May 6th, 2011
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Author: Alabama Power Co. said today damage from last week’s powerful storms and lethal tornadoes will end up costing the company as much as $280 million.
“The preliminary estimated cost associated with repairing the damage to facilities and restoring electrical service to customers is between $40 million and $55 million for operations and maintenance expenses and between $180 million and $225 million for capital expenditures,” the company said in a quarterly statement filed by parent company Southern Co., based in Atlanta.
During the peak for outages, Birmingham-based Alabama Power said more than 400,000 of its 1.4 million customers lost power last week, from “significant damage” to the utility’s system.
The company said it maintains a reserve fund to cover the cost of storm damage.
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