SECURITIES AND EXCHANGE COMMISSION

                            Washington, D. C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)     January 17, 1996


                               GULF POWER COMPANY
             (Exact name of registrant as specified in its charter)


           Maine                      0-2429                  59-0276810
(State or other jurisdiction     (Commission File   (IRS Employer Identification
     of incorporation)                Number)                    No.)


500 Bayfront Parkway, Pensacola, Florida                               32501
(Address of principal executive offices)                            (Zip Code)


Registrant's telephone number, including area code               (904) 444-6111


                                       N/A
         (Former name or former address, if changed since last report.)







Item 5.         Other Events.

                On January 17, 1996, Gulf Power Company (the "Company")  entered
into a Purchase  Contract  covering the issue and sale of $30,000,000  aggregate
principal  amount of First  Mortgage  Bonds,  6 7/8% Series due January 1, 2026.
Said First Mortgage Bonds were  registered  under the Securities Act of 1933, as
amended,  pursuant to the Company's shelf registration  statement  (Registration
Statement No.  33-50165).  Item 7.  Financial  Statements,  Pro Forma  Financial
Information and Exhibits.

                (c) Exhibits.

                   1          Form of Proposal for Purchase of First Mortgage
                              Bonds, dated January 17, 1996, between the Company
                              and the Purchaser named therein, with Purchase
                              Contract attached thereto.

                   4          Supplemental Indenture, dated as of January 1,
                              1996, between the Company and The Chase Manhattan
                              Bank (National Association), as Trustee.

                  12          Computation of ratio of earnings to fixed charges.

                  23 (a)      Consent of Beggs & Lane.

                  23 (b)      Consent of Arthur Andersen LLP.

                  26 (a)      Notice of Invitation for Proposals.

                  26 (b)      Terms and Conditions Relating to Proposals.





                                   SIGNATURE

                Pursuant to the  requirements of the Securities  Exchange Act of
1934,  the  registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.


Date:     January 23, 1996                              GULF POWER COMPANY



                                                        By /s/Wayne Boston
                                                              Wayne Boston
                                                           Assistant Secretary