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)    December 3, 1998 
                                                


                      SAVANNAH ELECTRIC AND POWER COMPANY 
             (Exact name of registrant as specified in its charter)


       Georgia                      1-5072               58-0418070          
(State or other jurisdiction     (Commission           (IRS Employer
     of incorporation)           File Number)        Identification No.)


600  Bay Street, East, Savannah, Georgia                 31401      
     (Address of principal executive offices)         (Zip Code)

Registrant's telephone number, including area code    (912)    232-7171        
                                                  


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





2

Item 5.         Other Events.
                On December 3, 1998, Savannah Electric and Power Company (the
"Company") and Savannah Electric Capital Trust I (the "Trust") entered into an
Underwriting Agreement covering the issue and sale by the Trust of 1,600,000
6.85% Trust Preferred Securities (liquidation amount $25 per Preferred
Security). Said Preferred Securities were registered under the Securities Act of
1933, as amended, pursuant to the shelf registration statement (Registration
Statement Nos. 333-46171 and 333-46171-01) of the Company and the Trust. Item 7.
Financial Statements, Pro Forma Financial Information and Exhibits.
                (c) Exhibits.

                  1        Underwriting Agreement, dated December 3, 1998, among
                           the Company, the Trust and Salomon Smith Barney and
                           The Robinson-Humphrey Company, LLC for themselves and
                           as representatives of the other underwriters named in
                           Schedule I thereto.

                  4.3      Subordinated Note Indenture between the Company and
                           The Bank of New York, as Trustee

                  4.4      First Supplemental Indenture dated as of December 9,
                           1998, providing for the issuance of the Company's
                           Series A 6.85% Junior Subordinated Notes due December
                           31, 2028.

                  4.7      Amended and Restated Trust Agreement of Savannah
                           Electric Capital Trust I.

                  4.8      Form of Preferred Security of Savannah Electric
                           Capital Trust I (included in Exhibit 4.7 above).

                  4.10     Form of Series A 6.85% Junior Subordinated Note
                           (included in Exhibit 4.4 above).

                  4.11     Guarantee Agreement relating to Savannah Electric
                           Capital Trust I.

                  4.12     Agreement as to Expenses and Liabilities relating to
                           Savannah Electric Capital Trust I (included in
                           Exhibit 4.7 above).

                  23.2     Consent of Bouhan, Williams & Levy LLP.







                                    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 hereunto duly authorized.

Date:     December 9, 1998               SAVANNAH ELECTRIC AND POWER COMPANY



                                         By /s/Wayne Boston
                                                Wayne Boston
                                             Assistant Secretary