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Gulf And Alabama Power Companies Report Increased Quarterly Earnings
November 4, 2010
Southern Company — the parent company of Gulf Power and Alabama Power – reported increased third quarter profits due to a hot summer.
The Atlanta-based company reported third quarter earnings of $817.2 million, or 98 cents a share, compared with $790.0 million, or 99 cents a share, for the same period a year ago.
For the nine months ended Sept. 30, Southern Company’s earnings were $1.82 billion, or $2.20 a share, compared with $1.39 billion, or $1.77 a share, for the same period a year ago.
Revenues for the third quarter were $5.32 billion, compared with $4.68 billion for the same period a year ago, a 13.6 percent increase. For the first nine months of the year, revenues totaled $13.68 billion, compared with $12.23 billion for the same period a year ago, an increase of 11.9 percent.
Warmer-than-normal weather for the period and a stronger-than-expected recovery in the industrial sector positively influenced third quarter earnings, as evidenced by increases in electricity usage and sales. Industrial sales benefited from an increase in exports, with those sales performing at 94 percent of pre-recession levels during the third quarter of 2010.
“While our residential and commercial customers continue to face challenges, the growing strength of our industrial base confirms the Southeast as one of the strongest economies in the U.S.,” said Southern Company Chief Executive Officer David M. Ratcliffe. “As the region begins to make slow strides toward recovery, we will continue our emphasis on exceptional service, industry-leading reliability and prices below the national average.”
Comments
3 Responses to “Gulf And Alabama Power Companies Report Increased Quarterly Earnings”
of course there was an increase….and now the cold comes in..another increase?
Yes you are right oversight. Why are we not seeing the fuel adjustment charge coming down or cut out completely. Thank goodness EREC has went down on their fuel charge at my home. Thank you EREC. I know they buy power so why is it they can almost cut out the fuel charge when the big ones can’t.
I’m sure with out a doubt that Southern Company and its subsidiaries did profit handsomely; the cost of fuel is down and rates for electricity have gone up, so how could the electric companies not be making more money? This is exactly why the PSC needed to reject the rate increases. Electric companies are monopolies and there should be a compelling government interest in not allowing them to hold customers hostage. Think about it, where else can you go purchase power for your home or business?