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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) is enhancing its environmental sustainability by modernizing its natural gas infrastructure to reduce greenhouse gas emissions. The SAVE program, approved by the Virginia State Corporation Commission, has replaced nearly 500 miles of aging pipelines since 2012, resulting in a 27% reduction in methane emissions. VNG has invested approximately $184 million of a $360 million budget in these upgrades, alongside implementing advanced technologies to further improve safety and efficiency.
Alabama Power Company announced a notice of redemption for its 5.00% Class A Preferred Stock, effective October 14, 2022. The redemption price is set at $25.00 per share, plus accrued dividends of $0.045. Regular dividends will be paid on October 1, 2022 to shareholders of record as of September 16, 2022. No further dividends will accrue after the redemption date. For inquiries, holders can contact EQ Shareowner Services.
Propel Center, an educational initiative supported by Apple and Southern Company, unveiled recipients of its $1,000,000 2022 Student Impact Scholarships. Aimed at HBCU students pursuing careers in various fields, this scholarship program offers $10,000 each to selected finalists, coupled with work-based learning opportunities. This initiative, emphasized by leaders from Propel, Apple, and Southern Company, aims to empower future leaders in high-demand industries by enhancing educational accessibility and equity.
Southern Company has launched a new website called Boldly Forward, aimed at promoting equity within the company and its communities. The site details the company's diversity, equity, and inclusion (DE&I) initiatives, including investments in Historically Black Colleges and Universities. Chairman Tom Fanning emphasized the commitment to represent marginalized groups fairly. The platform will also track progress in the company’s Moving to Equity framework initiated in 2020. Further, the company continues to focus on clean and affordable energy solutions for its 9 million customers.
PowerSecure, a subsidiary of Southern Company, announced its support for the first-ever net zero PGA TOUR Championship at East Lake Golf Club, Atlanta, by providing renewable fuel to power the event. This initiative replaces traditional diesel with renewable fuels, promoting sustainability by reducing carbon emissions. PowerSecure has been a partner of the PGA TOUR for years, previously enhancing energy efficiency at the PGA TOUR Global Home Headquarters. With over $800 million invested in energy efficiency upgrades and two gigawatts of microgrid capacity managed, PowerSecure continues to innovate in clean energy solutions.
Southern Company has announced the delivery of the first-ever net zero energy TOUR Championship, held at East Lake Golf Club in Atlanta from August 24-28, 2022. The initiative, in collaboration with Georgia Power, PowerSecure, and Southern Company Gas, includes measures like using renewable fuels, renewable energy credits, and electric golf carts. The company aims for net zero emissions by 2050 and achieved a 47% reduction in greenhouse gas emissions in 2021. This event underscores Southern Company's commitment to sustainable energy solutions in the sports sector.
Southern Company has renewed its partnership with the PGA TOUR, extending its designation as a Proud Partner of the TOUR Championship through 2027. This marks the seventh year for Southern Company in this role, contributing to a total of over $42 million in charitable donations since the tournament's inception at East Lake Golf Club in 1998. Southern Company will continue to support community initiatives and sponsor the Payne Stewart Award, providing $500,000 in grants annually to honor charitable efforts.
Northern Illinois Community Initiatives has announced the award of three Impact Grants totaling $300,000 to support micro-transit solutions, K-12 educational programs, and disadvantaged entrepreneurs. Each grant, worth $100,000, will assist nonprofits in areas including Rockford, Harvey, and Cook County. The funding aims to bolster economic development and enhance community resources, addressing significant poverty increases in the region.
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