SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
----------------
FORM U5S
ANNUAL REPORT
For the Fiscal Year Ended December 31, 2000
Filed pursuant to the Public Utility Holding Company Act of 1935
by
THE SOUTHERN COMPANY
270 PEACHTREE STREET, N. W.
ATLANTA, GEORGIA 30303
THE SOUTHERN COMPANY
FORM U5S
2000
TABLE OF CONTENTS
ITEM PAGE NUMBER
---- -----------
1. System Companies and Investments therein as of
December 31, 2000 1
2. Acquisitions or Sales of Utility Assets 5
3 Issue, Sale, Pledge, Guarantee or Assumptions
of System Securities 5
4. Acquisition, Redemption or Retirement of System
Securities 6
5. Investments in Securities of Nonsystem Companies 7
6. Officers and Directors 8
7. Contributions and Public Relations 29
8. Service, Sales and Construction Contracts 31
9. Wholesale Generators and Foreign Utility Companies 32
10. Financial Statements and Exhibits A
ITEMS
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2000. (a)
--------------------------------------------------------------------------------
Name of Company Number of Percentage Issuer
(Add abbreviation Common of Voting Book Owner's
used herein) Shares Owned Power Value Book Value
In Thousands
THE SOUTHERN COMPANY
(SOUTHERN) None None n/a n/a
ALABAMA POWER COMPANY
(ALABAMA) 5,608,955 100 $3,195,772 $3,195,772
Alabama Energy Providers, Inc. 1,000 100 1 1
Alabama Property Company 1,000 100 9,943 9,943
Alabama Power Capital Trust I
(ALABAMA TRUST I) n/a n/a 3,000 3,000
Alabama Power Capital Trust II
(ALABAMA TRUST II) n/a n/a 6,186 6,186
Alabama Power Capital Trust III
(ALABAMA TRUST III) n/a n/a 1,550 1,550
Southern Electric
Generating
Company (SEGCO) (b) 164,000 50 25,558 25,558
GEORGIA POWER COMPANY
(GEORGIA) 7,761,500 100 4,249,544 4,249,544
SEGCO (b) 164,000 50 25,485 25,485
Piedmont-Forrest
Corporation (PIEDMONT) 100,000 100 5,955 5,955
13,358 (c) 13,358
Georgia Power LP Holdings Corp.
(GEORGIA POWER HOLDINGS) 500 100 - -
Georgia Power Capital, L.P.
(GEORGIA CAPITAL) n/a n/a 1,325 1,325
Georgia Power Capital Trust I
(GEORGIA TRUST I) n/a n/a 9,250 9,250
Georgia Power Capital Trust II
(GEORGIA TRUST II) n/a n/a 7,040 7,040
Georgia Power Capital Trust III
(GEORGIA TRUST III) n/a n/a 7,465 7,465
1
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2000.
(Continued)
Name of Company Number of Percentage Issuer
(Add abbreviation Common of Voting Book Owner's
used herein) Shares Owned Power Value Book Value
In Thousands
Georgia Power Capital Trust IV
(GEORGIA TRUST IV) n/a n/a 6,994 6,994
GULF POWER COMPANY (GULF) 992,717 100 427,378 427,378
Gulf Power Capital Trust I
(GULF TRUST I) n/a n/a 1,512 1,512
Gulf Power Capital Trust II
(GULF TRUST II) n/a n/a 1,590 1,590
MISSISSIPPI POWER COMPANY
(MISSISSIPPI) 1,121,000 100 404,898 404,898
Mississippi Power Capital Trust I
(MISSISSIPPI TRUST I) n/a n/a 1,082 1,082
Mississippi Power Services, Inc. 100 100 705 705
MOBILE ENERGY SERVICES
HOLDINGS, INC. (MESH) 1,000 100 0 0
Mobile Energy Services
Company, LLC (MESC) n/a 99 0 0
SAVANNAH ELECTRIC AND
POWER COMPANY
(SAVANNAH) 10,844,635 100 174,994 174,994
Savannah Electric and Power Capital Trust I
(SAVANNAH ELECTRIC TRUST I) n/a n/a 1,412 1,412
CHANGE IN CONTROL TRUST n/a n/a 13,987 13,987
SOUTHERN COMPANY CAPITAL
FUNDING, INC. n/a 100 53,468 53,468
2
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2000.
(Continued)
Name of Company Number of Percentage Issuer
(Add abbreviation Common of Voting Book Owner's
used herein) Shares Owned Power Value Book Value
In Thousands
SOUTHERN ENERGY FINANCE CAPITAL
CORPORATION 1,000 100 188,686 188,686
SOUTHERN ENERGY FINANCE
COMPANY, INC. 1,000 100 367,326 367,326
EPZ Lease, Inc. 1,000 100 55,779 55,779
EPZ Lease, L.L.C. n/a n/a 96,256 96,256
EPZ Lease Holding A, L.L.C. n/a n/a 29,169 29,169
EPZ Lease Trust A (d) n/a n/a 20,371 20,371
EPZ Lease Holding B, L.L.C. n/a n/a 29,169 29,169
EPZ Lease Trust B (d) n/a n/a 20,371 20,371
EPZ Lease Holding C, L.L.C. n/a n/a 38,892 38,892
EPZ Lease Trust C (d) n/a n/a 27,161 27,162
Dutch Gas Lease, Inc. 1,000 100 158,246 158,246
Dutch Gas Lease, L.L.C. n/a n/a 201,291 201,291
Dutch Gas Lease Holding A, L.L.C. n/a n/a 78,527 78,527
Dutch Gas Lease Trust A (d) n/a n/a 62,766 62,766
Dutch Gas Lease Holding B, L.L.C. n/a n/a 63,258 63,258
Dutch Gas Lease Trust B (d) n/a n/a 51,243 51,243
Dutch Gas Lease Holding C, L.L.C. n/a n/a 59,506 59,506
Dutch Gas Lease Trust C (d) n/a n/a 47,601 47,601
NUON Lease, Inc. 1,000 100 141,652 141,652
NUON Lease Holding D, L.L.C. n/a n/a 74,636 74,636
NUON Trust D (d) n/a n/a 65,025 65,025
NUON Lease Holding E, L.L.C. n/a n/a 56,286 56,286
NUON Trust E (d) n/a n/a 49,232 49,232
NUON Lease Holding F, L.L.C. n/a n/a 36,915 36,915
NUON Trust F (d) n/a n/a 32,263 32,263
GAMOG Lease, Inc. 1,000 100 110,133 110,133
GAMOG Lease Holding G, L.L.C. n/a n/a 27,650 27,650
GAMOG Trust G (d) n/a n/a 24,377 24,377
GAMOG Lease Holding H, L.L.C. n/a n/a 67,393 67,393
GAMOG Trust H (d) n/a n/a 59,447 59,447
GAMOG Lease Holding I, L.L.C. n/a n/a 34,553 34,553
GAMOG Trust I (d) n/a n/a 30,468 30,468
Southern Energy Clairton, Inc. 1,000 100 39,619 39,619
Southern Energy Clairton, L.L.C. 1,000 85 51,014 51,014
Southern Energy Clairton 2, Inc. 1,000 100 7,798 7,798
Southern Energy Carbontronics, Inc. 1,000 100 8,525 8,525
Southern Energy Carbontronics, L.L.C. 1,000 99 9,687 9,687
3
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2000.
(Continued)
Name of Company Number of Percentage Issuer
(Add abbreviation Common of Voting Book Owner's
used herein) Shares Owned Power Value Book Value
In Thousands
SOUTHERN COMPANY
SERVICES, INC. (SCS) 14,500 100 875 875
SOUTHERN COMMUNICATIONS
SERVICES, INC. (Southern LINC) 500 100 76,926 76,926
117,984 (e) 117,984
SOUTHERN ELECTRIC RAILROAD
COMPANY (SERC) 5,000 100 5 5
SOUTHERN NUCLEAR OPERATING
COMPANY, INC. (Southern Nuclear) 1,000 100 4,553 4,553
SOUTHERN TELECOM, INC. 1,000 100 4,709 4,709
SOUTHERN COMPANY ENERGY
SOLUTIONS, INC. (Energy 500 100 41,962 41,962
Solutions)
4
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2000
(Continued)
Notes to Item 1:
(a) Effective April 2, 2001, SOUTHERN completed a spin-off of Mirant
Corporation (formerly Southern Energy, Inc.) and its subsidiaries to
SOUTHERN's shareholders. Due to this event, Mirant Corporation and its
subsidiaries have been excluded from Item 1.
(b) SEGCO is 50% owned by ALABAMA and 50% owned by GEORGIA.
The amounts shown reflect the respective ownership interests of each company.
(c) Promissory note due on demand; interest rate, based on GEORGIA's embedded cost of capital,
was 9.82% at January 1, 2001.
(d) A Delaware business trust. The form of equity investment is paid in capital.
(e) Unsecured notes payable due on or before December 31, 2001 at an end-of-year interest rate of 5.94%.
ITEM 2. ACQUISITION OR SALES OF UTILITY ASSETS.
NONE.
ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES.
---------------------------------------------------------------------------
NONE.
5
ITEM 4. ACQUISITION, REDEMPTION, OR RETIREMENT OF SYSTEM SECURITIES.
Calendar Year 2000
Name of Company Indicate
Name of Issuer and Acquiring, Redeeming Number of Shares or Principal Amount Commission
---------------------------------------
Title of Issue or Retiring Securities Acquired Redeemed Retired Consideration Authorization
------------------ ---------------------- -------- -------- ------- ------------- -------------
(See Note)
ALABAMA:
First Mortgage Bonds
6.00% Series due 2000 ALABAMA None $100,000,000 $100,000,000 $100,000,000
9.00% Series due 2024 ALABAMA None $11,009,000 $11,009,000 $11,009,000
GEORGIA:
First Mortgage Bonds
6.00% Series due 2000 GEORGIA None $100,000,000 $100,000,000 $100,000,000
Pollution Control Revenue Bonds
6.625% Series due 2024 GEORGIA None $28,725,000 $28,725,000 $28,725,000
4.375% Series due 2000 GEORGIA None $50,000,000 $50,000,000 $50,000,000
Preferred Stock
$4.60 Series GEORGIA $383,300 None $383,300 $383,300
GULF:
Senior Notes
6.70% Series due 2038 GULF None $1,853,000 None $1,853,000
MISSISSIPPI:
Pollution Control Bonds
5.80% Series due 2007 MISSISSIPPI None $20,000 None $20,000
Senior Notes
6.75% Series due 2038 MISSISSIPPI None $1,385,000 None $1,385,000
Note to Item 4: All transactions exempt pursuant to Rule 42(b)(2), (4) or (5) or
authorized in File No. 70-8095 or in the respective proceedings relating to the
issuance and sale of preferred stock.
6
ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES.
Number of
Shares or Carrying
Principal Value
Name of Owner Name of Issuer Amount Owned to Owner
------------- -------------- ------------ --------
SOUTHERN (one item) (1) 538,935 shares $4,439,210
ALABAMA (one item) (2) 204 shares $1
ALABAMA (four items) (3) $2,176,514 $2,176,514
GEORGIA (one item) (4) $4,700,000 $4,485,127
GULF (nine items) (2) 640 shares $1
Energy Solutions (one item) (5) 130,381 shares $1
SAVANNAH (one item) (2) 285 shares $1
Notes to Item 5:
(1) Represents the transfer of the investment in Pantellos from Southern
Telecom to SOUTHERN. Pantellos is an independent, open marketplace for the
energy and utility industries that brings together buyers and sellers to improve
the way they do business.
(2) Securities representing bankruptcy distributions applicable to
obligations of customers incurred in the ordinary course of business.
(3) Debt securities issued by instrumentalities of political subdivisions
within ALABAMA's service area to build promotional industrial buildings that
will assist in advancing business and industrial development.
(4) Investment made in a private venture capital fund for the purpose of
assisting early-stage and high technology companies located principally in the
Southeast, with a focus on Georgia-based firms. (See File No. 70-8085.)
(5) Represents Energy Solutions' investment in Integrated Communication
Systems, Inc. (ICS). ICS is engaged in providing two-way communications over
local telephone lines for a wide range of energy-related services in
residential and small commercial markets.
7
ITEM 6. OFFICERS AND DIRECTORS.
PART I. *
*Effective April 2, 2001, SOUTHERN completed a spin-off of Mirant Corporation
(formerly Southern Energy, Inc.) and its subsidiaries to SOUTHERN's
shareholders. Due to this event, Mirant Corporation and its subsidiaries have
been excluded from Item 6.
The following are the abbreviations to be used for principal business address
and positions.
Principal Business Address Code
270 Peachtree Street
Atlanta, GA 30303 (a)
600 North 18th Street
Birmingham, AL 35291 (b)
241 Ralph McGill Boulevard, N.E.
Atlanta, GA 30308-3374 (c)
One Energy Place
Pensacola, FL 32520 (d)
2992 West Beach Boulevard
Gulfport, MS 39501 (e)
600 East Bay Street
Savannah, GA 31401 (f)
5555 Glenridge Connector
Atlanta, GA 30342 (g)
42 Inverness Center Parkway
Birmingham, AL 35242 (h)
40 Inverness Center Parkway
Birmingham, AL 35242 (i)
1130 Connecticut Ave., NW
Suite 830
Washington, DC 20036 (j)
1403 Foulk Road
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803 (k)
Position Code
Chairman of the Board CH
Vice Chairman of the Board VCH
Director D
President P
Chief Executive Officer CEO
Chief Financial Officer CFO
Chief Accounting Officer CAO
Chief Information Officer CIO
Chief Operating Officer COO
Chief Production Officer CPO
Senior Executive Vice President SEVP
Executive Vice President EVP
Senior Vice President SVP
Financial Vice President FVP
Vice President VP
Controller/Comptroller C
Counsel L
Secretary S
Treasurer T
SOUTHERN
Name and Principal Address (a) Position
Daniel P. Amos D
1932 Wynnton Road
Columbus, GA 31999
Dorrit J. Bern D
450 Winks Lane
Bensalem, PA 19020
Thomas F. Chapman D
1600 Peachtree Street, NW
Atlanta, GA 30309
A. D. Correll D
133 Peachtree Street, N.E.
Atlanta, GA 30303
A. W. Dahlberg D,CH,CEO
H. Allen Franklin D,P,COO
Bruce S. Gordon D
1095 Avenue of the Americas
New York, NY 10036
L. G. Hardman III D
P. O. Box 149
Commerce, GA 30529
Elmer B. Harris (b) D,EVP
Donald M. James D
P. O. Box 385014
Birmingham, AL 35238-5014
David J. Lesar D
3600 Lincoln Plaza
500 North Akard Street
Dallas, TX 75201-3391
8
ITEM 6. OFFICERS AND DIRECTORS.
PART I. (Continued)
SOUTHERN (continued)
Name and Principal Address (a) Position
Zack T. Pate D
700 Galleria Parkway
Atlanta, GA 303339
Gerald J. St. Pe' D
P. O. Box 149
Pascagoula, MS 39568
W. L. Westbrook FVP,CFO,T
S. Marce Fuller EVP
1155 Perimeter Center West
Atlanta, GA 30338
David M. Ratcliffe (c) EVP
Warren Y. Jobe SVP
Gale E. Klappa SVP
Stephen A. Wakefield SVP,L
David R. Altman VP
Charles D. McCrary (b) VP
Joseph A. Miller (j) VP
Christopher C. Womack VP
W. Dean Hudson (c) C
Tommy Chisholm S
ALABAMA
Name and Principal Address (b) Position
Whit Armstrong D
P. O. Box 900
Enterprise, AL 36331
David J. Cooper D
118 N. Royal Street
Mobile, AL 36602
H. Allen Franklin (a) D
Elmer B. Harris D,P,CEO
R. Kent Henslee D
754 Chestnut Street
Gadsden, AL 35901
Carl E. Jones, Jr. D
P. O. Box 1024
Birmingham, AL 35202
Patricia M. King D
1501 South Quintard Avenue
Anniston, AL 36201
James K. Lowder D
2000 Interstate Park Drive
Suite 400
Montgomery, AL 36109
Wallace D. Malone, Jr. D
P. O. Box 2554
Birmingham, AL 35290
Thomas C. Meredith D
401 Queen City Avenue
Tuscaloosa, AL 35401
Mayer Mitchell D
3800 Airport Boulevard, Suite 301
Mobile, AL 36608
William V. Muse D
107 Samford Hall
Auburn, AL 36849
John T. Porter D
1101 Martin L. King, Jr. Dr. S.W.
Birmingham, AL 35211
Robert D. Powers D
202 East Broad Street
Eufaula, AL 36027
Andreas Renschler D
Dornierstrasse 6
Renningen, Germany
C. Dowd Ritter D
P. O. Box 11007
Birmingham, AL 35288
James H. Sanford D
1001 McQueen Smith Road South
Prattville, AL 36066
John C. Webb, IV D
125 W. Washington Street
Demopolis, AL 36732
James W. Wright D
100 Commerce Street
Montgomery, AL 36104
Michael D. Garrett EVP
William B. Hutchins, III EVP,CFO,T
C. Alan Martin EVP
Robin A. Hurst SVP
James H. Miller, III SVP
Rodney O. Mundy SVP,L
Michael L. Scott SVP
Steven R. Spencer SVP
Jerry L. Stewart SVP
Christopher C. Womack (a) SVP
Art P. Beattie VP,C
William W. Cooper VP
W. Roy Crow VP
C. Stephen Fant VP
Robert Holmes, Jr. VP
Marsha S. Johnson VP
J. Bruce Jones VP
William B. Keller VP
Jacki Lowe VP,CIO
Donald W. Reese VP
Julian H. Smith, Jr. VP
William R. Smith VP
Cheryl A. Thompson VP
Terry H. Waters VP
William E. Zales, Jr. VP,S
9
ITEM 6. OFFICERS AND DIRECTORS
PART I. (Continued)
ALABAMA PROPERTY COMPANY
Name and Principal Address (b) Position
Elmer B. Harris D,P
William B. Hutchins, III D,VP
C. Alan Martin D,VP
James L. Scott AVP
Art P. Beattie C
William E. Zales, Jr. S
J. Randy DeRieux T
ALABAMA ENERGY PROVIDERS, INC.
Name and Principal Address (b) Position
Rodney O. Mundy D
William B. Hutchins, III D,VP
Michael D. Garrett D
C. Alan Martin D
Michael L. Scott D,P
William E. Zales, Jr. S
J. Randy DeRieux T
GEORGIA
Name and Principal Address (c) Position
Daniel P. Amos D
1932 Wynnton Road
Columbus, GA 31999
Juanita Baranco D
7060 Jonesboro Road
Morrow, GA 30260
William A. Fickling, Jr. D
P. O. Box 1976
Macon, GA 31202-1976
H. Allen Franklin (a) D
L. G. Hardman III D
P. O. Box 149
Commerce, GA 30529
James R. Lientz, Jr. D
P. O. Box 4899
Mail Code GAI-006-55-05
Atlanta, GA 30302-4899
G. Joseph Prendergast D
100 North Main Street
Winston-Salem, NC 27101
David M. Ratcliffe D,P,CEO
William Jerry Vereen D
P. O. Box 1663
Moultrie, GA 31776-1663
Carl Ware D
P. O. Box Drawer 1734, Nat 25
Atlanta, GA 30301
William C. Archer, III EVP
Thomas A. Fanning EVP,T,CFO
Gene R. Hodges EVP
Warren Y. Jobe (a) EVP
Charles D. McCrary (b) EVP
James K. Davis SVP
Robert H. Haubein, Jr. (b) SVP
Leonard J. Haynes SVP
Fred D. Williams SVP
David R. Altman VP
Judy M. Anderson VP,S
Ronnie L. Bates VP
Robert S. Beason VP
Rebecca A. Blalock VP
Robert L. Boyer VP
M. A. Brown VP
A. Bryan Fletcher VP
J. Kevin Fletcher VP
O. Ben Harris VP
Richard L. Holmes VP
E. Lamont Houston VP
J. B. Manley VP
Frank J. McCloskey VP
Cliff S.Thrasher VP,C,CAO
Jeffrey L. Wallace VP
Christopher C. Womack (a) VP
PIEDMONT
Name and Principal Address (c) Position
David M. Ratcliffe D,P
Thomas A. Fanning D,EVP,T
Judy M. Anderson D,VP,S
GEORGIA POWER HOLDINGS
Name and Principal Address (c) Position
Thomas A. Fanning D, P,T
Judy M. Anderson VP,S
SEGCO
Name and Principal Address (b) Position
Robert L. Boyer (c) D
Thomas A. Fanning (c) D
Michael D. Garrett D
Elmer B. Harris D,P
Robert H. Haubein, Jr. D
William B. Hutchins, III D,VP
Charles D. McCrary D,VP
David M. Ratcliffe (c) D,VP
Jerry L. Stewart D
Art P. Beattie C
William E. Zales, Jr. S
J. Randy DeRieux T
10
ITEM 6. OFFICERS AND DIRECTORS
PART I. (Continued)
GULF
Name and Principal Address (d) Position
Travis J. Bowden D,P,CEO
Fred C. Donovan, Sr. D
P. O. Box 13370
Pensacola, FL 32591
H. Allen Franklin (a) D
W. Deck Hull, Jr. D
P. O. Box 2266
Panama City, FL 32402
Joseph K. Tannehill (inactive) D
10 Arthur Drive
Lynn Haven, FL 32444
Barbara H. Thames D
4654 Carlyn Drive
Pace, FL 32571
F. M. Fisher, Jr. VP
J. E. Hodges, Jr. VP
Robert G. Moore VP
Michael L. Scott (b) VP
Christopher C. Womack (a) VP
Ronnie R. Labrato CFO,C
Warren E. Tate S,T
MISSISSIPPI
Name and Principal Address (e) Position
Dwight H. Evans D,P,CEO
Robert S. Gaddis D
P. O. Box 168
Laurel, MS 39440
Linda T. Howard D
P.O. Box 1588
Laurel, MS 39401
Aubrey K. Lucas D
Box 5164
Hattiesburg, MS 39406
Malcolm Portera D
610 Allen Hall
Mississippi State, MS 39762
George A. Schloegel D
Hancock Bank
P. O. Box 4019
Gulfport, MS 39502
Philip J. Terrell D
701 West North Street
Pass Christian, MS 39571
Gene Warr D
2600 Beach Boulevard
Biloxi, MS 39531
H. Ed Blakeslee VP
Don E. Mason VP
Michael W. Southern VP,CFO,
S,T
Gene L. Ussery, Jr. VP
Christopher C. Womack (a) VP
Frances V. Turnage C
MISSISSIPPI POWER SERVICES, INC.
Name and Principal Address (e) Position
H. Ed Blakeslee D,P,CEO
Dwight H. Evans D,CH
Don E. Mason D,VP
Michael W. Southern D,VP,T,CFO
Frances V. Turnage C
Vicki L. Pierce S
SAVANNAH
Name and Principal Address (f) Position
Gus H. Bell, III D
P. O. Box 14247
Savannah, GA 31416
Archie H. Davis D
P. O. Box 188
Savannah, GA 31402
Walter D. Gnann D
P. O. Box 334
Springfield, GA 31329
G. Edison Holland, Jr. D,P,CEO
Robert B. Miller, III D
P. O. Box 8003
Savannah, GA 31412
Arnold M. Tenenbaum D
P. O. Box 2567
Savannah, GA 31498
W. Miles Greer VP
Leonard J. Haynes (c) VP
Anthony R. James VP
Kirby R. Willis VP,T,CFO
Christopher C. Womack (a) VP
Nancy Frankenhauser S,C
SCS
Name and Principal Address (c) Position
A. W. Dahlberg (a) D
H. Allen Franklin (a) D,P,CEO
Elmer B. Harris (b) D
David M. Ratcliffe D
Gale E. Klappa (a) EVP
Charles D. McCrary (b) EVP
Stephen A. Wakefield (a) EVP
W. L. Westbrook (a) EVP
Robert S. Beason SVP
W. Paul Bowers (a) SVP
Andrew J. Dearman, III (b) SVP
Robert H. Haubein (b) SVP
Leonard J. Haynes SVP
W. Dean Hudson SVP,C,CFO
William K. Newman (b) SVP
11
ITEM 6. OFFICERS AND DIRECTORS
PART I. (Continued)
SCS (continued)
Name and Principal Address (c) Position
Michael L. Scott SVP
Jerry L. Stewart (b) SVP
Christopher C. Womack (a) SVP
David R. Altman (a) VP
Robert A. Bell (a) VP
Robert L. Boyer VP
Ronald R. Campbell VP
Tommy Chisholm (a) VP,S,L
David L. Coker VP
James M. Corbitt (b) VP
James C. Fleming (a) VP
Barbara S. Hingst (a) VP
Douglas E. Jones (a) VP
Allen L. Leverett (a) VP,T
Charles D. Long, IV (b) VP
Jacqualyn Lowe VP
William L. Marshall, Jr. (b) VP
Joseph A. Miller (j) VP
Karl R. Moor (j) VP
Robert G. Moore (d) VP
Rodney O. Mundy (b) VP
Earl B. Parsons, III (a) VP
James P. Sale (a) VP
Bertram E. Sears VP
Anthony J. Topazi (b) VP
Southern LINC
Name and Principal Address (g) Position
Robert G. Dawson D,P,CEO
H. Allen Franklin (a) D
Elmer B. Harris (b) D
David M. Ratcliffe (c) D
W. L. Westbrook (a) D
R. Craig Elder VP,T,CFO
Rodney H. Johnson VP
Julie T. Pigott VP
Tommy Chisholm (a) S
Carmine A. Reppucci C
SERC
Name and Principal Address (h) Position
Charles D. McCrary (b) D,P
T. Roy Harrell (b) VP
Larry M. Porter (e) VP
Jerry L. Stewart (b) VP
Tommy Chisholm (a) S,T
Southern Nuclear
Name and Principal Address (i) Position
H. Allen Franklin (a) D
William G. Hairston, III D,P,CEO
Elmer B. Harris (b) D
David M. Ratcliffe (c) D
Jackie D. Woodard EVP
James W. Averett VP
James B. Beasley VP
Kathleen S. King VP,CFO,C,T
Louis B. Long VP
John O. Meier VP,L
D. N. Morey, III VP
H. Lewis Sumner, Jr. VP
Christopher C. Womack (a) VP
Sherry A. Mitchell S
Energy Solutions
Name and Principal Address (c) Position
Bertram Sears P
Michael E. Ellis VP
Allen L. Leverett (a) T
Tommy Chisholm (a) S
Southern Energy Finance Capital Corporation
Name and Principal Address (a) Position
H. Allen Franklin D
W. L. Westbrook D
Gale E. Klappa D
Allen L. Leverett D,P
James C. Fleming VP
Christopher J. Kysar VP,T
Tommy Chisholm S
Southern Energy Finance Company Inc.
Name and Principal Address (a) Position
H. Allen Franklin D
W. L. Westbrook D
Gale E. Klappa D
Allen L. Leverett D,P
James C. Fleming VP
Christopher J. Kysar VP,T
Tommy Chisholm S
12
ITEM 6. OFFICERS AND DIRECTORS
PART I. (Continued)
EPZ Lease, Inc.
Name and Principal Address (k) Position
William R. Bechstein D,VP
1105 N. Market Street
Suite 1300
Wilmington, DE 19801
Christopher J. Kysar (a) D,VP,T,CFO
Allen Leverett (a) D,P,CEO
Daniel P. McCollum D,S
Morris, James, Hitchens &
Williams LLP
222 Delaware Avenue
Wilmington, DE 19899
James C. Fleming (a) VP
Judith A. Rosenberg (a) C
EPZ Lease, L.L.C.
Name and Principal Address (k) Position
Southern Energy Finance Member
Company Inc.
EPZ Lease, Inc. Member
EPZ Lease Holding A, L.L.C.
Name and Principal Address (k) Position
EPZ Lease, Inc. Member
EPZ Lease, L.L.C. Member
EPZ LeaseHolding B, L.L.C.
Name and Principal Address (k) Position
EPZ Lease, Inc. Member
EPZ Lease, L.L.C. Member
EPZ Lease Holding C, L.L.C.
Name and Principal Address (k) Position
EPZ Lease, Inc. Member
EPZ Lease, L.L.C. Member
Dutch Gas Lease, Inc.
Name and Principal Address (k) Position
William R. Bechstein D,VP
1105 N. Market Street
Suite 1300
Wilmington, DE 19801
Christopher J. Kysar (a) D,VP,T,CFO
Allen Leverett (a) D,P,CEO
Daniel P. McCollum D,S
Morris, James, Hitchens &
Williams LLP
222 Delaware Avenue
Wilmington, DE 19899
James C. Fleming (a) VP
Judith A. Rosenberg (a) C
Dutch Gas Lease, L.L.C.
Name and Principal Address (k) Position
Dutch Gas Lease, Inc. Member
Dutch Gas Lease Holding A, L.L.C.
Name and Principal Address (k) Position
Dutch Gas Lease, L.L.C. Member
Dutch Gas Lease Holding B, L.L.C.
Name and Principal Address (k) Position
Dutch Gas Lease, L.L.C. Member
Dutch Gas Lease Holding C, L.L.C.
Name and Principal Address (k) Position
Dutch Gas Lease, L.L.C. Member
GAMOG Lease, Inc.
Name and Principal Address (k) Position
William R. Bechstein D,VP
1105 N. Market Street
Suite 1300
Wilmington, DE 19801
Christopher J. Kysar (a) D,VP,T,CFO
Allen Leverett (a) D,P,CEO
Daniel P. McCollum D,S
Morris, James, Hitchens &
Williams LLP
222 Delaware Avenue
Wilmington, DE 19899
James C. Fleming (a) VP
Judith A. Rosenberg (a) C
GAMOG Lease Holding G, L.L.C.
Name and Principal Address (k) Position
GAMOG Lease, Inc. Member
GAMOG Lease Holding H, L.L.C.
Name and Principal Address (k) Position
GAMOG Lease, Inc. Member
GAMOG Lease Holding I, L.L.C.
Name and Principal Address (k) Position
GAMOG Lease, Inc. Member
13
ITEM 6. OFFICERS AND DIRECTORS
PART I. (Continued)
NUON Lease, Inc.
Name and Principal Address (k) Position
William R. Bechstein D,VP
1105 N. Market Street
Suite 1300
Wilmington, DE 19801
Christopher J. Kysar (a) D,VP,T,CFO
Allen Leverett (a) D,P,CEO
Daniel P. McCollum D,S
Morris, James, Hitchens &
Williams LLP
222 Delaware Avenue
Wilmington, DE 19899
James C. Fleming (a) VP
Judith A. Rosenberg (a) C
NUON Lease Holding D, L.L.C.
Name and Principal Address (k) Position
NUON Lease, Inc. Member
NUON Lease Holding E, L.L.C.
Name and Principal Address (k) Position
NUON Lease, Inc. Member
NUON Lease Holding F, L.L.C.
Name and Principal Address (k) Position
NUON Lease, Inc. Member
Southern Company Capital Funding, Inc.
Name and Principal Address (k) Position
William R. Bechstein D,VP
1105 N. Market Street
Suite 1300
Wilmington, DE 19801
James J. Coppola, Jr. D,C
1155 Perimeter Center West
Atlanta, GA 30338
L. Terry Turner D
1155 Perimeter Center West
Atlanta, GA 30338
William L. Westbrook (a) D, P
Southern Energy Clairton, Inc.
Name and Principal Address (k) Position
--------------------------------------------
William R. Bechstein D,VP
1105 N. Market Street
Suite 1300
Wilmington, DE 19801
Christopher J. Kysar (a) D,VP,T,CFO
Allen L. Leverett (a) D
Daniel P. McCollum D,S
Morris, James, Hitchens &
Williams LLP
222 Delaware Avenue
Wilmington, DE 19899
Judith A. Rosenberg (a) D,C
James C. Fleming (a) VP
Southern Energy Clairton 2, Inc.
Name and Principal Address (k) Position
William R. Bechstein D,VP
1105 N. Market Street
Suite 1300
Wilmington, DE 19801
Christopher J. Kysar (a) D,VP,T,CFO
Allen L. Leverett (a) D
Daniel P. McCollum D,S
Morris, James, Hitchens &
Williams LLP
222 Delaware Avenue
Wilmington, DE 19899
James C. Fleming (a) VP
Judith A. Rosenberg (a) D,C
Southern Energy Clairton, L.L.C.
Name and Principal Address (k) Position
Southern Energy Clairton, Inc. Member
Southern Energy Clairton 2, Inc. Member
Southern Energy Carbontronics, Inc.
Name and Principal Address (a) Position
Christopher J. Kysar D,VP,T,CFO
Allen L. Leverett DP,CEO,P
Judith A. Rosenberg D
James C. Fleming VP
Tommy Chisholm S
Southern Energy Carbontronics, LLC
Name and Principal Address (k) Position
Southern Energy
Carbontronics, Inc. Member
Southern Energy Finance
Company, Inc. Member
Southern Telecom, Inc.
Name and Principal Address (g) Position
Robert G. Dawson D,P,CEO
H. Allen Franklin (a) D
Elmer B. Harris (b) D
Gale E. Klappa (a) D
Tommy Chisholm (a) S
R. Craig Elder T
14
16
ITEM 6. OFFICERS AND DIRECTORS. Part II. Financial Connections.
------------------------------------------------------------------------
Name of Officer Name and Location Position Held in Applicable
or Director of Financial Institution Financial Institution Exemption Rule
------------------ ------------------------ --------------------- ---------------
Rule No. 70
Subdivision
Daniel P. Amos CIT Group, Livingston, NJ Director (a)
Whit Armstrong The Citizens Bank Chief Executive (c)
Enterprise, AL Officer,
Chairman of the Board
of Directors and President
Enterprise Capital Corporation Chairman of the Board of
Enterprise, AL Directors, President (c)
Gus H. Bell, III SunTrust Bank, Savannah, GA Director (c)
David J. Cooper SouthTrust Bank, Birmingham, AL Director (c)
A. D. Correll SunTrust Bank of Georgia, Atlanta, GA Director (a)
SunTrust Banks Inc., Atlanta, GA Director (a)
W. Roy Crow Barbour County Bank, Eufaula, AL Director (f)
A. W. Dahlberg SunTrust Bank of Georgia, Atlanta, GA Director (a);(c);(e)
SunTrust Banks, Inc., Atlanta, GA Director (a);(c);(e)
Archie H. Davis The Savannah Bancorp, Savannah, GA President, Chief Executive
Officer (c)
The Savannah Bank N.A., Savannah, GA President, Chief Executive
Officer (c)
Bryan Bank & Trust, Richmond Hill, GA Director (c)
H. Allen Franklin SouthTrust Corporation, Birmingham, AL Director (a);(c);(d);(e);(f)
L. G. Hardman III nBank.Corp., Commerce, GA Chairman of the Board
of Directors and Chief
Executive Officer (c);(g)
First National Bank of Commerce, Chairman of the
Commerce, GA Board of Directors (c);(g)
Elmer B. Harris AmSouth Bancorporation, Director (a);(c);(e);(f)
Birmingham, AL
AmSouth Bank, Birmingham, AL Director (a);(c);(e);(f)
Richard K. Henslee Regions Bank, Gadsden, AL Chairman of the Board
of Directors (c)
G. Edison Holland, Jr. SunTrust Bank, Savannah, GA Director (c);(f)
Donald M. James SouthTrust Corporation, Birmingham, AL Director (a)
Carl E. Jones, Jr. Regions Financial Corporation, President , Chief
Birmingham, AL Executive Officer
and Director (c)
James R. Lientz, Jr. Bank of America, Mid-South Banking Group President (c)
Atlanta, GA
Wallace D. Malone, Jr. SouthTrust Corporation, Birmingham, AL Chairman of the Board
of Directors and Chief
Executive Officer (c)
Mayer Mitchell The Banc Corporation, Birmingham, AL Director (c)
William V. Muse SouthTrust Bank, Birmingham, AL Director (c)
John T. Porter Citizens Federal Bank, Birmingham, AL Director (c)
15
ITEM 6. OFFICERS AND DIRECTORS. Part II. Financial Connections. (Continued)
-------------------------------------------------------------------------------------
Name of Officer Name and Location Position Held in Applicable
or Director of Financial Institution Financial Institution Exemption Rule
------------------- -------------------------------------- --------------------- ---------------
Rule No. 70
Subdivision
G. Joseph
Prendergast Wachovia Bank, N.A., Winston-Salem, NC Director, President
and Chief Operating
Officer (c)
Wachovia Corporation, Winston-Salem, NC Director, President
and Chief Operating
Officer (c)
C. Dowd Ritter, III AmSouth Bancorporation, Birmingham, AL Chairman, Chief
Executive Officer (c)
AmSouth Bank, Birmingham, AL Chairman, Chief
Executive Officer (c)
George A. Schloegel Hancock Bank - Mississippi, Gulfport, MS Director and
President (c)
Hancock Holding Company, Gulfport, MS Vice Chairman of
the Board
of Directors (c)
Hancock Bank - Louisiana, Baton Rouge
Louisiana Director (d)
William R. Smith SouthTrust Bank of Calhoun County, N.A.
Anniston, AL Director (f)
Gerald St. Pe' Merchants & Marine Bank, Pascagoula, MS Director (a)
Arnold M.
Tenenbaum First Union National Bank of Georgia, Director (c)
Atlanta, GA
First Union National Bank of Savannah, Director (c)
Savannah, GA
Gene Warr Coast Community Bank, Biloxi, MS Director (c)
James W. Wright First Tuskegee Bank, Montgomery, AL Chairman of the
Board of
Directors and
Chief Executive
Officer (c)
16
ITEM 6. EXECUTIVE COMPENSATION. PART III.
(a) Summary Compensation Tables. The following tables set forth information
concerning any Chief Executive Officer and the four most highly compensated
executive officers for SCS, Southern LINC, Energy Solutions and Southern
Nuclear serving as of December 31, 2000, as defined by the Securities and
Exchange Commission. ALABAMA, GEORGIA, GULF and MISSISSIPPI are
incorporated by reference to the Information Statements relating to each of
their respective 2001 Annual Meeting of Shareholders. SAVANNAH is
incorporated by reference to page number III-3 in the SOUTHERN system's
combined Form 10-K for the year ended December 31, 2000. SOUTHERN is
incorporated by reference to "Summary Compensation Table" in SOUTHERN's
definitive Proxy Statement relating to the 2001 annual meeting of
stockholders.
Key terms used in this Item will have the following meanings:-
ESP.................................. Employee Savings Plan
ESOP................................. Employee Stock Ownership Plan
SBP.................................. Supplemental Benefit Plan
ERISA................................ Employee Retirement Income Security Act
17
SCS
SUMMARY COMPENSATION TABLE
ANNUAL COMPENSATION LONG-TERM COMPENSATION
Number of
Securities Long-
Name Underlying Term
and Other Annual Stock Incentive All Other
Principal Compensation Options Payouts Compensation
Position Year Salary($) Bonus($) ($)1 (Shares) ($)2 ($)3
------------------------------------------------------------------------------------------------------------------------
A. W. Dahlberg 2000 939,287 2,318,377 272,551 215,616 302,612 52,267
Director, Executive 1999 903,426 181,896 23,755 201,196 579,392 49,283
Committee Chairman 1998 897,820 218,625 11,067 161,757 438,061 50,135
H. Allen Franklin 2000 655,806 1,014,696 8,305 83,354 201,760 34,902
President, Chief 1999 603,658 126,000 31,023 71,153 375,137 32,654
Executive Officer, 1998 564,329 237,502 7,078 30,521 283,629 31,590
Director
Charles D. McCrary 2000 335,995 335,247 8,515 29,201 - 16,342
Executive 1999 317,616 57,646 10,701 13,865 226,439 15,698
Vice President 1998 293,816 53,376 955 12,976 164,812 13,590
Stephen Wakefield 2000 345,985 322,056 29,970 - 16,609
Executive Vice 1999 332,654 53,601 15,294 14,504 170,451 24,675
President 1998 328,080 104,401 3,279 13,614 - 6,446
William L.
Westbrook 2000 330,208 455,552 13,611 28,603 - 17,322
Executive Vice 1999 316,975 51,156 2,272 13,842 127,836 16,718
President 1998 290,464 103,288 16,479 11,700 96,743 15,518
1 Tax reimbursements by SCS on certain personal benefits.
2 Payouts made in 1999, 2000 and 2001 for the four-year performance periods
ending December 31, 1998, 1999 and 2000.
3 SCS contributions to the ESP, ESOP,
and non-pension related accruals under the SBP (ERISA excess plan under which
accruals are made to offset Internal Revenue Code imposed limitations under the
ESP and ESOP) are provided in the following table:
ESP ESOP SBP
--- ---- ---
A. W. Dahlberg $7,650 $810 $43,807
H. Allen Franklin 6,853 810 27,239
Charles D. McCrary 5,958 810 9,574
Stephen Wakefield 5,958 810 9,841
William L. Westbrook 6,853 810 9,659
18
Southern LINC
and
Energy Solutions
SUMMARY COMPENSATION TABLE
ANNUAL COMPENSATION LONG-TERM COMPENSATION
Number of
Securities Long-
Name Underlying Term
and Other Annual Stock Incentive All Other
Principal Compensation Options Payouts Compensation
Position Year Salary($) Bonus($) ($)1 (Shares) ($)2 ($)3
------------------------------------------------------------------------------------------------------------------------
SOUTHERN LINC
Robert G. Dawson 2000 235,091 118,760 9,297 20,431 78,507 13,188
President, Chief 1999 222,232 204,473 5,840 8,014 94,837 11,931
Executive Officer, 1998 203,882 186,384 5,710 6,816 94,190 10,721
Director
R. Craig Elder 2000 139,789 68,562 - 5,809 16,966 7,438
Vice President, 1999 126,247 93,996 - 3,596 20,169 6,931
Treasurer 1998 123,933 94,933 - 3,354 20,009 6,586
Rodney H. Johnson 4 2000 113,927 40,799 2,310 3,971 9,040 2,679
Vice President 1999 100,894 75,115 1,934 - 10,748 1,636
1998 - - - - - -
Julie T. Pigott 4 2000 101,081 40,799 - 3,971 9,093 5,622
Vice President 1999 100,796 74,831 - - 10,827 5,406
1998 - - - - - -
ENERGY SOLUTIONS
Bertram E. Sears 5 2000 145,934 102,648 1,777 7,640 - 7,617
President, 1999 132,648 22,791 2,638 3,785 67,634 6,940
Director 1998 - - - - - -
Thomas R. Thames 2000 119,923 102,384 533 5,211 - 6,255
Vice President, 1999 113,417 71,093 1,270 3,227 - 5,969
General Manager 1998 112,018 15,834 - 2,424 38,767 5,711
--------
1 Tax reimbursement by Energy Solutions and Southern LINC on certain personal benefits.
2 Payouts made in 1999, 2000 and 2001 for the four-year performance periods
ending December 31, 1998, 1999 and 2000.
3 Southern LINC's and Energy Solutions'
contributions to the ESP, ESOP, and non-pension related accruals under the SBP
(ERISA excess plan under which accruals are made to offset Internal Revenue Code
imposed limitations under the ESP and ESOP), for the following:
ESP ESOP SBP
--- ---- ---
Robert G. Dawson $7,331 $810 $5,047
R. Craig Elder 6,289 810 339
Rodney H. Johnson 1,808 810 61
Julie T. Pigott 4,696 890 36
Bertram E. Sears 6,244 810 563
Thomas R. Thames 5,403 810 42
4 Ms. Pigott and Mr. Johnson became executive officers effective December 8, 1999.
5 Mr. Sears became an executive officer in 1999.
19
Southern Nuclear
SUMMARY COMPENSATION TABLE
ANNUAL COMPENSATION LONG-TERM COMPENSATION
Number of
Securities Long-
Name Underlying Term
and Other Annual Stock Incentive All Other
Principal Compensation Options Payouts Compensation
Position Year Salary($) Bonus($) ($)1 (Shares) ($)2 ($)3
----------------------------------------------------------------------------------------------------------------------
W. G. Hairston, III 2000 388,195 366,074 11,581 42,172 - 21,179
President and Chief 1999 366,897 66,601 1,615 20,895 311,562 20,285
Executive Officer 1998 358,650 70,001 13,983 14,890 270,495 19,684
Jack D. Woodard 2000 309,806 267,952 1,783 27,076 - 14,928
Executive Vice 1999 280,528 62,951 1,756 12,388 166,466 14,789
President 1998 259,009 55,511 3,156 10,735 132,472 13,756
David N. Morey 2000 200,626 140,717 1,104 17,379 - 10,695
Vice President 1999 193,000 32,045 1,316 6,948 111,258 10,335
1998 185,754 28,675 356 6,202 96,594 9,821
H. L. Sumner, Jr. 2000 190,529 137,676 117 14,453 - 1,836
Vice President 1999 182,244 29,401 90 6,572 97,722 1,337
1998 169,794 28,876 1,386 4,897 72,767 1,387
James B. Beasley, Jr. 2000 185,071 136,214 7,802 14,074 - 10,635
Vice President 1999 175,740 28,667 11,643 6,309 83,916 9,134
1998 155,469 26,878 1,919 3,830 60,495 7,523
1 Tax reimbursement by Southern Nuclear on certain personal benefits.
2 Payouts made in 1999 and 2000 for the four-year performance periods ending
December 31, 1998 and 1999, respectively.
3 Southern Nuclear contributions to
the ESP, ESOP, non-pension related accruals under the SBP (ERISA excess plan
under which accruals are made to offset Internal Revenue Code imposed
limitations under the ESP and ESOP), and tax sharing benefits paid to
participants who elected receipt of dividends on SOUTHERN's common stock held in
the ESP are provided in the following table:
ESP ESOP SBP ESP Tax Sharing Benefit
--- ---- --- -----------------------
William G. Hairston, III $7,491 $810 $12,878 $ -
Jack D. Woodard 5,958 810 8,160 -
David N. Morey 6,853 810 3,032 -
H. L. Sumner, Jr. 319 810 707 -
James B. Beasley, Jr. 6,647 810 2,245 933
20
STOCK OPTION GRANTS IN 2000
Stock Option Grants. The following table sets forth all stock option
grants to the named executive officers of each operating subsidiary during the
year ending December 31, 2000. ALABAMA, GEORGIA, GULF and MISSISSIPPI are
incorporated by reference to the Information Statements relating to each of
their respective 2001 Annual Meeting of Shareholders. SAVANNAH is incorporated
by reference to page number III-4 in the SOUTHERN system's combined Form 10-K
for the year ended December 31, 2000. SOUTHERN is incorporated by reference to
"Option Grants in 2000" under STOCK OPTIONS in SOUTHERN's definitive Proxy
Statement relating to the 2001 annual meeting of stockholders.
Individual Grants Grant Date Value
Number of % of Total
Securities Options Exercise
Underlying Granted to or
Share Options Employees in Base Price Expiration Grant Date
Name Granted 1 Fiscal Year 2 ($/Sh)3 Date3 Present Value($)3
------------------------------------------------------------------------------------------------------------
SCS
A. W. Dahlberg 215,616 3.1 23.25 04/01/2006 1,983,667
H. Allen Franklin 85,354 1.2 23.25 02/18/2010 491,639
Charles D. McCrary 29,201 0.4 23.25 02/18/2010 168,198
Stephen Wakefield 29,970 0.4 23.25 02/18/2010 172,627
William L. Westbrook 28,603 0.4 23.25 04/01/2006 164,753
Southern LINC
Robert G. Dawson 20,431 0.3 23.25 02/18/2010 117,683
R. Craig Elder 5,809 0.1 23.25 02/18/2010 33,460
Rodney H. Johnson 3,971 - 23.25 02/18/2010 22,873
Julie T. Pigott 3,971 - 23.25 02/18/2010 22,873
Energy Solutions
Bertram E. Sears 7,640 0.1 23.25 02/18/2010 44,006
Thomas R. Thames 5,211 0.1 23.25 02/18/2010 30,015
Southern Nuclear
William G. Hairston, III 42,172 0.6 23.25 02/18/2010 242,911
Jack D. Woodard 27,076 0.4 23.25 02/18/2010 155,958
David N. Morey 17,379 0.2 23.25 02/18/2010 100,103
H. L. Sumner, Jr. 14,453 0.2 23.25 02/18/2010 83,249
James B. Beasley, Jr. 14,074 0.2 23.25 02/18/2010 81,066
1 Performance Stock Plan grants were made on February 18, 2000 and vest
annually at a rate of one-third on the anniversary date of the grant. Grants
fully vest upon termination incident to death, total disability, or retirement
and expire five years after retirement, three years after death or total
disability, or their normal expiration date if earlier. The exercise price is
the average of the high and low fair market value of SOUTHERN's common stock on
the date granted. Options may be transferred to family members, family trusts
and family limited partnerships.
2 A total of 6,977,038 stock options were granted in 2000.
3 Value was calculated using the Black-Scholes option valuation model. The
actual value, if any, ultimately realized depends on the market value of
SOUTHERN's common stock at a future date. Significant assumptions are shown
below:
Risk-free Dividend Discount for forfeiture risk:
Volatility rate of return opportunity Term before after
vesting vesting
-------------------------------------------------------------------------------------------------------------------
Mr. Dahlberg 22.14% 6.52% 100% 10 years 7.79% 16.89%
Others 22.14% 6.52% 50% 10 years 7.79% 12.40%
These assumptions reflect the effects of cash dividend equivalents paid to
participants under the Performance Dividend Plan assuming targets are met.
21
AGGREGATED STOCK OPTION EXERCISES IN 2000 AND YEAR-END OPTION VALUES
Aggregated Stock Option Exercises. The following table sets forth
information concerning options exercised during the year ending December 31,
2000 by the named executive officers and value of unexercised options held by
them as of December 31, 2000. ALABAMA, GEORGIA, GULF and MISSISSIPPI are
incorporated by reference to the Information Statements relating to each of
their respective 2001 Annual Meeting of Shareholders. SAVANNAH is incorporated
by reference to page number III-5 in the SOUTHERN system's combined Form 10-K
for the year ended December 31, 2000. SOUTHERN is incorporated by reference to
"Aggregated Stock Option Exercises in 2000 and Year-End Option Values" under
OPTION EXERCISES in SOUTHERN's definitive Proxy Statement relating to the 2001
annual meeting of stockholders.
Number of Unexercised Value of Unexercised
Options at Fiscal In-the-Money Options at
Year-End (#) Fiscal Year-End($) 1
Shares Acquired Value Exercisable/ Exercisable/
Name on Exercise (#) Realized($) 2 Unexercisable Unexercisable
----------------------------------------------------------------------------------------------------------------------
SCS
A. W. Dahlberg 10,718 122,253 646,241/403,665 6,849,657/3,388,463
H. Allen Franklin 10,728 125,721 234,422/142,963 2,755,413/1,234,031
Charles D. McCrary - - 60,726/42,769 671,053/380,718
Stephen Wakefield - - 29,981/44,177 278,099/392,582
William L. Westbrook - - 60,770/41,731 680,668/371,995
Southern LINC
Robert G. Dawson - - 26,916/28,045 252,461/254,164
R. Craig Elder - - 7,434/9,324 69,911/81,072
Rodney H. Johnson - - 0/3,971 0/39,710
Julie T. Pigott - - 0/3,971 0/39,710
Energy Solutions
Bertram E. Sears 6,108 50,373 0/11,202 0/99,734
Thomas R. Thames - - 2,692/8,170 17,245/71,520
Southern Nuclear
William G. Hairston, III 74,757 716,693 16,892/61,065 108,311/545,740
Jack D. Woodard - - 53,852/38,912 582,274/348,236
David N. Morey - - 26,660/24,078 269,814/217,621
H. L. Sumner, Jr. - - 19,729/20,466 197,463/183,977
James B. Beasley, Jr. - - 17,874/19,557 179,583/176,809
1 This represents the excess of the fair market value of SOUTHERN's common
stock of $33.25 per share, as of December 31, 2000, above the exercise price of
the options. The Exercisable column reports the "value" of options that are
vested and therefore could be exercised. The Unexercisable column reports the
"value" of options that are not vested and therefore could not be exercised as
of December 31, 2000.
2 The "Value Realized" is ordinary income, before taxes, and represents the
amount equal to the excess of the fair market value of the shares or rights at
the time of exercise over the exercise price.
22
LONG-TERM INCENTIVE PLANS - AWARDS IN 2000
Long-Term Incentive Awards. The following table sets forth the
long-term incentive plan awards made to the named executive officers for the
performance period January 1, 2000 through December 31, 2003. Long-Term
Incentive Plans- Awards information for SOUTHERN is incorporated by reference to
Long-Term Incentive Awards Table in SOUTHERN's definitive Proxy Statement
relating to the 2001 annual meeting of stockholders.
Estimated Future Payouts under
Non-Stock Price-Based Plans
Number Performance or
of Other Period
Units Until Maturation Threshold Target Maximum
Name (#)1 or Payout ($)2 ($)2 ($)2
----------------------------------------------------------------------------------------------------------------------------------
PRODUCTIVITY IMPROVEMENT PLAN
SCS
A. W. Dahlberg 6,366 4 years 3,183 6,366 12,732
H. Allen Franklin 4,244 4 years 2,122 4,244 8,488
LONG-TERM INCENTIVE PLAN19
Southern LINC
Robert G. Dawson 49,405 3 years 24,703 49,405 148,215
R. Craig Elder 15,514 3 years 7,757 15,514 46,542
Rodney H. Johnson 9,131 3 years 4,566 9,131 27,393
Julie T. Pigott 9,131 3 years 4,566 9,131 27,393
1 Each unit is equal to the value of one share of SOUTHERN's common stock.
Under SOUTHERN's Executive Productivity Improvement Plan, the number of units
granted to Messrs. Dahlberg and Franklin had a value based on the fair market
value of common stock at the beginning of the performance period of $150,000
and $100,000, respectively. No awards are paid unless the participant remains
employed by the Company through the end of the performance period.
2 The threshold, target, and maximum value of a unit under the plan is 50%,
100% and 200%, respectively, and can vary based on the Company's total
shareholder return relative to selected groups of electric utilities. If certain
minimum performance relative to the selected groups is not achieved, there will
be no payout; nor is there a payout if the current earnings of the Company are
not sufficient to fund the dividend rate paid in the last calendar year. The
plan provides that in the discretion of the Compensation & Management Succession
Committee, extraordinary income may be excluded for purposes of calculating the
amount available for the payment of awards. All awards are payable in cash at
the end of the performance period.
The threshold, target and maximum value of a unit under Southern LINC's
Long-Term Incentive Plan is 50%, 100% and 300%, respectively.
3 Under Southern LINC's Long-Term Incentive Plan, annual target awards range
from 5 to 40 percent of base salary as of the end of the plan period,
depending upon the grade of the participant at the beginning of the
performance period. Performance is measured based on Southern LINC's net
income. Incentives are earned based on the achievement of the overlapping
three-year net income targets.
23
ITEM 6. OFFICERS AND DIRECTORS.
PART III.
(b) Stock Ownership. The following tables show the number of shares of
SOUTHERN common stock and preferred stock owned by the directors, nominees and
executive officers as of December 31, 2000. It is based on information furnished
to SOUTHERN by the directors, nominees and executive officers. The shares owned
by all directors, nominees and executive officers of each company as a group
constitute less than one percent of the total number of shares of the respective
classes outstanding on December 31, 2000. SOUTHERN is incorporated by reference
to the Stock Ownership Table in SOUTHERN's definitive Proxy Statement relating
to the 2001 annual meeting of stockholders. ALABAMA, GEORGIA, GULF and
MISSISSIPPI are incorporated by reference to the Information Statements relating
to each of their respective 2001 Annual Meeting of Shareholders. SAVANNAH is
incorporated by reference to page number III-9 in the SOUTHERN system's combined
Form 10-K for the year ended December 31, 2000.
Name of Directors
or Nominees and Number of Shares
Executive Officers Title of Class Beneficially Owned (1)(2)
------------------ -------------- ------------------
SCS
A. W. Dahlberg SOUTHERN Common 776,714
H. Allen Franklin SOUTHERN Common 298,828
Elmer B. Harris SOUTHERN Common 316,409
David M. Ratcliffe SOUTHERN Common 132,683
Charles D. McCrary SOUTHERN Common 72,676
Stephen Wakefield SOUTHERN Common 40,649
William L. Westbrook SOUTHERN Common 146,129
The directors, nominees
and executive officers
of SCS as a Group SOUTHERN Common 2,112,673 shares
SEGCO
Robert L. Boyer SOUTHERN Common 74,654
Thomas A. Fanning SOUTHERN Common 42,712
Michael Garrett SOUTHERN Common 35,549
Elmer B. Harris SOUTHERN Common 316,409
Robert H. Haubein, Jr. SOUTHERN Common 60,454
William B. Hutchins, III SOUTHERN Common 74,364
24
ITEM 6. OFFICERS AND DIRECTORS.
PART III.
Name of Directors
or Nominees and Number of Shares
Executive Officers Title of Class Beneficially Owned (1)(2)
------------------ -------------- ------------------
SEGCO (continued)
Charles D. McCrary SOUTHERN Common 72,676
David M. Ratcliffe SOUTHERN Common 132,683
Jerry L. Stewart SOUTHERN Common 38,927
The directors, nominees
and executive officers
of SEGCO as a Group SOUTHERN Common 848,428 shares
Southern LINC
A. W. Dahlberg SOUTHERN Common 776,714
Robert G. Dawson SOUTHERN Common 58,632
R. Craig Elder SOUTHERN Common 20,476
H. Allen Franklin SOUTHERN Common 298,828
Elmer B. Harris SOUTHERN Common 316,409
Rodney H. Johnson SOUTHERN Common 4,220
Julie T. Pigott SOUTHERN Common 2,328
David M. Ratcliffe SOUTHERN Common 132,683
W. L. Westbrook SOUTHERN Common 146,129
The directors, nominees
and executive officers
of Southern LINC
as a Group SOUTHERN Common 979,705 shares
25
ITEM 6. OFFICERS AND DIRECTORS.
PART III.
Name of Directors
or Nominees and Number of Shares
Executive Officers Title of Class Beneficially Owned (1)(2)
------------------ -------------- ------------------
Energy Solutions
Bertram Sears SOUTHERN Common 4,583
The directors, nominees
and executive officers
of Energy Solutions
as a Group SOUTHERN Common 4,583 shares
Southern Nuclear
A. W. Dahlberg SOUTHERN Common 776,714
H. Allen Franklin SOUTHERN Common 298,828
William G. Hairston, III SOUTHERN Common 53,919
Elmer B. Harris SOUTHERN Common 316,409
David M. Ratcliffe SOUTHERN Common 132,683
James B. Beasley, Jr. SOUTHERN Common 37,916
David N. Morey SOUTHERN Common 52,527
H. L. Sumner, Jr. SOUTHERN Common 27,275
Jack D. Woodard SOUTHERN Common 86,693
The directors, nominees
and executive officers of
Southern Nuclear as a Group SOUTHERN Common 1,782,964 shares
Notes to Item 6, Part III(b):
(1) As used in these tables, "beneficial ownership" means the sole or shared
power to vote, or to direct the voting of, a security and/or investment
power with respect to a security (i.e., the power to dispose of, or to
direct the disposition of, a security).
(2) The shares shown include shares of common stock of which certain directors
and officers have the right to acquire beneficial ownership within 60 days
pursuant to the Executive Stock Option Plan, as follows: Mr. Beasley,
22,566 shares; Mr. Boyer, 26,548 shares; Mr. Dahlberg, 718,113 shares; Mr.
Dawson, 33,727 shares; Mr. Elder, 9,371 shares; Mr. Fanning, 34,695 shares;
Mr. Franklin, 262,874 shares; Mr. Garrett, 30,473 shares; Mr. Hairston,
30,950 shares; Mr. Harris, 266,053 shares; Mr. Haubein, 57,830 shares; Mr.
Hutchins 58,002 shares; Mr. Johnson, 1,324 shares; Mr. McCrary, 70,460
shares; Mr. Morey, 32,453 shares; Ms. Pigott, 1,324 shares; Mr. Ratcliffe
121,589 shares; Mr. Stewart, 30,554 shares; Mr. Sumner, 24,547 shares; Mr.
Wakefield, 39,971 shares; Mr. Westbrook, 74,919 shares; and Mr. Woodard,
62,878 shares. Also included are shares of SOUTHERN common stock held by
the spouse of Mr. Harris, 310 shares.
26
ITEM 6. OFFICERS AND DIRECTORS.
PART III.
(c) Contracts and transactions with system companies.
ALABAMA, GEORGIA, GULF, and MISSISSIPPI are incorporated by reference to
the Information Statements relating to each of their respective 2001
Annual Meeting of Shareholders. SAVANNAH is incorporated by reference to
page number III-10 in the SOUTHERN system's combined Form 10-K for the
year ended December 31, 2000.
(d) Indebtedness to system companies. None.
----------------------------------
(e) Participation in bonus and profit sharing arrangements and other
benefits.
----------------------------------------------------------------
SOUTHERN is incorporated by reference to Executive Compensation in
SOUTHERN's definitive Proxy Statement relating to the 2001 annual meeting
of stockholders. Also, ALABAMA, GEORGIA, GULF, and MISSISSIPPI are
incorporated by reference to the Information Statements relating to each
of their respective 2001 Annual Meeting of Shareholders. SAVANNAH is
incorporated by reference to page number III-8 in the SOUTHERN system's
combined Form 10-K for the year ended December 31, 2000.
SOUTHERN's Change in Control Plan is applicable to certain of its
officers, and individual change in control agreements have been entered
into with some of the most highly compensated executive officers of SCS,
SEGCO, and Southern LINC, Southern Nuclear. If an executive is
involuntarily terminated, other than for cause, within two years following
a change in control of SOUTHERN the agreements provide for:
o lump sum payment of two or three times annual compensation,
o up to five years' coverage under group health and life insurance plans,
o immediate vesting of all stock options and stock appreciation rights
previously granted,
o payment of any accrued long-term and short-term bonuses and dividend
equivalents, and
o payment of any excise tax liability incurred as a result of payments made
under the agreement.
A SOUTHERN change in control is defined under the agreements as:
o acquisition of at least 20 percent of the SOUTHERN's stock,
o a change in the majority of the members of the SOUTHERN's board of directors,
o a merger or other business combination that results in SOUTHERN's
shareholders immediately before the merger owning less than 65 percent of
the voting power after the merger, or
o a sale of substantially all the assets of SOUTHERN.
A change in control of a subsidiary is defined under the agreements as: o
acquisition of at least 50 percent of the subsidiary's stock, o a merger or
other business combination unless SOUTHERN controls the surviving entity or o a
sale of substantially all the assets of the subsidiary.
If a change in control affects only a subsidiary of SOUTHERN, these
payments would only be made to executives of the affected subsidiary who
are involuntarily terminated as a result of that change in control.
SOUTHERN also has amended its short- and long-term incentive plans to
provide for pro-rata payments at not less than target-level performance if
a change in control occurs and the plans are not continued or replaced
with comparable plans.
On February 28, 1998, SOUTHERN and GEORGIA entered into a Deferred
Compensation Agreement with Mr. Franklin. On the fifth anniversary of the
Agreement, if still employed by SOUTHERN or one of its subsidiaries, Mr.
Franklin will receive the cash value of the number of shares of SOUTHERN
common stock that could have been purchased for $500,000 on February 28,
1998, and on which dividends were reinvested throughout the five-year
period. If certain performance goals are met, Mr. Franklin also will
receive the estimated income tax expense on the compensation. Mr. Franklin
may elect to defer receipt of the award until termination of employment.
GEORGIA assigned this agreement to SCS effective July 8, 1999.
27
On February 23, 1998, SOUTHERN and Southern Nuclear entered into a
Deferred Compensation Agreement with Mr. Woodard. On the fifth anniversary
of the Agreement, if still employed by SOUTHERN or one of its
subsidiaries, Mr. Woodard will receive the cash value of the number of
shares of SOUTHERN common stock that could have been purchased for
$200,000 on February 23, 1998, and on which dividends were reinvested
throughout the five-year period. If certain performance goals are met, Mr.
Woodard also will receive the estimated income tax expense on the
compensation. Mr. Woodard may elect to defer receipt of the award until
termination of employment.
On February 23, 1998, SOUTHERN and Southern Nuclear entered into a
Deferred Compensation Agreement with Mr. Hairston. On the fifth
anniversary of the Agreement, if still employed by SOUTHERN or one of its
subsidiaries, Mr. Hairston will receive the cash value of the number of
shares of SOUTHERN common stock that could have been purchased for
$250,000 on February 23, 1998, and on which dividends were reinvested
throughout the five-year period. If certain performance goals are met, Mr.
Hairston also will receive the estimated income tax expense on the
compensation. Mr. Hairston may elect to defer receipt of the award until
termination of employment.
(f) Rights to indemnity. Incorporated by reference are the by-laws,
for the companies of the SOUTHERN system, contained herein as Exhibits.
--------------------
28
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS.
(1) Expenditures, disbursements or payments, directly or indirectly, in
money, goods or services, to or for the account of any political party,
candidate for public office or holder of such office, or any committee or agent
thereof.
Accounts Charged,
if any, per Books
of Disbursing
Name of Company Name of Recipient or Beneficiary Purpose Company Amount($)
--------------- -------------------------------- ------- ------- ---------
None
ALABAMA, GEORGIA, GULF, MISSISSIPPI and SAVANNAH have established
political action committees and have incurred certain costs in the
administration of these committees in accordance with the provisions of the
Federal Election Campaign Act and the Public Utility Holding Company Act.
(2) Expenditures, disbursements or payments, directly or indirectly, in
money, goods or services, to or for the account of any citizens group
or public relations counsel.
The information called for by this item was compiled, and memoranda from each
company in the system were received and are being preserved by SOUTHERN, in
accordance with the instructions to this item.
Accounts Charged,
if any, per Books
Name of Company Name of Recipient or Beneficiary Purpose of Disbursing Company Amount($)
--------------- -------------------------------- ------- --------------------- ---------
SOUTHERN Southern Company Charitable Funding 426 1,000,000
Foundation, Inc.
ALABAMA Business Council of Alabama Dues & Support 930,426 293,133
Cahaba River Society Support 506,520,539,549, 3,060
563,588,921
Edison Electric Institute Dues 908,921,930,728 543,167
National Association of Manufacturers Dues 930 15,000
Nature Conservancy of Alabama Dues & Support 506,520,539,549, 10,100
563,588,921
Nuclear Energy Institute Dues 524,426 345,376 *
Public Affairs Research Council of Alabama Dues & Support 921,426 12,620
GEORGIA Atlanta Convention and Visitors Bureau Dues 930 5,000
Central Atlanta Progress Dues 930 26,750
Cobb County Convention and Visitors Bureau Dues 930 5,000
Council for Quality Growth Dues 930 2,500
Edison Electric Institute Dues 426,930 757,114
Forward Atlanta Dues 930 200,000
Georgia Agribusiness Council Dues 930 1,725
Georgia Conservancy Support 426 8,000
n/a 75,000 **
Georgia Council on Economic Education Dues n/a 20,000 **
National Association of Manufacturers Dues 930 12,000
National Food and Energy Council Dues 930 2,000
Nature Conservancy Support 426 5,000
n/a 225,000 **
Nuclear Energy Institute Dues 524,426 400,048 ***
Regional Business Coalition Dues 930 6,000
* This amount was paid by Southern Nuclear and billed to ALABAMA.
** Georgia Power Foundation.
*** This amount, which excludes dues billed to joint owners of Plants Hatch
and Vogtle, was paid by Southern Nuclear and billed to GEORGIA.
29
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS. (Continued)
Accounts Charged,
if any, per Books
of Disbursing
Name of Company Name of Recipient or Beneficiary Purpose Company Amount($)
--------------- -------------------------------- ------- ------- ---------
GULF Associated Industries of Florida Dues 930 7,000
Economic Development Council -
Bay County Dues & Support 912 15,000
Economic Development Council -
Okaloosa County Dues & Support 912 14,050
Economic Development Council -
Walton County Support 912 15,000
Edison Electric Institute Dues 426,930 132,651
Enterprise Florida Support 912 57,606
Florida Chamber of Commerce Dues 912 19,115
Florida Public Relations Association Dues 921 1,795
Florida TaxWatch, Inc. Dues 426 5,000
Foundation for the Future Support 912 25,000
Haas Center - University of West Florida Support 912 20,000
Northwest Florida Regional Economic
Development Coalition Support 912 67,514
T.E.A.M. Santa Rosa - Council of
Economic Activity Dues & Support 912 13,765
Washington County Chamber of Commerce Support 912 10,000
Other Economic Development Councils/
Activity Groups (6 Beneficiaries) Dues & Support 426,912,930 9,398
MISSISSIPPI East Mississippi Business Development
Corporation Dues 930 10,000
Edison Electric Institute Dues 930 96,237
Mississippi Economic Council Dues 426,930 50,000
Mississippi Gulf Coast Chamber of Commerce Dues 930 4,095
Mississippi Gulf Coast Economic Dues 930 1,500
Mississippi Manufacturers Association Dues 426,930 2,100
Mississippi Wildlife Federation Dues 426,930 5,000
Retail Association of Mississippi Dues 426,930 2,000
Wolf River Conservation Dues 426 3,000
SAVANNAH Business, Education and Technology
Alliance of Southeast Georgia Dues 930 500
Edison Electric Institute Dues 426,930 56,388
Georgia Conservancy Support 426 2,500
Georgia Council on Economic Education Dues 426 2,000
Georgia Economic Developers Association Dues 930 800
Nature Conservancy Support 426 5,000
Savannah Development & Renewal Authority Support 426 250
Savannah Tree Foundation Support 426 8,000
Other Economic Development Councils/
Activity Groups (8 Beneficiaries) Membership & Dues 930 16,722
30
ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS.
PART I.
In Effect
on Dec. 31
Transactions Serving Company Receiving Company Compensation Contract (Yes or No)
(1) (2) (3) (4) (5) (6)
--------------------------------------------------------------------------------------------------------------------
(Note) (Note) Southern LINC (Note) (Note) Yes
(Note) (Note) Energy Solutions (Note) (Note) Yes
Sublease of railcars ALABAMA MISSISSIPPI $362,892 Yes
Sublease of railcars ALABAMA SAVANNAH $1,497 Yes
Sublease of railcars GEORGIA MISSISSIPPI $476,123 Yes
Sublease of railcars GEORGIA SAVANNAH $67,197 Yes
Sublease of railcars MISSISSIPPI ALABAMA $1,888,376 Yes
Sublease of railcars MISSISSIPPI GEORGIA $1,322,723 Yes
Sublease of railcars MISSISSIPPI SAVANNAH $1,046 Yes
Sublease of railcars SAVANNAH ALABAMA $286 Yes
Sublease of railcars SAVANNAH GEORGIA $399,924 Yes
Sublease of railcars SAVANNAH GULF $739 Yes
Sublease of railcars SAVANNAH MISSISSIPPI $168 Yes
Note:
Southern LINC and Energy Solutions have agreements with SCS, ALABAMA, GEORGIA,
GULF, MISSISSIPPI and SAVANNAH pursuant to which Southern LINC and Energy
Solutions reimburse each of such companies for the full cost of services,
personnel and facilities provided to Southern LINC and Energy Solutions.
Pursuant to such agreements, during 2000 the total reimbursements to SCS,
ALABAMA, GEORGIA, GULF, MISSISSIPPI and SAVANNAH from Southern LINC were
$38,678,839; $1,198,341; $825,038; $204,411; $95,416; and $42,352, respectively;
and from Energy Solutions were $7,290,857; $1,231,996; $1,590,359; $62,689;
$2,346; and $25,300, respectively.
Part II.
None.
Part III.
None.
31
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
Part I(a)
Key terms: FUCO means Foreign Utility Company
EWG means Exempt Wholesale Generator
SPS means Special Purpose Subsidiary
IS means Intermediate Subsidiary
--------------------------------------------------- ---------- -------------------- ------------
COMPANY, LOCATION AND ADDRESS FUCO, OWNERSHIP % OWNED
EWG,
IS
--------------------------------------------------- ---------- -------------------- ------------
Southern Energy Finance Capital Corporation SPS SOUTHERN 100%
--------------------------------------------------- ---------- -------------------- ------------
Southern Energy Finance Company, Inc. IS Southern Energy 100%
Finance Capital
Corporation
--------------------------------------------------- ---------- -------------------- ------------
EPZ Lease, Inc. IS Southern Energy 100%
1403 Foulk Road, Finance Company,
Foulkstone Plaza Suite 102-9 Inc.
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
EPZ Lease, LLC IS EPZ Lease, Inc. 99%
1403 Foulk Road, Southern Energy 1%
Foulkstone Plaza Suite 102-9 Finance Company,
Wilmington, DE 19803 Inc.
--------------------------------------------------- ---------- -------------------- ------------
EPZ Lease Holding A, LLC IS EPZ Lease,LLC 99%
1403 Foulk Road, EPZ Lease, Inc. 1%
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
EPZ Lease Holding B, LLC IS EPZ Lease, LLC 99%
1403 Foulk Road, EPZ Lease, Inc. 1%
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
-------------------------------------------------- ---------- -------------------- ------------
EPZ Lease Holding C, LLC IS EPZ Lease, LLC 99%
1403 Foulk Road, EPZ Lease, Inc. 1%
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
EPZ Lease Trust A FUCO EPZ Lease Holding 100%
c/o Wilmington Trust Company A, LLC
1100 North Market Street
Rodney Square North
Wilmington, DE 19890
--------------------------------------------------- ---------- -------------------- ------------
EPZ Lease Trust B FUCO EPZ Lease Holding 100%
c/o Wilmington Trust Company B, LLC
1100 North Market Street
Rodney Square North
Wilmington, DE 19890
--------------------------------------------------- ---------- -------------------- ------------
EPZ Lease Trust C FUCO EPZ Lease Holding 100%
c/o Wilmington Trust Company C, LLC
1100 North Market Street
Rodney Square North
Wilmington, DE 19890
--------------------------------------------------- ---------- -------------------- ------------
Southern Energy Clairton, Inc. IS Southern Energy 100%
1403 Foulk Road, Finance Company,
Foulkstone Plaza Suite 102-9 Inc.
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
32
--------------------------------------------------- ---------- -------------------- ------------
COMPANY, LOCATION AND ADDRESS FUCO, OWNERSHIP % OWNED
EWG,
IS
--------------------------------------------------- ---------- -------------------- ------------
Southern Energy Clairton, L.L.C IS Southern Energy 85%
1403 Foulk Road, Clairton, Inc.
Foulkstone Plaza Suite 102-9 Southern Energy 15%
Wilmington, DE 19803 Clairton2, Inc.
--------------------------------------------------- ---------- -------------------- ------------
Southern Energy Clairton2, Inc. IS Southern Energy 100%
1403 Foulk Road, Finance Company,
Foulkstone Plaza Suite 102-9 Inc.
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
Southern Company Capital Funding, Inc. IS SOUTHERN 100%
1403 Foulk Road,
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
Southern Company Capital Trust I SPS Southern Company 100%
1403 Foulk Road, Capital Funding,
Foulkstone Plaza Suite 102-9 Inc.
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
Southern Company Capital Trust II SPS Southern Company 100%
1403 Foulk Road, Capital Funding,
Foulkstone Plaza Suite 102-9 Inc.
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
Southern Company Capital Trust III SPS Southern Company 100%
1403 Foulk Road, Capital Funding,
Foulkstone Plaza Suite 102-9 Inc.
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
Southern Company Capital Trust IV IS Southern Company 100%
1403 Foulk Road, Capital Funding,
Foulkstone Plaza Suite 102-9 Inc.
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
Southern Company Capital Trust V IS Southern Company 100%
1403 Foulk Road, Capital Funding,
Foulkstone Plaza Suite 102-9 Inc.
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
Mobile Energy Services Holdings, Inc. IS Southern Company 100%
1155 Perimeter Center West
Atlanta, GA 30338
--------------------------------------------------- ---------- -------------------- ------------
Mobile Energy Services, L.L.C. IS Mobile Energy 100%
1155 Perimeter Center West Services Holdings,
Atlanta, GA 30338 Inc.
--------------------------------------------------- ---------- -------------------- ------------
33
--------------------------------------------------- ---------- -------------------- ------------
COMPANY, LOCATION AND ADDRESS FUCO, OWNERSHIP % OWNED
EWG,
IS
--------------------------------------------------- ---------- -------------------- ------------
Southern Energy Carbontronics, Inc. IS Southern Energy 100%
270 Peachtree Street Finance Company,
Atlanta, GA 30303 Inc.
--------------------------------------------------- ---------- -------------------- ------------
Southern Energy Carbontronics, L.L.C. IS Southern Energy 99%
1403 Foulk Road, Carbontronics, Inc.
Foulkstone Plaza Suite 102-9 Southern Energy
Wilmington, DE 19803 Finance Company, 1%
Inc.
--------------------------------------------------- ---------- -------------------- ------------
Dutch Gas Lease, Inc. IS Southern Energy 100%
1403 Foulk Road, Finance Company,
Foulkstone Plaza Suite 102-9 Inc.
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
Dutch Gas Lease, LLC IS Dutch Gas Lease, 99%
1403 Foulk Road, Inc.
Foulkstone Plaza Suite 102-9 Southern Energy 1%
Wilmington, DE 19803 Finance Company,
Inc.
--------------------------------------------------- ---------- -------------------- ------------
Dutch Gas Lease Holding A, L.L.C. IS Dutch Gas Lease, 100%
1403 Foulk Road, L.L.C.
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
Dutch Gas Lease Trust A FUCO Dutch Gas Lease 100%
1403 Foulk Road, Holding A, L.L.C.
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
Dutch Gas Lease Holding B, L.L.C. IS Dutch Gas Lease, 100%
1403 Foulk Road, L.L.C.
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
Dutch Gas Lease Trust B FUCO Dutch Gas Lease 100%
1403 Foulk Road, Holding B. L.L.C.
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
Dutch Gas Lease Holding C, L.L.C. IS Dutch Gas Lease, 100%
1403 Foulk Road, L.L.C.
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
Dutch Gas Lease Trust C FUCO Dutch Gas Lease 100%
1403 Foulk Road, Holding C, L.L.C.
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
NUON Lease, Inc. IS Southern Energy 100%
1403 Foulk Road, Finance Company,
Foulkstone Plaza Suite 102-9 Inc.
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
NUON Lease Holding D, L.L.C. IS NUON Lease, Inc. 100%
1403 Foulk Road,
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
NUON Lease Trust D FUCO NUON Lease Holding 100%
1403 Foulk Road, D, L.L.C.
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
NUON Lease Holding E, L.L.C. IS NUON Lease, Inc. 100%
1403 Foulk Road,
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
NUON Lease Trust E FUCO NUON Lease Holding 100%
1403 Foulk Road, E, L.L.C.
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
NUON Lease Holding F, L.L.C. IS NUON Lease, Inc. 100%
1403 Foulk Road,
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
NUON Lease Trust F FUCO NUON Lease Holding 100%
1403 Foulk Road, F, L.L.C.
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
GAMOG Lease, Inc. IS Southern Energy 100%
1403 Foulk Road, Finance Company,
Foulkstone Plaza Suite 102-9 Inc.
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
GAMOG Lease Holding G, L.L.C. IS Gamog Lease, Inc. 100%
1403 Foulk Road,
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
GAMOG Lease Trust G FUCO Gamog Lease 100%
1403 Foulk Road, Holding G, L.L.C.
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
GAMOG Lease Holding H, L.L.C. IS Gamog Lease, Inc. 100%
1403 Foulk Road,
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
GAMOG Lease Trust H FUCO Gamog Lease 100%
1403 Foulk Road, Holding H, L.L.C.
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
GAMOG Lease Holding I, L.L.C. IS Gamog Lease, Inc. 100%
1403 Foulk Road,
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
GAMOG Lease Trust I FUCO Gamog Lease 100%
1403 Foulk Road, Holding I, L.L.C.
Foulkstone Plaza Suite 102-9
Wilmington, DE 19803
--------------------------------------------------- ---------- -------------------- ------------
35
EM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
PART I(b)
As discussed in SOUTHERN's Application on Form U-1 (File No. 70-9727) relating
to the spin-off of Mirant Corporation (Mirant), SOUTHERN and Mirant reorganized
certain energy-related and FUCO activities and Mirant completed a tax-free
distribution to SOUTHERN of these activities on March 5, 2001 (the "Mini-Spin").
On April 2, 2001, SOUTHERN completed the spin-off of its remaining ownership
interest in Mirant to SOUTHERN's shareholders. Therefore, the four indirect
subsidiaries (EPZ Lease, Inc., Dutch Gas Lease, Inc., GAMOG Lease, Inc. and NUON
Lease, Inc.) obtained through the Mini-Spin are the only remaining FUCO or EWG
investments held by SOUTHERN. Although it now owns all of the equity in these
companies as a result of the Mini-Spin, SOUTHERN has no direct or indirect
investment or any aggregate investment within the meaning of Rule 53 in these
FUCOs. SOUTHERN has executed limited keep-well commitments whereby SOUTHERN
would be required to make capital contributions to Southern Energy Finance
Capital Corp. or to Southern Energy Finance Company, Inc. in the event of a
shortfall in the scheduled debt service resulting from certain changes in the
payments due from SOUTHERN under the Southern Company Income Tax Allocation
Agreement. The maximum potential capital contribution required under these
commitments is the unamortized balance of the related loans, which totaled
approximately $414 million as of December 31, 2000.
36
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
PART I(c)
------------------------------------------------------------------ ------------------------------- ------------------------------
COMPANIES DEBT TO EQUITY EARNINGS
------------------------------------------------------------------ ------------------------------- ------------------------------
Southern Energy Finance Capital Corporation 2.06 $27,452,386
Southern Energy Finance Company, Inc. .53 $37,756,832
EPZ Lease, Inc.
EPZ Lease, L.L.C.
EPZ Lease Holdings A, L.L.C.
EPZ Lease Trust A
EPZ Lease Holdings B L.L.C.
EPZ Lease Trust B
EPZ Lease Holdings C L.L.C.
EPZ Lease Trust C
Dutch Gas Lease, Inc.
Dutch Gas Lease, L.L.C.
Dutch Gas Lease Holdings A, L.L.C.
Dutch Gas Lease Trust A
Dutch Gas Lease Holdings B L.L.C.
Dutch Gas Lease Trust B
Dutch Gas Lease Holdings C L.L.C.
Dutch Gas Lease Trust C
GAMOG Lease, Inc.
GAMOG Lease Holdings A, LLC
GAMOG Lease Trust A
GAMOG Lease Holdings B, LLC
GAMOG Lease Trust B
GAMOG Lease Holdings C, LLC
GAMOG Lease Trust C
Nuon Lease, Inc.
Nuon Lease Holdings D, LLC
Nuon Lease Trust D
Nuon Lease Holdings E, LLC
Nuon Lease Trust E
Nuon Lease Holdings F, LLC
Nuon Lease Trust F
Southern Energy Clairton, Inc.
Southern Energy Clairton 2, Inc.
Southern Energy Clairton, LLC
Clairton 1314 B Partnership, L.P.
Southern Energy Carbontronics, Inc.
Southern Energy Carbontronics, LLC
------------------------------------------------------------------ ------------------------------- ------------------------------
PART I(d)
None.
PART II
Exhibits G and H submitted with this filing, are being incorporated by
reference.
37
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
PART III
SOUTHERN's aggregate investment in EWGs and FUCOs at December 31, 2000 is as
follows:
--------------------------------------------- ------------------ ------------------ ------------------ -----------------
Total1 Equity(1) Debt Guarantees(2)
------------------ ------------------ ------------------ ----------------
Investment In EWGs & FUCOs (A) $- $- $- $-
--------------------------------------------- ------------------ ------------------ ------------------ -----------------
-----------------------------------------------------------------------------------------------------------------------
Investment in SOUTHERN's Investment
--------------------------------------------------------------------------
Domestic Public-Utility Subs Total Equity Debt Guarantees
-----------------------------------------------------------------------------------------------------------------------
ALABAMA..........................................$1,967,720,884 $1,967,720,884 $- $-
GEORGIA..........................................$2,461,747,804 $2,461,747,804 - -
GULF...............................................$271,535,856 $271,535,856 - -
MISSISSIPPI........................................$231,851,082 $231,851,082 - -
SAVANNAH............................................$65,489,177 $65,489,177 - -
MESCO...................................................... $0 $0 - -
(B) Total Domestic Public - Utility $4,998,344,803 $4,998,344,803 $- $-
Subsidiaries
-----------------------------------------------------------------------------------------------------------------------
RATIO A/B...................................................n/a 1
(1) At December 31, 2000, SOUTHERN's aggregate investment in EWGs and FUCOs
under Rule 53 totaled approximately $2.420 billion (File No. 70-9869).
However, following the completion of the spin-off of Mirant on April 2,
2001 and as discussed in SOUTHERN's Application on Form U-1 (File No.
70-9727) relating to the spin-off, SOUTHERN retained only four indirect
subsidiaries (EPZ Lease, Inc., Dutch Gas Lease, Inc., GAMOG Lease, Inc.
and NUON Lease, Inc.) that qualify as FUCOs and none that qualify as
EWGs. SOUTHERN has no equity or debt investment within the meaning of
Rule 53 in these four FUCO subsidiaries. SOUTHERN has executed limited
keep-well commitments whereby SOUTHERN would be required to make capital
contributions to Southern Energy Finance Capital Corp. or to Southern
Energy Finance Company, Inc. in the event of a shortfall in the scheduled
debt service resulting from certain changes in the payments due from
SOUTHERN under the Southern Company Income Tax Allocation Agreement. The
maximum potential capital contribution required under these commitments
is the unamortized balance of the related loans, which totaled
approximately $414 million as of December 31, 2000.
(2) Following the completion of the Mirant spin off , SOUTHERN continues to
guarantee certain foreign currency swap transactions for Mirant entities
with EWG subsidiaries. At December 31, 2000, notional amounts under these
swaps were the differences between (pound)44 million and $68 million and
between DM370 million and $206 million; however, due to favorable
exchange rates SOUTHERN had no exposure under these guarantees. The
sterling and deutsche mark swaps expire in 2002 and 2003, respectively.
After the spin off, Mirant will pay SOUTHERN a monthly fee of 1 percent
on the average aggregate maximum principal amount of all guarantees
outstanding until they are replaced or expire. Mirant must use reasonable
efforts to release SOUTHERN from all such support arrangements and will
indemnify SOUTHERN for any obligations incurred.
38
ITEM 10 - FINANCIAL STATEMENTS AND EXHIBITS
SOUTHERN AND SUBSIDIARY COMPANIES
INDEX TO FINANCIAL STATEMENTS
DECEMBER 31, 2000
Page
Number
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS A-1
FINANCIAL STATEMENTS:
Consolidating Statement of Income for the Year Ended
December 31, 2000 A-2
Consolidating Statement of Cash Flows for the Year Ended
December 31, 2000 A-4
Consolidating Balance Sheet at December 31, 2000 A-6
Consolidating Statement of Capitalization at December 31, 2000 A-10
Consolidating Statement of Retained Earnings for the Year Ended
December 31, 2000 A-14
Consolidating Statement of Paid-in Capital for the Year
Ended December 31, 2000 A-15
Notes to Financial Statements at December 31, 2000 A-16
OTHER FINANCIAL STATEMENTS:
ALABAMA consolidated with ALABAMA TRUST I, ALABAMA TRUST II and
ALABAMA TRUST III A-17
Alabama Property Company (Unaudited; Not consolidated in Parent, ALABAMA) A-22
GEORGIA consolidated with PIEDMONT, GEORGIA CAPITAL, GEORGIA TRUST I,
GEORGIA TRUST II, GEORGIA TRUST III and GEORGIA TRUST IV A-24
GULF consolidated with GULF TRUST I and GULF TRUST II A-29
MISSISSIPPI consolidated with MISSISSIPPI TRUST I A-33
SAVANNAH consolidated with SAVANNAH ELECTRIC TRUST I A-37
EXHIBITS A-41
SCHEDULES:
Schedules supporting financial statements of ALABAMA, GEORGIA, GULF,
MISSISSIPPI, SAVANNAH and SEGCO are incorporated by reference to those
companies' annual reports on Federal Energy Regulatory Commission Form 1 for the
year ended December 31, 2000, as filed with the Federal Energy Regulatory
Commission.
A
ARTHUR ANDERSEN
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To The Southern Company:
We have audited the consolidated balance sheet and
consolidated statement of capitalization of THE SOUTHERN COMPANY (a
Delaware corporation) and subsidiary companies as of December 31, 2000,
and the related consolidated statements of income, comprehensive
income, retained earnings, paid-in capital, accumulated other
comprehensive income, and cash flows for the year then ended (included
in the 2000 annual report on Form 10-K, which is Exhibit A-1 to this
Form U5S). 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 audit.
We conducted our audit in accordance with auditing standards
generally accepted in the United States. 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 audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position of The
Southern Company and subsidiary companies as of December 31, 2000, and
the results of their operations and their cash flows for the year then
ended, in conformity with accounting principles generally accepted in
the United States.
/s/ Arthur Andersen LLP
Atlanta, Georgia
February 28, 2001
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2000
(Stated in Thousands of Dollars)
Intercompany
Eliminations
and Transfers
Consolidated Add (Deduct) Southern Alabama
------------------------------------------------------------------------------------------------------------------------
Operating Revenues:
Retail sales $8,613,380 $ - $ - $ 2,952,707
Sales for resale --
Non-affiliates 976,942 - - 461,730
Affiliates - (573,460) - 166,219
Other revenues 475,794 (13,566) - 86,805
Southern, equity in earnings of subsidiary companies - (1,432,472) 1,432,472 -
------------------------------------------------------------------------------------------------------------------------
Total operating revenues 10,066,116 (2,019,498) 1,432,472 3,667,461
------------------------------------------------------------------------------------------------------------------------
Operating Expenses:
Operation --
Fuel 2,563,822 - - 963,275
Purchased power --
Non-affiliates 676,581 354 - 164,881
Affiliates - (533,641) - 184,014
Other 1,864,088 (56,170) 53,771 538,529
Maintenance 852,159 - - 301,046
Depreciation and amortization 1,170,342 - 6,814 364,618
Taxes other than income taxes 535,580 - 156 209,673
------------------------------------------------------------------------------------------------------------------------
Total operating expenses 7,662,572 (589,457) 60,741 2,726,036
------------------------------------------------------------------------------------------------------------------------
Operating Income 2,403,544 (1,430,041) 1,371,731 941,425
Other Income (Expense):
Interest income 50,842 (91,143) 16,468 38,167
Equity in earnings of unconsolidated subsidiaries (21,342) (6,193) - 3,156
Other, net (3,869) (1,128) 4,013 (7,909
------------------------------------------------------------------------------------------------------------------------
Earnings Before Interest and Income Taxes 2,429,175 (1,528,505) 1,392,212 974,839
------------------------------------------------------------------------------------------------------------------------
Interest Charges and Other:
Interest expense, net 659,016 (79,875) 164,213 251,663
Distributions on preferred securities of subsidiary 169,090 - - 25,549
------------------------------------------------------------------------------------------------------------------------
Total interest charges and other, net 828,106 (79,875) 164,213 277,212
------------------------------------------------------------------------------------------------------------------------
Earnings Before Income Taxes 1,601,069 (1,448,630) 1,227,999 697,627
Income taxes 588,164 558 (84,993) 261,555
------------------------------------------------------------------------------------------------------------------------
Net Income Before Dividends on Preferred Stock 1,012,905 (1,449,188) 1,312,992 436,072
Dividends on Preferred Stock 19,193 - - 16,156
-------------------------------------------------------------------------------------------------------------------------
Earnings from Continuing Operations 993,712 (1,449,188) 1,312,992 419,916
Earnings from Discontinued Operations(1) 319,280 (11,820) - -
------------------------------------------------------------------------------------------------------------------------
Net Income $1,312,992 $ (1,461,008) $ 1,312,992 $ 419,916
========================================================================================================================
Average number of shares of common stock outstanding 653,087
Basic and diluted earnings per share of common stock $2.01
Cash dividends paid per share of common stock $1.34
(Continued on following page)
A-2a
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2000
(Stated in Thousands of Dollars)
Georgia Gulf Mississippi Savannah
Operating Revenues:
Retail sales $ 4,317,338 $ 562,162 $ 498,551 $ 282,622
Sales for resale --
Non-affiliates 297,643 66,890 145,931 4,748
Affiliates 96,150 66,995 27,915 4,974
Other revenues 159,487 18,272 15,205 3,374
Southern, equity in earnings of subsidiary companies - - - -
----------------------------------------------------------------------------------------------------------------------
Total operating revenues 4,870,618 714,319 687,602 295,718
----------------------------------------------------------------------------------------------------------------------
Operating Expenses:
Operation --
Fuel 1,017,878 215,744 191,127 57,177
Purchased power --
Non-affiliates 356,189 73,846 56,082 25,229
Affiliates 239,815 8,644 51,057 50,111
Other 795,458 117,146 115,055 54,829
Maintenance 404,189 56,281 52,750 19,334
Depreciation and amortization 619,094 66,873 50,275 25,240
Taxes other than income taxes 204,527 55,904 48,686 13,116
----------------------------------------------------------------------------------------------------------------------
Total operating expenses 3,637,150 594,438 565,032 245,036
----------------------------------------------------------------------------------------------------------------------
Operating Income 1,233,468 119,881 122,570 50,682
Other Income (Expense):
Interest income 2,629 1,137 347 252
Equity in earnings of unconsolidated subsidiaries 3,051 26 167 20
Other, net (50,495) (4,152) (814) 1,066
----------------------------------------------------------------------------------------------------------------------
Earnings Before Interest and Income Taxes 1,188,653 116,892 122,270 52,020
----------------------------------------------------------------------------------------------------------------------
Interest Charges and Other:
Interest expense, net 208,868 28,085 28,101 12,737
Distributions on preferred securities of subsidiary 59,104 6,200 2,712 2,740
----------------------------------------------------------------------------------------------------------------------
Total interest charges and other, net 267,972 34,285 30,813 15,477
----------------------------------------------------------------------------------------------------------------------
Earnings Before Income Taxes 920,681 82,607 91,457 36,543
Income taxes 360,587 30,530 34,356 13,574
----------------------------------------------------------------------------------------------------------------------
Net Income Before Dividends on Preferred Stock 560,094 52,077 57,101 22,969
Dividends on Preferred Stock 674 234 2,129 -
----------------------------------------------------------------------------------------------------------------------
Earnings from Continuing Operations 559,420 51,843 54,972 22,969
Earnings from Discontinued Operations(1) - - - -
----------------------------------------------------------------------------------------------------------------------
Net Income $ 559,420 $ 51,843 $ 54,972 $ 22,969
======================================================================================================================
(Continued on following page)
A-2b
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Energy Southern
SEGCO Mirant(2) Solutions LINC
Operating Revenues:
Retail sales $ - $ - $ - $ -
Sales for resale --
Non-affiliates - - - -
Affiliates 170,291 - 27,021 13,895
Other revenues 1,486 - 51,047 131,998
Southern, equity in earnings of subsidiary companies - - - -
------------------------------------------------------------------------------------------------------------------------------
Total operating revenues 171,777 - 78,068 145,893
------------------------------------------------------------------------------------------------------------------------------
Operating Expenses:
Operation --
Fuel 118,621 - - -
Purchased power --
Non-affiliates - - - -
Affiliates - - - -
Other 15,882 165 82,758 118,753
Maintenance 15,876 - 30 2,653
Depreciation and amortization 8,470 1,266 1,635 25,020
Taxes other than income taxes 875 - 505 1,994
------------------------------------------------------------------------------------------------------------------------------
Total operating expenses 159,724 1,431 84,928 148,420
------------------------------------------------------------------------------------------------------------------------------
Operating Income 12,053 (1,431) (6,860) (2,527)
Other Income (Expense):
Interest income - 79,559 1,529 501
Equity in earnings of unconsolidated subsidiaries - (21,570) - 1
Other, net 1,286 59,447 (9,205) 2,633
------------------------------------------------------------------------------------------------------------------------------
Earnings Before Interest and Income Taxes 13,339 116,005 (14,536) 608
------------------------------------------------------------------------------------------------------------------------------
Interest Charges and Other:
Interest expense, net 5,083 34,417 200 5,524
Distributions on preferred securities of subsidiary - 72,785 - -
------------------------------------------------------------------------------------------------------------------------------
Total interest charges and other, net 5,083 107,202 200 5,524
------------------------------------------------------------------------------------------------------------------------------
Earnings Before Income Taxes 8,256 8,803 (14,736) (4,916)
Income taxes 2,350 (19,496) (5,158) (5,053)
------------------------------------------------------------------------------------------------------------------------------
Net Income Before Dividends on Preferred Stock 5,906 28,299 (9,578) 137
Dividends on Preferred Stock - - - -
------------------------------------------------------------------------------------------------------------------------------
Earnings from Continuing Operations 5,906 28,299 (9,578) 137
Earnings from Discontinued Operations(1) - 331,100 - -
------------------------------------------------------------------------------------------------------------------------------
Net Income $ 5,906 $ 359,399 $ (9,578) $ 137
==============================================================================================================================
(1) Effective April 2, 2001, SOUTHERN completed a spin off of Mirant
(formerly Southern Energy). As a result of the spin off, the financial
statements for the year 2000 have been prepared with Mirant reflected as
discontinued operations. For further details, see note 11 in the Annual
Report of SOUTHERN on Form 10-K.
(2) Includes only consolidated financial information for Southern Energy
Finance Capital Corporation and Southern Company Capital Funding, which were
retained by SOUTHERN through a tax-free distribution from Mirant as
discussed in SOUTHERN's Application on Form U-1 (File No. 70-9727). All
other Mirant information is reflected as discontinued operations.
The notes to the financial statements (herein incorporated by
reference as part of exhibit numbers A-1 through A-6
inclusive) are an integral part of this statement.
A-3a
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Southern Change in
Powercall Telecom Control Trust
Operating Revenues:
Retail sales $ - $ - $ -
Sales for resale --
Non-affiliates - - -
Affiliates - - -
Other revenues 12,607 9,079 -
Southern, equity in earnings of subsidiary companies - - -
-------------------------------------------------------------------------------------------------------------------
Total operating revenues 12,607 9,079 -
-------------------------------------------------------------------------------------------------------------------
Operating Expenses:
Operation --
Fuel - - -
Purchased power --
Non-affiliates - - -
Affiliates - - -
Other 20,800 7,112 -
Maintenance - - -
Depreciation and amortization 936 101 -
Taxes other than income taxes 144 - -
-------------------------------------------------------------------------------------------------------------------
Total operating expenses 21,880 7,213 -
-------------------------------------------------------------------------------------------------------------------
Operating Income (9,273) 1,866 -
Other Income (Expense):
Interest income 61 762 573
Equity in earnings of unconsolidated subsidiaries - - -
Other, net 1,388 1 -
-------------------------------------------------------------------------------------------------------------------
Earnings Before Interest and Income Taxes (7,824) 2,629 573
-------------------------------------------------------------------------------------------------------------------
Interest Charges and Other:
Interest expense, net - - -
Distributions on preferred securities of subsidiary - - -
-------------------------------------------------------------------------------------------------------------------
Total interest charges and other, net - - -
-------------------------------------------------------------------------------------------------------------------
Earnings Before Income Taxes (7,824) 2,629 573
Income taxes (1,671) 1,025 -
-------------------------------------------------------------------------------------------------------------------
Net Income Before Dividends on Preferred Stock (6,153) 1,604 573
Dividends on Preferred Stock - - -
-------------------------------------------------------------------------------------------------------------------
Earnings from Continuing Operations (6,153) 1,604 573
Earnings from Discontinued Operations(1) - - -
-------------------------------------------------------------------------------------------------------------------
Net Income $ (6,153) $ 1,604 $ 573
===================================================================================================================
(1) Effective April 2, 2001, SOUTHERN completed a spin off of Mirant
(formerly Southern Energy). As a result of the spin off, the financial
statements for the year 2000 have been prepared with Mirant reflected as
discontinued operations. For further details, see note 11 in the Annual
Report of SOUTHERN on Form 10-K.
(2) Includes only consolidated financial information for Southern Energy
Finance Capital Corporation and Southern Company Capital Funding, which were
retained by SOUTHERN through a tax-free distribution from Mirant as
discussed in SOUTHERN's Application on Form U-1 (File No. 70-9727). All
other Mirant information is reflected as discontinued operations.
The notes to the financial statements (herein incorporated by
reference as part of exhibit numbers A-1 through A-6
inclusive) are an integral part of this statement.
A-3b
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2000
(Stated in Thousands of Dollars)
Intercompany
Eliminations
and Transfers
Consolidated Add (Deduct) Southern Alabama Georgia
--------------------------------------------------------------------------------------------------------------------------------
Operating Activities:
Net income $1,312,992 $ (1,480,201) $1,312,992 $ 436,072 $ 560,094
Adjustments to reconcile net income
to net cash provided from operating activities --
Less income from discontinued operations(1) 319,280 (11,820) - - -
Depreciation and amortization 1,336,624 - - 412,998 712,960
Deferred income taxes and investment tax credits, net 96,508 - - 66,166 (28,961)
Other, net 462,127 800,164 (322,716) (37,703) (51,501)
Changes in certain current assets and liabilities --
Receivables, net (378,852) (46,208) (10,985) (129,422) (121,066)
Fossil fuel stock 78,449 - - 23,967 26,835
Materials and supplies (14,526) - - (10,662) (9,715)
Accounts payable 179,917 (121,649) (5,195) 107,702 64,412
Energy cost recovery, retail - 164,425 - (69,190) (95,235)
Other 65,073 11,641 (3,429) 27,106 3,353
--------------------------------------------------------------------------------------------------------------------------------
Net cash provided from (used for) operating activities 2,819,032 (660,008) 970,667 827,034 1,061,176
--------------------------------------------------------------------------------------------------------------------------------
Investing Activities:
Gross property additions (2,224,522) - - (870,581) (1,078,163)
Other (81,965) 763,607 (759,507) (49,414) (5,450)
--------------------------------------------------------------------------------------------------------------------------------
Net cash provided from (used for) investing activities (2,306,487) 763,607 (759,507) (919,995) (1,083,613)
--------------------------------------------------------------------------------------------------------------------------------
Financing Activities:
Increase (decrease) in notes payable, net (274,886) 17,252 (524,603) 184,519 67,598
Proceeds --
Other long-term debt 742,850 (33,128) 1 250,000 378,725
Capital contributions from parent company - (1,222,558) 673,694 204,371 301,514
Common Stock 910,018 - 910,018 - -
Redemptions --
First mortgage bonds (211,009) - - (111,009) (100,000)
Other long-term debt (203,682) 5,000 - (5,987) (78,725)
Preferred stock (383) - - - (383)
Capital distribution to parent company - 488 - - -
Common Stock Repurchased (414,643) - (414,643) - -
Payment of preferred stock dividends - 19,224 - (16,110) (751)
Payment of common stock dividends (873,233) 1,150,952 (873,233) (417,100) (549,600)
Other (53,886) (40,829) (9,740) (951) (1,231)
--------------------------------------------------------------------------------------------------------------------------------
Net cash provided from (used for) financing activities (378,854) (103,599) (238,506) 87,733 17,147
--------------------------------------------------------------------------------------------------------------------------------
Cash Used for Discontinued Operations(1) (88,455) - - - -
Net Change in Cash and Cash Equivalents 45,236 - (27,346) (5,228) (5,290)
Cash and Cash Equivalents at Beginning of Period 153,955 - 27,420 19,475 34,660
--------------------------------------------------------------------------------------------------------------------------------
Cash and Cash Equivalents at End of Period $ 199,191 $ - $ 74 $ 14,247 $ 29,370
================================================================================================================================
Supplemental Cash Flow Information:
Cash paid during the period for --
Interest (net of amount capitalized) $801,503 ($76,250) $178,180 $237,066 $265,373
Income taxes (net of refunds) 660,647 - - 175,303 392,310
--------------------------------------------------------------------------------------------------------------------------------
(Continued on following page)
A-4a
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2000
(Stated in Thousands of Dollars)
Gulf Mississippi Savannah SEGCO
-----------------------------------------------------------------------------------------------------------------------------
Operating Activities:
Net income $ 52,077 $ 57,101 $ 22,969 $ 5,906
Adjustments to reconcile net income
to net cash provided from operating activities --
Less income from discontinued operations(1) - - - -
Depreciation and amortization 69,915 54,638 26,639 9,113
Deferred income taxes and investment tax credits, net (12,516) 752 728 (913)
Other, net 10,686 (1,747) 3,835 (708)
Changes in certain current assets and liabilities --
Receivables, net (20,184) (3,231) (23,258) (785)
Fossil fuel stock 13,101 14,577 (31) -
Materials and supplies 1,055 (1,056) (542) -
Accounts payable 23,127 1,309 8,881 (829)
Energy cost recovery, retail - - - -
Other 12,493 2,952 (4,676) 1,550
--------------------------------------------------------------------------------------------------------------------------
Net cash provided from (used for) operating activities 149,754 125,295 34,545 13,334
--------------------------------------------------------------------------------------------------------------------------
Investing Activities:
Gross property additions (95,807) (81,211) (27,290) (14,081)
Other (4,432) (9,153) (1,835) (863)
--------------------------------------------------------------------------------------------------------------------------
Net cash provided from (used for) investing activities (100,239) (90,364) (29,125) (14,944)
--------------------------------------------------------------------------------------------------------------------------
Financing Activities:
Increase (decrease) in notes payable, net (12,000) (1,500) 11,100 -
Proceeds --
Other long-term debt - 100,000 - 6,342
Capital contributions from parent company 12,222 12,659 1,478 303
Common Stock - - - -
Redemptions --
First mortgage bonds - - - -
Other long-term debt (1,853) (81,405) (251) -
Preferred stock - - - -
Capital distribution to parent company - - - -
Common Stock Repurchased - - - -
Payment of preferred stock dividends (234) (2,129) - -
Payment of common stock dividends (59,000) (54,700) (24,300) (5,145)
Other (22) (498) - -
--------------------------------------------------------------------------------------------------------------------------
Net cash provided from (used for) financing activities (60,887) (27,573) (11,973) 1,500
--------------------------------------------------------------------------------------------------------------------------
Cash Used for Discontinued Operations(1) - - - -
Net Change in Cash and Cash Equivalents (11,372) 7,358 (6,553) (110)
Cash and Cash Equivalents at Beginning of Period 15,753 173 6,553 643
--------------------------------------------------------------------------------------------------------------------------
Cash and Cash Equivalents at End of Period $ 4,381 $ 7,531 $ - $ 533
==========================================================================================================================
Supplemental Cash Flow Information:
Cash paid during the period for --
Interest (net of amount capitalized) $32,277 $30,570 $13,329 $6,103
Income taxes (net of refunds) 42,252 28,418 19,939 -
--------------------------------------------------------------------------------------------------------------------------
(Continued on following page)
A-4b
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Southern Energy Southern
SCS Nuclear Mirant(2) Solutions LINC
Operating Activities:
Net income $ - $ - $ 359,399 $ (9,578) $ 137
Adjustments to reconcile net income
to net cash provided from operating activities --
Less income from discontinued operations(1) - - 331,100 - -
Depreciation and amortization 20,399 516 1,754 1,635 25,020
Deferred income taxes and investment tax credits, net - - 70,428 (2,378) 3,203
Other, net 37,153 8,275 64,368 9,090 (54,326)
Changes in certain current assets and liabilities --
Receivables, net (85,803) (8,996) 68,795 10,916 (7,765)
Fossil fuel stock - - - - -
Materials and supplies 1,239 - - 454 4,204
Accounts payable 95,447 (2,844) 1,908 1,196 1,879
Energy cost recovery, retail - - - - -
Other 6,976 8,078 (4,766) (1,962) 2,225
---------------------------------------------------------------------------------------------------------------------------------
Net cash provided from (used for) operating activities 75,411 5,029 230,786 9,373 (25,423)
---------------------------------------------------------------------------------------------------------------------------------
Investing Activities:
Gross property additions (32,023) (262) - (609) (13,997)
Other (2,098) (429) - 589 (31)
---------------------------------------------------------------------------------------------------------------------------------
Net cash provided from (used for) investing activities (34,121) (691) - (20) (14,028)
---------------------------------------------------------------------------------------------------------------------------------
Financing Activities:
Increase (decrease) in notes payable, net (17,000) - - (252) -
Proceeds --
Other long-term debt 7,782 - - - 33,128
Capital contributions from parent company - 1,601 1,731 (961) 21
Common Stock - - - - -
Redemptions --
First mortgage bonds - - - - -
Other long-term debt - (5,000) (35,228) (218) (15)
Preferred stock - - - - -
Capital distribution to parent company - - (488) - -
Common Stock Repurchased - - - - -
Payment of preferred stock dividends - - - - -
Payment of common stock dividends - - (41,107) - -
Other - - (615) - -
----------------------------------------------------------------------------------------------------------------------------------
Net cash provided from (used for) financing activities (9,218) (3,399) (75,707) (1,431) 33,134
----------------------------------------------------------------------------------------------------------------------------------
Cash Used for Discontinued Operations(1) - - (88,455) - -
Net Change in Cash and Cash Equivalents 32,072 939 66,624 7,922 (6,317)
Cash and Cash Equivalents at Beginning of Period - 1,631 10,448 10,598 7,184
---------------------------------------------------------------------------------------------------------------------------------
Cash and Cash Equivalents at End of Period $ 32,072 $ 2,570 $ 77,072 $ 18,520 $ 867
==================================================================================================================================
Supplemental Cash Flow Information:
Cash paid during the period for --
Interest (net of amount capitalized) $5,758 $304 $108,593 $200 -
Income taxes (net of refunds) - 1,200 - - 1,225
-----------------------------------------------------------------------------------------------------------------------------------
(1) Effective April 2, 2001, SOUTHERN completed a spin off of Mirant
(formerly Southern Energy). As a result of the spin off, the financial
statements for the year 2000 have been prepared with Mirant reflected as
discontinued operations. For further details, see note 11 in the Annual Report
of SOUTHERN on Form 10-K.
(2) Includes only consolidated financial information for Southern Energy
Finance Capital Corporation and Southern Company Capital Funding, which were
retained by SOUTHERN through a tax-free distribution from Mirant as discussed in
SOUTHERN's Application on Form U-1 (File No. 70-9727). All other Mirant
information is reflected as discontinued operations.
The notes to the financial statements (herein incorporated by
reference as part of exhibit numbers A-1 through A-6
inclusive) are an integral part of this statement.
A-5a
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Change In
Control Southern
Powercall Trust Telecom SERC
Operating Activities:
Net income $ (6,153) $ 573 $ 1,604 $ -
Adjustments to reconcile net income
to net cash provided from operating activities --
Less income from discontinued operations(1) - - - -
Depreciation and amortization 936 - 101 -
Deferred income taxes and investment tax credits, net (1) - - -
Other, net 4,399 249 (7,391) -
Changes in certain current assets and liabilities --
Receivables, net 3,811 (138) (4,608) 75
Fossil fuel stock - - - -
Materials and supplies 497 - - -
Accounts payable 1,662 - 3,106 (195)
Energy cost recovery, retail - - - -
Other (55) 1 3,585 1
-----------------------------------------------------------------------------------------------------------------
Net cash provided from (used for) operating activities 5,096 685 (3,603) (119)
----------------------------------------------------------------------------------------------------------------
Investing Activities:
Gross property additions - - (10,498) -
Other (1) (13,848) 900 -
-----------------------------------------------------------------------------------------------------------------
Net cash provided from (used for) investing activities (1) (13,848) (9,598) -
-----------------------------------------------------------------------------------------------------------------
Financing Activities:
Increase (decrease) in notes payable, net - - - -
Proceeds --
Other long-term debt - - - -
Capital contributions from parent company (25) 13,165 785 -
Common Stock - - - -
Redemptions --
First mortgage bonds - - - -
Other long-term debt - - - -
Preferred stock - - - -
Capital distribution to parent company - - - -
Common Stock Repurchased - - - -
Payment of preferred stock dividends - - - -
Payment of common stock dividends - - - -
Other - - - -
-----------------------------------------------------------------------------------------------------------------
Net cash provided from (used for) financing activities (25) 13,165 785 -
-----------------------------------------------------------------------------------------------------------------
Cash Used for Discontinued Operations(1) - - - -
Net Change in Cash and Cash Equivalents 5,070 2 (12,416) (119)
Cash and Cash Equivalents at Beginning of Period 1,600 - 17,673 144
-----------------------------------------------------------------------------------------------------------------
Cash and Cash Equivalents at End of Period $ 6,670 $ 2 $ 5,257 $ 25
=================================================================================================================
Supplemental Cash Flow Information:
Cash paid during the period for --
Interest (net of amount capitalized) - - - -
Income taxes (net of refunds) - - - -
-----------------------------------------------------------------------------------------------------------------
(1) Effective April 2, 2001, SOUTHERN completed a spin off of Mirant
(formerly Southern Energy). As a result of the spin off, the financial
statements for the year 2000 have been prepared with Mirant reflected as
discontinued operations. For further details, see note 11 in the Annual Report
of SOUTHERN on Form 10-K.
(2) Includes only consolidated financial information for Southern Energy
Finance Capital Corporation and Southern Company Capital Funding, which were
retained by SOUTHERN through a tax-free distribution from Mirant as discussed in
SOUTHERN's Application on Form U-1 (File No. 70-9727). All other Mirant
information is reflected as discontinued operations.
The notes to the financial statements (herein incorporated by
reference as part of exhibit numbers A-1 through A-6
inclusive) are an integral part of this statement.
A-5b
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
Intercompany
Eliminations
and Transfers
ASSETS Consolidated Add (Deduct) Southern Alabama Georgia
Current Assets:
Cash and cash equivalents $ 199,191 $ - $ 74 $ 14,247 $ 29,370
Receivables --
Customer accounts receivable 995,549 1,432 - 337,870 465,249
Other accounts and notes receivable 343,439 2,578 122 60,315 156,143
Affiliated companies 163 (624,010) 118,710 95,704 13,312
Accumulated provision for uncollectible accounts (21,799) - - (6,237) (5,100)
Unrecovered retail fuel clause revenue 418,077 - - 237,817 131,623
Refundable income taxes - (15,781) - - -
Fossil fuel stock, at average cost 195,206 - - 60,615 99,463
Materials and supplies, at average cost 507,425 - - 178,299 263,609
Other 187,948 (19,629) 6,223 52,624 97,515
---------------------------------------------------------------------------------------------------------------------------------
Total current assets 2,825,199 (655,410) 125,129 1,031,254 1,251,184
---------------------------------------------------------------------------------------------------------------------------------
Property, Plant, and Equipment:
In service 34,187,808 - - 12,431,575 16,469,706
Less accumulated provision for depreciation 14,348,763 - - 5,107,822 6,914,512
---------------------------------------------------------------------------------------------------------------------------------
19,839,045 - - 7,323,753 9,555,194
Nuclear fuel, at amortized cost 214,620 - - 94,050 120,570
Construction work in progress 1,568,737 - - 744,974 652,264
---------------------------------------------------------------------------------------------------------------------------------
Total property, plant, and equipment 21,622,402 - - 8,162,777 10,328,028
--------------------------------------------------------------------------------------------------------------------------------
Other Property and Investments:
Equity investments in unconsolidated subsidiaries 72,003 (12,305,909) 12,247,336 38,623 25,485
Nuclear decommissioning trusts, at fair value 689,561 - - 313,895 375,666
Net Assets - Discontinued Operations(1) 3,320,497 (814,740) - - -
Leveraged Leases 595,951 - - - -
Other 93,330 (981,961) 21,801 13,612 33,829
--------------------------------------------------------------------------------------------------------------------------------
Total other property and investments 4,771,342 (14,102,610) 12,269,137 366,130 434,980
---------------------------------------------------------------------------------------------------------------------------------
Deferred Charges and Other Assets:
Deferred charges related to income taxes 956,673 - - 345,550 565,982
Prepaid pension costs 498,279 (28,899) - 268,259 205,113
Debt expense, being amortized 99,442 - - 8,758 53,748
Premium on reacquired debt, being amortized 280,239 - - 76,020 173,610
Department of Energy assessments 45,930 - - 24,588 21,342
Other 262,152 (56,741) 5,866 95,772 99,622
--------------------------------------------------------------------------------------------------------------------------------
Total deferred charges and other assets 2,142,715 (85,640) 5,866 818,947 1,119,417
---------------------------------------------------------------------------------------------------------------------------------
Total Assets $ 31,361,658 $(14,843,660) $ 12,400,132 $ 10,379,108 $ 13,133,609
=================================================================================================================================
(Continued on following page)
A-6a
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
ASSETS Gulf Mississippi Savannah SEGCO
Current Assets:
Cash and cash equivalents $ 4,381 $ 7,531 $ - $ 533
Receivables --
Customer accounts receivable 71,932 63,059 28,189 -
Other accounts and notes receivable 2,179 21,843 1,412 (50)
Affiliated companies 15,026 10,071 738 30,508
Accumulated provision for uncollectible accounts (1,302) (571) (407) -
Unrecovered retail fuel clause revenue - 9,005 39,632 -
Refundable income taxes - - - -
Fossil fuel stock, at average cost 16,768 11,220 7,140 -
Materials and supplies, at average cost 29,033 21,694 8,944 -
Other 6,543 8,320 9,028 (29)
---------------------------------------------------------------------------------------------------------------
Total current assets 144,560 152,172 94,676 30,962
---------------------------------------------------------------------------------------------------------------
Property, Plant, and Equipment:
In service 1,892,023 1,665,879 829,270 336,967
Less accumulated provision for depreciation 867,260 652,891 382,030 218,872
---------------------------------------------------------------------------------------------------------------
1,024,763 1,012,988 447,240 118,095
Nuclear fuel, at amortized cost - - - -
Construction work in progress 71,008 60,951 6,782 12,660
---------------------------------------------------------------------------------------------------------------
Total property, plant, and equipment 1,095,771 1,073,939 454,022 130,755
---------------------------------------------------------------------------------------------------------------
Other Property and Investments:
Equity investments in unconsolidated subsidiaries 629 1,628 470 -
Nuclear decommissioning trusts, at fair value - - - -
Net Assets - Discontinued Operations(1) - - - -
Leveraged Leases - - - -
Other 3,881 640 1,596 7
---------------------------------------------------------------------------------------------------------------
Total other property and investments 4,510 2,268 2,066 7
---------------------------------------------------------------------------------------------------------------
Deferred Charges and Other Assets:
Deferred charges related to income taxes 15,963 13,860 12,404 2,914
Prepaid pension costs 23,491 6,724 - -
Debt expense, being amortized 2,392 4,628 3,003 110
Premium on reacquired debt, being amortized 15,866 7,168 7,575 -
Department of Energy assessments - - - -
Other 12,943 14,312 20,481 669
---------------------------------------------------------------------------------------------------------------
Total deferred charges and other assets 70,655 46,692 43,463 3,693
---------------------------------------------------------------------------------------------------------------
Total Assets $ 1,315,496 $ 1,275,071 $594,227 $ 165,417
===============================================================================================================
(Continued on following page)
A-6b
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Southern Energy Southern
ASSETS SCS Nuclear Mirant(2) Solutions LINC
Current Assets:
Cash and cash equivalents $ 32,072 $ 2,570 $ 77,072 $ 18,520 $ 867
Receivables --
Customer accounts receivable - - - - 18,123
Other accounts and notes receivable 52,534 165 851 44,709 500
Affiliated companies 179,835 130,082 13,705 14,039 826
Accumulated provision for uncollectible accounts - - - (4,649) (2,001)
Unrecovered retail fuel clause revenue - - - - -
Refundable income taxes - - 2,810 3,173 9,798
Fossil fuel stock, at average cost - - - - -
Materials and supplies, at average cost 1,406 - - 378 4,062
Other 20,923 3,272 - 26 1,117
------------------------------------------------------------------------------------------------------------------------------
Total current assets 286,770 136,089 94,438 76,196 33,292
------------------------------------------------------------------------------------------------------------------------------
Property, Plant, and Equipment:
In service 243,481 5,547 - 3,515 305,583
Less accumulated provision for depreciation 131,131 4,562 - 894 68,547
------------------------------------------------------------------------------------------------------------------------------
112,350 985 - 2,621 237,036
Nuclear fuel, at amortized cost - - - - -
Construction work in progress 6,451 - - - 4,564
------------------------------------------------------------------------------------------------------------------------------
Total property, plant, and equipment 118,801 985 - 2,621 241,600
------------------------------------------------------------------------------------------------------------------------------
Other Property and Investments:
Equity investments in unconsolidated subsidiaries 2,633 365 60,701 11 31
Nuclear decommissioning trusts, at fair value - - - - -
Net Assets - Discontinued Operations(1) - - 4,135,237 - -
Leveraged Leases - - 595,951 - -
Other 1,401 1,240 979,383 2,346 -
------------------------------------------------------------------------------------------------------------------------------
Total other property and investments 4,034 1,605 5,771,272 2,357 31
------------------------------------------------------------------------------------------------------------------------------
Deferred Charges and Other Assets:
Deferred charges related to income taxes - - - - -
Prepaid pension costs 23,591 - - - -
Debt expense, being amortized 286 - 26,517 - -
Premium on reacquired debt, being amortized - - - - -
Department of Energy assessments - - - - -
Other 11,647 40,096 1,863 1 982
------------------------------------------------------------------------------------------------------------------------------
Total deferred charges and other assets 35,524 40,096 28,380 1 982
------------------------------------------------------------------------------------------------------------------------------
Total Assets $ 445,129 $ 178,775 $ 5,894,090 $ 81,175 $ 275,905
==============================================================================================================================
(Continued on following page)
A-7a
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Change In
Southern Control
ASSETS Powercall Telecom Trust SERC
Current Assets:
Cash and cash equivalents $ 6,670 $ 5,257 $ 2 $ 25
Receivables --
Customer accounts receivable 4,264 5,431 - -
Other accounts and notes receivable - - 138 -
Affiliated companies 1,342 81 - 194
Accumulated provision for uncollectible accounts (1,382) (150) - -
Unrecovered retail fuel clause revenue - - - -
Refundable income taxes - - - -
Fossil fuel stock, at average cost - - - -
Materials and supplies, at average cost - - - -
Other 3 2,013 (1) -
--------------------------------------------------------------------------------------------------------
Total current assets 10,897 12,632 139 219
--------------------------------------------------------------------------------------------------------
Property, Plant, and Equipment:
In service - 4,262 - -
Less accumulated provision for depreciation - 242 - -
--------------------------------------------------------------------------------------------------------
- 4,020 - -
Nuclear fuel, at amortized cost - - - -
Construction work in progress - 9,083 - -
--------------------------------------------------------------------------------------------------------
Total property, plant, and equipment - 13,103 - -
--------------------------------------------------------------------------------------------------------
Other Property and Investments:
Equity investments in unconsolidated subsidiaries - - - -
Nuclear decommissioning trusts, at fair value - - - -
Net Assets - Discontinued Operations(1) - - - -
Leveraged Leases - - - -
Other - 1,707 13,848 -
--------------------------------------------------------------------------------------------------------
Total other property and investments - 1,707 13,848 -
--------------------------------------------------------------------------------------------------------
Deferred Charges and Other Assets:
Deferred charges related to income taxes - - - -
Prepaid pension costs - - - -
Debt expense, being amortized - - - -
Premium on reacquired debt, being amortized - - - -
Department of Energy assessments - - - -
Other 297 14,342 - -
--------------------------------------------------------------------------------------------------------
Total deferred charges and other assets 297 14,342 - -
--------------------------------------------------------------------------------------------------------
Total Assets $ 11,194 $ 41,784 $ 13,987 $ 219
========================================================================================================
(Continued on following page)
A-7b
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Intercompany
Eliminations
and Transfers
LIABILITIES AND STOCKHOLDERS' EQUITY Consolidated Add (Deduct) Southern Alabama Georgia
Current Liabilities:
Securities due within one year $ 67,324 $ - $ - $ 844 $ 1,808
Notes payable 1,679,643 - 550,061 281,343 703,839
Accounts payable --
Affiliated 43 (384,162) 12,223 124,534 117,168
Other 869,989 - 26,647 209,205 397,550
Customer deposits 139,798 - - 36,814 78,540
Taxes accrued --
Income taxes 87,731 (34,852) 26,131 65,505 5,151
Other 208,143 - - 19,471 137,511
Interest accrued 120,770 (13,794) 17,830 33,186 47,244
Vacation pay accrued 118,710 - - 31,711 38,865
Other 444,600 - - 97,743 153,400
-----------------------------------------------------------------------------------------------------------------------------------
Total current liabilities 3,736,751 (432,808) 632,892 900,356 1,681,076
-----------------------------------------------------------------------------------------------------------------------------------
Long-term debt (See accompanying statements) 7,842,491 (1,097,367) 979,384 3,425,527 3,041,939
-----------------------------------------------------------------------------------------------------------------------------------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 4,074,265 (54,179) - 1,401,424 2,182,783
Deferred credits related to income taxes 551,259 - - 222,485 247,067
Accumulated deferred investment tax credits 663,579 - - 249,280 352,282
Employee benefits provisions(3) 478,414 (48,755) - 84,816 177,444
Prepaid capacity revenues 58,377 - - 58,377 -
Other 651,805 (83,530) 3,917 176,559 397,655
-----------------------------------------------------------------------------------------------------------------------------------
Total deferred credits and other liabilities 6,477,699 (186,464) 3,917 2,192,941 3,357,231
-----------------------------------------------------------------------------------------------------------------------------------
Company obligated mandatorily redeemable preferred
securities of subsidiary trusts holding company junior
subordinated notes (See accompanying statements) 2,246,250 - - 347,000 789,250
-----------------------------------------------------------------------------------------------------------------------------------
Cumulative preferred stock
of subsidiaries (See accompanying statements) 368,126 (242,157) - 317,512 14,569
-----------------------------------------------------------------------------------------------------------------------------------
Common stockholders' equity (See accompanying statements) 10,690,341 (12,884,864) 10,783,939 3,195,772 4,249,544
-----------------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $ 31,361,658 $(14,843,660) $ 12,400,132 $ 10,379,108 $13,133,609
===================================================================================================================================
(Continued on following page)
A-8a
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
LIABILITIES AND STOCKHOLDERS' EQUITY Gulf Mississippi Savannah SEGCO
Current Liabilities:
Securities due within one year $ - $ 20 $ 30,698 $ -
Notes payable 43,000 56,000 45,400 -
Accounts payable --
Affiliated 17,558 10,715 16,153 13,062
Other 45,356 48,146 7,738 -
Customer deposits 13,474 5,274 5,696 -
Taxes accrued --
Income taxes 3,864 8,769 3,450 3,254
Other 8,749 36,799 1,435 330
Interest accrued 8,324 4,482 4,541 1,762
Vacation pay accrued 4,512 5,701 2,276 -
Other 8,432 7,003 7,973 15
-------------------------------------------------------------------------------------------------------------------
Total current liabilities 153,269 182,909 125,360 18,423
-------------------------------------------------------------------------------------------------------------------
Long-term debt (See accompanying statements) 365,993 370,511 116,902 78,292
-------------------------------------------------------------------------------------------------------------------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 155,074 139,909 79,756 13,647
Deferred credits related to income taxes 38,255 25,603 16,038 1,811
Accumulated deferred investment tax credits 25,792 23,481 10,616 2,128
Employee benefits provisions(3) 34,507 44,405 8,127 -
Prepaid capacity revenues - - - -
Other 25,992 16,546 22,434 -
-------------------------------------------------------------------------------------------------------------------
Total deferred credits and other liabilities 279,620 249,944 136,971 17,586
-------------------------------------------------------------------------------------------------------------------
Company obligated mandatorily redeemable preferred
securities of subsidiary trusts holding company junior
subordinated notes (See accompanying statements) 85,000 35,000 40,000 -
-------------------------------------------------------------------------------------------------------------------
Cumulative preferred stock
of subsidiaries (See accompanying statements) 4,236 31,809 - -
-------------------------------------------------------------------------------------------------------------------
Common stockholders' equity (See accompanying statements) 427,378 404,898 174,994 51,116
-------------------------------------------------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $ 1,315,496 $ 1,275,071 $594,227 $ 165,417
===================================================================================================================
(Continued on following page)
A-8b
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Southern Energy
LIABILITIES AND STOCKHOLDERS' EQUITY SCS Nuclear Mirant(2) Solutions
Current Liabilities:
Securities due within one year $ 8,685 $ - $ 25,034 $ 216
Notes payable - - - -
Accounts payable --
Affiliated 50,142 16,404 - 1,559
Other 88,259 12,074 1,467 11,787
Customer deposits - - - -
Taxes accrued --
Income taxes - 1,013 4,709 -
Other 1,410 1,298 - 10
Interest accrued 127 - 14,060 -
Vacation pay accrued 19,369 14,706 - 459
Other 96,584 33,846 2,037 4,117
-----------------------------------------------------------------------------------------------------------------------------
Total current liabilities 264,576 79,341 47,307 18,148
-----------------------------------------------------------------------------------------------------------------------------
Long-term debt (See accompanying statements) 52,697 - 388,381 1,881
-----------------------------------------------------------------------------------------------------------------------------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes - - 129,030 1,679
Deferred credits related to income taxes - - - -
Accumulated deferred investment tax credits - - - -
Employee benefits provisions(3) 82,718 92,017 - 1,446
Prepaid capacity revenues - - - -
Other 44,263 2,864 - 16,059
-----------------------------------------------------------------------------------------------------------------------------
Total deferred credits and other liabilities 126,981 94,881 129,030 19,184
-----------------------------------------------------------------------------------------------------------------------------
Company obligated mandatorily redeemable preferred
securities of subsidiary trusts holding company junior
subordinated notes (See accompanying statements) - - 950,000 -
-----------------------------------------------------------------------------------------------------------------------------
Cumulative preferred stock
of subsidiaries (See accompanying statements) - - 242,157 -
-----------------------------------------------------------------------------------------------------------------------------
Common stockholders' equity (See accompanying statements) 875 4,553 4,137,215 41,962
-----------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $ 445,129 $ 178,775 $ 5,894,090 $ 81,175
=============================================================================================================================
(1) Effective April 2, 2001, SOUTHERN completed a spin off of Mirant (formerly
Southern Energy). As a result of the spin off, the financial statements for the
year 2000 have been prepared with Mirant reflected as discontinued operations.
For further details, see note 11 in the Annual Report of SOUTHERN on Form 10-K.
(2) Includes only consolidated financial information for Southern Energy Finance
Capital Corporation and Southern Company Capital Funding, which were retained by
SOUTHERN through a tax-free distribution from Mirant as discussed in SOUTHERN's
Application on Form U-1 (File No. 70-9727). All other Mirant information is
reflected as discontinued operations. (3) Includes Post Retirement Life &
Medical Provisions, Supplemental and Other Pension Accruals, Early Retirement
Incentive Program Costs and Other Work Force Reduction Costs, and Miscellaneous
Post Employment Benefits.
The notes to the financial statements (herein incorporated by
reference as part of exhibit numbers A-1 through A-6
inclusive) are an integral part of this statement.
A-9a
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Change In
Southern Southern Control
LIABILITIES AND STOCKHOLDERS' EQUITY LINC Powercall Telecom Trust SERC
Current Liabilities:
Securities due within one year $ 19 $ - $ - $ - $ -
Notes payable - - - - -
Accounts payable --
Affiliated 3,359 87 1,028 - 213
Other 14,285 3,759 3,716 - -
Customer deposits - - - - -
Taxes accrued --
Income taxes - - 737 - -
Other 1,104 14 12 - -
Interest accrued 3,008 - - - -
Vacation pay accrued 1,072 - 39 - -
Other 6,142 2 27,305 - 1
------------------------------------------------------------------------------------------------------------------------------------
Total current liabilities 28,989 3,862 32,837 - 214
------------------------------------------------------------------------------------------------------------------------------------
Long-term debt (See accompanying statements) 118,351 - - - -
------------------------------------------------------------------------------------------------------------------------------------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 25,142 - - - -
Deferred credits related to income taxes - - - - -
Accumulated deferred investment tax credits - - - - -
Employee benefits provisions(3) 1,644 - 45 - -
Prepaid capacity revenues - - - - -
Other 24,853 - 4,193 - -
------------------------------------------------------------------------------------------------------------------------------------
Total deferred credits and other liabilities 51,639 - 4,238 - -
------------------------------------------------------------------------------------------------------------------------------------
Company obligated mandatorily redeemable preferred
securities of subsidiary trusts holding company junior
subordinated notes (See accompanying statements) - - - - -
------------------------------------------------------------------------------------------------------------------------------------
Cumulative preferred stock
of subsidiaries (See accompanying statements) - - - - -
------------------------------------------------------------------------------------------------------------------------------------
Common stockholders' equity (See accompanying statements) 76,926 7,332 4,709 13,987 5
------------------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $ 275,905 $ 11,194 $ 41,784 $ 13,987 $ 219
====================================================================================================================================
(1) Effective April 2, 2001, SOUTHERN completed a spin off of Mirant (formerly
Southern Energy). As a result of the spin off, the financial statements for the
year 2000 have been prepared with Mirant reflected as discontinued operations.
For further details, see note 11 in the Annual Report of SOUTHERN on Form 10-K.
(2) Includes only consolidated financial information for Southern Energy Finance
Capital Corporation and Southern Company Capital Funding, which were retained by
SOUTHERN through a tax-free distribution from Mirant as discussed in SOUTHERN's
Application on Form U-1 (File No. 70-9727). All other Mirant information is
reflected as discontinued operations. (3) Includes Post Retirement Life &
Medical Provisions, Supplemental and Other Pension Accruals, Early Retirement
Incentive Program Costs and Other Work Force Reduction Costs, and Miscellaneous
Post Employment Benefits.
The notes to the financial statements (herein incorporated by
reference as part of exhibit numbers A-1 through A-6
inclusive) are an integral part of this statement.
A-9b
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
NSOLIDATING STATEMENT OF CAPITALIZATION -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
Intercompany
Eliminations
and Transfers
Consolidated Add (Deduct) Southern Alabama Georgia
Long-Term Debt of Subsidaries:
First mortgage bonds --
Maturity Interest Rates
2003 6.13% to 6.63% $ 325,000 $ - $ - $ - $ 275,000
2004 6.60% 35,000 - - - -
2005 6.07% 10,000 - - - 10,000
2006 through 2010 6.50% to 6.90% 95,000 - - - 50,000
2021 through 2025 6.88% to 9.00% 635,191 - - 488,991 57,000
2026 through 2030 6.88% 30,000 - - - -
-----------------------------------------------------------------------------------------------------------------------------------
Total first mortgage bonds 1,130,191 - - 488,991 392,000
-----------------------------------------------------------------------------------------------------------------------------------
Long-term notes payable --
5.35% to 9.75% due 2001-2004 765,514 - - 656,200 -
5.38% to 8.58% due 2005-2008 744,165 - - 585,000 150,000
6.25% to 7.63% due 2009-2017 170,179 - - 99,793 -
6.38% to 8.12% due 2018-2038 793,240 - - 318,988 200,000
6.63% to 7.13% due 2039-2048 1,028,800 - - 783,800 245,000
Adjustable rates (6.70% to 7.75% at 1/1/01)
due 2001-2005 734,422 - - - 300,000
Long-term notes payable to affiliates 1 (1,097,367) 979,384 - -
-----------------------------------------------------------------------------------------------------------------------------------
Total long-term notes payable 4,236,321 (1,097,367) 979,384 2,443,781 895,000
-----------------------------------------------------------------------------------------------------------------------------------
Other long-term debt -- Pollution control revenue bonds -- Collateralized:
5.00% to 6.75% due 2005-2026 538,625 - - 24,400 378,760
Variable rates (4.73% to 5.05% at 1/1/01)
due 2015-2017 89,800 - - 89,800 -
Non-collateralized:
4.53% to 6.75% due 2015-2034 406,225 - - 65,000 316,725
Variable rates (3.50% to 5.35% at 1/1/01)
due 2011-2037 1,475,350 - - 360,940 978,705
-----------------------------------------------------------------------------------------------------------------------------------
Total other long-term debt 2,510,000 - - 540,140 1,674,190
-----------------------------------------------------------------------------------------------------------------------------------
Capitalized lease obligations 94,789 - - 4,165 85,179
-----------------------------------------------------------------------------------------------------------------------------------
Unamortized debt premium (discount), net (61,486) - - (50,706) (2,622
-----------------------------------------------------------------------------------------------------------------------------------
Total long-term debt (annual interest
requirement -- $509 million) 7,909,815 (1,097,367) 979,384 3,426,371 3,043,747
Less amount due within one year 67,324 - - 844 1,808
-----------------------------------------------------------------------------------------------------------------------------------
Long-term debt excluding amount due within one year $ 7,842,491 $(1,097,367) $ 979,384 $ 3,425,527 $ 3,041,939
-----------------------------------------------------------------------------------------------------------------------------------
(Continued on following page)
A-10a
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
NSOLIDATING STATEMENT OF CAPITALIZATION -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
Gulf Mississippi Savannah SEGCO
Long-Term Debt of Subsidaries:
First mortgage bonds --
Maturity Interest Rates
2003 6.13% to 6.63% $30,000 $ - $20,000 $ -
2004 6.60% - 35,000 - -
2005 6.07% - - - -
2006 through 2010 6.50% to 6.90% 25,000 - 20,000 -
2021 through 2025 6.88% to 9.00% - 65,000 24,200 -
2026 through 2030 6.88% 30,000 - - -
--------------------------------------------------------------------------------------------------------------
Total first mortgage bonds 85,000 100,000 64,200 -
--------------------------------------------------------------------------------------------------------------
Long-term notes payable --
5.35% to 9.75% due 2001-2004 50,000 35,000 10,000 -
5.38% to 8.58% due 2005-2008 - - - -
6.25% to 7.63% due 2009-2017 - - 30,000 -
6.38% to 8.12% due 2018-2038 68,073 53,179 - -
6.63% to 7.13% due 2039-2048 - - - -
Adjustable rates (6.70% to 7.75% at 1/1/01)
due 2001-2005 - 100,000 20,000 54,007
Long-term notes payable to affiliates - - - -
--------------------------------------------------------------------------------------------------------------
Total long-term notes payable 118,073 188,179 60,000 54,007
--------------------------------------------------------------------------------------------------------------
Other long-term debt -- Pollution control revenue bonds -- Collateralized:
5.00% to 6.75% due 2005-2026 108,700 26,765 - -
Variable rates (4.73% to 5.05% at 1/1/01)
due 2015-2017 - - - -
Non-collateralized:
4.53% to 6.75% due 2015-2034 - - - 24,500
Variable rates (3.50% to 5.35% at 1/1/01)
due 2011-2037 60,930 56,820 17,955 -
--------------------------------------------------------------------------------------------------------------
Total other long-term debt 169,630 83,585 17,955 24,500
--------------------------------------------------------------------------------------------------------------
Capitalized lease obligations - - 5,445 -
--------------------------------------------------------------------------------------------------------------
Unamortized debt premium (discount), net (6,710) (1,233) - (215)
--------------------------------------------------------------------------------------------------------------
Total long-term debt (annual interest
requirement -- $509 million) 365,993 370,531 147,600 78,292
Less amount due within one year - 20 30,698 -
--------------------------------------------------------------------------------------------------------------
Long-term debt excluding amount due within one year $ 365,993 $ 370,511 $ 116,902 $78,292
--------------------------------------------------------------------------------------------------------------
(Continued on following page)
A-10b
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CAPITALIZATION -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Southern Energy Southern
SCS Nuclear Mirant(1) Solutions LINC
Long-Term Debt of Subsidaries:
First mortgage bonds --
Maturity Interest Rates
2003 6.13% to 6.63% $ - $ - $ - $ - $ -
2004 6.60% - - - - -
2005 6.07% - - - - -
2006 through 2010 6.50% to 6.90% - - - - -
2021 through 2025 6.88% to 9.00% - - - - -
2026 through 2030 6.88% - - - - -
-----------------------------------------------------------------------------------------------------------------------------------
Total first mortgage bonds - - - - -
-----------------------------------------------------------------------------------------------------------------------------------
Long-term notes payable --
5.35% to 9.75% due 2001-2004 14,314 - - - -
5.38% to 8.58% due 2005-2008 7,068 - - 2,097 -
6.25% to 7.63% due 2009-2017 40,000 - - - 386
6.38% to 8.12% due 2018-2038 - - 153,000 - -
6.63% to 7.13% due 2039-2048 - - - - -
Adjustable rates (6.70% to 7.75% at 1/1/01)
due 2001-2005 - - 260,415 - -
Long-term notes payable to affiliates - - - - 117,984
-----------------------------------------------------------------------------------------------------------------------------------
Total long-term notes payable 61,382 - 413,415 2,097 118,370
-----------------------------------------------------------------------------------------------------------------------------------
Other long-term debt -- Pollution control revenue bonds -- Collateralized:
5.00% to 6.75% due 2005-2026 - - - - -
Variable rates (4.73% to 5.05% at 1/1/01)
due 2015-2017 - - - - -
Non-collateralized:
4.53% to 6.75% due 2015-2034 - - - - -
Variable rates (3.50% to 5.35% at 1/1/01)
due 2011-2037 - - - - -
-----------------------------------------------------------------------------------------------------------------------------------
Total other long-term debt - - - - -
-----------------------------------------------------------------------------------------------------------------------------------
Capitalized lease obligations - - - - -
-----------------------------------------------------------------------------------------------------------------------------------
Unamortized debt premium (discount), net - - - - -
-----------------------------------------------------------------------------------------------------------------------------------
Total long-term debt (annual interest
requirement -- $509 million) 61,382 - 413,415 2,097 118,370
Less amount due within one year 8,685 - 25,034 216 19
-----------------------------------------------------------------------------------------------------------------------------------
Long-term debt excluding amount due within one year $ 52,697 $ - $ 388,381 $ 1,881 $ 118,351
-----------------------------------------------------------------------------------------------------------------------------------
(Continued on following page)
A-11a
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CAPITALIZATION -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Change In
Southern Control
Powercall Telecom Trust SERC
Long-Term Debt of Subsidaries:
First mortgage bonds --
Maturity Interest Rates
2003 6.13% to 6.63% $ - $ - $ - $ -
2004 6.60% - - - -
2005 6.07% - - - -
2006 through 2010 6.50% to 6.90% - - - -
2021 through 2025 6.88% to 9.00% - - - -
2026 through 2030 6.88% - - - -
------------------------------------------------------------------------------------------------------------------------------
Total first mortgage bonds - - - -
------------------------------------------------------------------------------------------------------------------------------
Long-term notes payable --
5.35% to 9.75% due 2001-2004 - - - -
5.38% to 8.58% due 2005-2008 - - - -
6.25% to 7.63% due 2009-2017 - - - -
6.38% to 8.12% due 2018-2038 - - - -
6.63% to 7.13% due 2039-2048 - - - -
Adjustable rates (6.70% to 7.75% at 1/1/01)
due 2001-2005 - - - -
Long-term notes payable to affiliates - - - -
------------------------------------------------------------------------------------------------------------------------------
Total long-term notes payable - - - -
------------------------------------------------------------------------------------------------------------------------------
Other long-term debt -- Pollution control revenue bonds -- Collateralized:
5.00% to 6.75% due 2005-2026 - - - -
Variable rates (4.73% to 5.05% at 1/1/01)
due 2015-2017 - - - -
Non-collateralized:
4.53% to 6.75% due 2015-2034 - - - -
Variable rates (3.50% to 5.35% at 1/1/01)
due 2011-2037 - - - -
------------------------------------------------------------------------------------------------------------------------------
Total other long-term debt - - - -
------------------------------------------------------------------------------------------------------------------------------
Capitalized lease obligations - - - -
------------------------------------------------------------------------------------------------------------------------------
Unamortized debt premium (discount), net - - - -
------------------------------------------------------------------------------------------------------------------------------
Total long-term debt (annual interest
requirement -- $509 million) - - - -
Less amount due within one year - - - -
------------------------------------------------------------------------------------------------------------------------------
Long-term debt excluding amount due within one year $ - $ - $ - $ -
------------------------------------------------------------------------------------------------------------------------------
(Continued on following page)
A-11b
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CAPITALIZATION -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Intercompany
Eliminations
and Transfers
Consolidated Add (Deduct) Southern Alabama Georgia
Company or Subsidiary Obligated Mandatorily
Redeemable Capital and Preferred Securities:
$25 liquidation value --
6.85% to 7.00% $ 435,000 $ - $ - $ - $ 200,000
7.13% to 7.38% 297,000 - - 97,000 -
7.60% to 7.63% 415,000 - - 200,000 175,000
7.75% 649,250 - - - 414,250
8.14% to 8.19% 400,000 - - - -
Auction rate (6.52% at 1/1/01) 50,000 - - 50,000 -
-----------------------------------------------------------------------------------------------------------------------------------
Total (annual distribution requirement -- $169 million) 2,246,250 - - 347,000 789,250
-----------------------------------------------------------------------------------------------------------------------------------
Cumulative Preferred Stock of Subsidiaries:
$100 par or stated value --
4.20% to 7.00% 98,126 (242,157) - 47,512 14,569
$25 par or stated value --
5.20% to 5.83% 200,000 - - 200,000 -
Adjustable and auction rates -- at 1/1/01
5.14% to 5.25% 70,000 - - 70,000 -
-----------------------------------------------------------------------------------------------------------------------------------
Total (annual dividend requirement -- $19 million) 368,126 (242,157) - 317,512 14,569
Less amount due within one year - - - - -
-----------------------------------------------------------------------------------------------------------------------------------
Total excluding amount due within one year 368,126 (242,157) - 317,512 14,569
-----------------------------------------------------------------------------------------------------------------------------------
Common Stockholders' Equity:
Common stock, par value $5 per share --
Authorized - 1 billion shares
Issued: 701 million shares
Treasury: 19 million shares
Par value 3,503,112 (703,042) 3,503,112 224,358 344,250
Paid-in capital 3,153,461 (8,700,933) 3,153,461 1,743,462 2,117,537
Treasury, at cost (544,515) - (544,515) - -
Retained earnings 4,671,881 (3,503,902) 4,671,881 1,227,952 1,787,757
Accumulated other comprehensive income (93,598) 23,013 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Total common stockholders' equity 10,690,341 (12,884,864) 10,783,939 3,195,772 4,249,544
-----------------------------------------------------------------------------------------------------------------------------------
Total Capitalization $ 21,147,208 $(14,224,388) $ 11,763,323 $ 7,285,811 $ 8,095,302
===================================================================================================================================
(Continued on following page)
A-12a
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CAPITALIZATION -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Gulf Mississippi Savannah SEGCO
Company or Subsidiary Obligated Mandatorily
Redeemable Capital and Preferred Securities:
$25 liquidation value --
6.85% to 7.00% $45,000 $ - $40,000 $ -
7.13% to 7.38% - - - -
7.60% to 7.63% 40,000 - - -
7.75% - 35,000 - -
8.14% to 8.19% - - - -
Auction rate (6.52% at 1/1/01) - - - -
--------------------------------------------------------------------------------------------------------------
Total (annual distribution requirement -- $169 million) 85,000 35,000 40,000 -
--------------------------------------------------------------------------------------------------------------
Cumulative Preferred Stock of Subsidiaries:
$100 par or stated value --
4.20% to 7.00% 4,236 31,809 - -
$25 par or stated value --
5.20% to 5.83% - - - -
Adjustable and auction rates -- at 1/1/01
5.14% to 5.25% - - - -
--------------------------------------------------------------------------------------------------------------
Total (annual dividend requirement -- $19 million) 4,236 31,809 - -
Less amount due within one year - - - -
--------------------------------------------------------------------------------------------------------------
Total excluding amount due within one year 4,236 31,809 - -
--------------------------------------------------------------------------------------------------------------
Common Stockholders' Equity:
Common stock, par value $5 per share --
Authorized - 1 billion shares
Issued: 701 million shares
Treasury: 19 million shares
Par value 38,060 37,691 54,223 328
Paid-in capital 233,488 194,487 11,265 32,973
Treasury, at cost - - - -
Retained earnings 155,830 172,720 109,506 17,815
Accumulated other comprehensive income - - - -
--------------------------------------------------------------------------------------------------------------
Total common stockholders' equity 427,378 404,898 174,994 51,116
--------------------------------------------------------------------------------------------------------------
Total Capitalization $ 882,607 $ 842,218 $ 331,896 $ 129,408
==============================================================================================================
(Continued on following page)
A-12b
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CAPITALIZATION -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Southern Energy Southern
SCS Nuclear Mirant(1) Solutions LINC
Company or Subsidiary Obligated Mandatorily
Redeemable Capital and Preferred Securities:
$25 liquidation value --
6.85% to 7.00% $ - $ - $ 150,000 $ - $ -
7.13% to 7.38% - - 200,000 - -
7.60% to 7.63% - - - - -
7.75% - - 200,000 - -
8.14% to 8.19% - - 400,000 - -
Auction rate (6.52% at 1/1/01) - - - - -
------------------------------------------------------------------------------------------------------------------------------------
Total (annual distribution requirement -- $169 million) - - 950,000 - -
------------------------------------------------------------------------------------------------------------------------------------
Cumulative Preferred Stock of Subsidiaries:
$100 par or stated value --
4.20% to 7.00% - - 242,157 - -
$25 par or stated value --
5.20% to 5.83% - - - - -
Adjustable and auction rates -- at 1/1/01
5.14% to 5.25% - - - - -
------------------------------------------------------------------------------------------------------------------------------------
Total (annual dividend requirement -- $19 million) - - 242,157 - -
Less amount due within one year - - - - -
------------------------------------------------------------------------------------------------------------------------------------
Total excluding amount due within one year - - 242,157 - -
------------------------------------------------------------------------------------------------------------------------------------
Common Stockholders' Equity:
Common stock, par value $5 per share --
Authorized - 1 billion shares
Issued: 701 million shares
Treasury: 19 million shares
Par value 725 10 3,388 1 1
Paid-in capital 150 4,543 4,084,406 84,551 157,539
Treasury, at cost - - - - -
Retained earnings - - 166,281 (42,590) (80,614)
Accumulated other comprehensive income - - (116,860) - -
------------------------------------------------------------------------------------------------------------------------------------
Total common stockholders' equity 875 4,553 4,137,215 41,962 76,926
------------------------------------------------------------------------------------------------------------------------------------
Total Capitalization $ 53,572 $ 4,553 $ 5,717,753 $ 43,843 $ 195,277
====================================================================================================================================
(1) Includes only consolidated financial information for Southern Energy Finance
Capital Corporation and Southern Company Capital Funding, which were retained by
SOUTHERN through a tax-free distribution from Mirant as discussed in SOUTHERN's
Application on Form U-1 (File No. 70-9727). All other Mirant information is
reflected as discontinued operations.
The notes to the financial statements (herein incorporated by
reference as part of exhibit numbers A-1 through A-6
inclusive) are an integral part of this statement.
A-13a
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CAPITALIZATION -- DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Change In
Southern Control
Powercall Telecom Trust SERC
Company or Subsidiary Obligated Mandatorily
Redeemable Capital and Preferred Securities:
$25 liquidation value --
6.85% to 7.00% $ - $ - $ - $ -
7.13% to 7.38% - - - -
7.60% to 7.63% - - - -
7.75% - - - -
8.14% to 8.19% - - - -
Auction rate (6.52% at 1/1/01) - - - -
------------------------------------------------------------------------------------------------------------------------------
Total (annual distribution requirement -- $169 million) - - - -
------------------------------------------------------------------------------------------------------------------------------
Cumulative Preferred Stock of Subsidiaries:
$100 par or stated value --
4.20% to 7.00% - - - -
$25 par or stated value --
5.20% to 5.83% - - - -
Adjustable and auction rates -- at 1/1/01
5.14% to 5.25% - - - -
-----------------------------------------------------------------------------------------------------------------------------
Total (annual dividend requirement -- $19 million) - - - -
Less amount due within one year - - - -
------------------------------------------------------------------------------------------------------------------------------
Total excluding amount due within one year - - - -
------------------------------------------------------------------------------------------------------------------------------
Common Stockholders' Equity:
Common stock, par value $5 per share --
Authorized - 1 billion shares
Issued: 701 million shares
Treasury: 19 million shares
Par value 1 1 - 5
Paid-in capital 21,994 1,373 13,165 -
Treasury, at cost - - - -
Retained earnings (14,663) 3,335 573 -
Accumulated other comprehensive income - - 249 -
------------------------------------------------------------------------------------------------------------------------------
Total common stockholders' equity 7,332 4,709 13,987 5
------------------------------------------------------------------------------------------------------------------------------
Total Capitalization $ 7,332 $ 4,709 $ 13,987 $ 5
==============================================================================================================================
(1) Includes only consolidated financial information for Southern Energy Finance
Capital Corporation and Southern Company Capital Funding, which were retained by
SOUTHERN through a tax-free distribution from Mirant as discussed in SOUTHERN's
Application on Form U-1 (File No. 70-9727). All other Mirant information is
reflected as discontinued operations.
The notes to the financial statements (herein incorporated by
reference as part of exhibit numbers A-1 through A-6
inclusive) are an integral part of this statement.
A-13b
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF PAID IN CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 2000
(Stated in Thousands of Dollars)
Intercompany
Eliminations
and Transfers
Consolidated Add (Deduct) Southern Alabama Georgia
Balance, December 31, 1999 $2,479,721 $(7,056,654) $ 2,480,198 $ 1,538,992 $ 1,815,983
ADD (DEDUCT):
Proceeds from issuance of common stock over
the par value thereof 32 - 32 - -
Contributions & adjustments to capital for the
twelve month period - (1,643,353) - 204,371 300,549
Capital distribution to SOUTHERN for the
twelve month period - 1,573 - - -
Other 673,231 (2,499) 673,231 - 965
----------------------------------------------------------------------------------------------------------------------------------
Balance, December 31, 2000 $ 3,152,984 $(8,700,933) $ 3,153,461 $ 1,743,363 $ 2,117,497
==================================================================================================================================
A-15a
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF PAID IN CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Gulf Mississippi Savannah
Balance, December 31, 1999 $ 221,254 $ 181,502 $ 9,787
ADD (DEDUCT):
Proceeds from issuance of common stock over
the par value thereof - - -
Contributions & adjustments to capital for the
twelve month period 11,981 12,659 1,478
Capital distribution to SOUTHERN for the
twelve month period - - -
Other 241 - -
----------------------------------------------------------------------------------------------
Balance, December 31, 2000 $ 233,476 $ 194,161 $ 11,265
==============================================================================================
A-15b
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF PAID IN CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 2000
(Stated in Thousands of Dollars)
(Continued)
Southern Energy
SEGCO SCS Nuclear Mirant(1) Solutions
Balance, December 31, 1999 $ 32,670 $ 150 $ 2,942 $ 2,987,260 $ 85,512
ADD (DEDUCT):
Proceeds from issuance of common stock over
the par value thereof - - - - -
Contributions & adjustments to capital for the
twelve month period 303 - 1,093 1,097,146 -
Capital distribution to SOUTHERN for the
twelve month period - - - - (961)
Other - - 508 - -
-----------------------------------------------------------------------------------------------------------------------------
Balance, December 31, 2000 $ 32,973 $ 150 $ 4,543 $ 4,084,406 $ 84,551
=============================================================================================================================
A-15c
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF PAID IN CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 2000
(Stated in Thousands of Dollars)
Change In
Southern Southern Control
LINC Powercall Telecom Trust
Balance, December 31, 1999 $ 157,518 $ 22,019 $ 588 $ -
ADD (DEDUCT):
Proceeds from issuance of common stock over
the par value thereof - - - -
Contributions & adjustments to capital for the
twelve month period 21 - 587 13,165
Capital distribution to SOUTHERN for the
twelve month period - (25) (587) -
Other - - 785 -
-------------------------------------------------------------------------------------------------------
Balance, December 31, 2000 $ 157,539 $ 21,994 $ 1,373 $13,165
=======================================================================================================
(1) Includes only consolidated financial information for Southern Energy Finance
Capital Corporation and Southern Company Capital Funding, which were retained by
SOUTHERN through a tax-free distribution from Mirant as discussed in SOUTHERN's
Application on Form U-1 (File No. 70-9727). All other Mirant information is
reflected as discontinued operations.
The notes to the financial statements (herein incorporated by
reference as part of exhibit numbers A-1 through A-6
inclusive) are an integral part of this statement.
A-15d
Notes to Financial Statements
at December 31, 2000
The notes to the financial statements are herein incorporated by reference as
part of exhibit numbers A-1 through A-6 inclusive and are an integral part of
the financial statements.
A-16
ALABAMA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2000
(in thousands)
ALABAMA ALABAMA ALABAMA ALABAMA ALABAMA
Consolidated Eliminations CORPORATE TRUST I TRUST II TRUST III
----------------------------------------------------------------------------------------------------------------------------------
Total Operating Revenues $ 3,667,461 $ - $ - $ - $ - $ -
----------------------------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES:
Operation --
Fuel 963,275 - - - - -
Purchased power from non-affiliates 164,881 - - - - -
Purchase power from affiliates 184,014 - - - - -
Other 538,529 - - - - -
Maintenance 301,046 - - - - -
Depreciation and amortization 364,618 - - - - -
Taxes other than income taxes 209,673 - - - - -
----------------------------------------------------------------------------------------------------------------------------------
Total operating expenses 2,726,036 - - - - -
----------------------------------------------------------------------------------------------------------------------------------
Operating Income 941,425
Other Income (Expense):
Interest income 38,167 (27,153) 38,969 7,375 15,670 3,306
Equity in earnings of unconcolidated subsidiaries 3,156 - - - - -
Other, net (7,909) - - - - -
----------------------------------------------------------------------------------------------------------------------------------
INCOME BEFORE INTEREST CHARGES 974,839 (27,153) 975,641 7,375 15,670 3,306
----------------------------------------------------------------------------------------------------------------------------------
Interest and Other:
Interest expense, net 251,663 (26,351) 278,014 - - -
Distributions on preferred securities of subsidiaries 25,549 (802) - 7,375 15,670 3,306
----------------------------------------------------------------------------------------------------------------------------------
Total interest charges and other, net 277,212 (27,153) 278,014 7,375 15,670 3,306
----------------------------------------------------------------------------------------------------------------------------------
Earnings Before Income Taxes 697,627 - - - - -
Income taxes 261,555 - - - - -
----------------------------------------------------------------------------------------------------------------------------------
Net Income 436,072 - - - - -
Dividends on Preferred Stock 16,156 - - - - -
----------------------------------------------------------------------------------------------------------------------------------
NET INCOME AFTER DIVIDENDS ON PREFERRED STOCK $ 419,916 $ - $ - $ - $ - $ -
==================================================================================================================================
A-17
ALABAMA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2000
(in thousands)
ALABAMA ALABAMA ALABAMA ALABAMA ALABAMA
Consolidated Eliminations CORPORATE TRUST I TRUST II TRUST III
-----------------------------------------------------------------------------------------------------------------------------------
Operating Activities:
Net Income $ 436,072 $ - $ 436,072 $ - $ - $ -
Adjustments to reconcile consolidated net income to net
cash provided by operating activities -
Depreciation and amortization 412,998 - 412,998 - - -
Deferred income taxes and investment tax credits, net 66,166 - 66,166 - - -
Other, net (37,703) - (37,703) - - -
Change in current assets and liabilities -
Receivables, net (125,652) - (125,652) - - -
Fossil fuel stock 23,967 - 23,967 - - -
Materials and supplies (10,662) - (10,662) - - -
Accounts payable 107,702 - 107,702 - - -
Energy cost recovery, retail (69,190) - (69,190) - - -
Other 23,336 - 23,336 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Net cash provided from operating activities 827,034 - 827,034 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Investing Activities:
Gross property additions (870,581) - (870,581) - - -
Other (49,414) - (49,414) - - -
-----------------------------------------------------------------------------------------------------------------------------------
Net cash used for investing activities (919,995) - (919,995) - - -
-----------------------------------------------------------------------------------------------------------------------------------
Financing Activities:
Increase (decrease) in notes payable, net 184,519 - 184,519 - - -
Proceeds--
Other long-term debt 250,000 - 250,000 - - -
Capital contributions from parent company 204,371 - 204,371 - - -
Retirements--
First mortgage bonds (111,009) - (111,009) - - -
Other long term debt (5,987) - (5,987) - - -
Payment of preferred stock dividends (16,110) - (16,110) - - -
Payment of common stock dividends (417,100) - (417,100) - - -
Other-- (951) - (951) - - -
-----------------------------------------------------------------------------------------------------------------------------------
Net cash provided from (used for) financing activities 87,733 - 87,733 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Net Change in Cash and Cash Equivalents (5,228) - (5,228) - - -
Cash and Cash Equivalents at Beginning of Period 19,475 - 19,475 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Cash and Cash Equivalents at End of Period $ 14,247 $ - $ 14,247 $ - $ - $ -
===================================================================================================================================
A-18
ALABAMA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2000
(in thousands)
ALABAMA ALABAMA ALABAMA ALABAMA ALABAMA
Consolidated Eliminations CORPORATE TRUST I TRUST II TRUST III
-----------------------------------------------------------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents $ 14,247 $ - $ 14,247 $ - $ - $ -
Receivables -
Customer accounts receivable 337,870 - 337,870 - - -
Unrecovered retail fuel clause revenue 237,817 - 237,817 - - -
Other accounts and notes receivable 60,315 - 60,315 - - -
Affiliated companies 95,704 - 95,704 - - -
Accumulated provision for uncollectible accts (6,237) - (6,237) - - -
Refundable income taxes - - - - - -
Fossil fuel stock, at average cost 60,615 - 60,615 - - -
Materials and supplies, at average cost 178,299 - 178,299 - - -
Other 52,624 - 52,624 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Total current assets 1,031,254 - 1,031,254 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Property, Plant and Equipment 8,162,777 - 8,162,777 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Other Property and Investments 366,130 (368,472) 376,866 100,000 206,186 51,550
-----------------------------------------------------------------------------------------------------------------------------------
Deferred Charges and Other Assets:
Deferred charges related to income taxes 345,550 - 345,550 - - -
Debt expense, being amortized 8,758 - 8,758 - - -
Premium on reacquired debt, being amortized 76,020 - 76,020 - - -
Prepaid pension Costs 268,259 - 268,259 - - -
Department of Energy assessments 24,588 - 24,588 - - -
Other 95,772 - 95,772 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Total deferred charges and other assets 818,947 - 818,947 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Total Assets $ 10,379,108 $ (368,472) $ 10,389,844 $ 100,000 $ 206,186 $51,550
===================================================================================================================================
A-19
ALABAMA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2000
(in thousands)
ALABAMA ALABAMA ALABAMA ALABAMA ALABAMA
Consolidated Eliminations CORPORATE TRUST I TRUST II TRUST III
-----------------------------------------------------------------------------------------------------------------------------------
Current Liabilities:
Securities due within one year $ 844 $ - $ 844 $ - $ - $ -
Notes payable 281,343 - 281,343 - - -
Accounts payable -
Affiliated 124,534 - 124,534 - - -
Other 209,205 - 209,205 - - -
Customer deposits 36,814 - 36,814 - - -
Taxes accrued 84,976 - 84,976 - - -
Interest accrued 33,186 - 33,186 - - -
Vacation pay accrued 31,711 - 31,711 - - -
Other 97,743 - 97,743 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Total current liabilities 900,356 - 900,356 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Long-term debt 3,425,527 (357,736) 3,783,263 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 1,401,424 - 1,401,424 - - -
Deferred credits related to income taxes 222,485 - 222,485 - - -
Accumulated deferred investment tax credits 249,280 - 249,280 - - -
Employee benefits provisions 84,816 - 84,816 - - -
Prepaid capacity revenues, net 58,377 - 58,377 - - -
Miscellaneous 176,559 - 176,559 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Total deferred credits and other liabilities 2,192,941 - 2,192,941 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Company obligated mandatorily
redeemable preferred securities 347,000 (10,736) - 100,000 206,186 51,550
Cumulative preferred stock 317,512 - - - - -
Common stock equity 3,195,772 - - - - -
-----------------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Stockholder's Equity $ 10,379,108 $ (368,472) $ 10,389,844 $ 100,000 $ 206,186 $ 51,550
-----------------------------------------------------------------------------------------------------------------------------------
A-20
Notes to ALABAMA's Consolidated
Financial Statements
(A) Represents equity in earnings of SEGCO, a non-consolidated
subsidiary in which ALABAMA has 50% ownership, which is
accounted for on the equity basis. See pages A-2 through A-16
for SEGCO's financial statements consolidated for SOUTHERN.
(B) Includes $78,331 in earnings of Alabama Property Company, a
non-consolidated subsidiary, which is accounted for on the
equity basis. See pages A-24 through A-26 for Alabama
Property Company's financial statements.
(C) Represents ALABAMA's investment in SEGCO.
(D) Includes $9,943,075 of investments in Alabama Property Company.
A-21
ALABAMA PROPERTY COMPANY
STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2000
(Unaudited; Not Consolidated in Parent, ALABAMA)
REVENUES:
Sales of recreational lots $ 148,669
Rentals 146,752
Interest on securities owned 310,351
---------
Total Revenues 605,773
COSTS AND EXPENSES:
Operating expenses 206,957
Taxes, net 320,485
---------
Total costs and expenses 527,442
---------
NET INCOME $ 78,331
==========
ALABAMA PROPERTY COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2000
(Unaudited; Not Consolidated in Parent, ALABAMA)
RETAINED EARNINGS AT DECEMBER 31, 1999 $9,414,741
Net Income 78,331
-----------
RETAINED EARNINGS AT DECEMBER 31, 2000 $9,493,072
==========
A-22
ALABAMA PROPERTY COMPANY
BALANCE SHEET AT DECEMBER 31, 2000
(Unaudited; Not Consolidated in Parent, ALABAMA)
ASSETS
CURRENT ASSETS:
Cash $ 91,159
Temporary cash investments 5,240,347
Accounts receivable
Other 2,500
Associated Companies (37,169)
-----------
Total current assets 5,296,837
PROPERTY AND MINERAL RIGHTS HELD FOR
FUTURE DEVELOPMENT 4,528,583
-----------
Total Assets $9,825,420
==========
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES:
Accounts payable to associated companies $ 27,290
Accrued income taxes (144,945)
-----------
Total current liabilities (117,655)
-----------
SHAREHOLDER'S INVESTMENT:
Common stock, $150 par value; 1,000 shares
authorized, issued and outstanding 150,000
Additional paid-in capital 300,000
Retained earnings 9,493,072
-----------
Total shareholder's investment 9,943,075
-----------
Total liabilities and capitalization $ 9,825,420
===========
A-23
GEORGIA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2000
(in thousands)
GEORGIA GEORGIA GEORGIA
Consolidated Eliminations CORPORATE PIEDMONT CAPITAL
----------------------------------------------------------------------------------------------------------------------------------
TOTAL OPERATING REVENUES $ 4,870,618 $ (839) $ 4,870,618 $ 839 $ -
----------------------------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES:
Operation --
Fuel 1,017,878 - 1,017,878 - -
Purchased and interchanged, net 356,189 - 356,189 - -
Purchase power from affiliates 239,815 - 239,815 - -
Other 795,458 (839) 796,296 -
Maintenance 404,189 - 404,189 - -
Depreciation and amortization 619,094 - 619,050 44 -
Taxes other than income taxes 204,527 - 204,189 338 -
----------------------------------------------------------------------------------------------------------------------------------
Total operating expenses 3,637,150 (839) 3,637,606 382 1
----------------------------------------------------------------------------------------------------------------------------------
Operating Income 1,233,468 - 1,233,012 457 (1)
----------------------------------------------------------------------------------------------------------------------------------
Other Income (Expense):
Interest income 2,629 (61,897) 2,629 970 -
Equity in earnings of unconsolidated subsidiaries 3,051 - 3,051 - -
Other, net (50,495) - (48,705) (1,790) -
----------------------------------------------------------------------------------------------------------------------------------
Earnings Before Interest and Income Taxes 1,188,653 (61,897) 1,189,987 (363) (1)
----------------------------------------------------------------------------------------------------------------------------------
Interest Charges and Other:
Interest on long-term debt 169,298 (61,897) 230,755 440 -
Interest on notes payable 28,262 - 28,262 - -
Amortization of debt discount, premium and expense, net 14,245 - 14,245 - -
Other interest charges, net (2,937) - (2,937) - -
Distributions on preferred securities of subsidiary companies 59,104 - - - -
----------------------------------------------------------------------------------------------------------------------------------
Total interest charges and other, net 267,972 (61,897) 270,325 440 0
----------------------------------------------------------------------------------------------------------------------------------
Earnings Before Income Taxes 920,681 - 919,662 (803) (1)
Income taxes 360,587 - 360,898 (311) -
----------------------------------------------------------------------------------------------------------------------------------
Net Income 560,094 - 558,764 (492) (1)
Dividends on Preferred Stock 674 - 674 - -
----------------------------------------------------------------------------------------------------------------------------------
NET INCOME AFTER DIVIDENDS ON PREFERRED STOCK $ 559,420 $ - $ 558,090 $ (492) $ (1)
==================================================================================================================================
A-24a
GEORGIA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2000
(in thousands)
GEORGIA GEORGIA GEORGIA GEORGIA
TRUST I TRUST II TRUST III TRUST IV
---------------------------------------------------------------------------------------------------------------------
TOTAL OPERATING REVENUES $ - $ - $ - $ -
---------------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES:
Operation --
Fuel - - - -
Purchased and interchanged, net - - - -
Purchase power from affiliates - - - -
Other - - - -
Maintenance - - - -
Depreciation and amortization - - - -
Taxes other than income taxes - - - -
---------------------------------------------------------------------------------------------------------------------
Total operating expenses - - - -
---------------------------------------------------------------------------------------------------------------------
Operating Income - - - -
---------------------------------------------------------------------------------------------------------------------
Other Income (Expense):
Interest income 17,977 13,711 15,121 14,118
Equity in earnings of unconsolidated subsidiaries - - - -
Other, net - - - -
---------------------------------------------------------------------------------------------------------------------
Earnings Before Interest and Income Taxes 17,977 13,711 15,121 14,118
---------------------------------------------------------------------------------------------------------------------
Interest Charges and Other:
Interest on long-term debt - - - -
Interest on notes payable - - - -
Amortization of debt discount, premium and expense, net - - - -
Other interest charges, net - - - -
Distributions on preferred securities of subsidiary companies 17,437 13,300 14,667 13,700
---------------------------------------------------------------------------------------------------------------------
Total interest charges and other, net 17,437 13,300 14,667 13,700
---------------------------------------------------------------------------------------------------------------------
Earnings Before Income Taxes 540 411 454 418
Income taxes - - - -
---------------------------------------------------------------------------------------------------------------------
Net Income 540 411 454 418
Dividends on Preferred Stock - - -
---------------------------------------------------------------------------------------------------------------------
NET INCOME AFTER DIVIDENDS ON PREFERRED STOCK $ 540 $ 411 $ 454 $ 418
=====================================================================================================================
A-24b
GEORGIA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2000
(in thousands)
GEORGIA GEORGIA GEORGIA
Consolidated Eliminations CORPORATE PIEDMONT CAPITAL
-----------------------------------------------------------------------------------------------------------------------------------
Operating Activities:
Net Income $ 560,094 $ - $ 558,764 $ (492) $ (1)
Adjustments to reconcile consolidated net income to net cash
provided by operating activities -
Depreciation and amortization 712,960 - 711,127 1,833 -
Deferred income taxes and investment tax credits, net (28,961) - (29,279) 318 -
Allowance for equity funds used during construction (2,901) - (2,901) - -
Other, net (48,600) - (48,600) - -
Change in current assets and liabilities -
Receivables, net (108,621) 1,330 (108,129) - 1
Inventories 17,120 - 17,120 - -
Payables 64,412 (1,330) 65,742 - -
Taxes accrued 7,335 - 8,228 (893) -
Energy cost recovery, retail (95,235) - (95,235) - -
Other (16,427) - (16,427) - -
-----------------------------------------------------------------------------------------------------------------------------------
Net cash provided from operating activities 1,061,176 - 1,060,410 766 -
-----------------------------------------------------------------------------------------------------------------------------------
Investing Activities:
Gross property additions (1,078,163) - (1,078,163) - -
Other (5,450) - (5,450) - -
-----------------------------------------------------------------------------------------------------------------------------------
Net cash used for investing activities (1,083,613) - (1,083,613) - -
-----------------------------------------------------------------------------------------------------------------------------------
Financing Activities:
Increase (decrease) in notes payable, net 67,598 - 67,598 - -
Proceeds--
Senior notes and other long-term debt 300,000 - 299,888 112 -
Pollution control bonds 78,725 - 78,725 - -
Capital contributions from parent company 301,514 - 301,514 - -
Retirements--
First mortgage bonds (100,000) - (100,000) - -
Pollution control bonds (78,725) - (78,725) - -
Preferred stock (383) - (383) - -
Payment of preferred stock dividends (751) - (751) - -
Payment of common stock dividends (549,600) - (549,600) - -
Other-- (1,231) - (353) (878) -
-----------------------------------------------------------------------------------------------------------------------------------
Net cash used for financing activities 17,147 - 17,913 (766) -
-----------------------------------------------------------------------------------------------------------------------------------
Net Change in Cash and Cash Equivalents (5,290) - (5,290) - -
Cash and Cash Equivalents at Beginning of Year 34,660 - 34,660 - -
-----------------------------------------------------------------------------------------------------------------------------------
Cash and Cash Equivalents at End of Year $ 29,370 $ - $ 29,370 $ - $ -
===================================================================================================================================
A-25a
GEORGIA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2000
(in thousands)
GEORGIA GEORGIA GEORGIA GEORGIA
TRUST I TRUST II TRUST III TRUST IV
-------------------------------------------------------------------------------------------------------------------------------
Operating Activities:
Net Income $ 540 $ 411 $ 454 $ 418
Adjustments to reconcile consolidated net income to net cash
provided by operating activities -
Depreciation and amortization - - - -
Deferred income taxes and investment tax credits, net - - - -
Allowance for equity funds used during construction - - - -
Other, net - - - -
Change in current assets and liabilities -
Receivables, net (540) (411) (454) (418)
Inventories - - - -
Payables - - - -
Taxes accrued - - - -
Energy cost recovery, retail - - - -
Other - - - -
-------------------------------------------------------------------------------------------------------------------------------
Net cash provided from operating activities - - - -
-------------------------------------------------------------------------------------------------------------------------------
Investing Activities:
Gross property additions - - - -
Other - - - -
-------------------------------------------------------------------------------------------------------------------------------
Net cash used for investing activities - - - -
-------------------------------------------------------------------------------------------------------------------------------
Financing Activities:
Increase (decrease) in notes payable, net - - - -
Proceeds--
Senior notes and other long-term debt - - - -
Pollution control bonds - - - -
Capital contributions from parent company - - - -
Retirements--
First mortgage bonds - - - -
Pollution control bonds - - - -
Preferred stock - - - -
Payment of preferred stock dividends - - - -
Payment of common stock dividends - - - -
Other-- - - - -
-------------------------------------------------------------------------------------------------------------------------------
Net cash used for financing activities - - - -
-------------------------------------------------------------------------------------------------------------------------------
Net Change in Cash and Cash Equivalents - - - -
Cash and Cash Equivalents at Beginning of Year - - - -
-------------------------------------------------------------------------------------------------------------------------------
Cash and Cash Equivalents at End of Year $ - $ - $ - $ -
===============================================================================================================================
A-25b
GEORGIA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2000
(in thousands)
GEORGIA GEORGIA GEORGIA
Consolidated Eliminations CORPORATE PIEDMONT CAPITAL
---------------------------------------------------------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents $ 29,370 $ - $ 29,370 $ - $ -
Receivables -
Customer accounts receivable 596,872 - 596,872 - -
Other accounts and notes receivable 156,143 (7,664) 156,143 - 1,325
Affiliated companies 13,312 - 13,312 - -
Accumulated provision for uncollectible accts (5,100) - (5,100) - -
Fossil fuel stock, at average cost 99,463 - 99,463 - -
Materials and supplies, at average cost 263,609 - 263,609 - -
Other 97,515 - 97,515 - -
---------------------------------------------------------------------------------------------------------------------------------
Total current assets 1,251,184 (7,664) 1,251,184 - 1,325
---------------------------------------------------------------------------------------------------------------------------------
Utility Plant 10,328,028 - 10,309,760 18,268 -
---------------------------------------------------------------------------------------------------------------------------------
Other Property and Investments 434,980 (865,046) 485,351 1,015 -
---------------------------------------------------------------------------------------------------------------------------------
Deferred Charges and Other Assets:
Deferred charges related to income taxes 565,982 - 565,982 - -
Prepaid pension costs 205,113 - 205,113 - -
Debt expense, being amortized 53,748 - 53,748 - -
Premium on reacquired debt, being amortized 173,610 - 173,610 - -
Other 120,964 - 120,964 - -
---------------------------------------------------------------------------------------------------------------------------------
Total deferred charges and other assets 1,119,417 - 1,119,417 - -
---------------------------------------------------------------------------------------------------------------------------------
Total Assets $ 13,133,609 $ (872,710) $ 13,165,712 $ 19,283 $ 1,325 $
=================================================================================================================================
A-26a
GEORGIA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2000
(in thousands)
GEORGIA GEORGIA GEORGIA GEORGIA
TRUST I TRUST II TRUST III TRUST IV
----------------------------------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents $ - $ - $ - $ -
Receivables -
Customer accounts receivable - - - -
Other accounts and notes receivable 2,291 1,628 1,612 808
Affiliated companies - - - -
Accumulated provision for uncollectible accts - - - -
Fossil fuel stock, at average cost - - - -
Materials and supplies, at average cost - - - -
Other - - - -
----------------------------------------------------------------------------------------------------------
Total current assets 2,291 1,628 1,612 808
----------------------------------------------------------------------------------------------------------
Utility Plant - - -
----------------------------------------------------------------------------------------------------------
Other Property and Investments 231,959 180,412 195,103 206,186
----------------------------------------------------------------------------------------------------------
Deferred Charges and Other Assets:
Deferred charges related to income taxes - - - -
Prepaid pension costs - - - -
Debt expense, being amortized - - - -
Premium on reacquired debt, being amortized - - - -
Other - - - -
-------------------------------------------------------------------------------------------------------------
Total deferred charges and other assets - - - -
-------------------------------------------------------------------------------------------------------------
Total Assets $234,250 $ 182,040 $ 196,715 $ 206,994
=============================================================================================================
A-26b
GEORGIA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2000
(in thousands)
GEORGIA GEORGIA GEORGIA
Consolidated Eliminations CORPORATE PIEDMONT CAPITAL
--------------------------------------------------------------------------------------------------------------------------------
Current Liabilities:
Securities due within one year $ 1,808 $ - $ 1,808 $ - $ -
Notes payable to banks 703,839 - 703,839 - -
Accounts payable -
Affiliated 117,168 - 117,168 - -
Other 397,550 - 397,550 - -
Customer deposits 78,540 - 78,540 - -
Taxes accrued 142,662 - 142,731 (69) -
Interest accrued 47,244 (7,664) 54,908 - -
Vacation pay accrued 38,865 - 38,865 - -
Other 153,400 - 153,400 - -
--------------------------------------------------------------------------------------------------------------------------------
Total current liabilities 1,681,076 (7,664) 1,688,809 (69) -
--------------------------------------------------------------------------------------------------------------------------------
Long-Term Debt 3,041,939 (827,017) 3,855,598 13,358 -
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 2,182,783 - 2,182,744 39 -
Accumulated deferred investment tax credits 247,067 - 247,067 - -
Deferred credits related to income taxes 352,282 - 352,282 - -
Employee benefits provisions 177,444 - 177,444 - -
Other 397,655 - 397,655 - -
--------------------------------------------------------------------------------------------------------------------------------
Total deferred credits and other liabilities 3,357,231 - 3,357,192 39 -
--------------------------------------------------------------------------------------------------------------------------------
Company obligated mandatorily
redeemable preferred securities 789,250 - - - -
Cumulative Preferred Stock 14,569 - 14,569 - -
Common Stockholder's Equity 4,249,544 (38,029) 4,249,544 5,955 1,325
--------------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Stockholder's Equity $ 13,133,609 $ (872,710) $ 13,165,712 $ 19,283 $ 1,325
================================================================================================================================
A-27a
GEORGIA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2000
(in thousands)
GEORGIA GEORGIA GEORGIA GEORGIA
TRUST I TRUST II TRUST III TRUST IV
----------------------------------------------------------------------------------------------------------------------------------
Current Liabilities:
Securities due within one year $ - $ - $ - $ -
Notes payable to banks - - - -
Accounts payable -
Affiliated - - - -
Other - - - -
Customer deposits - - - -
Taxes accrued - - - -
Interest accrued - - - -
Vacation pay accrued - - - -
Other - - - -
----------------------------------------------------------------------------------------------------------------------------------
Total current liabilities - - - -
----------------------------------------------------------------------------------------------------------------------------------
Long-Term Debt - - - -
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes - - - -
Accumulated deferred investment tax credits - - - -
Deferred credits related to income taxes - - - -
Employee benefits provisions - - - -
Other - - - -
----------------------------------------------------------------------------------------------------------------------------------
Total deferred credits and other liabilities - - - -
----------------------------------------------------------------------------------------------------------------------------------
Company obligated mandatorily
redeemable preferred securities 225,000 175,000 189,250 200,000
Cumulative Preferred Stock - - - -
Common Stockholder's Equity 9,250 7,040 7,465 6,994
----------------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Stockholder's Equity $234,250 $182,040 $ 196,715 $ 206,994
==================================================================================================================================
A-27b
Notes to GEORGIA's Consolidated
Financial Statements
(A)Includes $2,953,000 equity in earnings for SEGCO, a
non-consolidated subsidiary in which GEORGIA has 50% ownership.
SEGCO is accounted for on the equity basis. See pages A-2 through
A-14 for SEGCO's financial statements consolidated for SOUTHERN.
(B)Includes $25,485,000 of investments in SEGCO.
A-28
GULF POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2000
(in thousands)
GULF GULF GULF GULF
Consolidated Eliminations CORPORATE TRUST I TRUST II
-----------------------------------------------------------------------------------------------------------------------------------
Total operating revenues $ 714,319 $ - $ 714,319 $ - $ -
-----------------------------------------------------------------------------------------------------------------------------------
Operating Expenses:
Operation --
Fuel 215,744 - 215,744 - -
Purchased power from non-affiliates 73,846 - 73,846 - -
Purchased power from affiliates 8,644 - 8,644 - -
Other 117,146 - 117,146 - -
Maintenance 56,281 - 56,281 - -
Depreciation and amortization 66,873 - 66,873 - -
Taxes other than income taxes 55,904 - 55,904 - -
-----------------------------------------------------------------------------------------------------------------------------------
Total operating expenses 594,438 - 594,438 - -
-----------------------------------------------------------------------------------------------------------------------------------
Operating income 119,881 - 119,881 - -
Other Income (Expense):
Interest income 1,137 (6,391) 1,137 3,144 3,247
Other, net (4,126) - (4,126) - -
-----------------------------------------------------------------------------------------------------------------------------------
Earnings Before Interest and Income Taxes 116,892 (6,391) 116,892 3,144 3,247
-----------------------------------------------------------------------------------------------------------------------------------
Interest and Other:
Interest expense, net 28,085 (6,391) 34,476 - -
Distributions on preferred securities of subsidiary 6,200 - - 3,050 3,150
-----------------------------------------------------------------------------------------------------------------------------------
Total interest charges and other, net 34,285 (6,391) 34,476 3,050 3,150
-----------------------------------------------------------------------------------------------------------------------------------
Earnings Before Income Taxes 82,607 - 82,416 94 97
Income taxes 30,530 - 30,530 - -
-----------------------------------------------------------------------------------------------------------------------------------
Net Income 52,077 - 51,886 94 97
-----------------------------------------------------------------------------------------------------------------------------------
Dividends on Preferred Stock 234 - 234 - -
-----------------------------------------------------------------------------------------------------------------------------------
Net Income After Dividends on Preferred Stock $ 51,843 $ - $ 51,652 $ 94 $ 97
===================================================================================================================================
A-29
GULF POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2000
(in thousands)
GULF GULF GULF GULF
Consolidated Eliminations CORPORATE TRUST I TRUST II
-----------------------------------------------------------------------------------------------------------------------------------
OPERATING ACTIVITIES
Net Income $ 52,077 $ - $ 51,886 $ 94 $ 97
Adjustments to reconcile consolidated net income to net cash
provided by operating activities -
Depreciation and amortization 69,915 - 69,915 - -
Deferred income taxes and investment tax credits, net (12,516) - (12,516) - -
Other, net 10,686 - 10,686 - -
Change in current assets and liabilities -
Receivables, net (20,212) 191 (20,212) (94) (97)
Fossil fuel stock 13,101 - 13,101 - -
Materials and supplies 1,055 - 1,055 - -
Accounts payable 15,924 (191) 16,115 - -
Provision for rate refund 7,203 - 7,203 - -
Other 12,521 - 12,521 - -
-----------------------------------------------------------------------------------------------------------------------------------
NET CASH PROVIDED FROM OPERATING ACTIVITIES 149,754 - 149,754 - -
-----------------------------------------------------------------------------------------------------------------------------------
INVESTING ACTIVITIES
Gross property additions (95,807) - (95,807) - -
Other (4,432) - (4,432) - -
-----------------------------------------------------------------------------------------------------------------------------------
NET CASH USED FOR INVESTING ACTIVITIES (100,239) - (100,239) - -
-----------------------------------------------------------------------------------------------------------------------------------
FINANCING ACTIVITIES AND CAPITAL CONTRIBUTIONS
Increase (decrease) in notes payable, net (12,000) - (12,000) - -
Proceeds--
Capital contributions from parent company 12,222 - 12,222 - -
Retirements--
Other long-term debt (1,853) - (1,853) - -
Payment of preferred stock dividends (234) - (234) - -
Payment of common stock dividends (59,000) - (59,000) - -
Other (22) - (22) - -
-----------------------------------------------------------------------------------------------------------------------------------
NET CASH USED FOR FINANCINGS (60,887) - (60,887) - -
-----------------------------------------------------------------------------------------------------------------------------------
Net Change in Cash and Cash Equivalents (11,372) - (11,372) - -
Cash and Cash Equivalents at Beginning of Period 15,753 - 15,753 - -
-----------------------------------------------------------------------------------------------------------------------------------
Cash and Cash Equivalents at End of Period $ 4,381 $ - $ 4,381 $ - $ -
===================================================================================================================================
A-30
GULF POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2000
(in thousands)
GULF GULF GULF GULF
Consolidated Eliminations CORPORATE TRUST I TRUST II
-----------------------------------------------------------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents $ 4,381 $ - $ 4,381 $ - $ -
Receivables -
Customer accounts receivable 69,820 - 69,820 369 296
Other accounts and notes receivable 2,179 (665) 2,179 - -
Affiliated companies 15,026 - 15,026 - -
Accumulated provision for uncollectible accts (1,302) - (1,302) - -
Fossil fuel stock, at average cost 16,768 - 16,768 - -
Materials and supplies, at average cost 29,033 - 29,033 - -
Regulatory clauses under recovery 2,112 - 2,112 - -
Other 6,543 - 6,543 - -
-----------------------------------------------------------------------------------------------------------------------------------
Total current assets 144,560 (665) 144,560 369 296
-----------------------------------------------------------------------------------------------------------------------------------
Property, Plant and Equipment 1,095,771 - 1,095,771 - -
-----------------------------------------------------------------------------------------------------------------------------------
Other Property and Investments 4,510 (90,258) 7,139 41,237 46,392
Deferred Charges and OtherAssets:
Deferred charges related to income taxes 15,963 - 15,963 - -
Prepaid pension costs 23,491 - 23,491 - -
Debt expense, being amortized 2,392 - 2,392 - -
Premium on reacquired debt, being amortized 15,866 - 15,866 - -
-----------------------------------------------------------------------------------------------------------------------------------
Other 12,943 - 12,943 - -
-----------------------------------------------------------------------------------------------------------------------------------
Total deferred charges and other assets 70,655 - 70,655 - -
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Total Assets $ 1,315,496 $ (90,923) $ 1,318,125 $ 41,606 $ 46,688
===================================================================================================================================
A-31
GULF POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2000
(in thousands)
GULF GULF GULF GULF
Consolidated Eliminations CORPORATE TRUST I TRUST II
----------------------------------------------------------------------------------------------------------------------------
Current Liabilities:
Notes payable $ 43,000 $ - $ 43,000 $ - $ -
Accounts payable
Affiliated companies 17,558 - 17,558 - -
Other 38,153 - 38,153 - -
Customer deposits 13,474 - 13,474 - -
Taxes accrued 12,613 - 12,613 - -
Interest accrued 8,324 (665) 8,989 - -
Provision for rate refund 7,203 - 7,203 - -
Vacation pay accrued 4,512 - 4,512 - -
Regulatory clauses over recovery 6,848 - 6,848 - -
Other 1,584 - 1,584 - -
----------------------------------------------------------------------------------------------------------------------------
Total current liabilities 153,269 (665) 153,934 - -
----------------------------------------------------------------------------------------------------------------------------
Long-term debt 365,993 (87,629) 453,622 - -
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 155,074 - 155,074 - -
Accumulated deferred investment tax credits 25,792 - 25,792 - -
Deferred credits related to income taxes 38,255 - 38,255 - -
Employee benefits provisions 34,507 - 34,507 - -
Other 25,992 - 25,992 - -
----------------------------------------------------------------------------------------------------------------------------
Total deferred credits and other liabilities 279,620 - 279,620 - -
----------------------------------------------------------------------------------------------------------------------------
Company obligated mandatorily
redeemable preferred securities 85,000 - - 40,000 45,000
Preferred stock 4,236 - 4,236
Common stockholder's equity 427,378 (2,629) 426,713 1,606 1,688
----------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Stockholder's Equity $ 1,315,496 $ (90,923) $ 1,318,125 $ 41,606 $ 46,688
============================================================================================================================
A-32
MISSISSIPPI POWER COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2000
(in thousands)
MISSISSIPPI MISSISSIPPI MISSISSIPPI
Consolidated Eliminations CORPORATE TRUST I
---------------------------------------------------------------------------------------------------------------------------------
TOTAL OPERATING REVENUES $ 687,602 $ - $ 687,602 $ -
---------------------------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES:
Operation --
Fuel 191,127 - 191,127 -
Purchased power from non-affiliates 56,082 - 56,082 -
Purchased power from affiliates 51,057 - 51,057 -
Other 115,055 - 115,055 -
Maintenance 52,750 - 52,750 -
Depreciation and amortization 50,275 - 50,275 -
Taxes other than income taxes 48,686 - 48,686 -
---------------------------------------------------------------------------------------------------------------------------------
Total operating expenses 565,032 565,032
---------------------------------------------------------------------------------------------------------------------------------
Operating Income 122,570 122,570
---------------------------------------------------------------------------------------------------------------------------------
Other Income:
Interest income 347 (2,712) 347 2,712
Other, net (647) - (647) -
---------------------------------------------------------------------------------------------------------------------------------
Earnings Before Interest and Income Taxes 122,270 (2,712) 122,270 2,712
---------------------------------------------------------------------------------------------------------------------------------
Interest Charges and Other:
Interest on long-term debt 24,595 (2,712) 27,307 -
Interest on notes payable 2,450 - 2,450 -
Amortization of debt discount, premium and expense, net 1,313 - 1,313 -
Other interest charges (257) - (257) -
Distributions on preferred securities of subsidiary trust 2,712 - - 2,712
---------------------------------------------------------------------------------------------------------------------------------
Net interest charges 30,813 (2,712) 30,813 2,712
---------------------------------------------------------------------------------------------------------------------------------
Earnings Before Income Taxes 91,457 - 91,457 -
Income taxes 34,356 - 34,356 -
---------------------------------------------------------------------------------------------------------------------------------
Net Income 57,101 - 57,101 -
---------------------------------------------------------------------------------------------------------------------------------
Dividends on Preferred Stock 2,129 - 2,129 -
---------------------------------------------------------------------------------------------------------------------------------
NET INCOME AFTER DIVIDENDS ON PREFERRED STOCK $ 54,972 $ - $ 54,972 $ -
=================================================================================================================================
A-33
MISSISSIPPI POWER COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2000
(in thousands)
MISSISSIPPI MISSISSIPPI MISSISSIPPI
Consolidated Eliminations CORPORATE TRUST I
----------------------------------------------------------------------------------------------------------------------------
Operating Activities:
Net Income $ 57,101 $ - $ 57,101 $ -
Adjustments to reconcile consolidated net income to net cash
provided by operating activities -
Depreciation and amortization 54,638 - 54,638 -
Deferred income taxes and investment tax credits, net 752 - 752 -
Other, net (1,747) - (1,747) -
Change in current assets and liabilities -
Receivables, net (3,231) - (3,231) -
Fossil fuel stock 14,577 - 14,577 -
Materials and supplies (1,056) - (1,056) -
Accounts payable 1,309 - 1,309 -
Other 2,952 - 2,952 -
----------------------------------------------------------------------------------------------------------------------------
Net cash provided from operating activities 125,295 - 125,295 -
----------------------------------------------------------------------------------------------------------------------------
Investing Activities:
Gross property additions (81,211) - (81,211) -
Other (9,153) - (9,153) -
----------------------------------------------------------------------------------------------------------------------------
Net cash used for investing activities (90,364) - (90,364) -
----------------------------------------------------------------------------------------------------------------------------
Financing Activities and Capital Contributions
Increase (decrease) in notes payable, net (1,500) - (1,500) -
Proceeds--
Other long-term debt 100,000 - 100,000 -
Capital contributions from parent company 12,659 - 12,659 -
Retirements--
First mortgage bonds (81,405) - (81,405) -
Payment of preferred stock dividends (2,129) - (2,129) -
Payment of common stock dividends (54,700) - (54,700) -
Other (498) - (498) -
----------------------------------------------------------------------------------------------------------------------------
Net cash used for financing activities (27,573) - (27,573) -
----------------------------------------------------------------------------------------------------------------------------
Net Change in Cash and Cash Equivalents 7,358 - 7,358 -
Cash and Cash Equivalents at the Beginning of Period 173 - 173 -
----------------------------------------------------------------------------------------------------------------------------
Cash and Cash Equivalents at End of Period $ 7,531 $ - $ 7,531 $ -
============================================================================================================================
A-34
MISSISSIPPI POWER COMPANY AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2000
(in thousands)
MISSISSIPPI MISSISSIPPI MISSISSIPPI
Consolidated Eliminations CORPORATE TRUST I
--------------------------------------------------------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents $ 7,531 $ - $ 7,531 $ -
Receivables -
Customer accounts receivable 72,064 - 72,064 -
Other accounts and notes receivable 21,843 - 21,843 -
Affiliated companies 10,071 - 10,071 -
Accumulated provision for uncollectible accts (571) - (571) -
Fossil fuel stock, at average cost 11,220 - 11,220 -
Materials and supplies, at average cost 21,694 - 21,694 -
Other 8,320 - 8,320 -
--------------------------------------------------------------------------------------------------------------------------------
Total current assets 152,172 - 152,172 -
--------------------------------------------------------------------------------------------------------------------------------
Property, Plant and Equipment 1,073,939 - 1,073,939 -
--------------------------------------------------------------------------------------------------------------------------------
Other Property and Investments 2,268 (37,164) 3,350 36,082
--------------------------------------------------------------------------------------------------------------------------------
Deferred Charges and Other Assets:
Deferred charges related to income taxes 13,860 - 13,860 -
Prepaid pension costs 6,724 - 6,724 -
Debt expense, being amortized 4,628 - 4,628 -
Premium on reacquired debt, being amortized 7,168 - 7,168 -
Other 14,312 - 14,312 -
--------------------------------------------------------------------------------------------------------------------------------
Total deferred charges and other assets 46,692 - 46,692 -
--------------------------------------------------------------------------------------------------------------------------------
Total Assets $ 1,275,071 $ (37,164) $ 1,276,153 $36,082
================================================================================================================================
A-35
MISSISSIPPI POWER COMPANY AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2000
(in thousands)
MISSISSIPPI MISSISSIPPI MISSISSIPPI
Consolidated Eliminations CORPORATE TRUST I
------------------------------------------------------------------------------------------------------------------------------------
Current Liabilities
Securities due within one year $ 20 $ - $ 20 $ -
Notes payable 56,000 - 56,000 -
Accounts payable 58,861 - 58,861 -
Customer deposits 5,274 - 5,274 -
Taxes accrued 45,568 - 45,568 -
Interest accrued 4,482 - 4,482 -
Vacation pay accrued 5,701 - 5,701 -
Other 7,003 - 7,003 -
------------------------------------------------------------------------------------------------------------------------------------
Total current liabilities 182,909 - 182,909 -
------------------------------------------------------------------------------------------------------------------------------------
Long-term debt 370,511 - 370,511 -
------------------------------------------------------------------------------------------------------------------------------------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 139,909 - 139,909 -
Deferred credits related to income taxes 25,603 - 25,603 -
Accumulated deferred investment tax credits 23,481 - 23,481 -
Employee benefits provisions 34,671 - 34,671 -
Workforce reduction plan 9,734 - 9,734 -
Other 16,546 - 16,546 -
------------------------------------------------------------------------------------------------------------------------------------
Total deferred credits and other liabilities 249,944 - 249,944 -
------------------------------------------------------------------------------------------------------------------------------------
Company obligated mandatorily redeemable
preferred securities of subsidiary trust holding
company junior subordinated notes 35,000 - - 35,000
Preferred stock 31,809 - 31,809 -
Common stockholder's equity 404,898 (1,082) 404,898 1,082
------------------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Stockholder's Equity $ 1,275,071 $ (1,082) $ 1,240,071 $36,082
====================================================================================================================================
A-36
SAVANNAH ELECTRIC AND POWER COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2000
(in thousands)
SAVANNAH SAVANNAH SAVANNAH
Consolidated Eliminations CORPORATE TRUST I
---------------------------------------------------------------------------------------------------------------------------------
Total Operating Revenues $ 295,718 $ - $ 295,718 $ -
---------------------------------------------------------------------------------------------------------------------------------
Operating Expenses:
Operation --
Fuel 57,177 - 57,177 -
Purchased power from non-affiliates 25,229 - 25,229 -
Purchase power from affiliates 50,111 - 50,111 -
Other 54,829 - 54,829 -
Maintenance 19,334 - 19,334 -
Depreciation and amortization 25,240 - 25,240 -
Taxes other than income taxes 13,116 - 13,116 -
----------------------------------------------------------------------------------------------------------------------------------
Total operating expenses 245,036 - 245,036 -
----------------------------------------------------------------------------------------------------------------------------------
Operating Income 50,682 - 50,682 -
Other Income (Expense):
Interest income 252 (2,825) 252 2,825
Other, net 1,086 - 1,086 -
----------------------------------------------------------------------------------------------------------------------------------
Earnings Before Interest and Income Taxes 52,020 (2,825) 52,020 2,825
----------------------------------------------------------------------------------------------------------------------------------
Interest and Other:
Interest expense, net 12,737 (2,825) 15,562 -
Distributions on preferred securities of subsidiary trust 2,740 - 2,740
----------------------------------------------------------------------------------------------------------------------------------
Total interest charges and other, net 15,477 (2,825) 15,562 2,740
----------------------------------------------------------------------------------------------------------------------------------
Earnings Before Income Taxes 36,543 - 36,458 85
Income taxes 13,574 - 13,574 -
----------------------------------------------------------------------------------------------------------------------------------
Net Income 22,969 - 22,884 85
----------------------------------------------------------------------------------------------------------------------------------
Dividends on Preferred Stock - - - -
----------------------------------------------------------------------------------------------------------------------------------
Net Income After Dividends on Preferred Stock $ 22,969 $ - $ 22,884 $ 85
==================================================================================================================================
A-37
SAVANNAH ELECTRIC AND POWER COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2000
(in thousands)
SAVANNAH SAVANNAH SAVANNAH
Consolidated Eliminations CORPORATE TRUST I
------------------------------------------------------------------------------------------------------------------------------
Operating Activities:
Net Income $ 22,969 $ - $ 22,884 $ 85
Adjustments to reconcile consolidated net income to net cash
provided by operating activities -
Depreciation and amortization 26,639 - 26,639 -
Deferred income taxes and investment tax credits, net 728 - 728 -
Other, net 3,835 - 3,835 -
Change in certain current assets and liabilities -
Receivables, net (23,260) 85 (23,260) (85)
Fossil fuel stock (31) - (31) -
Material and supplies (542) - (542) -
Accounts payable 8,881 (85) 8,966 -
Other (4,674) - (4,674) -
------------------------------------------------------------------------------------------------------------------------------
Net cash provided from operating activities 34,545 - 34,545 -
------------------------------------------------------------------------------------------------------------------------------
Investing Activities:
Gross property additions (27,290) - (27,290) -
Other (1,835) - (1,835) -
------------------------------------------------------------------------------------------------------------------------------
Net cash used for investing activities (29,125) - (29,125) -
------------------------------------------------------------------------------------------------------------------------------
Financing Activities:
Increase in notes payable, net 11,100 - 11,100 -
Proceeds--
Capital contribution from parent company 1,478 - 1,478 -
Retirements--
Other long-term debt (251) - (251) -
Payment of common stock dividends (24,300) - (24,300) -
------------------------------------------------------------------------------------------------------------------------------
Net cash used for financing activities (11,973) - (11,973) -
------------------------------------------------------------------------------------------------------------------------------
Net Change in Cash and Cash Equivalents (6,553) - (6,553) -
Cash and Cash Equivalents at Beginning of Period 6,553 - 6,553 -
------------------------------------------------------------------------------------------------------------------------------
Cash and Cash Equivalents at End of Period $ - $ - $ - $ -
==============================================================================================================================
A-38
SAVANNAH ELECTRIC AND POWER COMPANY AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2000
(in thousands)
SAVANNAH SAVANNAH SAVANNAH
Consolidated Eliminations CORPORATE TRUST I
----------------------------------------------------------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents $ - $ - $ - $ -
Receivables -
Customer accounts receivable 28,189 - 28,189 -
Unrecovered retail fuel clause revenue 39,632 - 39,632 -
Other accounts and notes receivable 1,412 (175) 1,412 175
Affiliated companies 738 - 738 -
Accumulated provision for uncollectible accts (407) - (407) -
Fossil fuel stock, at average cost 7,140 - 7,140 -
Materials and supplies, at average cost 8,944 - 8,944 -
Prepaid taxes 8,651 - 8,651 -
Other 377 - 377 -
----------------------------------------------------------------------------------------------------------------------------------
Total current assets 94,676 (175) 94,676 175
----------------------------------------------------------------------------------------------------------------------------------
Property, Plant, and Equipment 454,022 - 454,022 -
----------------------------------------------------------------------------------------------------------------------------------
Other Property and Investments 2,066 (42,474) 3,303 41,237
----------------------------------------------------------------------------------------------------------------------------------
Deferred Charges and Other Assets:
Deferred charges related to income taxes 12,404 - 12,404 -
Cash surrender value of life insurance for deferred - -
compensation plans 17,954 - 17,954 -
Debt expense, being amortized 3,003 - 3,003 -
Premium on reacquired debt, being amortized 7,575 - 7,575 -
Other 2,527 - 2,527 -
----------------------------------------------------------------------------------------------------------------------------------
Total deferred charges and other assets 43,463 - 43,463 -
----------------------------------------------------------------------------------------------------------------------------------
Total Assets $ 594,227 $ (42,649) $ 595,464 $41,412
==================================================================================================================================
A-39
SAVANNAH ELECTRIC AND POWER COMPANY AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2000
(in thousands)
SAVANNAH SAVANNAH SAVANNAH
Consolidated Eliminations CORPORATE TRUST I
--------------------------------------------------------------------------------------------------------------------------------
Current Liabilities:
Securities due within one year $ 30,698 $ - $ 30,698 $ -
Notes payable 45,400 - 45,400 -
Accounts payable 23,891 - 23,891 -
Customer deposits 5,696 - 5,696 -
Taxes accrued 4,885 - 4,885 -
Interest accrued 4,541 (175) 4,716 -
Vacation pay accrued 2,276 - 2,276 -
Other 7,973 - 7,973 -
--------------------------------------------------------------------------------------------------------------------------------
Total current liabilities 125,360 (175) 125,535 -
--------------------------------------------------------------------------------------------------------------------------------
Long-term debt 116,902 (41,237) 158,139 -
--------------------------------------------------------------------------------------------------------------------------------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 79,756 - 79,756 -
Deferred credits related to income taxes 16,038 - 16,038 -
Accumulated deferred investment tax credits 10,616 - 10,616 -
Deferred compensation plans 11,968 - 11,968 -
Employee benefits provisions 8,127 - 8,127 -
Other 10,466 - 10,466 -
--------------------------------------------------------------------------------------------------------------------------------
Total deferred credits and other liabilities 136,971 - 136,971 -
--------------------------------------------------------------------------------------------------------------------------------
Company obligated mandatorily
redeemable preferred securities 40,000 - - 40,000
--------------------------------------------------------------------------------------------------------------------------------
Common stockholder's equity 174,994 (1,237) 174,819 1,412
-------------------------------------------------------------------------------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $ 594,227 $ (42,649) $ 595,464 $ 41,412
================================================================================================================================
A-40
EXHIBITS.
Exhibits (including reference to previous filings):
Exhibit
Number Description of Exhibit
A-1 Annual Report of SOUTHERN on Form 10-K for the year ended December 31, 2000. (File No. 1-3526.)
A-2 Annual Report of ALABAMA on Form 10-K for the year ended December 31, 2000. (File No. 1-3164.)
A-3 Annual Report of GEORGIA on Form 10-K for the year ended December 31, 2000. (File No. 1-6468.)
A-4 Annual Report of GULF on Form 10-K for the year ended December 31, 2000. (File No. 0-2429.)
A-5 Annual Report of MISSISSIPPI on Form 10-K for the year ended December 31, 2000. (File No.
0-6849.)
A-6 Annual Report of SAVANNAH on Form 10-K for the year ended December 31, 2000. (File No. 1-5072.)
B-1 Composite Certificate of Incorporation of SOUTHERN, reflecting all amendments thereto through
January 5, 1994. (Designated in Registration No. 33-3546, as Exhibit 4(a), in Certificate of
Notification, File No. 70-7341, as Exhibit A and in Certificate of Notification, File No.
70-8181, as Exhibit A.)
B-2 By-laws of SOUTHERN as amended effective October 21, 1991, and as presently in effect.
(Designated in Form U-1, File No. 70-8181, as Exhibit A-2.)
B-3 Charter of ALABAMA and amendments thereto through January 10, 2001. (Designated in Registration
No. 2-59634 as Exhibit 2(b), in Registration No. 2-60209 as Exhibit 2(c), in Registration No.
2-60484 as Exhibit 2(b), in Registration No. 2-70838 as Exhibit 4(a)-2, in Registration No.
2-85987 as Exhibit 4(a)-2, in Registration No. 33-25539 as Exhibit 4(a)-2, in Registration No.
33-43917 as Exhibit 4(a)-2, in Form 8-K dated February 5, 1992, File No. 1-3164, as Exhibit
4(b)-3, in Form 8-K dated July 8, 1992, File No. 1-3164, as Exhibit 4(b)-3, in Form 8-K dated
October 27, 1993, File No. 1-3164, as Exhibits 4(a) and 4(b), in Form 8-K dated November 16,
1993, File No. 1-3164, as Exhibit 4(a), in Certificate of Notification, File No. 70-8191, as
Exhibit A, in Form 10-K for the year ended December 31, 1997, File No. 1-3164, as Exhibit 3(b)2,
in Form 8-K dated August 10, 1998, File No. 1-3164, as Exhibit 4.4 and in Form 10-K for the year
ended December 31, 2000, File No. 1-3164, as Exhibit 3(b)2.)
B-4 By-laws of ALABAMA as amended effective July 23, 1993, and as presently in effect. (Designated
in Form U-1, File No. 70-8191, as Exhibit A-2.)
A-41
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
Exhibit
Number Description of Exhibit
B-5 Charter of GEORGIA and amendments thereto through February 16, 2001. (Designated in
Registration No. 2-63392 as Exhibit 2(a)-2, in Registration No. 2-78913 as Exhibits 4(a)-(2) and
4(a)-(3), in Registration No. 2-93039 as Exhibit 4(a)-(2), in Registration No. 2-96810 as
Exhibit 4(a)(2), in Registration No. 33-141 as Exhibit 4(a)(2), in Registration No. 33-1359 as
Exhibit 4(a)(2), in Registration No. 33-5405 as Exhibit 4(b)(2), in Registration No. 33-14367 as
Exhibits 4(b)-2 and 4(b)-3, in Registration No. 33-22504 as Exhibits 4(b)-(2), 4(b)-(3) and
4(b)-(4), in GEORGIA's Form 10-K for the year ended December 31, 1991, File No. 1-6468, as
Exhibits 4(a)(2) and 4(a)(3), in Registration No. 33-48895, as Exhibits 4(b)-(2) and 4(b)-(3),
in Form 8-K dated December 10, 1992, File No. 1-6468, as Exhibit 4(b), in Form 8-K dated June
17, 1993, File No. 1-6468, as Exhibit 4(b), in Form 8-K dated October 20, 1993, File No. 1-6468,
as Exhibit 4(b), in Form 10-K for the year ended December 31, 1997, File No. 1-6468, as Exhibit
3(c)2 and in Form 10-K for the year ended December 31, 2000, File No. 1-6468, as Exhibit 3(c)2.)
B-6 By-laws of GEORGIA as amended effective November
15, 2000, and as presently in effect. (Designated
in GEORGIA's Form 10-K for the year ended
December 31, 2000, File No. 1-6468, as Exhibit
3(c)3.)
B-7 Restated Articles of Incorporation of GULF and amendments thereto through February 9, 2001.
(Designated in Registration No. 33-43739 as Exhibit 4(b)-(1), in Form 8-K dated January 15,
1992, File No. 0-2429, as Exhibit 1(b), in Form 8-K dated August 18, 1992, File No. 0-2429, as
Exhibit 4(b)-2, in Form 8-K dated September 22, 1993, File No. 0-2429, as Exhibit 4, in Form 8-K
dated November 3, 1993, File No. 0-2429, as Exhibit 4, in Form 10-K for the year ended December
31, 1997, File No. 0-2429, as Exhibit 3(d)2 and in Form 10-K for the year ended December 31,
2000, File No. 0-2429, as Exhibit 3(d)2.)
B-8 By-laws of GULF as amended effective July 28,
2000, and as presently in effect. (Designated in
Form 10-K for the year ended December 31, 2000,
File No. 0-2429, as Exhibit 3(d)3.)
B-9 Articles of incorporation of MISSISSIPPI, articles of merger of Mississippi Power Company (a
Maine corporation) into MISSISSIPPI and articles of amendment to the articles of incorporation
of MISSISSIPPI through March 8, 2001. (Designated in Registration No. 2-71540 as Exhibit
4(a)-1, in Form U5S for 1987, File No. 30-222-2, as Exhibit B-10, in Registration No. 33-49320
as Exhibit 4(b)-1, in Form 8-K dated August 5, 1992, File No. 0-6849, as Exhibits 4(b)-2 and
4(b)-3 in Form 8-K dated August 4, 1993, File No. 0-6849, as Exhibit 4(b)-3, in Form 8-K dated
August 18, 1993, File No. 0-6849, as Exhibit 4(b)-3, in Form 10-K for the year ended December
31, 1997, File No. 0-6849, as Exhibit 3(e)2 and in Form 10-K for the year ended December 31,
2000, File No. 0-6849, as Exhibit 3(e)2.)
B-10 By-laws of MISSISSIPPI as amended effective April 2, 1996, and as presently in effect.
A-42
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
Exhibit
Number Description of Exhibit
B-11 Charter of SAVANNAH and amendments thereto through December 2, 1998. (Designated in
Registration No. 33-25183 as Exhibit 4(b)-(1), in Registration No. 33-45757 as Exhibit 4(b)-(2),
in Form 8-K dated November 9, 1993, File No. 1-5072 as Exhibit 4(b) and in Form 10-K for the
year ended December 31, 1998, File No. 1-5072, as Exhibit 3(f)2.)
B-12 By-laws of SAVANNAH as amended effective May 17,
2000, and as presently in effect. (Designated in
SAVANNAH's Form 10-K for the year ended December
31, 2000, File No. 1-5072, as Exhibit 3(f)2.)
B-13 SEGCO Certificate of Incorporation as amended to date, last amended November 29, 1966.
(Designated in Forms U-1, File No. 70-3480, as Exhibit A-5, File No. 70-3630, as Exhibit A-6,
File Nos. 70-3738 and 70-3842, as Exhibit A-8(b); Registration No. 2-18084 as Exhibit 3(a)-2 and
First Certificate of Notification, File No. 70-3945, as Exhibit A.)
B-14 SEGCO By-laws as amended to date, last amended
July 10, 1986. (Designated in Form U5S for the
year ended December 31, 1990, as Exhibit B-14.)
B-15 SCS Certificate of Incorporation as amended. (Designated in Form U-1, File No. 70-3573, as
Exhibit A-1; in Form U-1, File No. 70-3833, as Exhibit A-2; Form U5S for 1962, File No.
30-222-2, as Exhibit A-17; and Form U5S for 1985, File No. 30-222-2, as Exhibit B-13(b).)
B-16 SCS By-laws as amended to date, last amended October 19, 1998. (Designated in Form U5S for
1998, File No. 30-222-2, as Exhibit B-16.)
B-17 Alabama Property Company Certificate of Incorporation. (Designated in Form U-5B, File No.
30-115, as Exhibit B-29.)
B-18 Alabama Property Company By-laws. (Designated in Form U-5B, File No. 30-115, as Exhibit B-30.)
B-19 Piedmont-Forrest Corporation Articles of Incorporation and amendments thereto through August 31,
1987. (Designated in Form U-1, File No. 70-6135, as Exhibit A-1 and in Form U5S for 1987, File
No. 30-222-2, as Exhibit B-21.)
B-20 Piedmont-Forrest Corporation By-laws as presently in effect. (Designated in Form U-1, File No.
70-6135, as Exhibit A-2.)
B-21 Articles of Incorporation of MESH and amendments thereto. (Designated in Form U5S for 1995, File
No. 30-222-2, as Exhibit B-23.)
B-22 By-laws of MESH. (Designated in Form U5S for 1995, File No. 30-222-2, as Exhibit B-24.)
B-23 Articles of Incorporation of Energy Solutions and amendments thereto through March 25, 1993.
(Designated in Form U5S for 1985, File No. 30-222-2, as
A-43
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
Exhibit
Number Description of Exhibit
Exhibit B-23 , in Form U5S for 1987, File No. 30-222-2, as Exhibit B-27 and in Form U5S for
1993, File No. 30-222-2, as Exhibit B-25.)
B-24 By-laws of Energy Solutions.
B-25 By-laws of SOUTHERN NUCLEAR as amended to date, last amended May 21, 1991. (Designated in Form
U5S for 1991, File No. 30-222-2, as Exhibit B-27 and in Form U5S for 1997, File No. 30-222-2, as
Exhibit B-28.)
B-26 Articles of Incorporation of SOUTHERN NUCLEAR and amendment thereto through June 14, 1991.
(Designated in Form U5S for 1991, File No. 30-222-2, as Exhibit B-28.)
B-27 Certificate of Incorporation of SERC. (Designated in Form U5S for 1993, File No. 30-222-2, as
Exhibit B-30.)
B-28 By-laws of SERC. (Designated in Form U5S for 1993, File No. 30-222-2, as Exhibit B-31.)
B-29 Certificate of Incorporation of SOUTHERN COMMUNICATIONS. (Designated in Form U5S for 1994, File
No. 30-222-2, as Exhibit B-31)
B-30 By-laws of SOUTHERN COMMUNICATIONS. (Designated in Form U5S for 1994, File No. 30-222-2, as
Exhibit B-32)
B-31 Articles of Organization of MESCO and amendments thereto. (Designated in Form U5S for 1995, File
No. 30-222-2, as Exhibit B-49.)
B-32 Operating Agreement of MESCO. (Designated in Form U5S for 1995, File No. 30-222-2, as Exhibit
B-50.)
B-33 Certificate of Incorporation of GEORGIA POWER HOLDINGS. (Designated in Form U5S for 1994, File
No. 30-222-2, as Exhibit B-53)
B-34 By-laws of GEORGIA POWER HOLDINGS. (Designated in Form U5S for 1994, File No. 30-222-2, as
Exhibit B-54)
B-35 Certificate of Limited Partnership of GEORGIA CAPITAL. (Designated in Form U5S for 1994, File
No. 30-222-2, as Exhibit B-55)
B-36 Amended and Restated Agreement of Limited Partnership of GEORGIA CAPITAL. (Designated in Form
U5S for 1994, File No. 30-222-2, as Exhibit B-56)
B-37 Action of General Partner of GEORGIA CAPITAL dated December 9, 1994. (Designated in Form U5S
for 1994, File No. 30-222-2, as Exhibit B-57)
B-38 By-Laws of Southern Energy Finance Company, Inc. (Designated in Form U5S for 1998, File No.
30-222-2, as Exhibit B-57.)
A-44
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
Exhibit
Number Description of Exhibit
B-39 Certificate of Incorporation of EPZ Lease, Inc. (Designated in Form U5S for 1996, File No.
30-222-2, as Exhibit B-67.)
B-40 By-laws of EPZ Lease, Inc. (Designated in Form U5S for 1998, File No. 30-222-2, as Exhibit B-59.)
B-41 Certificate of Formation of EPZ Lease, L.L.C. (Designated in Form U5S for 1996, File No.
30-222-2, as Exhibit B-69.)
B-42 Certificate of Formation of EPZ Lease Holding A, L.L.C. (Designated in Form U5S for 1996, File
No. 30-222-2, as Exhibit B-70.)
B-43 Articles of Organization of EPZ Lease Holding A, L.L.C. (Designated in Form U5S for 1996, File
No. 30-222-2, as Exhibit B-71.)
B-44 Certificate of Formation of EPZ Lease Holding B, L.L.C. (Designated in Form U5S for 1996, File
No. 30-222-2, as Exhibit B-72.)
B-45 Articles of Organization of EPZ Lease Holding B, L.L.C. (Designated in Form U5S for 1996, File
No. 30-222-2, as Exhibit B-73.)
B-46 Certificate of Formation of EPZ Lease Holding C, L.L.C. (Designated in Form U5S for 1996, File
No. 30-222-2, as Exhibit B-74.)
B-47 Articles of Organization of EPZ Lease Holding C, L.L.C. (Designated in Form U5S for 1996, File
No. 30-222-2, as Exhibit B-75.)
B-48 By-Laws of Southern Energy Finance Company, Inc. (Designated in Form U5S for 1998, File No.
30-222-2, as Exhibit B-57.)
B-49 Certificate of Incorporation of EPZ Lease, Inc. (Designated in Form U5S for 1996, File No.
30-222-2, as Exhibit B-67.)
B-50 By-Laws of Southern Telecom, Inc.
C-1 Subordinated Note Indenture dated as of February 1, 1997, among SOUTHERN, Southern Company
Capital Funding, Inc. and Bankers Trust Company, as Trustee, and indentures supplemental thereto
dated as of February 4, 1997. (Designated in Registration Nos. 333-28349 as Exhibits 4.1 and
4.2 and 333-28355 as Exhibit 4.2.)
C-2 Subordinated Note Indenture dated as of June 1,
1997, among SOUTHERN, Southern Company Capital
Funding, Inc. and Bankers Trust Company, as
Trustee, and indentures supplemental thereto
through of December 23, 1998. (Designated in Form
10-K for the year ended December 31, 1997, File
No. 1-3526, as Exhibit 4(a)2, in Form 8-K dated
June 18, 1998, File No. 1-3526, as Exhibit 4.2
and in Form 8-K dated December 18, 1998, File No.
1-3526, as Exhibit 4.4.)
A-45
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
Exhibit
Number Description of Exhibit
C-3 Indenture dated as of January 1, 1942, between ALABAMA and The Chase Manhattan Bank (formerly
Chemical Bank), as Trustee, and indentures supplemental thereto through December 1, 1994.
(Designated in Registration Nos. 2-59843 as Exhibit 2(a)-2, 2-60484 as Exhibits 2(a)-3 and
2(a)-4, 2-60716 as Exhibit 2(c), 2-67574 as Exhibit 2(c), 2-68687 as Exhibit 2(c), 2-69599 as
Exhibit 4(a)-2, 2-71364 as Exhibit 4(a)-2, 2-73727 as Exhibit 4(a)-2, 33-5079 as Exhibit 4(a)-2,
33-17083 as Exhibit 4(a)-2, 33-22090 as Exhibit 4(a)-2, in ALABAMA's Form 10-K for the year
ended December 31, 1990, File No. 1-3164, as Exhibit 4(c), in Registration Nos. 33-43917 as
Exhibit 4(a)-2, 33-45492 as Exhibit 4(a)-2, 33-48885 as Exhibit 4(a)-2, 33-48917 as Exhibit
4(a)-2, in Form 8-K dated January 20, 1993, File No. 1-3436, as Exhibit 4(a)-3, in Form 8-K
dated February 17, 1993, File No. 1-3436, as Exhibit 4(a)-3, in Form 8-K dated March 10, 1993,
File No. 1-3436, as Exhibit 4(a)-3, in Certificate of Notification, File No. 70-8069, as
Exhibits A and B, in Form 8-K dated June 24, 1993, File No. 1-3436, as Exhibit 4, in Certificate
of Notification, File No. 70-8069, as Exhibit A, in Form 8-K dated November 16, 1993, File No.
1-3436, as Exhibit 4(b), in Certificate of Notification, File No. 70-8069, as Exhibits A and B,
in Certificate of Notification, File No. 70-8069, as Exhibit A, in Certificate of Notification,
File No. 70-8069, as Exhibit A and in Form 8-K dated November 30, 1994, File No. 1-3436, as
Exhibit 4.)
C-4 Subordinated Note Indenture dated as of January
1, 1996, between ALABAMA and The Chase Manhattan
Bank (formerly Chemical Bank), as Trustee, and
indenture supplemental thereto dated as of
January 1, 1996. (Designated in Certificate of
Notification, File No. 70-8461, as Exhibits E and
F.)
C-5 Subordinated Note Indenture dated as of January
1, 1997, between ALABAMA and The Chase Manhattan
Bank, as Trustee, and indentures supplemental
thereto through February 25, 1999. (Designated in
Form 8-K dated January 9, 1997, File No. 1-3164,
as Exhibits 4.1 and 4.2 and in Form 8-K dated
February 18, 1999, File No. 1-3164, as Exhibit
4.2.)
C-6 Senior Note Indenture dated as of December 1, 1997, between ALABAMA and The Chase Manhattan
Bank, as Trustee, and indentures supplemental thereto through May 18, 2000. (Designated in Form
8-K dated December 4, 1997, File No. 1-3164, as Exhibits 4.1 and 4.2, in Form 8-K dated February
20, 1998, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated April 17, 1998, File No. 1-3164, as
Exhibit 4.2, in Form 8-K dated August 11, 1998, File No. 1-3164, as Exhibit 4.2, in Form 8-K
dated September 8, 1998, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated September 16, 1998,
File No. 1-3164, as Exhibit 4.2, in Form 8-K dated October 7, 1998, File No. 1-3164, as Exhibit
4.2, in Form 8-K dated October 28, 1998, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated
November 12, 1998, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated May 19, 1999, File No.
1-3164, as Exhibit 4.2, in Form 8-K dated August 13, 1999, File No. 1-3164, as Exhibit 4.2, in
Form 8-K dated September 21, 1999, File No. 1-3164, as Exhibit 4.2 and in Form 8-K dated May 11,
2000, File No. 1-3164, as Exhibit 4.2.)
A-46
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
Exhibit
Number Description of Exhibit
C-7 Indenture dated as of March 1, 1941, between GEORGIA and The Chase Manhattan Bank (formerly
Chemical Bank), as Trustee, and indentures supplemental thereto dated as of March 1, 1941, March
3, 1941 (3 indentures), March 6, 1941 (139 indentures), March 1, 1946 (88 indentures) and
December 1, 1947, through October 15, 1995. (Designated in Registration Nos. 2-4663 as Exhibits
B-3 and B-3(a), 2-7299 as Exhibit 7(a)-2, 2-61116 as Exhibit 2(a)-3 and 2(a)-4, 2-62488 as
Exhibit 2(a)-3, 2-63393 as Exhibit 2(a)-4, 2-63705 as Exhibit 2(a)-3, 2-68973 as Exhibit 2(a)-3,
2-70679 as Exhibit 4(a)-(2), 2-72324 as Exhibit 4(a)-2, 2-73987 as Exhibit 4(a)-(2), 2-77941 as
Exhibits 4(a)-(2) and 4(a)-(3), 2-79336 as Exhibit 4(a)-(2), 2-81303 as Exhibit 4(a)-(2),
2-90105 as Exhibit 4(a)-(2), 33-5405 as Exhibit 4(a)-(2), 33-14367 as Exhibits 4(a)-(2) and
4(a)-(3), 33-22504 as Exhibits 4(a)-(2), 4(a)-(3) and 4(a)-(4), 33-32420 as Exhibit 4(a)-(2),
33-35683 as Exhibit 4(a)-(2), in GEORGIA's Form 10-K for the year ended December 31, 1990, File
No. 1-6468, as Exhibit 4(a)(3), in Form 10-K for the year ended December 31, 1991, File No.
1-6468, as Exhibit 4(a)(5), in Registration No. 33-48895 as Exhibit 4(a)-(2), in Form 8-K dated
August 26, 1992, File No. 1-6468, as Exhibit 4(a)-(3), in Form 8-K dated September 9, 1992, File
No. 1-6468, as Exhibits 4(a)-(3) and 4(a)-(4), in Form 8-K dated September 23, 1992, File No.
1-6468, as Exhibit 4(a)-(3), in Form 8-A dated October 12, 1992, as Exhibit 2(b), in Form 8-K
dated January 27, 1993, File No. 1-6468, as Exhibit 4(a)-(3), in Registration No. 33-49661 as
Exhibit 4(a)-(2), in Form 8-K dated July 26, 1993, File No. 1-6468, as Exhibit 4, in Certificate
of Notification, File No. 70-7832, as Exhibit M, in Certificate of Notification, File No.
70-7832, as Exhibit C, in Certificate of Notification, File No. 70-7832, as Exhibits K and L, in
Certificate of Notification, File No. 70-8443, as Exhibit C, in Certificate of Notification,
File No. 70-8443, as Exhibit C, in Certificate of Notification, File No. 70-8443, as Exhibit E,
in Certificate of Notification, File No. 70-8443, as Exhibit E, in Certificate of Notification,
File No. 70-8443, as Exhibit E, in GEORGIA's Form 10-K for the year ended December 31, 1994,
File No. 1-6468, as Exhibits 4(c)2 and 4(c)3, in Certificate of Notification, File No. 70-8443,
as Exhibit C, in Certificate of Notification, File No. 70-8443, as Exhibit C, in Form 8-K dated
May 17, 1995, File No. 1-6468, as Exhibit 4 and in GEORGIA's Form 10-K for the year ended
December 31, 1995, File No. 1-6468, as Exhibits 4(c)2, 4(c)3, 4(c)4, 4(c)5 and 4(c)6.)
C-8 Subordinated Note Indenture dated as of August 1,
1996, between GEORGIA and The Chase Manhattan
Bank, as Trustee, and indentures supplemental
thereto through January 1, 1997. (Designated in
Form 8-K dated August 21, 1996, File No. 1-6468,
as Exhibits 4.1 and 4.2 and in Form 8-K dated
January 9, 1997, File No. 1-6468, as Exhibit
4.2.)
C-9 Subordinated Note Indenture dated as of June 1,
1997, between GEORGIA and The Chase Manhattan
Bank, as Trustee, and indentures supplemental
thereto through February 25, 1999. (Designated in
Certificate of Notification, File No. 70-8461, as
Exhibits D and E and in Form 8-K dated February
17, 1999, File No. 1-6468, as Exhibit 4.4.)
A-47
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
Exhibit
Number Description of Exhibit
C-10 Senior Note Indenture dated as of January 1, 1998, between GEORGIA and The Chase Manhattan Bank,
as Trustee, and indentures supplemental thereto through February 23, 2001. (Designated in Form
8-K dated January 21, 1998, File No. 1-6468, as Exhibits 4.1 and 4.2, in Forms 8-K each dated
November 19, 1998, File No. 1-6468, as Exhibit 4.2, in Form 8-K dated March 3, 1999, File No.
1-6468, as Exhibit 4.5, in Form 8-K dated February 15, 2000, File No. 1-6468 as Exhibit 4.2, in
Form 8-K dated January 26, 2001, File No. 1-6469, as Exhibits 4.2(a) and 4.2(b) and in Form 8-K
dated February 16, 2001, File No. 1-6469 as Exhibit 4.2.)
C-11 Indenture dated as of September 1, 1941, between GULF and The Chase Manhattan Bank (formerly The
Chase Manhattan Bank (National Association)), as Trustee, and indentures supplemental thereto
through November 1, 1996. (Designated in Registration Nos. 2-4833 as Exhibit B-3, 2-62319 as
Exhibit 2(a)-3, 2-63765 as Exhibit 2(a)-3, 2-66260 as Exhibit 2(a)-3, 33-2809 as Exhibit 4(a)-2,
33-43739 as Exhibit 4(a)-2, in GULF's Form 10-K for the year ended December 31, 1991, File No.
0-2429, as Exhibit 4(b), in Form 8-K dated August 18, 1992, File No. 0-2429, as Exhibit 4(a)-3,
in Registration No. 33-50165 as Exhibit 4(a)-2, in Form 8-K dated July 12, 1993, File No.
0-2429, as Exhibit 4, in Certificate of Notification, File No. 70-8229, as Exhibit A, in
Certificate of Notification, File No. 70-8229, as Exhibits E and F, in Form 8-K dated January
17, 1996, File No. 0-2429, as Exhibit 4, in Certificate of Notification, File No. 70-8229, as
Exhibit A, in Certificate of Notification, File No. 70-8229, as Exhibit A and in Form 8-K dated
November 6, 1996, File No. 0-2429, as Exhibit 4.)
C-12 Subordinated Note Indenture dated as of January
1, 1997, between GULF and The Chase Manhattan
Bank, as Trustee, and indentures supplemental
thereto through January 1, 1998. (Designated in
Form 8-K dated January 27, 1997, File No. 0-2429,
as Exhibits 4.1 and 4.2, in Form 8-K dated July
28, 1997, File No. 0-2429, as Exhibit 4.2 and in
Form 8-K dated January 13, 1998, File No.
0-2429, as Exhibit 4.2.)
C-13 Senior Note Indenture dated as of January 1,
1998, between GULF and The Chase Manhattan Bank,
as Trustee, and indenture supplemental thereto
dated as of August 24, 1999. (Designated in Form
8-K dated June 17, 1998, File No. 0-2429, as
Exhibits 4.1 and 4.2 and in Form 8-K dated August
17, 1999, File No. 0-2429 as Exhibit 4.2.)
A-48
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
Exhibit
Number Description of Exhibit
C-14 Indenture dated as of September 1, 1941, between MISSISSIPPI and Bankers Trust Company, as
Successor Trustee, and indentures supplemental thereto through December 1, 1995. (Designated in
Registration Nos. 2-4834 as Exhibit B-3, 2-62965 as Exhibit 2(b)-2, 2-66845 as Exhibit 2(b)-2,
2-71537 as Exhibit 4(a)-(2), 33-5414 as Exhibit 4(a)-(2), 33-39833 as Exhibit 4(a)-2, in
MISSISSIPPI's Form 10-K for the year ended December 31, 1991, File No. 0-6849, as Exhibit 4(b),
in Form 8-K dated August 5, 1992, File No. 0-6849, as Exhibit 4(a)-2, in Second Certificate of
Notification, File No. 70-7941, as Exhibit I, in MISSISSIPPI's Form 8-K dated February 26, 1993,
File No. 0-6849, as Exhibit 4(a)-2, in Certificate of Notification, File No. 70-8127, as Exhibit
A, in Form 8-K dated June 22, 1993, File No. 0-6849, as Exhibit 1, in Certificate of
Notification, File No. 70-8127, as Exhibit A, in Form 8-K dated March 8, 1994, File No. 0-6849,
as Exhibit 4, in Certificate of Notification, File No. 70-8127, as Exhibit C and in Form 8-K
dated December 5, 1995, File No. 0-6849, as Exhibit 4.)
C-15 Subordinated Note Indenture dated as of February
1, 1997, between MISSISSIPPI and Bankers Trust
Company, as Trustee, and indenture supplemental
thereto dated as of February 1, 1997. (Designated
in Form 8-K dated February 20, 1997, File No.
0-6849, as Exhibits 4.1 and 4.2.)
C-16 Senior Note Indenture dated as of May 1, 1998
between MISSISSIPPI and Bankers Trust Company, as
Trustee and indentures supplemental thereto
through March 28, 2000. (Designated in Form 8-K
dated May 14, 1998, File No. 0-6849, as Exhibits
4.1, 4.2(a) and 4.2(b) and in Form 8-K dated
March 22, 2000, File No. 0-6849, as Exhibit 4.2.)
C-17 Indenture dated as of March 1, 1945, between SAVANNAH and The Bank of New York, as Trustee, and
indentures supplemental thereto through May 1, 1996. (Designated in Registration Nos. 33-25183
as Exhibit 4(a)-(1), 33-41496 as Exhibit 4(a)-(2), 33-45757 as Exhibit 4(a)-(2), in SAVANNAH's
Form 10-K for the year ended December 31, 1991, File No. 1-5072, as Exhibit 4(b), in Form 8-K
dated July 8, 1992, File No. 1-5072, as Exhibit 4(a)-3, in Registration No. 33-50587 as Exhibit
4(a)-(2), in Form 8-K dated July 22, 1993, File No. 1-5072, as Exhibit 4, in Form 8-K dated May
18, 1995, File No. 1-5072, as Exhibit 4 and in Form 8-K dated May 23, 1996, File No. 1-5072, as
Exhibit 4.)
C-18 Subordinated Note Indenture dated as of December
1, 1998, between SAVANNAH and The Bank of New
York, as Trustee, and indenture supplemental
thereto dated as of December 9, 1998. (Designated
in Form 8-K dated December 3, 1998, File No.
1-5072, as Exhibit 4.3 and 4.4.)
C-19 Senior Note Indenture dated as of March 1, 1998
between SAVANNAH and The Bank of New York, as
Trustee and indenture supplemental thereto dated
as of March 1, 1998. (Designated in Form 8-K
dated March 9, 1998, File No. 1-5072, as Exhibits
4.1 and 4.2.)
A-49
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
Exhibit
Number Description of Exhibit
D-1 Income Tax Allocation Agreement and Amendments 1 through 86 thereto. (Designated in Form U5S
for 1981, File No. 30-222-2, as Exhibit A-21, in Form U5S for 1982, File No. 30-222-2, as
Exhibit A-22(b), in Form U5S for 1982, File No. 30-222-2, as Exhibit A-22(c), in Form U5S for
1983, File No. 30-222-2, as Exhibit D-1(d), in Form U5S for 1985, File No. 30-222-2, as Exhibit
D-1(e), in Amendment No. 1 to Form U5S for 1985, File No. 30-222-2, as Exhibit D-1(f) in Form
U5S for 1987, File No. 30-222-2, as Exhibit D-2, in Form U5S for 1991, File No. 30-222-2, as
Exhibit D-2 and in Form U5S for 1992, File No. 30-222-2, as Exhibit D-2, in Form U5S for 1991,
File No. 30-222-2, as Exhibit D-2, in Form U5S for 1994, File No. 30-222-2, as Exhibit D-2 and
in Form U5S for 1995, File No. 30-222-2, as Exhibit D-2, as Exhibit D-2, in Form U5S for 1994,
File No. 30-222-2, as Exhibit D-2, in Form U5S for 1996, File No. 30-222-2, as Exhibit D-2, in
Form U5S for 1997, File No. 30-222-2, as Exhibit D-2, in Form U5S for 1998, File No. 30-222-2,
as Exhibit D-2 and in Form U5S for 1999, File No. 30-222-2, as Exhibit D-2.)
D-2 Amendments 87 through 99 to Income Tax Allocation Agreement.
D-3 Tax Indemnification Agreement dated as of
September 1, 2000 among SOUTHERN and its
affiliated companies and Mirant and its
affiliated companies. (Designated in SOUTHERN's
Form 10-K for the year ended December 31, 2000,
File No.1-3526, as Exhibit 10(a)102.)
E-1 ALABAMA's, GEORGIA's, GULF's, MISSISSIPPI's, SCS's and SOUTHERN NUCLEAR's personnel policies
pertaining to employee loans. (Designated in Form U5S for 1985, File No. 30-222-2, as Exhibits
E-1, E-2, E-3, E-4 and E-5, in Form U5S, File No. 30-222-2, for 1987 as Exhibit E-2, in Form U5S
for 1990, File No. 30-222-2, as Exhibit E-2, in Form U5S for 1991, File No. 30-222-2, as
Exhibits E-2 and E-3 , in Form U5S for 1992, File No. 30-222-2, as Exhibit E-2 in Form U5S for
1993, File No. 30-222-2, as Exhibit E-2, in Form U5S for 1991, File No. 30-222-2, as Exhibit
D-2, in Form U5S for 1994, File No. 30-222-2, as Exhibit E-2, in Form U5S for 1995, File No.
30-222-2, as Exhibit E-2 and in Form U5S for 1997, File No. 30-222-2, as Exhibit E-2.)
G Organizational chart.
H Financial statements relating to certain exempt
wholesale generators and foreign utility
companies.
Exhibits listed above which have heretofore been filed with the SEC
pursuant to various Acts administered by the SEC, and which were designated as
noted above, are hereby incorporated herein by reference and made a part hereof
with the same effect as if filed herewith.
A-50
SIGNATURE
The undersigned registered holding company has duly caused this
annual report to be signed on its behalf by the undersigned thereunto
duly authorized pursuant to the requirements of the Public Utility
Holding Company Act of 1935.
THE SOUTHERN COMPANY
Date: April 30, 2001 By /s/ Gale E. Klappa
--------------------------------
Gale E. Klappa
Financial Vice President,
Chief Financial Officer, and
Treasurer