Welcome to our dedicated page for The Southern Company news (Ticker: SO), a resource for investors and traders seeking the latest updates and insights on The Southern Company stock.
The Southern Company (NYSE: SO) is a prominent American gas and electric utility holding company headquartered in Atlanta, Georgia, with executive offices in Birmingham, Alabama. As of 2021, it ranks as the second-largest utility company in the U.S. by customer base, serving around 9 million customers. The company's operational footprint spans vertically integrated electric utilities in Georgia, Alabama, and Mississippi, and natural gas distribution utilities in four states. This robust infrastructure includes 50 gigawatts of rate-regulated generating capacity, primarily designated for customer service in these states. Moreover, its subsidiary Southern Power owns 13 gigawatts of natural gas generation and renewable energy facilities across the U.S., selling electricity primarily through long-term contracts.
Southern Company’s commitment to innovation is highlighted by several recent initiatives. Notably, it reported significant financial achievements for 2023, with fourth-quarter earnings of $855 million, or 78 cents per share, compared to a loss in the same period in 2022. The company also completed Plant Vogtle Unit 3, the first new nuclear unit in the U.S. in over three decades, and recently announced that Plant Vogtle Unit 4 has achieved commercial operation, solidifying its position as a leader in clean energy production.
In terms of sustainability, Southern Company is heavily investing in renewable energy projects. The South Cheyenne Solar Facility in Wyoming, the company's 30th solar facility, recently became operational, adding to Southern Power's solar portfolio, which now exceeds 2,740 MW. The company also envisions a significant expansion of its solar and renewable capacity, aiming to reach approximately 20,000 MW by 2030 as part of its net zero greenhouse gas emissions goal by 2050.
Southern Company is also deeply involved in innovative community projects. For instance, Nicor Gas, a subsidiary of Southern Company Gas, recently launched Smart Neighborhoods™ in Aurora, Illinois, emphasizing affordable net-zero energy communities. Furthermore, the company has partnered with WeaveGrid to promote electric vehicle (EV) adoption by introducing programs that simplify home charging and offer utility incentives in Alabama and Georgia.
The company's dedication to community and diversity extends to initiatives like the UNDERRATED Golf Tour, aiming to provide opportunities to aspiring golfers from underrepresented backgrounds. Southern Company’s commitment to integrity, excellence, and respect is mirrored in its partnership with this tour, underlining its broader mission to foster inclusion within the communities it serves.
Southern Company’s corporate culture and hiring practices have earned national recognition from Forbes, The Military Times, DiversityInc, Black Enterprise, J.D. Power, Fortune, and the Human Rights Campaign, showcasing the company's focus on excellence and innovation. Through ongoing investments in clean energy, smart technologies, and community development, Southern Company continues to transform energy into economic, environmental, and social progress for a sustainable future.
Southern Company Gas has appointed Myra Bierria as senior vice president and chief administrative officer, effective Oct. 26. Reporting to CEO Jim Kerr, Bierria will serve as chief of staff and oversee Corporate Communications, Corporate Impact, and Facilities organizations. She transitions from her current role as vice president and corporate secretary at Southern Company, bringing extensive experience in corporate governance, securities law, and natural gas industry expertise. Bierria's background includes previous positions at Southern Company Gas, a New York law firm, and FedEx She holds notable memberships including fellowship in the American College of Governance Counsel and the International Women's Forum.
Southern Company announced that Executive Vice President and Chief Information Officer Martin B. Davis will retire effective April 1, 2025. During his tenure since 2015, Davis led over 2,000 technology professionals, driving innovation in technology, cybersecurity, and customer solutions. Prior to joining Southern Company, Davis served as CTO at Wells Fargo, where he managed the largest technology integration in U.S. financial services history with Wachovia. Davis holds a business administration degree from Winston-Salem State University and currently serves on the boards of Piedmont Healthcare and South State
Georgia Power, serving 2.7 million customers, has been awarded $160 million in funding by the Department of Energy's Grid Deployment Office. The funding, part of the Grid Resilience and Innovation Partnerships (GRIP) Program, aims to enhance grid flexibility, improve power system resilience, and ensure affordable, reliable electricity access.
Projects will include deploying new grid-enhancing technologies such as dynamic line rating and reconductoring of high voltage power lines. These investments are important for serving existing and new customers, connecting clean generation, and increasing energy resilience. Georgia Power plans to share insights and best practices with the broader industry through collaborations with organizations like EEI and EPRI.
The company will work with community organizations and stakeholders, including IBEW union crews, to provide training on new transmission conductor installation. The project is expected to bring community benefits such as decreased environmental impacts, increased clean enterprise contracting, and job creation.
The Nicor Gas Energy Efficiency Program's Community Connection Center (C3) has been honored with the 2024 E Source Achievement in Residential Customer Experience Award. Launched in 2022, C3 is a unique offering that connects income-eligible customers with energy efficiency and bill payment assistance options, as well as basic needs support.
Since its inception, C3 has helped Nicor Gas customers access over $18.5 million in energy assistance grants. The program has provided free energy efficiency services to over 4,500 customers and free groceries to more than 5,000 families. C3 serves as a one-stop shop for connecting customers with local grants, community partners, and free resources that extend beyond energy bills.
This initiative addresses a critical need in Illinois, where nearly 1.5 million people live at or below the poverty level, representing more than 12% of the state's population. Many of these families struggle to maintain basic essentials, including heat, food, housing, and medical assistance.
Georgia Power has launched Installment Payment Plans to support customers recovering from Hurricane Helene. Eligible customers can pay their current account balance over 2, 4, or 6 months in equal installments. This initiative follows previously announced customer assistance measures, including suspended disconnections, waived late fees, and paused collection activities through December 15, 2024.
Enrollment for these plans is open until November 30, 2024. Customers can sign up online or through an automated phone system. The company encourages customers to maintain their regular billing cycle to avoid falling behind. Georgia Power's response to Hurricane Helene involved over 20,000 personnel, restoring power to more than 1.5 million customers. The Southern Company system has also pledged $3 million to support recovery efforts.
Southern Company has announced a regular quarterly dividend of 72 cents per share on its common stock. The dividend is payable on December 6, 2024, to shareholders of record as of November 18, 2024. This announcement continues Southern Company's impressive track record of 77 consecutive years of paying dividends that are either equal to or greater than the previous quarter. This consistent dividend payment history demonstrates the company's commitment to providing steady returns to its shareholders and reflects its financial stability.
Georgia Power is monitoring Hurricane Milton in the Gulf of Mexico and preparing to respond to potential impacts in South Georgia as early as Thursday. The company is coordinating with state and local emergency partners and maintaining crews in Central and South Georgia. Georgia Power campgrounds at Lakes Oconee and Harding are open for evacuees, with normal campsite fees waived.
As part of a mutual assistance network, Georgia Power can tap into reinforcements when needed, as it did during Hurricane Helene. The company offers multiple ways for customers to stay informed, including Outage Alerts, an Outage & Storm Center, an interactive Outage Map, and a mobile app. Georgia Power also provides safety tips for before, during, and after storms.
Georgia Power has extended and expanded customer assistance programs following Hurricane Helene, the most destructive hurricane in its history. The company has suspended disconnections, waived late fees, and paused collection activities for residential and business customers through December 15, 2024. Georgia Power has restored power to over 1.5 million customers, representing 99% of those impacted by the storm.
The company offers various programs to help customers manage energy costs, including the Project SHARE program with the Salvation Army and the Income-Qualified Discount. Georgia Power encourages customers to use online tools like My Power Usage to track and manage energy use. The Southern Company system, including Georgia Power, has pledged $3 million to support recovery efforts.
Georgia Power has restored power to over 1.3 million customers, representing more than 95% of those impacted by Hurricane Helene, the most destructive hurricane in the company's history. Intensive restoration efforts continue in the hardest-hit areas, particularly Augusta, where 80% of affected customers have been reconnected. Approximately 50,000 customers remain without power.
The hurricane caused widespread destruction across Georgia, with more than 20,000 personnel involved in the rapid response. Damage estimates include 8,300+ power poles, 21,000+ spans of wire, and 2,000+ transformers that need repair or replacement. Georgia Power has mobilized additional resources from other states and Canada to aid in the response.
The company estimates that up to 8,000 customer homes may not be safely reconnected due to electric service entrance damage. Georgia Power continues to update estimated restoration times on its Outage Map and emphasizes safety precautions for customers in affected areas.
Southern Company has announced the release of its third-quarter 2024 earnings on Thursday, October 31, 2024. The earnings will be made public by 7:30 a.m. ET. Following the release, a conference call for financial analysts will be held at 1 p.m. ET on the same day. The call will feature discussions by Christopher C. Womack, Chairman of the Board, President and CEO, and Daniel S. Tucker, CFO.
Investors, media, and the public can access a live webcast of the conference call through the company's investor relations website. A replay of the webcast will remain available on the site for 12 months following the call.
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