After Dividends on Preferred Stock $ 377,223 $ 375.939 $ 371,490 The accompanying notes are an integral part of these statements. e 4 e i M. e
_L-
m i Statements of Cash Flow For the Years Ended December 31,1998,1997, and 1996 1998 1997 1996 (in thousands) Operating Activities: Net income $ 391,866 $ 390,525 $ 398,092 Adjustments to reconcile net income to net cash provided from operating activiticy - Depreciation and a'mdrtization 425,167 394,572 383,438 Deferred income taxes and investmer!t tax credits, net 79,430 (12A29) 16,585 Alknvance for equiry fund 6 used during construction (3,811) Other, net ~ (62,928) (11,353) 6,247 Changes in certain current assets and liabilities - Receivables, net 49,747 (30,268) 3,958 inventories 2,880 13,709 36,234 -Payables 26,583 (9,745) 1,006 Taxes accrued 4,570 6,191 (5,756) Energy cost recovery, retail (95,427) 7,108 25,771 Other (14,373) 7,127 8,205 Net cash provided from operating activities 803,704 755A37 873,780 Investing Activities: ' Gross property additions (610,132) (451,167) (425,024) Other (52,940) (51,791) (61,119) Net cash used for investir$g activities (663,072) (502,958) (486,143) Financing Activities: s Proceeds: Company obligated mandatorily redeemable preferred securities 200,000 97,000 Capital contributions 30,000 Preferred stock 2d0,000 Other long-term debt 1,462,990 258,800 21,000 Retirements: Preferred stock, (88,000) (184,888) First mortgage bonds (771,108), (74,9$1) (83,797) Other long-term debt .(107,776) (951) (21,907) Interim obligations, net (306,882) (57,971) (25,163) Payment of preferred stock dividends (15,596) (22,524) (26,665) Payment of common stock dividends -(367,100) (339,600) (347,500) Miscellaneous (66,869) (16,024) (3,634) s Net cash used for fmancing activities (30,341) (238,109) (390,666) Net Change in Cash and Cash Equivalents - 110,291 14,370 (3,029) Cash and Cash Equivalents at Beginning ofYear 23,957 9,58'7 12,616 Cash and Cash Equivalents at Ertd ofYear $ 134,248 5 23,957 5 9,587 Supplemental Cash Flow Infonnatiom Cash paid during the year for - Interest (net of amount capitalized) $ 234,360 $ 209,919 5 193,871 Income taxes (net of refunds) 188,942 207.,653 195,214 ( ) Denotes use ofcash. The accompanying notes are an integral part of these statements. ~ 35 9 - w
F Balance Sheets At December 31,1998 and 1997 1998 1997 ASSLTS (in thousands) Utility Plant: $11,352,838 511,070,323 Plant in service, at original cost (Note 1) Irss accumulated provision for depreci.ition 4,666,513 4,384,180 6,686,325 6,686,143 Nuclear fuel, at amortized cost 95.575 103,272 Construction work in progress 525,359 311,223 lbral 7,307,259 7,100,638 Other Property and Investments: Equiry investments in subsidiaries (Note 6) 34,298 34,373 Nuclear decommissioning trusts, at market (Note 1) 232,183 193,008 12,915 12,832 Miscellaneous Total 279,3 % 240,213 Current Assets: 134,248 23,957 Cash and cash equivalents Receivables-Customer accounts receivable y 343,630 368,255 32,394 28,921 Other~ accounts and notes receivable Afliliated companies 39,981 50.353 Accumulated provision for uncollectible accounts (1,855) (2,272) s Refundable income taxes 52,117 Fossil fuel stock, at average cost 83,238 74,186 Materials and supplies, at average cost 149,669 , 161,601 Prepayments 17,160 20,453 Vaca' tion pay deferred 28,390 28,783 Total 878,972 754,237 Deferred Charges and Other Assets: Deferred charges related to income taxes (Note 8) 362,953 384',549 ' Debt expense, being amortized ' 8,602 7,276' Premium on reacquired debt, being amortized 83,440 81,417 Prepaid pension costs 169,393 130,733 Department of Energy assessments (Note 1) 31,088 -34,416 104,595 79,388 Miscellaneous Total 760,071 717,779 Total Assets $ 9,225,698' $ 8,812,867 The accompanying notes are alu integral part of these balance sheets, I r e 4 f l 4 ~
) E + Balance Sheets At December 31.1998 and 1997 l CAPITALIZATION AND LIABILITIES 1998 1997 (in thousands) -] Capitalisation (See accompanying statements): Common stock equity $2,784,067 $2,750,569 ) Preferred stock 317,512 255,$12 Company obligated mandaiorily redeemable preferred' securities of subsidiary trusts h6lding Company Junior Subordinated Notes (Note 9) 297,000 297,000-loria-term debt 2,646,566 2,473,202 i Total 6,045,145 5,776,283 Current Liabilities: Preferred stock due within one year (Note 11) 50,000 long-term debt due within one year (Note 11) '471,209 75,336 Commercial paper 306,882' Accounts payable-1 Affiliated companies 79,844 79,822 Other 188,074 159,146 Customer deposits 29,235 34,968 Taxes accrued. Federal and state income 82,219 21,177 4 Other 17,559 15,309 Interest accrued 38,166 50,722 Vacation pay accrued 28,390 28,783 q Miscellaneous 4 79,095 103,602 3 Total 1,063,791 875,747 ) ) Deferred Cadits and Other Liabilities: ~~ Accumulated deferred income taxes (Note 8) 1,202,971 1,192,265 I Accumulated deferred investment tax credits 271,611 282,873 Prepaid capacity' revenues, net (Note 7) , s 96,080 109,982 i Department of Energy assessments (Note 1) 27,202 30,592 Deferred credits related to income taxes (Note 8) Natural d:saster reserve (Note 1) ~ 315,735 327,328 19,385 22,416 Miscellaneous 183,778 195,381 Total 2,116,762 2,160,837 Commitments and Contingent Matters (Notes I through 7, and 12) , Total Capitalization and Liabilities s $9,225,698 $8,812,867 l Th' accompanying notes are an integral part of'these balance sheets. e s i o 1 O 37 4 s
Statements of Capitalization At December 31,1998 and 19)7 ' y I998 1997 1998 1997 (in thousands) (percent of total) Common Stock Equity: . Common stock, par value $,diares40 per share- . Authorized - 6,000,000 e t%titanding-5,608,955 shares in 1998 and 1997 $ 224,358 $ 224,358 Paid-in capital 1,334,645 1,304,645 Premium on prefe; red stock - 99 99 Retained earnings (Note 13) 1,224,%5 1,221,467 Total commorrstock equity 2,784,067 2,750,569 46.1 % 47.6 % Cumulative Preferred Stock: $1 par value-Authorized - 27,500,000 shares Outstanding - 1998: 10,500,200 shares - 1997: 6,020,200 diares $25 stated capital, 162,000 5.20 % 5.83 % 38,000 6.40 % 50,000 6.80 % 38,000 Adjustable rate 4,00% - at January 1,1999 ' 50,000 ' 50,000 $100 stated capital-Auction rate - 4.30% at January 1,1999 50,000 50,000 ' $100,000 stated capital.- Auction rate - 4.08% at January 1,1999 20,000 20,000 $100 par value - Authorized - 3,850,000 shares e Outstanding-475,115 shares in 1998 and 1997 4.20% to 4.52% 18,512 18,512 4.60% to 4.92% 29,000 29,000 Total cumulative preferred stock (annual dividend requirement - $17,767,000) 367,512 - 255,512 Less amount due within one year (Note 11) 50,000 Cumulative preferred stock excluding amount due within one year 317,512 255,512 5.2 4.4 Company Obligated Mandatorily Redeemable Preferred Securities (Note 9): $25 liquidation value-7:375% 97,000 97,000 $25 liquidation value - 7.60% 200,000 200,000 Total (annual distribution requirement - $22,354,000) 297,000 297,000 4.9 5.2 long-Term Debt: First mortgage bonds - Maturity _ laterest Ratet_ y February 1,1998 51/2% 50,000 August 1,1999 63/8% 170,000 170,000 j March 1,2000 6% ~ 100,000 '100,000 l August 1,2002 6.85 % 100,000 January 1,2003 7% 125,000 125,000 February 1,2003 63/4% 175,000 175,000 , August 1,2007 71/4% 175,0t)0 { J 2023 through 2024 7.30% to 9% 500,000 946,108 Total first mortgage bonds 1,070,000 1,841,_ljo8_ \\ 38 s
[;- ~ i. Statements of Capitalization ca,minuca; At December 31,1998 and 1997 1998 1997 1998 1997 i (in thousands) (percent of total) { Other long-term debt (Note 10)- { Pollution control obligations - I Collateralized. 5.5% to 6.5% due 2023-2024 $ 126,050 $ 223,040 Wriable rates (3.80% to 5.00% at I/1/99) due 2015-2017 89,800. 89,800 Non-collateralized - 7.25% dur 2003 1,000 1,000 5.8% due 2022 9,800 Variable rates (4.80% s to 5.33% at 1/1/99) due 2021-2028 324,290 217,500 % cal pollution control obligations 541,140 541,140 Senior notes - Maturity hunest Rates / November 15,2003 5.35 % 156,200 ' November 1,2005 5.49% 225,000 \\ October 1,2008 53/8% 160,000 . September 30,2010 6.25 % 100,000 September 30,2018 6.375 % 100,000 September 30/2018 6.5% 225,000 December 1,2047, 71/8% 200,000 193,800 193,800 December 31,2047 7% March 31,2048 7% 190,000 Thral. senior notes 1,550,000 193,800 Capitalized lease obligations 6,119 , 7,105 Unamortized debt premium (discount), net (49,484) (34,615) Total long-term debt (annual interest g requirement - $204,003,000) 3,117,775. 2,548.538 1rss amount flue within one year (Note 11) 471,209 75,336 Iong-term debt excluding amount due within one year ' 2,646,566 2,473,202 43.8 42.8 Total Capitalization $ 6,045,145 5 5,776.283 100.0 % 100.0 % The accompanying notes are an integral part of these statements. y g 6 i e s 1 s \\ 1 ) 1
s ' Statements of Retained Earnings - For the Years 2nded December 31,1998,1997, and 1996 1998 1997 1996 (in thousands) Balance at Beginning ofYear $ 1,221,467 $ 1,185,128 $ 1,161,225 Net income after dividends on preferred stock 377,223 375,939 371,490 Cash dividends on common stock (367,100). (339,600) (347,500) Preferred stock transactions, net (6,137) . (45) (7) Other adjustments to retained earnings (488) 45 (80) Balance at End of Year (Note 13) $ 1,224,%5 $ 1.221.467 $ 1.185.128 Statements Of Paid-in Capital For the Years Ended December 31,1998,1997, and 1996 1998 1997 1996 (in thousands) Balance at Beginning of Period $ 1,304,645 '$ 1304 645 $ 1,304,645 I Capital contributions from parent company 30,000 Balance at End of Period 5 1,334,645 $ 1.304.645 $ 1.304.645 The accompanying notes are an integral part of these statements. \\ a e w E 'I ~ I O m t 40 t,
y r Notes to Financial Statements
- 1. Summary ofSigmficant Accounting Policies General Alabama Power Company (the Company) is a requires the use of estimates, ahd the actual results may wholly owned stibsidiary ofSouthern Company, which differ from those estimates.
is the parent company of five operating companies, Southern Company Services (SCS), a system service Cenain prior years' data presented in the financial company, Southern Communications'Senices statements have been reclassified to conform with (Southern LINC), Southern Energy, Inc. (Southern cunent year presemanon. Energy), Southern Nudear Operating Company Regulatory Assets and Liabilities (Southern Nudear), Southern Company' Energy Solutions, and other direa and indirect subsidiaries. The , The Company is sub'jea to the provisions of operating companies (Alabama Power dompaliy, Financial Accounting Standards Board (FASB) . Georgia Ibwer Company, Gulf Power Company, Statement No. 71, Accounting for the Effects of Mississippi Power Company, and Savannah Elearic and Certain Types of Regulation. Regulatory assets represent Power Company) provide electric senice in four probable future revenues to the Company associated southeastern states. Contracts among the companies - with certain costs that are expeaed to be recovered dealing with jointly-owned generating facilities, from customers through the ratemaking process. inte'rconnecting transmission lines, and the~ exchange of Regulatory liabilities represent probable future electric power - are regulated by the Federal Energy reduaions in revenues associated with amounts that are " Regulatory Commissiori (FERC) or the Securities and expeaed to be credited to customers through the Exchange Commission (SEC). The sysiem service ratemaking process. Regulatory assets and (liabilities) company provides, at cost, specialized services to reflected in the Balance Sheets at December 31 relate to Sotithern Company'and subsidiary companies. Southern tlie following: LINC provides digital wireless communicatio'ns senices 1998 1997 to the operating companies and also markets these - (in thousands) services to the public within the Sotuheast. Southern Deferred income taxes $362,953 $384,549 Deferred income tax credits (315,5 5) (327,328) } Energy des.igns, builds, owns and operates power , producu.on and delivery facih..ues and provides a bmad Prem.um on reacqtured debt 83,440 ' 81,417 l range of energy related sem.ces m the Um. d States and te Department of. Energy assessments 31,088 34,416 mternanonal markets. Southern Nudear provides services Vacan.on pay 28,390 28,783 to Southern Company's nuclear power plants. Southern Natural disaster reserve (l'9,385) (22,416). . Company Energy Solutions develops new business Work force reduction costs 4,082-19,316 i opportunities related to energy products and semees. Other, net 46,672 59,726 Southern Company is registered as a holding Total $221,505 $258,463 / company under the Public Utility Holding Company Act of 1935 (PUHCA). Both Southern Company and In the event that a ponion of the Company's its subsidiaries are subject to the regulatory provisions of operations is no longer subjea to the provisions of ( the PUHCA. The Company is aho subjea to regulation Statement No. 71, the Company would be required to by the FERC and the Alabama Public Service write off related net regulatory assets and liabilities that , Commission (APSC).The Company follo'ws generally are not specifically recoverable through regulated rates. accepted accounting principles (GAAP) and complies In addition, the Company would be required to . with the accounlir@ policies and practices prescribed by-determine if any impairment to other assets exists, the respeaive regulatory commissions.The preparation induding plant, and write down the assets, ifimpaired, of financial statements in conformity with' GAAp to their fair value. 4] =am
s s. Revenues and Fuel Costs with nudear plants. 'biis assessment will be, paid over a 15-year period, which began in 1993. This fund will be ne Company currently operates as a venically. used by the DOE for the decontamination and integrated utihty providing electnary to retail customers ' decommissioning ofits nuclear fuel enrichment within its traditional service area 1ocated within the state facilities. The law provides that utifities will recover these of Alabama, and to wholesale customers m the payments in the sang manner as any other fuel expense. southeast. Revenues by type of service were as follows: 3
- gg; December 31,1998, under this law to be a proximately-1998 1997 1996
$31 'million. This oldigation is recognized in the (."'"" M acdompanying Balance Sheets. Retail $2,781 ' $2,511 52,469 Non-affiliated wholesale' 449 431 391 Depreciation and Nuclear Decommissioning Other 45 44 . Depreciation of the original cost of depreciable - Total 53,283 52,987 52,904 utility plant in service is provided primarily by using The Company accrues revenues for services reSacred c 'mp site straight-line rates, which approximated 3.2 E but unbilled at the end of each fiscal period. Fuel costs percent in 1998 and 3.3 percent in both 1997 and are expensed as the fuel is used. The Company's electric 1996'. Wh n property subjea to depreciation is retired rates indude pmvisions to adjust billings for fluctuations r therwise disposed ofin the normal course' of in fuel and the energy component of purchased power business, its cost - together with the cost of remm7al, costs. Revenues are adjusted for differpnces between less salvage - is charged to the accumulated provmon recoverable fuel costs and amounts'aaually recovered in f r depreciation. Minor items of property included in h i l fh l idh h ,t e orig na cost o t e p ant are ret re w en t e current rates. related property unit i.s retired. Depreciation expense The Company has a diversified base of customers. includes an amount for th'e expected cost of No single custbmer or industry comprises 10 percent or decommissioning nudear facilities and removal of more of n venues. For all periods presonted, uncollectible - other facilities. accounts continued to average less than 1 percent Nuclear Regulatory Com. ission (NRC) regulations of r'evenues. m require all I.icensees operatmg commeraal mickar power ,. Fuel expeny includes the amortization of the cost of reactors to establish a plan for providing, with reasonable nudear fuel and a charge, based on nuclear generation, assurance, funds for decommissioning. The Company for the permanent disposal of spent nudear fuel. Total. has established external trust funds to comply with the a ' charges for nuclear fuel induded in fuel expense NRC's regulations. Amounts previously recorded in amounted to $59 million in 1998, $68 millioh in 1997, intemal reserves are being transferred into the external and $64 million in 1996. The Company has a contract trust funds over periods approved by the APSC. The . with the U.S. Department of Energy (DOE) that NRC's minimum external funding requirements are phnides for the permanent disposal of spent nudear based on a generic estimate of the cost to decommission-1 - lu' el.The DOE failed to begin disposing of spent fuel in the radioactive portions of a nuclear unit based on the January 1998 as required by contracts, and the size and type of reaaor. The Company has filed plans - Company is giursuing legal remedies against the with the NRC to ensure that - over time - the , government for breach.ofcontract; Sufficient storage deposits and earnings of the external trust funds will capacity cunently is available to permit operation into provide the minimum funding amounts prescribed by l 2009 and 2013 at Plant Farley units 1 and 2, the NRC. respectively. S.ite study cost ts the estimate to decommission the Also, the Energy Policy Act of1992 required the facility as of the site study year, and ultimate cost is the establishment in 1993 of a Uranium Enrichment estimate to deconimission the facility as of retirement ~ 4 Decontamination and Decommissioning Fund, which is to be funded in part by a special assessment on utilities ~ 42 r .=
e 3 {> j dite. The estimated costs of decommissioning - both Allowance For Funds Used During Construction j site study costs and ultimate costs - at December 31, (AFUDC) ~ 1998, for Plant Farley were as follows: . AFUDC represents the estimated debt and equity Site study basis (year) 1998 costs of capital funds that are necessary to finance the Decommissioning periods: constniction of new facilitiescWhile cash is not realized Beginning year 2017 currently from such allowance, it increases the revenue Completion year 2031 ' requirement over the service life of the plant through a (in miHions) higher rate base and higher depreciation expe' nse. The . Site study costs: composite rate used to determine the amount of Radiated structures $629 ullowance was 9.0 percent in 1998 and 5.8 percent in Non-radiated structures 60 both 1997 and 1996. AFUDC, net ofincome tax, as n' Total $689 percent of net income after dividends on preferred stock (in minions) i was 1.8 percent in 1998,0.8 percent in 1997 and 1.1 Ultimate costs: percent in 1996. Radiated structures $1,868 Non-radiated structures 178 Utility Plant Total . $2,046 , Utility plant is stated at original cost. Original cost The decommissioning cost estimates are based on includes: materials; labor; minor items of propeny; ' prompt dismandement and removal of the plant from appr priate adm..mistranve and general costs; payroll-service. The actual decommissioning costs may vary related costs such as taxes, pensions, and other benefits; from the above estimates because of dianges in the and the estimated cost offunds used during assumed date of decommissioning, changes in NRC constiucti n. The cost of maintenance, repairs and requirements, or changes.m the assumptions used m. replacement of minor items ofproperty is charged to makm.g estimates. mamtenance expense. The cost of replacements of propeny (exclusive of minor items of propeny).is A nnual provisions for nuclear decommissioning are charged to utility plant. based on an annuity method as approved by the APSC. . Thc' amoums expensed in 1998 an'd fund balance as of - Financial Instruments December 31,1998 were: 0" ""UI "5). The Company's only fmancial instruments for which the carrying amount did not approximate fair value,at Arnotmt expensed in 1998 $ 18 December 31 au follows-Accumulated provisions: , Carrying Fair Balance in external trust funds, $232 Amotmt Value Balancein internal reserves 42 Total ' $274 Long-term debb At December 31,1998 $3,112 $3,195 All of the Company's decommissioning costs are 'At December 31,1997 $2,'541 $2,638 approved for raremaking. Significant assumptions ~ Preferred Securities: include an estimated inflation rate of 4.5 percent and an At December 31,1998 297 307 , estimated trust eamings rate of 7.0 percent. At D'ecember 31,1997 297 300 / Income Taxes The fair.value for long-term debt and preferred The Company uses the liability method of securities was based on either closing market prices or accounting for deferred income taxes and provides closing prices ofcomparable instruments. ' . deferred income taxes for all significant income tax temporary differences. Investment tax credits utilized are deferred and amortized to income over the average livrs of the related pro;xrty. ~ 43 Y
~ ' Cash and Cash Equivgents Pension Plan For purposes of the fmancial statements, temporary . Changes duringthe year in the projected benefit cash investments are' considered cash equivalents. obligations and in the fair value of plan assets were as. Tempiorary cash investmerus are securities with 6rigin'al follows: Projected maturities of 90 days orless. Benefit Obligations 1998 1937 1 , Materials and Supplies i (;, m;go,) Generally, materials ind supplies indude the cost of Balance-at beginning ofyear $813 $814 transmissionidistribution, and generating plant materials. Service cost ~ 22 20. Interest cost 59 58 Materials are diarged to inventory when purchased and then expensed or capitalized to plant, as appropriate, when Benefits paid ,j (51) (38) Actuarial (gain) loss and installed. employee transfers 25 (41) N:tural Disaster Reserve I Balance at end ofyear $868 $813 In September 1994, in response to a request by the Plan Assets Company, the APSC issued an order allohng the M8 B97 Company to establish a Natural Disaster Reserve. 0" "" "'I Regulatory treatment allows the Company to accrue $250 thousand per month, until the maximum Balance at beginning ofyear $1,521 $1,334 Aa remm n plan assets y 250 accumulated provision of $32 million is attained. However, in December 1995, the APSC approved Benefits paid (51) (38) Employee transfers (18) (25) higher accruals to restore the' reserve to its authorized. Balance at end ofyear $1,461 $1,521 level whenever the balance in the reserve dedines below $22.4 million* The accrued pension costs recognized in the_ Balance Sheets wen:as follows:
- 2. Retimnent &nefits g,g g97 The Company has defined benefit, trusteed, pension (in millions) plans that cover substantially all employees. The runded status
$593 5708 Company provides certain niedical care and life Unrecognized transition obligation (30) (35) insurance benefits for retired employees. Substantialfy all Unrecognized prior service cost , 39 43 these employees may become eligible for such benefits Unrecognized net actuarial gain (433) (585) , hen they retire.The Company funds truststo the Prepaid asset recognized in the w extent deductible under federal incoine tax regulations Balance Sheets $169 $131 or to the exterit required by the APSC and FERC. In 1998, the Company adopted FASB Statementdo.132, Components of the plans' net periodic cost were as - Employers' Disdosure about Pensions and Other follows: Postretirement Benefits. The measurement date is 1998 1997 1996 September 30 of each year. (in millions) Service cost $22 $20 $21 The weighteo average rates assumed in the actuarial Interest cost 59 58 60 . calculations for both the pension and postretirement Expected return on plan assets (102) (95) (93) benefit plans were: Recognized net actuarial gain (16) (13) '(9) gg g7 r Discount 6.75 % 7.50 % Net amortization (2) (2) (3) Annual salary increase - 4.25 '5.00 Net pension cost (income) _ $(39) $(32) $(24) i long-term return on plan assets 8.50 8.50 ' e i {44 ~
y 3 l l 4 Postretirement. Benefits percent for 1998, decreasing gradually to.4.75 percent - Changes during the year in the projected benefit through the year 2005, and remaining at that level thereafter. A annual increase or decrease in the assumed 3 obligations and in the fair value ofplan assets were as
- medical care cost trend rate of 1 percent would affect fHw Pmjated the accumulated benefu obligation and the service and Benefit Obligan.ons interest cost components at December 3i,1998 as 1998 1997 follows:
~ 0" '"E*I 1 Percent.1 Percent . Balance ar be, ginning ofyear $252 $242 Increase Decrease Service cost 5 4 + (in minions) Interest cost 19 18 Bene' fit obligation $18 $(15) Benefm paid (12) (8) Service and imerest msts 2 (O ~ Actuarial (gain) loss and employee transfers 14 (4) Balance at end of year $278 $252 Work Force Reduction Programs 4 . Plan Assets The Company has incurred additional costs for 1998 1997 w rk force reduction programs. The costs related to .(in millions) these programs were $19.4 million, $33.0 million and Balance at beginning ofyear - $125- $108 $26.7 million for the years 1998,1997 and 1996, Actual return on plan assets' '4 16 respectively. In addition, certain costs of these prograiss Employer contributions - 20 9 were deferred and are being amortized in accordance Benefits Paid (12) (8) with regul t ry treatment. The unamortized balance of Balance at end of year $137 $125 these c sts was $4.1 milli n at December 31,1998. The accrued postretirement costs recognized in 'the
- 3. Litigation andRegulatory Manm Balance Sheets were as follows:
199g, 1997 Retail Rate Adjustment Procedures ( (in'millim) In November 1982, the APSC adopted rates that Funded status $(141) $(127) provide for periodic adjustments based tipon the , Unrecognized transition obligation 57 61 Company's camed return on end-of-period retail Unrecognized net actuarialloss - 22 3 common equity. The rates also provide for adjustments to Fourth quarter contributions 8 10 recognize the placing of new ge5erating facilities in retail Accrued liability recognized in the sewice. Both increases and decreases have been placed ' Balance Sheets $(54) $(53) into effect since the adoption of these rates.The rate Components of the plans' net periodic cost were as adjustment procedures allo'w a return on common equity 70g0,3 range of 13.0 percent to 14.5, percent and limit increases 1998 1997 1996 or decreases in rates to 4 percent in any calendar year. (in rrdlions) ~ s Service cost $5 $4 55 In.fime 1995, the APSC issued a rate order granting Interest cost 18 18 17 the Company's request for gradual adjustments to move Expected retum, on plan assets (9) (7), (6) toward parity among customer dasses. This order also E*I" } } calls for a moratorium on any periodic retail rate 9 Net postretirement cost $18 ' $19 $21 increases (but not decreases) until July 2001. In December 1995, the APSC issued an order. An additional assumprida used in measuring the authorizing the Company to reduce balance sheet items accumulated postretirement benefit obligations was a - such as plant and deferred charges - at any time the weighted average medical care cost trend rate of 8.30 Company's actual base rate revenues exceed the t ~ e 45
e budgeted revenues. In April 1997, the APSC issued an FERC Reviews Equity Returns additional order authorizing the Company to reduce - balance sheet asset items. His order authorizes the On September 21,1998, the FERC entered reduction of such items up to an amount equal to five sep rate orders affirming the outcome of the '. times the total estimat'ed annual revenue reduction administrative law judge's opinions in two proceedings ,, resulting from future rate reductions initiated by the . in which the return on common equity component of Company. In 1998, the Company - in accordance f unu{a rates mntained in substamially all of the with the 1995 rate order - recorded $33 million of peratmg c mpames wholesale power contracts was. ' dditional amortizatiqn of premium on reacquired debt. being challenged as unreasonably high. These orders a resulted m no change m the wholesale power contracts The raremaking procedures 'will remain in e&ct that were the subject of such proceedings. The FERC until the APSC votes to modify or discontinue them. also dismissed a complaint filed by three customers - under long-term power sales agreements seeking to Appliance Warranty 12tigat on lower the equity return component in such - In 1996, a class action against the Company was agreements. These customer's have filed applications for filed charging the Company with fraud and non. rehearing regarding each FERC order. In response to a compliance with regulatory statutes relating to the offer, requirement of the. September 1998 FERC order, sale, and financing of " extended service contracts" in Southern Company filed a new equity r'eturn connection with the sale of electric appliances. The component on the long-term power sales contracts, to glaintiffs seek damages in an unspecified ahmunt. The be effective January 5,1999. The proposed equity return was' lowered from 13.75 percent to 12.50 Company has offered extended service agreements to its customers since January 1984, and approximately percent. If the filed equity return is approved, the 175,000 extended service agreements could be involved .cstimated impact on the Company's revenues will be .in these proceeding.The trial court has granted partial approximately $5 million annually.The FERC placed summary judgment in favor of the plaintiffs. The the new rates into effect, subject to refund. Also, this Company has appealeg this' decision to the Supreme filing was consolidased with the new proceeding Court of Alabama.The final outcome of this case, discussed below. cannot now be determined. On December 28,1998, the FERC staff filed a Environmental Litigation ' m ti n asking the FERC to initiate a new proceeding regarding the equity return and other issues involving On November 30,1998, total judgments of nearly the Company's formula rate contracts. The motion was $53 million were entered in favor of five plaintiffs submitted pursuant to review procedures applicable to against the Company and two large textile these contracts, and would be applicable to billings manufacturers. The plaintiffs alleged that the ' under such contracts on and after January 1,.1999. manufacturers had discharged certain polluting substances into a stream that empties into Lake Martip, Tax Litigation a hydroelectric reservoir owned by the Company, and in August 1997, Sot.thern Company and the that such discharges had reduced the value of the Internal Revenue Senice (IRS) entered into a j plaintiffs' residential lots on Lake Martin. Of the total settlement agreement related to tax issues for the years amount of the judgments, $155 thousand was 1984 through 1987; The agreement received final compensatory damages and the remainder was punitive approval by the Joint Congressional Committee on - damages. The damages were assessed against all three Taxation in June 1998 and as a result, the Company defendants joindy. Post-trial motions have been filed, recogniied interest income in 1998 of $14 million. The and, if reliefis not granted at the trial court level, the reftmd by the IRS has been made and this matter is Company will appeal these judgements to the Supreme now concluded. , Court of Alabama. While the Company believes that these judgments should he reversed or set aside, the final outcome of this matter cannot now be determined. ~ 46
r Q,
- 4. OptalBudget and obtained stockholder approval in 1997 to amend its The Gompanis capital expenditures are cunently corporate chaner eliminating restrictions *on the amatmts of unsecured indebtedness it may incur. In order to issue estimated to total $875 million in 1999, $653 million additional debt and equity securities, the Company must in 2000, and $668 million in 2001. Induded in these comply wa. h certain earnings coverage requirements.
estimates are the following: the Company will replace all designated in its mongage indenture and corporate six steam generators at Plant Farley at a total cost of chaner. The most restrictive of these provisions requires, approximately $234 million. Additionally, the Company for the issuance of additional first mortgage bonds, that plans to construct and install 1,075 megawatts of new before-income-tax earnings, as defmed, cover pro forma generating capacity and associated substation facilities at annual interest charges on outstanding first mortgage Plant r3arry. The projected capiul expenditures for this bonds at least twice; and for the issuance of additional project amount to approximately $384 million. 1 preferred stock, that gross income available for interest The capital budget is subject to periodic review and cover pro forma annual interest charges and prefened revision, and actual capital costs incurred may vary from smck dividends at least one and one-half times. The the above estimates because of numerous factors. These Compan/s coverages are at a level that would permit any factors indude: changes in business conditions; mvised necessary amount of security sales at current interest and load growth projections; changes in environmental dividend rates. regulations; changes in the existing nudear plant to meet Ilank Credit Arrangements new regulatory requirements; increasing costs oflabor, equipment, anti materials; and cost of capital. ' The Company maintains committed lines ofcredit in the amount of $757.7 million (induding $315 million of in addition, significant construction will continue such lines under which are dedicated to funding purchase rdated to transmission and distribution facilities and the obligations relating to variable rate pollution control upgrading of generating plants. bonds). Of these lines, $677.7 million expim at various times during 1999 and $80 m.illion expires in 2003. In "** ' '' '"'h h" 9"i" P'Y'"'"' ( **""I'*'"'
- 5. Financing, hnrestments, and Commitments fee based on the tinused ponion of the commitment or General the maintenance of compensating balances with the banks.
"*'E**"*"E'**"" " "" # *'"E , To the extent possible, the Compan/s construction the Company does not consider any ofits cash balances to program is expected to be fmanced priman.ly from be restricted as of any specific date. Moreover, the mternal sources. Short-term debt is often utilized and the Company borrows from time to time pursuant to amounts available are discussed below.The Company anangements with banks for uncommitted lines ofcredit. may issue addm..onallong-term debt and preferred securities for debt maturities, redeeming higher-cost. At December 31,1998, the Company had regulatory securities, and meeting additional capital requirements. approval to have outstanding up to $750 million of shon-term borrowings. Financing s Assets Subject to Lien The abih.ty of the Company to fmance its capital budget depends on the amount of funds generated The Compan/s mortgage, as amended and l intem' ally and the funds ir can raise by extemalfinancing. supplemented, securing the first mortgage bonds issued The Company historically has relied on issuances of first by the Company, constitutes a direct lien on mortgage bonds and pr'eferred stock, in addition to substantially all of the Compan/s fixed property and pollution control evenue bonds issued for its benefit by franchises. public authorities, to meet its long-term extemal Fuel Commitments finandng requirements. Recently, the Compan/s fmancings have consisted of unsecured debt and trust To supply a pordon of the fuel requirements ofits preferred securities. In this regard, the Company sought generating plants, the Company has entered into various
- 47 l
[.
~ =* e long-term commitments for the procuremen't of fossil periods, subject to either party's right to cancel upon two and nuclear fuel. In most cases, these contracts contain . year's notice. The Company's share of expenses totaled provisions for price escalations, ' minimum ptirchase $74 million in 1998, $73 million in 1997 and $75 million levels and other fmancial commitments. Total estimated in 1996, and is included in " Purchased power from 'long-term obligations at December 31,1998, were as affiliates" in the Statements ofIncome. ~ follows:- In additi n, the Company has guaranteed h Arnom unconditionally the obligation of SEGCO under an (m. md. lions) instaHmem agreement f r the purchase ofcertain $825 1999 p lluti n c nrr i facilities at SEGCO's generating units, g M7 2001 497 pursuant t which $24.5 million principal amount of ~ PoUution mntml rnenuana are mtstaneng 2002 376 Gwrgia Power Company has agreed to reimburs\\ e the 2003 '381, " IS" E*'
- P*"7 I'E*P"'***P 2004 - 2014 2,417 mrrespeding m its then proportionate ownership of Total commitments
$5,043 stock of SEGCO if the Company is called upon to . Operating Irases make such payment under its guaranty. The Company has entered into coal ' rail car resn'al At December 31,1998, the capitalization of SEGCO agreements with various terms and ex;iiration dates. mnsisted of $49 million of equity and $70 million of long-term debt on which the annual interest These expenses totaled $5.8 rftillion in 1998, and $3.0 million each for 1997 and 1996. At Decembei31, ~ requirement is $4.1 million. SEGCO paid dividends 1998, estimated minimum rental commitments for totaling $8.7 million in 1998, $10.6 million in 1997, noncancellable operating leases were as follows: and $10.1 million in 1996, of which one-half of each was paid to the Company. SEGCO's net income was ~ h Amounts - $7.5 million,58.5 million, and $7.7 million for 1998, (inl millions) 1997 and 1996, respectively. 1999 $11.4 2000 9.7 The Company's percentage ownership and 2001 7.3 investment in jointly-owned gen ~erating plants at 2002 5.9 December 31,1998, follows: Total 2003 5.7 2004 - 2018' ~ 51.4. ' Megawatt Company Total minimum payments $91.4 Facility (Tvne) Canacity Ownershin Greene County 500 60.00 % (1) (coal) , 6. Joint Ownmhip Agrmnents / pg, y;ge, Units 1 and 2 1,320 91.84 % (2) 4 The Company and Georgia Power Company ~own (* I) equally all of thi outstanding capital stock of Southern Electric Generating Company (SEGCO), whi'ch owns {1)) indy wned with an afIiliate, Mississippi Power Company. elec'tric generating units with a total rated capacity of (2) Joindy owned with Alabama Electric Cooperative, Inc. 1,020 megawatts, together with associated transmission facilities. The capacity of these units is sold equally to Company Accumulated. Facility Investment ' Denrecialica_ the Company and Georgia Power Company under a (in millions) contract which, in substance, requires payments sufficient to provide for the operating expenses, taxes, Greene County $94 $42 P1 nt Miller interest expense and a return on equity, whether or not . SEUCO has any capacity and ehergy available.The Units 1 and 2 717 330 term of the contract extends automatically for two-year s. '48 I e o e
i y i
- 7. Long-Tmn PowerSales Agreement
,being amortized to other interest expense as scheduled General capacity is made available over the terms of the contracts. In order to secure AMEA's advance payments and _ The Company and the operating affdiates of the Company's performance obligation under th.e Southern Company have emered into long-term contracts, the Company issued and delivered to an contractual agreements for the sale of capacity and escrow agent first mortgage bonds representing the ~ energy to certain non-affiliated utilities located outside maximum amount ofliquidated clamages payable by the , the system's service area, These agreements - expiring Company in the event of a default under the contracts. at various dates discussed below - are firm and pertain No principal or interest is payable on such borids unless to capacity related to s'pecific generating units. Because and until a default by the Company occurs. As the the energy is generally sold at cost under these liquidated damages decline under the contr' cts, a a agreements, profitability is primarily affected by revenues ' portion of the bonds equal to the decreases am retumed from capacity sales.The Company's cap'acity revenues to the Company. At December 31,1998, $99.4 million emounted to $142 million in 1998, $136 million in of such bonds was held by the escrow agent under -1997, and $151 million in 1996. the contracts. , Unit power from Plant Miller is being sold to Florida' Pmver Corporation (FPC), Florida Power &
- 8. Income Taxes Light Company (FP&L), Jacksonville Electric Authority (JEA) and the City ofTallahassee, Florida.' Under these
' At December 31,1998,.the tax-related regulatory agreements, approximately 1,200 megawatts of capacity / assets and liabilities were $363 million and $316 s are scheduled.ro be sold through 1999. Thereafter, these mdlion, respectively. These assets are attributable to tax . sales will remain at that approximate level-unless benefits flowed through to customers in prior years and reduced by FP&L, FPC, and JEA for'the periods after i taxes applicable to capitalized FUDC.These l 1999 with a minimum of three ym notice - until the liabilities are attributabk to deferred ta'xes previously rec gnj ed at rates higher than current enacted tax law . expiration of the contracts in 2016 ' and to unamornzed mvestment tax credits. ' [ Alabama Municipal Electric Authority (AMEA) Capacity. Contracts. Details of the federal and state income tax provisions - are as follows: In August 1986, the Company entered into a firm 1998 j997 1996-power sdes contract with AMEA entitling AMEA to (in thousands) scheduled amounts of capacity (to a maximum 100 Total provision forincome taxes: me' awatts) for a period of 15 years commencing Federal--- l g September'1,1986 (1986 Contract). In October 1991, Currenlly payable $123,384 $197,159 $172,911 the Company entered into a second firm power sales. Deferred - ~ contract with AMEA entitling AMEA to scheduled current year 59,162 32,884 (6,309) amounts of additional capacity (to a maximum reversalofprioryears 12,984 (44,300) 18,948 80 megawatts) for a period of 15 years commencing 195,530 185,743 185,550 October 1,1991 (1991 Contract). In both contracts the State - d- . power will be sold to AMEA for its. member Currendy payable 15,761 23,147 16,212 municipalities that previously were served directly by the Deferred - Company as wholesale customers. Under the terms of current year 4,811 1,409 697 ] the contracts, the Company received payments from reversalofprior years 2,473 (2,422) 3,249 (
- AMEA representing the net present value of the 23,045 22,134 20.158 revenues associated with the res;iective capacity
' Total 218,575 207,877 205,708 entidements, discounted at effective annual rates of, lessincome taxes credited 9.96 percent'and 11.19 percent for the 1986 and 1991 to otherincome ' (6,347) (12,351) (22,400) contracts, respectively. These payments are being. Totalincome taxes recognized as operatingrevenues and the discounts are charged to operations $224,922 $220.228 $228,108 e o i
o 1 1
- l r
Southern Company files a consolidated federal The tax effects of temporary differencea between the carrying amounts of assets and liabilities in the fmancial income tax return. Under a joint consolidated income statements and their respective tax bases, which give rise tax agreement, each subsidiary's current and deferred tax to deferred tax assets and liabilities, are as follows: expense is computed on a stand-alone basis. Tax benefits 1998 1997 from losses of the' parent company are allocated to each Deferred tax liabilities: < subsidiary based on the ratio of taxable income to total On millions) consolidated taxable income. ~ Accelerated depreciation- $ 861 $ 847 Property basis differences '435 463 , Premium on reacquired debt' 29 30 9 Company ObligatedMimdatority Redeemable Pensions 50 20 - 1%ferredSecurities . 46 11 Other Statutory business trusts formed by the Company, of ' Total o 1,421 1,371 which the Cor' pany owns all the common securities, n Defened tax assets: have issued mandatorily' redeemable preferred securities ~' Capacity prepayments 28 31 33gogg,g Other deferred costs 25 33 Date of Maturity Postretirement benefits 20 18 Issue An m nt Rate Notes Date Unbilled revenue 16. 16, gm;ii;on,) (,;ii;,,s) 56 - . 66 Trust i 1/1996 $ 97 7.375% $100 3/2026 Other . Total 145 164 Trust II 1/1997 200 ' 7.60 206 12/203'6 Net deferred tax liabilities 1,276 1,207 ~ Portion induded in current assets Substantially all of the assets of each trust are junior (liabilities), net (73) (15) subordinated notes issued by the Company in the . Accumulated deferred income taxes respective api 7toximate principal amounts set fonh in the Balance Sheets $1,203 $1,192 above. In February 1999, the Company issued $50 million4f variable rate mandatorily redeemable Deferred investment tax credits are amortized over - Preferred securities (Trust Ill), the initial distribution 'the life of the related propeny with such amortization rate of which was 4.85 percent. The associated junior n'ormally applied as a credit to reduce depreciation in subordinated notes, in the amount of $51.6 million, will the Statements ofincome. Credits amortized in this be due February 28,2029. manner amounted to $11 million in 1998,1997, and The Company considers that the mechanisms and 1996. At December 31,1998, all investment tax credits obligations relating to the preferred securities, taken available to reduce federal income taxes payable had together, constitute a full and unconditional guarantee been unlized. by the Company of the Trusts' payment obligations with A reconciliation of the fedeial statutory income tax respect to the preferred securitiet rate to the effecti,ve income tax, rate is as follows: The Trusts are subsidiaries of the Company, and ~ accordingly are consolidated in the Company's financial 1998 1997 1996 statements. Federal stat 6 tory rate 35.0 % 35.0 % 35.0 % s State income tax, net of federal deduction ,. 2.5 2.4 2.2
- 10. OtherLong-Tenn Debt Non-deductible book -
Pollun.on control obligations represent installment reciation 1.6, 1.5 1.5 dep. purchases of poUution control facilities financed by Differences m pnor years funds derived from sales by public authorities of revenue deferred and current tax rates (1.6) (2.3) (1.6) bonds. The Company is regmred to make payments (1.6) (1.9) (3.0) ,Other '- suflic.ient for the authorities to meet principal and Effective income tax rate-35.8 % 34.7 % 34.1 % interest requirements ofsudi bonds. With respect to 50 ~ ?
f-4 r s '$215.9 million ofsuch pollution control obligations, the
- 12. NuclearInsurante C6mpany has authenticated and delivered to the trustees.
8' .a like principal amount of first rnongage bonds ; Under the Price-Anderson A'mendments Act of 1988 security for its obligations under the imtallment, . M, the Company maintains agreements.ofindemnity purchase agreements. No prindpal or interest'on these.. with the NRC that, together with private insurance, , ' first mongage bonds is payable unless and'until a default c ver third-pany liability arising from any nudear - occurs on the installment purchase agreements. incident occurring at Plant Farley. The Act provides- ' funds up to 59.7 billion for public liability daims that -In 1997 and 1998, the Company issued unsecured 'could arise from a single nudear incident. Plant Farley is senior notes.ne senior notes are, in effect, insured against this liability to a maximum of $200 - - subordinated to all secured debt of the Company, million by private insurance, with the remainihg .indudingits first mhngage bonds. coverage provided by a mandatory program of deferred The esu.' mated aggregate annual maturities of preiniums which could be assessed, after a nudear . capitalized lease obligatioris through 2003 are as follows: ina ent, against aH wnen hudear reaaonSe $1.0 million in 1999, $0.9 million in 2000,.50.8 million - Company could be assessed up to $88 million per in i001,50.9 million in 2002 and $0.9 million in 2003. incident for each licensed reactor it operates but not more than an, aggregate of$,10 million per incident to be paid in a calendar year for each reactor. Such
- 11, Securities Due Within One Year maxim'um assessment, exduding any applicable state
' A summary of the improvement fund requirements premium taxes, for the Company is $176 million per . and scheduled mardrities and redemptions oflong-term
- " #"' but not mye than an aggregate op mu.on be paid fo.r each ma, dent m imy one year.
debt and preferre'd stock due within one year at t December 31 is as follows: The Company is a member of Nudear Electric 1998 1997 Insurance Umited (NHL), a mutual insurer established \\ ~ (in thousands) to provide propeny damage insurance in an amount up Bond improvement fund to $500 million for members' nudear generatmg requirements; $1.8,450 facilities. 4 First mangage fiond maturities and redemptions' 470,000 55,895 ,> Additionally, the Company has policies that Other long-tenn debt maturities currently pr vide decontamination, excess propeny ,g (Note 10). 1,209 991 insurance, and premature dec mmissi ning c verage up t $2.25 billion for losses in excess of the $500 million ' Totallong-term debt due within one year - ~ 471,209 75,33d primary c verage. This excess' insurance is also provided Preferred stock to be redeemed. 50,000 by NBL Total $521,209 $75.336 NBL also covers the additional cost that would be incurred in obtaining replacement power during a The annual first mortgage bond improvement fund prolonged accidental outage at a member's nudear plant. requirement is 1 percent of the aggregate principal Members can ly insured against increased cost of amount of bonds of each series authenticated, so long as replacement power in an amount up to $3.5 million per a ponion of that series is outstanding, and may be week (staning 17 weeks after the outage) for one year satisfied by the deposit of cash and/or reacquired bonds, and up to $2.8 million per week for the second and the cenification of tinfunded propeny additions or a third years., combination thereof. Scheduled maturities amount to. , $0.2 million in connection with pollution control bonds Under each of the Nat policies, merr.bers are. subject
- as a result of the redemption, over a five-yea,r period, of r assessments ifI sses each year exceed the accumulated funds available to the insurer under that policy. The the 7.25 percent series due 2003.
g current maximum annual assessments for the Company ' under the three NBL policies would be $21 million. j. 51 L
( / O For all on-site propeny damage imurance policies for
- 14. Qliartedy FinancialInformation
'- commercial nuclear power plants, the NRC requires that (Unaudited) the proceeds of such policies issued or renewed on or after April'2,1991, shall be dedicated first for the sole - Summarized quanctly fmancial data for 1998 and 1997 8 I II *5 [ purpose of placing the rea'ctor in a safe and stable - condition after an accident. Any remaining proceeds are i Net Income to be applied next toward the costs ofdecontamination b Af**' DIVid'"d5 and debris removal operations ordered by the,NRC, and any funher remaining proceeds are to be paid either to Quaner Operating Operating on Preferred Ended Revenues income Stock the Company or to its bond trustees as may be (in thousands) appropriate under the policies and applicable trust March 1998 s$ 716,505 $130,735 $ 66,041-indentures.. June 1998 ' 863,715 178,722 94,750 All retrospective assessments, whether genqrated for September 1998 1,057,988 242,063 17'3,958 liability, propeny or replacement power may be subject . December 1998 748,165 105,519 42,474 i' to applicable state premium taxes. March 1997 ^ $ 704,768 $123,455 $ 57,807 1.3. Conunon Stock Dividend Restrictions l*"997 7 8'089 115750 ' 63'137 ~ September 1997 962,446 249,487 191,800 The Company's first mongag'e' bo'nd indenture Decen;ber 1997 753,808 128,511 63,195 contains various common stock dividend restrictions { ~ that remain in effect as long as the bonds are The Company's businessis influenced by seasonal outstanding. At December 31,1998, retained earnings > weather conditions. L , of $796 hillion were restricted against the payment of cash dividends on common stock under terms of the mangage indenture' y 4 n r ,m e e 4 4 O o e m ) e r
- t N
L l . 52 j s
Alabama Poiver Ctnnpany Corporate Ileadquarters 600 North 18th Street Birmingham, AL 35291 (205) 257-1000 www.alapower.com Stockholder Inquiries Questions regarding ownership of Alabama Power preferred stock may be referred to Stockholder Services at 1-800-554-7626. Registrars and Transfer Agents Southern Company Services, Inc. Stockholder Services 270 Peachtree Street Atlanta, Georgia 30303 (All series except the Auction Class A 1988 and 1993 Series) llank of New York 101 Barclay Street New York, New York 10286 (For the Auction Class A 1988 and 1993 Series) Legal Counsel Balch & Bingham LL.l! 110. Box 306 Birmingham, Alabama 35201 A copy ofForm 10-Kasfiled teith the Securities and Exchange Commission tvill be available to stockholders upon ivritten request to Art R Beattie, Vice Prrsident, Secretary c' Comptroller. r Produced by Alabama Pmvers Public Relations Department
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' I=' c ' This eletament re8ects the usual ALABAMA POWER COMPANY accountng pracaces of the Company BALANCE SHEET CONbCUDATED WITH ALABAMA POWER CAPITAL TRUSTS 1.11 & 111 . g(*,1
- on the bene of interim Agures and is out$ectto mucM and end of year (Stated in Thousands of Dollars) adjustments.
At At March 31, March 31, ASSETS 1999 1998 . UTIUTY PLANT! Plant in service, at original cost.... 8 11,444,206 11,117.872 Lees. Accumulated provimen for deproceton and amortization 4,755.275 4,470.174 6.888,931 6.647.498 Nucieer fuel, at amortzed cost...... 88,982 91,571 Construction work in progrees. 558,008 381.898 7,335,899 7,120,967 OTHER PROPERTY AND INVES11AENTS: Southem Electric Generallng Company, at equely..-... 23.840 24,705 ' Nucient =.. M-a, truels... 245.184 204.313 Miscellaneous. 22,183 22.578 291.207 251,598 CURRENT ASSETS: 1 Cash. 21.904 18.706 I Temporerycashinvestments. 0 0 investment eeourides 0 0 l ' Receivables. Customer accounge receivable. 320,461 312,243 09ier accounts and notes recaheble.. 23,848 19,086 Afilheted companies.. 37,735 32.822 Accumulated provleion for uncollectible accounts.... (534) (2,502) Refundable mooms taxes 38,117 879 Foseu fuel olook, at average cost. 100,489 101.974 Meteriale and supphes, at average cost. 140,337 150,210
- v..
Allowance inventory 9,857 2,337 r, Income taxes 0 0 Ofier 241,538 197,326 Vacedon pay deferred ...I-20,300 28,783 981,920 861,644 Debt expense, being amortaed. 8.374 6,701 Debt redempilon expense, being amortland 88.010 79.908 m Nuclear decontaminellon and decommiseloning W 31,088 34.416 Regulatory assets 356,685 385.641 Miscellaneous. 56,704 76.206 639,861 582.872 TOTAL ASSETS. 8 9.128.887 8 8,817.079 I I 4/18/99 +
y.t. This statement re8ects me usual ALABAMA PCMER COMPANY accountng practoes of me Company BALANCE SHEET - ('
- cn me beeis of mienm egures and CONSOUDATED WITH ALABAMA POWE.'1 CAPfTAL TRUSTS 1,11 & lil
. e" b subjectt3 audt and and of year (Stated in Thousands of Donors) adjusenents At At March 31, March 31 CAPITALIZATION AND LIABILmES 1990 1998 CAPITAUZATION: Common etook equity' S 2,749.118 2.724,177 Prolened etock. 317.512 255.512 Company otWgsted mandelorty redesmable prolened eeounces
- 347,000 297,000 l
Long-term debt... 2,548,318 2,543,528 5,981,948 5.820,215 ' CURRENT UA81UTIES: f Preferred stock due or to be redeemed within one year. 0 0 Lon0-term debt due or to be redeemed wikin one year. 271,180 125.156 I . Notes payable to banks..... 0 0 { Commercialpaper.. 322.863 250.015 Accounts payable - Ain8eled companies.. 55.401 58.088 01her 98.723 103.579 Customerdeposits... 29,386 34.789 Tenee accrued - Pederal and etone income............ 97,413 82.878 Omer 34,144 30,475 29,519 39,835 Interest accrued. DisetbuBonsaccrued 54 0 28,380 28.783 Vaoston pay acorued Minnellaneous......... 48,563 93,212 1,013,415 835,800 DEPERRED CREDITS AND OTHER UABILITIES: Accumulated delened income temes...-... 1,228,707 1,182,786 Accumuleled delened Invesenent tax credits 288,803 280,075 Propold cepecity revenues, not 92.288 108.815 310,311 334,489 Regulatory Gebililies..... Ntsleer decontamme8cn and decommisebrung fund 27.202 30.502 Miscellaneous-............ 228,413 228,519 7 2.153,524 2.181,065 TOTAL CAPITAUZATION AND UABluTIES 9,128,887 8 8,817,079 i
- SutWormoAy OR assets of Aiobomo Power Coppol Trust L 11 & 3 og jurnor suborcanolo notes boued by the company. Upon todomphon of such notes.
l 1 the Not securtMos we be mandatorny redesmotto. See Note 9 to the finonCd statements of AloDomo Power Company in item 8 of the 1996 Form 10K ' forfurtherdolods. + J 4/18/99 + 1 L.
7 ALABAMA POWER COMPANY STATEMENT OF INCOME (THOUSANDS OF DOLLARS) 3 Months Ended 3/31/99 OPERATING REVENUES: Revenues $ 714,323 OPERATING EXPENSES: Operation - Fuel 188,014 Purchased & interchange power, net 35,007 Other 117,895 Maintenance 70,774 Depreciation & Amortization 87,182 Taxes other than income taxes 53,061 Federal and State income taxes 38,700 Total Operating Expenses 590,633 OPERATING INCOME 123,690 OTHER INCOME (EXPENSES): Allowance for equity funds used during construction 1,989 Income from subsidiary 733 Other, net 2,913 INCOME BERORE INTEREST CHARGES 129,325_ INTEREST CHARGES: Interest on long-term debt 50,891 Allowance for debt funds used during construction (1,741) Amortization or debt discount, premium and expenses, net 2,718 Other interest charges 10,507~ l i Net Interest Charges 62,375_ NET INCOME 66,950 DIVIDENDS ON PREFERRED STOCK 3,875 NET INCOME AFTER DIVIDENDS ON PREFERRED STOCK 63_,075_ This statement reflects the usual accounting practices of the Company on the basis of interim figures and is subject to audit and end of year adjustments. H:\\NFINCSTM.WK4
1 ALABAMA POWER COMPANY Internal Cash Flow for Joseph M. Farley Nuclear Power Station (Thousands of Dollars) 1998 1999 Actual Projections Net income 391,866 409,285 Less Dividends Paid 381,743_ 398,209_ Retained Earnings 10,123 11,076 Adjustments: Depreciation and Amortization 425,167 465,097 Deferred Income Taxes and Investment Tax Credits 79,430 7,837 Allowance for Equity Used During Construction 3,811 (12J46) Total Adjustments 508,408_ 460,388 Internal Cash Flow 518J31 471,4.64_ Average Quarterly Cash Flow 129,6_33_ $__117,866_ l Percentage Ownership in all Operating Nuclear Units: Joseph M. Farley Units 1 and 2 100 % Maximum Total Contingent Liability $20,000 HANFCASHFL.WK4 L}}