SOURCE: Industrial Info Resources

Industrial Info Resources

May 01, 2014 06:20 ET

Southern Company Takes Hit for Coal-to-Gas Power Plant Overruns in First-Quarter 2014, but Cold Winter Warms Profits, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwired - May 1, 2014) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Southern Company (NYSE:SO) (Atlanta, Georgia) said Wednesday it took an after-tax charge of $235 million relating to cost overruns by its Kemper integrated gasification combined cycle (IGCC) power project in Mississippi. Despite the charge, the power company reported its net earnings rose fourfold to $351 million, from $81 million in first-quarter 2013, largely as a result of the unusually cold winter this year. Industrial Info is tracking about $6 billion in projects involving Southern Company, including the Kemper project.

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