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Wednesday, January 26, 2011 - 2:28pm

Southern Company Reports Earnings

Atlanta-based Southern Company, which owns Georgia Power, earned nearly 2-billion dollars in 2010. Company officials say it’s because of increased sales and revenues.

Revenues rose nearly 11-percent between 2009 and 2010, an increase of nearly 2-billion dollars. Company officials say that’s because of a 15-percent increase in sales to industrial users and weather conditions in the south. Southern CFO Art Beattie.

“Weather was a major earnings driver in 2010 as the impact of a very cold winter and prolonged summer heat added 34 cents per share to our earnings in 2010 compared to 2009.”

Despite the increases profits fell. The company says that’s because they had to spend money repairing plants, maintaining power lines, and settling a lawsuit.

In December the Georgia Public Service Commission approved a rate increase and surcharge for the construction of Plant Vogtle that will raise customer’s bills by 17-percent starting this month.

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