Key Developments For The Southern Company
The Southern Company (SO) (NYSE Arca)
Southern Company Issues Q4 2009 EPS Guidance Below Analysts' Estimates; Issues FY 2009 EPS Guidance In Line With Analysts' Estimates-Conference Call
Southern Company announced that for the fourth quarter of 2009, it expects earnings to be $0.28 to $0.30 per share, which will contribute to fiscal 2009 results of $2.30 to $2.32 per share. The fiscal 2009 guidance of $2.30 to $2.32 per share excludes the merit litigation settlement charge that was taken in the second quarter. Including the merit litigation settlement, the Company expect earnings for fiscal 2009 to be $2.05 to $2.07 per share. According to Reuters Estimates, analysts on an average were expecting the Company to report earnings per share (EPS) of $0.31 for the fourth quarter of 2009; EPS of $2.31 for fiscal 2009.
Southern Company's Southern Power To Acquire 100% Ownership Interest In West Georgia Generating Company, LLC
Southern Power, a subsidiary of Southern Company, announced that it has entered into an Acquisition Agreement with an affiliate of LS Power to acquire 100% ownership interest in West Georgia Generating Company, LLC, which has a plant located in Thomaston, Ga. The Thomaston plant is a peaking facility with four gas-fired combustion turbines with total capacity of approximately 600 megawatts. Capacity from two of the four units is sold through long-term power purchase agreements with the Municipal Electric Authority of Georgia and the Georgia Energy Cooperative. In addition to the acquisition of the West Georgia facility, the agreement includes the acquisition by LS Power of a 100% ownership interest of Southern Power's DeSoto County Generating Company, LLC which has a plant located in Arcadia, Fla. The DeSoto plant consists of two combustion turbine units with a combined capacity of 320 megawatts.
Southern Company Announces Quarterly Dividend
Southern Company announced a regular quarterly dividend of $0.4375 per share on the Company's common stock, payable December 5, 2009, to shareholders of record November 2, 2009.
South Mississippi Electric Signs Letter Of Intent To Explore Ownership Stake In Southern Company's Mississippi Power's Kemper County IGCC Project
South Mississippi Electric Power Association announced that it has signed a letter of intent to explore the acquisition of an interest in Mississippi Power's proposed Kemper County Integrated Gasification Combined Cycle (IGCC) Project. Mississippi Power is a subsidiary of Southern Company. The companies are negotiating a combination of a joint ownership arrangement and a purchase power agreement which would provide South Mississippi Electric with up to 20% of the capacity and associated energy output from the plant. Mississippi Power has proposed building a electric power plant in Kemper County, Miss., that will capture 65% of carbon dioxide (CO2) emissions. The plant will use Mississippi lignite to fuel the technology.
Southern Company's Southern Telecom Partners With 421 West Church Street
Southern Telecom, a wholly owned subsidiary of Southern Company announced that it has entered into an agreement with 421 West Church Street, located in Jacksonville, Fla., and to expand its presence in the Southeast region and better serve existing customers. Through this agreement, Southern Telecom will be able to connect its Atlanta, Macon, Ga., and Jacksonville metro dark fiber networks via its Atlanta to Miami long haul network to 421 West Church Street's carrier neutral telecommunication facility. Additionally, Southern Telecom will be able to provide fully redundant paths and rights to the 421 West Church Street building infrastructure.
