Chris Womack named chairman and CEO of Georgia Power

Rhea-AI Summary

Georgia Power has announced that Chris Womack will take over as chairman and CEO starting June 1, succeeding Paul Bowers, who is retiring. Womack aims to enhance customer service and reliability while overseeing the historic launch of the first new nuclear units in the U.S. in decades at the Vogtle 3 & 4 project. This initiative supports Southern Company’s goal of net-zero carbon emissions by 2050. Georgia Power is committed to significant investments in equity and renewable energy, planning to increase its renewable generation capacity by over 72% by 2025.

Positive

• Chris Womack brings extensive experience in the energy sector to his new role.
• The Vogtle 3 & 4 nuclear expansion project promises a reliable, carbon-free energy source for up to 80 years.
• Georgia Power’s commitment to a 72% increase in renewable generation by 2025 supports long-term sustainability goals.

Negative

• The company faces uncertainties regarding the successful completion of new nuclear units due to potential cost overruns and delays.
• Challenges related to COVID-19 may impact operational efficiency and project timelines.

ATLANTA, May 26, 2021 /PRNewswire/ -- Georgia Power today announced that Chris Womack will assume the roles of chairman and CEO, effective June 1. He will now officially lead the company as chairman, president and CEO. Womack succeeds Georgia Power Chairman and CEO Paul Bowers; whose retirement is also effective June 1. For more than a decade, Bowers has led Georgia Power to a premier position in the industry, from storm response and customer satisfaction, to the growth of a diverse fuel portfolio and a deep commitment to the communities the company serves.

"As I shared eight months ago when I came back to Georgia Power, it is an exciting time to be a part of this company. We're not only making history as we move closer to bringing online the first new nuclear units in the U.S. in decades, we're also growing and evolving as a company," said Chris Womack, president of Georgia Power. "We're focused on finding new, innovative ideas and energy solutions that we believe will help build a sustainable energy future for our state and bring incredible value to our customers. Our company has a legacy of providing world class customer service and reliability to Georgians, and we are committed to continuing that great work."

"Furthermore, our company, our communities and our country are all engaged in important work around social justice and racial equity. We will continue to stand together with our neighbors to address these issues because we want to be a part of shaping a future where all Georgians can thrive. Every day our team works to be a positive force in our communities in so many ways, whether it's financial investments or volunteerism, because we believe that together we can make a bigger impact. I'm excited to see us continue and grow those efforts," added Womack.

The announcement comes as the company is poised to make history with the first new units in the U.S. in decades at the Vogtle 3 & 4 nuclear expansion project. The new units will be a reliable, carbon-free energy source for the next 60 to 80 years and an essential part of supporting Southern Company's, Georgia Power's parent company, goal of net-zero carbon emissions by 2050. The company also continues to invest in a diverse generation fleet, helping solidify a sustainable energy future for Georgia. It already has one of the largest voluntary renewable portfolios in the country and expects to grow its renewable generation by more than 72 percent by 2025 – increasing its total renewable capacity to 22 percent.

These investments into the generating fleet are just part of the smart investments the company is making to ensure a reliable and resilient power grid. Georgia Power will continue its focus on upgrading transmission and distribution infrastructure across the power grid to decrease the number and length of power outages experienced by customers. These efforts are aimed at enhancing service and reliability in communities across Georgia.

Additionally, the company plans to continue investing into communities, including investing and engaging in the dialogue to make a lasting, impactful change in equity across the state. On Monday, Georgia Power announced the company and the Georgia Power Foundation are committing to invest $15 million annually from 2021-2025, $75 million over the five-year period, to help advance racial equity and social justice efforts in Georgia. The social justice funding supports initiatives focused on education equity, criminal justice reform and economic empowerment.  

"I am supremely confident Chris is the type of extraordinary person to lead Georgia Power," said Tom Fanning, chairman, president and CEO of Southern Company. "His depth of experience across our system, the energy industry as a whole, and his record of public service within Atlanta, the state of Georgia, the entire Southeast and nationally will prove to be incredibly valuable as Georgia Power continues to provide clean, safe, reliable and affordable energy for millions of Georgians. I look forward to working with Chris as he bolsters Georgia Power's great legacy of service and citizenship."

Womack joined Southern Company in 1988 and has held several leadership positions within the company and its subsidiaries, serving as executive vice president of external affairs at Georgia Power and senior vice president and senior production officer of Southern Company Generation, where he was responsible for coal, gas, and hydro generation for Georgia Power and Savannah Electric. Prior to being named president of Georgia Power, he served as executive vice president and president of External Affairs for Southern Company since 2009, leading overall external positioning and branding efforts including the company's public policy strategies and overseeing the company's governmental and regulatory affairs, corporate communication initiatives and other external and strategic business engagements. Womack has also served as senior vice president of human resources and chief people officer at Southern Company, as well as senior vice president of public relations and corporate services at Alabama Power. Prior to joining Southern Company, Womack worked for the U.S. House of Representatives for then Congressman Leon E. Panetta.

He is a member of the board of directors of Essential Utilities, Inc. He currently chairs the board of the East Lake Foundation, is on the national board of The First Tee and is the chair of the board for the Alliance to Save Energy. Womack has chaired the Atlanta Convention and Visitors Bureau board and the Atlanta Sports Council. He has also chaired the board for Communities in Schools of Georgia and served as a member of the Children's Healthcare of Atlanta board. He has received numerous honors, including the SCLC Leadership Award (1998).

A native of Greenville, Alabama, Womack holds a bachelor's degree from Western Michigan University and a master's degree from The American University. He completed the Stanford Executive Program and is a member of the Leadership Atlanta class of 2000 and the Leadership Birmingham class of 1990.

About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America's premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.6 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy at rates below the national average, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power focuses on delivering world-class service to its customers every day and the company is recognized by J.D. Power as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), Twitter (Twitter.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the construction, start-up and future operation of Plant Vogtle Units 3 and 4, renewable generation growth, and customer value. Georgia Power cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power's Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the potential effects of the continued COVID-19 pandemic; the ability to control costs and avoid cost and schedule overruns during the development, construction, and operation of facilities or other projects, including Plant Vogtle Units 3 and 4, which includes components based on new technology that only within the last few years began initial operation in the global nuclear industry at this scale, due to current and future challenges which include, but are not limited to, changes in labor costs, availability and productivity, challenges with management of contractors or vendors, subcontractor performance, adverse weather conditions, shortages, delays, increased costs, or inconsistent quality of equipment, materials, and labor, contractor or supplier delay, delays due to judicial or regulatory action, nonperformance under construction, operating, or other agreements, operational readiness, including specialized operator training and required site safety programs, engineering or design problems, design and other licensing-based compliance matters, including, for nuclear units, inspections and the timely submittal by Southern Nuclear of the Inspections, Tests, Analyses, and Acceptance Criteria documentation for each unit and the related reviews and approvals by the U.S. Nuclear Regulatory Commission ("NRC") necessary to support NRC authorization to load fuel, challenges with start-up activities, including major equipment failure, or system integration, and/or operational performance, and challenges related to the COVID-19 pandemic; legal proceedings and regulatory approvals and actions related to construction projects, such as Plant Vogtle Units 3 and 4, including Public Service Commission approvals and NRC actions; under certain specified circumstances, a decision by holders of more than 10% of the ownership interests of Plant Vogtle Units 3 and 4 not to proceed with construction and the ability of other Vogtle owners to tender a portion of their ownership interests to Georgia Power following certain construction cost increases; the ability to construct facilities in accordance with the requirements of permits and licenses (including satisfaction of NRC requirements), to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; the inherent risks involved in operating and constructing nuclear generating facilities; the ability of counterparties of Georgia Power to make payments as and when due and to perform as required; the direct or indirect effect on Georgia Power's business resulting from cyber intrusion or physical attack and the threat of physical attacks; catastrophic events such as fires, earthquakes, explosions, floods, tornadoes, hurricanes and other storms, droughts, pandemic health events, political unrest or other similar occurrences; and the direct or indirect effects on Georgia Power's business resulting from incidents affecting the U.S. electric grid or operation of generating or storage resources. Georgia Power expressly disclaims any obligation to update any forward–looking information.

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SOURCE Georgia Power

FAQ

Who is the new chairman and CEO of Georgia Power?

Chris Womack has been appointed as the new chairman and CEO of Georgia Power, effective June 1.

What are the goals of Georgia Power under Chris Womack's leadership?

Georgia Power aims to enhance customer service, reliability, and sustainability, particularly through the Vogtle 3 & 4 nuclear project.

How much is Georgia Power investing in social justice initiatives?

Georgia Power is committing to invest $15 million annually from 2021 to 2025, totaling $75 million, to advance racial equity and social justice efforts.

What is the significance of the Vogtle 3 & 4 project for Georgia Power?

The Vogtle 3 & 4 project marks the first new nuclear units in the U.S. in decades and will provide reliable, carbon-free energy.

What renewable energy goals does Georgia Power have?

Georgia Power aims to increase its renewable generation capacity by over 72% by 2025.