Alabama Power Company will fully redeem the Auction Rate Preferred Stock (1988 Series) ("1988 SERIES") and the Auction Rate Preferred Stock (1993 Series) ("1993 SERIES"), according to William B. Hutchins, III, Chief Financial Officer and Treasurer.

The 1988 SERIES (CUSIP Number 010392736) will be redeemed on November 13, 2002 at a price of $100,000 per unit, plus accrued and unpaid dividends through the redemption date.

The 1993 SERIES (CUSIP Number 010392686) will be redeemed on November 6, 2002 at a price of $100,000 per share, plus accrued and unpaid dividends through the redemption date.

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