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Tag Archives: Kemper

Mississippi Power could lose investment-grade credit rating

The increasing price and declining economic competitiveness of its $7.1 billion Kemper County power plant may cost Mississippi Power Co. its investment-grade bond rating from one of the nation’s three main credit rating agencies. Moody’s Investors Service said Monday that it’s considering lowering the electric utility’s credit rating, now at Moody’s lowest investment-grade level, after Mississippi Power announced it would ...

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Report warns of possible tax subsidy for Kemper plant

A report released Tuesday warns Congress against tax changes that could subsidize Mississippi Power Co.’s Kemper County power plant by an additional $700 million to $4.5 billion. Environmental group Friends of the Earth and anti-subsidy group Taxpayers for Common Sense say members of Congress could try to enact changes before year’s end as part of a larger tax bill. Lukas ...

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UPDATED: Kemper completion pushed back to end of year

MBJ staff and wire   Mississippi Power Co. says it won’t complete its Kemper County power plant until the end of the year, a delay of a month that pushes the price tag up by $25 million, to nearly $7 billion. The company announced the delay Friday as its Atlanta-based parent Southern Co. filed quarterly stock disclosures, saying ratepayers wouldn’t ...

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Utility projects operation costs to quadruple estimate after Kemper County power plant starts up

Associated Press The ballooning cost of building Mississippi Power Co.’s Kemper County power plant won’t end when construction is done. The company now projects operation and maintenance costs will total $1 billion in its first five years — four times what regulators approved. The gasified coal-burning plant’s equipment, material and workforce have increased sharply during this building phase, raising the ...

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MDEQ reissues discharge permit for Kemper plant

State officials are affirming a permit that allows Mississippi Power Co.’s Kemper County power plant to discharge water into a creek during high rainfall. The Mississippi Department of Environmental Quality’s Permit Board voted unanimously Tuesday to reissue the permit with minor changes in how on-site sewage is treated and monitored. The vote comes after a Meridian man challenging the permit ...

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Kemper overrun reaches $81 million for second quarter

By JACK WEATHERLY  As expected, Mississippi Power’s coal-gasification power plant has missed another deadline. The utility on Monday moved back the start-up of the commercial operation of the plant in Kemper County another month, till Oct. 31. Time delayed is cost accumulated. The latest postponement will add $43 million to the price tag on the plant, which originally was projected ...

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Auditor: All but $3.6M of $377M in Kemper refunds complete

All but $3.6 million of $377 million in rate refunds related to Mississippi Power Co.’s Kemper County plant are back in the hands of customers, auditors say. The utility has complied with the refund order “in all material respects,” the Hattiesburg accounting firm of Topp McWhorther Harvey told members of the Mississippi Public Service Commission on Thursday. The remaining money ...

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Southern Co. chief calls Kemper plant ‘dual fuel investment’

By JACK WEATHERLY Tom Fanning, chief executive and chairman of the Southern Co., described in a teleconference with analysts last week Mississippi Power Co.’s Kemper County clean-coal power plant as “a dual fuel investment,” relying also on natural gas as needed. Fanning in the past has downplayed the long-term importance of natural gas despite having run the plant on it ...

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Mississippi Power adds $9 million to Kemper cost

Associated Press Mississippi Power Co. says it will spend another $9 million on its overrun-plagued Kemper County power plant, pushing its total cost toward $6.8 billion. The unit of Atlanta-based Southern Co. will absorb the cost, part of $2.5 billion it’s absorbing. Southern Co. will write off $38 million before taxes from its quarterly earnings, which will be announced Wednesday. ...

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PSC approves Mississippi Power rate cut

Associated Press Mississippi utility regulators are approving a settlement cutting rates for consumers but paying Mississippi Power Co. for part of its Kemper County power plant. The Public Service Commission voted 3-0 Thursday to approve a previously announced agreement between the unit of Atlanta-based Southern Co. and the Public Utilities Staff. A residential customer using 1,000 kilowatt hours monthly, will ...

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