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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.
Georgia Power has appointed Chimaobi (Chima) Chijioke as the new Vice President of Customer Services, effective January 16. Chijioke, who has over 15 years of experience, previously served as Vice President of Customer Operations at Baltimore Gas and Electric. His role includes overseeing customer engagement, call center operations, and billing. Bentina Terry, Senior Vice President, emphasized Chijioke's expertise will enhance customer satisfaction. Georgia Power is recognized for its innovative service and recently ranked number one for business customer satisfaction among large utilities in the South by J.D. Power.
Caliche Development Partners II, in partnership with Orion Infrastructure Capital and GCM Grosvenor, announced the acquisition of Golden Triangle Storage and plans for Central Valley Gas Storage. This $186 million investment aims to enhance underground storage capabilities in North America, supporting the transition to lower-carbon energy solutions. The Golden Triangle Storage deal closed on November 18, 2022, with the Central Valley acquisition pending regulatory approval in 2023. The partnership underscores the growing demand for natural gas storage amidst increasing reliance on renewable energy sources.
Georgia Power has been recognized as the top utility company for business customer satisfaction in the South, according to the 2022 Electric Utility Business Customer Satisfaction Study by J.D. Power. This ranking marks a year-over-year improvement for Georgia Power, contrasting the broader industry's decline in customer satisfaction. The study involved 18,694 online interviews of business clients from February to October 2022. Georgia Power caters to 2.7 million customers, offering customized rate plans and energy-saving solutions.
Georgia Power, a subsidiary of Southern Company, is leading a coalition of Southeast utility companies to create a hydrogen hub aimed at reducing carbon emissions. This initiative aligns with the U.S. Department of Energy's $8 billion funding for regional hydrogen hubs under the Infrastructure Investment and Jobs Act. With hydrogen's potential for economic development and decarbonization, Georgia Power has successfully demonstrated a hydrogen-natural gas fuel blend, achieving a 7% reduction in emissions. Since 2007, the company has cut its carbon emissions by over 60%.
Southern Company reported third-quarter 2022 earnings of $1.5 billion, or $1.36 per share, surpassing $1.1 billion ($1.04 per share) from 2021. For the first nine months, earnings reached $3.6 billion ($3.38 per share), up from $2.6 billion ($2.46 per share) year-over-year. Operating revenues surged 34.3% to $8.4 billion in Q3, attributed to increased usage and pricing. Key advancements include the successful initial fuel load at Plant Vogtle Unit 3, enhancing future operational capabilities.
Nicor Gas and Southern Company are collaborating with Habitat for Humanity to create Smart Neighborhood communities in Aurora and Northern Fox Valley, Illinois. The initiative will develop 30 net zero emissions homes, featuring renewable energy technologies to provide affordable housing while minimizing environmental impact. The Aurora site is set for groundbreaking in spring 2023, while development in Northern Fox Valley is scheduled for 2024. This project aims to make energy-efficient homes accessible to low-income families and promote job creation and sustainable practices.
Southern Company and TerraPower achieved a major milestone by completing the installation of the Integrated Effects Test, a significant step in developing the world's largest molten chloride fast reactor (MCFR) technology. This project, part of the Department of Energy's Advanced Reactor Concepts program, aims for a commercial-scale, carbon-free energy source by 2035. The test involved a $76 million investment with a 60%-40% public-private cost share, and it supports future deployment and safety validation of next-generation nuclear reactors, crucial for sustainability and achieving net-zero emissions.
Southern Company has declared a quarterly dividend of 68 cents per share on common stock, set for payment on December 6, 2022. Shareholders of record by November 21, 2022 will receive this dividend. This marks over 70 years of consistent dividend payments at or above the previous quarter's rate. The company serves around 9 million customers, providing reliable energy across multiple states with a commitment to innovation and sustainability.
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