Alabama Power Company today closed the sale of preferred securities of Alabama Power Capital Trusts IV and V, according to William B. Hutchins, III, Chief Financial Officer and Treasurer. The proceeds from the sale of the securities will be used for the full redemption of the outstanding securities of Alabama Power Capital Trusts I and II on or about October 31, 2002 and for other general corporate purposes.

Redemption notices will be mailed to registered holders of the preferred securities.

Alabama Power, a subsidiary of Atlanta-based Southern Company , provides reliable, affordable electricity to more than 1.3 million customers across the state.

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SOURCE: Alabama Power Company