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Southern Energy CEO Exits After Banner Quarter

Southern Energy CEO Exits After Banner Quarter

Southern Energy Inc. (SEI), one of Southern Co.'s main subsidiaries, named S. Marce Fuller its new CEO Tuesday. Under the leadership of the former CEO, Tom Boren, SEI reported $69 million in second-quarter 1999 earnings, compared with $25 million for the same period last year. Now it is up to Fuller to continue his success.

"[Boren] brought Southern Energy along from its infancy to where it is today, one of the world's largest independent power producers with assets of nearly $14 billion. With Tom's aggressive guidance, he helped make Southern Company an international energy company," said Bill Dahlberg, Southern Co. CEO.

Boren announced he was resigning last week in order to pursue other opportunities.

Fuller, 39, has been serving as executive vice president of Southern Energy and president and CEO of affiliate Southern Company Energy Marketing. In her new role, Fuller will direct Southern Energy's worldwide operations, which include electric power production, delivery or trading facilities in the United States and abroad.

Overall, Southern Co. earned $314 million or 45 cents/share in the second quarter of 1999, compared with $270 million or 39 cents/share for the comparable period a year earlier. Dahlberg said SEI was the main cog in the parent company's success.

"Our strategy has been to expand our growth in the competitive energy supply business, and Southern Energy continues to help us do that successfully and profitably," Dahlberg said.

After adjusting for interest on inter-company debt, Southern Energy reported $77 million in earnings, compared with $35 million for the second quarter of 1998.

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