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Cold Temps Lead To Record High Power Company Profits
April 29, 2010
Record low temperatures during the first quarter of the year made for a record high profit for Southern Company — the parent company of Gulf Power and Alabama Power.
On Wednesday, Southern Company reported a record profit of $494.5 million, or 60 cents a share. The company said weather was the primary factor driving earnings, as the Southeast experienced one of the coldest winters in more than a century. Southern Company set its highest ever winter peak, producing 37,224 megawatts of electricity and surpassing last summer’s peak demand.
During the first quarter, residential electricity sales increased 20.6 percent. Electricity sales to commercial customers increased 3.4 percent, and industrial sales increased 6.7 percent.
“While the past 18 months have been unique, we are optimistic about the improving industrial activity in our region,” CEO David M. Ratcliffe said. “We do believe that the long-term viability of the Southeast remains strong and we continue to prepare for the future growth of our region.”
Comments
13 Responses to “Cold Temps Lead To Record High Power Company Profits”
REGARDING:
“After moving here from Central Florida the Power company there shared with all their customers overages. As a matter of fact we still get a little check every year nothing more than $25/$30.00 and as long as they have our forwarding address we will receive it. How nice is that.???”
I imagine you were part of a co-op, member owned electric company, financed by the federal government years ago and generally more expensive than Gulf Power because it serves areas uneconomical to privately financed power companies.
AND
“how small things are added in the bill each month a few tax pennies here and a little Oh the cost for yard light went up with NO notification and so on. Just wonder if anyone else sees the little add ons?”
All were approved by the Public Service Commission and all were publicly announced, we just tend to not bother to check.
David impressed by addicts blaming the suppliers
We used more energy to heat our homes. They sold us the energy.
We could have insulated better than we did to use less energy.
We could have used alternate energy sources, just as I heated with gas and paid a high gas bill.
We could have stayed cold but that is uncomfortable.
We could have installed wood burning heat, but that involves its own expenses and work.
It’s a lot more fun to gripe about those who sell us what we demand.
David for buying stock in Southern Company
(not that I have)
hard time,
they don’t care they don’t have to, where else you going to go for heat!
Just like any big business, they will let you freeze so they can take home
record profits.
We all need to just shut off our electric for about a month and see how much
their making then…..
1
Gulf Power had no problems leaving families with no power in the cold for a week because the entire bill could not be paid. Living pay check to pay check dictates your budget and when the power bill doubles, there is no robbing Peter to pay Paul…………
all I can say is DUH Mr. Ceo, your advertising profits and the people are struggling to pay mortgages, living expenses from day to day and outrageous electric bills, and then to even release that commerical sales is 17 to 18 percent less that residential….
After moving here from Central Florida the Power company there shared with all their customers overages. As a matter of fact we still get a little check every year nothing more than $25/$30.00 and as long as they have our forwarding address we will receive it. How nice is that.???
I just watch each bill here climb and of course how small things are added in the bill each month a few tax pennies here and a little Oh the cost for yard light went up with NO notification and so on. Just wonder if anyone else sees the little add ons?
of course, once again, the big company wins and the average citizen looses. No wander people are robbing banks and people and businesses, THEY HAVE TO PAY THE BILLS. so, then after this happens , the individual goes to jail , and we, as tax payers loose again….it is a never ending cyles, and it isn’t getting any better!!!!!!!
Oversight- the Florida PSC does not DO oversight, they do the bidding of corporate energy. How’d you miss that, Oversight?? LOL! That’s why we don’t now have an accountant on the PSC board. It’s interesting, isn’t it, that GP uses so much coal that they actually own and they increase demand for their coal, thereby increasing the price, by selling some of it to China which in turn props up those high fuel prices. It’ll be interesting to see what happens as a result of all the energy saved through all the influx of more efficient appliances and buildings that have been stimulated by the generous federal rebates and tax incentives that will result in less energy used. Will GP, Duke Energy and all the other for profit energy providers be allowed to increase their rates to make up the difference?? We better fish eye that.
I would love to know about ERECs profits.
Didn’t they just get a rate increase, because they said they were loosing money? Glad to here they are doing better now…*eye roll*…
Well when my power bill jumped from an average of 200 dollars a month to 500, I can imagine they made a decent profit from everyone else too.
They made a record profit. My checking account hit a record negative balance. That stinks
Maybe at some point the PSC (public service commission) will force the power companies to pare down the surcharge for fuel so that customers can get a break from thier high profits.