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Another $2.8 billion loss on Kemper plant written off by Southern Co.
Recovering the cost of the coal-burning portion of Kemper County energy facility from ratepayers is no longer likely, Southern Company said in a press release Wednesday.
As the parent of Mississippi Power, Southern reported earnings and recorded an additional charge to income of $2.8 billion for the plant.
For Mississippi Power customers, this means the company will assume the bill for building the Kemper plant rather than residential and commercial customers facing large rate increases for the $7 billion facility.
Mississippi Power now has incurred charges for the plant of $6 billion, or $3.9 billion after tax, the company reported.
Read more here: http://www.sunherald.com/news/business/article164916647.html