SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 15, 2004
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Commission Registrant, State of Incorporation, I.R.S. Employer
File Number Address and Telephone Number Identification No.
1-3526 The Southern Company 58-0690070
(A Delaware Corporation)
270 Peachtree Street, N.W.
Atlanta, Georgia 30303
(404) 506-5000
1-3164 Alabama Power Company 63-0004250
(An Alabama Corporation)
600 North 18th Street
Birmingham, Alabama 35291
(205) 257-1000
0-2429 Gulf Power Company 59-0276810
(A Maine Corporation)
One Energy Place
Pensacola, Florida 32520
(850) 444-6111
The addresses of the registrants have not changed since the last report.
This combined Form 8-K is filed separately by three registrants: The Southern
Company, Alabama Power Company and Gulf Power Company. Information contained
herein relating to each registrant is filed by each registrant solely on its own
behalf. Each registrant makes no representation as to information relating to
the other registrants.
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
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On September 15 and 16, 2004, Hurricane Ivan hit the Gulf
Coast of Florida and Alabama and continued north through the state of Alabama,
causing substantial damage in the service territories of Gulf Power Company
(Gulf Power) and Alabama Power Company (Alabama Power).
Approximately 365,000 of Gulf Power's 405,000 customer
accounts were without electrical service immediately after the hurricane struck.
Restoration efforts are ongoing and as of mid-day September 21, 2004,
approximately 148,000 remain without power. As described in Note 1 to Gulf
Power's financial statements under "Provision for Property Damage" included in
its Annual Report on Form 10-K for the year ended December 31, 2003, Gulf Power
maintains an accumulated provision for property damage to cover the cost of
damages from major storms to its transmission and distribution lines and the
cost of uninsured damages to its generation facilities and other property. At
August 31, 2004, the balance in the accumulated provision for property damage
was $27.8 million. Gulf Power is not able to estimate total expenses and capital
costs of repairing the damage to its facilities and restoring service to
customers at this time; however, current projections indicate the costs will
exceed the amount in the accumulated provision for property damage. Consistent
with Florida Public Service Commission instructions, the costs above the
accumulated provision for property damage will be deferred and recovered through
future accruals to the accumulated provision for property damage; therefore,
such costs are not expected to have a material effect on Gulf Power's financial
statements. However, based on current projections, the retail sales revenues
lost as a result of the power outages from Hurricane Ivan are expected to have a
material impact on Gulf Power's net income for the quarter ending September 30,
2004 and may have a material impact on Gulf Power's net income for the year
ending December 31, 2004.
Approximately 826,000 of Alabama Power's 1,370,000 customer
accounts were without electrical service immediately after the hurricane struck.
Restoration efforts are ongoing and as of mid-day September 21, 2004,
approximately 113,000 remain without power. As described in Note 1 to Alabama
Power's financial statements under "Natural Disaster Reserve" included in its
Annual Report on Form 10-K for the year ended December 31, 2003, Alabama Power
maintains a reserve to cover uninsured expenses resulting from storms. At August
31, 2004, the balance in the natural disaster reserve was $14.6 million. Alabama
Power is not able to estimate total expenses and capital costs of repairing the
damage to its facilities and restoring service to customers at this time;
however, current projections indicate the expenses will exceed the amount in the
natural disaster reserve. Alabama Power will seek regulatory approval to
supplement the natural disaster reserve in a manner that allows recovery of
these expenses while minimizing the impact on customers. The ultimate outcome of
this matter cannot now be determined. Additionally, based on current
projections, retail sales revenues lost as a result of the power outages from
Hurricane Ivan may have a material impact on Alabama Power's net income for the
quarter ending September 30, 2004, but are not expected to have a material
impact on Alabama Power's net income for the year ending December 31, 2004.
Based on current projections, retail sales revenues lost as a
result of the power outages from Hurricane Ivan are not expected to have a
material impact on the consolidated net income of The Southern Company for the
quarter ending September 30, 2004 or for the year ending December 31, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, each of the registrants has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date: September 21, 2004 THE SOUTHERN COMPANY
By /s/Tommy Chisholm
Tommy Chisholm
Secretary
ALABAMA POWER COMPANY
By /s/Wayne Boston
Wayne Boston
Assistant Secretary
GULF POWER COMPANY
By /s/Wayne Boston
Wayne Boston
Assistant Secretary