Alabama Power Company today reported quarterly earnings.

  Company description
  *  Birmingham based investor-owned electric utility; a subsidiary of
     Southern Company.

  Performance
  *  Earnings up for the third quarter and the 12-month period ended
     September 2002.

  Net Income
  *  Third Quarter Net Income
     $ 200,667,000 for the third quarter of 2002
     $ 179,495,000 for the third quarter of 2001

  *  12 Months Ended Net Income
     $ 450,773,000 for the 12-month period that ended September 2002
     $ 365,378,000 for the 12-month period that ended September 2001

  Total Territorial Energy Sales
  *  Third Quarter Energy Sales
     16.3 billion kilowatt-hours for the third quarter of 2002
     15.5 billion kilowatt-hours for the third quarter of 2001

  *  12 Months Ended Energy Sales
     54.8 billion kilowatt-hours for the 12-month period that ended
      September 2002
     54.4 billion kilowatt-hours for the 12-month period that ended
      September 2001

Comments -- "Net income increased in the third quarter 2002 primarily due to an increase in territorial sales and increases in retail rates which were partially offset by increased non-fuel operating expenses. An increase in territorial sales and increases in retail rates as well as decreases in non- fuel operating expenses and interest expenses were the primary reasons for the increase in net income in the twelve-month period ended September 2002. These increases were partially offset by an increase in depreciation expense and a reduction in Allowance for Funds Used During Construction (AFUDC) which can be attributed to a decrease in Construction Work in Progress (CWIP) as a result of completed projects."

William B. Hutchins, III, executive vice president and chief financial officer.

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SOURCE: Alabama Power Company