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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.
Billy Andrade, a veteran of the PGA TOUR, has been named the 2022 recipient of the PGA TOUR's Payne Stewart Award, recognizing his character and commitment to charity. The award will be presented on August 23, 2022, during a televised ceremony at the TOUR Championship. Andrade has a notable career spanning 35 years and has raised over $30 million for children's charities through his initiatives. The award includes a $500,000 grant for charities, with Andrade directing funds to several organizations, highlighting his dedication to giving back to the community.
Southern Company will release its second quarter 2022 earnings on July 28, 2022 at 7:30 a.m. EDT. A conference call, featuring CEO Thomas A. Fanning and CFO Daniel S. Tucker, is scheduled for 1 p.m. EDT the same day, aimed at financial analysts. Investors and the public can access a live webcast of the call, with a replay available for a year. Southern Company serves 9 million customers across the U.S., providing energy solutions that include renewables and carbon-free technologies.
Georgia Power has announced a groundbreaking project at Plant Bowen to excavate millions of tons of coal ash for beneficial use in construction materials like concrete. This initiative represents the largest beneficial use project in the U.S. The collaboration with Eco Material Technologies aims to extract and repurpose up to 9 million tons of ash, significantly impacting infrastructure development while reducing landfill usage. The project is set to begin ash removal by 2024, targeting an annual extraction of 600,000 tons.
Georgia Power has submitted a proposal to the Georgia Public Service Commission, seeking permission to invest nearly $7 billion in enhancing electric grid reliability and expanding renewable energy resources over the next three years. The initiative includes doubling solar energy generation and transitioning away from coal, with plans to retire approximately 3,600 MW of coal- and oil-fired generation by 2028. If approved, residential rates will increase by nearly 12%, totaling $16.29 over three years, which is lower than inflation rates.
Alabama Power has received two Edison Electric Institute (EEI) Emergency Response Awards for its recovery efforts after severe weather events. The awards highlight the company's commitment to restoring power swiftly following disruptions caused by storms and extreme weather, including Winter Storm Landon and severe thunderstorms in Alabama. Alabama Power deployed significant resources, including 173 lineworkers and 178 trucks, to assist in recovery efforts. The company has now earned this award 31 times since 1998, reflecting its dedication to customer service and operational excellence.
Virginia Natural Gas has launched an Energy Efficiency Program to help customers save energy and money as summer temperatures rise. Key tips include:
- Regularly changing air filters to improve HVAC efficiency.
- Adjusting thermostats to higher settings for lower energy consumption.
- Sealing air leaks to maintain cool air indoors.
- Maintaining HVAC systems to ensure optimal performance.
For more tips, customers are directed to visit virginianaturalgas.com/energyefficiency.
Southern Company has appointed Dr. Mark S. Berry as the new senior vice president of its Research & Development (R&D) group. Dr. Berry, who previously served as vice president of R&D and Environmental & Natural Resources for Georgia Power, will lead efforts to advance clean energy technologies. With over 50 years of research experience, Southern Company aims to innovate in areas such as low-carbon technologies, energy storage, and grid modernization. The company serves 9 million customers and is committed to a net-zero future, focusing on delivering reliable and affordable energy solutions.
Georgia Power is ready to address heightened electricity demand as high temperatures soar into the mid-90s across Georgia. The company encourages customers to manage their electricity use wisely to minimize bills. Efficiency tips include setting thermostats to 78°F, using ceiling fans, and keeping air vents clear. Georgia Power offers several resources like the My Power Usage program and a free online energy checkup to help customers save. For further assistance, Georgia Power provides rebates and free energy efficiency upgrades through its various programs.
Mitsubishi Power and Georgia Power have successfully validated the first 20% hydrogen fuel blending on an advanced-class gas turbine at Plant McDonough-Atkinson in Georgia. This project, supported by the Electric Power Research Institute, achieved a 7% reduction in CO2 emissions compared to traditional natural gas operations. The testing demonstrated compliance with emissions regulations and no impact on maintenance intervals. Georgia Power has previously reduced carbon emissions by over 60% since 2007, reflecting a strong commitment to sustainable energy solutions.
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