Tag Archives: Mississippi Power

Big Bets keep getting worse for Southern Company

OSHA certified a “continuing pattern of retaliatory treatment” at Kemper “clean” Coal after an employee alerted Southern Company of alleged fraud: SO fired him, refused to hire him back and now he’s suing. Plant “new nukes” Vogtle also had impossible projections from the start and is even later and more overbudget, while anybody from GA-PSC to Georgia EMCs to the Florida PSC or even PowerSouth in Alabama could bring it down. Somebody put Plant Vogtle out of its misery so we can get on with solar power in Mississippi, Alabama, Georgia, Florida, and everywhere else.

Plant Vogtle reactors 3 and 4
Two new cooling towers and construction cranes mark the work sites for nuclear reactors 3 and 4 at Plant Vogtle in east Georgia. The project is currently $3.6 billion over budget and almost four years behind the original schedule. JOHNNY EDWARDS / JREDWARDS@AJC.COM, in Plant Vogtle: Georgia’s nuclear ‘renaissance’ now a financial quagmire by Russell Grantham and Johnny Edwards, Atlanta Journal-Constitution, 19 May 2017.

Kemper “clean” Coal

Doyle LLP, PRNewswire, 8 August 2017, Whistleblower in Kemper Project Sues Southern Company and CEO: OSHA ruled former company engineer faced “continuing pattern of retaliatory treatment” Continue reading →

Southern Company downgraded to sell over Kemper coal and Vogtle nuclear

Time to break out of the utility death spiral by breaking away from cost overruns at Kemper “clean” Coal and the Plant Vogtle nuclear boondoggle and getting on with real renewable solar and wind power.

UBS wrote 5 May 2014, Southern Company: Kemper Tantrums; Reducing to Sell,

Reducing to Sell on continued delays for the Kemper IGCC project

With further delays and increased costs for the Kemper IGCC project resulting in yet another $380M of writedowns (further slippage costing $25M/month) and now the likely loss of $120M-$150M of bonus depreciation as well, we view the current premium P/E multiple as untenable. While the Vogtle nuclear project appears to be on track, the presence of two major risky projects, Continue reading →

Bloomberg links MS Kemper Coal cost overruns to GA Plant Vogtle nukes

Betty Liu of Bloomberg quizzes Thomas A. Fanning of Southern Company Bloomberg has video of Southern Company CEO Thomas A. Fanning trying to explain away how cost overruns at SO’s nuclear Plant Vogtle in Georgia are linked to cost overruns SO’s coal Plant Kemper in Mississippi.

Betty Liu: This project along with the Vogtle project… has some investors wondering maybe Southern Company has stretched itself too thin, with these two major projects you’ve got under way….

Fanning: In fact, the Vogtle project is going beautifully. We have delayed the in-service date by a year, but….

That’s funny, GA PSC and the AJC say Continue reading →

Poor Southern Company: losing money on Kemper Coal in Mississippi

Apparently $1.88 billion wasn’t enough for Southern Company to charge the ratepayers of Mississippi Power enough for their “clean coal” plant. “Escalating costs”: kind of like SO’s new nukes at Plant Vogtle? Southern Company CEO Fanning says “I know people will try and link those, but they are not at all even similar.” What do you think?

Kristi Swartz wrote for the AJC 24 April 2103, Miss. power plant costs hurt Southern Co. profit,

Continue reading →

$1.88 billion and more on Kemper Coal to be charged to Mississippi Power customers

Risks at Southern Company’s Kemper Coal plant in Mississippi? Push those costs onto the public, of course! Southern Company and its subsidiary Mississippi Power got the MS Public Service Commissioners to approve super-CWIP (Construction Work in Progress) for Kemper Coal: automatic rate increases for MS Power customers for years. Just like Southern Company and its biggest subsidiary Georgia Power got the Georgia legislature to approve Super-CWIP for the new nukes at Plant Vogtle back in 2009. And both CWIP projects are already over budget. How about we cancel those boondoggles and build solar and wind instead?

AP reported 13 December 2012, After spending $1.88 billion, Southern Co. still faces risks on plant in Kemper County,

Continue reading →

CWIP for SO’s Kemper Coal Plant in Mississippi

Southern Company (SO) is playing the CWIP game of charging customers for electricity they won’t for years with coal in Kemper, Mississippi, not just with nuclear at Plant Vogtle in Georgia. Maybe we should elect some new Georgia Public Service Commissioners so we won’t see the kind of behavior Mississippi’s PSC has turned to.

Cassandra Sweet wrote for Dow Jones and WSJ 25 July 2012, 2nd UPDATE: Southern Co. Second-Quarter Profit Up as Economy Improves,

The company is proceeding with construction of a $2.88 billion advanced-coal plant in Mississippi, despite a decision last month by state regulators to deny a $55 million rate increase the company requested while a related court case is pending. The company’s Mississippi Power unit has filed an appeal of that decision with the state Supreme Court, and argues that without the rate increase it won’t be able to cover certain project expenses that could boost its customers’ future costs.

Mississippi’s Public Service Commission actually denied that rate increase, partly due to opposition from AARP, Sierr Club, and other concerned organizations and citizens. Imagine Georgia’s captive PSC doing that! Mississippi Power took it all the way to the MS Supreme Court, challenged by MS Sierra Club, and that Supreme Court also denied the rate increase. According to MS Sierra Club:

Continue reading →