SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 7, 2000
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THE SOUTHERN COMPANY
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(Exact name of registrant as specified in its charter)
Delaware 1-3526 58-0690070
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
270 Peachtree Street, NW, Atlanta, Georgia 30303
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (404) 506-5000
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
Reference is made to paragraph (1) of Item 1 - "Legal Proceedings" in
the Quarterly Report on Form 10-Q of The Southern Company for the quarter ended
March 31, 2000 for information concerning a Federal Energy Regulatory Commission
("FERC") proceeding that will determine the percentage of a settled $158.8
million annual revenue requirement for the period from June 1, 1999 through
December 31, 2001 to be paid to Southern Energy California, L.L.C. and its
subsidiaries (collectively, "SE California") under reliability must-run
agreements between SE California and the California Independent System Operator
("CAISO").
On June 7, 2000, the administrative law judge ("ALJ") presiding over
the proceeding issued an initial decision in which the ALJ allocated
responsibility for payment of approximately 3% of the revenue requirement to the
CAISO. SE California plans to appeal the ALJ's decision to the FERC. The outcome
of this appeal cannot now be determined.
If SE California is unsuccessful in its appeal of the ALJ's decision,
SE California will be required to refund certain amounts of the revenue
requirement billed to the CAISO for the period from June 1, 1999 until the final
disposition of the appeal. The amount of this refund as of May 31, 2000 would
have been approximately $91 million and would have reduced net income by
approximately $50 million. These amounts do not include interest that would be
payable in the event of a refund. If SE California is unsuccessful in its
appeal, it plans to pursue other options available under the reliability
must-run agreements to mitigate the impact of the ALJ's decision upon its future
operations.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE SOUTHERN COMPANY
By: /s/Tommy Chisholm
Tommy Chisholm
Secretary
Date: June 14, 2000