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) July 1, 2004
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Commission Registrant, State of Incorporation, I.R.S. Employer
File Number Address and Telephone Number Identification No.
1-3526 The Southern Company 58-0690070
(A Delaware Corporation)
270 Peachtree Street, N.W.
Atlanta, Georgia 30303
(404) 506-5000
1-6468 Georgia Power Company 58-0257110
(A Georgia Corporation)
241 Ralph McGill Boulevard, N.E.
Atlanta, Georgia 30308
(404) 506-6526
The addresses of the registrants have not changed since the last report.
This combined Form 8-K is filed separately by two registrants: The Southern
Company and Georgia Power Company. Information contained herein relating to each
registrant is filed by each registrant solely on its own behalf. Each registrant
makes no representation as to information relating to the other registrant.
On July 1, 2004, Georgia Power Company ("Georgia Power") filed a
request with the Georgia Public Service Commission ("GPSC") for an approximate 7
percent increase in retail revenues, effective January 1, 2005. The requested
increase is based on a future test year ending July 31, 2005 and a proposed
retail return on common equity of 12.5 percent.
In January 2002, Georgia Power began operating under a three-year
retail rate order that expires December 31, 2004. Under the terms of the
existing order, earnings are evaluated annually against a retail return on
common equity range of 10 percent to 12.95 percent. Two-thirds of any earnings
above the 12.95 percent return are applied to rate refunds, with the remaining
one-third retained by Georgia Power. The order required Georgia Power to file a
general rate case on July 1, 2004, in response to which the GPSC would be
expected to determine whether the rate order should be continued, modified or
discontinued. See Item 7 - Management's Discussion and Analysis - "Future
Earnings Potential - Other Matters" of The Southern Company ("Southern") and of
Georgia Power and Note 3 to the financial statements of Southern under "Georgia
Power Retail Rate Orders" and of Georgia Power under "Retail Rate Orders" in
Item 8 of the Annual Report on Form 10-K for the year ended December 31, 2003
for additional information.
The increase in retail revenues is being requested to cover the
higher costs of purchased power; operating and maintenance expenses;
environmental compliance; and continued investment in new generation,
transmission and distribution facilities to support growth and ensure
reliability. Georgia Power expects to spend more than $5 billion over the next
five years in capital expenditures.
Georgia Power expects the GPSC to issue a final order in this
matter during December 2004. The final outcome of this matter cannot now be
determined.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, each
of the registrants has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: July 1, 2004 THE SOUTHERN COMPANY
By /s/Tommy Chisholm
Tommy Chisholm
Secretary
GEORGIA POWER COMPANY
By /s/Wayne Boston
Wayne Boston
Assistant Secretary