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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 reported first-quarter 2023 earnings of
Georgia Power Company has announced a significant commitment of $5 million to the University of Georgia (UGA), focusing on electric mobility (e-mobility) initiatives. This donation, the largest in UGA's College of Engineering history, aims to cultivate an e-mobility network, fund scholarships, enhance research, and develop community partnerships. The funds will support a variety of programs, including the Georgia Power E-Mobility Scholarship Fund and the Georgia Power Research Fund in E-Mobility. UGA plans to leverage this investment to expand educational opportunities and strengthen its position in the rapidly growing e-mobility sector, which has seen over $23 billion in investments in Georgia since 2018. This is Georgia Power's second major contribution to UGA, following a $250,000 gift in April 2022.
Southern Company announced significant progress at its Vogtle nuclear expansion project in Georgia. The generator at Vogtle Unit 3 successfully generated electricity and connected to the electric grid for the first time, a crucial step towards its commercial operation. The in-service date for Unit 3 is projected for May or June 2023. Meanwhile, hot functional testing for Vogtle Unit 4 has commenced, with plans to enter service in late 2023 or early 2024. The new units will provide clean energy, serving over 500,000 homes with zero emissions. Despite these advancements, the press release includes cautionary notes regarding potential risks that may affect timelines, costs, and construction due to various factors including supply chain issues and regulatory approvals. Southern Company's commitment to clean energy remains strong as it moves forward with this project.
Southern Company announced that four of its system attorneys have been selected for programs by the Leadership Council for Legal Diversity (LCLD). Nitin Datt, chief counsel at Southern Company Gas, and Julia Yun, senior counsel at Southern Company Services, will join the Fellows program, aimed at experienced attorneys from diverse backgrounds. Meanwhile, Jamillah Pritchett and Danielle Hines will participate in the Pathfinders program, targeting early-career attorneys. These initiatives focus on enhancing leadership skills and fostering relationships within the legal field. Jim Kerr, executive vice president and chief legal officer, expressed pride in their commitment to diversity, equity, and inclusion. Southern Company has supported LCLD for seven years, emphasizing its dedication to developing diverse talent in legal professions.
On April 17, 2023, Southern Company (NYSE: SO) announced an increase in its annualized dividend by 8 cents to $2.80 per share. This marks the 75th consecutive year of dividends equal to or greater than the previous quarter and the 22nd consecutive year of dividend increases. The regular quarterly dividend, effective June 6, 2023, is set at 70 cents per share, payable to shareholders as of May 15, 2023. Southern Company emphasizes its commitment to providing clean, reliable, and affordable energy, which supports its focus on long-term shareholder value and sustainable dividend growth.
Southern Linc, a subsidiary of Southern Company (SO), has announced the launch of L3Harris Technologies radios enabling cross-network communications across LTE and P25 Land Mobile Radio (LMR) networks. This offering includes the XL Converge™ and XL Onboard™ series, allowing private sector customers to utilize Mission-Critical Push-To-Talk (MCPTT) services over a 122,000 square mile coverage area. This deployment marks Southern Linc as the first LTE carrier to actively deploy LTE-to-LMR solutions. Both companies have customized the XL series radios to meet specific customer needs, enhancing interoperability. The XL-185P and XL-200P models are available now, with the XL-200M mobile solution launching next month.
Virginia Natural Gas (VNG) announced an increase in its natural gas supply sourced from companies committed to reducing methane emissions, following the Virginia State Corporation Commission's approval of its Sustainable Gas Program on April 13, 2023. This initiative allows VNG to supply up to half of its customers' energy demands with Next Generation Natural Gas as of March 2023. The program supports economy-wide decarbonization efforts, contributing to VNG's goal of achieving net zero greenhouse gas emissions by 2050. VNG has a long-term commitment to sourcing gas with lower emissions, facilitating customer satisfaction and environmental stewardship.
Georgia Power announced the election of Steven R. Ewing to its board of directors on April 12, 2023. Ewing, who is the owner, president, and CEO of Wade Ford in Smyrna, Georgia, brings over 30 years of experience in the automotive industry. Wade Ford, the oldest Ford dealership in metro Atlanta, is also one of the largest Black-owned dealerships in the U.S. Ewing has prioritized exceptional customer service and community support through his dealerships.
Kim Greene, chairman of Georgia Power, highlighted Ewing's entrepreneurial spirit and expertise in e-mobility as valuable assets to the company. He is involved in various local organizations and has received awards for his public service. Georgia Power, a subsidiary of Southern Company (NYSE: SO), serves 2.7 million customers across Georgia, focusing on reliable and clean energy solutions.
NORTHAMPTON, MA / ACCESSWIRE / April 10, 2023 / Southern Company recently participated in a White House roundtable focused on cybersecurity in the Black community, featuring Curley Henry, VP and Deputy Chief Information Security Officer. This event honored Black History Month and aimed to tackle crucial issues like access to good jobs and economic security.
During the discussion, Henry emphasized the importance of enhancing cybersecurity and promoting pathways to tech jobs for underrepresented groups. The event also announced a significant funding initiative of approximately $90 million aimed at supporting cybersecurity apprenticeships. Henry expressed optimism about advancing diversity, equity, and inclusion in cybersecurity with governmental support.
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