Southern Co. Writes Off $450 Million

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Southern Company is taking an additional $450 million in losses on an over-budget coal-fired power plant in Kemper County, Miss.

The utility announced the pre-tax write-off Tuesday ahead of disclosing its latest quarterly earnings.

Southern Co. subsidiary Mississippi Power has struggled to control costs while building Plant Ratcliffe.

Mississippi Power CEO Ed Holland told The Associated Press that he can't guarantee there won't be more write-offs. But Holland said he's more confident about the company's building process.

The company earlier agreed it will only seek $2.4 billion from its customers for plant construction costs.

Customers will also have to pay off as much as $1 billion in bonds.

Southern Co. previously took a $540 million loss on the plant.