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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 has announced a record charitable donation of $5.5 million from the 2022 TOUR Championship, significantly up from $3.7 million in 2021. This donation supports affordable housing initiatives in East Lake, with a focus on providing permanent homeownership for local residents by fall 2025. The TOUR Championship has raised over $48 million for regional nonprofits since 1998, benefiting organizations like the East Lake Foundation and First Tee - Metro Atlanta. Additionally, a Charity Challenge raised $1.385 million, featuring notable athletes. The 2023 tournament will take place August 23-27 at East Lake Golf Club.
Southern Company (NYSE: SO) will release its first-quarter earnings for 2023 on April 27, 2023, at 7:30 a.m. EDT. Following this, a conference call with Chairman and CEO Thomas A. Fanning, President Christopher C. Womack, and CFO Daniel S. Tucker will take place at 1 p.m. EDT on the same day. Investors and the public can access the live webcast of the conference call through the company's investor relations website. The company serves approximately 9 million customers in the Southeast and is committed to providing clean, reliable energy while aiming for net zero greenhouse gas emissions by 2050.
NORTHAMPTON, MA / ACCESSWIRE / April 4, 2023 / The National Carbon Capture Center (NCCC), operated by Southern Company, is making significant strides in carbon management technologies. This state-of-the-art facility collaborates with global innovators to develop technologies aimed at reducing greenhouse gas emissions from power plants and industrial operations. The NCCC functions as a neutral test site to assess emerging technologies in real-world conditions, driving them closer to commercialization.
Georgia Power has reached a major milestone at its Vogtle nuclear expansion project, as Unit 3 generated electricity for the first time and successfully connected to the grid. Unit 4 has commenced hot functional testing, a crucial step before initial fuel loading. The projected in-service date for Unit 3 is between May and June 2023, while Unit 4 is expected to begin operations in late 2023 or early 2024. These units will provide clean energy to over 500,000 homes and businesses. With a commitment to clean, reliable energy, Georgia Power emphasizes long-term investments in nuclear power.
Northern Illinois Community Initiatives (NICI), a foundation by Nicor Gas, has launched Northern Illinois Community Ventures (NICV), a $1 million economic development program aimed at supporting small business startups and women and minority entrepreneurs in Illinois.
In partnership with Allies for Community Business, NICV will invest $250,000 annually over four years in communities like Cook County, Joliet, and Rockford. The initiative will place funds into First Women's Bank, designed to facilitate access to capital for women-led businesses. This program responds to the unique challenges faced by these businesses post-pandemic, aiming to enhance their growth opportunities amidst rising lending rates.
Southern Company is committed to environmental sustainability and aims for net zero greenhouse gas emissions by 2050. The company is focusing on reducing both Scope 1 and Scope 2 emissions, while engaging partners to lower Scope 3 emissions. Key strategies include transitioning away from coal, increasing reliance on natural gas, and expanding the zero-carbon resource portfolio. By 2028, Southern plans to have only eight coal units remaining, significantly decreasing its coal generation capacity. Additionally, the company emphasizes a Just Transition to support employees and communities during these changes.
Southern Company is advancing its commitment to historically Black colleges and universities (HBCUs) by fostering investments and partnerships that promote future leadership among students. During a recent event for Black History Month, Mark Berry, senior vice president of research and development at Southern Company Services, led a discussion with Bobbie Knight, president of Miles College, and Tony Allen, president of Delaware State University. The dialogue focused on the significant impact of corporate investments on HBCUs and their role in shaping Black leaders. This initiative represents Southern Company's strategic focus on community support and education.
On March 27, 2023, Alabama Power announced key leadership changes aimed at enhancing its economic development and environmental stewardship. Leigh Davis was appointed senior vice president of Marketing and Economic Development, while Nicole Faulk will serve as senior vice president of Sustainability and Environmental Affairs. Brandon Dillard has been named senior vice president and senior production officer. These appointments, effective April 3, are designed to ensure reliable service and meet customer needs, with each leader bringing extensive experience and expertise to their roles.
Southern Company aims to enhance its energy systems' reliability and resilience while transitioning to cleaner fuel sources. With a planned investment of $17 billion from 2022 to 2026 in electric transmission and distribution (T&D) systems, the company is focusing on upgrading infrastructure, deploying distributed generation solutions, and minimizing physical risks. As part of EPRI's Climate READi initiative, Southern Company is collaborating with global leaders to address climate risks. Ongoing innovations are essential for providing reliable, affordable energy amidst increasing severe weather and evolving customer needs.
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