Financing

6 Months Ended

Jun. 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 June 30, 2011:

					Executable										Expires Within One
					Term-Loans				Expires						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		1,268		1,268		372		—		393		75		800		372		97
Georgia Power		1,775		1,763		—		—		175		—		1,600		—		175
Gulf Power		280		250		115		—		120		55		105		115		60
Mississippi Power		296		296		25		41		41		90		165		66		65
Southern Power		500		500		—		—		—		—		500		—		—
Other		60		60		60		—		35		25		—		60		—
Total	$	5,179	$	5,137	$	572	$	41	$	764	$	245	$	4,170	$	613	$	397

(a) Reflects facilities expiring on or before June 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 June 30, 2011, Alabama Power entered into credit arrangements of $22 million, $35 million, and $200 million which will expire in 2012, 2013, and 2014, respectively, which replaced $238 million of credit arrangements expiring in 2011. In addition, subsequent to June 30, 2011, Georgia Power entered into $150 million of credit arrangements expiring in 2014 which replaced the $175 million of credit arrangements expiring in 2011. Further, subsequent to June 30, 2011, Gulf Power entered into $60 million of credit arrangements expiring in 2014, which replaced $60 million of credit arrangements expiring in 2011.

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.