Quarterly preferred stock dividends announced

The Board of Directors of Savannah Electric and Power Company today declared a quarterly dividend of $0.415 per share on the Company`s 6.64% Preferred Stock.

Dividends are payable Thursday, January 15, 1998 to shareholders of record Wednesday, December 31, 1997.

During the meeting, the Board passed resolutions honoring Arthur M. Gignilliat, Jr. for his service to the Board as President and Chief Executive Officer and to Lavonne K. Calandra for her tenure as Corporate Secretary. Both retired October 1st.

In addition to serving as Vice President, Treasurer and Chief Financial Officer, Kirby R. Willis will now also assume the duties of Corporate Secretary.