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.
Kazadi Enterprises has won the 2022 Nicor Gas Multicultural Innovator Award, aimed at supporting clean energy tech startups with minority founders in Illinois. The award includes a $25,000 equity and inclusion grant, business mentorship, and increased visibility to investors. Kazadi's innovative technology converts ambient heat to energy, significantly reducing refrigeration's environmental impact, which parallels CO2 emissions from 100 million cars. The partnership aims to foster innovation in clean energy, aligning with the environmental goals of both Nicor Gas and Evergreen Climate Innovations.
Southern Company has announced an unsolicited 'mini-tender' offer from TRC Capital Investment Corporation to purchase up to 2 million shares at $74.88 each, approximately 4.14% below the company's recent closing price of $78.12. The firm advises stockholders to reject this offer, citing SEC warnings about potential risks associated with mini-tender offers, which often catch investors off guard and could lead to below-market sales. Stockholders may withdraw shares already tendered before the offer expires on September 14, 2022.
Georgia Power has reached a significant milestone for Vogtle Unit 3, receiving the 103(g) finding from the Nuclear Regulatory Commission (NRC), confirming the unit's construction complies with regulations. This approval allows Southern Nuclear to commence fuel loading and startup sequences. The NRC's decision followed the completion of 398 inspections and tests required for operational readiness. Once operational, the new unit is expected to provide a clean energy source for over 500,000 homes. Georgia Power emphasizes its commitment to safety, reliability, and delivering affordable energy.
Atlanta Gas Light has achieved a significant milestone in constructing its second liquified natural gas (LNG) storage facility in Cherokee County, Georgia. On August 2, 2022, the company successfully placed a 444-ton domed roof, measuring 200 feet in diameter. The facility will store an additional 2 billion standard cubic feet of natural gas to meet supply demands. Construction began in November 2021 and will be completed in phases over three years, enhancing the infrastructure necessary for reliable energy delivery.
Southern Company Gas is collaborating with the National Excavator Initiative (NEI) and Mike Rowe to promote the importance of contacting 811 before digging. The campaign aims to educate homeowners and contractors about underground utility safety through various media channels. It's crucial to contact 811 at least three business days prior to any digging to notify utility companies for marking underground lines. Southern Company Gas serves about 4.3 million customers, emphasizing safety in natural gas delivery.
Georgia Power has announced the completion of critical inspections for Vogtle Unit 3, with all 398 Inspections, Tests, Analyses, and Acceptance Criteria (ITAACs) successfully met. This step is crucial for the Nuclear Regulatory Commission (NRC) to issue the 103(g) finding needed for fuel loading. Upon receipt of this finding, the startup sequence can begin. The new units aim to supply clean energy to over 500,000 homes while operating with no carbon emissions for 60 to 80 years, affirming Georgia Power's commitment to reliable energy delivery.
Southern Company reported impressive second-quarter earnings of $1.1 billion, or $1.04 per share, significantly up from $372 million, or 35 cents per share, in 2021. For the first half of 2022, earnings reached $2.1 billion, or $2.01 per share, compared to $1.5 billion, or $1.42 per share, last year. Operating revenues surged to $7.2 billion, a 38.6% increase, attributed to higher fuel costs and increased energy usage. The company noted stronger performance from its generation fleet during a record-setting heatwave in June.
The Georgia Public Service Commission approved Georgia Power's 2022 Integrated Resource Plan (IRP), outlining a roadmap for transitioning to cleaner energy sources. Key objectives include:
- Retirement of coal units by 2028, excluding Plant Bowen
- Doubling renewable energy capacity by adding 6,000 MW by 2035
- Investments in battery storage and smart grid technologies
- Introduction of diverse customer programs, including a pilot for income-qualified solar access
This strategic plan aims to ensure reliable and affordable energy for Georgia's 2.7 million customers.
Southern Company announced a regular quarterly dividend of 68 cents per share on its common stock, payable on Sept. 6, 2022. Shareholders of record as of Aug. 15, 2022 will receive this payment. This marks over 70 years of consistent dividend payments, maintaining or exceeding the previous quarter's dividend.
Southern Company serves 9 million customers across multiple states, emphasizing innovation and a low-carbon future in its energy solutions.
The board of directors of Alabama Power has declared a quarterly dividend of $.3125 per share on its Class A Preferred Stock, reflecting a 5.00% yield, for the quarter ending September 30, 2022. This dividend will be payable on October 1, 2022, to shareholders of record as of September 16, 2022. Alabama Power, a Southern Company subsidiary, serves 1.5 million customers in Alabama, providing reliable and affordable electricity.
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