Welcome to our dedicated page for The Southern Company news (Ticker: SO), a resource for investors and traders seeking the latest updates and insights on The Southern Company stock.
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) is expanding its workforce in response to growth in the energy sector, which saw a 4% job increase in 2021. Following a 30% hiring increase in 2020, VNG plans to add nearly 40 new positions in 2022, focusing on utility workers, engineers, and project coordinators. With an aging workforce, they are proactively hiring entry-level roles to ensure continuity. As a recognized Top Workplace, VNG emphasizes employee retention and career growth, aligning with the industry's promising future.
Georgia Power has initiated the fuel load process for the Vogtle Unit 3 reactor core, marking a significant milestone for the U.S. nuclear industry as it prepares for startup and commercial operation. This unit is the first new nuclear facility built in over three decades, projected to enter service in Q1 2023. Once operational, it will supply clean energy to more than 500,000 homes while complying with Nuclear Regulatory Commission (NRC) standards. The effort reflects Georgia Power's commitment to sustainable energy for its 2.7 million customers.
Southern Company has awarded the Propel Student Impact Scholarship of $50,000 to Djahnel Reid during HBCU Week at Walt Disney World Resort. The event, aimed at promoting HBCU education, saw participation from over 50 HBCUs and 5,000 high school students. Reid, a senior at Maynard Evans High School, will study accounting and is the first in her family to attend college. Additionally, she received an on-the-spot acceptance and a $25,000 scholarship from Bethune Cookman University. Two scholarships will be awarded this fall to HBCU students by Southern Company and Propel.
Southern Company plans to release its third quarter earnings on October 27, 2022, at 7:30 a.m. EDT. A conference call for financial analysts, featuring Chairman and CEO Thomas A. Fanning and CFO Daniel S. Tucker, will take place at 1 p.m. EDT the same day. Investors can access a live webcast of the call and a replay for 12 months thereafter. Serving 9 million customers, Southern Company focuses on providing clean, reliable, and affordable energy through a diverse energy portfolio.
Virginia Natural Gas (VNG) is implementing innovative technologies to reduce greenhouse gas emissions in line with its parent Southern Company's goal of achieving net-zero emissions by 2050. By utilizing cross-compression technology, specifically the Zero Emissions Vacuum and Compressor (ZEVAC), VNG successfully recycles natural gas during maintenance, preventing methane from entering the atmosphere. In 2022, VNG saved 42 mcf of natural gas, equivalent to recycling 6.9 tons of waste. VNG aims for a sustainable future by enhancing service reliability while contributing to environmental goals.
Southern Company partners with HBCU Week Foundation, Disney, and the Propel Center to award $100,000 in scholarships aimed at promoting attendance at Historically Black Colleges and Universities (HBCUs). The initiative coincides with the largest HBCU Week event, attracting over 5,000 students in Atlanta. Two $50,000 scholarships will support students' education, with the first to be awarded on Oct. 7 during a college fair featuring 50 HBCUs. Southern Company aims to enhance educational access and foster diverse talent for the future.
Southern Company announced significant leadership changes in its finance department effective November 1. Robin Boren will transition to president of Southern Power Company. Matt Kim is appointed senior vice president of finance, overseeing multiple finance-related sectors, while Scott Gammill becomes vice president of investor relations and treasurer. Additionally, Dekia Scott is promoted to vice president of trust finance, managing over $18B in investment assets, including pensions and charitable foundations.
Southern Company announced key leadership changes effective November 1, 2022. Bill Grantham will transition to executive vice president of commercial strategy, overseeing the company's commercial businesses. Robin Boren, previously senior vice president of finance and treasurer, will succeed Grantham as president of Southern Power. Boren brings extensive experience from roles in investor relations, corporate finance, and risk management, fostering a strong leadership transition within the organization. These changes aim to enhance Southern Company's commercial strategy and operational efficiency.
PROPEL Center has announced the construction location for its global HBCU technology and innovation hub at 635 Atlanta Student Movement Blvd, Atlanta. The 5.2-acre site is historically significant, located near key African American institutions. Supported by major partners like Apple and Southern Company, the center aims to enhance educational resources and career opportunities for over 100 HBCUs. Construction is set to begin in early 2023, focusing on innovative curricula and work-based learning experiences.
FAQ
What is the current stock price of The Southern Company (SO)?
What is the market cap of The Southern Company (SO)?
What services does The Southern Company provide?
Where is The Southern Company headquartered?
What recent achievements has The Southern Company made?
What is Southern Company's commitment to renewable energy?
What is Southern Company’s involvement in the Smart Neighborhoods™ project?
How is Southern Company supporting electric vehicle adoption?
What are Southern Company’s values?
How does Southern Company support diversity and inclusion?
How has Southern Company been recognized for its corporate culture?
What is Southern Company’s financial outlook?
