EXHIBIT 10(d)18

BASE SALARIES OF NAMED EXECUTIVE OFFICERS

GULF POWER COMPANY

The following are the annual base salaries, effective March 1, 2011, of the current Chief Executive Officer and Chief Financial Officer of Gulf Power Company and certain other current or former executive officers of Gulf Power Company who served during 2010.

Susan N. Story*                                                                                     $494,400

President and Chief Executive Officer

Mark A. Crosswhite**                                                                          $399,543

President and Chief Executive Officer

Philip Raymond***                                                                               $271,039

Vice President and Chief Financial Officer

P. Bernard Jacob                                                                                    $249,884

Vice President

Theodore J. McCullough****                                                            $219,305

Vice President

Bentina C. Terry                                                                                     $251,533

Vice President

R. Scott Teel*****                                                                                $227,161

Vice President and Chief Financial Officer

*           Through December 31, 2010

**         From January 1, 2011

***      Through August 12, 2010

****    Through June 30, 2010

*****  From August 13, 2010