File No. 70-7937
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Amendment No. 11
(Post-Effective No. 8)
to
FORM U-1
APPLICATION OR DECLARATION
under
The Public Utility Holding Company Act of 1935
THE SOUTHERN COMPANY
64 Perimeter Center East
Atlanta, Georgia 30346
ALABAMA POWER COMPANY MISSISSIPPI POWER COMPANY
600 North 18th Street 2992 West Beach
Birmingham, Alabama 35201 Gulfport, Mississippi 39501
GEORGIA POWER COMPANY GULF POWER COMPANY
333 Piedmont Avenue, N.E. 500 Bayfront Parkway
Atlanta, Georgia 30308 Pensacola, Florida 32501
SAVANNAH ELECTRIC AND POWER COMPANY SOUTHERN ELECTRIC GENERATING COMPANY
600 Bay Street East 600 North 18th Street
Savannah, Georgia 31401 Birmingham, Alabama 35291
(Name of company or companies filing this statement
and addresses of principal executive offices)
THE SOUTHERN COMPANY
(Name of top registered holding company parent of each applicant or declarant)
Tommy Chisholm, Secretary
The Southern Company
64 Perimeter Center East
Atlanta, Georgia 30346
Art P. Beattie, Vice President, Warren E. Tate, Secretary
Secretary and Treasurer and Treasurer
Alabama Power Company Gulf Power Company
600 North 18th Street 500 Bayfront Parkway
Birmingham, Alabama 35291 Pensacola, Florida 32501
Judy M. Anderson, Vice President Michael W. Southern, Vice President,
and Corporate Secretary Secretary and Treasurer
Georgia Power Company Mississippi Power Company
333 Piedmont Ave., N.E. 2992 West Beach
Atlanta, Georgia 30308 Gulfport, Mississippi 39501
Kirby R. Willis, Vice President Art P. Beattie,
and Chief Financial Officer Secretary
Savannah Electric and Power Company Southern Electric Generating Company
600 Bay Street East 600 North 18th Street
Savannah, Georgia 31401 Birmingham, Alabama 35291
(Names and addresses of agents for service)
The Commission is requested to mail signed copies of all orders, notices and
communications to the above agents for service and to:
W. L. Westbrook, John D. McLanahan, Esq.
Financial Vice President Troutman Sanders
The Southern Company 600 Peachtree Street, N.E.
64 Perimeter Center East Suite 5200
Atlanta, Georgia 30346 Atlanta, Georgia 30308-2216
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Item 1. Description of Proposed Transactions.
Item 1 is hereby amended by adding thereto the following:
"In HCAR No. 25507 (March 31, 1992) (the "1992 Order"), HCAR No.
25932 (November 30, 1993) (the "1993 Order") and HCAR No. 25989 (February 16,
1994) (the "1994 Order"), the Commission authorized, among other things, Georgia
Power Company ("Georgia") to issue and sell, from time to time through March 31,
1996, (1) short-term and/or term loan notes to banks, (2) commercial paper to
dealers and/or (3) short-term non-negotiable promissory notes to public entities
in connection with the financing of certain pollution control facilities through
the issuance of their revenue bond anticipation notes, all in an aggregate
principal amount not to exceed $900,000,000. The Commission reserved
jurisdiction over $300,000,000 of additional borrowings by Georgia.
As of May 31, 1995, Georgia had outstanding $405,699,794.81 in
borrowings.
The revised statements of cash flows filed herewith as Exhibit G
reflect Georgia's latest projections with respect to interim obligation
borrowings. Pursuant to previous Commission authorization (HCAR No. 26144,
October 17, 1994), Georgia has incurred obligations with respect to $313,600,000
of remarketed tax exempt securities. Under the provisions of such securities, in
the event they are not sold at a scheduled remarketing, Georgia must purchase
them with borrowings from
back up credit facilities. Georgia currently has plans to incur up to an
additional $187,000,000 of such obligations during 1995.
In order to provide a reasonable degree of financial flexibility
in light of currently anticipated interim borrowing requirements, Georgia hereby
requests that the Commission release jurisdiction over the $300,000,000 as
described in the 1994 Order.
In the 1993 Order the Commission reserved jurisdiction over the
issuance of short-term promissory notes to public entities in connection with
pollution control financings, and it is hereby requested that the Commission
continue to reserve jurisdiction over such notes pending completion of the
record."
Item 6. Exhibits and Financial Statements.
(a) Exhibits.
G - Estimated statement of cash flows for Georgia for the year 1995 and
for the three months ended March 31, 1996.
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SIGNATURES
Pursuant to the requirements of the Public Utility Holding Company
Act of 1935, the undersigned companies have duly caused this amendment to be
signed on their behalf by the undersigned thereunto duly authorized.
Dated June 19, 1995 THE SOUTHERN COMPANY
By /s/Tommy Chisholm
Tommy Chisholm, Secretary
ALABAMA POWER COMPANY
By /s/Wayne Boston
Wayne Boston, Assistant Secretary
GEORGIA POWER COMPANY
By /s/Wayne Boston
Wayne Boston, Assistant Secretary
GULF POWER COMPANY
By /s/Wayne Boston
Wayne Boston, Assistant Secretary
MISSISSIPPI POWER COMPANY
By /s/Wayne Boston
Wayne Boston, Assistant Secretary
SAVANNAH ELECTRIC AND POWER COMPANY
By /s/Wayne Boston
Wayne Boston, Assistant Secretary
SOUTHERN ELECTRIC GENERATING COMPANY
By /s/Wayne Boston
Wayne Boston, Assistant Secretary
Exhibit G
6/01/95
GEORGIA POWER COMPANY
Statements of Cash Flows
Estimated for the Year 1995 and January-March 1996
January-
Year March
1995 1996
(Thousands of Dollars)
OPERATING ACTIVITIES:
Retained Earnings, Working Capital Changes, Etc. $816,979 $53,990
Principal Noncash Charges to Income:
Depreciation and Amortization 513,031 132,565
Deferred Income Taxes, Net 46,615 10,856
--------- ---------
Net Cash Provided from Operating Activities 1,376,625 197,411
--------- ---------
INVESTING ACTIVITIES:
Gross Property Additions (578,290) (146,915)
Other 101,298 (9,374)
--------- ---------
Net Cash Used for Investing Activities (476,992) (156,289)
--------- ---------
FINANCING ACTIVITIES:
Proceeds:
First Mortgage Bonds (Note 1) 75,000 -
Preferred Stock - -
Pollution Control Bonds 504,700 -
Retirements:
First Mortgage Bonds (506,289) (150,000)
Preferred Stock - -
Pollution Control Bonds (504,880) -
Other Long-term Debt (37,306) (81)
Interim Obligations, Net 74,475 238,073
Miscellaneous (12,495) -
Payment of Common Stock Dividends (452,400) (116,900)
Payment of Preferred Stock Dividends (47,977) (12,214)
--------- ---------
Net Cash Used for Financing Activities (907,172) (41,122)
--------- ---------
Net Change in Cash & Temporary Cash Investments (7,539) -
Cash and Temporary Cash Investments
at Beginning of Period 12,539 5,000
Cash and Temporary Cash Investments
at End of Period $5,000 $5,000
======== ========
Interim Obligations Outstanding (Note 2) $499,277 $737,350
======== ========
Interim Obligations Outstanding Excluding Proposed
Bond and Stock Sales (Note 2) $499,277 $737,350
======== ========
NOTES:
(1)The Company's current planning does not include the sale of first mortgage
bonds between now and the end of March 1996. The Company may decide at a
later date that such sales are warranted and change the current plans to
not sell first mortgage bonds between now and the end of March 1996.
(2)The requested authorization for short-term indebtedness allows for the
contingency that remarketed tax exempt securities are unable to be sold and
must be replaced with short-term borrowings from backup credit facilities.
Currently the Company has $313.6 outstanding of remarketed tax exempt
securities with plans to issue an additional $187 million during 1995. The
total of outstanding and planned issuances, $500.6 million, is included in
the requested authorization as a contingency in the event that short-term
borrowings are required to replace them.
