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SEC closes Kemper investigation without recommending enforcement action

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SEC closes Kemper investigation without recommending enforcement action

Southern Co. will not be facing an enforcement action by the SEC related to its Mississippi unit's troubled Kemper project, the company said Dec. 1.

According to a federal filing, SEC staff notified Southern that the agency has concluded its investigation concerning the estimated costs and expected in-service date of the integrated gasification combined-cycle facility, formally named Plant Ratcliffe, in Kemper County, Miss.

The SEC is closing its investigation without recommending an enforcement action, Southern said in a Form 8-K.

The agency's investigation, first disclosed in May 2016, focused on accounting matters, disclosure controls and procedures, and internal controls over financial reporting for Mississippi Power Co.'s Kemper project, which was by then years behind schedule and billions of dollars over budget.

Since Mississippi Power suspended gasification operations at the site in June, the utility has been working with the state's Public Service Commission staff and other stakeholders to reach a settlement resolving several Kemper issues. Mississippi Power on Nov. 22 filed an amended stipulation with parties that would reduce retail rate impacts related to the project.