Alabama Power Company Reports Quarterly Earnings
Alabama Power today issued the following:
Company description * Birmingham based investor-owned electric utility; a subsidiary of Southern Company
"A decrease in territorial energy sales and Allowance for Funds Used During Construction (AFUDC) resulted in a decrease in net income for the third quarter ended September 2001. Territorial energy sales are down due to milder weather and a slowing economy in the company's service territory. The reduction in AFUDC can be attributed to a decrease in Construction Work in Progress (CWIP) as a result of completed capacity additions.
"Net income decreased in the twelve month period ended September 2001 primarily due to an increase in expenses as a consequence of higher costs related to maintenance of transmission and distribution lines and increased depreciation and interest expenses associated with recent capacity additions. These capacity additions also resulted in a decrease in CWIP which further contributed to a decrease in AFUDC and net income for the period."
William B. Hutchins, III, executive vice president, chief financial officer and treasurer.
Alabama Power, a subsidiary of Atlanta-based Southern Company, provides reliable, affordable electricity to more than 1.3 million customers across the state.
SOURCE: Alabama Power Company
Contact: Darya Braggs of Alabama Power, +1-205-257-4155, or