{"id":12925,"date":"2015-04-15T11:47:46","date_gmt":"2015-04-15T15:47:46","guid":{"rendered":"http:\/\/www.l-a-k-e.org\/blog\/?p=12925"},"modified":"2015-04-15T11:53:12","modified_gmt":"2015-04-15T15:53:12","slug":"southern-company-annual-stockholder-meeting-so-2015-05-27","status":"publish","type":"post","link":"http:\/\/www.l-a-k-e.org\/blog\/2015\/04\/southern-company-annual-stockholder-meeting-so-2015-05-27.html","title":{"rendered":"Southern Company Annual Stockholder Meeting @ SO 2015-05-27"},"content":{"rendered":"

\r\n\r\n<\/a>\r\n

\r\nSolar power made much of SO’s increased energy revenues for 2013 and 2014.\r\nWhat else will we learn at the Southern Company 2015 Annual Meeting of Shareholders,\r\nWednesday, May 27, 2015?\r\nHas Southern Company finally looked up, and will it say, like\r\n\r\nThomas Alva Edison in 1931<\/a>,\r\n“I’d put my money on the sun and solar energy”?\r\n

\r\nTo attend the SO shareholder meeting you have to have owned stock by\r\nMonday, March 30, 2015, or you’ll need to get somebody to appoint you their proxy.\r\nSince I’m an SO stockholder, I got the\r\n216-page Southern Company Notice of 2015 Annual Meeting of Stockholders, Proxy Statement and 2014 Annual Report, page D-8:\r\n

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\r\nIn 2014, wholesale revenues increased $329 million, or 17.7%, as\r\ncompared to the prior year due to a $326 million increase in energy\r\nrevenues and a $3 million increase in capacity revenues. The\r\nincrease in energy revenues was primarily related to increased\r\nrevenue under existing contracts as well as new solar PPAs and\r\nrequirements contracts primarily at Southern Power,\r\n\r\n increased demand\r\nresulting from colder weather in the first quarter 2014 as compared\r\nto the corresponding period in 2013, and an increase in the average\r\ncost of natural gas. The increase in capacity revenues was primarily\r\ndue to wholesale base rate increases at Mississippi Power, partially\r\noffset by a decrease in capacity revenues primarily due to lower\r\ncustomer demand and the expiration of certain requirements contracts\r\nat Southern Power.\r\n<\/p>\r\n<\/blockquote>\r\n

\r\nSolar is specifically called out for 2014 as a source of revenue increase.\r\nSo is natural gas, but only because of a cost increase, and the\r\ncost of natural gas has plummetted since then, so it won’t be a revenue increase into 2015,\r\nwhile solar PPAs keep growing.\r\n

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\r\nIn 2013, wholesale revenues increased $180 million, or 10.7%, as\r\ncompared to the prior year due to a $108 million increase in energy\r\nrevenues and a $72 million increase in capacity revenues. The\r\nincrease in energy revenues was primarily related to an increase in\r\nthe average price of energy and new solar contracts served by\r\nSouthern Power’s Plants Campo Verde and Spectrum, which began in\r\n2013, partially offset by a decrease in volume related to milder\r\nweather as compared to the prior year. The increase in capacity\r\nrevenues was primarily due to a new PPA served by Southern Power’s\r\nPlant Nacogdoches, which began in June 2012, and an increase in\r\ncapacity revenues under existing PPAs.\r\n<\/p>\r\n<\/blockquote>\r\n

\r\nFor 2013, two solar plants in other states are called out.\r\nSpectrum<\/a> is a 30 MW plant in Clark County, Nevada,\r\nwhile\r\n\r\nCampo Verde<\/a> is a 139 MW plant in Imperial County, California.\r\nBoth are joint projects of Southern Power and Turner Renewable Energy.\r\n

\r\nSure, they also mention 100 MW biomass Plant Nacogdoches,\r\nbut it’s the only biomass plant SO has bought,\r\nand SO customer\r\nAustin Energy already soon got buyer’s remorse<\/a> about that one.\r\n

\r\nMeanwhile SO kept up its far-away buying spree with Ted Turner, including (dates are announcement dates):\r\n