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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.
Virginia Natural Gas (VNG) has awarded a $750,000 grant to the Salvation Army to assist vulnerable customers with energy bills this winter. This is the largest single grant in the company's history, aimed at funding the EnergyShare program, which provides financial aid to those in need. The donation reflects VNG's commitment to community support during challenging times. In 2021, about 120 families received assistance through this program, with that number rising to 150 in 2022. The company emphasizes its partnership with the Salvation Army in helping local families.
The Georgia Natural Gas Foundation has awarded $370,000 in grants to eight nonprofit organizations in Metro Atlanta dedicated to supporting children and education. Notable recipients include Arthur M. Blank Family Youth YMCA and Children's Museum of Atlanta. These donations aim to promote equity and improve educational opportunities for youth amid ongoing public health and economic challenges. Funded by Southern Company Gas, these annual grants reflect the foundation's commitment to community development and support for organizations that enhance the lives of local children.
Southern Company has earned an A- for the third consecutive year in the 2022 CDP Climate Change Disclosure, showcasing leadership in environmental transparency in North America. This score, indicative of best practices in climate strategy, underscores the company's commitment to reducing greenhouse gas emissions, aiming for net zero by 2050. Key highlights include expanded reporting on Scope 3 emissions, third-party assurances on emissions data, and comprehensive risk analyses related to climate impacts. The company emphasizes ongoing stakeholder engagement through transparent disclosure.
Georgia Power has achieved the top ranking for residential customer satisfaction among large utilities in the South, according to J.D. Power's 2022 Electric Utility Residential Customer Satisfaction Study. The company excelled in key areas such as Price, Corporate Citizenship, and Customer Care. Additionally, it was recognized for business customer satisfaction in the same segment. This recognition underlines Georgia Power's commitment to delivering reliable service to its 2.7 million customers despite rising electric bills nationwide.
On December 14, 2022, Southern Company announced a significant milestone in its partnership with Mississippi State University’s Raspet Flight Research Lab. They successfully demonstrated the capabilities of unmanned aircraft systems (UAS) for mapping critical infrastructure and assessing weather-related damage.
This initiative aims to enhance safety, reliability, and efficiency in utility inspections while pursuing FAA approval for beyond visual line of sight operations. Southern Company also received a pioneering BVLOS waiver, enabling safer and more efficient inspections at Alabama Power's Plant Barry, compared to traditional methods.
Virginia Natural Gas (VNG) has presented a $100,000 grant to the Hampton Roads Workforce Council (HRWC) for the NextGen Regional Internship Program, aimed at providing paid internships for young adults aged 16-21. This program enhances workforce training, helping participants gain valuable skills for future employment. Notably, more than 80% of interns secure high-quality jobs, with 98% continuing further education. VNG's commitment follows previous donations of $10,000 in 2021 and $25,000 in 2019, reinforcing its role in developing a skilled workforce in the Hampton Roads area.
The Georgia Natural Gas Foundation has donated $120,000 to HouseProud Atlanta to support no-cost home repairs for low-income seniors, veterans, and disabled homeowners in Atlanta. This initiative aims to protect vulnerable seniors from 'equity theft' by predatory investors amid rising home values. HouseProud collaborates with local groups to identify those in need and ensure that homes remain safe and livable. The grant reflects the Foundation's commitment to enhancing community welfare and improving the lives of those it serves.
Virginia Natural Gas (VNG) has announced an increase in its procurement of Next Generation Natural Gas to enhance its commitment to reducing greenhouse gas emissions. As of November 1, up to one-third of annual customer demand will be met by this new supply. VNG has secured agreements with suppliers that focus on lowering methane emissions, marking a significant milestone in sustainable energy practices. The initiative includes a partnership with bp for natural gas from Louisiana's Haynesville basin, certified for emissions performance. VNG aims to deliver reliable energy while fostering a low carbon future.
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