Financing

9 Months Ended

Sep. 30, 2011

Financing [Abstract]

FINANCING

(E) FINANCING

Bank Credit Arrangements

Bank credit arrangements provide liquidity support to the registrants’ commercial paper borrowings and the traditional operating companies’ variable rate pollution control revenue bonds. See Note 6 to the financial statements of each registrant under “Bank Credit Arrangements” in Item 8 of the Form 10-K for additional information.

The following table outlines the credit arrangements by company as of September 30, 2011:

					Executable										Expires Within
					Term-Loans				Expires						One Year(a)
													2013				No
					One		Two						And		Term		Term
Company	Total		Unused		Year		Years		2011		2012		Beyond		Out		Out
	(in millions)
Southern Company	$	1,000	$	1,000	$	—	$	—	$	—	$	—	$	1,000	$	—	$	—
Alabama Power		1,296		1,296		111		—		60		121		1,115		111		71
Georgia Power		1,750		1,745		—		—		—		—		1,750		—		—
Gulf Power		240		240		55		—		20		55		165		55		20
Mississippi Power		296		296		25		41		16		115		165		66		65
Southern Power		500		500		—		—		—		—		500		—		—
Other		50		50		25		—		—		25		25		25		—
Total	$	5,132	$	5,127	$	216	$	41	$	96	$	316	$	4,720	$	257	$	156

(a)   Reflects facilities expiring on or before September 30, 2012.

In May 2011, Southern Company, Alabama Power, Georgia Power, and Southern Power each replaced their multi-year credit arrangements that were to expire in 2012 with new five-year credit arrangements that will expire in 2016. These new credit arrangements provide for borrowings by Southern Company, Alabama Power, Georgia Power, and Southern Power of up to $1.0 billion, $800 million, $1.5 billion, and $500 million, respectively.

Subsequent to September 30, 2011, Alabama Power replaced a $20 million credit arrangement expiring in 2011 with a $30 million credit arrangement which will expire in 2014.

These credit arrangements generally have covenants that limit debt levels to 65% of total capitalization, as defined in the agreements. For purposes of these definitions, debt excludes long-term debt payable to affiliated trusts and other hybrid securities.