Alabama Power Company will fully redeem the outstanding Capital Auction Preferred Securities (CAPS) of Alabama Power Capital Trust III according to William B. Hutchins, III, Chief Financial Officer and Treasurer. The securities will be redeemed on November 29, 2002 at the redemption price of $50,000 per security, plus accrued and unpaid distributions to the date of redemption.

JPMorgan Chase Bank, as property trustee, will mail redemption notices 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